Document:

EXHIBIT 10.56

 

 

Grandparents.com,
Inc.

589 Eighth Avenue, 6th Floor

New York, NY 10018

 

December 9, 2013

 

		To:	Lee Lazarus

                                                           

                                                           

 

We are pleased to inform you that on October
14, 2013, the Board of Directors Grandparents.com, Inc., a Delaware corporation (the “Company”), authorized the grant
to you on December 9, 2013 a stock option (the “Option”) to purchase Three Million Two Hundred Fifty Thousand (3,250,000)
shares of common stock (the “Shares”), $0.01 par value, of the Company (“Common Stock”), at a price of
$.13 per Share, representing the Fair Market Value (as hereinafter defined) of the Common Stock on the grant date. It is intended
that the Option, to the extent it so qualifies, shall be an incentive stock option as defined in Section 422 of the Internal Revenue
Code of 1986, as amended, and any regulations promulgated thereunder (the “Code”). To the extent that the Option does
not on the date of grant, or hereafter ceases to, qualify as an incentive stock option, it shall be a non-qualified stock option.

 

The Option shall vest monthly pro rata over
a three year period subject to your continued employment with the Company pursuant to the terms of your Employment Agreement dated
of even date herewith (with such vesting period to be deemed to have commenced on November 15, 2012). The Option, to the extent
not previously exercised, will expire on December 9, 2023. Notwithstanding the foregoing, in the event of the termination of your
employment by the Company without Cause (as defined in your employment agreement with the Company) or by you with Good Reason (as
defined in your employment agreement with the Company), the Option shall remain outstanding until the earlier of third anniversary
of the date of termination or December 9, 2023. In the event of the termination of your employment by the Company with Cause or
by you without Good Reason, all unvested Options shall expire and you shall have 90 days from the date of such termination to exercise
vested options, after which remaining vested options shall expire.

 

The Option is not transferable and may be
exercised solely by you during your lifetime or after your death by the person or persons entitled thereto under your will or the
laws of descent and distribution. Any attempt to transfer, assign, pledge or otherwise dispose of, or to subject to execution,
attachment or similar process, the Option contrary to the provisions hereof, shall be void and ineffective and shall give no right
to the purported transferee. Notwithstanding the foregoing, and to the extent permitted by Section 422 of the Code, the Board of
Directors of the Company, in its sole discretion, may permit such assignment, transfer and exercisability and may permit you to
designate a beneficiary who may exercise the Option after your death; provided, however, that if the Option is so assigned or transferred,
it shall be subject to all the same terms and conditions contained herein.

 

In the event of your death, the Option may
thereafter be exercised, by the legal representative of your estate or by your legatee under your will, for a period of one year
after the date of such death or until the expiration of the stated term of the Option, whichever period is shorter. In the event
of the termination of your employment with the Company by reason of Disability (as defined in Section 22(e)(3) of the Code), the
Option may thereafter be exercised by you (or your personal representative) for a period of one year after the date of such termination
or until the expiration of the stated term of the Option, whichever period is shorter.

 

    	 

    	 

    

 

In the event of any stock dividend, stock
split, spin-off, combination or exchange of shares, recapitalization, merger, consolidation, distribution to stockholders other
than a normal cash dividend, or other similar change in the Company’s corporate or capital structure affecting the Common
Stock results in (a) the outstanding shares of Common Stock, or any securities exchanged therefor or received in their place, being
exchanged for a different number or class of securities of the Company or of any other corporation, or (b) new, different or additional
securities of the Company or of any other corporation being received by the holders of shares of Common Stock, then the Board of
Directors of the Company shall make an appropriate and equitable adjustment in the number and option price of shares subject to
the Option to the end that after such event your proportionate interest shall be maintained as immediately before the occurrence
of such event.

 

Except as otherwise provided herein, in
the event of any Corporate Transaction (as defined herein), any portion of the Option that is at the time outstanding shall automatically
accelerate so that the Option shall, immediately prior to the specified effective date for the Corporate Transaction, become 100%
vested and exercisable. The Option shall not so accelerate, however, if and to the extent that the Option is, in connection with
the Corporate Transaction, either to be assumed by the successor corporation or parent thereof (the “Successor Corporation”)
or to be replaced with a comparable award for the purchase of shares of the capital stock of the Successor Corporation. The determination
of comparability shall be made by the Board of Directors of the Company, and its determination shall be conclusive and binding.
The Option shall terminate and cease to remain outstanding immediately following the consummation of the Corporate Transaction,
except to the extent assumed by the Successor Corporation.

 

“Corporate Transaction” means
any of the following events:

 

		a.	Consummation of any merger or consolidation of the Company in which the Company is not the continuing or surviving corporation,
or pursuant to which shares of the Common Stock are converted into cash, securities or other property, if following such merger
or consolidation the holders of the Company’s outstanding voting securities immediately prior to such merger or consolidation
own less than 40% of the outstanding voting securities of the surviving corporation;

 

		b.	Consummation of any sale, lease, exchange or other transfer in one transaction or a series of related transactions of all or
substantially all of the Company’s assets other than a transfer of the Company’s assets to a majority-owned subsidiary
corporation of the Company; or

 

		c.	Approval by the holders of the Common Stock of any plan or proposal for the liquidation or dissolution of the Company.

 

Ownership of voting securities shall take
into account and shall include ownership as determined by applying Rule 13d-3(d)(1)(i) (as in effect on the date hereof) under
the Securities Exchange Act of 1934, as amended.

 

In the event of any adjustment in the number
of shares covered by the Option, any fractional shares resulting from such adjustment shall be disregarded and each such option
shall cover only the number of full shares resulting from such adjustment.

 

All adjustments made pursuant to this letter
shall be made by the Board of Directors of the Company and its determination as to what adjustments shall be made, and the extent
thereof, shall be final, binding and conclusive.

 

    	 

    	 

    

  

The Company may require you to pay to the
Company the amount of any withholding taxes that the Company is required to withhold with respect to the grant, vesting or exercise
of the Option. Upon exercise of the Option, you shall, upon notification of the amount due and prior to or concurrently with the
delivery of the certificates representing the shares, pay to the Company all amounts necessary to satisfy applicable federal, state
and local withholding tax requirements or shall otherwise make arrangements satisfactory to the Company for such requirements.
Subject to the terms herein and applicable law, the Board of Directors of the Company may, in its sole discretion, permit you to
satisfy withholding obligations, in whole or in part, by paying cash, by electing to have the Company withhold shares of Common
Stock or by transferring shares of Common Stock to the Company, in such amounts as are equivalent to the Fair Market Value of the
withholding obligation. The Company shall have the right to withhold from the Option or any shares of Common Stock issuable pursuant
to the Option or from any cash amounts otherwise due or to become due from the Company to you an amount equal to such taxes. The
Company may also deduct from the Option any other amounts due from you to the Company or one of its subsidiaries.

 

To the extent not already registered, the
Company will register the Option and Shares on a Form S-8 Registration Statement (or, if not so eligible, on another applicable
form) as soon as practicable following the date hereof. Unless at the time of the exercise of the Option a registration statement
under the Securities Act of 1933, as amended (the “Act”) is in effect as to such Shares, any Shares purchased by you
upon the exercise of the Option shall be acquired for investment and not for sale or distribution, and if the Company so requests,
upon any exercise of the Option, in whole or in part, you will execute and deliver to the Company a certificate to such effect.
The Company shall not be obligated to issue any Shares pursuant to the Option if, in the opinion of counsel to the Company, the
Shares to be so issued are required to be registered or otherwise qualified under the Act or under any other applicable statute,
regulation or ordinance affecting the sale of securities, unless and until such Shares have been so registered or otherwise qualified.

 

You understand and acknowledge that, under
existing law, unless at the time of the exercise of the Option a registration statement under the Act is in effect as to such Shares
(i) any Shares purchased by you upon exercise of the Option may be required to be held indefinitely unless such Shares are subsequently
registered under the Act or an exemption from such registration is available; (ii) any sales of such Shares made in reliance upon
Rule 144 promulgated under the Act may be made only in accordance with the terms and conditions of that Rule (which, under certain
circumstances, restrict the number of shares which may be sold and the manner in which shares may be sold); (iii) in the case of
securities to which Rule 144 is not applicable, compliance with some other disclosure exemption will be required before any Shares
may be sold; (iv) certificates for Shares to be issued to you hereunder shall bear a legend to the effect that the Shares have
not been registered under the Act and that the Shares may not be sold, hypothecated or otherwise transferred in the absence of
an effective registration statement under the Act relating thereto or an opinion of counsel satisfactory to the Company that such
registration is not required; (v) the Company will place an appropriate “stop transfer” order with its transfer agent
with respect to such Shares; and (vi) the Company has undertaken no obligation to register the Shares or to include the Shares
in any registration statement which may be filed by it subsequent to the issuance of the Shares to you.

 

The Option (or installment thereof) is to
be exercised by delivering to the Company a written notice of exercise in the form attached hereto as Exhibit A, specifying
the number of Shares to be purchased, together with payment in full of the purchase price of the Shares to be purchased.

 

    	 

    	 

    

 

The exercise price for shares purchased
under an Option shall be paid in full to the Company by delivery of consideration equal to the product of the Option exercise price
and the number of shares being purchased. Such consideration must be paid in any combination of cash and/or bank-certified or cashier’s
check or such other instrument as may be acceptable to the Board of Directors of the Company, or, at the discretion of the Board
of Directors of the Company, by (i) delivering shares of Common Stock already owned by you and having a Fair Market Value on the
date of exercise equal to the exercise price of the Option, (ii) having Shares withheld by the Company from the Shares otherwise
to be received, with such withheld Shares having an aggregate Fair Market Value on the date of exercise equal to the purchase price,
or (iii) a combination of shares of Common Stock and cash, within five business days after notice of exercise is tendered to the
Company.

 

Fair Market Value means the fair market
value of the Common Stock, as of any date, as determined by the Board of Directors of the Company as follows:

 

		a.	If the Common Stock is listed on any established stock exchange or a national market system, including without limitation the
National Market tier of The Nasdaq Stock Market (“NASDAQ”), the Fair Market Value shall be the closing sales price
for such stock (or if no sales were reported, the closing sales price on the last preceding trading date), as quoted on such system
or exchange, or the system or exchange with the greatest volume of trading in Common Stock, for the last market trading day prior
to the time of determination, as reported in The Wall Street Journal or such other source as the Board of Directors of the Company
deems reliable;

 

		b.	If the Common Stock is quoted on the Nasdaq system (but not on the National Market tier thereof), on the OTC Bulletin Board
or regularly quoted by a recognized securities dealer but selling prices are not reported, its Fair Market Value shall be the closing
sales price for such stock, as reported in The Wall Street Journal or such other source as the Board of Directors of the Company
deems reliable; or

 

		c.	In the absence of an established market for the Common Stock, the Fair Market Value shall be determined in good faith by the
Board of Directors of the Company.

 

To the extent you are granted incentive
stock options that in the aggregate (together with all other incentive stock options granted by the Company or its subsidiaries
to you) entitle you to purchase, in any calendar year during which such options first become exercisable, Common Stock having a
Fair Market Value (determined as of the grant date) in excess of $100,000, such portion of the options in excess of $100,000 shall
be treated as a nonqualified stock option. In the event you hold two or more such options that become exercisable for the first
time in the same calendar year, such limitation shall be applied on the basis of the order in which such options are granted.

 

To qualify for incentive stock option tax
treatment, an option designated as an incentive stock option must be exercised within three months after termination of employment
for reasons other than death, except that, in the case of termination of employment due to Disability, such option must be exercised
within one year after such termination. Employment shall not be deemed to continue beyond the first three months of a leave of
absence unless your reemployment rights are guaranteed by statute or contract.

 

In order to obtain certain tax benefits
afforded to incentive stock options under Section 422 of the Code, you must hold the shares issued upon the exercise of an incentive
stock option for (a) at least two years after the grant date of the incentive stock option and (b) at least one year from the date
of exercise. The Board of Directors of the Company may require you to give the Company prompt notice of any disposition of shares
acquired upon exercise of an incentive stock option which occurs prior to the expiration of such holding periods. You may be subject
to the alternative minimum tax at the time of exercise of an incentive stock option.

 

    	 

    	 

    

  

Nothing in this option grant letter, or
any action of the Board of Directors of the Company taken hereunder, shall confer upon you any right to be retained in the employment
or service of the Company or any of its subsidiaries, or to remain a director thereof or a consultant thereto, or to interfere
in any way with the right of the Company or any of its subsidiaries, in its sole discretion, to terminate your employment or service
at any time or to remove you as a director or consultant at any time.

 

The Option does not entitle you to any cash
dividend, voting or other right of a stockholder unless and until the date of issuance of the shares that are the subject of the
Option, free of all applicable restrictions.

 

The Option is intended to comply with the
requirements of Section 409A of the Code to the extent Section 409A of the Code applies to the Option, and any ambiguities in this
letter will be interpreted to so comply. The terms of the Option shall be interpreted, operated and administered in a manner consistent
with the foregoing intention to the extent the Board of Directors of the Company deems necessary or advisable in its sole discretion.
Notwithstanding any other provision herein, (a) if the shares of Common Stock are publicly traded, any portion of the Option constitutes
“deferred compensation” under Section 409A of the Code and you are a “specified employee” for purposes
of Section 409A of the Code, no distribution or payment of any amount shall be made upon a “separation from service”
before a date that is six months following the date of your “separation from service” (as defined in Section 409A of
the Code without regard to alternative definitions thereunder) or, if earlier, your date of death, unless such distribution or
payment can be made in a manner that complies with Section 409A of the Code, (b) the Board of Directors of the Company, to the
extent it unilaterally deems necessary or advisable in its sole discretion, reserves the right, but shall not be required, to amend
or modify the Options so that it qualifies for exemption from or complies with Section 409A of the Code; provided, however, that
the Company makes no representation that the Option granted hereunder shall be exempt from or comply with Section 409A of the Code
and makes no undertaking to preclude Section 409A of the Code from applying to the Option and (c) neither the Company, nor any
affiliate thereof, nor any person acting on behalf of the Company or any affiliate thereof, , shall be liable to you by reason
of any acceleration of income, or any additional tax (including any interest and penalties), asserted by reason of the failure
of the Option to satisfy the requirements of Section 409A of the Code.

 

If any provision of this option grant letter
is determined to be invalid, illegal or unenforceable in any jurisdiction, or as to any person, or would disqualify the Option
under any law deemed applicable by the Board of Directors of the Company, such provision shall be construed or deemed amended to
conform to applicable laws, or, if it cannot be so construed or deemed amended without, in the Board of Directors’ determination,
materially altering the intent of the Option, such provision shall be stricken as to such jurisdiction, person or Option, and the
remainder of the Option shall remain in full force and effect.

 

[Signature Page to Follow]

 

    	 

    	 

    

  

Would you kindly evidence your acceptance
of the Option and your agreement to comply with the provisions hereof by executing this letter under the words “Agreed To
and Accepted.”

 

	 	Very Truly Yours,
	 	 
	 	GRANDPARENTS.COM, INC.
	 	 
	 	By: 	
        /s/ Steven E. Leber

	 	 	Name: 	 
	 	 	Title:	 

 

Agreed To and Accepted:

 

	/s/ Lee Lazarus	 
	Lee Lazarus	 

  

    	 

    	 

    

  

Exhibit A

 

[Name]

[Address]

[City, State Zip]

 

Gentlemen:

 

Notice is hereby given of my election to
purchase __________ Shares of Common Stock, $0.01 par value per share (the “Shares”), of Grandparents.com, Inc., at
a price of U.S. $____ per Share, pursuant to the provisions of the option granted to me on ______________, 2013. I elect to pay
for the Shares as follows:

 

		 ̈ _____	by
delivery of my check in the amount of $__________.

 

		 ̈ _____	*
by delivery of Shares having a total value of $__________, such value being based on the closing price(s) of the Shares
on the date hereof.

 

		 ̈ _____	*
by my election to have Shares withheld by the Company from the Shares otherwise to be received, with such withheld Shares having
an aggregate fair market value on the date of exercise equal to the purchase price.

 

The following information is supplied for
use in issuing and registering the Shares purchased hereby:

 

	Number of Certificates and Denominations	 
	 	 
	Name	 
	 	 
	Address	 
	 	 
	 	 
	 	 
	Social Security Number	 

 

Dated: _________________

 

	 	Very truly yours,
	 	 
	 	 

 

 

* Subject to approval of the Board of DirectorsEXHIBIT 10.57

 

GRANDPARENTS.COM, INC.

AMENDED AND RESTATED

2012 STOCK INCENTIVE PLAN

 

Section
1.  PURPOSE

 

The purpose of this
Grandparents.com, Inc. Amended and Restated 2012 Stock Incentive Plan (the “PLAN”) is to enhance the long-term
stockholder value of Grandparents.com, Inc., a Delaware corporation (the “COMPANY”), by offering opportunities
to employees, directors, officers, consultants, agents, advisors and independent contractors of the Company and its Subsidiaries
(as defined in Section 2) to participate in the Company’s growth and success, and to encourage them to remain in the service
of the Company and its Subsidiaries and to acquire and maintain stock ownership in the Company.

 

Section
2.  DEFINITIONS

 

For purposes of the
Plan, the following terms shall be defined as set forth below:

 

“AWARD”
means an award or grant made pursuant to the Plan, including, without limitation, awards or grants of Options and Stock Awards,
or any combination of the foregoing.

 

“BOARD”
means the Board of Directors of the Company.

 

“CAUSE”
means dishonesty, fraud, misconduct, unauthorized use or disclosure of confidential information, trade secrets or other intellectual
property, or conviction or confession (including a plea of no contest) of a crime punishable by law (except minor violations),
or conduct that adversely affects the Company’s business or reputation, in each case as determined by the Plan Administrator
in its sole discretion, and its determination as to whether an action constitutes Cause shall be conclusive and binding.

 

“CODE”
means the Internal Revenue Code of 1986, as amended from time to time.

 

“COMMON STOCK”
means the Company common stock, $0.01 par value per share.

 

“CORPORATE
TRANSACTION” means any of the following events:

 

(a)          Consummation
of any merger or consolidation of the Company in which the Company is not the continuing or surviving corporation, or pursuant
to which shares of the Common Stock are converted into cash, securities or other property, if following such merger or consolidation
the holders of the Company’s outstanding voting securities immediately prior to such merger or consolidation own less than
fifty percent (50%) of the outstanding voting securities of the surviving corporation;

 

(b)          Consummation
of any sale, lease, exchange or other transfer in one transaction or a series of related transactions of all or substantially all
of the Company’s assets other than a transfer of the Company’s assets to a majority-owned subsidiary corporation of
the Company; or

 

    	 

    	 

    

 

(c)          Approval
by the holders of the Common Stock of any plan or proposal for the liquidation or dissolution of the Company.

 

Ownership of voting
securities shall take into account and shall include ownership as determined by applying Rule 13d-3(d)(1)(i) (as in effect on the
date of adoption of the Plan) under the Exchange Act.

 

“DISABILITY”
means “disability” as that term is defined for purposes of Section 22(e)(3) of the Code. As of the date of adoption
of this Plan, such terms means the inability to engage in any substantial gainful activity by reason of any medically determinable
mental or physical impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous
period of not less than 12 months.

 

“EMPLOYEE”
means any person, including officers and directors, employed by the Company (or one of its parent corporations or subsidiary corporations),
with the status of employment determined based upon such minimum number of hours or periods worked as shall be determined by the
Plan Administrator in its discretion, subject to any requirements of the Code, including for purposes of granting Incentive Stock
Options, that such person is an employee within the meaning of Treasury Regulation Section 1.421-1(h). For purposes of this provision,
“parent corporation” and “subsidiary corporation” shall have the meanings ascribed to those terms in Section
424 of the Code.

 

“EXCHANGE
ACT” means the Securities Exchange Act of 1934, as amended.

 

“FAIR MARKET
VALUE” shall be the fair market value of the Common Stock, as of any date, as determined by the Plan Administrator as
follows:

 

(a)          If
the Common Stock is listed on any established stock exchange or a national market system, including without limitation the National
Market tier of The Nasdaq Stock Market (“NASDAQ”), the Fair Market Value shall be the closing sales price for
such stock (or if no sales were reported, the closing sales price on the last preceding trading date), as quoted on such system
or exchange, or the system or exchange with the greatest volume of trading in Common Stock, for the last market trading day prior
to the time of determination, as reported in The Wall Street Journal or such other source as the Plan Administrator deems reliable;

 

(b)          If
the Common Stock is quoted on the Nasdaq system (but not on the National Market tier thereof), on the OTC Bulletin Board or regularly
quoted by a recognized securities dealer but selling prices are not reported, its Fair Market Value shall be the closing sales
price for such stock for the Common Stock on the Grant Date, as reported in The Wall Street Journal or such other source as the
Plan Administrator deems reliable; or

 

(c)          In
the absence of an established market for the Common Stock, the Fair Market Value shall be determined in good faith by the Plan
Administrator.

 

“GRANT DATE”
means the date the Plan Administrator adopted the granting resolution or a later date designated in a resolution of the Plan Administrator
as the date an Award is to be granted.

 

    	 

    	 

    

 

“HOLDER”
means (a) the person to whom an Award is granted, (b) for a Holder who has died, the personal representative of the Holder’s
estate, the person(s) to whom the Holder’s rights under the Award have passed by will or by the applicable laws of descent
and distribution, or the beneficiary designated in accordance with Section 10, or (c) the person(s) to whom an Award has been transferred
in accordance with Section 10.

 

“INCENTIVE
STOCK OPTION” means an Option to purchase Common Stock granted under Section 7 with the intention that it qualify as
an “incentive stock option” as that term is defined in Section 422 of the Code.

 

“NET EXERCISE”
means an arrangement pursuant to which the number of shares of Common Stock issued to the Holder in connection with the Holder’s
exercise of the Option will be reduced by the Company’s retention of a portion of such shares of Common Stock. Upon such
a Net Exercise of an Option, the Holder will receive a net number of shares of Common Stock that is equal to (a) the number of
shares of Common Stock as to which the Option is being exercised minus (b) the quotient (rounded down to the nearest whole number)
of the aggregate exercise price of the shares of Common Stock being exercised divided by the Fair Market Value of a share of Common
Stock on the date of exercise of the Option. The number of shares of Common Stock covered by clause (b) will be retained by the
Company and not delivered to the Holder. No fractional shares will be created as a result of a Net Exercise and the Holder must
contemporaneously pay for any portion of the aggregate exercise price that is not covered by the shares of Common Stock retained
by the Company under clause (b). The number of shares of Common Stock delivered to the Holder may be further reduced if Net Exercise
is utilized under Section 12 to satisfy applicable tax withholding obligations.

 

“NONQUALIFIED
STOCK OPTION” means an Option to purchase Common Stock granted under Section 7 other than an Incentive Stock Option.

 

“OPTION”
means the right to purchase Common Stock granted under Section 7.

 

“PLAN ADMINISTRATOR”
means the Board or any committee of the Board designated to administer the Plan under Section 3.1.

 

“RESTRICTED
STOCK” means shares of Common Stock granted under Section 9, the rights of ownership of which are subject to restrictions
prescribed by the Plan Administrator.

 

“SECURITIES
ACT” means the Securities Act of 1933, as amended.

 

“STOCK AWARD”
means an Award granted under Section 9.

 

“SUBSIDIARY”
shall have the meaning ascribed to such term in Section 424(f) of the Code.

 

“SUCCESSOR
CORPORATION” has the meaning set forth under Section 11.2.

 

    	 

    	 

    

 

Section
3.  ADMINISTRATION

 

3.1    PLAN
ADMINISTRATOR. The Plan shall be administered by the Board, or a committee or committees (which term includes subcommittees) appointed
by, and consisting of two or more members of, the Board. If and so long as the Common Stock is registered under Section 12(b) or
12(g) of the Exchange Act, the Board shall consider in selecting the Plan Administrator and the membership of any committee acting
as Plan Administrator, with respect to any persons subject or likely to become subject to Section 16 of the Exchange Act, the provisions
regarding (a) “outside directors” as contemplated by Section 162(m) of the Code, (b) “nonemployee directors”
as contemplated by Rule 16b-3 under the Exchange Act, and (c) any requirements as to “independent directors” pursuant
to rules of any securities exchange on which the Common Stock is quoted or listed for trading. The Board may delegate the responsibility
for administering the Plan with respect to designated classes of eligible persons to different committees consisting of two or
more members of the Board, subject to such limitations as the Board deems appropriate. Committee members shall serve for such term
as the Board may determine, subject to removal by the Board at any time.

 

3.2    ADMINISTRATION
AND INTERPRETATION BY THE PLAN ADMINISTRATOR. Except for the terms and conditions explicitly set forth in the Plan, the Plan Administrator
shall have exclusive authority, in the Plan Administrator’s discretion, to determine all matters relating to Awards under
the Plan, including the selection of individuals to be granted Awards, the type of Awards, the number of shares of Common Stock
subject to an Award, all terms, conditions, restrictions and limitations, if any, of an Award and the terms of any document, agreement
or instrument that evidences the Award. The Plan Administrator shall also have exclusive authority to interpret the Plan and may
from time to time adopt, and change, rules and regulations of general application for the Plan’s administration. The Plan
Administrator’s interpretation of the Plan and its rules and regulations, and all actions taken and determinations made by
the Plan Administrator pursuant to the Plan, shall be conclusive and binding on all parties involved or affected. The Plan Administrator
may delegate administrative duties to such of the Company’s officers as it so determines.

 

3.3    REPLACEMENT
OF OPTIONS. Without limiting the authority granted to the Plan Administrator under Section 3.2, the Plan Administrator, in its
sole discretion, shall have the authority, among other things, to (a) grant Options subject to the condition that Options previously
granted at a higher or lower exercise price under the Plan be canceled or exchanged in connection with such grant (the number of
shares covered by the new Options, the exercise price, the term and the other terms and conditions of the new Option, shall be
determined in accordance with the Plan and may be different from the provisions of the canceled or exchanged Options), and (b)
amend or modify outstanding and unexercised Options, with the consent of the Holder, to, among other things, reduce the exercise
price per share, establish the exercise price at the then-current Fair Market Value or accelerate or defer the exercise date, vesting
schedule or expiration date of any Option.

 

    	 

    	 

    

 

Section
4.  STOCK SUBJECT TO THE PLAN

 

4.1 AUTHORIZED NUMBER
OF SHARES. Subject to adjustment from time to time as provided in Section 11.1, a maximum of 25,000,000 shares of Common Stock
shall be available for issuance under the Plan. Notwithstanding the foregoing, and subject to adjustment from time to time as provided
in Section 11.1, a maximum of 25,000,000 shares of Common Stock shall be available for issuance as Incentive Stock Options. Shares
issued under the Plan shall be drawn from authorized and unissued shares or shares now held or subsequently acquired by the Company.

 

4.2 REUSE OF SHARES.
Any shares of Common Stock that have been made subject to an Award that cease to be subject to the Award (other than by reason
of exercise or payment of the Award to the extent it is exercised for or settled in shares) shall again be available for issuance
in connection with future grants of Awards under the Plan.

 

Section
5.  ELIGIBILITY

 

Awards may be granted
under the Plan to those Employees, officers and directors of the Company and its Subsidiaries as the Plan Administrator from time
to time selects. Awards may also be made to consultants, agents, advisors and independent contractors who provide services to the
Company and its Subsidiaries, as the Plan Administrator from time to time selects. In granting Awards to consultants, agents, advisors
and independent contractors, the Plan Administrator shall give consideration to the requirements set forth in the instructions
to the use of Form S-8 registration statement under the Securities Act. A member of the Board may be eligible to participate in
or receive or hold Awards under this Plan; provided, however, that no member of the Board shall vote with respect to the granting
of an Award to himself or herself.

 

Section
6.  AWARDS

 

6.1           FORM
AND GRANT OF AWARDS. The Plan Administrator shall have the authority, in its sole discretion, to determine the type or types of
Awards to be made under the Plan. Such Awards may include, but are not limited to, Incentive Stock Options, Nonqualified Stock
Options and Stock Awards. Awards may be granted singly or in combination. An eligible person may receive one or more grants of
Awards as the Plan Administrator shall from time to time determine, and such determinations may be different as to different Holders
and may vary as to different grants, even when made simultaneously.

 

6.2           NUMBER
OF SHARES. The maximum number of shares that may be issued pursuant to the grant of an Award shall be as established by the Plan
Administrator. Provided, however, to the extent required for compliance with the exclusion from the limitation on deductibility
of compensation under Section 162(m) of the Code, the Plan Administrator shall not grant Awards to any person in any one fiscal
year of the Company in an amount that exceeds, in the aggregate, 2,000,000 shares of Common Stock (subject to adjustment as provided
in Section 11).

 

6.3           ACQUIRED
COMPANY AWARDS. Notwithstanding anything in the Plan to the contrary, the Plan Administrator may grant Awards under the Plan in
substitution for awards issued under other plans, or assume under the Plan awards issued under other plans, if the other plans
are or were plans of other acquired entities (“ACQUIRED ENTITIES”) (or the parent of the Acquired Entity) and
the new Award is substituted, or the old award is assumed, by reason of a merger, consolidation, acquisition of property or of
stock, reorganization or liquidation (the “ACQUISITION TRANSACTION”). In the event that a written agreement
pursuant to which the Acquisition Transaction is completed is approved by the Board and said agreement sets forth the terms and
conditions of the substitution for or assumption of outstanding awards of the Acquired Entity, said terms and conditions shall
be deemed to be the action of the Plan Administrator without any further action by the Plan Administrator, except as may be required
for compliance with Rule 16b-3 under the Exchange Act, and the persons holding such Awards shall be deemed to be Holders.

 

    	 

    	 

    

 

Section
7.  AWARDS OF OPTIONS

 

7.1           GRANT
OF OPTIONS. The Plan Administrator is authorized under the Plan, in its sole discretion, to issue Options as Incentive Stock Options
or as Nonqualified Stock Options, which shall be appropriately designated.

 

7.2           OPTION
EXERCISE PRICE. The exercise price for shares purchased under an Option shall be as determined by the Plan Administrator, but shall
not be less than 100% of the Fair Market Value of the Common Stock on the Grant Date.

 

7.3           TERM
OF OPTIONS. The term of each Option shall be as established by the Plan Administrator or, if not so established, shall be ten (10)
years from the Grant Date.

 

7.4           VESTING
/ EXERCISABILITY OF OPTIONS. The Plan Administrator shall establish and set forth in each agreement that evidences an Option the
time at which or the installments in which, if any, the Option shall vest and become exercisable. In the absence of a defined vesting
schedule in the agreement evidencing the Option, the Option covered by such agreement will vest and become exercisable quarterly
over a period of three years from the Grant Date, with 1/12 of the Option vesting and becoming exercisable on each quarterly anniversary
of the Grant Date. The Plan Administrator, in its absolute discretion, may waive or accelerate any vesting requirement contained
in outstanding and unexercised Options.

 

7.5           EXERCISE
OF OPTIONS. Options shall be exercised in accordance with the following terms and conditions:

 

(a)          PROCEDURE.
To the extent that an Option has vested and is currently exercisable, an Option may be exercised from time to time by written notice
to the Company, in accordance with procedures established by the Plan Administrator, setting forth the number of shares with respect
to which the Option is being exercised and accompanied by payment in full of the exercise price. The Plan Administrator may determine
at any time that an Option may not be exercised as to less than 100 shares at any one time (or the lesser number of remaining shares
covered by the Option). Only whole shares shall be issued pursuant to the exercise of any Option.

 

(b)          PAYMENT
OF EXERCISE PRICE.

 

(1)         The
exercise price for shares purchased under an Option shall be paid in full to the Company by delivery of consideration equal to
the product of the Option exercise price and the number of shares being purchased. Such consideration must be paid in any combination
of cash and/or bank-certified or cashier’s check (or personal check if determined acceptable by the Plan Administrator in
its sole discretion), either at the time the Option is granted or within five business days after notice of exercise is tendered
to the Company.

 

    	 

    	 

    

 

(2)         In
addition, to the extent provided for in the document, agreement or instrument that evidences the Award and as permitted by applicable
law, the exercise price for shares purchased under an Option may be paid, either singly or in combination with one or more of the
alternative forms of payment authorized by this Section 7.5, by (y) delivery of a full-recourse promissory note, or (z) such other
consideration as the Plan Administrator may permit. The terms of any such promissory note, including the interest rate, terms of
and security for repayment, and maturity, will be subject to the Plan Administrator’s discretion. Any such promissory note
shall bear interest at a rate specified by the Plan Administrator, but in no case less than the rate required to avoid imputation
of interest (taking into account any exceptions to the imputed interest rules) for federal income tax purposes.

 

(3)         If
and so long as the Common Stock is registered under Section 12 of the Exchange Act, then, to the extent provided for in the document,
agreement or instrument that evidences the Award and as permitted by applicable law and in accordance with any procedures established
by the Plan Administrator, an Option also may be exercised by (a) delivery of shares of Common Stock (which shares, if tendered
by an affiliate of the Company, shall have been held by the Holder for at least six (6) months) having a Fair Market Value equal
to the aggregate exercise price (such payment in stock may occur in the context of a single exercise of an option or successive
and simultaneous exercises, sometimes referred to as “pyramiding,” which provides that, rather than physically exchanging
certificates for a series of exercises, bookkeeping entries will be made pursuant to which the Holder is permitted to retain his
existing stock certificate and a new stock certificate is issued for the net shares), (b) delivery of a properly executed exercise
notice together with irrevocable instructions to (i) a brokerage firm acceptable to the Company to deliver promptly to the Company
the aggregate amount of sale or loan proceeds to pay the Option exercise price and any withholding tax obligations that may arise
in connection with such exercise, and (ii) the Company to deliver the certificates for such purchased shares directly to such brokerage
firm, all in accordance with the requirements of the Federal Reserve Board, or (c) by Net Exercise.

 

7.6           RIGHTS
AS STOCKHOLDER. Until the issuance (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer
agent of the Company) of the stock certificate evidencing such shares, no right to vote or receive dividends or any other rights
as a stockholder shall exist with respect to shares of Common Stock acquired on exercise of an Option, notwithstanding the exercise
of the Option. The Company shall issue (or cause to be issued) such stock certificate promptly upon proper exercise of the Option
and payment in full of the aggregate exercise price. In the event that the exercise of an Option is treated in part as the exercise
of a Nonqualified Stock Option (pursuant to the provisions of Section 8.1), the Company shall issue a stock certificate evidencing
the shares treated as acquired upon the exercise of an Incentive Stock Option and a separate stock certificate evidencing the shares
treated as acquired upon the exercise of a Nonqualified Stock Option, and shall identify each such certificate accordingly in its
stock transfer records. No adjustment will be made for a dividend or other right for which the record date is prior to the date
the stock certificate is issued, except as provided in Section 11 of this Plan.

 

    	 

    	 

    

 

7.7           POST-TERMINATION
EXERCISES. The Plan Administrator shall establish and set forth in each agreement that evidences an Option whether the Option will
continue to be exercisable, and the terms and conditions of such exercise, if a Holder ceases to be employed by, or to provide
services to, the Company or its Subsidiaries, which provisions may be waived or modified by the Plan Administrator at any time.
If not so established in the instrument evidencing the Option, the Option will be exercisable according to the following terms
and conditions, which may be waived or modified by the Plan Administrator at any time.

 

(a)          TERMINATION
OTHER THAN DEATH, DISABILITY OR CAUSE. In case of termination of the Holder’s employment or services other than by reason
of death, Disability or Cause, the Holder may exercise his or her Options that have been vested at the time of termination of employment
or other relationship an optionee may have had with the Company, any time prior to the expiration of twelve (12) months after the
date the Holder ceases to be an Employee, director, officer, consultant, agent, advisor or independent contractor of the Company
or a Subsidiary (but in no event later than the remaining term of the Option), but only if and to the extent the Holder was entitled
to exercise the option at the date of such termination. A transfer of employment or services between or among the Company and its
Subsidiaries shall not be considered a termination of employment or services. The effect of a Company-approved leave of absence
on the terms and conditions of an Option shall be determined by the Plan Administrator, in its sole discretion.

 

(b)          DISABILITY.
In case of termination of the Holder’s employment or services by reason of the Holder’s Disability, the Holder (or
personal representative) may exercise his or her Options at any time prior to the expiration of one year after the date of such
termination (but in no event later than the remaining term of the Option), but only if and to the extent the Holder was entitled
to exercise the option at the date of such termination.

 

(c)          DEATH.
In the event of the death of a Holder, any Options held may be exercised at any time on or prior to the expiration of one year
after the date of death (but in no event later than the remaining term of the Option), but only if and to the extent the Holder
was entitled to exercise the option at the date of his or her death, and only by the Holder’s personal representative (if
then subject to administration as part of the Holder’s estate) or by the person(s) to whom the Holder’s rights under
the Option shall have passed by will or by the applicable laws of descent and distribution.

 

(d)          CAUSE.
In case of termination of the Holder’s employment or services for Cause, all Options held by Holder shall automatically terminate
upon first notification to the Holder of such termination, unless the Plan Administrator determines otherwise. If a Holder’s
employment or services with the Company are suspended pending an investigation of whether the Holder shall be terminated for Cause,
all the Holder’s rights under any Option likewise shall be suspended during the period of investigation.

 

7.8           WAIVER
OR EXTENSION OF TIME PERIODS. The Plan Administrator shall have the authority, prior to or within the times specified in this Section
7 for the exercise of any such Option, to extend such time period or waive in its entirety any such time period to the extent that
such time period expires prior to the expiration of the term of such option. In addition, the Plan Administrator may modify or
eliminate the time periods specified in this Section 7 with respect to particular Option grants. However, no Incentive Stock Option
may be exercised after the expiration of ten (10) years from the date such option is granted. If a Holder holding an Incentive
Stock Option exercises such Option, by express permission of the Plan Administrator, after the expiration of the time periods specified
in this Section 7, the Option will no longer be treated as an Incentive Stock Option under the Code and shall automatically be
converted into a Nonqualified Stock Option.

 

    	 

    	 

    

 

7.9           TERMINATION
OF OPTIONS. Any portion of an Option that is not vested and exercisable on the date of termination of the Holder’s employment
or services shall terminate on such date, unless the Plan Administrator determines otherwise. In addition, to the extent that any
Options of any Holder whose employment or services have terminated shall not have been exercised within the limited periods prescribed
in this Section 7, the Options and all further rights to purchase shares pursuant to such Options shall cease and terminate at
the expiration of such period.

 

Section
8.  INCENTIVE STOCK OPTION LIMITATIONS

 

To the extent required
by Section 422 of the Code, Incentive Stock Options shall be subject to the following additional terms and conditions:

 

8.1           LIMITATION
ON AMOUNT OF GRANTS TO ANY ONE HOLDER. To the extent that a Holder is granted Incentive Stock Options that in the aggregate (together
with all other Incentive Stock Options granted by the Company or Subsidiaries to such Holder under this Plan and any other stock
option plans of the Company) entitle the Holder to purchase, in any calendar year during which such Options first become exercisable,
Common Stock having a Fair Market Value (determined as of the Grant Date) in excess of $100,000, such portion of the Options in
excess of $100,000 shall be treated as a Nonqualified Stock Option. In the event the Holder holds two or more such Options that
become exercisable for the first time in the same calendar year, such limitation shall be applied on the basis of the order in
which such Options are granted.

 

8.2           GRANTS
TO 10% STOCKHOLDERS. Incentive Stock Options may be granted to a person who, at the time the option is granted, owns more than
ten percent (10%) of the total combined voting power of all classes of stock of the Company or any Subsidiary only if (a) the exercise
price per share shall not be less than 110% of the Fair Market Value of the Common Stock on the Grant Date, and (b) the Option
term shall not exceed five years from the Grant Date. The determination of ten percent (10%) ownership shall be made by the Plan
Administrator in accordance with Section 422 of the Code.

 

8.3           ELIGIBLE
PERSONS. Only persons who are Employees may receive Incentive Stock Options. Persons who are not Employees may not be granted Incentive
Stock Options and will only be eligible to receive Nonqualified Stock Options.

 

8.4           TERM.
The term of an Incentive Stock Option shall not exceed ten (10) years.

 

8.5           EXERCISABILITY.
To qualify for Incentive Stock Option tax treatment, an Option designated as an Incentive Stock Option must be exercised within
three (3) months after termination of employment for reasons other than death, except that, in the case of termination of employment
due to Disability, such Option must be exercised within one (1) year after such termination. Employment shall not be deemed to
continue beyond the first three (3) months of a leave of absence unless the Holder’s reemployment rights are guaranteed by
statute or contract.

 

    	 

    	 

    

 

8.6           TAXATION
OF INCENTIVE STOCK OPTIONS. In order to obtain certain tax benefits afforded to Incentive Stock Options under Section 422 of the
Code, the Holder must hold the shares issued upon the exercise of an Incentive Stock Option for (a) at least two (2) years after
the Grant Date of the Incentive Stock Option and (b) at least one (1) year from the date of exercise. The Plan Administrator may
require a Holder to give the Company prompt notice of any disposition of shares acquired upon exercise of an Incentive Stock Option
which occurs prior to the expiration of such holding periods. A Holder may be subject to the alternative minimum tax at the time
of exercise of an Incentive Stock Option.

 

Section
9.  STOCK AWARDS

 

9.1           GRANT
OF STOCK AWARDS. The Plan Administrator is authorized to make Awards of Common Stock on such terms and conditions and subject to
such restrictions, if any (which may be based on continuous service with the Company or the achievement of performance goals) as
the Plan Administrator shall determine, in its sole discretion, which terms, conditions and restrictions shall be set forth in
the instrument evidencing the Award. The terms, conditions and restrictions that the Plan Administrator shall have the power to
determine shall include, without limitation, the manner in which shares subject to Stock Awards are held during the periods they
are subject to restrictions, the circumstances under which forfeiture of Restricted Stock shall occur by reason of termination
of the Holder’s services, and the purchase price, if any.

 

9.2           ISSUANCE
OF SHARES. Upon the satisfaction of any terms, conditions and restrictions prescribed in respect to a Stock Award, or upon the
Holder’s release from any terms, conditions and restrictions of a Stock Award, as determined by the Plan Administrator, the
Company shall release, as soon as practicable, to the Holder or, in the case of the Holder’s death, to the personal representative
of the Holder’s estate or as the appropriate court directs, the appropriate number of shares of Common Stock.

 

9.3           WAIVER
OF RESTRICTIONS. Notwithstanding any other provisions of the Plan, the Plan Administrator may, in its sole discretion, waive the
forfeiture period and any other terms, conditions or restrictions on any Restricted Stock under such circumstances (including the
death or Disability of Holder, or material change in the Holder’s circumstances after the date of the Award) and subject
to such terms and conditions (including forfeiture of the shares) as the Plan Administrator shall deem appropriate.

 

Section
10.  ASSIGNABILITY

 

No Option granted under
the Plan may be assigned or transferred by the Holder other than by will or by the applicable laws of descent and distribution,
and, during the Holder’s lifetime, such Awards may be exercised only by the Holder. Notwithstanding the foregoing, and to
the extent permitted by Section 422 of the Code, the Plan Administrator, in its sole discretion, may permit such assignment, transfer
and exercisability and may permit a Holder of such Awards to designate a beneficiary who may exercise the Award or receive compensation
under the Award after the Holder’s death; provided, however, that any Award so assigned or transferred shall be subject to
all the same terms and conditions contained in the instrument evidencing the Award.

 

    	 

    	 

    

 

Section
11.            ADJUSTMENTS

 

11.1         ADJUSTMENTS
UPON CHANGES IN CAPITALIZATION. In the event that, at any time or from time to time, a stock dividend, stock split, spin-off, combination
or exchange of shares, recapitalization, merger, consolidation, distribution to stockholders other than a normal cash dividend,
or other similar change in the Company’s corporate or capital structure results in (a) the outstanding shares of Common Stock,
or any securities exchanged therefor or received in their place, being exchanged for a different number or class of securities
of the Company or of any other corporation, or (b) new, different or additional securities of the Company or of any other corporation
being received by the holders of shares of Common Stock, then the Plan Administrator shall make proportional adjustments in (i)
the maximum number and kind of securities subject to the Plan as set forth in Section 4.1, (ii) the maximum number of securities
set forth in Section 6.2, and (iii) the number and kind of securities that are subject to any outstanding Award and the per share
price of such securities (but without any change in the aggregate price to be paid therefor). The determination by the Plan Administrator
as to the terms of any of the foregoing adjustments shall be conclusive and binding. Notwithstanding the foregoing, a Corporate
Transaction shall not be governed by this Section 11.1 but shall be governed by Section 11.2.

 

11.2         ADJUSTMENTS
UPON A CORPORATE TRANSACTION. Except as otherwise provided in the instrument that evidences the Award, in the event of any Corporate
Transaction, each Award that is at the time outstanding shall automatically accelerate so that each such Award shall, immediately
prior to the specified effective date for the Corporate Transaction, become 100% vested and exercisable. Such Award shall not so
accelerate, however, if and to the extent that such Award is, in connection with the Corporate Transaction, either to be assumed
by the successor corporation or parent thereof (the “SUCCESSOR CORPORATION”) or to be replaced with a comparable
award for the purchase of shares of the capital stock of the Successor Corporation. The determination of Award comparability shall
be made by the Plan Administrator, and its determination shall be conclusive and binding. All outstanding Awards shall terminate
and cease to remain outstanding immediately following the consummation of the Corporate Transaction, except to the extent assumed
by the Successor Corporation.

 

11.3         FURTHER
ADJUSTMENT OF AWARDS. Subject to Section 11.2, the Plan Administrator shall have the discretion, exercisable at any time before
a sale, merger, consolidation, reorganization, liquidation or change in control of the Company, as defined by the Plan Administrator,
to take such further action as it determines to be necessary or advisable, and fair and equitable to Holders, with respect to Awards.
Such authorized action may include (but shall not be limited to) establishing, amending or waiving the type, terms, conditions
or duration of, or restrictions on, Awards so as to provide for earlier, later, extended or additional time for exercise, lifting
restrictions and other modifications, and the Plan Administrator may take such actions with respect to all Holders, to certain
categories of Holders or only to individual Holders. The Plan Administrator may take such action before or after granting Awards
to which the action relates and before or after any public announcement with respect to such sale, merger, consolidation, reorganization,
liquidation or change in control that is the reason for such action.

 

    	 

    	 

    

 

11.4         NO
FRACTIONAL SHARES. In the event of any adjustment in the number of shares covered by any Award, any fractional shares resulting
from such adjustment shall be disregarded and each such option shall cover only the number of full shares resulting from such adjustment.

 

11.5         DETERMINATION
OF PLAN ADMINISTRATOR TO BE FINAL. All adjustments made pursuant to this Section 11 shall be made by the Plan Administrator and
its determination as to what adjustments shall be made, and the extent thereof, shall be final, binding and conclusive.

 

11.6         LIMITATIONS.
The grant of Awards will in no way affect the Company’s right to adjust, reclassify, reorganize or otherwise change its capital
or business structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

 

Section
12.            WITHHOLDING

 

The Company may require
the Holder to pay to the Company the amount of any withholding taxes that the Company is required to withhold with respect to the
grant, vesting or exercise of any Award. Upon exercise of an Award, the Holder shall, upon notification of the amount due and prior
to or concurrently with the delivery of the certificates representing the shares, pay to the Company all amounts necessary to satisfy
applicable federal, state and local withholding tax requirements or shall otherwise make arrangements satisfactory to the Company
for such requirements. Subject to the Plan and applicable law, the Plan Administrator may, in its sole discretion, permit the Holder
to satisfy withholding obligations, in whole or in part, by paying cash, by electing to have the Company withhold shares of Common
Stock or by transferring shares of Common Stock to the Company, in such amounts as are equivalent to the Fair Market Value of the
withholding obligation. The Company shall have the right to withhold from any Award or any shares of Common Stock issuable pursuant
to an Award or from any cash amounts otherwise due or to become due from the Company to the Holder an amount equal to such taxes.
The Company may also deduct from any Award any other amounts due from the Holder to the Company or a Subsidiary.

 

Section
13.             LOANS, INSTALLMENT PAYMENTS AND LOAN GUARANTEES

 

To assist a Holder
(other than any Holder who is an officer or a director of the Company) in acquiring shares of Common Stock pursuant to an Award
granted under the Plan, the Plan Administrator, in its sole discretion, may authorize, either at the Grant Date or at any time
before the acquisition of Common Stock pursuant to the Award, (a) the extension of a full-recourse loan to the Holder by the Company,
(b) the payment by the Holder of the purchase price, if any, of the Common Stock in installments, or (c) the guarantee by the Company
of a loan obtained by the Holder from a third party. The terms of any loans, installment payments or loan guarantees, including
the interest rate and terms of and security for repayment, will be subject to the Plan Administrator’s discretion. The maximum
credit available is the purchase price, if any, of the Common Stock acquired, plus the maximum federal and state income and employment
tax liability that may be incurred in connection with the acquisition.

 

    	 

    	 

    

 

Section
14.             SECURITIES REGULATIONS

 

14.1         COMPLIANCE
WITH LAWS. Shares shall not be issued with respect to an Award granted under this Plan unless the adoption of this Plan, the grant
and exercise of such Award and the issuance and delivery of such shares pursuant thereto shall comply with all relevant provisions
of law, including, without limitation, any applicable state securities laws, the Securities Act, the Exchange Act, the rules and
regulations promulgated thereunder, and the requirements of any stock exchange, national market system, over the counter system,
or any electronic bulletin board, upon which the Common Stock may then be listed, quoted or traded, and shall further be subject
to the approval of counsel for the Company with respect to such compliance. Inability of the Company to obtain from any regulatory
body having jurisdiction the authority deemed by the Company’s counsel to be necessary for the lawful issuance and sale of
any shares hereunder shall suspend the Company’s liability in respect of the nonissuance or sale of such shares as to which
such requisite authority shall not have been obtained, until such time as the requisite authority shall have been obtained. In
addition, where required by law the Plan Administrator may bifurcate the Plan so as to restrict, limit or condition the use of
any provision of the Plan to Holders who are officers or directors subject to Section 16 of the Exchange Act without so restricting,
limiting or conditioning the Plan with respect to other Holders.

 

14.2         REPRESENTATIONS
BY HOLDER. With respect to the exercise of an Option or any other receipt of Common Stock pursuant to an Award under the Plan,
the Company may require the Holder to represent and warrant at the time of such exercise or receipt that the shares are being purchased
or received only for Holder’s own account investment and without any present intention to sell or distribute such shares,
if, in the opinion of counsel for the Company, such representation is required by any relevant provision of the laws referred to
in Section 14.1 above. At the option of the Company, a stop transfer order against any shares of stock may be placed on the official
stock books and records of the Company, and a legend indicating that the stock may not be pledged, sold or otherwise transferred
unless an opinion of counsel was provided (concurred in by counsel for the Company) stating that such transfer is not in violation
of any applicable law or regulation, may be stamped on the stock certificate in order to assure exemption from registration. The
Plan Administrator may also require such other action or agreement by the Holder as may from time to time be necessary to comply
with the federal and state securities laws.

 

14.3         NO
REGISTRATION REQUIRED. The Company shall be under no obligation to any Holder to register for offering or resale or to qualify
for exemption under the Securities Act, or to register or qualify under state securities laws, any shares of Common Stock, security
or interest in a security paid or issued under, or created by, the Plan, or to continue in effect any such registrations or qualifications
if made. The Company may issue certificates for shares with such legends and subject to such restrictions on transfer and stop-transfer
instructions as counsel for the Company deems necessary or desirable for compliance by the Company with federal and state securities
laws.

 

    	 

    	 

    

 

Section
15.             AMENDMENT AND TERMINATION OF PLAN

 

15.1         AMENDMENT
OF PLAN. With respect to unissued options, the Board may modify or amend the Plan in such respects as it shall deem advisable or
in order to conform to any changes in law or regulation applicable thereto, or in other respects; provided, however, that, to the
extent required for compliance with Section 422 of the Code or any applicable law or regulation, the Board may not, without further
approval by the stockholders of the Company, effect any amendment that will (a) increase the total number of shares as to which
Awards may be granted under the Plan, (b) modify the class of persons eligible to receive Awards, or (c) change the terms of the
Plan which causes the Plan to lose its qualification as an incentive stock option plan under Section 422(b) of the Code, or (d)
otherwise require stockholder approval under any applicable law, regulation or rule of any stock exchange. No amendment of the
Plan shall be made which would impair the rights of any Holder, without such Holder’s written consent, under any outstanding
Award, provided that no such Holder consent shall be required with respect to any amendment if the Plan Administrator determines
in its sole discretion that such amendment is required or advisable in order for the Company, the Plan or the Award to satisfy
or conform to any law or regulation or to meet the requirements of any accounting standard.

 

15.2         TERMINATION
OF PLAN. The Board may suspend or terminate the Plan at any time, provided that options issued prior to such suspension or termination
shall not be affected. The Plan will have no fixed expiration date; provided, however, that no Incentive Stock Options may be granted
more than ten (10) years after the earlier of the Plan’s adoption by the Board and approval by the stockholders.

 

15.3         CONSENT
OF HOLDER. The amendment or termination of the Plan shall not, without the consent of the Holder of any Award under the Plan, impair
or diminish any rights or obligations under any Award theretofore granted under the Plan. Any change or adjustment to an outstanding
Incentive Stock Option shall not, without the consent of the Holder, be made in a manner so as to constitute a “modification”
that would cause such Incentive Stock Option to fail to continue to qualify as an Incentive Stock Option.

 

15.4         SECTION
409A COMPLIANCE. Awards granted hereunder are intended to comply with the requirements of Section 409A of the Code to the extent
Section 409A of the Code applies to such Awards, and any ambiguities in this Plan or Awards granted hereunder will be interpreted
to so comply. The terms of the Plan and any Award granted under the Plan shall be interpreted, operated and administered in a manner
consistent with the foregoing intention to the extent the Plan Administrator deems necessary or advisable in its sole discretion.
Notwithstanding any other provision in the Plan, (a) if the shares of Common Stock are publicly traded and a Holder of an Award
that constitutes “deferred compensation” under Section 409A of the Code is a “specified employee” for purposes
of Section 409A of the Code, no distribution or payment of any amount shall be made upon a “separation from service”
before a date that is six months following the date of such Holder’s “separation from service” (as defined in
Section 409A of the Code without regard to alternative definitions thereunder) or, if earlier, the date of the Holder’s death,
unless such distribution or payment can be made in a manner that complies with Section 409A of the Code, (b) the Plan Administrator,
to the extent it unilaterally deems necessary or advisable in its sole discretion, reserves the right, but shall not be required,
to amend or modify the Plan and any Award granted under the Plan so that the Award qualifies for exemption from or complies with
Section 409A of the Code; provided, however, that the Company makes no representation that the Awards granted under the Plan shall
be exempt from or comply with Section 409A of the Code and makes no undertaking to preclude Section 409A of the Code from applying
to Awards granted under the Plan and (c) neither the Company, nor any Affiliate thereof, nor the Plan Administrator, nor any person
acting on behalf of the Company, any affiliate thereof, or the Plan Administrator, shall be liable to any Holder by reason of any
acceleration of income, or any additional tax (including any interest and penalties), asserted by reason of the failure of an Award
to satisfy the requirements of Section 409A of the Code.

 

    	 

    	 

    

 

Section
16.             GENERAL

 

16.1         AWARD
AGREEMENTS. Each Award granted under the Plan shall be evidenced by a written agreement that shall contain such terms, conditions,
limitations and restrictions as the Plan Administrator shall deem advisable and that are not inconsistent with the Plan. In addition,
all such agreements evidencing Options shall include or incorporate by reference the following terms and conditions: number of
shares, exercise price, vesting schedule, term and termination.

 

16.2         NO
RIGHTS TO CONTINUED EMPLOYMENT OR SERVICE. Nothing in this Plan or any Award granted pursuant hereto, or any action of the Plan
Administrator taken under the Plan, shall confer upon any Holder any right to be retained in the employment or service of the Company
or any Subsidiary, or to remain a director thereof or a consultant thereto, or to interfere in anyway with the right of the Company
or any Subsidiary, in its sole discretion, to terminate such Holder’s employment or service at any time or to remove the
Holder as a director or consultant at any time.

 

16.3         NO
RIGHTS AS A STOCKHOLDER. No Option shall entitle the Holder to any cash dividend, voting or other right of a stockholder unless
and until the date of issuance under the Plan of the shares that are the subject of such Option, free of all applicable restrictions.

 

16.4         NO
TRUST OR FUND. The Plan is intended to constitute an “unfunded” plan. Nothing contained herein shall require the Company
to segregate any monies or other property, or shares of Common Stock, or to create any trusts, or to make any special deposits
for any immediate or deferred amounts payable to any Holder, and no Holder shall have any rights that are greater than those of
a general unsecured creditor of the Company.

 

16.5         SEVERABILITY.
If any provision of the Plan or any Award is determined to be invalid, illegal or unenforceable in any jurisdiction, or as to any
person, or would disqualify the Plan or any Award under any law deemed applicable by the Plan Administrator, such provision shall
be construed or deemed amended to conform to applicable laws, or, if it cannot be so construed or deemed amended without, in the
Plan Administrator’s determination, materially altering the intent of the Plan or the Award, such provision shall be stricken
as to such jurisdiction, person or Award, and the remainder of the Plan and any such Award shall remain in full force and effect.

 

    	 

    	 

    

 

Section
17.             EFFECTIVE DATE

 

This Plan shall become
effective on the date of its adoption by the Board and Awards Options may be granted immediately thereafter, but no Option may
be exercised under the Plan unless and until the Plan shall have been approved by the stockholders within twelve (12) months after
the date of adoption of the Plan by the Board of Directors. If such approval is not obtained within such period the Plan and any
Options granted shall be null and void.

 

Adopted by the Board
of Directors on January 13, 2014, and approved by the Company’s stockholders on January 13, 2014.

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