Document:

Exhibit 10.49

 

RegeneRx
Biopharmaceuticals, Inc.

 

2018
Equity Incentive Plan

 

Adopted
by the Board of Directors Effective as of &

Approved by the Stockholders: June 13, 2018

 

Termination
Date: June 13, 2028

 

1. General.

 

(a) Eligible
Award Recipients. The persons eligible to receive Awards are Employees, Directors and Consultants.

 

(b) Available
Awards. The Plan provides for the grant of the following Awards: (i) Incentive Stock Options, (ii) Nonstatutory Stock
Options, (iii) Stock Appreciation Rights, (iv) Restricted Stock Awards, (v) Restricted Stock Unit Awards, (vi) Performance
Stock Awards, (vii) Performance Cash Awards, and (viii) Other Stock Awards.

 

(c) Purpose.
The Company, by means of the Plan, seeks to secure and retain the services of the group of persons eligible to receive Awards
as set forth in Section 1(a), to provide incentives for such persons to exert maximum efforts for the success of the Company
and any Affiliate and to provide a means by which such eligible recipients may be given an opportunity to benefit from increases
in value of the Common Stock through the granting of Awards.

 

2. Administration.

 

(a) Administration
by Board. The Board shall administer the Plan unless and until the Board delegates administration of the Plan to a Committee
or Committees, as provided in Section 2(c).

 

(b) Powers
of Board. The Board shall have the power, subject to, and within the limitations of, the express provisions of the Plan:

 

(i) To
determine from time to time (A) which of the persons eligible under the Plan shall be granted Awards; (B) when and how
each Award shall be granted; (C) what type or combination of types of Award shall be granted; (D) the provisions of each
Award granted (which need not be identical), including the time or times when a person shall be permitted to receive cash or Common
Stock pursuant to a Stock Award; (E) the number of shares of Common Stock with respect to which a Stock Award shall be granted
to each such person; and (F) the Fair Market Value applicable to a Stock Award.

 

(ii) To
construe and interpret the Plan and Awards granted under it, and to establish, amend and revoke rules and regulations for its administration.
The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan or in any Stock Award Agreement
or in the written terms of a Performance Cash Award, in a manner and to the extent it shall deem necessary or expedient to make
the Plan or Award fully effective.

 

(iii) To settle
all controversies regarding the Plan and Awards granted under it.

 

(iv) To
accelerate the time at which an Award may first be exercised or the time during which an Award or any part thereof will vest in
accordance with the Plan, notwithstanding the provisions in the Award stating the time at which it may first be exercised or the
time during which it will vest.

 

(v) To
suspend or terminate the Plan at any time. Suspension or termination of the Plan shall not impair rights and obligations under
any Award granted while the Plan is in effect except with the written consent of the affected Participant.

 

(vi) To
amend the Plan in any respect the Board deems necessary or advisable. However, except as provided in Section 9(a) relating to Capitalization
Adjustments, to the extent required by applicable law or listing requirements, stockholder approval shall be required for any amendment
of the Plan that either (A) materially increases the number of shares of Common Stock available for issuance under the Plan,
(B) materially expands the class of individuals eligible to receive Awards under the Plan, (C) materially increases the
benefits accruing to Participants under the Plan or materially reduces the price at which shares of Common Stock may be issued
or purchased under the Plan, (D) materially extends the term of the Plan, or (E) expands the types of Awards available
for issuance under the Plan. Except as provided above, rights under any Award granted before amendment of the Plan shall not be
impaired by any amendment of the Plan unless (1) the Company requests the consent of the affected Participant, and (2) such
Participant consents in writing.

 

     

     

    

 

(vii) To
submit any amendment to the Plan for stockholder approval, including, but not limited to, amendments to the Plan intended to satisfy
the requirements of (A) Section 162(m) of the Code regarding the exclusion of performance-based compensation from the
limit on corporate deductibility of compensation paid to Covered Employees, (B) Section 422 of the Code regarding incentive
stock options or (C) Rule 16b-3.

 

(viii) To
approve forms of Award Agreements for use under the Plan and to amend the terms of any one or more Awards, including, but not limited
to, amendments to provide terms more favorable to the Participant than previously provided in the Award Agreement, subject to any
specified limits in the Plan that are not subject to Board discretion; provided however, that except with respect to amendments
that disqualify or impair the status of an Incentive Stock Option, a Participant’s rights under any Award shall not be impaired
by any such amendment unless (A) the Company requests the consent of the affected Participant, and (B) such Participant
consents in writing. Notwithstanding the foregoing, subject to the limitations of applicable law, if any, the Board may amend the
terms of any one or more Awards without the affected Participant’s consent if necessary to maintain the qualified status
of the Award as an Incentive Stock Option or to bring the Award into compliance with Section 409A of the Code.

 

(ix) Generally,
to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the best interests of the
Company and that are not in conflict with the provisions of the Plan or Awards.

 

(x) To
adopt such procedures and sub-plans as are necessary or appropriate to permit participation in the Plan by Employees, Directors
or Consultants who are foreign nationals or employed outside the United States.

 

(c) Delegation to Committee.

 

(i) General.
The Board may delegate some or all of the administration of the Plan to a Committee or Committees. If administration of the
Plan is delegated to a Committee, the Committee shall have, in connection with the administration of the Plan, the powers theretofore
possessed by the Board that have been delegated to the Committee, including the power to delegate to a subcommittee of the Committee
any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board shall thereafter
be to the Committee or subcommittee), subject, however, to such resolutions, not inconsistent with the provisions of the Plan,
as may be adopted from time to time by the Board. The Committee may, at any time, abolish the subcommittee and/or revest in the
Committee any powers delegated to the subcommittee. The Board may retain the authority to concurrently administer the Plan with
the Committee and may, at any time, revest in the Board some or all of the powers previously delegated.

 

(ii) Section 162(m)
and Rule 16b-3 Compliance. The Committee may consist solely of two or more Outside Directors, in accordance with Section
162(m) of the Code, and solely of two or more Non-Employee Directors, in accordance with Rule 16b-3.

 

(d) Delegation
to an Officer. The Board may delegate to one (1) or more Officers the authority to do one or both of the following (i) designate
Employees who are providing Continuous Service to the Company or any of its Subsidiaries who are not Officers to be recipients
of Options and Stock Appreciation Rights (and, to the extent permitted by applicable law, other Stock Awards) and the terms thereof,
and (ii) determine the number of shares of Common Stock to be subject to such Stock Awards granted to such Employees; provided,
however, that the Board resolutions regarding such delegation shall specify the total number of shares of Common Stock that
may be subject to the Stock Awards granted by such Officer and that such Officer may not grant a Stock Award to himself or herself.
Notwithstanding the foregoing, the Board may not delegate authority to an Officer to determine the Fair Market Value pursuant to
Section 13(w)(iii) below.

 

(e) Effect
of Board’s Decision. All determinations, interpretations and constructions made by the Board in good faith shall not
be subject to review by any person and shall be final, binding and conclusive on all persons.

 

(f) Cancellation
and Re-Grant of Stock Awards. Neither the Board nor any Committee shall have the authority to: (i) reduce the exercise
price of any outstanding Options or Stock Appreciation Rights under the Plan, or (ii) cancel any outstanding Options or Stock
Appreciation Rights that have an exercise price or strike price greater than the current Fair Market Value of the Common Stock
in exchange for cash or other Stock Awards under the Plan, unless the stockholders of the Company have approved such an action
within twelve (12) months prior to such an event.

 

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3. Shares
Subject to the Plan.

 

(a) Share
Reserve. Subject to Section 9(a) relating to Capitalization Adjustments, the aggregate number of shares of Common Stock that
may be issued pursuant to Stock Awards from and after the Effective Date shall initially be five million (5,000,000) shares and
shall increase annually on July 1 for each year the Plan is in effect starting on July 1, 2019 by the number of shares equal to
two percent (2%) of the then issued and outstanding shares of Common Stock of the Company. For clarity, the Share Reserve in this
Section 3(a) is a limitation on the number of shares of the Common Stock that may be issued pursuant to the Plan and does not limit
the granting of Stock Awards except as provided in Section 7(a). Shares may be issued in connection with a merger or acquisition
as permitted by, as applicable, NASDAQ Listing Rule 5635(c) or, if applicable, NYSE Listed Company Manual Section 303A.08, AMEX
Company Guide Section 711 or other applicable rule, and such issuance shall not reduce the number of shares available for
issuance under the Plan. Furthermore, if a Stock Award or any portion thereof (i) expires or otherwise terminates without
all of the shares covered by such Stock Award having been issued or (ii) is settled in cash (i.e., the Participant
receives cash rather than stock), such expiration, termination or settlement shall not reduce (or otherwise offset) the number
of shares of Common Stock that may be available for issuance under the Plan.

 

(b) Reversion
of Shares to the Share Reserve. If any shares of Common Stock issued pursuant to a Stock Award are forfeited back to the Company
because of the failure to meet a contingency or condition required to vest such shares in the Participant, then the shares that
are forfeited shall revert to and again become available for issuance under the Plan. Any shares reacquired by the Company pursuant
to Section 8(g) or as consideration for the exercise of an Option shall again become available for issuance under the Plan.

 

(c) Incentive
Stock Option Limit. Notwithstanding anything to the contrary in this Section 3 and, subject to the provisions of Section
9(a) relating to Capitalization Adjustments, the aggregate maximum number of shares of Common Stock that may be issued pursuant
to the exercise of Incentive Stock Options shall initially be five million (5,000,000) shares of Common Stock and then shall be
the number of shares of Common Stock reserved for issuance under the Plan pursuant to Section 3(a) for subsequent years that the
Plan is in effect. 

 

(d) Section 162(m)
Limitation on Annual Grants. Subject to the provisions of Section 9(a) relating to Capitalization Adjustments, at such time
as the Company may be subject to the applicable provisions of Section 162(m) of the Code, a maximum of one million (1,000,000)
shares of Common Stock subject to Options, Stock Appreciation Rights and Other Stock Awards whose value is determined by reference
to an increase over an exercise or strike price of at least one hundred percent (100%) of the Fair Market Value on the date any
such Stock Award is granted may be granted to any Participant during any calendar year. Notwithstanding the foregoing, if any additional
Options, Stock Appreciation Rights or Other Stock Awards whose value is determined by reference to an increase over an exercise
or strike price of at least one hundred percent (100%) of the Fair Market Value on the date the Stock Award are granted to any
Participant during any calendar year, compensation attributable to the exercise of such additional Stock Awards shall not satisfy
the requirements to be considered “qualified performance-based compensation” under Section 162(m) of the Code unless
such additional Stock Award is approved by the Company’s stockholders.

 

(e) Source
of Shares. The stock issuable under the Plan shall be shares of authorized but unissued or reacquired Common Stock, including
shares repurchased by the Company on the open market or otherwise.

 

4. Eligibility.

 

(a) Eligibility
for Specific Stock Awards. Incentive Stock Options may be granted only to employees of the Company or a “parent corporation”
or “subsidiary corporation” thereof (as such terms are defined in Sections 424(e) and (f) of the Code). Stock
Awards other than Incentive Stock Options may be granted to Employees, Directors and Consultants; provided, however, Nonstatutory
Stock Options and SARs may not be granted to Employees, Directors and Consultants who are providing Continuous Service only to
any “parent” of the Company, as such term is defined in Rule 405 promulgated under the Securities Act, unless
the stock underlying such Stock Awards is treated as “service recipient stock” under Section 409A of the Code
because the Stock Awards are granted pursuant to a corporate transaction (such as a spin off transaction) or unless such Stock
Awards comply with the distribution requirements of Section 409A of the Code.

 

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(b) Ten Percent
Stockholders. A Ten Percent Stockholder shall not be granted an Incentive Stock Option unless the exercise price of such Option
is at least one hundred ten percent (110%) of the Fair Market Value on the date of grant and the Option is not exercisable after
the expiration of five (5) years from the date of grant.

 

5. Provisions
Relating to Options and Stock Appreciation Rights. Each Option or SAR shall be in such form and shall contain such terms
and conditions as the Board shall deem appropriate. All Options shall be separately designated Incentive Stock Options or Nonstatutory
Stock Options at the time of grant, and, if certificates are issued, a separate certificate or certificates shall be issued for
shares of Common Stock purchased on exercise of each type of Option. If an Option is not specifically designated as an Incentive
Stock Option, then the Option shall be a Nonstatutory Stock Option. The provisions of separate Options or SARs need not be identical;
provided, however, that each Option Agreement or Stock Appreciation Right Agreement shall conform to (through incorporation
of provisions hereof by reference in the applicable Award Agreement or otherwise) the substance of each of the following provisions:

 

(a) Term.
Subject to the provisions of Section 4(b) regarding Ten Percent Stockholders, no Option or SAR shall be exercisable after the
expiration of ten (10) years from the date of its grant or such shorter period specified in the Award Agreement.

 

(b) Exercise
Price. Subject to the provisions of Section 4(b) regarding Ten Percent Stockholders, the exercise price (or strike price) of
each Option or SAR shall be not less than one hundred percent (100%) of the Fair Market Value of the Common Stock subject to the
Option or SAR on the date the Option or SAR is granted. Notwithstanding the foregoing, an Option or SAR may be granted with an
exercise price (or strike price) lower than one hundred percent (100%) of the Fair Market Value of the Common Stock subject to
the Option or SAR if such Option or SAR is granted pursuant to an assumption of or substitution for another option or stock appreciation
right pursuant to a Corporate Transaction and in a manner consistent with the provisions of Sections 409A and, if applicable,
424(a) of the Code. Each SAR will be denominated in shares of Common Stock equivalents.

 

(c) Purchase
Price for Options. The purchase price of Common Stock acquired pursuant to the exercise of an Option shall be paid, to the
extent permitted by applicable law and as determined by the Board in its sole discretion, by any combination of the methods of
payment set forth below. The Board shall have the authority to grant Options that do not permit all of the following methods of
payment (or otherwise restrict the ability to use certain methods) and to grant Options that require the consent of the Company
to utilize a particular method of payment. The permitted methods of payment are as follows:

 

(i) by cash,
check, bank draft or money order payable to the Company;

 

(ii) pursuant
to a program developed under Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance of the stock
subject to the Option, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions
to pay the aggregate exercise price to the Company from the sales proceeds;

 

(iii) by
delivery to the Company (either by actual delivery or attestation) of shares of Common Stock;

 

(iv) if
the option is a Nonstatutory Stock Option, by a “net exercise” arrangement pursuant to which the Company will reduce
the number of shares of Common Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value that
does not exceed the aggregate exercise price; provided, however, that the Company shall accept a cash or other payment from
the Participant to the extent of any remaining balance of the aggregate exercise price not satisfied by such reduction in the number
of whole shares to be issued; provided, further, that shares of Common Stock will no longer be subject to an Option and
will not be exercisable thereafter to the extent that (A) shares issuable upon exercise are reduced to pay the exercise price
pursuant to the “net exercise,” (B) shares are delivered to the Participant as a result of such exercise, and
(C) shares are withheld to satisfy tax withholding obligations; or

 

(v) in any other form of legal consideration
that may be acceptable to the Board.

 

(d) Exercise
and Payment of a SAR. To exercise any outstanding Stock Appreciation Right, the Participant must provide written notice of
exercise to the Company in compliance with the provisions of the Stock Appreciation Right Agreement evidencing such Stock Appreciation
Right. The appreciation distribution payable on the exercise of a Stock Appreciation Right will be not greater than an amount equal
to the excess of (A) the aggregate Fair Market Value (on the date of the exercise of the Stock Appreciation Right) of a number
of shares of Common Stock equal to the number of Common Stock equivalents in which the Participant is vested under such Stock Appreciation
Right, and with respect to which the Participant is exercising the Stock Appreciation Right on such date, over (B) the strike
price that will be determined by the Board at the time of grant of the Stock Appreciation Right. The appreciation distribution
in respect to a Stock Appreciation Right may be paid in Common Stock, in cash, in any combination of the two or in any other form
of consideration, as determined by the Board and contained in the Stock Appreciation Right Agreement evidencing such Stock Appreciation
Right.

 

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(e) Transferability
of Options and SARs. The Board may, in its sole discretion, impose such limitations on the transferability of Options and SARs
as the Board shall determine. In the absence of such a determination by the Board to the contrary, the following restrictions on
the transferability of Options and SARs shall apply:

 

(i) Restrictions
on Transfer. An Option or SAR shall not be transferable except by will or by the laws of descent and distribution and shall
be exercisable during the lifetime of the Participant only by the Participant; provided, however, that the Board may, in
its sole discretion, permit transfer of the Option or SAR in a manner that is not prohibited by applicable tax and securities laws
upon the Participant’s request. Except as explicitly provided herein, neither an Option nor a SAR may be transferred for
consideration.

 

(ii) Domestic
Relations Orders. Notwithstanding the foregoing, an Option or SAR may be transferred pursuant to a domestic relations order;
provided, however, that if an Option is an Incentive Stock Option, such Option may be deemed to be a Nonstatutory Stock
Option as a result of such transfer.

 

(iii) Beneficiary
Designation. Notwithstanding the foregoing, the Participant may, by delivering written notice to the Company, in a form provided
by or otherwise satisfactory to the Company, designate a third party who, in the event of the death of the Participant, shall thereafter
be entitled to exercise the Option or SAR and receive the Common Stock or other consideration resulting from such exercise. In
the absence of such a designation, the executor or administrator of the Participant’s estate shall be entitled to exercise
the Option or SAR and receive the Common Stock or other consideration resulting from such exercise.

 

(f) Vesting
Generally. The total number of shares of Common Stock subject to an Option or SAR may vest and therefore become exercisable
in periodic installments that may or may not be equal. The Option or SAR may be subject to such other terms and conditions on the
time or times when it may or may not be exercised (which may be based on the satisfaction of Performance Goals or other criteria)
as the Board may deem appropriate. The vesting provisions of individual Options or SARs may vary. The provisions of this Section
5(f) are subject to any Option or SAR provisions governing the minimum number of shares of Common Stock as to which an Option or
SAR may be exercised.

 

(g) Termination
of Continuous Service. Except as otherwise provided in the applicable Award Agreement or other agreement between the Participant
and the Company, if a Participant’s Continuous Service terminates (other than for Cause or upon the Participant’s death
or Disability), the Participant may exercise his or her Option or SAR (to the extent that the Participant was entitled to exercise
such Award as of the date of termination of Continuous Service) but only within such period of time ending on the earlier of (i) the
date three (3) months following the termination of the Participant’s Continuous Service (or such longer or shorter period
specified in the applicable Award Agreement), or (ii) the expiration of the term of the Option or SAR as set forth in the
Award Agreement. If, after termination of Continuous Service, the Participant does not exercise his or her Option or SAR within
the time specified herein or in the Award Agreement (as applicable), the Option or SAR shall terminate.

 

(h) Extension
of Termination Date. If the exercise of an Option or SAR following the termination of the Participant’s Continuous Service
(other than for Cause or upon the Participant’s death or Disability) would be prohibited at any time solely because the issuance
of shares of Common Stock would violate the registration requirements under the Securities Act, then the Option or SAR shall terminate
on the earlier of (i) the expiration of a total period of three (3) months (that need not be consecutive) after the termination
of the Participant’s Continuous Service during which the exercise of the Option or SAR would not be in violation of such
registration requirements, or (ii) the expiration of the term of the Option or SAR as set forth in the applicable Award Agreement.
In addition, unless otherwise provided in a Participant’s Award Agreement, if the sale of any Common Stock received upon
exercise of an Option or SAR following the termination of the Participant’s Continuous Service (other than for Cause) would
violate the Company’s insider trading policy, then the Option or SAR shall terminate on the earlier of (i) the expiration
of a period equal to the applicable post-termination exercise period after the termination of the Participant’s Continuous
Service during which the sale of the Common Stock received upon exercise of the Option or SAR would not be in violation of the
Company’s insider trading policy, or (ii) the expiration of the term of the Option or SAR as set forth in the applicable
Award Agreement.

 

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(i) Disability
of Participant. Except as otherwise provided in the applicable Award Agreement or other agreement between the Participant and
the Company, if a Participant’s Continuous Service terminates as a result of the Participant’s Disability, the Participant
may exercise his or her Option or SAR (to the extent that the Participant was entitled to exercise such Option or SAR as of the
date of termination of Continuous Service), but only within such period of time ending on the earlier of (i) the date twelve
(12) months following such termination of Continuous Service (or such longer or shorter period specified in the Award Agreement),
or (ii) the expiration of the term of the Option or SAR as set forth in the Award Agreement. If, after termination of Continuous
Service, the Participant does not exercise his or her Option or SAR within the time specified herein or in the Award Agreement
(as applicable), the Option or SAR (as applicable) shall terminate.

 

(j) Death
of Participant. Except as otherwise provided in the applicable Award Agreement or other agreement between the Participant and
the Company, if (i) a Participant’s Continuous Service terminates as a result of the Participant’s death, or (ii) the
Participant dies within the period (if any) specified in the Award Agreement for exercisability after the termination of the Participant’s
Continuous Service (for a reason other than death), then the Option or SAR may be exercised (to the extent the Participant was
entitled to exercise such Option or SAR as of the date of death) by the Participant’s estate, by a person who acquired the
right to exercise the Option or SAR by bequest or inheritance or by a person designated to exercise the Option or SAR upon the
Participant’s death, but only within the period ending on the earlier of (i) the date eighteen (18) months following
the date of death (or such longer or shorter period specified in the Award Agreement), or (ii) the expiration of the term
of such Option or SAR as set forth in the Award Agreement. If, after the Participant’s death, the Option or SAR is not exercised
within the time specified herein or in the Award Agreement (as applicable), the Option or SAR shall terminate.

 

(k) Termination
for Cause. Except as explicitly provided otherwise in a Participant’s Award Agreement or other individual written agreement
between the Company or any Affiliate and the Participant, if a Participant’s Continuous Service is terminated for Cause,
the Option or SAR shall terminate immediately upon such Participant’s termination of Continuous Service, and the Participant
shall be prohibited from exercising his or her Option or SAR from and after the time of such termination of Continuous Service.

 

(l) Non-Exempt
Employees. No Option or SAR, whether or not vested, granted to an Employee who is a non-exempt employee for purposes of the
Fair Labor Standards Act of 1938, as amended, shall be first exercisable for any shares of Common Stock until at least six months
following the date of grant of the Option or SAR. Notwithstanding the foregoing, consistent with the provisions of the Worker Economic
Opportunity Act, (i) in the event of the Participant’s death or Disability, (ii) upon a Corporate Transaction in which
such Option or SAR is not assumed, continued, or substituted, (iii) upon a Change in Control, or (iv) upon the Participant’s
retirement (as such term may be defined in the Participant’s Award Agreement or in another applicable agreement or in accordance
with the Company’s then current employment policies and guidelines), any such vested Options and SARs may be exercised earlier
than six months following the date of grant. The foregoing provision is intended to operate so that any income derived by a non-exempt
employee in connection with the exercise or vesting of an Option or SAR will be exempt from his or her regular rate of pay.

 

6. Provisions
of Stock Awards other than Options and SARs.

 

(a) Restricted
Stock Awards. Each Restricted Stock Award Agreement shall be in such form and shall contain such terms and conditions as the
Board shall deem appropriate. To the extent consistent with the Company’s Bylaws, at the Board’s election, shares of
Common Stock may be (i) held in book entry form subject to the Company’s instructions until any restrictions relating to
the Restricted Stock Award lapse; or (ii) evidenced by a certificate, which certificate shall be held in such form and manner
as determined by the Board. The terms and conditions of Restricted Stock Award Agreements may change from time to time, and the
terms and conditions of separate Restricted Stock Award Agreements need not be identical; provided, however, that each Restricted
Stock Award Agreement shall conform to (through incorporation of the provisions hereof by reference in the agreement or otherwise)
the substance of each of the following provisions:

 

(i) Consideration.
A Restricted Stock Award may be awarded in consideration for (A) cash, check, bank draft or money order payable to the
Company, (B) past services to the Company or an Affiliate, or (C) any other form of legal consideration (including future
services) that may be acceptable to the Board, in its sole discretion, and permissible under applicable law.

 

(ii) Vesting.
Shares of Common Stock awarded under the Restricted Stock Award Agreement may be subject to forfeiture to the Company in accordance
with a vesting schedule to be determined by the Board.

 

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(iii) Termination
of Participant’s Continuous Service. If a Participant’s Continuous Service terminates, the Company may receive
through a forfeiture condition or a repurchase right any or all of the shares of Common Stock held by the Participant that have
not vested as of the date of termination of Continuous Service under the terms of the Restricted Stock Award Agreement.

 

(iv) Transferability.
Rights to acquire shares of Common Stock under the Restricted Stock Award Agreement shall be transferable by the Participant
only upon such terms and conditions as are set forth in the Restricted Stock Award Agreement, as the Board shall determine in its
sole discretion, so long as Common Stock awarded under the Restricted Stock Award Agreement remains subject to the terms of the
Restricted Stock Award Agreement.

 

(v) Dividends.
A Restricted Stock Award Agreement may provide that any dividends paid on Restricted Stock will be subject to the same vesting
and forfeiture restrictions as apply to the shares subject to the Restricted Stock Award to which they relate.

 

(b) Restricted
Stock Unit Awards. Each Restricted Stock Unit Award Agreement shall be in such form and shall contain such terms and conditions
as the Board shall deem appropriate. The terms and conditions of Restricted Stock Unit Award Agreements may change from time to
time, and the terms and conditions of separate Restricted Stock Unit Award Agreements need not be identical; provided, however,
that each Restricted Stock Unit Award Agreement shall conform to (through incorporation of the provisions hereof by reference in
the Agreement or otherwise) the substance of each of the following provisions:

 

(i) Consideration.
At the time of grant of a Restricted Stock Unit Award, the Board will determine the consideration, if any, to be paid by the
Participant upon delivery of each share of Common Stock subject to the Restricted Stock Unit Award. The consideration to be paid
(if any) by the Participant for each share of Common Stock subject to a Restricted Stock Unit Award may be paid in any form of
legal consideration that may be acceptable to the Board, in its sole discretion, and permissible under applicable law.

 

(ii) Vesting.
At the time of the grant of a Restricted Stock Unit Award, the Board may impose such restrictions on or conditions to the vesting
of the Restricted Stock Unit Award as it, in its sole discretion, deems appropriate.

 

(iii) Payment.
A Restricted Stock Unit Award may be settled by the delivery of shares of Common Stock, their cash equivalent, any combination
thereof or in any other form of consideration, as determined by the Board and contained in the Restricted Stock Unit Award Agreement.

 

(iv) Additional
Restrictions. At the time of the grant of a Restricted Stock Unit Award, the Board, as it deems appropriate, may impose such
restrictions or conditions that delay the delivery of the shares of Common Stock (or their cash equivalent) subject to a Restricted
Stock Unit Award to a time after the vesting of such Restricted Stock Unit Award.

 

(v) Dividend
Equivalents. Dividend equivalents may be credited in respect of shares of Common Stock covered by a Restricted Stock Unit Award,
as determined by the Board and contained in the Restricted Stock Unit Award Agreement. At the sole discretion of the Board, such
dividend equivalents may be converted into additional shares of Common Stock covered by the Restricted Stock Unit Award in such
manner as determined by the Board. Any additional shares covered by the Restricted Stock Unit Award credited by reason of such
dividend equivalents will be subject to all of the same terms and conditions of the underlying Restricted Stock Unit Award Agreement
to which they relate.

 

(vi) Termination
of Participant’s Continuous Service. Except as otherwise provided in the applicable Restricted Stock Unit Award Agreement,
such portion of the Restricted Stock Unit Award that has not vested will be forfeited upon the Participant’s termination
of Continuous Service.

 

(c) Performance
Awards.

 

(i) Performance
Stock Awards. A Performance Stock Award is a Stock Award that may vest or may be exercised contingent upon the attainment during
a Performance Period of certain Performance Goals. A Performance Stock Award may, but need not, require the completion of a specified
period of Continuous Service. The length of any Performance Period, the Performance Goals to be achieved during the Performance
Period, and the measure of whether and to what degree such Performance Goals have been attained shall be conclusively determined
by the Committee, in its sole discretion. The maximum number of shares covered by an Award that may be granted to any Participant
in a calendar year attributable to Stock Awards described in this Section 6(c)(i) (whether the grant, vesting or exercise
is contingent upon the attainment during a Performance Period of the Performance Goals) shall not exceed one million (1,000,000)
shares of Common Stock. The Board may provide for or, subject to such terms and conditions as the Board may specify, may permit
a Participant to elect for, the payment of any Performance Stock Award to be deferred to a specified date or event. In addition,
to the extent permitted by applicable law and the applicable Award Agreement, the Board may determine that cash may be used in
payment of Performance Stock Awards.

 

    	 	7	 

     

    

 

(ii) Performance
Cash Awards. A Performance Cash Award is a cash award that may be paid contingent upon the attainment during a Performance
Period of certain Performance Goals. A Performance Cash Award may also require the completion of a specified period of Continuous
Service. At the time of grant of a Performance Cash Award, the length of any Performance Period, the Performance Goals to be achieved
during the Performance Period, and the measure of whether and to what degree such Performance Goals have been attained shall be
conclusively determined by the Committee, in its sole discretion. In any calendar year, the Committee may not grant a Performance
Cash Award that has a maximum value that may be paid to any Participant in excess of five hundred thousand dollars ($500,000).
The Board may provide for or, subject to such terms and conditions as the Board may specify, may permit a Participant to elect
for, the payment of any Performance Cash Award to be deferred to a specified date or event. The Committee may specify the form
of payment of Performance Cash Awards, which may be cash or other property, or may provide for a Participant to have the option
for his or her Performance Cash Award, or such portion thereof as the Board may specify, to be paid in whole or in part in cash
or other property.

 

(iii) Board
Discretion. The Board retains the discretion to reduce or eliminate the compensation or economic benefit due upon attainment
of Performance Goals and to define the manner of calculating the Performance Criteria it selects to use for a Performance Period.

 

(iv) Section 162(m)
Compliance. Unless otherwise permitted in compliance with the requirements of Section 162(m) of the Code with respect to an
Award intended to qualify as “performance-based compensation” thereunder, the Committee shall establish the Performance
Goals applicable to, and the formula for calculating the amount payable under, the Award no later than the earlier of (a) the
date ninety (90) days after the commencement of the applicable Performance Period, or (b) the date on which twenty-five
percent (25%) of the Performance Period has elapsed, and in either event at a time when the achievement of the applicable Performance
Goals remains substantially uncertain. Prior to the payment of any compensation under an Award intended to qualify as “performance-based
compensation” under Section 162(m) of the Code, the Committee shall certify the extent to which any Performance Goals
and any other material terms under such Award have been satisfied (other than in cases where such relate solely to the increase
in the value of the Common Stock). Notwithstanding satisfaction of any completion of any Performance Goals, to the extent specified
at the time of grant of an Award to “covered employees” within the meaning of Section 162(m) of the Code, the number
of shares of Common Stock, Options, cash or other benefits granted, issued, retainable and/or vested under an Award on account
of satisfaction of such Performance Goals may be reduced by the Committee on the basis of such further considerations as the Committee,
in its sole discretion, shall determine.

 

(d) Other
Stock Awards. Other forms of Stock Awards valued in whole or in part by reference to, or otherwise based on, Common Stock,
including the appreciation in value thereof (e.g., options or stock rights with an exercise price or strike price less than 100%
of the Fair Market Value of the Common Stock at the time of grant) may be granted either alone or in addition to Stock Awards provided
for under Section 5 and the preceding provisions of this Section 6. Subject to the provisions of the Plan, the Board
shall have sole and complete authority to determine the persons to whom and the time or times at which such Other Stock Awards
will be granted, the number of shares of Common Stock (or the cash equivalent thereof) to be granted pursuant to such Other Stock
Awards and all other terms and conditions of such Other Stock Awards.

 

7. Covenants
of the Company.

 

(a) Availability
of Shares. During the terms of the Stock Awards, the Company shall keep available at all times the number of shares of Common
Stock reasonably required to satisfy such Stock Awards.

 

(b) Securities
Law Compliance. The Company shall seek to obtain from each regulatory commission or agency having jurisdiction over the Plan
such authority as may be required to grant Stock Awards and to issue and sell shares of Common Stock upon exercise of the Stock
Awards; provided, however, that this undertaking shall not require the Company to register under the Securities Act the
Plan, any Stock Award or any Common Stock issued or issuable pursuant to any such Stock Award. If, after reasonable efforts, the
Company is unable to obtain from any such regulatory commission or agency the authority that counsel for the Company deems necessary
for the lawful issuance and sale of Common Stock under the Plan, the Company shall be relieved from any liability for failure to
issue and sell Common Stock upon exercise of such Stock Awards unless and until such authority is obtained. A Participant shall
not be eligible for the grant of a Stock Award or the subsequent issuance of Common Stock pursuant to the Stock Award if such grant
or issuance would be in violation of any applicable securities law.

 

    	 	8	 

     

    

 

(c) No Obligation
to Notify or Minimize Taxes. The Company shall have no duty or obligation to any Participant to advise such holder as to the
time or manner of exercising such Stock Award. Furthermore, the Company shall have no duty or obligation to warn or otherwise advise
such holder of a pending termination or expiration of a Stock Award or a possible period in which the Stock Award may not be exercised.
The Company has no duty or obligation to minimize the tax consequences of a Stock Award to the holder of such Stock Award.

 

8. Miscellaneous.

 

(a) Use of
Proceeds from Sales of Common Stock. Proceeds from the sale of shares of Common Stock pursuant to Stock Awards shall constitute
general funds of the Company.

 

(b) Corporate
Action Constituting Grant of Stock Awards. Corporate action constituting a grant by the Company of a Stock Award to any Participant
shall be deemed completed as of the date of such corporate action, unless otherwise determined by the Board, regardless of when
the instrument, certificate, or letter evidencing the Stock Award is communicated to, or actually received or accepted by, the
Participant.

 

(c) Stockholder
Rights. No Participant shall be deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares
of Common Stock subject to such Stock Award unless and until (i) such Participant has satisfied all requirements for exercise
of the Stock Award pursuant to its terms, if applicable, and (ii) the issuance of the Common Stock subject to such Stock Award
has been entered into the books and records of the Company.

 

(d) No Employment
or Other Service Rights. Nothing in the Plan, any Award Agreement or any other instrument executed thereunder or in connection
with any Award granted pursuant thereto shall confer upon any Participant any right to continue to serve the Company or an Affiliate
in the capacity in effect at the time the Award was granted or shall affect the right of the Company or an Affiliate to terminate
(i) the employment of an Employee with or without notice and with or without cause, (ii) the service of a Consultant
pursuant to the terms of such Consultant’s agreement with the Company or an Affiliate, or (iii) the service of a Director
pursuant to the Bylaws of the Company or an Affiliate, and any applicable provisions of the corporate law of the state in which
the Company or the Affiliate is incorporated, as the case may be.

 

(e) Incentive
Stock Option $100,000 Limitation. To the extent that the aggregate Fair Market Value (determined at the time of grant) of Common
Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar
year (under all plans of the Company and any Affiliates) exceeds one hundred thousand dollars ($100,000), the Options or portions
thereof that exceed such limit (according to the order in which they were granted) shall be treated as Nonstatutory Stock Options,
notwithstanding any contrary provision of the applicable Option Agreement(s).

 

(f) Investment
Assurances. The Company may require a Participant, as a condition of exercising or acquiring Common Stock under any Stock Award,
(i) to give written assurances satisfactory to the Company as to the Participant’s knowledge and experience in financial
and business matters and/or to employ a purchaser representative reasonably satisfactory to the Company who is knowledgeable and
experienced in financial and business matters and that he or she is capable of evaluating, alone or together with the purchaser
representative, the merits and risks of exercising the Stock Award; and (ii) to give written assurances satisfactory to the
Company stating that the Participant is acquiring Common Stock subject to the Stock Award for the Participant’s own account
and not with any present intention of selling or otherwise distributing the Common Stock. The foregoing requirements, and any assurances
given pursuant to such requirements, shall be inoperative if (A) the issuance of the shares upon the exercise or acquisition
of Common Stock under the Stock Award has been registered under a then currently effective registration statement under the Securities
Act, or (B) as to any particular requirement, a determination is made by counsel for the Company that such requirement need
not be met in the circumstances under the then applicable securities laws. The Company may, upon advice of counsel to the Company,
place legends on stock certificates issued under the Plan as such counsel deems necessary or appropriate in order to comply with
applicable securities laws, including, but not limited to, legends restricting the transfer of the Common Stock.

 

(g) Withholding
Obligations. Unless prohibited by the terms of a Stock Award Agreement, the Company may, in its sole discretion, satisfy any
federal, state or local tax withholding obligation relating to an Award by any of the following means or by a combination of such
means: (i) causing the Participant to tender a cash payment; (ii)  withholding shares of Common Stock from the shares
of Common Stock issued or otherwise issuable to the Participant in connection with the Award; provided, however, that no
shares of Common Stock are withheld with a value exceeding the minimum amount of tax required to be withheld by law (or such lesser
amount as may be necessary to avoid classification of the Stock Award as a liability for financial accounting purposes); (iii)
withholding cash from an Award settled in cash; (iv) withholding payment from any amounts otherwise payable to the Participant;
or (v) by such other method as may be set forth in the Award Agreement.

 

    	 	9	 

     

    

 

(h) Electronic
Delivery. Any reference herein to a “written” agreement or document shall include any agreement or document delivered
electronically or posted on the Company’s intranet (or other shared electronic medium controlled by the Company to which
the Participant has access).

 

(i) Deferrals.
To the extent permitted by applicable law, the Board, in its sole discretion, may determine that the delivery of Common Stock
or the payment of cash, upon the exercise, vesting or settlement of all or a portion of any Award may be deferred and may establish
programs and procedures for deferral elections to be made by Participants. Deferrals by Participants will be made in accordance
with Section 409A of the Code. Consistent with Section 409A of the Code, the Board may provide for distributions while
a Participant is still an employee or otherwise providing services to the Company. The Board is authorized to make deferrals of
Awards and determine when, and in what annual percentages, Participants may receive payments, including lump sum payments, following
the Participant’s termination of Continuous Service, and implement such other terms and conditions consistent with the provisions
of the Plan and in accordance with applicable law.

 

(j) Compliance
with Section 409A. To the extent that the Board determines that any Award granted hereunder is subject to Section 409A
of the Code, the Award Agreement evidencing such Award shall incorporate the terms and conditions necessary to avoid the consequences
specified in Section 409A(a)(1) of the Code. To the extent applicable, the Plan and Award Agreements shall be interpreted in accordance
with Section 409A of the Code. Notwithstanding anything to the contrary in this Plan (and unless the Award Agreement specifically
provides otherwise), if the shares of Common Stock are publicly traded and a Participant holding 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 (6) months following the date of such Participant’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 Participant’s
death.

 

9. Adjustments
upon Changes in Common Stock; Other Corporate Events.

 

(a) Capitalization
Adjustments. In the event of a Capitalization Adjustment, the Board shall appropriately and proportionately adjust: (i) the
class(es) and maximum number of securities subject to the Plan pursuant to Section 3(a), (ii) the class(es) and maximum
number of securities that may be issued pursuant to the exercise of Incentive Stock Options pursuant to Section 3(c), (iii) the
class(es) and maximum number of securities that may be awarded to any person pursuant to Sections 3(d) and 6(c)(i), and (iv) the
class(es) and number of securities and price per share of stock subject to outstanding Stock Awards. The Board shall make such
adjustments, and its determination shall be final, binding and conclusive.

 

(b) Dissolution
or Liquidation. Except as otherwise provided in the Stock Award Agreement, in the event of a dissolution or liquidation of
the Company, all outstanding Stock Awards (other than Stock Awards consisting of vested and outstanding shares of Common Stock
not subject to a forfeiture condition or the Company’s right of repurchase) shall terminate immediately prior to the completion
of such dissolution or liquidation, and the shares of Common Stock subject to the Company’s repurchase rights or subject
to a forfeiture condition may be repurchased or reacquired by the Company notwithstanding the fact that the holder of such Stock
Award is providing Continuous Service; provided, however, that the Board may, in its sole discretion, cause some or all
Stock Awards to become fully vested, exercisable and/or no longer subject to repurchase or forfeiture (to the extent such Stock
Awards have not previously expired or terminated) before the dissolution or liquidation is completed but contingent on its completion.

 

(c) Corporate
Transaction. The following provisions shall apply to Stock Awards in the event of a Corporate Transaction unless otherwise
provided in the instrument evidencing the Stock Award or any other written agreement between the Company or any Affiliate and the
Participant or unless otherwise expressly provided by the Board at the time of grant of a Stock Award.

 

(i) Stock
Awards May Be Assumed, Continued or Substituted. In the event of a Corporate Transaction, any surviving corporation or acquiring
corporation (or the surviving or acquiring corporation’s parent company) may assume or continue any or all Stock Awards outstanding
under the Plan or may substitute similar stock awards for Stock Awards outstanding under the Plan (including but not limited to,
awards to acquire the same consideration paid to the stockholders of the Company pursuant to the Corporate Transaction), and any
reacquisition or repurchase rights held by the Company in respect of Common Stock issued pursuant to Stock Awards may be assigned
by the Company to the successor of the Company (or the successor’s parent company, if any), in connection with such Corporate
Transaction. A surviving corporation or acquiring corporation (or its parent) may choose to assume or continue only a portion of
a Stock Award or substitute a similar stock award for only a portion of a Stock Award, or may choose to assume or continue the
Stock Awards held by some, but not all Participants. The terms of any assumption, continuation or substitution shall be set by
the Board.

 

    	 	10	 

     

    

 

(ii) Stock
Awards Not Assumed, Continued or Substituted. In the event of a Corporate Transaction in which the surviving corporation or
acquiring corporation (or its parent company) does not assume or continue such outstanding Stock Awards or substitute similar stock
awards for such outstanding Stock Awards, then with respect to Stock Awards that have not been assumed, continued or substituted,
the vesting of such Stock Awards (and, with respect to Options and Stock Appreciation Rights, the time when such Stock Awards may
be exercised) shall be accelerated in full to a date prior to the effective time of such Corporate Transaction (contingent upon
the effectiveness of the Corporate Transaction) as the Board shall determine (or, if the Board shall not determine such a date,
to the date that is five (5) days prior to the effective time of the Corporate Transaction), and such Stock Awards shall terminate
if not exercised (if applicable) at or prior to the effective time of the Corporate Transaction, and any reacquisition or repurchase
rights held by the Company with respect to such Stock Awards shall lapse (contingent upon the effectiveness of the Corporate Transaction);
provided, however, that the Board may require Participants to complete and deliver to the Company a notice of exercise before
the effective date of a Corporate Transaction, which is contingent upon the effectiveness of such Corporate Transaction.

 

(iii) Payment
for Stock Awards in Lieu of Exercise. Notwithstanding the foregoing, in the event of a Corporate Transaction in which the surviving
corporation or acquiring corporation (or its parent company) does not assume or continue such outstanding Stock Awards or substitute
similar stock awards for such outstanding Stock Awards and the Stock Award will terminate if not exercised at or prior to the effective
time of a Corporate Transaction in accordance with Section 9(c)(ii), the Board may provide, in its sole discretion, that the
holder of such Stock Award may not exercise such Stock Award but will receive a payment, in such form as may be determined by the
Board, equal in value, at the effective time, to the excess, if any, of (A) the value of the property the Participant would
have received upon the exercise of the Stock Award, over (B) any exercise price payable by such holder in connection with
such exercise. For purposes of clarity, this payment may be zero ($0) if the value of the property is equal to or less than the
exercise price. Payments under this provision may be delayed to the same extent that payment of consideration to the holders of
the Company’s Common Stock in connection with the Corporate Transaction is delayed as a result of escrows, earn outs, holdbacks,
or any other contingencies.

 

The Board need not take the same action
or actions with respect to all Stock Awards or portions thereof or with respect to all Participants. The Board may take different
actions with respect to the vested and unvested portions of a Stock Award.

 

(d) Change
in Control. In the event of a Change in Control, then, as of the effective time of such Change in Control, the vesting of all
outstanding Stock Awards (and, with respect to Options and Stock Appreciation Rights, the time when such Stock Awards may be exercised)
shall be accelerated in full and any reacquisition or repurchase rights held by the Company with respect to such Stock Awards shall
lapse.

 

10. Termination
or Suspension of the Plan.

 

(a) Plan Term.
The Board may suspend or terminate the Plan at any time. Unless terminated sooner by the Board, the Plan shall automatically
terminate on the day before the tenth (10th) anniversary of the Effective Date. No Awards may be granted under the Plan while the
Plan is suspended or after it is terminated.

 

(b) No Impairment
of Rights. Suspension or termination of the Plan shall not impair rights and obligations under any Award granted while the
Plan is in effect except with the written consent of the affected Participant.

 

    	 	11	 

     

    

  

11. Effective
Date of Plan.

 

This Plan shall become effective on the
Effective Date.

  

12. Choice
of Law.

 

The law of the State of Delaware shall
govern all questions concerning the construction, validity and interpretation of this Plan, without regard to that state’s
conflict of laws rules.

  

13. Definitions.
As used in the Plan, the following definitions shall apply to the capitalized terms indicated below:

 

(a) “Affiliate”
means, at the time of determination, any “parent” or “subsidiary” of the Company as such terms are defined
in Rule 405 promulgated under the Securities Act. The Board shall have the authority to determine the time or times at which
“parent” or “subsidiary” status is determined within the foregoing definition.

 

(b) “Award”
means a Stock Award or a Performance Cash Award.

 

(c) “Award
Agreement” means a written agreement between the Company and a Participant evidencing the terms and conditions of
an Award.

 

(d) “Board”
means the Board of Directors of the Company.

 

(e) “Capitalization
Adjustment” means any change that is made in, or other events that occur with respect to, the Common Stock subject
to the Plan or subject to any Stock Award after the Effective Date without the receipt of consideration by the Company through
merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash,
large nonrecurring cash dividend, stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate
structure or any similar equity restructuring transaction, as that term is used in Statement of Financial Accounting Standards
No. 123 (revised). Notwithstanding the foregoing, the conversion of any convertible securities of the Company shall not be treated
as a Capitalization Adjustment.

 

(f) “Cause”
shall have the meaning ascribed to such term in any written agreement between the Participant and the Company in effect at the
time of the termination of the Participant’s Continuous Service defining such term and, in the absence of such agreement,
such term shall mean, with respect to a Participant, the occurrence of any of the following events that has a material negative
impact on the business or reputation of the Company: (i) such Participant’s commission of any felony or any crime involving
fraud, dishonesty or moral turpitude under the laws of the United States or any state thereof; (ii) such Participant’s
attempted commission of, or participation in, a fraud or act of dishonesty against the Company; (iii) such Participant’s
intentional, material violation of any contract or agreement between the Participant and the Company or of any statutory duty owed
to the Company; (iv) such Participant’s unauthorized use or disclosure of the Company’s confidential information
or trade secrets; or (v) such Participant’s gross misconduct. The determination that a termination of the Participant’s
Continuous Service is either for Cause or without Cause shall be made by the Company in its sole discretion. Any determination
by the Company that the Continuous Service of a Participant was terminated with or without Cause for the purposes of outstanding
Awards held by such Participant shall have no effect upon any determination of the rights or obligations of the Company or such
Participant for any other purpose.

 

(g) “Change
in Control” means the occurrence, in a single transaction or in a series of related transactions, of any one or more
of the following events:

 

(i) any
Exchange Act Person becomes the Owner, directly or indirectly, of securities of the Company representing more than fifty percent
(50%) of the combined voting power of the Company’s then outstanding securities other than by virtue of a merger, consolidation
or similar transaction. Notwithstanding the foregoing, a Change in Control shall not be deemed to occur (A) on account of
the acquisition of securities of the Company by an investor, any affiliate thereof or any other Exchange Act Person that acquires
the Company’s securities in a transaction or series of related transactions the primary purpose of which is to obtain financing
for the Company through the issuance of equity securities (which includes an offering of Common Stock to the general public through
a registration statement filed with the Securities and Exchange Commission), or (B) solely because the level of Ownership
held by any Exchange Act Person (the “Subject Person”) exceeds the designated percentage threshold of
the outstanding voting securities as a result of a repurchase or other acquisition of voting securities by the Company reducing
the number of shares outstanding, provided that if a Change in Control would occur (but for the operation of this subsection (B))
as a result of the acquisition of voting securities by the Company, and after such share acquisition, the Subject Person becomes
the Owner of any additional voting securities that, assuming the repurchase or other acquisition had not occurred, increases the
percentage of the then outstanding voting securities Owned by the Subject Person over the designated percentage threshold, then
a Change in Control shall be deemed to occur;

 

    	 	12	 

     

    

 

(ii) there
is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and, immediately after
the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior thereto
do not Own, directly or indirectly, either (A) outstanding voting securities representing more than fifty percent (50%) of
the combined outstanding voting power of the surviving Entity in such merger, consolidation or similar transaction or (B) more
than fifty percent (50%) of the combined outstanding voting power of the parent of the surviving Entity in such merger, consolidation
or similar transaction, in each case in substantially the same proportions as their Ownership of the outstanding voting securities
of the Company immediately prior to such transaction;

 

(iii) there
is consummated a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated assets of
the Company and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated
assets of the Company and its Subsidiaries to an Entity, more than fifty percent (50%) of the combined voting power of the voting
securities of which are Owned by stockholders of the Company in substantially the same proportions as their Ownership of the outstanding
voting securities of the Company immediately prior to such sale, lease, license or other disposition; or

 

(iv) individuals
who, on the date the Plan is adopted by the Board, are members of the Board (the “Incumbent Board”) cease
for any reason to constitute at least a majority of the members of the Board; provided, however, that if the appointment
or election (or nomination for election) of any new Board member was approved or recommended by a majority vote of the members
of the Incumbent Board then still in office, such new member shall, for purposes of this Plan, be considered as a member of the
Incumbent Board.

 

Notwithstanding the foregoing or any other
provision of this Plan, the term Change in Control shall not include a sale of assets, merger or other transaction effected exclusively
for the purpose of changing the domicile of the Company.

 

(h) “Code”
means the Internal Revenue Code of 1986, as amended, including any applicable regulations and guidance thereunder.

 

(i) “Committee”
means a committee of one or more Directors to whom authority has been delegated by the Board in accordance with Section 2(c).

 

(j) “Common
Stock” means the common stock of the Company.

 

(k) “Company”
means RegeneRx Biopharmaceuticals, Inc., a Delaware corporation.

 

(l) “Consultant”
means any natural person, including an advisor, who is (i) engaged by the Company or an Affiliate to render consulting or
advisory services and is compensated for such services, or (ii) serving as a member of the board of directors of an Affiliate
and is compensated for such services. However, service solely as a Director, or payment of a fee for such service, shall not cause
a Director to be considered a “Consultant” for purposes of the Plan. Notwithstanding the foregoing, a person is treated
as a Consultant under this Plan only if a Form S-8 Registration Statement under the Securities Act is available to register either
the offer or the sale of the Company’s securities to such person.

 

(m) “Continuous
Service” means that the Participant’s service with the Company or an Affiliate, whether as an Employee, Director
or Consultant, is not interrupted or terminated. A change in the capacity in which the Participant renders service to the Company
or an Affiliate as an Employee, Consultant or Director or a change in the entity for which the Participant renders such service,
provided that there is no interruption or termination of the Participant’s service with the Company or an Affiliate, shall
not terminate a Participant’s Continuous Service; provided, however, if the Entity for which a Participant is rendering
services ceases to qualify as an Affiliate, as determined by the Board, in its sole discretion, such Participant’s Continuous
Service shall be considered to have terminated on the date such Entity ceases to qualify as an Affiliate. To the extent permitted
by law, the Board or the chief executive officer of the Company, in that party’s sole discretion, may determine whether Continuous
Service shall be considered interrupted in the case of (i) any leave of absence approved by the Board or chief executive officer,
including sick leave, military leave or any other personal leave, or (ii) transfers between the Company, an Affiliate, or their
successors. Notwithstanding the foregoing, a leave of absence shall be treated as Continuous Service for purposes of vesting in
a Stock Award only to such extent as may be provided in the Company’s leave of absence policy, in the written terms of any
leave of absence agreement or policy applicable to the Participant, or as otherwise required by law.

 

    	 	13	 

     

    

 

(n) “Corporate
Transaction” means the consummation, in a single transaction or in a series of related transactions, of any one or
more of the following events:

 

(i) a
sale or other disposition of all or substantially all, as determined by the Board, in its sole discretion, of the consolidated
assets of the Company and its Subsidiaries;

 

(ii) a
sale or other disposition of at least fifty percent (50%) of the outstanding securities of the Company;

 

(iii) a
merger, consolidation or similar transaction following which the Company is not the surviving corporation; or

 

(iv) a
merger, consolidation or similar transaction following which the Company is the surviving corporation but the shares of Common
Stock outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of
the merger, consolidation or similar transaction into other property, whether in the form of securities, cash or otherwise.

 

(o) “Covered
Employee” shall have the meaning provided in Section 162(m)(3) of the Code.

 

(p) “Director”
means a member of the Board.

 

(q) “Disability”
means, with respect to a Participant, the inability of such Participant to engage in any substantial gainful activity by reason
of any medically determinable physical or mental 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 twelve (12) months, as provided in Sections 22(e)(3) and 409A(a)(2)(c)(i)
of the Code, and shall be determined by the Board on the basis of such medical evidence as the Board deems warranted under the
circumstances.

 

(r) “Effective
Date” means the effective date of this Plan document, which is the date of the annual meeting of stockholders of
the Company held in 2010 provided this Plan is approved by the Company’s stockholders at such meeting.

 

(s) “Employee”
means any person employed by the Company or an Affiliate. However, service solely as a Director, or payment of a fee for such services,
shall not cause a Director to be considered an “Employee” for purposes of the Plan.

 

(t) “Entity”
means a corporation, partnership, limited liability company or other entity.

 

(u) “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

(v) “Exchange
Act Person” means any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d)
of the Exchange Act), except that “Exchange Act Person” shall not include (i) the Company or any Subsidiary of
the Company, (ii) any employee benefit plan of the Company or any Subsidiary of the Company or any trustee or other fiduciary
holding securities under an employee benefit plan of the Company or any Subsidiary of the Company, (iii) an underwriter temporarily
holding securities pursuant to a registered public offering of such securities, (iv) an Entity Owned, directly or indirectly,
by the stockholders of the Company in substantially the same proportions as their Ownership of stock of the Company; or (v) any
natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act) that, as of the
Effective Date, is the Owner, directly or indirectly, of securities of the Company representing more than fifty percent (50%) of
the combined voting power of the Company’s then outstanding securities.

 

(w) “Fair
Market Value” means, as of any date, the value of the Common Stock determined as follows:

 

(i) If
the Common Stock is listed on any established stock exchange or traded on any established market, the Fair Market Value of a share
of Common Stock, unless otherwise determined by the Board, shall be the closing sales price for such stock as quoted on such exchange
or market (or the exchange or market with the greatest volume of trading in the Common Stock) on the date of determination, as
reported in a source the Board deems reliable.

 

(ii) Unless
otherwise provided by the Board, if there is no closing sales price for the Common Stock on the date of determination, then the
Fair Market Value shall be the closing selling price on the last preceding date for which such quotation exists.

 

(iii) In
the absence of such markets for the Common Stock, the Fair Market Value shall be determined by the Board in good faith and in a
manner that complies with Sections 409A and 422 of the Code.

 

    	 	14	 

     

    

 

(x) “Incentive
Stock Option” means an option granted pursuant to Section 5 of the Plan that is intended to be, and qualifies
as, an “incentive stock option” within the meaning of Section 422 of the Code.

 

(y) “Non-Employee
Director” means a Director who either (i) is not a current employee or officer of the Company or an Affiliate,
does not receive compensation, either directly or indirectly, from the Company or an Affiliate for services rendered as a consultant
or in any capacity other than as a Director (except for an amount as to which disclosure would not be required under Item 404(a)
of Regulation S-K promulgated pursuant to the Securities Act (“Regulation S-K”)), does not
possess an interest in any other transaction for which disclosure would be required under Item 404(a) of Regulation S-K, and
is not engaged in a business relationship for which disclosure would be required pursuant to Item 404(b) of Regulation S-K;
or (ii) is otherwise considered a “non-employee director” for purposes of Rule 16b-3.

 

(z) “Nonstatutory
Stock Option” means any option granted pursuant to Section 5 of the Plan that does not qualify as an Incentive
Stock Option.

 

(aa) “Officer”
means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act.

 

(bb) “Option”
means an Incentive Stock Option or a Nonstatutory Stock Option to purchase shares of Common Stock granted pursuant to the Plan.

 

(cc) “Option
Agreement” means a written agreement between the Company and an Optionholder evidencing the terms and conditions
of an Option grant. Each Option Agreement shall be subject to the terms and conditions of the Plan.

 

(dd) “Optionholder”
means a person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding
Option.

 

(ee) “Other
Stock Award” means an award based in whole or in part by reference to the Common Stock which is granted pursuant
to the terms and conditions of Section 6(d).

 

(ff) “Other
Stock Award Agreement” means a written agreement between the Company and a holder of an Other Stock Award evidencing
the terms and conditions of an Other Stock Award grant. Each Other Stock Award Agreement shall be subject to the terms and conditions
of the Plan.

 

(gg) “Outside
Director” means a Director who either (i) is not a current employee of the Company or an “affiliated corporation”
(within the meaning of Treasury Regulations promulgated under Section 162(m) of the Code), is not a former employee of the Company
or an “affiliated corporation” who receives compensation for prior services (other than benefits under a tax-qualified
retirement plan) during the taxable year, has not been an officer of the Company or an “affiliated corporation,” and
does not receive remuneration from the Company or an “affiliated corporation,” either directly or indirectly, in any
capacity other than as a Director, or (ii) is otherwise considered an “outside director” for purposes of Section
162(m) of the Code.

 

(hh) “Own,”
“Owned,” “Owner,” “Ownership” A person or Entity
shall be deemed to “Own,” to have “Owned,” to be the “Owner” of, or to have acquired “Ownership”
of securities if such person or Entity, directly or indirectly, through any contract, arrangement, understanding, relationship
or otherwise, has or shares voting power, which includes the power to vote or to direct the voting, with respect to such securities.

 

(ii) “Participant”
means a person to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Stock
Award.

 

(jj) “Performance
Cash Award” means an award of cash granted pursuant to the terms and conditions of Section 6(c)(ii).

 

(kk) “Performance
Criteria” means the one or more criteria that the Committee shall select for purposes of establishing the Performance
Goals for a Performance Period. The Performance Criteria that shall be used to establish such Performance Goals may be based on
any one of, or combination of, the following as determined by the Committee: (i) earnings (including earnings per share and
net earnings); (ii) earnings before interest, taxes and depreciation; (iii) earnings before interest, taxes, depreciation
and amortization; (iv) total stockholder return; (v) return on equity or average stockholder’s equity; (vi) return
on assets, investment, or capital employed; (vii) stock price; (viii) margin (including gross margin); (ix) income (before
or after taxes); (x) operating income; (xi) operating income after taxes; (xii) pre-tax profit; (xiii) operating
cash flow; (xiv) sales or revenue targets; (xv) increases in revenue or product revenue; (xvi) expenses and cost
reduction goals; (xvii) improvement in or attainment of working capital levels; (xviii) economic value added (or an equivalent
metric); (xix) market share; (xx) cash flow; (xxi) cash flow per share; (xxii) share price performance; (xxiii) debt
reduction; (xxiv) implementation or completion of projects or processes; (xxv) customer satisfaction; (xxvi) stockholders’
equity; (xxvii) capital expenditures; (xxviii) debt levels; (xxix) operating profit or net operating profit; (xxx) workforce
diversity; (xxxi) growth of net income or operating income; (xxxii) billings; (xxxiii) achievement of clinical trial
milestones, such as patient enrollment or successful completion of the trial; (xxxiv) execution of a new licensor agreement;
(xxxv) receipt of a milestone payment under a licensor agreement and (xxxvi) to the extent that an Award is not intended
to comply with Section 162(m) of the Code, other measures of performance selected by the Board or the Committee.

    	 	15	 

     

    

 

(ll) “Performance
Goals” means, for a Performance Period, the one or more goals established by the committee for the Performance Period
based upon the Performance Criteria. Performance Goals may be based on a Company-wide basis, with respect to one or more business
units, divisions, Affiliates, or business segments, and in either absolute terms or relative to the performance of one or more
comparable companies or the performance of one or more relevant indices. Unless specified otherwise by the Committee (i) in
the Award Agreement at the time the Award is granted or (ii) in such other document setting forth the Performance Goals at
the time the Performance Goals are established, the Committee shall appropriately make adjustments in the method of calculating
the attainment of Performance Goals for a Performance Period as follows: (1) to exclude restructuring and/or other nonrecurring
charges; (2) to exclude exchange rate effects, as applicable, for non-U.S. dollar denominated Performance Goals; (3) to
exclude the effects of changes to generally accepted accounting principles; (4) to exclude the effects of any statutory adjustments
to corporate tax rates; and (5) to exclude the effects of any “extraordinary items” as determined under generally
accepted accounting principles.

 

(mm) “Performance
Period” means the period of time selected by the Committee over which the attainment of one or more Performance Goals
will be measured for the purpose of determining a Participant’s right to and the payment of a Stock Award or a Performance
Cash Award. Performance Periods may be of varying and overlapping duration, at the sole discretion of the Board.

 

(nn) “Performance
Stock Award” means a Stock Award granted under the terms and conditions of Section 6(c)(i).

 

(oo) “Plan”
means this RegeneRx Biopharmaceuticals, Inc. 2010 Equity Incentive Plan.

 

(pp) “Restricted
Stock Award” means an award of shares of Common Stock which is granted pursuant to the terms and conditions of Section 6(a).

 

(qq) “Restricted
Stock Award Agreement” means a written agreement between the Company and a holder of a Restricted Stock Award evidencing
the terms and conditions of a Restricted Stock Award grant. Each Restricted Stock Award Agreement shall be subject to the terms
and conditions of the Plan.

 

(rr) “Restricted
Stock Unit Award” means a right to receive shares of Common Stock which is granted pursuant to the terms and conditions
of Section 6(b).

 

(ss) “Restricted
Stock Unit Award Agreement” means a written agreement between the Company and a holder of a Restricted Stock Unit
Award evidencing the terms and conditions of a Restricted Stock Unit Award grant. Each Restricted Stock Unit Award Agreement shall
be subject to the terms and conditions of the Plan.

 

(tt) “Rule 16b-3”
means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time to time.

 

(uu) “Securities
Act” means the Securities Act of 1933, as amended.

 

(vv) “Stock
Appreciation Right” or “SAR” means a right to receive the appreciation on Common Stock
that is granted pursuant to the terms and conditions of Section 5.

 

(ww) “Stock
Appreciation Right Agreement” means a written agreement between the Company and a holder of a Stock Appreciation
Right evidencing the terms and conditions of a Stock Appreciation Right grant. Each Stock Appreciation Right Agreement shall be
subject to the terms and conditions of the Plan.

 

(xx) “Stock
Award” means any right to receive Common Stock granted under the Plan, including an Incentive Stock Option, a Nonstatutory
Stock Option, a Restricted Stock Award, a Restricted Stock Unit Award, a Stock Appreciation Right, a Performance Stock Award or
any Other Stock Award.

 

    	 	16	 

     

    

 

(yy) “Stock
Award Agreement” means a written agreement between the Company and a Participant evidencing the terms and conditions
of a Stock Award grant. Each Stock Award Agreement shall be subject to the terms and conditions of the Plan.

 

(zz) “Subsidiary”
means, with respect to the Company, (i) any corporation of which more than fifty percent (50%) of the outstanding capital
stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether,
at the time, stock of any other class or classes of such corporation shall have or might have voting power by reason of the happening
of any contingency) is at the time, directly or indirectly, Owned by the Company, and (ii) any partnership, limited liability
company or other entity in which the Company has a direct or indirect interest (whether in the form of voting or participation
in profits or capital contribution) of more than fifty percent (50%).

 

(aaa) “Ten
Percent Stockholder” means a person who Owns (or is deemed to Own pursuant to Section 424(d) of the Code) stock possessing
more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any Affiliate.

 

    	 	17Exhibit 10.9

 

MARKETING AND CONSULTING AGREEMENT

 

AGREEMENT dated as of March 20, 2019, by
and between Runway Growth Credit Fund Inc., (the “Fund”), Runway Growth Capital LLC (the “Manager”)
and Pickwick Capital Partners, LLC (the “Marketer”).

 

Pursuant to the terms
of this agreement, Marketer agrees to act as solicitor and to provide broker dealer services to the Fund in connection with assisting
the Fund in identifying and soliciting potential investors for the Fund in connection with the Fund’s private offering as
described in the private placement memorandum dated February 28, 2019, as may be amended or supplemented from time to time (the
“Offering”).

 

WHEREAS, the Fund is
a business development company and its affiliate, the Manager, currently serves as the investment manager of the Fund;

 

WHEREAS, the Marketer
is in the business of, and has expertise in, providing marketing and consulting services to private investment funds; and

 

WHEREAS, the Fund desires
to appoint the Marketer as a non-exclusive marketing representative of the Fund in the United States during the term of this Agreement,
to identify and introduce to the Fund and the Manager potential investors for the Fund, subject to the terms of this Agreement,
and the Marketer desires to accept such appointment.

 

NOW, THEREFORE, the
parties hereby agree as follows:

 

 

		1.	APPOINTMENT

 

		(a)	The Fund hereby appoints the Marketer to represent the Fund in the United States in connection
with providing marketing, consulting and capital raising services for the Fund pursuant to the terms of this agreement. The Marketer
will be the exclusive representative of the Fund with respect to any and all Investor Prospects (as hereinafter defined), other
than Excluded Persons (as hereinafter defined). As used herein, the term “Investor Prospects” includes individual
and institutional investors of all types, including any affiliates, clients or investors, identified and introduced directly or
indirectly by the Marketer to the Fund. As used herein, “Excluded Persons” shall mean any new investors not
initially identified and introduced to the Fund by the Marketer and any person for which the Marketer was not granted the authority
to communicate pursuant to Section 1(c) hereof.

 

		(b)	All Investor Prospects shall be subject to acceptance by the Fund, in its sole discretion, for
inclusion as investors with respect to the Fund.

 

		(c)	Prior to providing any Investor Prospect with confidential materials regarding the Fund, Marketer
shall notify the Fund in writing of the name of such Investor Prospect. Within ten (10) business days thereafter, the Fund shall
notify Marketer in writing as to whether Marketer may communicate with such Investor Prospect pursuant to this Agreement. Marketer’s
communications with an Investor Prospect may be restricted as set forth in the Fund’s authorization. Marketer will not provide
confidential materials to any person regarding the Fund or the Manager unless such person has been approved by the Fund and such
Investor Prospect has delivered an executed confidentiality agreement in a form acceptable to the Fund.

 

     

     

    

 

		(d)	Marketer shall submit an initial list of Investor Prospects to the Fund on Schedule A hereto. From
time to time, Schedule A shall be updated to include each additional Investor Prospect, not included on the initial Schedule A
submitted herewith, that the Fund consents to hereby, and to remove any Investor Prospect, consented to by the Fund, which Marketer
does not contact or fails to receive written or verbal corresponded from the Investor Prospect relative to their interest in or
review of the Fund within ninety (90) days of the date an Investor Prospect is consented to by the Fund pursuant to Section 1(c)
hereof. Any updates to Schedule A that involve the addition of new Investor Prospects must be consented to in writing by Marketer
and the Fund. As used herein, the term “Investor” shall include any Investor Prospect whose subscription agreement
is accepted by the Fund directly or indirectly as an investor in the Fund for which the Fund authorized the Marketer to solicit
such Investor Prospect during the term of this Agreement; provided, however, that Excluded Persons shall not be Investors.

 

		(e)	The Fund shall treat each Investor Prospect with respect to a specific closing (the “Closing”)
of the Fund, unless (i) such Investor Prospect has materially breached its subscription agreement with the Fund, which shall, for
the avoidance of doubt, include a default relating to a capital call by the Fund, or (ii) the Investor Prospect is not permitted
to contribute capital to the Fund pursuant to the terms of such Investor Prospect’s subscription agreement with the Fund
as determined in the Fund’s sole discretion, in the same manner as the Fund treats all other investors in such Closing of
the Fund.  For the avoidance of doubt, and without limiting the foregoing sentence, the Fund shall not reduce, terminate,
reject additional funding from or fail to renew the investment of any Investor Prospect, unless the Fund is also reducing, terminating,
rejecting funding from or failing to renew the investments of all other investors with respect to such Closing. 

 

		(f)	During and after the term of this Agreement, the Fund may retain one or more additional marketing
representatives, or any other person, firm or corporation furnishing marketing, consulting or capital raising services relating
to the Fund. During and after the term of this Agreement, the Marketer may act as marketing and/or consulting representative for
any other person, fund or organization.

 

 

		2.	REPRESENTATIONS AND WARRANTIES

 

(a)       The
Marketer hereby agrees, represents and warrants as follows: 

 

i.       No
subscription from an Investor Prospect shall be effective unless and until it is accepted by the Fund, in its sole discretion;
and, the Fund reserves the right, in its sole discretion to: (A) refrain from accepting, in whole or in part, any subscription
from an Investor Prospect; (B) redeem, in whole or in part, an Investor’s investment in the Fund; or (C) subsequently
expel an Investor from the Fund or terminate the Fund’s relationship with any Investor.

 

ii.       The
Marketer will use only such offering documents and other materials, and make such representations, in connection with the Fund
as shall have been expressly approved in advance by the Fund.

 

     

     

    

 

iii.       The
activities of the Marketer hereunder will comply with Securities and Exchange Commission (“SEC”) Rule 506 promulgated
under the Securities Act of 1933, as amended (the “Securities Act”), as well as other applicable provisions
of Regulation D promulgated under the Securities Act (“Regulation D”), or other applicable law specified by
the Fund. Without limiting the foregoing, the Marketer will not engage in any form of “general solicitation or advertising”,
within the meaning of Regulation D, in performing its duties pursuant to this Agreement. In connection therewith, the Marketer
will not mention the Manager, the Fund, the equity interests of the Fund (the “Interests”) or any information
about the Marketer’s duties under this Agreement in any public medium, including any newspaper, on radio or television, the
Internet or otherwise.

 

iv.       The
Marketer will only offer Interests to Investor Prospects that it reasonably believes are “accredited investors” within
the meaning of Regulation D and, if applicable, “qualified purchasers” within the meaning of Section 2(a)(51) of the
Investment Company Act of 1940, as amended. The Marketer will only offer Interests to Investor Prospects for whom it reasonably
believes the Interests would be suitable, in accordance with NASD Notice to Members 03-07 (“NASD Reminds Members of Obligations
When Selling Hedge Funds”). 

 

v.       The
Marketer is registered and in good standing with the SEC as a broker-dealer under the Securities Exchange Act of 1934, as amended,
and is a member of the Financial Industry Regulatory Authority (“FINRA”). As of the date of this Agreement, the Marketer
is registered as a broker-dealer in the jurisdictions set forth on Schedule C hereto. The Marketer will offer Interests to Investor
Prospects only in those states in which (A) the Marketer is registered as a broker-dealer or (B) is exempt from registration.
In accordance with the Form BD of the Marketer as filed with the SEC and FINRA, and the Membership Agreement by and between the
Marketer and FINRA, the Marketer is authorized to enter into this Agreement and to perform the services contemplated by this Agreement
to be performed by the Marketer.

 

vi.       The
Marketer agrees to introduce the Fund to potential investors only in states in which the Marketer has been advised by the Fund
that offers and sales of Interests can be legally made and in which the Marketer is registered and in good standing as a broker-dealer
or is exempt from registration.

 

vii.       During
the term of this Agreement, the Marketer shall comply with all applicable laws, rules and regulations including, without limitation,
federal and state securities laws.

 

viii.       The
Marketer: (A) is not subject to an order of the SEC issued under Section 203(f) of the Investment Advisers Act of 1940,
as amended (together with the rules and regulations promulgated thereunder, the “Advisers Act”) (B) has
not been convicted within ten years of the date hereof of any felony or misdemeanor involving conduct described in Section 203(e)(2)(A)-(D)
of the Advisers Act; (C) has not been found by the SEC to have engaged, and has not been convicted of engaging, in any of
the conduct specified in paragraph (1), (5) or (6) of Section 203 of the Advisers Act; and (D) is not subject to an order,
judgment or decree described in Section 203(e) of the Advisers Act. In the event that the Marketer becomes subject to any order,
conviction, finding, judgment or decree described in the immediately preceding sentence, it will promptly advise the Fund of such
fact and the Fund will not be obligated to pay the Marketer any amount hereunder for such period in which the Marketer is subject
to such order, conviction, finding, judgment or decree.

 

ix.       The
Marketer undertakes to perform its duties hereunder in a manner consistent with the instructions of the Fund.

 

x.       Neither
the Marketer nor any of its officers, directors, employees, affiliates or agents will, without the express prior written consent
of the Fund, which consent the Fund may withhold in its sole discretion, share any part of the compensation received pursuant to
this Agreement with any other person or entity, other than persons who are properly licensed with FINRA and all applicable states
as registered representatives/agents of the Marketer.

 

     

     

    

 

(b)       The
Manager agrees, represents and warrants as follows: 

 

i.       The
Fund shall assure that the offering and sale of the Interests by the Fund complies with all applicable provisions of Regulation
D or the provisions of such other exemption from registration under the Securities Act, being relied upon and any other applicable
federal and state securities laws and regulations (other than those applicable to the status or activities of the Marketer). Specifically,
the Fund will be responsible for any applicable Blue Sky qualification in each state in which it is agreed that the Marketer shall
solicit on Fund’s behalf. Without limiting the foregoing, any offering circular or memorandum or other written material approved
by the Fund for use in connection with the offering and sale of the Interests (as well as any amendments and supplements thereto)
will comply with applicable law and will not contain any misstatement of a material fact or omit to state any material fact necessary
to make the statements made therein not misleading.

 

ii.       If
required by applicable federal or state securities laws, the Manager will be registered, or continue its registration, as an investment
adviser and/or commodity pool operator.

 

iii.       During
the term of this Agreement, the Fund shall comply with applicable laws, rules and regulations including, without limitation, federal
and state securities laws, unless failure to so comply would not result in a material breach under the terms of this Agreement.

 

iv.       The
Manager: (A) is not subject to an order of the SEC issued under Section 203(f) of the Advisers Act; (B) has not been
convicted within ten years of the date hereof of any felony or misdemeanor involving conduct described in Section 203(e)(2)(A)-(D)
of the Advisers Act; (C) has not been found by the SEC to have engaged, and has not been convicted of engaging, in any of
the conduct specified in paragraph (1), (5) or (6) of Section 203 of the Advisers Act; and (D) is not subject to an order,
judgment or decree described in Section 203(e) of the Advisers Act. In the event that the Manager becomes subject to any order,
conviction, finding, judgment or decree described in the immediately preceding sentence, it will promptly advise the Marketer of
such fact.

 

 

		3.	DUTIES OF THE MARKETER

 

a)       The
Marketer shall use reasonable efforts and time, consistent with its resources, on behalf of the Fund to solicit Investor Prospects
for the Fund. In this regard, the Marketer shall: 

 

i.       Initiate
written or telephonic communication with Investors and Investor Prospects with a view to providing information regarding, and increasing
the awareness of, the Fund’s services;

 

ii.       Use
reasonable efforts subsequent to each initial contact to solicit Investor Prospects for the Fund (which solicitations may include,
without limitation, personal meetings between Investor Prospects, the Marketer and/or the Fud); provided, however, that any personal
meetings involving the Fund shall be subject to the prior approval of the Fund;

 

     

     

    

 

iii.       Consult
with the Fund, at the Fund’s request, regarding; (A) the satisfaction by Investor Prospects of qualification and suitability
standards; (B) the rejection of a subscription by any Investor Prospect; (C) the acceptance of any initial investment
by any Investor Prospect in an amount less than or different from that provided in the relevant offering memorandum; (D)
the acceptance of any additional subscription by any Investor Prospect in an amount less than or different from that provided in
the relevant offering memorandum; (E) the rejection of any additional subscription by any Investor Prospect in the Fund;
(F) the consent to withdrawals by any Investor in any amount less than or different from that provided in the relevant offering
memorandum; and (G) the consent to the retention by any Investor Prospect of an investment in the Fund in an amount less
than or different from that provided in the relevant offering memorandum;

 

iv.       Provide
other investor relations services, such as responding to Investor Prospect inquiries; and

 

v.       Provide
such other services as the Fund and the Marketer shall agree upon from time to time.

 

 

		4.	INDEPENDENT REPRESENTATIVE

 

In performing the services for
the Fund as described herein, the Marketer shall be regarded as an independent contractor and marketing and consulting representative,
the Marketer shall not have any right or authority to create any obligations of any kind on behalf of the Fund and shall make no
representation to any third party to the contrary.

 

 

		5.	EXPENSES 

 

The Marketer shall not be entitled
to be reimbursed for normal and customary out-of-pocket marketing expenses incurred by it in connection with this Agreement.

 

 

		6.	MARKETER FEES AND COMPENSATION

 

As compensation for the services
provided by the Marketer hereunder, in addition to the other obligations of the Manager and the Fund to the Marketer set forth
in this Agreement, the Manager shall pay to the Marketer:

 

a)       Guranteed
Capacity. Subject to applicable law and to any limits in the aggregate offering size of Interest in the Fund under the
Offering Materials, the Fund shall provide the Marketer a minimum of Thirty Million Dollars ($30,000,000.00) of additional capital
commitment capacity in the Fund for the marketer’s Investor Prospects until December 31, 2019.

 

b)       Placement
Fee. The Marketer shall receive a placement fee with respect to each Investor for which the Fund accepts the Subscription
Agreement (“Placement Fee”), which shall be equal to one and one-half percent (1.5%) of the committed capital
from such Investor, as reflected in such subscriber’s Subscription Agreement. The placement fees will be paid in quarterly
installments over a period of 8 calendar quarters commencing on the 15th day of the first quarter immediately following
the date of the capital call from the applicable Investor. Example: If the capital call occurs in January 2019, the quarter
will start February 1, 2019, with payment due on February 15, 2019, and the next quarter beginning on May 1, 2019, and thereafter,
but only for so long as the Investor remains an Investor in the Fund

 

     

     

    

 

c)       Future
Investments by Investors. Any and all future investments or additional increments of investment made directly or indirectly
by an Investor, or an Investor Prospect listed on Schedule B, in the Fund, either during the term of this Agreement or within 12
months from the termination of this Agreement, will be subject to the provisions of Section 2; where the Marketer receives
a 1.5% fee of the committed capital. Furthermore, any and all future investments in any other fund or any investment offering
managed by the Manager or an affiliate of the Manager, excluding the Fund, or additional increments of investment made directly
or indirectly by an Investor or Investor Prospect listed on Schedule B, , either during the term of this Agreement or within 12
months of the termination of this Agreement, will be subject to the provisions of Section 2 and the Marketer will receive from
the Manager a 1.5% fee of the committed capital paid for any such investment. In such event, the Manager shall comply with Rule
206(4)-3 under the Advisers Act, require the Investor to sign a Disclosure Statement agreed to by the Manager and the Marketer,
and maintain complete and accurate books and records with respect to the Capital Contributions of such Investors, which Pickwick
shall have access to review in accordance with and subject to Section 6(d) below).

 

d)       Recordkeeping.
The Fund shall maintain complete and accurate current books and records with respect to the Capital Contributions of the Investors. 
Pickwick shall have access to records relating to such Capital Contributions until the first anniversary of the final
close of the Offering, for the sole purpose of determining the accuracy of payments to be made to Pickwick, and the Fund shall
cooperate in providing information related thereto.

 

 

		7.	COMPLIANCE WITH SEC RULE 206(4)-3

 

The Marketer shall,
in accordance with SEC Rule 206(4)-3 promulgated under the Advisers Act:

 

a)       perform
its duties under this Agreement in a manner consistent with the reasonable instructions of the Fund and the provisions of the Advisers
Act and the rules of the SEC promulgated thereunder; and 

 

b)       at
the time of any solicitation activities by the Marketer with respect to one or more Investor Prospects, provide such Investor Prospects
with copies of:

 

i.       the
applicable Fund offering documents; and

 

ii.       a
Disclosure Statement. The Fund will not accept any subscription from an Investor unless a Disclosure Statement and Authorization
to Release Information Form, attached hereto as Exhibit C, is signed by the Investor and submitted to Pickwick by the Fund.

 

 

		8.	TERMINATION AND INDEMNIFICATION

 

The term of this Agreement shall
expire as of the expiration of the guaranteed Capacity period, as defined in this Agreement. In addition, either party hereto may
terminate this Agreement at any time upon thirty (30) days prior written notice to the other party. Termination of this Agreement
shall result in the termination of all duties and authorities of each party, other than Sections 6, 9 and 10 hereof which shall
survive any such termination. By signing this Letter Agreement Manager and Marketer agree to the provisions regarding indemnification,
contribution, and limitation of liability attached to this Letter Agreement as Appendix A which provisions are expressly incorporated
by reference herein.

 

     

     

    

 

		9.	CONFIDENTIALITY

 

a)       The
Marketer agrees that, during the term of this Agreement and at all times thereafter, unless specifically authorized by the Fund,
the Marketer will not disclose any Proprietary Information (defined below) to any person or entity other than on a need-to-know
basis, to employees and/or registered persons of the Marketer and persons engaged by the Marketer to provide legal, accounting,
consulting and similar services. The Marketer further agrees that upon termination of this Agreement, the Marketer will to the
extent instructed by the Fund destroy any Proprietary Information then in the Marketer’s possession (or in the possession
of the Marketer’s employees, registered persons, or persons engaged by the Marketer to provide legal, accounting, consulting
or similar services), unless the Marketer shall be required by law to retain such Proprietary Information.

 

b)       As
used herein, the term “Proprietary Information” means all information of a nonpublic, proprietary and confidential
nature concerning the Manager, its affiliates, the Fund and the other investment funds and accounts managed by the Manager and
its affiliates, including but not limited to information relating to

 i.         business operations,

 

ii.       existing
and proposed investments and investment strategies,

 

iii.       financial
performance,

 

iv.       compensation
arrangements and amounts (inclusive of arrangements between the Fund, the Manager, and their affiliates and their respective employees
and registered persons, and the arrangement between the Fund and the Marketer),

 

v.       contractual
relationships,

 

vi.       business
partners and relationships, and

 

vii.       stockholders/investors
and prospective stockholders/investors of the Fund and the other investment funds and accounts managed by the Manager and its affiliates,
regardless of the medium in which any such information is contained; provided, however, that Proprietary Information does not include
information that (A) becomes generally available to the public by means other than a breach by the Marketer of this Agreement or
any other agreement between the Marketer and the Fund or its affiliates, (B) is in the possession of the Marketer (such as information
pertaining to Investor Prospects introduced to the Fund by the Marketer), or becomes available to the Marketer, on a non-confidential
basis from a source other than the Fund or its affiliates, or (C) the Marketer is required by law, regulation, court order or discovery
demand to disclose; provided, however, that in the case of this clause (C) the Marketer provides the Fund with prompt notice of
the Proprietary Information required to be disclosed and the reasons and circumstances surrounding such disclosure in order to
allow the Fund an opportunity to seek a protective order or other appropriate request for confidential treatment of the applicable
Proprietary Information.

 

c)       Without
the prior written consent of the Fund, the Marketer shall not disclose, whether in client lists, marketing literature or otherwise,
the fact that it is rendering services to the Fund, or to use the name of the Manager, the Fund or its affiliates in any public
document, other than as necessary in order to perform its services hereunder; or as required by law or legal process.

 

     

     

    

 

d)       
Each party hereto agrees to comply with the provisions of SEC Regulation S-P, the Graham-Leach-Bliley Act of 1999 and other applicable
federal and state privacy regulations with respect to personal non-public information of Investor Prospects and Investors.

 

 

		10.	UNDERTAKING TO PROVIDE ADDITIONAL INFORMATION AND DOCUMENTATION

 

Each party undertakes and agrees
that it will promptly supply the other party with such information and documentation regarding the Manager, the Fund, the Marketer
and Investors as from time to time may be requested by such party and which is deemed by such party to be necessary in order for
such party to comply with anti-money laundering, OFAC, or other applicable federal, state, local or foreign laws, rules or regulations.1

 

 

		11.	MISCELLANEOUS

 

a)       Notices.
All notices and other communications under this Agreement must be in writing, and any notice or communication will be deemed to
have been duly given (i) when delivered personally, (ii) on the business day following the day such notice or other
communication is sent by recognized overnight courier, (iii) on the date of transmission, if such notice or other communication
is delivered via facsimile on a business day (with confirmation of transmission), or (iv) on the fifth business day following
the date of deposit within a postal service if sent first class, postage prepaid, by registered or certified mail or any other
alternative postal service. Notices to each of the Marketer and the Fund will be sent to the addresses set forth below, unless
either party notifies the other party in writing of a different address in accordance with the requirements of this paragraph:

 

	           If to the Manager:	Runway Growth Credit Fund Inc.
	 	205 N Michigan Ave., Suite 4200
	 	Chicago, IL 60601
	 	Attn: Tom Raterman
	 	 
	 	 
	           If to Marketer:	Pickwick Capital Partners, LLC
	 	455 Hamilton Avenue, Suite 1102
	 	White Plains, NY 10601
	 	Attn: Douglas Greenwood

 

b)       Amendments
in Writing; No Waiver; Cumulative Remedies. None of the terms or provisions of this Agreement may be amended, supplemented
or otherwise modified except by a written instrument executed by each of the parties hereto. No party hereto shall by any act (except
by a written instrument pursuant to Section 12(a) hereof), delay, indulgence, omission or otherwise be deemed to have waived any
right or remedy hereunder. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or
further exercise thereof or the exercise of any other right, power or privilege. A waiver by any party hereto of any right or remedy
hereunder on any one or more occasions shall not be construed as a bar to any right or remedy that any party hereto would otherwise
have on any future occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently, and
are not exclusive of any other rights or remedies provided by law.

 

 

 

 

 

1
We are specifically required to advise you that we will undertake routine due diligence to check/verify the identities of the Fund(s)
and its principals.

     

     

    

 

c)       No
Third Party Beneficiaries; Assignment. This Agreement shall be binding upon and inure solely to the benefit of the parties
hereto and their permitted successors and assigns, and nothing herein, express or implied, is intended to or shall confer upon
any other person or entity, any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this
Agreement or the transactions contemplated hereunder. No party hereto may assign any of its rights or obligations under this Agreement
to any person or entity without the prior written consent of the other party hereto.

 

d)       Governing
Law; Severability. This agreement shall be interpreted in accordance with and governed by the laws of the State of New
York, without regard to the principles of conflict of laws thereof. If any provision hereof would be invalid under applicable law,
then such provision shall be deemed to be modified to the extent necessary to render it valid while most nearly preserving its
original intent. No provision hereof shall be affected as a result of another provision being held invalid.

 

e)       Entire
Agreement. This Agreement constitutes the entire agreement of the parties hereto with respect to the subject matter hereof,
and supersedes all prior agreements and undertakings, both written and oral, between the parties hereto with respect to the subject
matter hereof.

 

f)       Counterparts.
This Agreement may be executed by the parties hereto in any number of separate counterparts, and all of said counterparts taken
together shall be deemed to constitute one and the same instrument.

 

g)       Facsimiles/PDF.
Any facsimile or PDF signature of this Agreement or any other document by any person or entity shall constitute the legal, valid
and binding execution of this Agreement or such other document by such person or entity.

 

h)       Section
Headings. The section headings used in this Agreement are for convenience of reference only and are not to affect the construction
hereof or to be taken into consideration in the interpretation hereof.

 

i)       Identity
Disclosure. To help the U.S. Government prevent the funding of terrorism and money laundering activities, Federal law requires
all financial institutions to obtain, verify, and record information that identifies client corporations and senior management
and or owners of corporate clients. In accordance with these requirements the Marketer will request certain information which may
include name, address, date of birth (for individuals), corporate tax ID and other information that will allow us to identify the
Fund and senior management and or owners of the Fund. The Marketer may also request to see certain documents such as Certificate
of Incorporation, driver’s license or other identifying documents. The Marketer is committed to maintaining the privacy of
our current and former clients.

 

Pickwick’s Privacy Policy
and Business Continuity Plan can be found under Disclosure Information on its website
www.pickwickcapitalpartners.com.

 

Signature Page Follows

     

     

    

 

IN WITNESS WHEREOF,
the parties have hereunto executed this Agreement as of the day and year first above written.

 

	 	 
	 	Runway Growth Credit Fund Inc.
	 	 
	 	 
	 	By: /s/ Thomas B. Raterman                           
	 	Name: Thomas B. Raterman
	 	Title: Chief Financial Officer
	 	 
	 	 
	 	Runway Growth Capital LLC
	 	 
	 	 
	 	By: /s/ Thomas B. Raterman                           
	 	Name: Thomas B. Raterman
	 	Title: Chief Financial Officer
	 	 
	 	 
	 	Pickwick Capital Partners, LLC
	 	 
	 	 
	 	By: /s/ Douglas C. W. Greenwood                  
	 	Name: Douglas C. W. Greenwood
	 	Title: President

 

 

     

     

    

 

SCHEDULE A

 

INVESTOR PROSPECTS

 

	Name	City, State	Date Added	Date Removed
	1.	 	 	 
	2.	 	 	 
	3.	 	 	 
	4.	 	 	 
	5.	 	 	 

 

 

IN WITNESS WHEREOF, the parties
have hereunto executed this Schedule A as of the ____ day of __________, 201_.

 

	 	 
	 	Runway Growth Credit Fund Inc.
	 	 
	 	 
	 	By: _____________________________
	 	Name: Thomas B. Raterman
	 	Title: Chief Financial Officer
	 	 
	 	 
	 	Pickwick Capital Partners, LLC
	 	 
	 	 
	 	By: _____________________________
	 	Name: Douglas C. W. Greenwood
	 	Title: President

 

 

     

     

    

 

SCHEDULE B

 

STATES IN WHICH MARKETER IS REGISTERED
AS BROKER-DEALER

 

	
        California

        Colorado

        Connecticut

        Delaware

        District of Columbia

        Florida

        Georgia

        Illinois

        Iowa

        Maryland

        Massachusetts

        Michigan

        Minnesota

        Montana

        Nebraska
	
        Nevada

        New Hampshire

        New Jersey

        New York

        North Carolina

        Ohio

        Oregon

        Pennsylvania

        Rhode Island

        Texas

        Utah

        Vermont

        Virginia

        Washington

 

IN WITNESS WHEREOF, the undersigned
has hereunto executed this Schedule B as of the ____ day of __________, 201_.

 

	 	 
	 	Runway Growth Credit Fund Inc.
	 	 
	 	 
	 	By: _____________________________
	 	Name: 
	 	Title: 
	 	 
	 	 
	 	Pickwick Capital Partners, LLC
	 	 
	 	 
	 	By: _____________________________
	 	Name: Douglas C. W. Greenwood
	 	Title: President

 

 

     

     

    

 

APPENDIX
A

 

PICKWICK CAPITAL PARTNERS, LLC

INDEMNIFICATION PROVISIONS

 

In connection with the engagement of Pickwick
Capital Partners LLC (“Pickwick”) by Runway Growth Credit Fund Inc., an investment company that has elected to be regulated
as a business development company (the “Company”) under the Investment Company Act of 1940, as amended, pursuant to
a letter agreement dated _______, between the Company and Pickwick, as it may be amended from time to time (the “Letter Agreement”),
the Company hereby agrees as follows:

 

		1.	In connection with or arising out of or relating to the engagement of Pickwick under the Letter
Agreement, or any actions taken or omitted, services performed or matters contemplated by or in connection with the Letter Agreement,
the Company agrees to reimburse Pickwick, its affiliates and their respective directors, officers, employees, agents, and controlling
persons (each an “Indemnified Party”) promptly for expenses (including fees and expenses of legal counsel) that are
reasonably incurred in connection with the investigation of, preparation for, or defense of any pending or threatened claim, or
any litigation, proceeding, or other action in respect thereof. The Company also agrees (in connection with the foregoing) to indemnify
and hold harmless each Indemnified Party from and against any and all losses, claims, damages, and liabilities -- joint or several
-- to which any Indemnified Party may become subject, including any amount paid in settlement of any litigation or other action
(commenced or threatened), to which the Company shall have consented in writing (such consent not to be unreasonably withheld),
whether or not any Indemnified Party is a party and whether or not liability resulted; provided, however, that the Company
shall not be liable pursuant to this sentence in respect of any loss, claim, damage, or liability to the extent that a court having
competent jurisdiction shall have determined by final judgment (not subject to further appeal) that such loss, claim, damage, or
liability resulted solely from the willful misfeasance, bad faith or gross negligence of such Indemnified Party.

 

		2.	An Indemnified Party shall have the right to retain separate legal counsel of its own choice to
conduct the defense and all related matters in connection with any such litigation, proceeding, or other action. The Company shall
pay the fees and expenses of such legal counsel, and such legal counsel to the fullest extent consistent with its professional
responsibilities shall cooperate with the Company and any legal counsel designated by the Company. The Company agrees to consult
in advance with Pickwick with respect to the terms of any proposed waiver, release, or settlement of any claim, liability, proceeding,
or other action against the Company to which any Indemnified Party may also be subject, and to use its best efforts to afford Pickwick
and/or any such Indemnified Party the opportunity to join in such waiver, release, or settlement.

 

If indemnification is to be
sought hereunder by an Indemnified Party, then such Indemnified Party shall notify the Company of the commencement of any litigation,
proceeding, or other action in respect thereof; provided, however, that the failure to notify the Company shall not relieve
the Company from any liability or obligation that it may have under this paragraph or otherwise to such Indemnified Party. Following
such notification, the Company may elect in writing to assume the defense of such litigation, proceeding, or other action (and
the costs related thereto) and, on such election, the Company shall not be liable for any legal costs subsequently incurred by
such Indemnified Party (other than costs of investigation or the production of documents or witnesses) unless (i) the Company has
failed to provide legal counsel reasonably satisfactory to such Indemnified Party in a timely manner or (ii) such Indemnified Party
shall have reasonably concluded that (A) the representation of such Indemnified Party by legal counsel selected by the Company
would be inappropriate due to actual or potential conflicts of interest or (B) there may be legal defenses available to such Indemnified
Party that are different from additional to those available to the Company or any other Indemnified Party represented by such legal
counsel.

 

     

     

    

 

		3.	It is understood and agreed that, in connection with Pickwick’s engagement by the Company,
Pickwick may also be engaged to act for the Company in one or more additional capacities, and that the terms of any such additional
engagement may be embodied in one or more separate written agreements. These Indemnification Provisions shall apply to the engagement
under the Letter Agreement and to any such additional engagement and any modification of such additional engagement; provided,
however, that in the event that the Company engages Pickwick to act as a dealer Company in an exchange or tender offer or as
an underwriter in connection with the issuance of securities by the Company or to furnish an opinion letter (other than as indicated
in the Letter Agreement), such further engagement may be subject to separate indemnification and contribution provisions as may
be mutually agreed on.

 

		4.	These Indemnification Provisions shall remain in full force and effect whether or not any of the
transactions contemplated by the Letter Agreement are consummated and shall survive the expiration of the period of the Letter
Agreement and shall be in addition to any liability that the Company might otherwise have to any Indemnified Party under the Letter
Agreement or otherwise. The Parties agree that these Indemnification Provisions flow from the Company to Pickwick, but that nothing
contained in such Indemnification Provisions limit any right or cause of action that the Company may have against Pickwick under
the Letter Agreement; provided, however, that no Indemnified Party (including Pickwick) shall be liable to the Company or any affiliate
of the Company in connection with any matter arising out of or relating to the engagement of Pickwick under the Letter Agreement,
or any actions taken or omitted, services performed or matters contemplated by or in connection with the Letter Agreement, except
to the extent that a court having competent jurisdiction shall have determined by final judgment (not subject to further appeal)
that such liability resulted solely from the willful misfeasance, bad faith or gross negligence of such Indemnified Party.

 

	 	 
	 	Pickwick Capital Partners, LLC
	 	 
	 	 
	 	By: _____________________________
	 	Name: Douglas C. W. Greenwood
	 	Title: President
	 	 
	 	 
	 	 
	 	 
	 	Runway Growth Credit Fund Inc.
	 	 
	 	 
	 	By: _____________________________
	 	Name: ___________________________
	 	Title: ____________________________

 

 

     

     

    

 

APPENDIX
B

 

PICKWICK CAPITAL PARTNERS, LLC

FUND AND MANAGER REPRESENTATION

 

Runway Growth Credit Fund Inc. (the “Fund”)
and Runway Growth Capital LLC (the “Manager”) hereby represent and warrant to Pickwick Capital Partners, LLC (“PICKWICK”)
that:

 

		1.	None of the “Fund Covered Persons” is subject to any “Bad Actor” disqualifications
described in Rule 506(d) under the Securities Act of 1933, as amended, (each a “Disqualified Event”). A “Fund
Covered Person” is the Fund, the Manager, any person associated with the Fund or the Manager, any director, executive officer
or other officer of the Fund or the Manager participating in the Transaction, as defined in the Letter Agreement.

 

		2.	The Fund will notify Pickwick in writing of any Disqualification Event relating to any Fund Covered
Person not previously disclosed, and any event that would, with the passage of time, become a Disqualification Event relating to
any Fund Covered Person. The Fund agrees to contact PICKWICK as promptly as practical if there is any change which would cause
the above representations for a “Bad Actor” to be untrue or inaccurate.

 

 

The foregoing representations, warranties
and covenants will be true and correct as of the date hereof. The Fund or the Manager, as appropriate, must notify Pickwick, in
writing, if, any of the representations or warranties made by the Fund or the Manager in this representation become inaccurate
or untrue, and of the facts relating thereto.

 

	 	Agreed to and Accepted by:
	 	 
	 	Runway Growth Credit Fund Inc.
	 	 
	 	 
	 	By: _____________________________
	 	Name: ___________________________
	 	Title: ____________________________
	 	 
	 	 
	 	Runway Growth Capital LLC
	 	 
	 	 
	 	By: _____________________________
	 	Name: ___________________________
	 	Title: ____________________________

 

 

 

     

     

    

 

PICKWICK CAPITAL PARTNERS, LLC

MARKETER REPRESENTATION

 

Pickwick Capital Partners, LLC (the “Marketer”)
hereby represents and warrants to Runway Growth Credit Fund Inc. (the “Fund”) and Runway Growth Capital LLC (the “Manager”)
that:

 

		1.	None of the “Marketer Covered Persons” is subject to any “Bad Actor” disqualifications
described in Rule 506(d) under the Securities Act of 1933, as amended, (each a “Disqualification Event”). A “Marketer
Covered Person” is the Marketer, any person associated with the Marketer, any director, executive officer or other officer
of the Marketer participating in the Transaction, as defined in the Letter Agreement.

 

		2.	The Marketer will notify the Fund and the Manager in writing of any Disqualification Event relating
to any Marketer Covered Person not previously disclosed, and any event that would, with the passage of time, become a Disqualification
Event relating to any Marketer Covered Person. The Marketer agrees to contact the Fund and the Manager as promptly as practical
if there is any change which would cause the above representations for a “Bad Actor” to be untrue or inaccurate.

 

 

The foregoing representations, warranties
and covenants will be true and correct as of the date hereof. The Marketer must notify the Fund and the Manager, in writing, if,
any of the representations or warranties made by the Marketer in this representation become inaccurate or untrue, and of the facts
relating thereto.

 

	 	Agreed to and Accepted by:
	 	 
	 	Pickwick Capital Partners, LLC
	 	 
	 	 
	 	By: _____________________________
	 	Name: ___________________________
	 	Title: ____________________________

 

 

     

     

    

 

EXHIBIT C

 

PICKWICK CAPITAL PARTNERS, LLC

DISCLOSURE STATEMENT

AND

AUTHORIZATION TO RELEASE INFORMATION

 

Runway Growth Capital LLC (the “Manager”),
is the Investment Manager of the Runway Growth Credit Fund Inc. (the “Fund”). The Fund has engaged the
services of Pickwick Capital Partners, LLC (the “Marketer”) to solicit prospective investors to acquire
shares of common stock, par value $0.01 per share, (“Interests”) in the Fund. The Fund is not affiliated with
the Marketer, and the Marketer performs its services for the Fund pursuant to a written agreement between the Fund and the Marketer
(the “Marketing and Consulting Agreement”).

 

For each person or entity (including you,
the “Investor”) that is solicited by the Marketer pursuant to the terms and conditions of the Marketing and
Consulting Agreement, which acquires an Interest as a result of such solicitation, the Fund has agreed to pay the Marketer a fee
equal to one and one-half percent (1.50%) on the committed investment amount in the Fund by the Investor. This compensation to
the Marketer does affect the management, incentive fees and allocations that you would be charged or allocated in the event that
you acquired an Interest without the solicitation of the Marketer.

 

You hereby acknowledge that your introduction
to the Manager or the Fund by the Marketer and its personnel does not constitute an endorsement by the Marketer of the Manager
or an investment recommendation by the Marketer with respect to the Manager or the Fund. You hereby authorize the Manager or the
Fund to provide the Marketer with a duplicate copy of the subscription documentation entered into by you with respect to the Fund.

 

Notification to Investors/Clients –
Identification Verification: The USA Patriot Act requires all financial institutions to obtain, verify and record information
that identifies each person and entity that opens an account. Therefore, such identity information must be received prior to accepting
an investment in a company; and either before or after such investment, we must verify this identification information. We will
request to view one or more of the following documents in order to verify identification: for an individual, an unexpired government-issued
identification evidencing nationality, residence, and bearing a photograph or similar safeguard, such as a driver’s license
or passport; and for an entity, documents showing the existence of the entity, such as certified articles of incorporation, a government-issued
business license, a partnership agreement, or a trust agreement. Alternatively, we will reference a database or other official
public information source to verify the legal entity’s identity.

 

The Marketer’s Privacy Policy can
be found under Disclosure Information on its website at www.pickwickcapitalpartners.com.

 

PICKWICK
CAPITAL PARTNERS, LLC

 

Please acknowledge your receipt of this
written disclosure statement and authorization to release information:

 

 

Full Name of Entity/Individual Investor:
_________________________________________________________

 

	If an Entity:	Signature: ______________________________________________________________
	 	 
	 	Signing Officer Name: ____________________________________________________
	 	 
	 	Title: __________________________________________________________________
	 	 
	 	 
	If an Individual:	Signature: _____________________________________________________________

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