Document:

EX-10.20

 Exhibit 10.20 

GRIID INFRASTRUCTURE EQUITY PLAN LLC 

PROFITS INTEREST PLAN 

1.    Purpose. This Griid Infrastructure Equity Plan LLC Profits Interest Plan (this “Plan”) is intended to further
the growth and success of Griid Infrastructure LLC, a Delaware limited liability company (“Griid”), and its Subsidiaries by enabling Service Providers to acquire equity interests in Griid Infrastructure Equity Plan LLC, a Delaware
limited liability company (the “Company”), thereby increasing their personal stake in growth and success of the Company Group Members (as defined herein), providing a means of rewarding outstanding service by such Service Providers
and aiding retention. 
 2.    Definitions. 

“Administrator” mean Griid as the current managing member of the Company or a committee or individual as designated by such
managing member. 
 “Award” means an award of Incentive Units granted pursuant to Section 5 of
this Plan. 
 “Award Agreement” means an agreement by and between the Company and a Participant evidencing the terms of an
Award and entered into pursuant to the terms of this Plan, substantially in the form of Exhibit A to this Plan. 

“Cause” with respect to any particular Service Provider, has the meaning set forth in any effective Award Agreement,
employment agreement or other written contract of engagement entered into between a Company Group Member and such Service Provider, or if none, then “Cause” means any of the following: 

(a)    the Service Provider’s willful and material failure to perform his or her duties (other than any such failure
resulting from incapacity due to physical or mental illness); provided that the Company has provided the Service Provider with written notice of the failure to perform and the Service Provider has failed to cure such failure to perform
within thirty (30) days after receipt of such written notice; 
 (b)    the Service Provider’s willful failure
to comply with any valid and legal directive of a Company Group Member; provided that the Company has provided the Service Provider with written notice of the failure to perform and the Service Provider has failed to cure such failure
to perform within thirty (30) days after receipt of such written notice; 
 (c)    the Service Provider’s
commission of (i) any felony (under the laws of the United States, any relevant state or sovereign territory, or the equivalent of a felony in any international jurisdiction in which a Company Group Member does business) or (ii) any crime
involving dishonesty or moral turpitude; 

 (d)    the Service Provider’s engagement in any willful misconduct
(including any violation of federal securities laws), insubordination, gross negligence, fraud or misrepresentation, act of dishonesty, violence or threat of violence; any act of theft, conversion, embezzlement or misappropriation of funds of a
Company Group Member; 
 (e)    the Service Provider’s conviction of or plea of guilty or nolo contendere to a
crime that constitutes a felony (or state law equivalent) or a crime that constitutes a misdemeanor involving moral turpitude; 

(f)    the Service Provider’s breach of any material obligation under his or her Award Agreement, employment
agreement or any other written agreement between the Service Provider and the Company Group Member that employs such Service Provider; provided that the Company has provided the Service Provider with written notice of such breach and
the Service Provider has failed to cure such breach within thirty (30) days after receipt of such written notice; 
 or 

(g)    any material failure by the Service Provider to comply with written policies or rules of a Company Group Member, as
they may be in effect from time to time during the Service Provider’s term of service with a Company Group Member, provided that the Company has provided the Service Provider with written notice of such failure to comply and the
Service Provider has failed to cure such failure to comply within thirty (30) days after receipt of such written notice provided however that if such failure to comply causes material, reputational or financial harm to a Company
Group Member then such failure to comply shall be deemed not capable of being cured. 
 “Change in Control” shall mean the
occurrence of any of the following after the Effective Date: 
 (a)    a Person (or more than one Person acting as a
group) acquires ownership of the equity interests of Griid that, together with the equity interests held by such Person or group, constitutes more than 50% of the total fair market value or total voting power of the equity interests of Griid;
provided that, a Change in Control shall not occur if any Person (or more than one Person acting as a group) owns more than 50% of the total fair market value or total voting power of Griid’s equity interests and acquires
additional equity interests, and provided further that an Up- SPAC Transaction shall not constitute a Change in Control; or 

(b)    the sale of all or substantially all of the Griid’s assets. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time. Any reference to a section of the Code shall be
deemed to include a reference to any regulations promulgated thereunder. 
 “Company” has the meaning set forth in the
preamble. 

 “Company Group Member” means each of the Company, Griid or any, direct or
indirect, Subsidiary of Griid. 
 “Disability” with respect to any Service Provider, has the meaning set forth in any
effective Award Agreement, employment agreement or other written contract of engagement entered into between a Company Group Member and such Service Provider, or if none, then “Disability” shall mean the Service Provider’s
inability, due to physical or mental incapacity, to substantially perform his or her duties and responsibilities to the Company Group Member that employs such Service Provider for one hundred eighty (180) days out of any three hundred
sixty-five (365) day period or one hundred twenty (120) consecutive days. 
 “Double-Trigger Change in Control”
has the meaning set forth in Section 7 hereof. 
 “Effective Date” means the date as of which
this Plan is adopted by the Administrator. 
 “Fair Market Value” means, as of any date of determination, the amount that
would be received in respect of an Incentive Unit if all or substantially all of Griid’s assets were sold at fair market, as determined in good faith by the Administrator, based on such factors as the Administrator considers relevant, and the
proceeds distributed in complete liquidation thereof. 
 “Fully Diluted Basis” means, as of any date of determination,
(a) with respect to all the units of a Person, all issued and outstanding units of such Person and all units issuable upon the exercise of any outstanding Unit Equivalents as of such date, whether or not such Unit Equivalent is at the time
exercisable, or (b) with respect to any specified type, class or series of units, all issued and outstanding units designated as such type, class or series and all such designated Units issuable upon the exercise of any outstanding Unit
Equivalents as of such date, whether or not such Unit Equivalent is at the time exercisable. 
 “Grant Date” means, with
respect to any Award, the date on which such Award is granted pursuant to this Plan. 
 “Incentive Unit” means an Incentive
Unit of the Company having the privileges, preference, duties, liabilities, obligations and rights specified in the LLC Agreement. 

“LLC Agreement” means the Limited Liability Company Agreement of the Company, dated as of April 14, 2021, as it may be
amended, modified, superseded or replaced from time to time. 
 “Membership Interest” has the meaning set forth in the LLC
Agreement. 
 “Participant” means any Service Provider designated by the Administrator to participate in this Plan. 

“Permitted Transfer” means a Transfer of Units carried out pursuant to and in accordance with the LLC Agreement, and
“Permitted Transferee” means a recipient of a Permitted Transfer. 

 “Person” means an individual, corporation, partnership, joint venture,
limited liability company, unincorporated organization, trust, association or other entity. 
 “Plan” has the meaning set
forth in the preamble. 
 “Profits Interest Threshold Amount” means an amount specified by the Administrator with respect
to each Incentive Unit and set forth in the applicable Award Agreement in accordance with the LLC Agreement. The Profits Interest Threshold Amount applicable to any Incentive Unit issued hereunder shall be no less than the amount determined by the
Administrator to be necessary to cause such Incentive Unit to constitute a “profits interest” within the meaning of Revenue Procedures 93-27 and 2001-43. 

“Qualified Public Offering” means the sale, in a firm commitment underwritten public offering led by a nationally recognized
underwriting firm pursuant to an effective registration statement under the Securities Act, of units (or common stock of Griid) having an aggregate offering value (net of underwriters’ discounts and selling commissions) of at least
$100 million, following which at least 20% of the total units (or common stock of Griid) on a Fully Diluted Basis shall have been sold to the public and shall be listed on any national securities exchange or quoted on the NASDAQ Stock Market
System. For the avoidance of doubt, a SPAC Transaction involving Griid, other than an Up-SPAC Transaction, shall be deemed a Qualified Public Offering. 

“Restricted Incentive Unit” has the meaning set forth in Section 5.2(a) hereof. 

“Service Provider” means an officer, employee, consultant or other service provider of a Company Group Member. 

“SPAC” means a blank-check company organized for the purposes of effectuating a SPAC Transaction and which has completed an
initial public offering. 
 “SPAC Transaction” means a merger, share exchange, asset acquisition, share purchase,
recapitalization, reorganization or other similar business combination between a SPAC and Griid. 
 “Subsidiary” means,
with respect to any Person, any other Person of which a majority of the outstanding shares or other equity interests having the power to vote for directors or comparable managers are owned, directly or indirectly, by the first Person. 

“Termination of Service” means the termination of a Participant’s service with a Company Group Member for any reason,
whether voluntary or involuntary. 
 “Transfer” means to, directly or indirectly, sell, transfer, assign, pledge, encumber,
hypothecate or similarly dispose of, either voluntarily or involuntarily, by operation of law or otherwise, or to enter into any contract, option or other arrangement or understanding with respect to the sale, transfer, assignment, pledge,
encumbrance, hypothecation or similar disposition of, any Units owned by a Person or any interest (including a beneficial interest) in any Units or Unit Equivalents owned by a Person. “Transfer” when used as a noun shall have a
correlative meaning. “Transferor” and “Transferee” mean a Person who makes or receives a Transfer, respectively. 

 “Unit” means a unit representing a fractional part of the Membership
Interests of the Members and shall include all types and classes of Units. 
 “Unit Equivalents” means any security or
obligation that is by its terms, directly or indirectly, convertible into, exchangeable, or exercisable for Units, and any option, warrant, or other right to subscribe for, purchase, or acquire Units. 

“Unrestricted Incentive Unit” has the meaning set forth in Section 5.2(a) hereof. 

“Up-SPAC Transaction” means a SPAC Transaction structured in a manner commonly
referred to as an “Up-C” transaction such that following the transaction (i) Griid survives, (ii) the SPAC owns at least a majority of the voting control of Griid but less than a majority
of the economic value of Griid, and (iii) the equity owners of Griid immediately prior to the transaction own at least of the majority economic value of Griid, less than a majority of the voting control of Griid and at least a majority of the
voting control of the SPAC. 
 3.    Administration. 

3.1    Administrator. This Plan shall be administered by the Administrator. 

3.2    Procedures. The Administrator shall adopt such rules and regulations as it deems appropriate regarding the
holding of meetings and the administration of this Plan. 
 3.3    Awards. The Administrator shall have the
authority to determine all matters and issues relating to the granting of Awards under this Plan, including, without limitation: 

(a)    the Service Providers who shall be granted Awards; 

(b)    the time or times when Awards shall be granted; 

(c)    the number of Incentive Units subject to each Award; 

(d)    whether an Award Agreement must be executed by a Participant’s spouse; 

(e)    the terms and conditions of any Award, including the Profits Interest Threshold Amount, any vesting conditions
(which may include performance-based goals), restrictions or limitations and any vesting acceleration (whether upon a Change in Control or otherwise) or forfeiture waiver regarding any Award and the Incentive Units relating thereto, based on such
factors as the Administrator shall determine; and 
 (f)    subject to Section 6 hereof or any
similar provision in any Award Agreement, whether to modify, amend or adjust the terms and conditions of any Award. 

3.4    Profits Interest Determinations. The Administrator may take all actions necessary or appropriate to cause
the Incentive Units granted hereunder to be treated as “profits interests” for all United States federal income tax purposes. 

 3.5    Interpretation. The Administrator shall have the authority
to construe and interpret this Plan, prescribe, amend and rescind rules relating to this Plan’s administration and take any other actions necessary or desirable for the administration of this Plan. The Administrator may correct any defect or
supply any omission or reconcile any inconsistency or ambiguity in this Plan. The decisions of the Administrator shall be final and binding on all persons. 

4.    Incentive Units Subject to this Plan. Subject to Section 6 hereof, the number of Incentive Units
that the Company may issue under this Plan shall not exceed 2,500,000 Incentive Units. If and to the extent that any Award is forfeited (or repurchased by the Company for its original cost), the Incentive Units subject to such Awards shall again be
available for distribution under this Plan. 
 5.    Awards. 

5.1    General. Awards may be granted to Participants at such times as determined by the Administrator. Each Award
shall be evidenced by an Award Agreement which shall set out the material terms of the Award. 
 5.2    Terms and
Conditions of Awards. 
 (a)    Vesting. The Administrator shall establish such vesting criteria for the
Incentive Units as it determines in its discretion and shall include such vesting criteria in each Award Agreement. Vesting may be based on the continued service of the Participant or on the achievement of performance goals set out in the Award
Agreement. Incentive Units may also be fully vested on the Grant Date. Incentive Units that have not vested are “Restricted Incentive Units.” Incentive Units that have vested are “Unrestricted Incentive Units.” The
Administrator may, at any time, waive or accelerate any of the foregoing restrictions, in whole or in part, in its discretion. 

(b)    Profits Interest Threshold Amount. The Administrator shall specify the Profits Interest Threshold Amount
applicable to each Incentive Unit in the applicable Award Agreement in accordance with the LLC Agreement. The Profits Interest Threshold Amount applicable to any Incentive Unit issued pursuant to this Section 5 shall be no
less than the amount determined by the Administrator to be necessary to cause such Incentive Unit to constitute a “profits interest” within the meaning of Revenue Procedures 93-27 and 2001-43. 
 (c)    Restrictions on Transfer. Except as otherwise provided in
Section 5.3 hereof or in accordance with Article VIII of the LLC Agreement, a Participant shall not be permitted to sell, assign, transfer, pledge or otherwise encumber any Incentive Units. 

(d)    Voting. Participants shall have no voting rights with respect to Incentive Units granted under this Plan.

 5.3    Company’s Call Right. Unless otherwise determined by the Administrator and set forth in the
applicable Award Agreement, at any time prior to the consummation of a Qualified 

 
Public Offering or a Change in Control, the Company may, at its election, require the Service Provider and any or all of the Service Provider’s Permitted Transferees to either forfeit or
sell to the Company all or any portion of such Service Provider’s Incentive Units in connection with a Termination of Service at the following respective purchase prices: 

(a)    In the event of a Termination of Service for any reason, Restricted Incentive Units shall be forfeited without
consideration. 
 (b)    In the event of a Termination of Service for Cause, Unrestricted Incentive Units shall be
forfeited without consideration. 
 (c)    In the event of a Termination of Service (i) by a Company Group Member
for a reason other than Cause, or (ii) by the Service Provider for any reason (including as a result of the death or Disability of a Service Provider), the Company’s purchase price per Unrestricted Incentive Unit shall be its Fair Market
Value on the date of such Termination of Service. 
 The Company’s call right is subject to the terms and conditions, including procedural
requirements, in Section 8.07 of the LLC Agreement. The purchase price to be paid for such Incentive Units as set forth above in this Section 5.3 shall be payable by the Company in cash or by promissory note with a
term no longer than five (5) years, bearing interest at the prime lending rate as published in the Eastern Edition of The Wall Street Journal on the date of the call, and the full cash payment or first installment on the promissory note being
paid no later than thirty (30) days after the Company’s exercise of the call right pursuant to this Section 5.3. 

5.4    Company Conversion Option. Unless otherwise determined by the Administrator and set forth in the applicable
Award Agreement, at any time following a SPAC Transaction (including an Up-SPAC Transaction), the Company may, at its election, require any Service Provider upon a Termination of Service (including any
Termination of Service that may have occurred prior to the SPAC Transaction) to convert all or a portion of such Service Provider’s Incentive Units into shares or other equity securities of the SPAC into which holders of Incentive Units
otherwise may convert. 
 6.    Adjustments. If the Units are changed by reason of a change in corporate capitalization or
exchanged for other securities as a result of a merger, consolidation or reorganization, the Administrator shall make appropriate adjustments to the maximum number of Incentive Units that may be granted hereunder and shall make such adjustments to
the Incentive Units as shall be equitable and appropriate to prevent dilution or enlargement of the benefits provided by Awards granted under this Plan. 

7.    Change in Control. The Administrator may, in its discretion, provide in any Award Agreement that all or a portion of a
Participant’s Restricted Incentive Units shall become Unrestricted Incentive Units upon a Change in Control and/or that the restrictions and limitations applicable to the Incentive Units shall lapse and such Incentive Units shall become free of
all 

 
restrictions and become fully vested and transferable (subject to any restrictions generally applicable to other Members). In the event of a Change in Control and the Service Provider’s
Termination of Service with the Company for a reason other than Cause within twelve (12) months after the occurrence of the Change in Control (a “Double-Trigger Change in Control”), all Restricted Incentive Units that are
outstanding on the date of the Termination of Service shall fully vest and become Unrestricted Incentive Units. 
 8.    Withholding;
No Guarantee of Tax Treatment. 
 8.1    Withholding. Whenever Incentive Units are to be delivered to a
Participant under this Plan, the Company shall be entitled to require as a condition of delivery that the Participant agree to remit when (and if) due, an amount sufficient to satisfy all current or estimated future federal, state and local
withholding tax and employment tax requirements relating thereto. 
 8.2    No Guarantee of Tax Treatment. The
Incentive Units granted under this Plan are intended to be “profits interests” for United States federal income tax purposes pursuant to Revenue Procedures 94-27 and
2001-43. The Administrator may take all actions necessary or appropriate to cause the Incentive Units to be treated as profits interests for all United States federal income tax purposes. Notwithstanding the
foregoing, the Company does not guarantee that any Award intended to be a profits interest shall be treated as such for tax purposes, and none of the Administrator or any Company Group Member shall indemnify any individual with respect to the tax
consequences if they are not so treated. 
 9.    General Provisions. 

9.1    LLC Agreement; Spousal Consent. Any Incentive Units granted under this Plan shall be subject to the LLC
Agreement which may contain restrictions on the transferability of such Incentive Units (such as a right of first refusal or a prohibition on transfer) and such units may be subject to call rights and drag-along rights of the Company. As a condition
to receiving an Award under this Plan, the Participant shall be required to sign a joinder agreement to the LLC Agreement and, if required, obtain a spousal consent. 

9.2    No Right to Awards. No Participant shall have any claim to be granted any Award. There is no obligation for
uniformity of treatment of Participants or holders or beneficiaries of Awards and the terms and conditions of Awards need not be the same with respect to each Participant or holder or beneficiary. 

9.3    No Effect on Retirement and Other Benefit Plans. Except as specifically provided in a retirement or other
benefit plan of any Company Group Member, Awards granted hereunder shall not be deemed “compensation” for purposes of computing benefits or contributions under any retirement plan of any Company Group Member, and shall not affect any
benefits under any other benefit plan. This Plan is unfunded and is not intended to be a plan that is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and shall be interpreted accordingly. 

 9.4    Compliance with Law. The obligations of the Company with
respect to payments under this Plan are subject to compliance with all applicable laws and regulations. 

9.5    Effective Date; Term of Plan. This Plan shall become effective on the Effective Date. This Plan will remain
in effect until it is revised or terminated by further action of the Administrator. 
 9.6    Termination and
Amendment. The Administrator may at any time amend or modify this Plan in whole or in part. However, no amendment or termination of this Plan may impair the right of a Participant with respect to an Award previously granted under this Plan
without such Participant’s consent. Notwithstanding the foregoing, the Participant’s consent shall not be required if the Administrator determines in its sole discretion that such an amendment or modification or termination is required or
advisable for the Company Group Members, this Plan or the Award to satisfy any applicable law or regulation, stock exchange rule, over-the-counter market rule or to meet
the requirements of any intended accounting treatment. The Administrator may also amend this Plan and/or any Award Agreement without the Participant’s consent to the extent necessary to (a) comply with Section 409A of the Code; or
(b) ensure that the Incentive Units granted under this Plan are treated as profits interests for all United States federal income tax purposes. 

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

9.8    Severability. If any provision of this Plan shall for any reason be held to be invalid or unenforceable,
such invalidity or unenforceability shall not affect any other provision hereof, and this Plan shall be construed as if such invalid or unenforceable provision were omitted. 

9.9    Headings. The headings of sections herein are included solely for convenience and shall not affect the
meaning of any of the provisions of this Plan. 
 [Remainder of Page Intentionally Left Blank] 

 EXHIBIT A 

FORM OF INCENTIVE UNIT AWARD AGREEMENT 

[attached] 

 INCENTIVE UNIT AWARD AGREEMENT 

This Incentive Unit Award Agreement (this “Agreement”) is made and entered into as of [DATE] by and between Griid
Infrastructure Equity Plan LLC, a Delaware limited liability company (the “Company”), and [Participant Name] (the “Participant”). 

WHEREAS, the Company has adopted the Griid Infrastructure Equity Plan LLC Profits Interest Plan (the “Plan”); 

WHEREAS, the Administrator has authorized the grant to the Participant of the Incentive Units contemplated herein; and 

WHEREAS, capitalized terms used in this Agreement and not defined herein shall have the meanings ascribed to them in the Plan and, if
not defined therein, in the Company Limited Liability Company Agreement, dated as of April 14, 2021, as such may be amended, modified, superseded or replaced from time to time (the “LLC Agreement”). 

1.    Grant of Incentive Units. The Company hereby grants to the Participant [NUMBER] Incentive Units
pursuant to the terms of the Plan. The Incentive Units are intended to constitute “profits interests” in the Company within the meaning of Revenue Procedures 93-27 and
2001-43. However, notwithstanding any provisions herein or in the Plan, the Company does not guarantee that the Incentive Units will be treated as profits interests for tax purposes, and none of the
Administrator or any Company Group Member shall indemnify, defend or hold harmless the Participant with respect to the tax consequences if the profits interests are not so treated. By executing this Agreement, the Participant hereby accepts the
Incentive Units subject to all of the terms and provisions of this Agreement, the Plan and the LLC Agreement. 

2.    Section 83(b) Election. As a condition to the grant of the Incentive Units under this Agreement, no later
than thirty (30) days following the Grant Date, the Participant shall execute and file with the Internal Revenue Service an election under Section 83(b) of the Code substantially in the form attached hereto as Exhibit A, with
respect to such Incentive Units, and the Participant shall provide the Company with a copy of such executed and filed election promptly thereafter, along with a copy of proof of mailing; provided, however, that if the Participant refuses or
fails to timely file such election pursuant to Section 83(b) of the Code, the Participant will forfeit the Incentive Units granted under this Agreement, this Agreement shall be null and void ab initio and of no force or effect, and the
Company shall have no obligations to the Participant with respect to the forfeited Incentive Units. 

3.    Vesting. The Incentive Units shall vest in accordance with the following vesting schedule: [VESTING
SCHEDULE], subject to the Participant’s continued service with the applicable Company Group Member through the applicable vesting dates. The Incentive Units which have become vested pursuant this vesting schedule are referred to herein as
“Unrestricted Incentive Units” and the Incentive Units which are not vested are referred to herein as “Restricted Incentive Units”. 

4.    Distributions; Profits Interest Threshold Amount. The Participant will be entitled to distributions on the
Incentive Units in accordance with the terms of the LLC Agreement. The Participant understands that no distributions will be made on the Incentive Units until there has been distributed to holders of the Common Units an amount equal to the Profits
Interest Threshold Amount as of the Grant Date, which is $[AMOUNT]. 

 5.    Restrictions on Transfer; Call Rights. 

5.1    Transfer Restrictions. None of the Incentive Units may be conveyed, pledged, assigned, transferred,
hypothecated, encumbered or otherwise disposed of by the Participant or any Permitted Transferee, except as expressly provided in the LLC Agreement. 

5.2    Call Rights. The Company shall have the call rights set forth in Section 5.3 of the Plan with respect
to all Incentive Units. 
 6.    Change in Control. Notwithstanding Section 3 hereof,
and subject to the Participant’s continued service with the Company Group Member that employs the Participant, in the event of (i) a Change in Control, and (ii) the Participant’s Termination of Service other than for Cause within
one (1) year of the date of the Change in Control, all Restricted Incentive Units outstanding on the date of the Termination of Service shall fully vest on the date of the Termination of Service and become Unrestricted Incentive Units. 

7.    Representations and Warranties. The Participant hereby makes the following representations, warranties and
agreements with respect to the Incentive Units: 
 7.1    Restrictions. The Participant understands and agrees
that the Incentive Units are being sold or granted in a transaction not involving any public offering in the United States within the meaning of the Securities Act of 1933, as amended (the “Securities Act”) and that the Incentive
Units will not be registered under the Securities Act or any state or foreign securities or “blue sky” laws and that it is anticipated that there will be no public market for the Incentive Units. The Participant understands and agrees that
the Company is under no obligation to file any registration statement with the Securities and Exchange Commission in order to permit transfers of the Incentive Units. 

7.2    Nature of Participant. The Participant’s knowledge and experience in financial and business matters are
such that the Participant is capable of evaluating the merits and risks of the investment in the Incentive Units. The Participant understands that the Incentive Units are a speculative investment which involves a high degree of risk of loss of the
Participant’s investment therein. It may not be possible for the Participant to liquidate his or her investment in case of emergency, if at all. The Participant is able to bear the economic risk of an investment in the Incentive Units,
including the risk of a complete loss of his or her investment. 
 7.3    Purchase for Investment. The
Participant is acquiring the Incentive Units for his or her own account for investment purposes and not with a view to, or for offer or sale on behalf of himself or herself or for the Company in connection with, the distribution or resale thereof.

 7.4    Receipt of, Access to and Reliance on Information. The Participant acknowledges that (i) the
Company has given him or her, at a reasonable time prior to the Grant Date, an opportunity to ask questions and receive answers regarding the terms and conditions of the Plan (including the LLC Agreement and the Agreement); (ii) the Company has
given him or her, at a reasonable time prior to the date hereof, an opportunity to obtain any additional information that the Company possesses or can acquire without unreasonable effort or expense deemed necessary by him or her to verify the
accuracy of the information provided, and he or she received all such additional information requested; and (iii) he or she has not relied on any of the Company or any of its “affiliates” (as defined in Regulation D of the Securities
Exchange Act of 1934, as amended), officers, employees or representatives in connection with his or her investigation of the accuracy of the information provided or his or her investment decision. The Participant acknowledges that no person has been
authorized to give any information or to make any representations concerning the Incentive Units, written or oral, that does not conform to the information 

  
 2 

 
included in the Plan, the LLC Agreement or this Agreement and if given or made, such other information or representation should not be relied upon as having been authorized by any of the Company
or any of its respective affiliates, officers, employees or representatives. 
 7.5    No Misrepresentation;
Notification of Any Change. The Participant understands that the Company and others will rely upon the truth and accuracy of the foregoing acknowledgements, representations and warranties, and agrees that if any of the acknowledgements,
representations and warranties deemed to have been made by it upon its acquisition of the Incentive Units are no longer accurate at any time, it shall promptly notify the Company. 

7.6    State of Residence. The Participant is a resident of the state set forth below the Participant’s
signature to this Agreement. The Participant shall notify the Company of any change in his or her residence on or prior to the date of such change. 

8.    LLC Agreement; Joinder. The Participant (for the Participant and for any of the Participant’s Permitted
Transferees) hereby agrees to be bound by, and subject to, all of the terms and provisions of the LLC Agreement, including all restrictions on the transfer of the Incentive Units, and agrees to sign a joinder and spousal consent (if required) to the
LLC Agreement in connection with this Award substantially in the forms attached hereto as Exhibit B and Exhibit C. 

9.    Legend. Any certificate(s) representing the Incentive Units will bear a legend substantially as follows and
the Participant will not make any transfer of the Incentive Units without first complying with the restrictions described in such legend: 

“THE UNITS REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LIMITED LIABILITY COMPANY AGREEMENT AMONG THE COMPANY AND ITS MEMBERS, AND AN
INCENTIVE UNIT AWARD AGREEMENT BETWEEN THE COMPANY AND THE OTHER PARTY NAMED THEREIN, COPIES OF WHICH ARE ON FILE AT THE PRINCIPAL EXECUTIVE OFFICE OF THE COMPANY. NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THE
UNITS REPRESENTED BY THIS CERTIFICATE MAY BE MADE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SUCH LIMITED LIABILITY COMPANY AGREEMENT AND INCENTIVE UNIT AWARD AGREEMENT.” 

“THE UNITS REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY OTHER
APPLICABLE SECURITIES LAWS AND MAY NOT BE TRANSFERRED, SOLD, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT (A) PURSUANT TO A REGISTRATION STATEMENT EFFECTIVE UNDER SUCH ACT OR LAWS, OR (B) PURSUANT TO AN EXEMPTION FROM
REGISTRATION THEREUNDER.” 
 The Participant agrees that the Company may also endorse any other legends required by applicable federal
or state securities laws. 
 10.    No Right to Continued Service. Neither the Plan nor this Agreement shall
confer upon the Participant any right to be retained in any position, as an officer, employee, or consultant of the Company. Further, nothing in the Plan or this Agreement shall be construed to limit the discretion of the Company to terminate the
Participant’s employment or service at any time, with or without Cause. 
 11.    Withholding. The Incentive
Units are intended to qualify as profits interest with no liquidating value on the Grant Date. However, in the event that the Participant is required to recognize ordinary income in connection with the Incentive Units, the Company may require the
Participant to make payment to the Company to enable it to meet any withholding obligations that may be associated with such acquisition. 

  
 3 

 12.    Notices. Any notice or other communication under this
Agreement shall be in writing and shall be deemed to have been given if delivered personally or by registered or certified mail, postage prepaid, addressed to the recipient at the last known address of the recipient. Either party may designate
another address in writing (or by such other method approved by the Company) from time to time. 
 13.    Governing
Law. This Agreement will be construed and interpreted in accordance with the laws of the State of Delaware without regard to conflict of law principles. 

14.    Interpretation. Any dispute regarding the interpretation of this Agreement shall be submitted by the
Participant or the Company to the Administrator for review. The resolution of such dispute by the Administrator shall be final and binding on the Participant and the Company. 

15.    Incentive Units Subject to Plan. This Agreement and the Incentive Units to which it relates are subject to
the terms and conditions of the Plan. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail. 

16.    Integration. This Agreement, the Plan and the LLC Agreement contain the entire understanding of the parties
with respect to the subject matter hereof. This Agreement, the Plan and the LLC Agreement supersede all prior agreements and understandings between the parties with respect to such subject matter. 

17.    Successors. This Agreement shall be binding upon and inure to the benefit of the heirs, legal
representatives, successors and permitted assigns of the parties. 
 18.    Severability. The invalidity or
unenforceability of any provision of the Plan or this Agreement shall not affect the validity or enforceability of any other provision of the Plan or this Agreement, and each provision of the Plan and this Agreement shall be severable and
enforceable to the extent permitted by law. 
 19.    No Impact on Other Benefits. Except as specifically
provided in a retirement or other benefit plan of the Company or a Company Subsidiary, the Incentive Units are not part of the Participant’s normal or expected compensation for purposes of computing benefits or contributions under any
retirement or other employee benefit plan. 
 20.    Counterparts. This Agreement may be executed in
counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail in portable
document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature. 

[Remainder of Page Intentionally Left Blank; Signature Page Follows] 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Grant Date
written above. 
  

			
	 GRIID INFRASTRUCTURE EQUITY PLAN LLC
  

By: Griid Infrastructure LLC, its Managing Member

		
	By:	 	
                     
                    

	Name:	 	James D. Kelly III
	Title:	 	Chief Executive Officer
	
	[PARTICIPANT NAME]
		
	By:	 	  

	Name:	 	
	Address:

 Acknowledgement and Agreement of Spouse 

The undersigned spouse of the Participant acknowledges that he or she has read this Incentive Unit Award Agreement and the Plan and agrees to be bound thereby.

	
	  

	
	 Name:
  

OR
  

Declaration of Unmarried Status
  

I, [PARTICIPANT NAME], hereby declare that I am not married as of the date hereof.

	
	  

	Name:

 EXHIBIT A 

FORM OF SECTION 83(B) ELECTION 

[Attached] 

 SECTION 83(B) ELECTION 

            , 2021 

 

			
	Department of the Treasury	  	
		
	Internal Revenue Service Center	  	
		
	  
	  	
		
	  
	  	

 Ladies and Gentlemen: 

I hereby make an election pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, with respect to my interest in the
limited liability company described below. Although the interest with respect to which this election is made qualifies as a “partnership profits interest,” I make this election on a “protective” basis, notwithstanding the fact
that the IRS has announced in Revenue Procedure 93-27 and Revenue Procedure 2001-43 that, in general, the receipt of a partnership profit interest will not be treated as
a taxable event, in case it is ever determined that the interest does not so qualify. The following information is submitted as required by Treas. Reg. § 1.83-2(e): 

 

	(1)	 Name of Taxpayer: 

  

			
	Address:	 	                                      
                      
		
		 	                                      
                      
		
		 	                                      
                      
		
	SSN/EIN No.:	 	                                      
                      

  

	(2)	 Description of property with respect to which the election is being made: The election is being made with
respect to Incentive Units (the “Incentive Units”) of Griid Infrastructure Equity Plan LLC (the “Company”). 

  

	(3)	 The date on which the Incentive Units were transferred is
                    . The taxable year to which this election relates is calendar year
            . 

  

	(4)	 Restrictions to which property is subject: Among other restrictions, the Incentive Units are subject to vesting
conditions relating to continued service with the Company and its affiliates. 

  

	(5)	 The fair market value at the time of transfer (determined without regard to any restrictions other than
restrictions which by their terms will never lapse) of my membership interest in the Company with respect to which this election is being made is $0 per Incentive Unit. 

 

	(6)	 The amount paid by me for my Incentive Units in the Company was $0 per Incentive Unit. 

	(7)	 The amount I will include in income as the result of this election is $0. 

 

	(8)	 A copy of this election has been furnished to the Company. 

A copy of this election will be submitted to the Internal Revenue Service with my federal income tax return for the year ending
            . Please acknowledge receipt of this letter by signing or stamping the enclosed copy of this letter and return it in the enclosed, self-addressed, stamped envelope. 

Dated:              , 2021 

 

			
	  

Name:

 EXHIBIT B 

FORM OF JOINDER AGREEMENT 

[Attached] 

 JOINDER AGREEMENT 

The undersigned is executing and delivering this Joinder Agreement pursuant to the Limited Liability Company Agreement of Griid Infrastructure
Equity Plan LLC, a Delaware limited liability company, dated as of April 14, 2021 (as amended, restated, supplemented or otherwise modified from time to time, the “LLC Agreement”). Capitalized terms used but not defined in this
Joinder Agreement shall have the respective meanings ascribed to them in the LLC Agreement. 
 By executing and delivering this Joinder
Agreement, the undersigned hereby agrees to be admitted as a Member of the Company and to become a party to, be bound by, and comply with the provisions of the LLC Agreement in the same manner as if the undersigned were an original signatory to the
LLC Agreement as an Incentive Member. In connection therewith and without limiting the foregoing, effective as of the date hereof, the undersigned hereby makes the representations and warranties contained in the LLC Agreement. 

This Joinder Agreement is governed by and shall be construed in accordance with the laws of the State of Delaware. 

Accordingly, the undersigned has executed and delivered this Joinder Agreement as of the      day of
        , 20    . 
  

			
	By:	 	
                     
                                        

		 	  Name:

 
			
		
	Address:	 	
	
	  

	
	  

	
	  

		
	Telephone No.:	 	
                     
                                        

 
			
		
	Email:	 	
                     
                                    

 EXHIBIT C 

FORM OF SPOUSAL CONSENT 

[Attached] 

 SPOUSAL CONSENT 

In consideration of the execution of that certain Limited Liability Company Agreement of Griid Infrastructure Equity Plan LLC, a Delaware
limited liability company, dated as of April 14, 2021 (as amended, restated, supplemented or otherwise modified from time to time, the “LLC Agreement”), I, [●], the spouse of the Member, do hereby confirm that: 

(a)    I have read and approve of the provisions of the LLC Agreement and the Joinder Agreement; 

(b)    I do join with my spouse in executing the Joinder Agreement; 

(c)    I do agree to be bound by and accept the provisions of the LLC Agreement and the Joinder Agreement; and 

(d)    I do agree that any interests I may have in the limited liability company interests of the Company and any other
securities contemplated by the LLC Agreement, whether the interest may be community property or otherwise, shall be similarly bound by the LLC Agreement. 

I am aware that the legal, financial and related matters contained in the LLC Agreement and the Joinder Agreement are complex and that I am
free to seek independent professional guidance or counsel with respect to this spousal consent. I have either sought such guidance or counsel or determined after reviewing the LLC Agreement and the Joinder Agreement carefully to waive such right.

 This spousal consent is governed by and shall be construed in accordance with the laws of the State of Delaware. 

Acknowledged and agreed this      day of         ,
20    . 
  

	
	  

	Name:Exhibit
10.4

 

BRIGHT
MOUNTAIN MEDIA, INC.

 

2019
STOCK OPTION PLAN

 

The
purpose of the Bright Mountain Media, Inc., 2019 Stock Option Plan (the “Plan”) is to provide (i) designated employees of
Bright Mountain Media, Inc., (the “Company”) and its subsidiaries, (ii) certain consultants and advisors who perform services
for the Company or its subsidiaries and (iii) non- employee members of the Board of Directors of the Company (the “Board”)
with the opportunity to receive grants of incentive stock options and nonqualified stock options. The Company believes that the Plan
will encourage the participants to contribute materially to the growth of the Company, thereby benefiting the Company’s stockholders,
and will align the economic interests of the participants with those of the stockholders.

 

1.
Administration

 

a.
Committee. The Plan shall be administered by a committee appointed by the Board (the “Committee”), which may consist
of two or more persons who are “outside directors” as defined under section 162(m) of the Internal Revenue Code of 1986,
as amended (the “Code”), and related Treasury regulations and “non-employee directors” as defined under Rule
16b-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). In the event the Company does not have
at least two outside directors, the Board shall constitute the Committee.

 

b.
Committee Authority. The Committee shall have the sole authority to (i) determine the individuals to whom grants shall be made
under the Plan, (ii) determine the type, size and terms of the grants to be made to each such individual, (iii) determine the time when
the grants will be made and the duration of any applicable exercise period, including the criteria for exercisability and the acceleration
of exercisability, (iv) amend the terms of any previously issued grant, and (v) deal with any other matters arising under the Plan.

 

c.
Committee Determinations. The Committee shall have full power and authority to administer and interpret the Plan, to make factual
determinations and to adopt or amend such rules, regulations, agreements and instruments for implementing the Plan and for the conduct
of its business as it deems necessary or advisable, in its sole discretion. The Committee’s interpretations of the Plan and all
determinations made by the Committee pursuant to the powers vested in it hereunder shall be conclusive and binding on all persons having
any interest in the Plan or in any awards granted hereunder. All powers of the Committee shall be executed in its sole discretion, in
the best interest of the Company, not as a fiduciary, and in keeping with the objectives of the Plan and need not be uniform as to similarly
situated individuals.

 

2.
Grants

 

Awards
under the Plan may consist of grants of incentive stock options (“Incentive Stock Options”) and nonqualified stock options
(“Nonqualified Stock Options”). Incentive Stock Options and Nonqualified Stock Options are collectively referred to as “Options”
and “Grants”. All Grants shall be subject to the terms and conditions set forth herein and to such other terms and conditions
consistent with this Plan as the Committee deems appropriate and as are specified in writing by the Committee to the individual in a
grant instrument or an amendment to the grant instrument (the “Grant Instrument”).

 

The
Committee shall approve the form and provisions of each Grant Instrument. Grants under the Plan need not be uniform as among the grantees.

 

    	1

     

    

 

3.
Shares Subject to the Plan

 

a.
Shares Authorized. Subject to adjustment as described below, the aggregate number of shares of common stock of the Company (“Company
Stock”) that may be issued or transferred under the Plan is 5,000,000 shares. The maximum aggregate number of shares of Company
Stock that shall be subject to Grants made under the Plan to any individual during any calendar year shall be 100,000 shares, subject
to adjustment as described below. The shares may be authorized but unissued shares of Company Stock or reacquired shares of Company Stock,
including shares purchased by the Company on the open market for purposes of the Plan. If and to the extent Options granted under the
Plan terminate, expire, or are canceled, forfeited, exchanged or surrendered without having been exercised, the shares subject to such
Grants shall again be available for purposes of the Plan.

 

b.
Adjustments. If there is any change in the number or kind of shares of Company Stock outstanding (i) by reason of a stock dividend,
spinoff, recapitalization, stock split, or combination or exchange of shares, (ii) by reason of a merger, reorganization or consolidation
in which the Company is the surviving corporation, (iii) by reason of a reclassification or change in par value, or (iv) by reason of
any other extraordinary or unusual event affecting the outstanding Company Stock as a class without the Company’s receipt of consideration,
or if the value of outstanding shares of Company Stock is substantially reduced as a result of a spinoff or the Company’s payment
of an extraordinary dividend or distribution, the maximum number of shares of Company Stock available for Grants, the maximum number
of shares of Company Stock that any individual participating in the Plan may be granted in any year, the number of shares covered by
outstanding Grants, the kind of shares issued under the Plan, and the price per share or the applicable market value of such Grants may
be appropriately adjusted by the Committee to reflect any increase or decrease in the number of, or change in the kind or value of, issued
shares of Company Stock to preclude, to the extent practicable, the enlargement or dilution of rights and benefits under such Grants;
provided, however, that any fractional shares resulting from such adjustment shall be eliminated. Any adjustments determined by the Committee
shall be final, binding and conclusive.

 

4.
Eligibility for Participation

 

(a)
Eligible Persons. All employees of the Company and its subsidiaries (“Employees”), including Employees who are officers
or members of the Board, and members of the Board who are not Employees (“Non-Employee Directors”) shall be eligible to participate
in the Plan. Consultants and advisors who perform services for the Company or any of its subsidiaries (“Key Advisors”) shall
be eligible to participate in the Plan if the Key Advisors render bona fide services to the Company or its subsidiaries, the services
are not in connection with the offer and sale of securities in a capital-raising transaction and the Key Advisors do not directly or
indirectly promote or maintain a market for the Company’s securities.

 

(b)
Selection of Grantees. The Committee shall select the Employees, Non-Employee Directors and Key Advisors to receive Grants and
shall determine the number of shares of Company Stock subject to a particular Grant in such manner as the Committee determines. Employees,
Key Advisors and Non-Employee Directors who receive Grants under this Plan shall hereinafter be referred to as “Grantees.”

 

    	2

     

    

 

5.
Granting of Options

 

a.
Number of Shares. The Committee shall determine the number of shares of Company Stock that will be subject to each Grant of Options
to Employees, Non-Employee Directors and Key Advisors.

 

b.
Type of Option and Price.

 

(i)
The Committee may grant Incentive Stock Options that are intended to qualify as “incentive stock options” within the meaning
of section 422 of the Code or Nonqualified Stock Options that are not intended so to qualify or any combination of Incentive Stock Options
and Nonqualified Stock Options, all in accordance with the terms and conditions set forth herein. Incentive Stock Options may be granted
only to Employees. Nonqualified Stock Options may be granted to Employees, Non- Employee Directors and Key Advisors.

 

(ii)
The purchase price (the “Exercise Price”) of Company Stock subject to an Option shall be determined by the Committee and
may be equal to or greater than the Fair Market Value (as defined below) of a share of Company Stock on the date the Option is granted;
provided, however, that an Incentive Stock Option may not be granted to an Employee who, at the time of grant, owns stock possessing
more than 10 percent of the total combined voting power of all classes of stock of the Company or any parent or subsidiary of the Company,
unless the Exercise Price per share is not less than 110% of the Fair Market Value of Company Stock on the date of grant.

 

(iii)
If the Company Stock is publicly traded, then the Fair Market Value per share shall be determined as follows: (x) if the principal trading
market for the Company Stock is a national securities exchange or the Nasdaq National Market, the last reported sale price thereof on
the relevant date or (if there were no trades on that date) the latest preceding date upon which a sale was reported, or (y) if the Company
Stock is not principally traded on such exchange or market, the mean between the last reported “bid” and “asked”
prices of Company Stock on the relevant date, as reported on Nasdaq or, if not so reported, as reported by the National Daily Quotation
Bureau, Inc. or as reported in a customary financial reporting service, as applicable and as the Committee determines. If the Company
Stock is not publicly traded or, if publicly traded, is not subject to reported transactions or “bid” or “asked”
quotations as set forth above, the Fair Market Value per share shall be as determined by the Committee.

 

c.
Option Term. The Committee shall determine the term of each Option. The term of any Option shall not exceed ten years from the
date of grant. However, an Incentive Stock Option that is granted to an Employee who, at the time of grant, owns stock possessing more
than 10 percent of the total combined voting power of all classes of stock of the Company, or any parent or subsidiary of the Company,
may not have a term that exceeds five years from the date of grant.

 

d.
Exercisability of Options. Options shall become exercisable in accordance with such terms and conditions, consistent with the
Plan, as may be determined by the Committee and specified in the Grant Instrument. The Committee may accelerate the exercisability of
any or all outstanding Options at any time for any reason.

 

e.
Termination of Employment. Disability or Death.

 

(i)
Except for options granted to consultants and advisors and except as provided below, an Option ceases to vest in the event
that a Grantee ceases to be employed by the Company for any reason other than Disability or Death.

 

    	3

     

    

 

(ii)
In the event the Grantee ceases to be employed by the Company on account of a termination by the Company for fraud, embezzlement, insider
trading law violations, or such egregious actions, any Option held by the Grantee shall terminate as of the date the Grantee ceases to
be employed by the Company. In addition, notwithstanding any other provisions of this Section 5, if the Committee determines that the
Grantee has engaged in conduct that constitutes such illegal acts at any time while the Grantee is employed by the Company or after the
Grantee’s termination of employment, any Option held by the Grantee shall immediately terminate and the Grantee shall automatically
forfeit all shares underlying any exercised portion of an Option for which the Company has not yet delivered the share certificates,
upon refund by the Company of the Exercise Price paid by the Grantee for such shares. Upon any exercise of an Option, the Company may
withhold delivery of share certificates pending resolution of an inquiry that could lead to a finding resulting in a forfeiture.

 

(iii)
If the Grantee dies while employed by the Company or within 90 days after the date on which the Grantee ceases to be employed or provide
service on account of a termination specified in Section 5(e)(i) above (or within such other period of time as maybe specified by the
Committee), any Option that is otherwise exercisable by the Grantee shall terminate unless exercised within one year after the date on
which the Grantee dies, but in any event no later than the date of expiration of the Option term. In case of death, the Grantee heirs
may exercise any and all rights under this stock option plan within the time frame above. Except as otherwise provided by the Committee,
any of the Grantee’s Options that are not otherwise exercisable as of the date on which the Grantee ceases to be employed by the
Company shall terminate as of such date.

 

(iv)
For purposes of this Section 5(e):

 

	 	1.	The
    term “Company” shall mean the Company and its parent and subsidiary corporations or other entities, as determined by
    the Committee.
	 	 	 
	 	2.	“Employed
    by the Company” shall mean employment as an Employee, Key Advisor or member of the Board (so that, for purposes of exercising
    Options, a Grantee shall not be considered to have terminated employment until the Grantee ceases to be an Employee, Key Advisor
    and member of the Board), unless the Committee determines otherwise.
	 	 	 
	 	3.	“Disability”
    shall mean a Grantee’s becoming disabled within the meaning of section 22(e)(3) of the Code or the Grantee becomes entitled
    to receive long-term disability benefits under the Company’s long-term disability plan if said plan exists.
	 	 	 
	 	4.	“Cause”
    shall mean, except to the extent specified otherwise by the Committee, a finding by the Committee that the Grantee (i) has breached
    his or her employment contract with the Company, (ii) has engaged in disloyalty to the Company, including, without limitation, fraud,
    embezzlement, theft, commission of a felony or proven dishonesty in the course of his or her employment, (iii) has disclosed trade
    secrets or confidential information of the Company to persons not entitled to receive such information or (iv) has engaged in such
    other behavior detrimental to the interests of the Company as the Committee determines.

 

    	4

     

    

 

f.
Exercise of Options. A Grantee may exercise an Option that has become exercisable, in whole or in part, by delivering a notice
of exercise to the Company with payment of the Exercise Price. The Grantee shall pay the Exercise Price for an Option as specified by
the Committee (w) in cash, (x) with the approval of the Committee, by delivering shares of Company Stock owned by the Grantee (including
Company Stock acquired in connection with the exercise of an Option, subject to such restrictions as the Committee deems appropriate)
and having a Fair Market Value on the date of exercise equal to the Exercise Price or by attestation (on a form prescribed by the Committee)
to ownership of shares of Company Stock having a Fair Market Value on the date of exercise equal to the Exercise Price, (y) payment through
a broker in accordance with procedures permitted by Regulation T of the Federal Reserve Board, or (z) by such other method as the Committee
may approve. The Committee may authorize loans by the Company to Grantees in connection with the exercise of an Option, upon such terms
and conditions as the Committee, in its sole discretion, deems appropriate. Shares of Company Stock used to exercise an Option shall
have been held by the Grantee for the requisite period of time to avoid adverse accounting consequences to the Company with respect to
the Option. The Grantee shall pay the Exercise Price and the amount of any withholding tax due at the time of exercise.

 

g.
Limits on Incentive Stock Options. Each Incentive Stock Option shall provide that, if the aggregate Fair Market Value of the stock
on the date of the grant with respect to which Incentive Stock Options are exercisable for the first time by a Grantee during any calendar
year, under the Plan or any other stock option plan of the Company or a parent or subsidiary, exceeds $ 100,000, then the Option, as
to the excess, shall be treated as a Nonqualified Stock Option. An Incentive Stock Option shall not be granted to any person who is not
an Employee of the Company or a parent or subsidiary (within the meaning of section 424(f) of the Code).

 

6.
Deferrals

 

The
Committee may permit or require a Grantee to defer receipt of the payment of cash or the delivery of shares that would otherwise be due
to such Grantee in connection with any Option. If any such deferral election is permitted or required, the Committee shall, in its sole
discretion, establish rules and procedures for such deferrals.

 

7.
Withholding of Taxes

 

a.
Required Withholding. All Grants under the Plan shall be subject to applicable federal (including FICA), state and local tax withholding
requirements. In the case of Options, the Company may require that the Grantee or other person receiving or exercising Grants pay to
the Company the amount of any federal, state or local taxes that the Company is required to withhold with respect to such Grants, or
the Company may deduct from other wages paid by the Company the amount of any withholding taxes due with respect to such Grants.

 

b.
Election to Withhold Shares. If the Committee so permits, a Grantee may elect to satisfy the Company’s income tax withholding
obligation with respect to Options by having shares withheld up to an amount that does not exceed the Grantee’s minimum applicable
withholding tax rate for federal (including FICA), state and local tax liabilities. The election must be in a form and manner prescribed
by the Committee and may be subject to the prior approval of the Committee.

 

    	5

     

    

 

8.
Transferability of Grants

 

a.
Nontransferability of Grants. Except as provided below, only the Grantee may exercise rights under a Grant during the Grantee’s
lifetime. A Grantee may not transfer those rights except by will or by the laws of descent and distribution or, with respect to Grants
other than Incentive Stock Options, if permitted in any specific case by the Committee, pursuant to a domestic relations order. When
a Grantee dies, the personal representative or other person entitled to succeed to the rights of the Grantee (“Successor Grantee”)
may exercise such rights. A Successor Grantee must furnish proof satisfactory to the Company of his or her right to receive the Grant
under the Grantee’s will or under the applicable laws of descent and distribution.

 

b.
Transfer of Nonqualified Stock Options. Notwithstanding the foregoing, the Committee may provide, in a Grant Instrument, that
a Grantee may transfer Nonqualified Stock Options to family members, or one or more trusts or other entities for the benefit of or owned
by family members, consistent with the applicable securities laws, according to such terms as the Committee may determine; provided that
the Grantee receives no consideration for the transfer of an Option and the transferred Option shall continue to be subject to the same
terms and conditions as were applicable to the Option immediately before the transfer.

 

9.
Change of Control of the Company

 

As
used herein, a “Change of Control” shall be deemed to have occurred if:

 

a.
Any “person” (as such term is used in sections 13(d) and 14(d) of the Exchange Act) becomes a “beneficial owner”
(as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than 50% of
the voting power of the then outstanding securities of the Company; provided that a Change of Control shall not be deemed to occur as
a result of a transaction in which the Company becomes a subsidiary of another corporation and in which the stockholders of the Company,
immediately prior to the transaction, will beneficially own, immediately after the transaction, shares entitling such stockholders to
more than 50% of all votes to which all stockholders of the parent corporation would be entitled in the election of directors (without
consideration of the rights of any class of stock to elect directors by a separate class vote);

 

    	6

     

    

 

b.
The stockholders of the Company approve (or, if stockholder approval is not required, the Board approves) an agreement providing for
(i) the merger or consolidation of the Company with another corporation where the stockholders of the Company, immediately prior to the
merger or consolidation, will not beneficially own, immediately after the merger or consolidation, shares entitling such stockholders
to more than 50% of all votes to which all stockholders of the surviving corporation would be entitled in the election of directors (without
consideration of the rights of any class of stock to elect directors by a separate class vote), (ii) the sale or other disposition of
all or substantially all of the assets of the Company, or (iii) a liquidation or dissolution of the Company; or

 

c.
Any person has commenced a tender offer or exchange offer for 30% or more of the voting power of the then outstanding shares of the Company.

 

10.
Consequences of a Change of Control

 

a.
Assumption of Grants. Upon a Change of Control where the Company is not the surviving corporation (or survives only as a subsidiary
of another corporation), unless the Committee determines otherwise, all outstanding Options that are not exercised shall be assumed by,
or replaced with comparable options or rights by the surviving corporation (or a parent of the surviving corporation), and other outstanding
Grants shall be converted to similar grants of the surviving corporation (or a parent of the surviving corporation).

 

b.
Other Alternatives. Notwithstanding the foregoing, in the event of a Change of Control, the Committee may, but shall not be obligated
to, take any of the following actions with respect to any or all outstanding Grants: the Committee may (i) determine that outstanding
Options shall automatically accelerate and become fully exercisable, (ii) require that Grantees surrender their outstanding Options in
exchange for a payment by the Company, in cash or Company Stock as determined by the Committee, in an amount equal to the amount by which
the then Fair Market Value of the shares of Company Stock subject to the Grantee’s unexercised Options exceeds the Exercise Price
of the Options or (iii) after giving Grantees an opportunity to exercise their outstanding Options, terminate any or all unexercised
Options at such time as the Committee deems appropriate. Such surrender, termination or settlement shall take place as of the date of
the Change of Control or such other date as the Committee may specify. The Committee shall have no obligation to take any of the foregoing
actions, and, in the absence of any such actions, outstanding Grants shall continue in effect according to their terms (subject to any
assumption pursuant to Subsection (a)).

 

11.
Requirements for Issuance or Transfer of Shares

 

a.
Limitations on Issuance or Transfer of Shares. No Company Stock shall be issued or transferred in connection with any Option exercise
hereunder unless and until all legal requirements applicable to the issuance or transfer of such Company Stock have been complied with
to the satisfaction of the Committee. The Committee shall have the right to condition any Grant made to any Grantee hereunder on such
Grantee’s undertaking in writing to comply with such restrictions on his or her subsequent disposition of such shares of Company
Stock as the Committee shall deem necessary or advisable, and certificates representing such shares may be legended to reflect any such
restrictions. Certificates representing shares of Company Stock issued or transferred under the Plan will be subject to such stop-transfer
orders and other restrictions as may be required by applicable laws, regulations and interpretations, including any requirement that
a legend be placed thereon.

 

    	7

     

    

 

b.
Lock-Up Period. If so requested by the Company or any representative of the underwriters (the “Managing Underwriter”)
in connection with any underwritten offering of securities of the Company under the Securities Act of 1933, as amended (the “Securities
Act”), a Grantee(including any successors or assigns) shall not sell or otherwise transfer any shares or other securities of the
Company during the 30-day period preceding and the 120-day period following the effective date of a registration statement of the Company
filed under the Securities Act for such underwriting(or such shorter period as may be requested by the Managing Underwriter and agreed
to by theCompany) (the “Market Standoff Period”). The Company may impose stop-transfer instructions with respect to securities
subject to the foregoing restrictions until the end of such Market Standoff Period.

 

12.
Amendment and Termination of the Plan

 

a.
Amendment. The Board may amend or terminate the Plan at any time; provided, however, that the Board shall not amend the Plan without
stockholder approval if (i) such approval is required in order for Incentive Stock Options granted or to be granted under the Plan to
meet the requirements of section 422 of the Code, (ii) such approval is required in order to exempt compensation under the Plan from
the deduction limit under section 162(m) of the Code, or (iii) such approval is required by applicable stock exchange requirements.

 

b.
Termination of Plan. The Plan shall terminate on the day immediately preceding the tenth anniversary of its effective date, unless
the Plan is terminated earlier by the Board or is extended by the Board with the approval of the stockholders.

 

c.
Termination and Amendment of Outstanding Grants. A termination or amendment of the Plan that occurs after a Grant is made shall
not materially impair the rights of a Grantee unless the Grantee consents or unless the Committee acts under Section 18(b). The termination
of the Plan shall not impair the power and authority of the Committee with respect to an outstanding Grant. Whether or not the Plan has
terminated, an outstanding Grant may be terminated or amended under Section 18(b) or may be amended by agreement of the Company and the
Grantee consistent with the Plan.

 

d.
Governing Document. The Plan shall be the controlling document. No other statements, representations, explanatory materials or
examples, oral or written, may amend the Plan in any manner. The Plan shall be binding upon and enforceable against the Company and its
successors and assigns.

 

13.
Funding of the Plan

 

This
Plan shall be unfunded. The Company shall not be required to establish any special or separate fund or to make any other segregation
of assets to assure the payment of any Grants under this Plan. In no event shall interest be paid or accrued on any Grant, including
unpaid installments of Grants.

 

14.
Rights of Participants

 

Nothing
in this Plan shall entitle any Employee, Key Advisor, Non-Employee Director or other person to any claim or right to be granted a Grant
under this Plan. Neither this Plan nor any action taken hereunder shall be construed as giving any individual any rights to be retained
by or in the employ of the Company or any other employment rights.

 

    	8

     

    

 

15.
No Fractional Shares

 

No
fractional shares of Company Stock shall be issued or delivered pursuant to the Plan or any Grant. The Committee shall determine whether
cash, other awards or other property shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any
rights thereto shall be forfeited or otherwise eliminated.

 

16.
Headings

 

Section
headings are for reference only. In the event of a conflict between a title and the content of a Section, the content of the Section
shall control.

 

17.
Effective Date of the Plan.

 

The
Plan shall be effective on November 1, 2019.

 

18.
Miscellaneous

 

a.
Grants in Connection with Corporate Transactions and Otherwise. Nothing contained in this Plan shall be construed to (i) limit
the right of the Committee to make Grants under this Plan in connection with the acquisition, by purchase, lease, merger, consolidation
or otherwise, of the business or assets of any corporation, firm or association, including Grants to employees thereof who become Employees
of the Company, or for other proper corporate purposes, or (ii) limit the right of the Company to grant stock options or make other awards
outside of this Plan. Without limiting the foregoing, the Committee may make a Grant to an employee of another corporation who becomes
an Employee by reason of a corporate merger, consolidation, acquisition of stock or property, reorganization or liquidation involving
the Company or any of its subsidiaries in substitution for a stock option or stock awards grant made by such corporation. The terms and
conditions of the substitute grants may vary from the terms and conditions required by the Plan and from those of the substituted stock
incentives. The Committee shall prescribe the provisions of the substitute grants.

 

b.
Compliance with Law. The Plan, the exercise of Options and the obligations of the Company to issue or transfer shares of Company
Stock under Grants shall be subject to all applicable laws and to approvals by any governmental or regulatory agency as may be required.
With respect to persons subject to section 16 of the Exchange Act, it is the intent of the Company that the Plan and all transactions
under the Plan comply with all applicable provisions of Rule 16b-3 or its successors under the Exchange Act. In addition, it is the intent
of the Company that the Plan and applicable Grants under the Plan comply with the applicable provisions of section 162(m) of the Code
and section 422 of the Code. To the extent that any legal requirement of section 16 of the Exchange Act or section 162(m) or 422 of the
Code as set forth in the Plan ceases to be required under section 16 of the Exchange Act or section 162(m) or 422 of the Code, that Plan
provision shall cease to apply. The Committee may revoke any Grant if it is contrary to law or modify a Grant to bring it into compliance
with any valid and mandatory government regulation. The Committee may also adopt rules regarding the withholding of taxes on payments
to Grantees. The Committee may, in its sole discretion, agree to limit its authority under this Section.

 

c.
Governing Law. The validity, construction, interpretation and effect of the Plan and Grant Instruments issued under the Plan shall
be governed and construed by and determined in accordance with the laws of Florida, without giving effect to the conflict of laws provisions
thereof.

 

    	9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}]]