Document:

Exhibit 10.35

 

FORM OF

 

HYDROFARM HOLDINGS
GROUP, INC.

2018
EQUITY INCENTIVE PLAN

 

STOCK OPTION GRANT NOTICE

 

Hydrofarm
Holdings Group, Inc. (the "Company") hereby grants to you a stock option (the "Option")
to purchase shares of the Company's Common Stock under the Company's 2018 Equity Incentive Plan (the "Plan").
The Option is subject to all the terms and conditions set forth in this Stock Option Grant Notice (this "Grant Notice")
and in the Stock Option Agreement and in the Plan, which are attached to and incorporated into this Grant Notice in their entirety.

 

	Participant:	 	 	 
	 	 	 	 
	Grant Date:	 	 	 
	 	 	 	 
	Vesting Commencement Date:	 	 	 
	 	 	 	 
	Number of Shares Subject to Option:	 	 	 
	 	 	 	 
	Exercise Price (per Share):	 	 	 

 

	Option Expiration Date:	 	 	 	(subject to earlier termination in 
	 	 	accordance with the
terms of the Plan and the Stock Option Agreement)

 

	Type of Option: 	 	 ̈
    Incentive Stock Option* 	 	 ̈
    Nonqualified Stock Option

 

	Vesting and Exercisability Schedule (subject to continued employment or service):	 	[1/16th
    of the shares subject to the Option will vest and become exercisable quarterly thereafter over the next four years such
    that the Option is fully vested and exercisable on the fourth anniversary of the Grant Date; provided, however, that the unvested
    portion of the Option shall become fully vested and excisable immediately prior to the occurrence of a Change in Control (as
    defined in the Plan as of the date hereof) and the unvested Options that by their terms vest over the twelve month period
    immediately following Participant’s Qualifying Termination (as defined in Participant’s employment agreement dated
    January __, 2019 (the “Employment Agreement”)) shall become vested and exercisable upon Participant’s
    Qualifying Termination, provided that Participant complies with the terms of the Employment Agreement.]

 

Additional
Terms/Acknowledgement: You acknowledge receipt of, and understand and agree to, this Grant Notice, the Stock Option Agreement
and the Plan. You further acknowledge that as of the Grant Date, this Grant Notice, the Stock Option Agreement and the Plan set
forth the entire understanding between you and the Company regarding the Option and supersede all prior oral and written agreements
on the subject.

  

	HYDROFARM HOLDINGS GROUP, INC. 	 	PARTICIPANT
	 	 	 	 	 
	By:  	              	 	                               

  

 

 

 

*
See Sections 3, 4 and 5 of the Stock Option Agreement.

 

     

     

    

  

	Name: 	 	 	Signature
	Its:  	         	 	 	Date: 	    	 
	 	 	 	 	 
	 	 	 	Address:  	 
	Attachments:	 	 	 

1. Stock Option Agreement

2.
2018 Equity Incentive Plan

 

     

     

    

 

HYDROFARM HOLDINGS
GROUP, INC.

2018 EQUITY INCENTIVE
PLAN

 

STOCK OPTION AGREEMENT

 

Pursuant to your Stock Option
Grant Notice (the "Grant Notice") and this Stock Option Agreement (this "Agreement"),
Hydrofarm Holdings Group, Inc. (the "Company") has granted you an Option under its 2018 Equity Incentive
Plan (the "Plan") to purchase the number of shares of the Company's Common Stock indicated in your Grant
Notice (the "Shares") at the exercise price indicated in your Grant Notice. Capitalized terms not defined
in this Agreement but defined in the Plan have the same definitions as in the Plan.

 

The details of the Option are as follows:

 

1.      Vesting
and Exercisability. Subject to the limitations contained herein, the Option will vest and become exercisable as provided in
your Grant Notice, provided that, upon your Termination of Service, vesting will cease and the unvested portion of the Option will
terminate.

 

2.      Securities
Law Compliance. Notwithstanding any other provision of this Agreement, you may not exercise the Option unless the Shares issuable
upon exercise are registered under the Securities Act or, if such Shares are not then so registered, the Company has determined
that such exercise and issuance would be exempt from the registration requirements of the Securities Act. The exercise of the Option
must also comply with other applicable laws and regulations governing the Option, and you may not exercise the Option if the Company
determines that such exercise would not be in material compliance with such laws and regulations.

 

3.      Incentive
Stock Option Qualification. If so designated in your Grant Notice, all or a portion of the Option is intended to qualify as
an Incentive Stock Option under federal income tax law, but the Company does not represent or guarantee that the Option qualifies
as such.

 

If the Option has been designated
as an Incentive Stock Option and the aggregate Fair Market Value (determined as of the grant date) of the shares of Common Stock
subject to the portions of the Option and all other Incentive Stock Options you hold that first become exercisable during any calendar
year exceeds $100,000, any excess portion will be treated as a Nonqualified Stock Option, unless the Internal Revenue Service changes
the rules and regulations governing the $100,000 limit for Incentive Stock Options. A portion of the Option may be treated as a
Nonqualified Stock Option if certain events cause exercisability of the Option to accelerate.

 

4.      Notice
of Disqualifying Disposition. To the extent the Option has been designated as an Incentive Stock Option, to obtain certain
tax benefits afforded to Incentive Stock Options, you must hold the Shares issued upon the exercise of the Option for two years
after the Grant Date and one year after the date of exercise. By accepting the Option, you agree to promptly notify the Company
if you dispose of any of the Shares within one year from the date you exercise all or part of the Option or within two years from
the Grant Date.

 

    -1-

     

    

 

5.      Alternative
Minimum Tax. You may be subject to the alternative minimum tax at the time of exercise of an Incentive Stock Option.

 

6.      Independent
Tax Advice. You should obtain tax advice when exercising the Option and prior to the disposition of the Shares.

 

7.      Method
of Exercise. You may exercise the Option by giving written notice to the Company, in form and substance satisfactory to the
Company, which will state your election to exercise the Option and the number of Shares for which you are exercising the Option.
The written notice must be accompanied by full payment of the exercise price for the number of Shares you are purchasing. You may
make this payment in any combination of the following:

 

(a)      by cash;

 

(b)      by check
acceptable to the Company;

 

(c)      if permitted by the Plan
Administrator for Nonqualified Stock Options, by having the Company withhold shares of Common Stock that would otherwise be issued
on exercise of the Option that have a Fair Market Value on the date of exercise of the Option equal to the exercise price of the
Option;

 

(d)      if
permitted by the Plan Administrator, by using shares of Common Stock you already own;

 

(e)      if
the Common Stock is registered under the Exchange Act and to the extent permitted by law, by instructing a broker to deliver to
the Company the total payment required, all in accordance with the regulations of the Federal Reserve Board; or

 

(f)      by any other method permitted by the Plan Administrator.

 

Please note that the Company
is under no obligation to issue or deliver Shares under the Plan unless, in the opinion of the Company's counsel, such issuance,
delivery or distribution would comply with all applicable laws (including, without limitation, the requirements of the Securities
Act or the applicable laws of any U.S. or non-U.S. local, state or federal jurisdiction) and the applicable requirements of any
securities exchange or similar entity.

 

8.      Market
Standoff. You agree that any Shares received upon exercise of the Option are subject to the market standoff restrictions on
transfer set forth in the Plan.

 

9.      Treatment
Upon Termination of Employment or Service Relationship. The unvested portion of the Option will terminate automatically and
without further notice immediately upon your Termination of Service. You may exercise the vested portion of the Option as follows:

 

(a)      General Rule.
You must exercise the vested portion of the Option on or before the earlier of (i) six months after your Termination of Service
and (ii) the Option Expiration Date;

 

    -2-

     

    

 

(b)      Disability.
In the event of your Termination of Service due to Disability, you must exercise the vested portion of the Option on or before
the earlier of (i) twelve months after your Termination of Service and (ii) the Option Expiration Date;

 

(c)      Death. In the event
of your Termination of Service due to your death, the vested portion of the Option must be exercised on or before the earlier of
(i) one year after your Termination of Service and (ii) the Option Expiration Date. If you die after your Termination of Service
but while the Option is still exercisable, the vested portion of the Option may be exercised until the earlier of (x) twelve months
after the date of death and (y) the Option Expiration Date; and

 

(d)      Cause.
The vested portion of the Option will automatically expire at the time the Company first notifies you of your Termination of Service
for Cause, unless the Plan Administrator determines otherwise. If your employment or service relationship is suspended pending
an investigation of whether you will be terminated for Cause, all your rights under the Option likewise will be suspended during
the period of investigation. If any facts that would constitute termination for Cause are discovered after your Termination of
Service, any Option you then hold may be immediately terminated by the Plan Administrator.

 

The Option must be exercised
within three months after termination of employment for reasons other than death or disability and one year after termination of
employment due to disability to qualify for the beneficial tax treatment afforded Incentive Stock Options. For purposes of the
preceding, "disability" has the meaning attributed to that term for purposes of Section 422 of the Code.

 

It is your responsibility
to be aware of the date the Option terminates and is no longer exercisable.

 

10.      Limited
Transferability. During your lifetime only you can exercise the Option. The Option is not transferable except by will or by
the applicable laws of descent and distribution. The Plan provides for exercise of the Option by a beneficiary designated on a
Company-approved form or the personal representative of your estate. Notwithstanding the foregoing and to the extent permitted
by the Plan and Section 422 of the Code with respect to Incentive Stock Options, the Plan Administrator, in its sole discretion,
may permit you to assign or transfer the Option, subject to such terms and conditions as specified by the Plan Administrator.

 

11.      Withholding
Taxes. As a condition to the exercise of any portion of the Option, you must make such arrangements as the Company may require
for the satisfaction of any federal, state, local or foreign tax withholding obligations that may arise in connection with such
exercise.

 

12.      Option
Not an Employment or Service Contract. Nothing in the Plan or this Agreement will be deemed to constitute an employment contract
or confer or be deemed to confer any right for you to continue in the employ of, or to continue any other relationship with, the
Company or any Related Company or limit in any way the right of the Company or any Related Company to terminate your employment
or other relationship at any time, with or without cause.

 

    -3-

     

    

 

13.      No
Right to Damages. You will have no right to bring a claim or to receive damages if you are required to exercise the vested
portion of the Option within three months (one year in the case of Disability or death) of your Termination of Service or if any
portion of the Option is cancelled or expires unexercised. The loss of existing or potential profit in the Option will not constitute
an element of damages in the event of your Termination of Service for any reason even if the termination is in violation of an
obligation of the Company or a Related Company to you.

 

14.      Binding
Effect. This Agreement will inure to the benefit of the successors and assigns of the Company and be binding upon you and your
heirs, executors, administrators, successors and assigns.

 

15.      Electronic
Delivery. The Company may, in its sole discretion, decide to electronically sign and deliver any documents related to the Option
or any notices required by this Agreement, applicable law or the Company's certificate of incorporation or bylaws by email or any
other electronic means. By your signature on the Grant Notice, you consent to receive such documents and notices by such electronic
delivery and agree to participate in the Plan through an on-line or electronic system established and maintained by the Company
or a third party designated by the Company.

 

16.      No
Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations
regarding your participation in the Plan or your acquisition or sale of Shares underlying the Option. You should consult with your
own personal tax, legal and financial advisors regarding your participation in the Plan before taking any action related to the
Plan.

 

17.      Recovery
of Compensation.  In accordance with Section 18.13 of the Plan, the Option is subject to the requirements of (a) Section 954
of the Dodd-Frank Wall Street Reform and Consumer Protection Act (regarding recovery of erroneously awarded compensation) and any
implementing rules and regulations thereunder, (b) similar rules under the laws of any other jurisdiction, (c) any compensation
recovery or clawback policies adopted by the Company to implement any such requirements or (d) any other compensation recovery
or clawback policies as may be adopted from time to time by the Company, all to the extent determined by the Plan Administrator
in its discretion to be applicable to you and/or required by applicable law.

 

18.      Section
409A Compliance. Notwithstanding any provision in the Plan or this Agreement to the contrary, the Plan Administrator may, at
any time and without your consent, modify the terms of the Option as it determines appropriate to avoid the imposition of interest
or penalties under Section 409A of the Code; provided, however, that the Plan Administrator makes no representations
that the Option will be exempt from or comply with Section 409A of the Code and makes no undertaking to preclude Section 409A of
the Code from applying to the Option.

 

    -4-Exhibit 10.36

 

HYDROFARM HOLDINGS GROUP, INC.

 

2019 EMPLOYEE, DIRECTOR AND CONSULTANT
EQUITY INCENTIVE PLAN

 

		1.	DEFINITIONS.

 

Unless otherwise specified
or unless the context otherwise requires, the following terms, as used in this HydroFarm Holdings Group, Inc. 2019 Employee, Director
and Consultant Equity Incentive Plan, have the following meanings:

 

Administrator
means the Board of Directors, unless it has delegated power to act on its behalf to the Committee, in which case the term “Administrator”
means the Committee.

 

Affiliate
means a corporation or other entity which, for purposes of Section 424 of the Code, is a parent or subsidiary of the Company, direct
or indirect.

 

Agreement
means an agreement between the Company and a Participant pertaining to a Stock Right delivered pursuant to the Plan, in such form
as the Administrator shall approve.

 

Board
of Directors means the Board of Directors of the Company.

 

California
Participant means a Participant who resides in the State of California.

 

Cause
means, with respect to a Participant (a) dishonesty with respect to the Company or any Affiliate, (b) insubordination, substantial
malfeasance or non-feasance of duty, (c) unauthorized disclosure of confidential information, (d) breach by a Participant
of any provision of any employment, consulting, advisory, nondisclosure, non-competition or similar agreement between the Participant
and the Company or any Affiliate, and (e) conduct substantially prejudicial to the business of the Company or any Affiliate; provided,
however, that any provision in an agreement between a Participant and the Company or an Affiliate, which contains a conflicting
definition of Cause for termination and which is in effect at the time of such termination, shall supersede this definition with
respect to that Participant. The determination of the Administrator as to the existence of Cause will be conclusive on the Participant
and the Company.

 

Change
of Control means the occurrence of any of the following events:

 

		(i)	Ownership. Any “Person” (as such term is used
in Sections 13(d) and 14(d) of the Exchange Act) becomes the “Beneficial Owner” (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the total voting power represented
by the Company’s then outstanding voting securities (excluding for this purpose any such voting securities held by the Company
or its Affiliates or by any employee benefit plan of the Company) pursuant to a transaction or a series of related transactions
which the Board of Directors does not approve; or

 

     

     

    

 

		(ii)	Merger/Sale of Assets. (A) A merger or consolidation of
the Company whether or not approved by the Board of Directors, other than a merger or consolidation which would result in the voting
securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by
being converted into voting securities of the surviving entity or the parent of such entity) more than 50% of the total voting
power represented by the voting securities of the Company or such surviving entity or parent of such corporation, as the case may
be, outstanding immediately after such merger or consolidation; or (B) the sale or disposition by the Company of all or substantially
all of the Company’s assets in a transaction requiring stockholder approval; or

 

		(iii)	Change in Board Composition. A change in the composition
of the Board of Directors, as a result of which fewer than a majority of the directors are Incumbent Directors. “Incumbent
Directors” shall mean directors who either (A) are directors of the Company as of December 19, 2019, or (B) are elected,
or nominated for election, to the Board of Directors with the affirmative votes of at least a majority of the Incumbent Directors
at the time of such election or nomination (but shall not include an individual whose election or nomination is in connection with
an actual or threatened proxy contest relating to the election of directors to the Company).

 

		(iv)	“Change of Control” shall be interpreted, if applicable,
in a manner, and limited to the extent necessary, so that it will not cause adverse tax consequences under Section 409A of the
Code.

 

Code
means the United States Internal Revenue Code of 1986, as amended including any successor statute, regulation and guidance thereto.

 

Committee
means the committee of the Board of Directors, if any, to which the Board of Directors has delegated power to act under or pursuant
to the provisions of the Plan.

 

Common
Stock means shares of the Company’s common stock, $0.0001 par value per share.

 

Company
means HydroFarm Holdings Group, Inc., a Delaware corporation.

 

Consultant
means any natural person who is an advisor or consultant who provides bona fide services to the Company or its Affiliates, provided
that such services are not in connection with the offer or sale of securities in a capital raising transaction, and do not directly
or indirectly promote or maintain a market for the Company’s or its Affiliates’ securities.

 

    2 

     

    

 

Disability
or Disabled means permanent and total disability as defined in Section 22(e)(3) of the Code.

 

Employee
means any employee of the Company or of an Affiliate (including, without limitation, an employee who is also serving as an officer
or director of the Company or of an Affiliate), designated by the Administrator to be eligible to be granted one or more Stock
Rights under the Plan.

 

Exchange
Act means the United States Securities Exchange Act of 1934, as amended.

 

Fair
Market Value of a Share of Common Stock means:

 

(1)              
If the Common Stock is listed on a national securities exchange or traded in the over-the-counter market and sales prices
are regularly reported for the Common Stock, the closing or, if not applicable, the last price of the Common Stock on the composite
tape or other comparable reporting system for the trading day on the applicable date and if such applicable date is not a trading
day, the last market trading day prior to such date;

 

(2)              
If the Common Stock is not traded on a national securities exchange but is traded on the over-the-counter market, if sales
prices are not regularly reported for the Common Stock for the trading day referred to in clause (1), and if bid and asked
prices for the Common Stock are regularly reported, the mean between the bid and the asked price for the Common Stock at the close
of trading in the over-the-counter market for the most recent trading day on which Common Stock was traded on the applicable date
and if such applicable date is not a trading day, the last market trading day prior to such date; and

 

(3)              
If the Common Stock is neither listed on a national securities exchange nor traded in the over-the-counter market, such
value as the Administrator, in good faith, shall determine in compliance with applicable laws.

 

Non-Qualified
Option means an option which is not intended to qualify as an incentive stock option under Section 422 of the Code.

 

Option
means a Non-Qualified Option granted under the Plan.

 

Participant
means an Employee, director or Consultant of the Company or an Affiliate to whom one or more Stock Rights are granted under the
Plan. As used herein, “Participant” shall include “Participant’s Survivors” where the context requires.

 

Plan
means this HydroFarm Holdings Group, Inc. 2019 Employee, Director and Consultant Equity Incentive Plan.

 

Securities
Act means the Securities Act of 1933, as amended.

 

    3 

     

    

 

Shares
means shares of the Common Stock as to which Stock Rights have been or may be granted under the Plan or any shares of capital stock
into which the Shares are changed or for which they are exchanged within the provisions of Paragraph 3 of the Plan. The Shares
issued under the Plan may be authorized and unissued shares or shares held by the Company in its treasury, or both.

 

Stock-Based
Award means a grant by the Company under the Plan of an equity award or an equity based award which is not an Option
or a Stock Grant.

 

Stock
Grant means a grant by the Company of Shares under the Plan.

 

Stock
Right means a right to Shares or the value of Shares of the Company granted pursuant to the Plan: a Non-Qualified Option,
a Stock Grant or a Stock-Based Award.

 

Survivor
means a deceased Participant’s legal representatives and/or any person or persons who acquired the Participant’s rights
to a Stock Right by will or by the laws of descent and distribution.

 

		2.	PURPOSES OF THE PLAN.

 

The Plan is intended
to encourage ownership of Shares by Employees and directors of and certain Consultants to the Company and its Affiliates in order
to attract and retain such people, to induce them to work for the benefit of the Company or of an Affiliate and to provide additional
incentive for them to promote the success of the Company or of an Affiliate. The Plan provides for the granting of Non-Qualified
Options, Stock Grants and Stock-Based Awards.

 

		3.	SHARES SUBJECT TO THE PLAN.

 

(a)         
The number of Shares which may be issued from time to time pursuant to this Plan shall be 3,487,278 shares of Common Stock,
or the equivalent of such number of Shares after the Administrator, in its sole discretion, has interpreted the effect of any stock
split, stock dividend, combination, recapitalization or similar transaction in accordance with Paragraph 24 of the Plan.

 

(b)          If
an Option ceases to be “outstanding”, in whole or in part (other than by exercise), or if the Company shall reacquire
at not more than its original issuance price any Shares issued pursuant to a Stock Grant or Stock-Based Award, or if any Stock
Right expires or is forfeited, cancelled, or otherwise terminated or results in any Shares not being issued, the unissued or reacquired
Shares which were subject to such Stock Right shall again be available for issuance from time to time pursuant to this Plan. Notwithstanding
the foregoing, if a Stock Right is exercised, in whole or in part, by tender of Shares or if the Company or an Affiliate’s
tax withholding obligation is satisfied by withholding Shares, the number of Shares deemed to have been issued under the Plan for
purposes of the limitation set forth in Paragraph 3(a) above shall be the number of Shares that were subject to the Stock Right
or portion thereof, and not the net number of Shares actually issued.

 

    4 

     

    

 

		4.	ADMINISTRATION OF THE PLAN.

 

The Administrator of
the Plan will be the Board of Directors, except to the extent the Board of Directors delegates its authority to the Committee,
in which case the Committee shall be the Administrator. Subject to the provisions of the Plan, the Administrator is authorized
to:

 

(a)         
Interpret the provisions of the Plan and all Stock Rights and to make all rules and determinations which it deems necessary
or advisable for the administration of the Plan;

 

(b)         
Determine which Employees, directors and Consultants shall be granted Stock Rights;

 

(c)         
Determine the number of Shares for which a Stock Right or Stock Rights shall be granted;

 

(d)         
Specify the terms and conditions upon which a Stock Right or Stock Rights may be granted;

 

(e)         
Amend any term or condition of any outstanding Stock Right, including, without limitation, to reduce or increase the exercise
price or purchase price, accelerate the vesting schedule or extend the expiration date, provided that (i) such term or condition
as amended is permitted by the Plan; (ii) any such amendment shall not impair the rights of a Participant under any Stock Right
previously granted without such Participant’s consent or in the event of death of the Participant the Participant’s
Survivors; and (iii) any such amendment shall be made only after the Administrator determines whether such amendment would cause
any adverse tax consequences to the Participant;

 

(f)          
Buy out for a payment in cash or Shares, a Stock Right previously granted and/or cancel any such Stock Right and grant in
substitution therefor other Stock Rights, covering the same or a different number of Shares and having an exercise price or purchase
price per share which may be lower or higher than the exercise price or purchase price of the cancelled Stock Right, based on such
terms and conditions as the Administrator shall establish and the Participant shall accept; and

 

(g)         
Adopt any sub-plans applicable to residents of any specified jurisdiction as it deems necessary or appropriate in order
to comply with or take advantage of any tax or other laws applicable to the Company, any Affiliate or to Participants or to otherwise
facilitate the administration of the Plan, which sub-plans may include additional restrictions or conditions applicable to Stock
Rights or Shares issuable pursuant to a Stock Right;

 

provided, however, that all such interpretations,
rules, determinations, terms and conditions shall be made and prescribed in the context of potential tax consequences under Section
409A of the Code. Subject to the foregoing, the interpretation and construction by the Administrator of any provisions of the Plan
or of any Stock Right granted under it shall be final, unless otherwise determined by the Board of Directors, if the Administrator
is the Committee. In addition, if the Administrator is the Committee, the Board of Directors may take any action under the Plan
that would otherwise be the responsibility of the Committee.

 

To the extent permitted
under applicable law, the Board of Directors or the Committee may allocate all or any portion of its responsibilities and powers
to any one or more of its members and may delegate all or any portion of its responsibilities and powers to any other person selected
by it. The Board of Directors or the Committee may revoke any such allocation or delegation at any time.

 

    5 

     

    

 

		5.	ELIGIBILITY FOR PARTICIPATION.

 

The Administrator will,
in its sole discretion, name the Participants in the Plan; provided, however, that each Participant must be an Employee, director
or Consultant of the Company or of an Affiliate at the time a Stock Right is granted. Notwithstanding the foregoing, the Administrator
may authorize the grant of a Stock Right to a person not then an Employee, director or Consultant of the Company or of an Affiliate;
provided, however, that the actual grant of such Stock Right shall be conditioned upon such person becoming eligible to become
a Participant at or prior to the time of the execution of the Agreement evidencing such Stock Right. The granting of any Stock
Right to any individual shall neither entitle that individual to, nor disqualify him or her from, participation in any other grant
of Stock Rights or any grant under any other benefit plan established by the Company or any Affiliate for Employees, directors
or Consultants.

 

		6.	TERMS AND CONDITIONS OF OPTIONS.

 

Each Option shall be
set forth in writing in an Option Agreement, duly executed by the Company and, to the extent required by law or requested by the
Company, by the Participant. The Administrator may provide that Options be granted subject to such terms and conditions, consistent
with the terms and conditions specifically required under this Plan, as the Administrator may deem appropriate. Each Option shall
be a Non-Qualified Option and shall be subject to the terms and conditions which the Administrator determines to be appropriate
and in the best interest of the Company, subject to the following minimum standards for any such Non-Qualified Option:

 

(a)         
Exercise Price: Each Option Agreement shall state the exercise price (per share) of the Shares covered by each Option,
which exercise price shall be determined by the Administrator and shall be at least equal to the Fair Market Value per share of
the Common Stock on the date of grant of the Option.

 

(b)         
Number of Shares: Each Option Agreement shall state the number of Shares to which it pertains.

 

(c)         
Vesting Periods: Each Option Agreement shall state the date or dates on which it first is exercisable and the date
after which it may no longer be exercised, and may provide that the Option rights accrue or become exercisable in installments
over a period of months or years, or upon the occurrence of certain performance conditions or the attainment of stated goals or
events. For California Participants, the exercise period of the Option set forth in the Option Agreement shall not be more than
120 months from the date of grant.

 

(d)         
Additional Conditions: Exercise of any Option may be conditioned upon the Participant’s execution of a stockholders
agreement in a form satisfactory to the Administrator providing for certain protections for the Company and its other shareholders,
including requirements that:

 

    6 

     

    

 

(i)               
The Participant’s or the Participant’s Survivors’ right to sell or transfer the Shares may be restricted;
and

 

(ii)             
The Participant or the Participant’s Survivors may be required to execute letters of investment intent and must also
acknowledge that the Shares will bear legends noting any applicable restrictions.

 

(e)         
Term of Option: Each Option shall terminate not more than ten years from the date of the grant or at such earlier
time as the Option Agreement may provide.

 

		7.	TERMS AND CONDITIONS OF STOCK GRANTS.

 

Each Stock Grant to
a Participant shall state the principal terms in an Agreement duly executed by the Company and, to the extent required by law or
requested by the Company, by the Participant. For California Participants, each Stock Grant shall be issued within ten (10) years
from the date the Plan is adopted. The Agreement shall be in a form approved by the Administrator and shall contain terms and conditions
which the Administrator determines to be appropriate and in the best interest of the Company, subject to the following minimum
standards:

 

(a)         
Each Agreement shall state the purchase price per share, if any, of the Shares covered by each Stock Grant, which purchase
price shall be determined by the Administrator but shall not be less than the minimum consideration required by the Delaware General
Corporation Law, if any, on the date of the grant of the Stock Grant;

 

(b)         
Each Agreement shall state the number of Shares to which the Stock Grant pertains; and

 

(c)         
Each Agreement shall include the terms of any right of the Company to restrict or reacquire the Shares subject to the Stock
Grant, including the time and events upon which such rights shall accrue and the purchase price therefor, if any.

 

		8.	TERMS AND CONDITIONS OF OTHER STOCK-BASED AWARDS.

 

The Administrator shall
have the right to grant other Stock-Based Awards based upon the Common Stock having such terms and conditions as the Administrator
may determine, including, without limitation, the grant of Shares based upon certain conditions, the grant of securities convertible
into Shares and the grant of stock appreciation rights, phantom stock awards or stock units. The principal terms of each Stock-Based
Award shall be set forth in an Agreement, duly executed by the Company and, to the extent required by law or requested by the Company,
by the Participant. The Agreement shall be in a form approved by the Administrator and shall contain terms and conditions which
the Administrator determines to be appropriate and in the best interest of the Company. Each Agreement shall include the terms
of any right of the Company including the right to terminate the Stock-Based Award without the issuance of Shares, the terms of
any vesting conditions or events upon which Shares shall be issued. Under no circumstances may the Agreement covering stock appreciation
rights (a) have a base price (per share) that is less than the Fair Market Value per share of Common Stock on the date of grant
or (b) expire more than ten years following the date of grant.

 

    7 

     

    

 

The Company intends
that the Plan and any Stock-Based Awards granted hereunder be exempt from the application of Section 409A of the Code or meet the
requirements of paragraphs (2), (3) and (4) of subsection (a) of Section 409A of the Code, to the extent applicable, and be operated
in accordance with Section 409A so that any compensation deferred under any Stock-Based Award (and applicable investment earnings)
shall not be included in income under Section 409A of the Code. Any ambiguities in the Plan shall be construed to effect the intent
as described in this Paragraph 8.

 

		9.	EXERCISE OF OPTIONS AND ISSUE OF SHARES.

 

An Option (or any part
or installment thereof) shall be exercised by giving written notice to the Company or its designee (in a form acceptable to the
Administrator, which may include electronic notice), together with provision for payment of the aggregate exercise price in accordance
with this Paragraph for the Shares as to which the Option is being exercised, and upon compliance with any other condition(s) set
forth in the Option Agreement. Such notice shall be signed by the person exercising the Option (which signature may be provided
electronically in a form acceptable to the Administrator), shall state the number of Shares with respect to which the Option is
being exercised and shall contain any representation required by the Plan or the Option Agreement. Payment of the exercise price
for the Shares as to which such Option is being exercised shall be made (a) in United States dollars in cash or by check,
or (b) at the discretion of the Administrator, through delivery of shares of Common Stock held for at least six months (if
required to avoid negative accounting treatment) having a Fair Market Value equal as of the date of the exercise to the aggregate
cash exercise price for the number of Shares as to which the Option is being exercised, or (c) at the discretion of the Administrator,
by having the Company retain from the Shares otherwise issuable upon exercise of the Option, a number of Shares having a Fair Market
Value equal as of the date of exercise to the aggregate exercise price for the number of Shares as to which the Option is being
exercised, or (d) at the discretion of the Administrator (after consideration of applicable securities, tax and accounting implications),
by delivery of the grantee’s personal recourse note bearing interest payable not less than annually at no less than one hundred
(100%) of the applicable Federal rate, as defined in Section 1274(d) of the Code, or (e) at the discretion of the Administrator,
in accordance with a cashless exercise program established with a securities brokerage firm, and approved by the Administrator,
or (f) at the discretion of the Administrator, by any combination of (a), (b), (c), (d) and (e) above or (g) at the discretion
of the Administrator, by payment of such other lawful consideration as the Administrator may determine.

 

The Company shall then
reasonably promptly deliver the Shares as to which such Option was exercised to the Participant (or to the Participant’s
Survivors, as the case may be). In determining what constitutes “reasonably promptly,” it is expressly understood that
the issuance and delivery of the Shares may be delayed by the Company in order to comply with any law or regulation (including,
without limitation, state securities or “blue sky” laws) which requires the Company to take any action with respect
to the Shares prior to their issuance. The Shares shall, upon delivery, be fully paid, non-assessable Shares.

 

    8 

     

    

 

		10.	PAYMENT IN CONNECTION WITH THE ISSUANCE OF STOCK GRANTS AND STOCK-BASED AWARDS AND ISSUE OF
SHARES.

 

Any Stock Grant or
Stock-Based Award requiring payment of a purchase price for the Shares as to which such Stock Grant or Stock-Based Award is being
granted shall be made (a) in United States dollars in cash or by check, or (b) at the discretion of the Administrator, through
delivery of shares of Common Stock held for at least six months (if required to avoid negative accounting treatment) and having
a Fair Market Value equal as of the date of payment to the purchase price of the Stock Grant or Stock-Based Award, or (c) at the
discretion of the Administrator (after consideration of applicable securities, tax and accounting implications), by delivery of
the grantee’s personal recourse note bearing interest payable not less than annually at no less than one hundred percent
(100%) of the applicable Federal rate, as defined in Section 1274(d) of the Code, or (d) at the discretion of the Administrator,
by any combination of (a), (b) and (c) above; or (e) at the discretion of the Administrator, by payment of such other lawful consideration
as the Administrator may determine.

 

The Company shall when
required by the applicable Agreement, reasonably promptly deliver the Shares as to which such Stock Grant or Stock-Based Award
was made to the Participant (or to the Participant’s Survivors, as the case may be), subject to any escrow provision set
forth in the applicable Agreement. In determining what constitutes “reasonably promptly,” it is expressly understood
that the issuance and delivery of the Shares may be delayed by the Company in order to comply with any law or regulation (including,
without limitation, state securities or “blue sky” laws) which requires the Company to take any action with respect
to the Shares prior to their issuance.

 

		11.	RIGHTS AS A SHAREHOLDER.

 

No Participant to whom
a Stock Right has been granted shall have rights as a shareholder with respect to any Shares covered by such Stock Right except
after due exercise of an Option or issuance of Shares as set forth in any Agreement, tender of the aggregate exercise or purchase
price, if any, for the Shares being purchased and registration of the Shares in the Company’s share register in the name
of the Participant.

 

		12.	ASSIGNABILITY AND TRANSFERABILITY OF STOCK RIGHTS.

 

By its terms, a Stock
Right granted to a Participant shall not be transferable by the Participant other than (i) by will or by the laws of descent and
distribution, or (ii) as approved by the Administrator in its discretion and set forth in the applicable Agreement, provided that
no Stock Right may be transferred by a Participant for value. For California Participants, Stock Rights shall not be transferable
by the Participant other than by will or by the laws of descent and distribution, to a revocable trust, or as permitted by Rule
701 of the Securities Act. The designation of a beneficiary of a Stock Right by a Participant, with the prior approval of the Administrator
and in such form as the Administrator shall prescribe, shall not be deemed a transfer prohibited by this Paragraph. Except as provided
above during the Participant’s lifetime a Stock Right shall only be exercisable by or issued to such Participant (or his
or her legal representative) and shall not be assigned, pledged or hypothecated in any way (whether by operation of law or otherwise)
and shall not be subject to execution, attachment or similar process. Any attempted transfer, assignment, pledge, hypothecation
or other disposition of any Stock Right or of any rights granted thereunder contrary to the provisions of this Plan, or the levy
of any attachment or similar process upon a Stock Right, shall be null and void.

 

    9 

     

    

 

		13.	EFFECT ON OPTIONS OF TERMINATION OF SERVICE OTHER THAN FOR CAUSE OR DEATH OR DISABILITY.

 

Except as otherwise
provided in a Participant’s Option Agreement, in the event of a termination of service (whether as an Employee, director
or Consultant) with the Company or an Affiliate before the Participant has exercised an Option, the following rules apply:

 

(a)         
A Participant who ceases to be an Employee, director or Consultant of the Company or of an Affiliate (for any reason other
than termination for Cause, Disability, or death for which events there are special rules in Paragraphs 14, 15, and 16, respectively),
may exercise any Option granted to him or her to the extent that the Option is exercisable on the date of such termination of service,
but only within such term as the Administrator has designated in a Participant’s Option Agreement. For Options granted to
California Participants, notwithstanding the terms of any Option Agreement, such Option shall be exercisable for at least thirty
(30) days from the date of a Participant’s termination of employment other than for Cause, but in no event later than the
originally prescribed term of the Option.

 

(b)        
The provisions of this Paragraph, and not the provisions of Paragraph 15 or 16, shall apply to a Participant who subsequently
becomes Disabled or dies after the termination of employment, director status or consultancy; provided, however, in the case of
a Participant’s Disability or death within three months after the termination of employment, director status or consultancy,
the Participant or the Participant’s Survivors may exercise the Option within one year after the date of the Participant’s
termination of service, but in no event after the date of expiration of the term of the Option.

 

(c)         
Notwithstanding anything herein to the contrary, if subsequent to a Participant’s termination of employment, termination
of director status or termination of consultancy, but prior to the exercise of an Option, the Administrator determines that, either
prior or subsequent to the Participant’s termination, the Participant engaged in conduct which would constitute Cause, then
such Participant shall forthwith cease to have any right to exercise any Option.

 

(d)        
A Participant to whom an Option has been granted under the Plan who is absent from the Company or an Affiliate because of
temporary disability (any disability other than a Disability as defined in Paragraph 1 hereof), or who is on leave of absence for
any purpose, shall not, during the period of any such absence, be deemed, by virtue of such absence alone, to have terminated such
Participant’s employment, director status or consultancy with the Company or with an Affiliate, except as the Administrator
may otherwise expressly provide.

 

(e)         
Except as required by law or as set forth in a Participant’s Option Agreement, Options granted under the Plan shall
not be affected by any change of a Participant’s status within or among the Company and any Affiliates, so long as the Participant
continues to be an Employee, director or Consultant of the Company or any Affiliate.

 

		14.	EFFECT ON OPTIONS OF TERMINATION OF SERVICE FOR CAUSE.

 

Except as otherwise
provided in a Participant’s Option Agreement, the following rules apply if the Participant’s service (whether as an
Employee, director or Consultant) with the Company or an Affiliate is terminated for Cause prior to the time that all of his or
her outstanding Options have been exercised:

 

    10 

     

    

 

(a)         
All outstanding and unexercised Options as of the time the Participant is notified his or her service is terminated for
Cause will immediately be forfeited.

 

(b)         
Cause is not limited to events which have occurred prior to a Participant’s termination of service, nor is it necessary
that the Administrator’s finding of Cause occur prior to termination. If the Administrator determines, subsequent to a Participant’s
termination of service but prior to the exercise of an Option, that either prior or subsequent to the Participant’s termination
the Participant engaged in conduct which would constitute Cause, then the right to exercise any Option is forfeited.

 

		15.	EFFECT ON OPTIONS OF TERMINATION OF SERVICE FOR DISABILITY.

 

Except as otherwise
provided in a Participant’s Option Agreement,

 

(a)         
A Participant who ceases to be an Employee, director or Consultant of the Company or of an Affiliate by reason of Disability
may exercise any Option granted to such Participant:

 

		(i)	To the extent that the Option has become exercisable
but has not been exercised on the date of the Participant’s termination of service due to Disability; and

 

		(ii)	In the event rights to exercise the Option accrue periodically,
to the extent of a pro rata portion through the date of the Participant’s termination of service due to Disability of any
additional vesting rights that would have accrued on the next vesting date had the Participant not become Disabled. The proration
shall be based upon the number of days accrued in the current vesting period prior to the date of the Participant’s termination
of service due to Disability.

 

(b)         
A Disabled Participant may exercise the Option only within the period ending one year after the date of the Participant’s
termination of service due to Disability, notwithstanding that the Participant might have been able to exercise the Option as to
some or all of the Shares on a later date if the Participant had not been terminated due to Disability and had continued to be
an Employee, director or Consultant or, if earlier, within the originally prescribed term of the Option. Notwithstanding the terms
of any Option Agreement, for Options granted to California Participants, a Participant may exercise such rights for at least six
(6) months from the date of termination of service due to Disability but in no event later than the originally prescribed term
of the Option.

 

(c)         
The Administrator shall make the determination both of whether Disability has occurred and the date of its occurrence (unless
a procedure for such determination is set forth in another agreement between the Company and such Participant, in which case such
procedure shall be used for such determination). If requested, the Participant shall be examined by a physician selected or approved
by the Administrator, the cost of which examination shall be paid for by the Company.

 

    11 

     

    

 

		16.	EFFECT ON OPTIONS OF DEATH WHILE AN EMPLOYEE, DIRECTOR OR CONSULTANT.

 

Except as otherwise
provided in a Participant’s Option Agreement,

 

(a)         
In the event of the death of a Participant while the Participant is an Employee, director or Consultant of the Company or
of an Affiliate, such Option may be exercised by the Participant’s Survivors:

 

		(i)	To the extent that the Option has become exercisable
but has not been exercised on the date of death; and

 

		(ii)	In the event rights to exercise the Option accrue periodically,
to the extent of a pro rata portion through the date of death of any additional vesting rights that would have accrued on the
next vesting date had the Participant not died. The proration shall be based upon the number of days accrued in the current vesting
period prior to the Participant’s date of death.

 

(b)         
If the Participant’s Survivors wish to exercise the Option, they must take all necessary steps to exercise the Option
within one year after the date of death of such Participant, notwithstanding that the decedent might have been able to exercise
the Option as to some or all of the Shares on a later date if he or she had not died and had continued to be an Employee, director
or Consultant or, if earlier, within the originally prescribed term of the Option. For Options granted to California Participants,
notwithstanding the terms of any Option Agreement, the Participant’s Survivors shall be allowed to take all necessary steps
to exercise the Option for at least six (6) months from the date of death of such Participant but in no event later than the originally
prescribed term of the Option.

 

		17.	EFFECT OF TERMINATION OF SERVICE ON UNACCEpTED STOCK GRANTS AND STOCK-BASED AWARDS.

 

In the event of a termination
of service (whether as an Employee, director or Consultant) with the Company or an Affiliate for any reason before the Participant
has accepted a Stock Grant or a Stock-Based Award and paid the purchase price, if required at the time, such grant shall terminate.

 

For purposes of this
Paragraph 17 and Paragraph 18 below, a Participant to whom a Stock Grant or a Stock-Based Award has been issued under the Plan
who is absent from work with the Company or with an Affiliate because of temporary disability (any disability other than a Disability
as defined in Paragraph 1 hereof), or who is on leave of absence for any purpose, shall not, during the period of any such absence,
be deemed, by virtue of such absence alone, to have terminated such Participant’s employment, director status or consultancy
with the Company or with an Affiliate, except as the Administrator may otherwise expressly provide.

 

    12 

     

    

 

In addition, for purposes
of this Paragraph 17 and Paragraph 18 below, any change of employment or other service within or among the Company and any Affiliates
shall not be treated as a termination of employment, director status or consultancy so long as the Participant continues to be
an Employee, director or Consultant of the Company or any Affiliate.

 

		18.	EFFECT ON STOCK GRANTS AND STOCK-BASED AWARDS OF TERMINATION OF SERVICE OTHER THAN FOR CAUSE,
DEATH OR DISABILITY.

 

Except as otherwise
provided in a Participant’s Agreement, in the event of a termination of service (whether as an Employee, director or Consultant),
other than termination for Cause, death or Disability for which events there are special rules in Paragraphs 19, 20, and 21, respectively,
before all forfeiture provisions or Company rights of repurchase shall have lapsed, then the Company shall have the right to cancel
or repurchase that number of Shares subject to a Stock Grant or Stock-Based Award as to which the Company’s forfeiture or
repurchase rights have not lapsed.

 

		19.	EFFECT ON STOCK GRANTS AND STOCK-BASED AWARDS OF TERMINATION OF SERVICE FOR CAUSE.

 

Except as otherwise
provided in a Participant’s Agreement, the following rules apply if the Participant’s service (whether as an Employee,
director or Consultant) with the Company or an Affiliate is terminated for Cause:

 

(a)         
All Shares subject to any Stock Grant or Stock-Based Award that remain subject to forfeiture provisions or as to which the
Company shall have a repurchase right shall be immediately forfeited to the Company as of the time the Participant is notified
his or her service is terminated for Cause.

 

(b)         
Cause is not limited to events which have occurred prior to a Participant’s termination of service, nor is it necessary
that the Administrator’s finding of Cause occur prior to termination. If the Administrator determines, subsequent to a Participant’s
termination of service, that either prior or subsequent to the Participant’s termination the Participant engaged in conduct
which would constitute Cause, then all Shares subject to any Stock Grant or Stock-Based Award that remained subject to forfeiture
provisions or as to which the Company had a repurchase right on the date of termination shall be immediately forfeited to the Company.

 

		20.	EFFECT ON STOCK GRANTS AND STOCK-BASED AWARDS OF TERMINATION OF SERVICE FOR DISABILITY.

 

Except as otherwise
provided in a Participant’s Agreement, the following rules apply if a Participant ceases to be an Employee, director or Consultant
of the Company or of an Affiliate by reason of Disability: to the extent the forfeiture provisions or the Company’s rights
of repurchase have not lapsed on the date of Disability, they shall be exercisable; provided, however, that in the event such forfeiture
provisions or rights of repurchase lapse periodically, such provisions or rights shall lapse to the extent of a pro rata portion
of the Shares subject to such Stock Grant or Stock-Based Award through the date of Disability as would have lapsed had the Participant
not become Disabled. The proration shall be based upon the number of days accrued prior to the date of Disability.

 

    13 

     

    

 

The Administrator shall
make the determination both as to whether Disability has occurred and the date of its occurrence (unless a procedure for such determination
is set forth in another agreement between the Company and such Participant, in which case such procedure shall be used for such
determination). If requested, the Participant shall be examined by a physician selected or approved by the Administrator, the cost
of which examination shall be paid for by the Company.

 

		21.	EFFECT ON STOCK GRANTS AND STOCK-BASED AWARDS OF DEATH WHILE AN EMPLOYEE, DIRECTOR OR CONSULTANT.

 

Except as otherwise
provided in a Participant’s Agreement, the following rules apply in the event of the death of a Participant while the Participant
is an Employee, director or Consultant of the Company or of an Affiliate: to the extent the forfeiture provisions or the Company’s
rights of repurchase have not lapsed on the date of death, they shall be exercisable; provided, however, that in the event such
forfeiture provisions or rights of repurchase lapse periodically, such provisions or rights shall lapse to the extent of a pro
rata portion of the Shares subject to such Stock Grant or Stock-Based Award through the date of death as would have lapsed had
the Participant not died. The proration shall be based upon the number of days accrued prior to the Participant’s date of
death.

 

		22.	PURCHASE FOR INVESTMENT.

 

Unless the offering
and sale of the Shares shall have been effectively registered under the Securities Act, the Company shall be under no obligation
to issue Shares under the Plan unless and until the following conditions have been fulfilled:

 

(a)         
The person who receives a Stock Right shall warrant to the Company, prior to the receipt of Shares, that such person is
acquiring such Shares for his or her own account, for investment, and not with a view to, or for sale in connection with, the distribution
of any such Shares, in which event the person acquiring such Shares shall be bound by the provisions of the following legend (or
a legend in substantially similar form) which shall be endorsed upon the certificate evidencing the Shares issued pursuant to such
exercise or such grant:

 

“The shares represented
by this certificate have been taken for investment and they may not be sold or otherwise transferred by any person, including a
pledgee, unless (1) either (a) a Registration Statement with respect to such shares shall be effective under the Securities Act
of 1933, as amended, or (b) the Company shall have received an opinion of counsel satisfactory to it that an exemption from registration
under such Act is then available, and (2) there shall have been compliance with all applicable state securities laws.”

 

(b)         
At the discretion of the Administrator, the Company shall have received an opinion of its counsel that the Shares may be
issued in compliance with the Securities Act without registration thereunder.

 

    14 

     

    

 

		23.	DISSOLUTION OR LIQUIDATION OF THE COMPANY.

 

Upon the dissolution
or liquidation of the Company, all Options granted under this Plan which as of such date shall not have been exercised and all
Stock Grants and Stock-Based Awards which have not been accepted, to the extent required under the applicable Agreement, will terminate
and become null and void; provided, however, that if the rights of a Participant or a Participant’s Survivors have not otherwise
terminated and expired, the Participant or the Participant’s Survivors will have the right immediately prior to such dissolution
or liquidation to exercise or accept any Stock Right to the extent that the Stock Right is exercisable or subject to acceptance
as of the date immediately prior to such dissolution or liquidation. Upon the dissolution or liquidation of the Company, any outstanding
Stock-Based Awards shall immediately terminate unless otherwise determined by the Administrator or specifically provided in the
applicable Agreement.

 

		24.	ADJUSTMENTS.

 

Upon the occurrence
of any of the following events, a Participant’s rights with respect to any Stock Right granted to him or her hereunder shall
be adjusted as hereinafter provided, unless otherwise specifically provided in a Participant’s Agreement:

 

(a)         
Stock Dividends and Stock Splits. If (i) the shares of Common Stock shall be subdivided or combined into a greater
or smaller number of shares or if the Company shall issue any shares of Common Stock as a stock dividend on its outstanding Common
Stock, or (ii) additional shares or new or different shares or other securities of the Company or other non-cash assets are
distributed with respect to such shares of Common Stock, each Stock Right and the number of shares of Common Stock deliverable
thereunder shall be appropriately increased or decreased proportionately, and appropriate adjustments shall be made including,
to the exercise, base or purchase price per share, to reflect such events. The number of Shares subject to the limitations in Paragraphs
3 and 4 shall also be proportionately adjusted upon the occurrence of such events.

 

(b)         
Corporate Transactions. In the event of a Change of Control, or if the Company is to be consolidated with or acquired
by another entity in a merger, consolidation, sale of all or substantially all of the Company’s assets or the acquisition
of all of the outstanding voting stock of the Company in a single transaction or a series of related transactions by a single entity
other than a transaction to merely change the state of incorporation (a “Corporate Transaction”), the Administrator
or the board of directors of any entity assuming the obligations of the Company hereunder (the “Successor Board”),
may, as to outstanding Options, either (i) make appropriate provision for the continuation of such Options by substituting on an
equitable basis for the Shares then subject to such Options either the consideration payable with respect to the outstanding shares
of Common Stock in connection with the Corporate Transaction or securities of any successor or acquiring entity; or (ii) upon written
notice to the Participants, provide that such Options must be exercised (either (A) to the extent then exercisable or, (B) at the
discretion of the Administrator, any such Options being made partially or fully exercisable for purposes of this Subparagraph),
within a specified number of days of the date of such notice, at the end of which period such Options which have not been exercised
shall terminate; or (iii) terminate such Options in exchange for payment of an amount equal to the consideration payable upon consummation
of such Change in Control or Corporate Transaction to a holder of the number of shares of Common Stock into which such Option would
have been exercisable (either (A) to the extent then exercisable or, (B) at the discretion of the Administrator, any such Options
being made partially or fully exercisable for purposes of this Subparagraph) less the aggregate exercise price thereof.
For purposes of determining the payments to be made pursuant to Subclause (iii) above, in the case of a Change in Control or Corporate
Transaction the consideration for which, in whole or in part, is other than cash, the consideration other than cash shall be valued
at the fair value thereof as determined in good faith by the Board of Directors.

 

    15 

     

    

 

With respect to outstanding
Stock Grants, the Administrator or the Successor Board, shall make appropriate provision for the continuation of such Stock Grants
on the same terms and conditions by substituting on an equitable basis for the Shares then subject to such Stock Grants either
the consideration payable with respect to the outstanding Shares of Common Stock in connection with the Corporate Transaction or
securities of any successor or acquiring entity. In lieu of the foregoing, in connection with any Corporate Transaction, the Administrator
may provide that, upon consummation of the Corporate Transaction, each outstanding Stock Grant shall be terminated in exchange
for payment of an amount equal to the consideration payable upon consummation of such Corporate Transaction to a holder of the
number of shares of Common Stock comprising such Stock Grant (to the extent such Stock Grant is no longer subject to any forfeiture
or repurchase rights then in effect or, at the discretion of the Administrator, all forfeiture and repurchase rights being waived
upon such Corporate Transaction). For purposes of determining such payments, in the case of a Corporate Transaction the consideration
for which, in whole or in part, is other than cash, the consideration other than cash shall be valued at the fair value thereof
as determined in good faith by the Board of Directors.

 

In taking any of the
actions permitted under this Paragraph 24(b), the Administrator shall not be obligated by the Plan to treat all Stock Rights, all
Stock Rights held by a Participant, or all Stock Rights of the same type, identically.

 

(c)         
Recapitalization or Reorganization. In the event of a recapitalization or reorganization of the Company other than
a Corporate Transaction pursuant to which securities of the Company or of another corporation are issued with respect to the outstanding
shares of Common Stock, a Participant upon exercising an Option or accepting a Stock Grant after the recapitalization or reorganization
shall be entitled to receive for the price paid upon such exercise or acceptance if any, the number of replacement securities which
would have been received if such Option had been exercised or Stock Grant accepted prior to such recapitalization or reorganization.

 

(d)        
Adjustments to Stock-Based Awards. Upon the happening of any of the events described in Subparagraphs (a), (b) or
(c) above, any outstanding Stock-Based Award shall be appropriately adjusted to reflect the events described in such Subparagraphs.
The Administrator or the Successor Board shall determine the specific adjustments to be made under this Paragraph 24, including,
but not limited to the effect of any Corporate Transaction and Change of Control and, subject to Paragraph 4, its determination
shall be conclusive.

 

(e)         
Modification of Options. Notwithstanding the foregoing, any adjustments made pursuant to Subparagraph (a), (b) or
(c) above with respect to Options shall be made only after the Administrator determines whether such adjustments would cause any
adverse tax consequences for the holders of such Options, including, but not limited to, pursuant to Section 409A of the Code.
If the Administrator determines that such adjustments made with respect to Options would cause an adverse tax consequence, it may
in its discretion refrain from making such adjustments, unless the holder of an Option specifically agrees in writing that such
adjustment be made and such writing indicates that the holder has full knowledge of the consequences of such adjustment on his
or her income tax treatment with respect to the Option.

 

    16 

     

    

 

		25.	ISSUANCES OF SECURITIES.

 

Except as expressly
provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of
any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares subject
to Stock Rights. Except as expressly provided herein, no adjustments shall be made for dividends paid in cash or in property (including
without limitation, securities) of the Company prior to any issuance of Shares pursuant to a Stock Right.

 

		26.	FRACTIONAL SHARES.

 

No fractional shares
shall be issued under the Plan and the person exercising a Stock Right shall receive from the Company cash in lieu of such fractional
shares equal to the Fair Market Value thereof.

 

		27.	WITHHOLDING.

 

In the event that any
federal, state, or local income taxes, employment taxes, Federal Insurance Contributions Act withholdings or other amounts are
required by applicable law or governmental regulation to be withheld from the Participant’s salary, wages or other remuneration
in connection with the issuance of a Stock Right or Shares under the Plan or for any other reason required by law, the Company
may withhold from the Participant’s compensation, if any, or may require that the Participant advance in cash to the Company,
or to any Affiliate of the Company which employs or employed the Participant, the statutory minimum amount of such withholdings
unless a different withholding arrangement, including the use of shares of the Company’s Common Stock or a promissory note,
is authorized by the Administrator (and permitted by law). For purposes hereof, the fair market value of the shares withheld for
purposes of payroll withholding shall be determined in the manner set forth under the definition of Fair Market Value provided
in Paragraph 1 above, as of the most recent practicable date prior to the date of exercise. If the Fair Market Value of the shares
withheld is less than the amount of payroll withholdings required, the Participant may be required to advance the difference in
cash to the Company or the Affiliate employer.

 

		28.	TERMINATION OF THE PLAN.

 

The Plan will terminate
on December 19, 2029, the date which is ten years from the date of its adoption by the Board of Directors. The Plan may be terminated
at an earlier date by vote of the Board of Directors of the Company; provided, however, that any such earlier termination shall
not affect any Agreements executed prior to the effective date of such termination. Termination of the Plan shall not affect any
Stock Rights theretofore granted.

 

    17 

     

    

 

		29.	AMENDMENT OF THE PLAN AND AGREEMENTS.

 

The Plan may be amended
by the Board of Directors of the Company. The Plan may also be amended by the Administrator, including, without limitation, to
the extent necessary to qualify the Shares issuable under the Plan for listing on any national securities exchange or quotation
in any national automated quotation system of securities dealers. Any amendment approved by the Administrator which the Administrator
determines is of a scope that requires shareholder approval shall be subject to obtaining such shareholder approval. Any modification
or amendment of the Plan shall not, without the consent of a Participant, adversely affect his or her rights under a Stock Right
previously granted to him or her, unless such amendment is required by applicable law or necessary to preserve the economic value
of such Stock Right. With the consent of the Participant affected, the Administrator may amend outstanding Agreements in a manner
which may be adverse to the Participant but which is not inconsistent with the Plan. In the discretion of the Administrator, outstanding
Agreements may be amended by the Administrator in a manner which is not adverse to the Participant. Nothing in this Paragraph 29
shall limit the Administrator’s authority to take any action permitted pursuant to Paragraph 24.

 

		30.	EMPLOYMENT OR OTHER RELATIONSHIP.

 

Nothing in this Plan
or any Agreement shall be deemed to prevent the Company or an Affiliate from terminating the employment, consultancy or director
status of a Participant, nor to prevent a Participant from terminating his or her own employment, consultancy or director status
or to give any Participant a right to be retained in employment or other service by the Company or any Affiliate for any period
of time.

 

		31.	GOVERNING LAW.

 

This Plan shall be
construed and enforced in accordance with the law of the State of Delaware.

 

    18

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00316-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00316-of-00352.parquet"}]]