Document:

Exhibit 10.2

 

VAREX IMAGING CORPORATION

2020 Omnibus Stock Plan

 

RESTRICTED STOCK UNIT AGREEMENT

 

Varex Imaging Corporation (the “Company”)
hereby awards to the designated employee (the “Employee”), Restricted Stock Units under the Company’s 2020 Omnibus
Stock Plan (the “Plan”). The Restricted Stock Units awarded under this Restricted Stock Unit Agreement (the "Agreement")
consist of the right to receive shares of common stock of the Company (“Shares”). The Grant Date is the date of this
Agreement (the “Grant Date”). Subject to the provisions of Appendix A of this Agreement ("Appendix A") (attached),
which includes the Country-Specific Addendum, of the Employee’s Clawback Agreement, and of the Plan, the principal features
of this award are as follows:

 

Total Number of Restricted Stock Units: See “Grant
Summary” page on the service provider web-site.

 

	Scheduled Vesting Dates:	Number
    of Restricted Stock Units
	See “Grant Summary” page on the service
        provider web-site.

         
	See “Grant
        Summary” page on

        the service provider web-site. 

 

Your acceptance of this award online at
the service provider web-site or, when provided, your signature of a copy of this Agreement, indicates your agreement and understanding
that this award is subject to all of the terms and conditions contained in Appendix A, which includes the Country-Specific Addendum,
your Clawback Agreement and the Plan. For example, important additional information on vesting and forfeiture of the Restricted
Stock Units covered by this award is contained in Paragraphs 2 through 5 of Appendix A.

 

PLEASE BE SURE TO READ ALL OF APPENDIX A,
YOUR CLAWBACK AGREEMENT AND THE PLAN, WHICH CONTAINS THE SPECIFIC TERMS AND CONDITIONS OF THIS AGREEMENT. YOU CAN REQUEST A COPY
OF THE PLAN BY CONTACTING THE CORPORATE HUMAN RESOURCES OFFICE IN SALT LAKE CITY, UTAH.

 

	VAREX IMAGING CORPORATION	EMPLOYEE
	 
	By:	                   	 	 
	 	Title:	[NAME]

 

     

     

    

 

APPENDIX A

 

TERMS AND CONDITIONS OF RESTRICTED STOCK
UNITS

 

1.          Award. The Company hereby awards to the Employee under the Plan as a separate incentive in connection with
his or her employment, and not in lieu of any salary or other compensation for his or her services, an award of [INSERT NUMBER]
Restricted Stock Units on the date hereof, subject to all of the terms and conditions in this Agreement and the Plan.

 

2.          Vesting Schedule. Except as provided in Paragraphs 3 and 5, the Restricted Stock Units subject to this Agreement
shall vest as to the schedule disclosed on the service provider web-site. Restricted Stock Units shall not vest in accordance
with any of the provisions of Paragraph 2 if the Employee has had a Termination of Service prior to the applicable Vesting Date.

 

3.          Committee Discretion. The Committee, in its absolute discretion, may accelerate the vesting of the balance,
or some lesser portion of the balance, of the unvested Restricted Stock Units at any time. If so accelerated, such Restricted
Stock Units shall be considered as having vested as of the date specified by the Committee.

 

4.          Forfeiture and Other Remedies.

 

(a)         Except as provided in Paragraphs 2, 3, and 5 and notwithstanding any contrary provision of this Agreement, the balance
of the Restricted Stock Units which have not vested at the time of the Employee’s Termination of Service shall thereupon
be forfeited. For the avoidance of doubt and for purposes of these Restricted Stock Units only, Termination of Service will not
be extended by any notice period or “garden leave” that may be required contractually or under applicable laws, unless
otherwise determined by the Company in its sole discretion.

 

(b)        The Restricted Stock Units granted hereunder shall be subject to the forfeiture, recapture and other remedial provisions
as provided in the Employee’s Clawback Agreement.

 

5.          Death or Disability of Employee. In the event of the Employee's death or Termination of Service on account
of Disability, each Vesting Date of the Restricted Stock Units subject to this Agreement shall fully accelerate at the time of
the Employee's death or Termination of Service on account of Disability, respectively. Any distribution or delivery to be made
to the Employee under this Agreement shall, if the Employee is then deceased, be made to the Employee’s designated beneficiary,
or if either no beneficiary survives the Employee or the Committee does not permit beneficiary designations, to the administrator
or executor of the Employee’s estate. Any designation of a beneficiary by the Employee shall be effective only if such designation
is made in a form and manner acceptable to the Company. Any transferee must furnish the Company with (a) written notice of his
or her status as transferee, and (b) evidence satisfactory to the Company to establish the validity of the transfer and compliance
with any laws or regulations pertaining to said transfer.

 

6.          Settlement of Restricted Stock Units; Dividend Equivalents.

 

(a)          Status as a
Creditor. Unless and until the Restricted Stock Units have vested in accordance with Paragraph 2, 3 or 5 above, the Employee
will have no settlement right with respect to any Restricted Stock Units. Prior to settlement of any vested Restricted Stock Units,
the vested Restricted Stock Units will represent an unfunded and unsecured obligation of the Company, payable (if at all) only
from the general assets of the Company. The Employee is an unsecured general creditor of the Company, and settlement of Restricted
Stock Units is subject to the claims of the Company’s creditors.

 

    A-1 

     

    

 

(b)         Form and
Timing of Settlement. Restricted Stock Units will automatically be settled in the form of Shares upon the applicable vesting
of the Restricted Stock Units pursuant to Paragraph 2, 3 or 5 above, or as soon as administratively practicable thereafter, provided
that such Shares will be issued no later than the date that is the 15th day of the third calendar month of the applicable year
following the year in which the Shares underlying the vested Restricted Stock Units are no longer subject to a “substantial
risk of forfeiture” within the meaning of Treasury Regulations Section 1.409A-1(d). Fractional Shares will not be issued
upon the vesting of Restricted Stock Units. Where a fractional Share would be owed to the Employee upon the vesting of Restricted
Stock Units, a cash payment equivalent will be paid in place of any such fractional Share using the Fair Market Value on the relevant
settlement date. No cash will be issued with respect to the Restricted Stock Units except as described in the preceding sentence
with respect to fractional Shares.

 

(c)          Dividend Equivalents.
Restricted Stock Units will accrue dividend equivalents in the event cash dividends are paid with respect to the Shares having
a record date on or after the Grant Date and prior to the date on which the Restricted Stock Units are settled. Such dividend
equivalents will be converted into cash and paid, if at all, at the same time and otherwise under the same terms and conditions
as apply to the underlying Restricted Stock Units.

 

7.          Tax Liability and Withholding. As a condition to the grant, vesting and settlement of the Restricted Stock
Units, regardless of any action the Company or any Subsidiary or Affiliate takes with respect to any applicable taxes or tax withholdings,
social contributions, required deductions, or other payments, if any (collectively, the “Tax-Related Items”), the
Employee hereby acknowledges and agrees that the ultimate liability for all Tax-Related Items legally due by the Employee is and
remains the Employee’s responsibility and that the Company and its Subsidiaries and Affiliates (a) make no representations
or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Restricted Stock Units,
including the award of the Restricted Stock Units, the vesting of the Restricted Stock Units, the issuance of Shares in settlement
of the Restricted Stock Units, the subsequent sale of Shares acquired at vesting and the receipt of and settlement of any dividend
equivalents; and (b) do not commit to structure the terms of the Award or any aspect of the Restricted Stock Units to reduce or
eliminate the Employee’s liability for Tax-Related Items. The Employee also agrees that he or she will not make any claim
against the Company, or any of its Directors, Employees or Subsidiaries or Affiliates related to tax liabilities arising from
the Restricted Stock Units. Prior to the relevant taxable event, the Employee hereby acknowledges and agrees that the Company
and any Subsidiary or Affiliate shall satisfy all their obligations, if any, related to the Tax-Related Items by withholding all
or a portion of any Shares that otherwise would be issued to the Employee upon settlement of the vested Restricted Stock Units;
provided however, that the Company and any Subsidiary or Affiliate may limit the amounts withheld to the amount necessary to satisfy
their minimum tax withholding obligations. Such withheld Shares shall be valued based on the Fair Market Value as of the date
the withholding obligations are satisfied. The Employee hereby acknowledges that the Employee will not receive a refund in cash
or Shares from the Company or any Subsidiary or Affiliate with respect to any withheld Shares, whose value exceeds their withholding
obligations for Tax-Related Items, and such excess amount will be included in the taxes that the Company and any Subsidiary or
Affiliate will pay to the applicable tax authorities on your behalf. The Employee must pay to the Company or any Subsidiary or
Affiliate any amount of Tax-Related Items that the Company or any Subsidiary or Affiliate may be required to withhold that cannot
be satisfied by the means previously described. The Company or any Subsidiary or Affiliate may refuse to deliver the Shares to
the Employee if the Employee fails to comply with the Employee’s obligations in connection with the Tax-Related Items. The
Employee further acknowledges and agrees that the Employee is solely responsible for filing all relevant documentation that may
be required in relation to the Restricted Stock Units or any Tax-Related Items other than filings or documentation that is the
specific obligation of the Company or any Subsidiary or Affiliate pursuant to applicable law, such as but not limited to personal
income tax returns or reporting statements in relation to the grant, vesting or settlement of the Restricted Stock Units, the
holding of Shares or any bank or brokerage account, the subsequent sale of Shares, and the receipt of any dividends or dividend
equivalents. The Employee also understands that applicable laws may require varying Share or Restricted Stock Unit valuation methods
for purposes of calculating Tax-Related Items, and the Company and its Subsidiaries and Affiliates assume no responsibility or
liability in relation to any such valuation or for any calculation or reporting of income or Tax-Related Items that may be required
of the Employee under applicable laws. Further, if the Employee has become subject to Tax-Related Items in more than one jurisdiction,
the Employee acknowledges that the Company or any Subsidiary or Affiliate may be required to withhold or account for Tax-Related
Items in more than one jurisdiction.

 

    A-2 

     

    

 

8.          Rights as Stockholder. Neither the Employee nor any person claiming under or through the Employee shall have
any of the rights or privileges of a stockholder of the Company in respect of any Restricted Stock Units (whether vested or unvested)
unless and until such Restricted Stock Units are settled in Shares and certificates representing such Shares shall have been issued,
recorded on the records of the Company or its transfer agents or registrars, and delivered to the Employee. After such issuance,
recordation and delivery, the Employee shall have all the rights of a stockholder of the Company with respect to voting such Shares
and receipt of dividends and distributions on such Shares.

 

9.          Acknowledgments. The Employee acknowledges and agrees to the following:

 

		·	The
                                         Plan is discretionary in nature and the Committee may amend, suspend, or terminate it
                                         at any time;

 

		·	The
                                         grant of the Restricted Stock Units is voluntary and occasional and does not create any
                                         contractual or other right to receive future grants of Restricted Stock Units, or benefits
                                         in lieu of the Restricted Stock Units even if the Restricted Stock Units have been granted
                                         repeatedly in the past;

 

		·	All
                                         determinations with respect to such future Restricted Stock Units, if any, including
                                         but not limited to, the times when the Restricted Stock Units shall be granted or when
                                         the Restricted Stock Units shall vest, will be at the sole discretion of the Committee;

 

		·	The
                                         Employee’s participation in the Plan is voluntary;

 

		·	The
                                         value of the Restricted Stock Units is an extraordinary item of compensation,
                                         which is outside the scope of the Employee’s employment contract (if any), except
                                         as may otherwise be explicitly provided in the Employee’s employment contract (if
                                         any);

 

		·	The
                                         Restricted Stock Units are not part of normal or expected compensation or salary
                                         for any purpose, including, but not limited to, calculating termination, severance, resignation,
                                         redundancy, end of service, or similar payments, or bonuses, long-service awards, pension
                                         or retirement benefits;

 

		·	The
                                         future value of the Shares is unknown and cannot be predicted with certainty;

 

    A-3 

     

    

 

		·	No
                                         claim or entitlement to compensation or damages arises from the termination of
                                         the Award or diminution in value of the Restricted Stock Units or Shares, and the Employee
                                         irrevocably releases the Company and its Subsidiaries or Affiliates from any such claim
                                         that may arise;

 

		·	Neither
                                         the Plan nor the Restricted Stock Units shall be construed to create an employment relationship
                                         where any employment relationship did not otherwise already exist;

 

		·	Nothing
                                         in this Agreement or the Plan shall confer upon the Employee any right to continue to
                                         be employed by the Company or any Subsidiary or Affiliate or shall interfere with or
                                         restrict in any way the rights of the Company or the Subsidiary or Affiliate, which are
                                         hereby expressly reserved, to terminate the employment of the Employee under applicable
                                         law;

 

		·	The
                                         transfer of employment of the Employee between the Company and any one of its Subsidiaries
                                         or Affiliates (or between Subsidiaries or Affiliates) shall not be deemed a Termination
                                         of Service;

 

		·	Nothing
                                         herein contained shall affect the Employee’s right to participate in and receive
                                         benefits under and in accordance with the then current provisions of any pension, insurance
                                         or other employee welfare plan or program of the Company or any Subsidiary or Affiliate;

 

		·	The
                                         Company is not obligated, and will have no liability for failure to issue or deliver
                                         any Shares upon vesting of the Restricted Stock Units unless such issuance or delivery
                                         would comply with the applicable laws, with such compliance determined by the Company
                                         in consultation with its legal counsel. Furthermore, the Employee understands that the
                                         applicable laws of the country in which the Employee is residing or working at the time
                                         of grant and/or vesting of the Restricted Stock Units (including any rules or regulations
                                         governing securities, foreign exchange, tax, labor or other matters) may restrict or
                                         prevent the settlement of the Restricted Stock Units and neither the Company nor any
                                         Subsidiary or Affiliate assumes liability in relation to the Restricted Stock Units in
                                         such case. The Restricted Stock Units may not be settled until such time as the Plan
                                         has been approved by the holders of capital stock of the Company, or if the issuance
                                         of such Shares would constitute a violation of any applicable laws, including any applicable
                                         U.S. federal or state securities laws or any other law or regulation. As a condition
                                         to the settlement of the Restricted Stock Units, the Company may require the Employee
                                         to make any representation and warranty to the Company as may be required by the applicable
                                         laws.

 

		·	The
                                         Employee understands and agrees that unless otherwise permitted by the Company, any cross-border
                                         cash remittance made to transfer proceeds received upon the sale of Shares my need to
                                         be made through a locally authorized financial institution or registered foreign exchange
                                         agency and may require the Employee to provide to such entity certain information regarding
                                         the transaction. Moreover, the Employee understands and agrees that the future value
                                         of the underlying Shares is unknown and cannot be predicted with certainty and may decrease
                                         in value, even below the fair market value on the Grant Date. The Employee understands
                                         that neither the Company nor any Subsidiary or Affiliate is responsible for any foreign
                                         exchange fluctuation between local currency and the United States Dollar or the selection
                                         by the Company or any Subsidiary or Affiliate in its sole discretion of an applicable
                                         foreign currency exchange rate that may affect the value of the Restricted Stock Units
                                         (or the calculation of income or Tax-Related Items thereunder).

 

    A-4 

     

    

 

10.        Changes in Stock. In the event that as a result of a stock dividend, stock split, reclassification, recapitalization,
combination of Shares or the adjustment in capital stock of the Company or otherwise, or as a result of a merger, consolidation,
spin-off or other reorganization, the Company’s common stock shall be increased, reduced or otherwise changed, the Restricted
Stock Units shall be properly adjusted.

 

11.        Address for Notices. Any notice to be given to the Company under the terms of this Agreement shall be addressed
to the Company, in care of its Secretary, at 1678 S. Pioneer Rd. Salt Lake City, UT 84104, USA or at such other address as the
Company may hereafter designate in writing.

 

12.        Restrictions on Transfer. Except as provided in Paragraph 5 above, this award and the rights and privileges
conferred hereby shall not be transferred, assigned, pledged or hypothecated in any way (whether by operation of law or otherwise)
and shall not be subject to sale under execution, attachment or similar process. Upon any attempt to transfer, assign, pledge,
hypothecate or otherwise dispose of this award, or of any right or privilege conferred hereby, or upon any attempted sale under
any execution, attachment or similar process, this award and the rights and privileges conferred hereby immediately shall become
null and void. Regardless of whether the transfer or issuance of the Shares to be issued pursuant to this Agreement has been registered
under the 1933 Act or has been registered or qualified under the securities laws of any state or other jurisdiction, the Company
may impose additional restrictions upon the sale, pledge, or other transfer of the Shares (including the placement of appropriate
legends on stock certificates and the issuance of stop-transfer instructions to the Company’s transfer agent) if, in the
judgment of the Company and the Company’s counsel, such restrictions are necessary in order to achieve compliance with the
provisions of the 1933 Act, the securities laws of any state, or any other law. Stock certificates evidencing the Shares issued
pursuant to this Agreement, if any, may bear such restrictive legends as the Company and the Company’s counsel deem necessary
under applicable laws or pursuant to this Agreement.

 

13.        Binding Agreement. Subject to the limitation on the transferability of this award contained herein, this
Agreement shall be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns
of the parties hereto.

 

14.        Conditions for Issuance of Certificates for Stock. The Shares deliverable to the Employee upon settlement
of vested Restricted Stock Units may be either previously authorized but unissued Shares or issued Shares which have been reacquired
by the Company. The Company shall not be required to issue any certificate or certificates for Shares hereunder prior to fulfillment
of all the following conditions: (a) the admission of such Shares to listing on all stock exchanges on which such class of stock
is then listed; (b) the completion of any registration or other qualification of such Shares under any state or federal law or
under the rulings or regulations of the Securities and Exchange Commission or any other governmental regulatory body, which the
Committee shall, in its absolute discretion, deem necessary or advisable; (c) the approval or other clearance from any state or
federal governmental regulatory body, which the Committee shall, in its absolute discretion, determine to be necessary or advisable;
and (d) the lapse of such reasonable period of time following the Vesting Date as the Committee may establish from time to time
for reasons of administrative convenience.

 

    A-5 

     

    

 

15.        Plan Governs. This Agreement is subject to all terms and provisions of the Plan. In the event of a conflict
between one or more provisions of this Agreement and one or more provisions of the Plan, the provisions of the Plan shall govern.
Capitalized terms and phrases used and not defined in this Agreement shall have the meaning set forth in the Plan.

 

16.        Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State
of Delaware, without reference to its principles of conflicts of law. For purposes of litigating any dispute that may arise directly
or indirectly from this Agreement, the parties hereby submit and consent to the exclusive jurisdiction of the State of Utah and
agree that any such litigation shall be conducted only in the courts of Utah or the federal courts of the United States located
in Utah and no other courts.

 

17.        Committee Authority. The Committee shall have the power to interpret the Plan and this Agreement, and to
adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret
or revoke any such rules. All actions taken and all interpretations and determinations made by the Committee in good faith shall
be final and binding upon the Employee, the Company and all other interested persons. No member of the Committee shall be personally
liable for any action, determination or interpretation made in good faith with respect to the Plan or this Agreement. In its absolute
discretion, the Board may at any time and from time to time exercise any and all rights and duties of the Committee under the
Plan and this Agreement.

 

18.        Imposition of Other Requirements. The Company reserves the right to impose other requirements on the Employee’s
participation in the Plan, on the Restricted Stock Units and the Shares subject to the Restricted Stock Units and on any other
award or Shares acquired under the Plan, or take any other action, to the extent the Company determines it is necessary or advisable
in order to comply with applicable laws or facilitate the administration of the Plan. The Employee agrees to sign any additional
agreements or undertakings that may be necessary to accomplish the foregoing. Furthermore, the Employee acknowledges that the
applicable laws of the country in which the Employee is residing or working at the time of grant, vesting and settlement of the
Restricted Stock Units or the sale of Shares received pursuant to the Restricted Stock Units (including any rules or regulations
governing securities, foreign exchange, tax, labor, or other matters) may subject the Employee to additional procedural or regulatory
requirements that the Employee is and will be solely responsible for and must fulfill. Such requirements may be outlined in but
are not limited to the Country-Specific Addendum (the “Addendum”) attached hereto, which forms part of this Agreement.
Notwithstanding any provision herein, the Employee’s participation in the Plan shall be subject to any applicable special
terms and conditions or disclosures as set forth in the Addendum. The Employee also understands and agrees that if he works, resides,
moves to, or otherwise is or becomes subject to applicable laws or Company policies of another jurisdiction at any time, certain
country-specific notices, disclaimers and/or terms and conditions may apply to him as from the Grant Date, unless otherwise determined
by the Company in its sole discretion.

 

19.        Captions. Captions provided herein are for convenience only and are not to serve as a basis for interpretation
or construction of this Agreement.

 

20.        Severability. In the event that any provision in this Agreement shall be held invalid or unenforceable, such
provision shall be severable from, and such invalidity or unenforceability shall not be construed to have any effect on, the remaining
provisions of this Agreement.

 

21.        Modifications to the Agreement. This Agreement constitutes the entire understanding of the parties on the
subjects covered. The Employee expressly warrants that he or she is not executing this Agreement in reliance on any promises,
representations, or inducements other than those contained herein. Modifications to this Agreement or the Plan can be made only
in an express written contract executed by a duly authorized officer of the Company.

 

    A-6 

     

    

 

22.         Amendment, Suspension or Termination of the Plan. By accepting this award, the Employee expressly warrants
that he or she has received a right to an equity based award under the Plan, and has received, read, and understood a description
of the Plan. The Employee understands that the Plan is discretionary in nature and may be modified, suspended, or terminated by
the Company at any time.

 

23.        Compliance with Laws and Regulations. The Employee understands that the vesting of the Restricted Stock Units
under the Plan and the issuance, transfer, assignment, sale, or other dealings of the Shares shall be subject to compliance by
the Company (or any Subsidiary or Affiliate) and the Employee with all applicable requirements under the laws, rules, and regulations
of the country of which the Employee is a resident. Furthermore, the Employee agrees that he or she will not acquire Shares pursuant
to the Plan except in compliance with all under the laws, rules, and regulations of the country of which the Employee is a resident.

 

24.        Authorization to Release and Transfer Necessary Personal Information. The Employee hereby explicitly and
unambiguously consents to the collection, use and transfer, in electronic or other form, of his or her personal data
by and among, as applicable, the Company and the Subsidiaries or Affiliates for the exclusive purpose of implementing, administering
and managing the Employee’s participation in the Plan. The Employee understands that the Company and the Subsidiaries or
Affiliates may hold certain personal information about the Employee including, but not limited to, the Employee’s name,
home address and telephone number, date of birth, social security number (or any other social or national identification number),
salary, nationality, job title, number of Shares held and the details of all Restricted Stock Units or any other entitlement to
Shares awarded, cancelled, vested, unvested or outstanding for the purpose of implementing, administering and managing the Employee’s
participation in the Plan (the “Data”). The Employee understands that the Data may be transferred to the Company
or any of the Subsidiaries or Affiliates, or to any third parties assisting in the implementation, administration and management
of the Plan, that these recipients may be located in the Employee’s country or elsewhere, and that the recipients’
country (e.g., the United States) may have different data privacy laws and protections than the Employee’s country. The
Employee further acknowledges that withdrawal of consent may affect his or her ability to vest in or realize benefits from the
Restricted Stock Units, and his or her ability to participate in the Plan. 

 

25.        Electronic Delivery: By executing this Agreement, whether in writing or by electronic means, the Employee
consents to the electronic delivery of the Plan documents, this Agreement and any other Company-related documents.

 

26.        Electronic Execution: The Company may request that, in certain countries, Employee execute this Agreement
electronically via a link to a Company intranet or the internet site of a third party involved in administering the Plan or via
electronic mail or such other means as may be specified by the Company. Electronic execution of this Agreement shall have the
same binding effect as a written or hard copy signature and accordingly, shall bind the Employee and the Company to all of the
terms and conditions set forth in the Plan and this Agreement.

 

27.        Execution of this Agreement: Execution of this Agreement, whether in writing or electronic, shall have
the same binding effect and shall fully bind Employee and the Company to all of the terms and conditions set forth in this Agreement
and the Plan.

 

28.        Communication. To the extent the Employee has been provided with a copy of this Agreement, the Plan, or any
other documents relating to the Restricted Stock Units in a language other than English, the English language documents will prevail
in case of any ambiguities or divergences as a result of translation.

 

    A-7Exhibit 10.53

 

Jerrick
Ventures, Inc.

 

2015
Incentive Stock and Award Plan

 

1.
Purpose of the Plan.

 

(a) This
2015 Incentive Stock and Award Plan (the “Plan”) is intended as an incentive to retain in the employ of and
as directors, officers, consultants, attorneys, advisors and employees to Jerrick Ventures, Inc., a Nevada corporation (the “Company”),
and any Subsidiary of the Company, within the meaning of Section 424(f) of the United States Internal Revenue Code of 1986, as
amended (the “Code”), persons of training, experience and ability, to attract new directors, officers, consultants,
attorneys, advisors and employees whose services are considered valuable, to encourage the sense of proprietorship and to stimulate
the active interest of such persons in the development and financial success of the Company and its Subsidiaries.

 

(b) It
is further intended that certain options granted pursuant to the Plan shall constitute incentive stock options within the meaning
of Section 422 of the Code (the “Incentive Options”) while certain other options granted pursuant to the Plan
shall be nonqualified stock options (the “Nonqualified Options”). Incentive Options and Nonqualified Options
are hereinafter referred to collectively as “Options”.

 

(c) The
Company intends that the Plan meet the requirements of Rule 16b-3 (“Rule 16b-3”) promulgated under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and that transactions of the type specified in subparagraphs
(c) to (f) inclusive of Rule 16b-3 by officers and directors of the Company pursuant to the Plan will be exempt from the operation
of Section 16(b) of the Exchange Act. Further, the Plan is intended to satisfy the performance-based compensation exception to
the limitation on the Company’s tax deductions imposed by Section 162(m) of the Code with respect to those Options for which
qualification for such exception is intended. In all cases, the terms, provisions, conditions and limitations of the Plan shall
be construed and interpreted consistent with the Company’s intent as stated in this Section 1.

 

2.
Administration of the Plan.

 

(a) The
Board of Directors of the Company (the “Board”) shall appoint and maintain as administrator of the Plan a Committee
(the “Committee”) consisting of two or more directors who are (i) “Independent Directors” (as such
term is defined under the rules of the NASDAQ Stock Market), (ii) “Non-Employee Directors” (as such term is defined
in Rule 16b-3) and (iii) “Outside Directors” (as such term is defined in Section 162(m) of the Code), which shall serve
at the pleasure of the Board. The Committee, subject to Sections 3, 5 and 6 hereof, shall have full power and authority to designate
recipients of Options and restricted stock (“Restricted Stock”) and to determine the terms and conditions of
the respective Option and Restricted Stock agreements (which need not be identical) and to interpret the provisions and supervise
the administration of the Plan. The Committee shall have the authority, without limitation, to designate which Options granted
under the Plan shall be Incentive Options and which shall be Nonqualified Options. To the extent any Option does not qualify as
an Incentive Option, it shall constitute a separate Nonqualified Option.

 

(b) Subject
to the provisions of the Plan, the Committee shall interpret the Plan and all Options and Restricted Stock granted under the Plan,
shall make such rules as it deems necessary for the proper administration of the Plan, shall make all other determinations necessary
or advisable for the administration of the Plan, and shall correct any defects or supply any omission or reconcile any inconsistency
in the Plan or in any Options or Restricted Stock granted under the Plan in the manner and to the extent that the Committee deems
desirable to carry into effect the Plan or any Options or Restricted Stock. The act or determination of a majority of the Committee
shall be the act or determination of the Committee and any decision reduced to writing and signed by all of the members of the
Committee shall be fully effective as if it had been made by a majority of the Committee at a meeting duly held for such purpose.
Subject to the provisions of the Plan, any action taken or determination made by the Committee pursuant to this and the other Sections
of the Plan shall be conclusive on all parties.

 

     

     

    

 

(c) In
the event that for any reason the Committee is unable to act or if the Committee at the time of any grant, award or other acquisition
under the Plan does not consist of two or more Non-Employee Directors, or if there shall be no such Committee, or if the Board
otherwise determines to administer the Plan, then the Plan shall be administered by the Board, and references herein to the Committee
(except in the proviso to this sentence) shall be deemed to be references to the Board, and any such grant, award or other acquisition
may be approved or ratified in any other manner contemplated by subparagraph (d) of Rule 16b-3; provided, however,
that grants to the Company’s Chief Executive Officer or to any of the Company’s other four most highly compensated
officers that are intended to qualify as performance-based compensation under Section 162(m) of the Code may only be granted by
the Committee.

 

3.
Designation of Optionees and Grantees.

 

(a) The
persons eligible for participation in the Plan as recipients of Options (the “Optionees”) or Restricted Stock
(the “Grantees” and together with Optionees, the “Participants”) shall include directors,
officers and employees to, and consultants, attorneys and advisors to, the Company or any Subsidiary; provided that Incentive
Options may only be granted to employees of the Company and any Subsidiary. In selecting Participants, and in determining the number
of shares to be covered by each Option or award of Restricted Stock granted to Participants, the Committee may consider any factors
it deems relevant, including, without limitation, the office or position held by the Participant or the Participant’s relationship
to the Company, the Participant’s degree of responsibility for and contribution to the growth and success of the Company
or any Subsidiary, the Participant’s length of service, promotions and potential. A Participant who has been granted an Option
or Restricted Stock hereunder may be granted an additional Option or Options, or Restricted Stock if the Committee shall so determine.

 

(b) In
the absence of any date specified, the Committee’s grant of Options or award of Restricted Stock, such grant shall be deemed
to have been made effective on the first business day of each March, June, September or December of any calendar year, or on such
other pre-determined dates as may be set by the Committee (the “Pre-Determined Grant Dates”). Notwithstanding
the foregoing, the Committee may grant Options or award Restricted Stock to any employee, officer, director, consultant, attorney
or advisor to the Company as an inducement to such person, in consideration for such person to enter into any agreement or to provide
services to the Company, for prior services rendered to the Company, or for any other reason determined by the Committee for award,
in its sole discretion other than on a Pre-Determined Grant Date.

 

4. Stock
Reserved for the Plan. Subject to adjustment as provided in Section 8 hereof, a total of Eighteen Million (18,000,000) shares
of the Company’s common stock, par value $0.001 per share (the “Stock”), shall be subject to the Plan. The maximum
number of shares of Stock that may be subject to Options shall conform to any requirements applicable to performance-based compensation
under Section 162(m) of the Code, if qualification as performance-based compensation under Section 162(m) of the Code is intended.
The shares of Stock subject to the Plan shall consist of unissued shares, treasury shares or previously issued shares held by any
Subsidiary of the Company, and such amount of shares of Stock shall be and is hereby reserved for such purpose. Any of such shares
of Stock that may remain unsold and that are not subject to outstanding Options at the termination of the Plan shall cease to be
reserved for the purposes of the Plan, but until termination of the Plan the Company shall at all times reserve a sufficient number
of shares of Stock to meet the requirements of the Plan. Should any Option or Restricted Stock expire or be canceled prior to its
exercise or vesting in full or should the number of shares of Stock to be delivered upon the exercise or vesting in full of any
Option or Restricted Stock be reduced for any reason, the shares of Stock theretofore subject to such Option or Restricted Stock
may be subject to future Options or Restricted Stock under the Plan, except where such reissuance is inconsistent with the provisions
of Section 162(m) of the Code where qualification as performance-based compensation under Section 162(m) of the Code is intended.

 

    2

     

    

 

5. Terms
and Conditions of Options. Options granted under the Plan shall be subject to the following conditions and shall contain such
additional terms and conditions, not inconsistent with the terms of the Plan, as the Committee shall deem desirable:

 

(a) Option Price.
The purchase price of each share of Stock purchasable under an Incentive Option shall be determined by the Committee at the time
of grant, but shall not be less than 100% of the Fair Market Value (as defined below) of such share of Stock on the date the Option
is granted; provided, however, that with respect to an Optionee who, at the time such Incentive Option is granted,
owns (within the meaning of Section 424(d) of the Code) more than 10% of the total combined voting power of all classes of stock
of the Company or of any Subsidiary, the purchase price per share of Stock shall be at least 110% of the Fair Market Value per
share of Stock on the date of grant. The purchase price of each share of Stock purchasable under a Nonqualified Option shall be
at least 100% of the Fair Market Value of such share of Stock on the date the Option is granted, unless the Committee, in
its sole and absolute discretion, determines to set the purchase price of such Nonqualified Option below Fair Market Value. The
exercise price for each Option shall be subject to adjustment as provided in Section 8 below. “Fair Market Value”
means

 

		(i)	the closing price on the final trading day immediately prior to the grant of the Stock on (x) the
principal securities exchange on which shares of Stock are listed (if the shares of Stock are so listed) or (y) on the NASDAQ Stock
Market, OTC Markets or OTC Bulletin Board (if the shares of Stock are regularly listed or quoted on the NASDAQ Stock Market, OTC
Markets or OTC Bulletin Board, as the case may be); or

 

		(ii)	if not so listed or quoted, as applicable, the mean between the closing bid and asked prices of
publicly traded shares of Stock on the over-the-counter market on the final trading day immediately prior to the grant of the Stock;
or

 

		(iii)	if such bid and asked prices shall not be available, as reported by any nationally recognized quotation
service selected by the Company on the final trading day immediately prior to the grant of the Stock. Anything in this Section
5(a) to the contrary notwithstanding, in no event shall the purchase price of a share of Stock be less than the minimum price permitted
under the rules and policies of any national securities exchange on which the shares of Stock are listed, as applicable.

 

(b) Option
Term. The term of each Option shall be fixed by the Committee, but no Option shall be exercisable more than five (5) years
after the date such Option is granted and, in the case of an Incentive Option granted to an Optionee who, at the time such Incentive
Option is granted, owns (within the meaning of Section 424(d) of the Code) more than 10% of the total combined voting power of
all classes of stock of the Company or of any Subsidiary, no such Incentive Option shall be exercisable more than five years after
the date such Incentive Option is granted.

 

    3

     

    

 

(c) Exercisability.

 

		(i)	Subject to the terms of Section 5 hereof, Options shall be exercisable at such time or times and
subject to such terms and conditions as shall be determined by the Committee at the time of grant; provided, however,
that in the absence of any Option vesting periods designated by the Committee at the time of grant, Options shall vest and become
exercisable in equal amounts on each fiscal quarter of the Company through the four (4) year anniversary of the date of grant;
and provided further that no Options shall be exercisable until such time as any vesting limitation required by Section
16 of the Exchange Act, and related rules, shall be satisfied if such limitation shall be required for continued validity of the
exemption provided under Rule 16b-3(d)(3).

 

		(ii)	Upon the occurrence of a Change in Control (as hereinafter defined), the Committee may accelerate
the vesting and exercisability of outstanding Options, in whole or in part, as determined by the Committee in its sole discretion.
In its sole discretion, the Committee may also determine that, upon the occurrence of a Change in Control, each outstanding Option
shall terminate within a specified number of days after notice to the Optionee thereunder, and each such Optionee shall receive,
with respect to each share of Company Stock subject to such Option, an amount equal to the excess of the Fair Market Value of such
shares immediately prior to such Change in Control over the exercise price per share of such Option; such amount shall be payable
in cash, in one or more kinds of property (including the property, if any, payable in the transaction) or a combination thereof,
as the Committee shall determine in its sole discretion.

 

		(iii)	For purposes of the Plan, unless otherwise defined in an employment agreement between the Company
and the relevant Optionee, a “Change in Control” shall be deemed to have occurred if:

 

		(A)	a tender offer (or series of related offers) shall be made and consummated for the ownership of
fifty percent (50%) or more of the outstanding voting securities of the Company, unless as a result of such tender offer more than
fifty percent (50%) of the outstanding voting securities of the surviving or resulting corporation shall be owned in the aggregate
by the stockholders of the Company (as of the time immediately prior to the commencement of such offer), any employee benefit plan
of the Company or its Subsidiaries, and their affiliates;

 

		(B)	the Company shall be merged or consolidated with another corporation, unless as a result of such
merger or consolidation more than fifty percent (50%) of the outstanding voting securities of the surviving or resulting corporation
shall be owned in the aggregate by the stockholders of the Company (as of the time immediately prior to such transaction), any
employee benefit plan of the Company or its Subsidiaries, and their affiliates;

 

    4

     

    

 

		(C)	the Company shall sell substantially all of its assets to another corporation that is not wholly
owned by the Company, unless as a result of such sale more than fifty percent (50%) of such assets shall be owned in the aggregate
by the stockholders of the Company (as of the time immediately prior to such transaction), any employee benefit plan of the Company
or its Subsidiaries and their affiliates; or

 

		(D)	a Person (as defined below) shall acquire fifty percent (50%) or more of the outstanding voting
securities of the Company (whether directly, indirectly, beneficially or of record), unless as a result of such acquisition more
than fifty percent (50%) of the outstanding voting securities of the surviving or resulting corporation shall be owned in the aggregate
by the stockholders of the Company (as of the time immediately prior to the first acquisition of such securities by such Person),
any employee benefit plan of the Company or its Subsidiaries, and their affiliates.

 

		(iv)	Notwithstanding Section 5(c)(iii) above, if Change of Control is defined in an employment agreement
between the Company and the relevant Optionee, then, with respect to such Optionee, Change of Control shall have the meaning ascribed
to it in such employment agreement.

 

		(v)	For purposes of this Section 5(c), ownership of voting securities shall take into account and shall
include ownership as determined by applying the provisions of Rule 13d-3(d)(I)(i) (as in effect on the date hereof) under the Exchange
Act. In addition, for such purposes, “Person” shall have the meaning given in Section 3(a)(9) of the Exchange
Act, as modified and used in Sections 13(d) and 14(d) thereof; provided, however, that a Person shall not include
(A) the Company or any of its Subsidiaries; (B) a trustee or other fiduciary holding securities under an employee benefit plan
of the Company or any of its Subsidiaries; (C) an underwriter temporarily holding securities pursuant to an offering of such securities;
or (D) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportion as
their ownership of stock of the Company.

 

(d) Method
of Exercise. Options, to the extent then exercisable, may be exercised in whole or in part at any time during the option period,
by giving written notice to the Company specifying the number of shares of Stock to be purchased, accompanied by payment in full
of the purchase price, in cash, or by check or such other instrument as may be acceptable to the Committee. As determined by the
Committee, in its sole discretion, at or after grant, payment in full or in part may be made at the election of the Optionee (i)
in the form of Stock owned by the Optionee based on the Fair Market Value of the Stock which is not the subject of any pledge or
security interest, (ii) in the form of shares of Stock withheld by the Company from the shares of Stock otherwise to be received
with such withheld shares of Stock having a Fair Market Value equal to the exercise price of the Option, or (iii) by a combination
of the foregoing, such Fair Market Value determined by applying the principles set forth in Section 5(a), provided that
the combined value of all cash and cash equivalents and the Fair Market Value of any shares surrendered to the Company is at least
equal to such exercise price and except with respect to (ii) above, such method of payment will not cause a disqualifying disposition
of all or a portion of the Stock received upon exercise of an Incentive Option. An Optionee shall have the right to dividends and
other rights of a stockholder with respect to shares of Stock purchased upon exercise of an Option at such time as the Optionee
(i) has given written notice of exercise and has paid in full for such shares, and (ii) has satisfied such conditions that may
be imposed by the Company with respect to the withholding of taxes.

 

    5

     

    

 

(e) Non-transferability
of Options. Options are not transferable and may be exercised solely by the Optionee during his lifetime or after his death
by the person or persons entitled thereto under his will or the laws of descent and distribution. The Committee, in its sole discretion,
may permit a transfer of a Nonqualified Option to (i) a trust for the benefit of the Optionee, (ii) a member of the Optionee’s
immediate family (or a trust for his or her benefit) or (iii) pursuant to a domestic relations order. Any attempt to transfer,
assign, pledge or otherwise dispose of, or to subject to execution, attachment or similar process, any Option contrary to the provisions
hereof shall be void and ineffective and shall give no right to the purported transferee.

 

(f) Termination
by Death. Unless otherwise determined by the Committee, if any Optionee’s employment with or service to the Company or
any Subsidiary terminates by reason of death, the Option may thereafter be exercised, to the extent then exercisable (or on such
accelerated basis as the Committee shall determine at or after grant), by the legal representative of the estate or by the legatee
of the Optionee under the will of the Optionee, for a period of one (1) year after the date of such death (or, if later, such time
as the Option may be exercised pursuant to Section 14(d) hereof) or until the expiration of the stated term of such Option as provided
under the Plan, whichever period is shorter.

 

(g) Termination
by Reason of Disability. Unless otherwise determined by the Committee, if any Optionee’s employment with or service to
the Company or any Subsidiary terminates by reason of Disability (as defined below), then any Option held by such Optionee may
thereafter be exercised, to the extent it was exercisable at the time of termination due to Disability (or on such accelerated
basis as the Committee shall determine at or after grant), but may not be exercised after ninety (90) days after the date of such
termination of employment or service (or, if later, such time as the Option may be exercised pursuant to Section 14(d) hereof)
or the expiration of the stated term of such Option, whichever period is shorter; provided, however, that, if the
Optionee dies within such ninety (90) day period, any unexercised Option held by such Optionee shall thereafter be exercisable
to the extent to which it was exercisable at the time of death for a period of one (1) year after the date of such death (or, if
later, such time as the Option may be exercised pursuant to Section 14(d) hereof) or for the stated term of such Option, whichever
period is shorter. “Disability” shall mean an Optionee’s total and permanent disability; due to his or
her inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment
which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months; provided,
however, that if Disability is defined in an employment agreement between the Company and the relevant Optionee, then, with
respect to such Optionee, Disability shall have the meaning ascribed to it in such employment agreement.

 

		(h)	Termination by Reason of Retirement.

 

(i) Unless
otherwise determined by the Committee, if any Optionee’s employment with or service to the Company or any Subsidiary terminates
by reason of Normal Retirement or Early Retirement (as such terms are defined below), any Option held by such Optionee may thereafter
be exercised to the extent it was exercisable at the time of such Retirement (or on such accelerated basis as the Committee shall
determine at or after grant), but may not be exercised after ninety (90) days after the date of such termination of employment
or service (or, if later, such time as the Option may be exercised pursuant to Section 14(d) hereof) or the expiration of the stated
term of such Option, whichever date is earlier; provided, however, that, if the Optionee dies within such ninety
(90) day period, any unexercised Option held by such Optionee shall thereafter be exercisable, to the extent to which it was exercisable
at the time of death, for a period of one (1) year after the date of such death (or, if later, such time as the Option may be exercised
pursuant to Section 14(d) hereof) or for the stated term of such Option, whichever period is shorter

 

    6

     

    

 

(ii) For purposes of this paragraph
(h), “Normal Retirement” shall mean retirement from active employment with the Company or any Subsidiary on
or after the normal retirement date specified in the applicable Company or Subsidiary pension plan or if no such pension plan,
age 65, and “Early Retirement” shall mean retirement from active employment with the Company or any Subsidiary
pursuant to the early retirement provisions of the applicable Company or Subsidiary pension plan or if no such pension plan, age
55.

 

(i) Other Terminations.
Unless otherwise determined by the Committee upon grant, if any Optionee’s employment with or service to the Company or any
Subsidiary is terminated by such Optionee for any reason other than death, Disability, Normal Retirement or Early Retirement or
Good Reason (as defined below), the Option shall thereupon terminate, except that the portion of any Option that was exercisable
on the date of such termination of employment or service may be exercised for the lesser of ninety (90) days after the date of
termination (or, if later, such time as the Option may be exercised pursuant to Section 14(d) hereof) or the balance of such Option’s
term, which ever period is shorter. The transfer of an Optionee from the employ of or service to the Company to the employ of or
service to a Subsidiary, or vice versa, or from one Subsidiary to another, shall not be deemed to constitute a termination of employment
or service for purposes of the Plan.

 

(i) In
the event that the Optionee’s employment or service with the Company or any Subsidiary is terminated by the Company or such
Subsidiary for Cause (as defined below) any unexercised portion of any Option shall immediately terminate in its entirety. For
purposes hereof, unless otherwise defined in an employment agreement between the Company and the relevant Optionee, “Cause”
shall exist upon a good-faith determination by the Board, following a hearing before the Board at which an Optionee was represented
by counsel and given an opportunity to be heard, that such Optionee has been accused of fraud, dishonesty or act detrimental to
the interests of the Company or any Subsidiary of the Company or that such Optionee has been accused of or convicted of an act
of willful and material embezzlement or fraud against the Company or any Subsidiary of the Company or of a felony under any state
or federal statute; provided, however, that it is specifically understood that Cause shall not include any act of
commission or omission in the good faith exercise of such Optionee’s business judgment as a director, officer or employee
of the Company, as the case may be, or upon the advice of counsel to the Company. Notwithstanding the foregoing, if Cause is defined
in an employment agreement between the Company and the relevant Optionee, then, with respect to such Optionee, Cause shall have
the meaning ascribed to it in such employment agreement.

 

(ii)  In
the event that an Optionee is removed as a director, officer or employee by the Company at any time other than for Cause or resigns
as a director, officer or employee for Good Reason, the Option granted to such Optionee may be exercised by the Optionee, to the
extent the Option was exercisable on the date such Optionee ceases to be a director, officer or employee. Such Option may be exercised
at any time within one (1) year after the date the Optionee ceases to be a director, officer or employee (or, if later, such time
as the Option may be exercised pursuant to Section 14(d) hereof), or the date on which the Option otherwise expires by its terms;
whichever period is shorter, at which time the Option shall terminate; provided, however, if the Optionee dies before
the Options terminate and are no longer exercisable, the terms and provisions of Section 5(f) shall control. For purposes of this
Section 5(i), and unless otherwise defined in an employment agreement between the Company and the relevant Optionee, “Good
Reason” shall exist upon the occurrence of the following:

 

		(A)	the assignment to Optionee of any duties inconsistent with the position in the Company that Optionee
held immediately prior to the assignment;

 

    7

     

    

 

		(B)	a Change of Control resulting in a significant adverse alteration in the status or conditions of
Optionee’s participation with the Company or other nature of Optionee’s responsibilities from those in effect prior
to such Change of Control, including any significant alteration in Optionee’s responsibilities immediately prior to such
Change in Control; or

 

		(C)	the failure by the Company to continue to provide Optionee with benefits substantially similar
to those enjoyed by Optionee prior to such failure.

 

(iii) Notwithstanding
the foregoing, if Good Reason is defined in an employment agreement between the Company and the relevant Optionee, then, with respect
to such Optionee, Good Reason shall have the meaning ascribed to it in such employment agreement.

 

(j) Limit
on Value of Incentive Option. The aggregate Fair Market Value, determined as of the date the Incentive Option is granted, of
Stock for which Incentive Options are exercisable for the first time by any Optionee during any calendar year under the Plan (and/or
any other stock option plans of the Company or any Subsidiary) shall not exceed $100,000.

 

6. Terms
and Conditions of Restricted Stock. Restricted Stock may be granted under this Plan aside from, or in association with, any
other award and shall be subject to the following conditions and shall contain such additional terms and conditions (including
provisions relating to the acceleration of vesting of Restricted Stock upon a Change of Control), not inconsistent with the terms
of the Plan, as the Committee shall deem desirable:

 

(a) Grantee
rights. A Grantee shall have no rights to an award of Restricted Stock unless and until Grantee accepts the award within the
period prescribed by the Committee and, if the Committee shall deem desirable, makes payment to the Company in cash, or by check
or such other instrument as may be acceptable to the Committee. After acceptance and issuance of a certificate or certificates,
as provided for below, the Grantee shall have the rights of a stockholder with respect to Restricted Stock subject to the non-transferability
and forfeiture restrictions described in Section 6(d) below;

 

(b) Issuance
of Certificates. The Company shall issue in the Grantee’s name a certificate or certificates for the shares of Common
Stock associated with the award promptly after the Grantee accepts such award;

 

(c) Delivery
of Certificates. Unless otherwise provided, any certificate or certificates issued evidencing shares of Restricted Stock shall
not be delivered to the Grantee until such shares are free of any restrictions specified by the Committee at the time of grant;

 

(d) Forfeitability,
Non-transferability of Restricted Stock. Shares of Restricted Stock are forfeitable until the terms of the Restricted Stock
grant have been satisfied. Shares of Restricted Stock are not transferable until the date on which the Committee has specified
such restrictions have lapsed. Unless otherwise provided by the Committee at or after grant, distributions in the form of dividends
or otherwise of additional shares or property in respect of shares of Restricted Stock shall be subject to the same restrictions
as such shares of Restricted Stock;

 

    8

     

    

 

(e) Change
of Control. Upon the occurrence of a Change in Control as defined in Section 5(c) above, the Committee may accelerate the vesting
of outstanding Restricted Stock, in whole or in part, as determined by the Committee in its sole discretion; or

 

(f) Termination
of Employment. Unless otherwise determined by the Committee at or after grant, in the event the Grantee ceases to be an employee
or otherwise associated with the Company for any other reason, all shares of Restricted Stock theretofore awarded to him which
are still subject to restrictions shall be forfeited and the Company shall have the right to complete the blank stock power. The
Committee may provide (on or after grant) that restrictions or forfeiture conditions relating to shares of Restricted Stock will
be waived in whole or in part in the event of termination resulting from specified causes, and the Committee may in other cases
waive in whole or in part restrictions or forfeiture conditions relating to Restricted Stock.

 

7. Term
of Plan. No Option or award of Restricted Stock shall be granted pursuant to the Plan on or after the date which is five (5)
years from the effective date of the Plan, but Options and awards of Restricted Stock theretofore granted may extend beyond that
date.

 

8.
Capital Change of the Company.

 

(a) In
the event of any merger, reorganization, consolidation, recapitalization, stock dividend, or other change in corporate structure
affecting the Stock, the Committee shall make an appropriate and equitable adjustment in the number and kind of shares reserved
for issuance under the Plan and in the number and option price of shares subject to outstanding Options granted under the Plan,
to the end that after such event each Optionee’s proportionate interest shall be maintained (to the extent possible) as immediately
before the occurrence of such event. The Committee shall, to the extent feasible, make such other adjustments as may be required
under the tax laws so that any Incentive Options previously granted shall not be deemed modified within the meaning of Section
424(h) of the Code. Appropriate adjustments shall also be made in the case of outstanding Restricted Stock granted under the Plan.

 

(b) The
adjustments described above will be made only to the extent consistent with continued qualification of the Option under Section
422 of the Code (in the case of an Incentive Option) and Section 409A of the Code.

 

9. Purchase
for Investment/Conditions. Unless the Options and shares covered by the Plan have been registered under the Securities Act
of 1933, as amended (the “Securities Act”), or the Company has determined that such registration is unnecessary,
each person exercising or receiving Options or Restricted Stock under the Plan may be required by the Company to give a representation
in writing that such person is acquiring the securities for such person’s own account for investment and not with a view
to, or for sale in connection with, the distribution of any part thereof. The Committee may impose any additional or further restrictions
on awards of Options or Restricted Stock as shall be determined by the Committee at the time of award.

 

10. Taxes.

 

(a) The
Company may make such provisions as it may deem appropriate, consistent with applicable law, in connection with any Options or
Restricted Stock granted under the Plan with respect to the withholding of any taxes (including income or employment taxes) or
any other tax matters.

 

    9

     

    

 

(b) If
any Grantee, in connection with the acquisition of Restricted Stock, makes the election permitted under Section 83(b) of the Code
(that is, an election to include in gross income in the year of transfer the amounts specified in Section 83(b)), such Grantee
shall notify the Company of the election with the Internal Revenue Service pursuant to regulations issued under the authority of
Code Section 83(b).

 

(c) If
any Grantee shall make any disposition of shares of Stock issued pursuant to the exercise of an Incentive Option under the circumstances
described in Section 421(b) of the Code (relating to certain disqualifying dispositions), such Grantee shall notify the Company
of such disposition within ten (10) days thereof.

 

11. Effective
Date of Plan. The Plan shall be effective on December 7, 2015; provided, however, that if, and only if, certain
options are intended to qualify as Incentive Stock Options, the Plan must subsequently be approved by majority vote of the Company’s
stockholders no later than December 7, 2017, and further, that in the event certain Option grants hereunder are intended to qualify
as performance-based compensation within the meaning of Section 162(m) of the Code, the requirements as to stockholder approval
set forth in Section 162(m) of the Code are satisfied.

 

12. Amendment
and Termination.

 

(a) The Board may
amend, suspend, or terminate the Plan, except that no amendment shall be made that would impair the rights of any Participant under
any Option or Restricted Stock theretofore granted without the Participant’s consent, and except that no amendment shall
be made which, without the approval of the stockholders of the Company, would:

 

		(i)	materially
increase the number of shares that may be issued under the Plan, except as is provided in Section 8;

 

		(ii)	materially
increase the benefits accruing to the Participants under the Plan;

 

		(iii)	materially
modify the requirements as to eligibility for participation in the Plan;

 

		(iv)	decrease
the exercise price of an Incentive Option to less than 100% of the Fair Market Value per share of Stock on the date of grant thereof
or the exercise price of a Nonqualified Option to less than 100% of the Fair Market Value per share of Stock on the date of grant
thereof;

 

		(v)	extend
the term of any Option beyond that provided for in Section 5(b); or

 

		(vi)	except
as otherwise provided in Sections 5(d) and 8 hereof, reduce the exercise price of outstanding Options or effect repricing through
cancellations and re-grants of new Options.

 

(b) Subject to the
forgoing, the Committee may amend the terms of any Option theretofore granted, prospectively or retrospectively, but no such amendment
shall impair the rights of any Optionee without the Optionee’s consent.

 

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(c) It is the intention
of the Board that the Plan comply strictly with the provisions of Section 409A of the Code and Treasury Regulations and other Internal
Revenue Service guidance promulgated thereunder (the “Section 409A Rules”), as applicable, and the Committee
shall exercise its discretion in granting awards hereunder (and the terms of such awards), accordingly. The Plan and any grant
of an award hereunder may be amended from time to time (without, in the case of an award, the consent of the Participant) as may
be necessary or appropriate to comply with the Section 409A Rules. If the timing of any distribution under this Plan would result
in the imposition of tax penalties under Code Section 409A, (i) then such distribution will be made at the earliest date after
the specified payment date on which that distribution can be effected without resulting in such tax penalties; (ii) the Company
shall have no authority to accelerate any payment hereunder except as permitted under Code Section 409A and regulations thereunder;
and (iii) any rights of any Participant or retained authority of the Company with respect to awards hereunder shall be automatically
modified and limited to the extent necessary so that no Grantee will be deemed to be in constructive receipt of income relating
to the deferrals nor subject to any penalty under Code Section 409A.  

 

13. Government
Regulations. The Plan, and the grant and exercise of Options or Restricted Stock hereunder, and the obligation of the Company
to sell and deliver shares under such Options and Restricted Stock shall be subject to all applicable laws, rules and regulations,
and to such approvals by any governmental agencies, national securities exchanges and interdealer quotation systems as may be required.

 

14. General
Provisions.

 

(a) Certificates.
All certificates for shares of Stock delivered under the Plan shall be subject to such stop transfer orders and other restrictions
as the Committee may deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission,
or other securities commission having jurisdiction, any applicable Federal or state securities law, any stock exchange or interdealer
quotation system upon which the Stock is then listed or traded and the Committee may cause a legend or legends to be placed on
any such certificates to make appropriate reference to such restrictions.

 

(b) Employment
Matters. Neither the adoption of the Plan nor any grant or award under the Plan shall confer upon any Participant who is an
employee of the Company or any Subsidiary any right to continued employment or, in the case of a Participant who is a director,
continued service as a director, with the Company or a Subsidiary, as the case may be, nor shall it interfere in any way with the
right of the Company or any Subsidiary to terminate the employment of any of its employees, the service of any of its directors
or the retention of any of its consultants, attorneys or advisors at any time.

 

(c) Limitation
of Liability. No member of the Committee, or any officer or employee of the Company acting on behalf of the Committee, shall
be personally liable for any action, determination or interpretation taken or made in good faith with respect to the Plan, and
all members of the Committee and each and any officer or employee of the Company acting on their behalf shall, to the extent permitted
by law, be fully indemnified and protected by the Company in respect of any such action, determination or interpretation.

 

(d) Registration
of Stock. Notwithstanding any other provision in the Plan, no Option may be exercised unless and until the Stock to be issued
upon the exercise thereof has been registered under the Securities Act and applicable state securities laws, or are, in the opinion
of counsel to the Company, exempt from such registration in the United States. The Company shall not be under any obligation to
register under applicable federal or state securities laws any Stock to be issued upon the exercise of an Option granted hereunder
in order to permit the exercise of an Option and the issuance and sale of the Stock subject to such Option, although the Company
may in its sole discretion register such Stock at such time as the Company shall determine. If the Company chooses to comply with
such an exemption from registration, the Stock issued under the Plan may, at the direction of the Committee, bear an appropriate
restrictive legend restricting the transfer or pledge of the Stock represented thereby, and the Committee may also give appropriate
stop transfer instructions with respect to such Stock to the Company’s transfer agent.

 

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(e) Transferability
in accordance with SEC Release No. 33-7646 entitled “Registration of Securities on Form S-8,” as effective April 7,
1999. Notwithstanding anything to the contrary as may be contained in this Plan regarding rights as to transferability or lack
thereof, all options granted hereunder may and shall be transferable to the extent permitted in accordance with SEC Release No.
33-7646 entitled “Registration of Securities on Form S-8,” as effective April 7, 1999, and in particular in accordance
with that portion of such Release which expands Form S-8 to include stock option exercised by family members so that the rules
governing the use of Form S-8 (i) do not impede legitimate intra-family transfer of options and (ii) may facilitate transfer for
estate planning purposes, all as more specifically defined in Article III, Sections A and B thereto, the contents of which are
herewith incorporated by reference.

  

15. Non-Uniform
Determinations. The Committee’s determinations under the Plan, including, without limitation, (i) the determination of
the Participants to receive awards, (ii) the form, amount and timing of such awards, (iii) the terms and provisions of such awards
and (ii) the agreements evidencing the same, need not be uniform and may be made by it selectively among Participants who receive,
or who are eligible to receive, awards under the Plan, whether or not such Participants are similarly situated.

 

16. Governing
Law. The validity, construction, and effect of the Plan and any rules and regulations relating to the Plan shall be determined
in accordance with the internal laws of the State of New Jersey without giving effect to principles of conflicts of laws, and applicable
federal law.

 

 

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