Document:

TransAKT Ltd. - Exhibit 10.2 - Filed by newsfilecorp.com

THE SECURITIES REPRESENTED BY THIS DOCUMENT HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED UNLESS SUCH SALE, TRANSFER OR
ASSIGNMENT IS COVERED BY AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT, OR SATISFIES THE REQUIREMENTS OF RULE 144 OF THE SECURITIES AND
EXCHANGE COMMISSION, OR IS EFFECTED PURSUANT TO AN OPINION OF COUNSEL
SATISFACTORY TO THE ISSUER THAT SUCH SALE, TRANSFER OR ASSIGNMENT IS EXEMPT FROM
SUCH REGISTRATION. 

TRANSAKT LTD. 

UNSECURED CONVERTIBLE PROMISSORY NOTE 

	US$1,000,000 	Issuance Date: July 15, 2016 
	 	 
	  	Maturity Date: July 14, 2018

       
    TransAKT Ltd.., a Nevada corporation (the
“Company”), for value received, promises to pay to the order of Ho
Kang-Wing, or its permitted assigns (the “Holder”), the principal sum of
One Million United States Dollars (US$1,000,000) plus simple interest at the
rate of eight percent (8%) per annum, calculated daily, in arrears, based on a
360 day year and 30 day month, from the date of this Note until fully-paid, or
until converted pursuant to Section 5 hereof. 

        
   1.      
 Maturity. This Note shall mature automatically and the
entire outstanding principal amount, together with all interest accrued under
this Note, shall become due and payable on the date that is two (2) years from
the date of issuance (“Maturity Date”), unless this Note, before such
date, is converted into shares of capital stock of the Company at the election
of the Company pursuant to Section 5 hereof. 

      
     2.      
 Payment of Principal and Interest. Payments of principal and
any accrued interest are to be made on or before the Maturity Date. All payments
are to be made at the address of Holder set forth under Section 9(h) of this
Note or at such other place as the Holder designates to the Company in writing.
Interest under this Note shall be computed on the basis of a 360-day year and 30
day month.

      
     3.       
Prepayment. Subject to the Holder’s right to convert pursuant to
Section 5, this Note may be prepaid in whole or in part at any time, without
penalty. Any prepayment shall be first applied against any accrued and unpaid
interest and then to reduce the amount of principal due under this Note. 

       
    4.       
Waiver of Presentment. The Company hereby expressly waives demand
and presentment for payment, notice of nonpayment, protest, notice of protest,
notice of dishonor, notice of acceleration or intent to accelerate, bringing of
suit and diligence in taking any action to collect amounts called for hereunder
and shall be directly and primarily liable for the payment of all sums owing and
to be owing hereunder, regardless of and without any notice, diligence, act or
omission as or with respect to the collection of any amount called for
hereunder. 

           
5.        Conversion of Note.

      
     (a)      
 Conversion into Stock. At the option of the Holder, at any time,
the outstanding principal amount of this Note and any accrued interest may be
converted, in whole or in part, into fully-paid and non-assessable restricted
shares of common stock at the Conversion Price (as defined herein). The number
of such shares of common stock that Holder shall be entitled to receive, and
shall receive, upon such conversion shall be determined by dividing the amount
of principal and interest under this Note being so converted by the Conversion
Price (as defined herein). The election of the Company to convert shall be
irrevocable and the date the Holder elects to convert shall be the
“Conversion Date.”

         
  (b)        Conversion
Price. Subject to adjustment as provided below, the “Conversion
Price” shall equal $0.01 per share. 

1 

         
  (c)        Stock
Certificates. Upon conversion into common stock, the Company shall issue and
deliver to Holder, or to Holder’s nominee or nominees, a certificate or
certificates representing the number of restricted shares of common stock to
which Holder shall be entitled as a result of conversion as provided herein. The
certificate shall bear the following legend:

“THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED,
HYPOTHECATED OR OTHERWISE ASSIGNED EXCEPT PURSUANT TO A REGISTRATION STATEMENT
WITH RESPECT TO SUCH SECURITIES WHICH IS EFFECTIVE UNDER SUCH ACT AND UNDER ANY
APPLICABLE STATE SECURITIES LAWS UNLESS, IN THE OPINION OF COUNSEL REASONABLY
SATISFACTORY TO THE CORPORATION, AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF SUCH ACT AND STATE SECURITIES LAWS IS AVAILABLE.” 

      
     (d)      
 Adjustment for Stock Splits and Combinations. If the Company, at
any time while this Note is outstanding: (A) pays a stock dividend or otherwise
makes a distribution or distributions in shares of its common stock or any other
equity or equity equivalent securities payable in shares of common stock, (B)
subdivides outstanding shares of common stock into a larger number of shares,
(C) combines (including by way of reverse stock split) outstanding shares of
common stock into a smaller number of shares, or (D) issues by reclassification
of shares of the common stock any shares of capital stock of the Company, then
the Conversion Price shall be multiplied by a fraction of which the numerator
shall be the number of shares of common stock (excluding treasury shares, if
any) outstanding before such event and of which the denominator shall be the
number of shares of common stock outstanding after such event. Any adjustment
made pursuant to this section shall become effective immediately after the
record date for the determination of stockholders entitled to receive such
dividend or distribution and shall become effective immediately after the
effective date in the case of a subdivision, combination or re classification.

      
     6.      
 No Rights as Stockholder. This Note does not entitle Holder
to voting rights or any other right as a shareholder of the Company before the
conversion hereof.

      
     7.      
 Loss, Theft or Destruction of Note. Upon receipt by the
Company of evidence reasonably satisfactory to the Company of the loss, theft or
destruction of this Note and of indemnity or security reasonably satisfactory to
the Company, the Company shall make and deliver a new Note that shall carry the
same rights to interest (unpaid and to accrue) carried by this Note, stating
that such Note is issued in replacement of this Note, making reference to the
original date of issuance of this Note (and any successor hereto) and dated as
of such cancellation, in lieu of this Note. 

      
     8.       
Severability. Every provision of this Note is intended to be
severable. If any term or provision hereof is declared by a court of competent
jurisdiction to be illegal or invalid for any reason whatsoever, such illegality
or invalidity shall not affect the balance of the terms and provisions hereof,
which terms and provisions shall remain binding and enforceable. 

           
9.        Miscellaneous. 

         
  (a)        No Fractional Units
or Scrip. No fractional shares or scrip representing fractional units shall
be issued upon the conversion of this Note. In lieu of any fractional shares to
which Holder otherwise would be entitled, the Company shall round up to the
nearest whole share.

      
     (b)      
 Governing Law. This Note shall constitute a contract under the laws
of the State of Nevada and for all purposes shall be construed in accordance
with and governed by the laws of the State of Nevada, without regard to the
conflicts of laws provisions thereof. 

       
    (c)      
 Compliance With Usury Laws. The Company and Holder intend to comply
with all applicable usury laws. In fulfilling this intention, all agreements
between the Company and Holder are expressly limited so that the amount of
interest paid or agreed to be paid to Holder for the use, forbearance, or
detention of money under this Note shall not exceed the maximum amount
permissible under applicable law. 

2 

           
If for any reason payment of any amount required under this Note shall be
prohibited by law, then the obligation shall be reduced to the maximum allowable
by law. If for any reason Holder receives as interest an amount that would
exceed the highest lawful rate, then the amount which would constitute excessive
interest shall be applied to the reduction of the principal of this Note and not
to the payment of interest. If any conflict arises between this provision and
any provision of any other agreement between the Company and Holder, then this
provision shall control. 

           
(d)        Legal Representation.
Holder agrees and represents that such party has been represented by such
party's own legal counsel with regard to all aspects of this Note, or if such
party is acting without legal counsel, that such party has had adequate
opportunity and has been encouraged to seek the advice of such party's own legal
counsel prior to the execution of this Agreement. 

           
(e)        Jurisdiction. Any action
whatsoever brought upon or relating to this Note shall be instituted and
prosecuted in the state courts located in Clark County, Nevada, or the federal
district court therefore, and each party waives the right to change the venue.
The parties hereto further consent to accept service of process in any such
action or proceeding by certified mail, return receipt requested.

       
    (f)       
Restrictions. Holder acknowledges that all shares of common stock
acquired upon the conversion of this Note shall be subject to restrictions on
resale imposed by state and federal securities laws. 

      
     (g)       
Assignment. Subject to restrictions on resale imposed by state and
federal securities laws, Holder may assign this Note or any of the rights,
interests or obligations hereunder, by operation of law or otherwise, in whole
or in part, to any person or entity so long as such assignee agrees to be bound
by the terms and conditions of the Agreement (including the representations and
warranties of the Holder therein). Effective upon any such assignment, the
person or entity to whom such rights, interests and obligations are assigned
shall have and exercise all of Holder’s rights, interests and obligations
hereunder as if such person or entity were the original Holder of this Note.

      
     (h)      
 Notices. Any notice, request or other communication required or
permitted hereunder shall be given upon personal delivery, overnight courier or
upon the fifth (5th) day following mailing by registered mail (or
certified first class mail if both the addresser and addressee are located in
the United States), postage prepaid and addressed to the parties hereto as
follows: 

	 	To the Company: 	TransAKT Ltd. 
	 	  	Unit 8, 3/F. Wah Yiu Industrial
      Centre, 30-32 Au Pui Wan St. 
	 	  	Fotan, Hong Kong 
	 	  	Fax : (852) 3547 7993 
	 	  	  
	 	  	Attention: Yam Chi Wah
  
	 	  	  
	 	  	  
	 	To Holder: 	Ho Kang-Wing 
	 	  	Unit 8, 3/F. Wah Yiu Industrial
      Centre, 30-32 Au Pui Wan St. 
	 	  	Fotan, Hong Kong 
	 	  	Fax : (852) 3547 7993
  

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3 

       
    IN WITNESS WHEREOF, TransAKT Ltd. has caused this
Unsecured Convertible Promissory Note to be executed by its officer thereunto
duly authorized. 

	 	The “Company” 
	 	  
	 	TRANSAKT LTD. 
	 	a Nevada corporation 
	 	  
	 	  
	 	/s/
      Yam Chi Wah 
	 	By: Yam Chi Wah 
	 	Its: Chief Financial Officer

	Accepted and Agreed to: 	The “Holder” 
	  	  
	  	  
	  	  
	  	/s/
      Ho Kang-Wing 
	  	By: Ho
      Kang-Wing 

4Exhibit 4.01

 

GENSPERA, INC.

 

INDUCEMENT AWARD

 

STOCK OPTION PLAN

 

	SECTION 1. 	GENERAL PURPOSE OF THE PLAN; DEFINITIONS

 

The name of the plan
is the GenSpera, Inc. Inducement Award Stock Option Plan (the “Plan”). The purpose of the Plan is to provide
non-qualified stock options to individuals who were not previously employees or non-employee directors of GenSpera, Inc. (the “Company”)
(or following such individuals’ bona fide period of non-employment with the Company), as an inducement material to the individuals’
entry into employment with the Company within the meaning of Rule 5635(c)(4) of the NASDAQ Listing Rules. It is anticipated that
providing such persons with a direct stake in the Company’s welfare will assure a closer identification of their interests
with those of the Company and its stockholders, thereby stimulating their efforts on the Company’s behalf and strengthening
their desire to remain with the Company.

 

The following terms
shall be defined as set forth below:

 

“Act”
means the Securities Act of 1933, as amended, and the rules and regulations thereunder.

 

“Administrator”
means either the Board or the compensation committee of the Board or a similar committee performing the functions of the compensation
committee and which is comprised of not less than two Non-Employee Directors who are independent.

 

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

 

“Code”
means the Internal Revenue Code of 1986, as amended, and any successor Code, and related rules, regulations and interpretations.

 

“Covered
Employee” means an employee who is a “Covered Employee” within the meaning of Section 162(m) of the
Code.

 

“Effective
Date” means July 15, 2016.

 

“Eligible
Individual” means any individual who was not previously an employee or a non-employee director of the Company or any
of its Subsidiaries (or who has had a bona fide period of non-employment with the Company and its Subsidiaries) who is hired by
the Company or one of its Subsidiaries.

 

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

 

“Fair Market
Value” of the Stock on any given date means the fair market value of the Stock determined in good faith by the Administrator;
provided, however, that if the Stock is admitted to quotation on the National Association of Securities Dealers Automated Quotation
System (“NASDAQ”), NASDAQ Capital Market or another national securities exchange, the determination shall be
made by reference to market quotations. If there are no market quotations for such date, the determination shall be made by reference
to the last date preceding such date for which there are market quotations; provided further, however, that if the date for which
Fair Market Value is determined is the first day when trading prices for the Stock are reported on a national securities exchange,
the Fair Market Value shall be the “Price to the Public” (or equivalent) set forth on the cover page for the final
prospectus relating to the Company’s Initial Public Offering.

 

    	 	1	 

     

    

 

 

“Non-Employee
Director” means a member of the Board who is not also an employee of the Company or any Subsidiary.

 

“Non-Qualified
Stock Option” means a stock option that is not intended to be an “incentive stock option” under Section 422
of the Code.

 

“Option Certificate”
means a written or electronic document setting forth the terms and provisions applicable to a Non-Qualified Stock Option granted
under the Plan. Each Option Certificate is subject to the terms and conditions of the Plan.

 

“Sale Event”
shall mean (i) the sale of all or substantially all of the assets of the Company on a consolidated basis to an unrelated person
or entity, (ii) a merger, reorganization or consolidation pursuant to which the holders of the Company’s outstanding
voting power immediately prior to such transaction do not own a majority of the outstanding voting power of the resulting or successor
entity (or its ultimate parent, if applicable) immediately upon completion of such transaction, or (iii) the sale of all of
the Stock of the Company to an unrelated person or entity.

 

“Sale Price”
means the value as determined by the Administrator of the consideration payable, or otherwise to be received by stockholders, per
share of Stock pursuant to a Sale Event.

 

“Section
409A” means Section 409A of the Code and the regulations and other guidance promulgated thereunder.

 

“Stock”
means the common stock, par value $0.01 per share, of the Company, subject to adjustments pursuant to Section 3.

 

“Subsidiary”
means any corporation or other entity (other than the Company) in which the Company has at least a fifty (50) percent interest,
either directly or indirectly.

 

 

	SECTION 2. 	ADMINISTRATION OF PLAN; ADMINISTRATOR AUTHORITY TO SELECT GRANTEES AND DETERMINE NON-QUALIFIED STOCK OPTIONS

 

(a) Administration of Plan. The
Plan shall be administered by the Administrator.

 

(b) Powers of Administrator.
The Administrator shall have the power and authority to grant Non-Qualified Stock Options consistent with the terms of the Plan,
including the power and authority:

 

(i) to select the individuals to whom
Non-Qualified Stock Options may from time to time be granted;

 

(ii) to determine the time or times of
grant;

 

(iii) to determine the number of shares
of Stock to be covered by Non-Qualified Stock Options;

 

(iv) to determine and modify from time
to time the terms and conditions, including restrictions, not inconsistent with the terms of the Plan, of Non-Qualified Stock Options,
which terms and conditions may differ among individual Non-Qualified Stock Options and grantees, and to approve the form of Option
Certificates;

 

    	 	2	 

     

    

  

(v) to accelerate at any time the exercisability
or vesting of all or any portion of Non-Qualified Stock Options;

 

(vi) subject to the provisions of Section 5(b),
to extend at any time the period in which a Non-Qualified Stock Option may be exercised; and

 

(vii) at any time
to adopt, alter and repeal such rules, guidelines and practices for administration of the Plan and for its own acts and proceedings
as it shall deem advisable; to interpret the terms and provisions of the Plan and any Non-Qualified Stock Option (including related
written instruments); to make all determinations it deems advisable for the administration of the Plan; to decide all disputes
arising in connection with the Plan; and to otherwise supervise the administration of the Plan.

 

All decisions and interpretations
of the Administrator shall be binding on all persons, including the Company and Plan grantees.

 

(c) Delegation
of Authority to Grant Options. Subject to applicable law, the Administrator, in its discretion, may delegate to the Chief Executive
Officer of the Company all or part of the Administrator’s authority and duties with respect to the granting of Non-Qualified
Stock Options. Any such delegation by the Administrator shall include specific limitations as to the number of Non-Qualified Stock
Options that may be granted during the period of the delegation and shall contain specific guidelines as to the number of Non-Qualified
Stock Options that can be made to an Eligible Individual, determination of the exercise price and the vesting criteria. The Administrator
may revoke or amend the terms of a delegation at any time but such action shall not invalidate any prior actions of the Administrator’s
delegate or delegates that were consistent with the terms of the Plan.

  

(d) Option Certificate.
Non-Qualified Stock Options under the Plan shall be evidenced by Option Certificates that set forth the terms, conditions and limitations
for each Option which may include, without limitation, the term of a Non-Qualified Stock Option and the provisions applicable in
the event employment or service terminates.

 

(e) Indemnification.
Neither the Board nor the Administrator, nor any member of either or any delegate thereof, shall be liable for any act, omission,
interpretation, construction or determination made in good faith in connection with the Plan, and the members of the Board and
the Administrator (and any delegate thereof) shall be entitled in all cases to indemnification and reimbursement by the Company
in respect of any claim, loss, damage or expense (including, without limitation, reasonable attorneys’ fees) arising or resulting
therefrom to the fullest extent permitted by law and/or under the Company’s articles or bylaws or any directors’ and
officers’ liability insurance coverage which may be in effect from time to time and/or any indemnification agreement between
such individual and the Company.

 

(f) Foreign
Non-Qualified Stock Option Recipients. Notwithstanding any provision of the Plan to the contrary, in order to comply with the
laws in other countries in which the Company and its Subsidiaries operate or have employees or other individuals eligible for Non-Qualified
Stock Options, the Administrator, in its sole discretion, shall have the power and authority to: (i) determine which Subsidiaries
shall be covered by the Plan; (ii) determine which individuals outside the United States are eligible to participate in the
Plan; (iii) modify the terms and conditions of any Non-Qualified Stock Option granted to individuals outside the United States
to comply with applicable foreign laws; (iv) establish subplans and modify exercise procedures and other terms and procedures,
to the extent the Administrator determines such actions to be necessary or advisable (and such subplans and/or modifications shall
be attached to this Plan as appendices); provided, however, that no such subplans and/or modifications shall increase the share
limitations contained in Section 3(a) hereof; and (v) take any action, before or after an Non-Qualified Stock Option
is made, that the Administrator determines to be necessary or advisable to obtain approval or comply with any local governmental
regulatory exemptions or approvals. Notwithstanding the foregoing, the Administrator may not take any actions hereunder, and no
Non-Qualified Stock Options shall be granted, that would violate the Exchange Act or any other applicable United States securities
law, the Code, or any other applicable United States governing statute or law.

 

    	 	3	 

     

    

  

	SECTION 3. 	STOCK ISSUABLE UNDER THE PLAN; MERGERS; SUBSTITUTION

 

(a) Stock Issuable.
The maximum number of shares of Stock reserved and available for issuance under the Plan shall be Nine Million (9,000,000) shares
(the “Initial Limit”), subject to adjustment as provided in Section 3(c). For purposes of this limitation,
the shares of Stock underlying any Non-Qualified Stock Options that are forfeited, canceled, held back upon exercise of a Non-Qualified
Stock Option or settlement of a Non-Qualified Stock Option to cover the exercise price or tax withholding, reacquired by the Company
prior to vesting, satisfied without the issuance of Stock or otherwise terminated (other than by exercise) shall be added back
to the shares of Stock available for issuance under the Plan. In the event the Company repurchases shares of Stock on the open
market, such shares shall not be added to the shares of Stock available for issuance under the Plan. The shares available for issuance
under the Plan may be authorized but unissued shares of Stock or shares of Stock reacquired by the Company.

 

(b) Changes
in Stock. Subject to Section 3(c) hereof, if, as a result of any reorganization, recapitalization, reclassification, stock
dividend, stock split, reverse stock split or other similar change in the Company’s capital stock, the outstanding shares
of Stock are increased or decreased or are exchanged for a different number or kind of shares or other securities of the Company,
or 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 Stock or other securities, or, if, as a result of any merger or consolidation, sale of all or substantially
all of the assets of the Company, the outstanding shares of Stock are converted into or exchanged for securities of the Company
or any successor entity (or a parent or subsidiary thereof), the Administrator shall make an appropriate or proportionate adjustment
in (i) the maximum number of shares reserved for issuance under the Plan, (ii) the number and kind of shares or other
securities subject to any then outstanding Non-Qualified Stock Options under the Plan, and (iii) the exercise price for each
share subject to any then outstanding Non-Qualified Stock Options, without changing the aggregate exercise price (i.e., the exercise
price multiplied by the number of Non-Qualified Stock Options) as to which such Non-Qualified Stock Options remain exercisable.
The Administrator shall also make equitable or proportionate adjustments in the number of shares subject to outstanding Non-Qualified
Stock Options and the exercise price and the terms of outstanding Non-Qualified Stock Options to take into consideration cash dividends
paid other than in the ordinary course or any other extraordinary corporate event. The adjustment by the Administrator shall be
final, binding and conclusive. No fractional shares of Stock shall be issued under the Plan resulting from any such adjustment,
but the Administrator in its discretion may make a cash payment in lieu of fractional shares.

 

(c) Mergers
and Other Transactions. Except as the Administrator may otherwise specify with respect to particular Non-Qualified Stock Options
in the relevant Option Certificate, in the case of and subject to the consummation of a Sale Event, all Non-Qualified Stock Options
that are not exercisable immediately prior to the effective time of the Sale Event shall become fully exercisable as of the effective
time of the Sale Event unless the parties to the Sale Event agree that Non-Qualified Stock Options will be assumed or continued
by the successor entity. Upon the effective time of the Sale Event, the Plan and all outstanding Non-Qualified Stock Options granted
hereunder shall terminate, unless provision is made in connection with the Sale Event in the sole discretion of the parties thereto
for the assumption or continuation of Non-Qualified Stock Options theretofore granted by the successor entity, or the substitution
of such Non-Qualified Stock Options with new Non-Qualified Stock Options of the successor entity or parent thereof, with appropriate
adjustment as to the number and kind of shares and, if appropriate, the per share exercise prices, as such parties shall agree
(after taking into account any acceleration hereunder). In the event of such termination, (i) the Company shall have the option
(in its sole discretion) to make or provide for a cash payment to the grantees holding Non-Qualified Stock Options, in exchange
for the cancellation thereof, in an amount equal to the difference between (A) the Sale Price multiplied by the number of
shares of Stock subject to outstanding Non-Qualified Stock Options (to the extent then exercisable (after taking into account any
acceleration hereunder) at prices not in excess of the Sale Price) and (B) the aggregate exercise price of all such outstanding
Non-Qualified Stock Options; or (ii) each grantee shall be permitted, within a specified period of time prior to the consummation
of the Sale Event as determined by the Administrator, to exercise all outstanding Non-Qualified Stock Options held by such grantee,
including those that will become exercisable upon the consummation of the Sale Event; provided, however, that the exercise of the
Non-Qualified Stock Options not exercisable prior to the Sale Event shall be subject to the consummation of the Sale Event.

 

    	 	4	 

     

    

  

(d) Substitute
Non-Qualified Stock Options. The Administrator may grant Non-Qualified Stock Options under the Plan in substitution for stock
and stock based awards held by employees, directors or other key persons of another corporation in connection with the merger or
consolidation of the employing corporation with the Company or a Subsidiary or the acquisition by the Company or a Subsidiary of
property or stock of the employing corporation. The Administrator may direct that the substitute awards be granted on such terms
and conditions as the Administrator considers appropriate in the circumstances. Any substitute Non-Qualified Stock Options granted
under the Plan shall not count against the share limitation set forth in Section 3(a).

 

 

	SECTION 4. 	ELIGIBILITY

 

Grantees under the
Plan will be such Eligible Individuals as are selected from time to time by the Administrator in its sole discretion.

 

 

	SECTION 5.	NON-QUALIFIED STOCK OPTIONS

 

Any Non-Qualified
Stock Option granted under the Plan shall be in such form as the Administrator may from time to time approve. Non-Qualified Stock
Options granted pursuant to this Plan shall be subject to the following terms and conditions and shall contain such additional
terms and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable.

 

(a) Exercise
Price. The exercise price per share for the Stock covered by a Non-Qualified Stock Option shall be determined by the Administrator
at the time of grant but shall not be less than one hundred (100) percent of the Fair Market Value on the date of grant.

 

(b) Option Term.
The term of each Non-Qualified Stock Options shall be fixed by the Administrator, but no Stock Option shall be exercisable more
than ten years after the date the Stock Option is granted.

 

(c) Exercisability;
Rights of a Stockholder. Non-Qualified Stock Options shall become exercisable at such time or times, whether or not in installments,
as shall be determined by the Administrator at or after the grant date. The Administrator may at any time accelerate the exercisability
of all or any portion of any Non-Qualified Stock Option. A grantee shall have the rights of a stockholder only as to shares acquired
upon the exercise of a Non-Qualified Stock Option and not as to unexercised Non-Qualified Stock Options.

 

(d) Method of
Exercise. Non-Qualified Stock Options may be exercised in whole or in part, by giving written or electronic notice of exercise
to the Company, specifying the number of shares to be purchased. Payment of the purchase price may be made by one or more of the
following methods to the extent provided in the Option Certificate:

 

    	 	5	 

     

    

 

(i) In cash, by certified
or bank check or other instrument acceptable to the Administrator;

 

(ii) Through the
delivery (or attestation to the ownership) of shares of Stock that have been purchased by the grantee on the open market or that
have been beneficially owned by the grantee for at least six months and that are not then subject to restrictions under any Company
plan. Such surrendered shares shall be valued at Fair Market Value on the exercise date;

 

(iii) By the grantee
delivering to the Company a properly executed exercise notice together with irrevocable instructions to a broker to promptly deliver
to the Company cash or a check payable and acceptable to the Company for the purchase price; provided that in the event the grantee
chooses to pay the purchase price as so provided, the grantee and the broker shall comply with such procedures and enter into such
agreements of indemnity and other agreements as the Administrator shall prescribe as a condition of such payment procedure; or

 

(iv) By a “net
exercise” arrangement pursuant to which the Company will reduce the number of shares of Stock issuable upon exercise by the
largest whole number of shares with a Fair Market Value that does not exceed the aggregate exercise price.

 

Payment instruments will be received subject
to collection. The transfer to the grantee on the records of the Company or of the transfer agent of the shares of Stock to be
purchased pursuant to the exercise of a Non-Qualified Stock Option will be contingent upon receipt from the grantee (or a purchaser
acting in his stead in accordance with the provisions of the Non-Qualified Stock Option) by the Company of the full purchase price
for such shares and the fulfillment of any other requirements contained in the Option Certificate or applicable provisions of laws
(including the satisfaction of any withholding taxes that the Company is obligated to withhold with respect to the grantee). In
the event a grantee chooses to pay the purchase price by previously-owned shares of Stock through the attestation method, the number
of shares of Stock transferred to the grantee upon the exercise of the Non-Qualified Stock Option shall be net of the number of
attested shares. In the event that the Company establishes, for itself or using the services of a third party, an automated system
for the exercise of Non-Qualified Stock Options, such as a system using an internet website or interactive voice response, then
the paperless exercise of Non-Qualified Stock Options may be permitted through the use of such an automated system.

 

 

	SECTION 6. 	TRANSFERABILITY

 

(a) Transferability.
Except as provided in Section 6(b) below, during a grantee’s lifetime, his or her Non-Qualified Stock Options shall
be exercisable only by the grantee, or by the grantee’s legal representative or guardian in the event of the grantee’s
incapacity. No Non-Qualified Stock Options shall be sold, assigned, transferred or otherwise encumbered or disposed of by a grantee
other than by will or by the laws of descent and distribution or pursuant to a domestic relations order. No Non-Qualified Stock
Options shall be subject, in whole or in part, to attachment, execution, or levy of any kind, and any purported transfer in violation
hereof shall be null and void.

 

 

    	 	6	 

     

    

 

(b) Administrator
Action. Notwithstanding Section 6(a), the Administrator, in its discretion, may provide either in the Option Certificate
regarding a given Non-Qualified Stock Option or by subsequent written approval that the grantee may transfer his or her Non-Qualified
Stock Options to his or her immediate family members, to trusts for the benefit of such family members, or to partnerships in which
such family members are the only partners, provided that the transferee agrees in writing with the Company to be bound by all of
the terms and conditions of this Plan and the applicable Non-Qualified Stock Option. In no event may a Non-Qualified Stock Option
be transferred by a grantee for value.

 

(c) Family Member.
For purposes of Section 6(b), “family member” shall mean a grantee’s child, stepchild, grandchild, parent,
stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the grantee’s household (other than
a tenant of the grantee), a trust in which these persons (or the grantee) have more than 50 percent of the beneficial interest,
a foundation in which these persons (or the grantee) control the management of assets, and any other entity in which these persons
(or the grantee) own more than 50 percent of the voting interests.

 

(d) Designation
of Beneficiary. Each grantee to whom a Non-Qualified Stock Option has been made under the Plan may designate a beneficiary
or beneficiaries to exercise any Non-Qualified Stock Option or receive any payment under any Non-Qualified Stock Option payable
on or after the grantee’s death. Any such designation shall be on a form provided for that purpose by the Administrator and
shall not be effective until received by the Administrator. If no beneficiary has been designated by a deceased grantee, or if
the designated beneficiaries have predeceased the grantee, the beneficiary shall be the grantee’s estate.

 

 

	SECTION 7. 	TAX WITHHOLDING

 

(a) Payment
by Grantee. Each grantee shall, no later than the date as of which the value of a Non-Qualified Stock Option or of any Stock
or other amounts received thereunder first becomes includable in the gross income of the grantee for Federal income tax purposes,
pay to the Company, or make arrangements satisfactory to the Administrator regarding payment of, any Federal, state, or local taxes
of any kind required by law to be withheld by the Company with respect to such income. The Company and its Subsidiaries shall,
to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the grantee.
The Company’s obligation to deliver evidence of book entry (or stock certificates) to any grantee is subject to and conditioned
on tax withholding obligations being satisfied by the grantee.

 

(b) Payment
in Stock. Subject to approval by the Administrator, a grantee may elect to have the Company’s minimum required tax withholding
obligation satisfied, in whole or in part, by authorizing the Company to withhold from shares of Stock to be issued pursuant to
any Non-Qualified Stock Option a number of shares with an aggregate Fair Market Value (as of the date the withholding is effected)
that would satisfy the withholding amount due.

 

 

	SECTION 8. 	SECTION 409A AWARDS

 

To the extent that
any Non-Qualified Stock Option is determined to constitute “nonqualified deferred compensation” within the meaning
of Section 409A (a “409A Award ”), the Non-Qualified Stock Option shall be subject to such additional rules
and requirements as specified by the Administrator from time to time in order to comply with Section 409A. In this regard,
if any amount under a 409A Award is payable upon a “separation from service” (within the meaning of Section 409A)
to a grantee who is then considered a “specified employee” (within the meaning of Section 409A), then no such
payment shall be made prior to the date that is the earlier of (i) six months and one day after the grantee’s separation
from service, or (ii) the grantee’s death, but only to the extent such delay is necessary to prevent such payment from
being subject to interest, penalties and/or additional tax imposed pursuant to Section 409A. Further, the settlement of any
such Non-Qualified Stock Option may not be accelerated except to the extent permitted by Section 409A.

 

    	 	7	 

     

    

  

	SECTION 9. 	TRANSFER, LEAVE OF ABSENCE, ETC.

 

For purposes of the Plan, the following
events shall not be deemed a termination of employment:

 

(a) a transfer
to the employment of the Company from a Subsidiary or from the Company to a Subsidiary, or from one Subsidiary to another; or

 

(b) an approved
leave of absence for military service or sickness, or for any other purpose approved by the Company, if the employee’s right
to re-employment is guaranteed either by a statute or by contract or under the policy pursuant to which the leave of absence was
granted or if the Administrator otherwise so provides in writing.

 

 

	SECTION 10. 	AMENDMENTS AND TERMINATION

 

The Board may, at any
time, amend or discontinue the Plan and the Administrator may, at any time, amend or cancel any outstanding Non-Qualified Stock
Option for the purpose of satisfying changes in law or for any other lawful purpose, but no such action shall adversely affect
rights under any outstanding Non-Qualified Stock Option without the holder’s consent. Except as provided in Section 3(c)
or 3(d), without prior stockholder approval, in no event may the Administrator exercise its discretion to reduce the exercise price
of outstanding Non-Qualified Stock Options or effect repricing through cancellation and re-grants or cancellation of Non-Qualified
Stock Options in exchange for cash. To the extent required under the rules of any securities exchange or market system on which
the Stock is listed, Plan amendments shall be subject to approval by the Company stockholders entitled to vote at a meeting of
stockholders. Nothing in this Section 10 shall limit the Administrator’s authority to take any action permitted pursuant
to Section 3(c) or 3(d).

 

 

	SECTION 11. 	STATUS OF PLAN

 

With respect to the
portion of any Non-Qualified Stock Option that has not been exercised and any payments in cash, Stock or other consideration not
received by a grantee, a grantee shall have no rights greater than those of a general creditor of the Company unless the Administrator
shall otherwise expressly determine in connection with any Non-Qualified Stock Option or Non-Qualified Stock Options. In its sole
discretion, the Administrator may authorize the creation of trusts or other arrangements to meet the Company’s obligations
to deliver Stock or make payments with respect to Non-Qualified Stock Options hereunder, provided that the existence of such trusts
or other arrangements is consistent with the foregoing sentence.

 

    	 	8	 

     

    

  

	SECTION 12. 	GENERAL PROVISIONS

 

(a) No Distribution.
The Administrator may require each person acquiring Stock pursuant to a Non-Qualified Stock Option to represent to and agree with
the Company in writing that such person is acquiring the shares without a view to distribution thereof.

 

(b) Delivery
of Stock Certificates. Stock certificates to grantees under this Plan shall be deemed delivered for all purposes when the Company
or a stock transfer agent of the Company shall have mailed such certificates in the United States mail, addressed to the grantee,
at the grantee’s last known address on file with the Company. Uncertificated Stock shall be deemed delivered for all purposes
when the Company or a Stock transfer agent of the Company shall have given to the grantee by electronic mail (with proof of receipt)
or by United States mail, addressed to the grantee, at the grantee’s last known address on file with the Company, notice
of issuance and recorded the issuance in its records (which may include electronic “book entry” records). Notwithstanding
anything herein to the contrary, the Company shall not be required to issue or deliver any certificates evidencing shares of Stock
pursuant to the exercise of any Non-Qualified Stock Option, unless and until the Administrator has determined, with advice of counsel
(to the extent the Administrator deems such advice necessary or advisable), that the issuance and delivery of such certificates
is in compliance with all applicable laws, regulations of governmental authorities and, if applicable, the requirements of any
exchange on which the shares of Stock are listed, quoted or traded. All Stock certificates delivered pursuant to the Plan shall
be subject to any stop-transfer orders and other restrictions as the Administrator deems necessary or advisable to comply with
federal, state or foreign jurisdiction, securities or other laws, rules and quotation system on which the Stock is listed, quoted
or traded. The Administrator may place legends on any Stock certificate to reference restrictions applicable to the Stock. In addition
to the terms and conditions provided herein, the Administrator may require that an individual make such reasonable covenants, agreements,
and representations as the Administrator, in its discretion, deems necessary or advisable in order to comply with any such laws,
regulations, or requirements. The Administrator shall have the right to require any individual to comply with any timing or other
restrictions with respect to the settlement or exercise of any Non-Qualified Stock Option, including a window-period limitation,
as may be imposed in the discretion of the Administrator.

 

(c) Stockholder
Rights. Until Stock is deemed delivered in accordance with Section 12(b), no right to vote or receive dividends or any
other rights of a stockholder will exist with respect to shares of Stock to be issued in connection with a Non-Qualified Stock
Option, notwithstanding the exercise of a Non-Qualified Stock Option or any other action by the grantee with respect to a Non-Qualified
Stock Option.

 

(d) Other Compensation
Arrangements; No Employment Rights. Nothing contained in this Plan shall prevent the Board from adopting other or additional
compensation arrangements, including trusts, and such arrangements may be either generally applicable or applicable only in specific
cases. The adoption of this Plan and the grant of Non-Qualified Stock Options do not confer upon any employee any right to continued
employment with the Company or any Subsidiary.

 

(e) Trading
Policy Restrictions. Option exercises and other Non-Qualified Stock Options under the Plan shall be subject to the Company’s
insider trading policies and procedures, as in effect from time to time.

 

(f) Company
Documents and Policies. This Plan and all Non-Qualified Stock Options granted hereunder are subject to the corporate articles
and by-laws of the Company, as they may be amended from time to time, and all other Company policies duly adopted by the Board
or the Administrator and as in effect from time to time regarding the acquisition, ownership or sale of Stock by employees, including
without limitation policies intended to limit the potential for insider trading and to avoid or recover compensation payable or
paid on the basis of inaccurate financial results or statements, employee conduct, and other similar events.

 

    	 	9	 

     

    

  

	SECTION 13. 	EFFECTIVE DATE OF PLAN

 

This Plan shall become effective upon the
Effective Date.

 

 

	SECTION 14. 	GOVERNING LAW

 

This Plan and all
Non-Qualified Stock Options and actions taken thereunder shall be governed by, and construed in accordance with, the laws of the
State of Delaware, applied without regard to conflict of law principles.

 

 

DATE APPROVED BY BOARD OF DIRECTORS: July 15, 2016

 

    	 	10

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