Document:

Exhibit 10.1

 

RenovoRx,
Inc.

 

Amended
and Restated 2013 Equity Incentive Plan

 

Adopted
by the Board of Directors: January 23, 2013

Approved
by the Stockholders: January 23, 2013

Amended
and Restated by the Board of Directors: December 6, 2015

Approved
by the Stockholders: December 6, 2015

 

Termination
Date: January 22, 2023

 

1. General.

 

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

 

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

 

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

 

2. Administration.

 

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

 

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

 

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

 

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

 

    	 

    	 

    

 

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

 

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

 

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

 

(vi) To
amend the Plan in any respect the Board deems necessary or advisable, including, without limitation, amendments relating to Incentive
Stock Options and certain nonqualified deferred compensation under Section 409A of the Code and/or to bring the Plan or Stock Awards
granted under the Plan into compliance therewith, subject to the limitations, if any, of applicable law. However, except as provided
in Section 9(a) relating to Capitalization Adjustments, to the extent required by applicable law, stockholder approval shall be required
for any amendment of the Plan that either (A) materially increases the number of shares of Common Stock available for issuance under
the Plan, (B) materially expands the class of individuals eligible to receive Stock Awards under the Plan, (C) materially increases the
benefits accruing to Participants under the Plan or materially reduces the price at which shares of Common Stock may be issued or purchased
under the Plan, (D) materially extends the term of the Plan, or (E) expands the types of Stock Awards available for issuance under the
Plan. Except as provided above, rights under any Stock Award granted before amendment of the Plan shall not be impaired by any amendment
of the Plan unless (1) the Company requests the consent of the affected Participant, and (2) such Participant consents in writing.

 

(vii) To
submit any amendment to the Plan for stockholder approval, including, but not limited to, amendments to the Plan intended to satisfy
the requirements of Section 422 of the Code regarding Incentive Stock Options.

 

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

 

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

 

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

 

(xi) To
effect, at any time and from time to time, with the consent of any adversely affected Participant, (A) the reduction of the exercise
price (or strike price) of any outstanding Option or SAR under the Plan, (B) the cancellation of any outstanding Option or SAR under
the Plan and the grant in substitution therefore of (1) a new Option or SAR under the Plan or another equity plan of the Company covering
the same or a different number of shares of Common Stock, (2) a Restricted Stock Award, (3) a Restricted Stock Unit Award, (4) cash and/or
(5) other valuable consideration (as determined by the Board, in its sole discretion), or (C) any other action that is treated as a repricing
under generally accepted accounting principles; provided, however, that no such reduction or cancellation may be effected if it
is determined, in the Company’s sole discretion, that such reduction or cancellation would result in any such outstanding Option
becoming subject to the requirements of Section 409A of the Code.

 

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

 

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

 

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

 

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3. Shares
Subject to the Plan.

 

(a) Share
Reserve. Subject to the provisions of Section 9(a) relating to Capitalization Adjustments, the aggregate number of shares of Common
Stock that may be issued pursuant to Stock Awards beginning on the Effective Date shall not exceed four million five hundred forty-five
thousand nine hundred twenty-two (4,545,922) shares (the “Share Reserve”). Furthermore, if a Stock Award (i)
expires or otherwise terminates without having been exercised in full or (ii) is settled in cash (i.e., the holder of the Stock
Award receives cash rather than stock), such expiration, termination or settlement shall not reduce (or otherwise offset) the number
of shares of Common Stock that may be issued pursuant to the Plan. For clarity, the limitation in this Section 3(a) is a limitation in
the number of shares of Common Stock that may be issued pursuant to the Plan. Accordingly, this Section 3(a) does not limit the granting
of Stock Awards except as provided in Section 7(a).

 

(b) Reversion
of Shares to the Share Reserve. If any shares of Common Stock issued pursuant to a Stock Award are forfeited back to the Company
because of the failure to meet a contingency or condition required to vest such shares in the Participant, then the shares which are
forfeited shall revert to and again become available for issuance under the Plan. Also, any shares reacquired by the Company pursuant
to Section 8(g) or as consideration for the exercise of an Option shall again become available for issuance under the Plan. Notwithstanding
the provisions of this Section 3(b), any such shares shall not be subsequently issued pursuant to the exercise of Incentive Stock Options.

 

(c) Incentive
Stock Option Limit. Notwithstanding anything to the contrary in this Section 3(c), subject to the provisions of Section 9(a) relating
to Capitalization Adjustments, the aggregate maximum number of shares of Common Stock that may be issued pursuant to the exercise of
Incentive Stock Options shall be two times the Share Reserve.

 

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

 

4. Eligibility.

 

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

 

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

 

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(c) Consultants.
A Consultant shall not be eligible for the grant of a Stock Award if, at the time of grant, either the offer or the sale of the Company’s
securities to such Consultant is not exempt under Rule 701 because of the nature of the services that the Consultant is providing to
the Company, because the Consultant is not a natural person, or because of any other provision of Rule 701, unless the Company determines
that such grant need not comply with the requirements of Rule 701 and will satisfy another exemption under the Securities Act as well
as comply with the securities laws of all other relevant jurisdictions.

 

5. Provisions
Relating to Options and Stock Appreciation Rights.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(v) according
to a deferred payment or similar arrangement with the Optionholder; provided, however, that interest shall compound at least annually
and shall be charged at the minimum rate of interest necessary to avoid (A) the imputation of interest income to the Company and compensation
income to the Optionholder under any applicable provisions of the Code, and (B) the classification of the Option as a liability for financial
accounting purposes; or

 

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

 

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

 

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

 

(i) Restrictions
on Transfer. An Option or SAR shall not be transferable except by will or by the laws of descent and distribution and shall be exercisable
during the lifetime of the Participant only by the Participant; provided, however, that the Board may, in its sole discretion,
permit transfer of the Option or SAR to such extent as permitted by Rule 701 and in a manner consistent with applicable tax and securities
laws upon the Participant’s request.

 

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

 

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

 

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

 

(g) Termination
of Continuous Service. Except as otherwise provided in the applicable Stock Award Agreement or other agreement between the Participant
and the Company, in the event that a Participant’s Continuous Service terminates (other than upon the Participant’s death
or Disability), the Participant may exercise his or her Option or SAR (to the extent that the Participant was entitled to exercise such
Stock Award as of the date of termination of Continuous Service) but only within such period of time ending on the earlier of (i) the
date three (3) months following the termination of the Participant’s Continuous Service (or such longer or shorter period specified
in the Stock Award Agreement, which period shall not be less than thirty (30) days if necessary to comply with applicable state laws
or (ii) the expiration of the term of the Option or SAR as set forth in the Stock Award Agreement. If, after termination of Continuous
Service, the Participant does not exercise his or her Option or SAR within the time specified herein or in the Stock Award Agreement
(as applicable), the Option or SAR shall terminate.

 

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

 

(i) Disability
of Participant. Except as otherwise provided in the applicable Stock Award Agreement or other agreement between the Participant and
the Company, in the event that a Participant’s Continuous Service terminates as a result of the Participant’s Disability,
the Participant may exercise his or her Option or SAR (to the extent that the Participant was entitled to exercise such Option or SAR
as of the date of termination of Continuous Service), but only within such period of time ending on the earlier of (i) the date twelve
(12) months following such termination of Continuous Service (or such longer or shorter period specified in the Stock Award Agreement,
which period shall not be less than six (6) months if necessary to comply with applicable state laws), or (ii) the expiration of the
term of the Option or SAR as set forth in the Stock Award Agreement. If, after termination of Continuous Service, the Participant does
not exercise his or her Option or SAR within the time specified herein or in the Stock Award Agreement (as applicable), the Option or
SAR shall terminate.

 

(j) Death
of Participant. Except as otherwise provided in the applicable Stock Award Agreement or other agreement between the Participant and
the Company, in the event that (i) a Participant’s Continuous Service terminates as a result of the Participant’s death,
or (ii) the Participant dies within the period (if any) specified in the Stock Award Agreement after the termination of the Participant’s
Continuous Service for a reason other than death, then the Option or SAR may be exercised (to the extent the Participant was entitled
to exercise such Option or SAR as of the date of death) by the Participant’s estate, by a person who acquired the right to exercise
the Option or SAR by bequest or inheritance or by a person designated to exercise the Option or SAR upon the Participant’s death,
but only within the period ending on the earlier of (i) the date eighteen (18) months following the date of death (or such longer or
shorter period specified in the Stock Award Agreement, which period shall not be less than six (6) months if necessary to comply with
applicable state laws), or (ii) the expiration of the term of such Option or SAR as set forth in the Stock Award Agreement. If, after
the Participant’s death, the Option or SAR is not exercised within the time specified herein or in the Stock Award Agreement (as
applicable), the Option or SAR shall terminate.

 

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

 

(l) Non-Exempt
Employees. No Option or SAR granted to an Employee who is a non-exempt employee for purposes of the Fair Labor Standards Act of 1938,
as amended, shall be first exercisable for any shares of Common Stock until at least six months following the date of grant of the Option
or SAR. Notwithstanding the foregoing, consistent with the provisions of the Worker Economic Opportunity Act, in the event of the Participant’s
death or Disability, upon a Corporate Transaction or a Change in Control in which the vesting of such Options or SARs accelerates, or
upon the Participant’s retirement (as such term may be defined in the Participant’s Stock Award Agreement or in another applicable
agreement or in accordance with the Company’s then current employment policies and guidelines) any such vested Options and SARs
may be exercised earlier than six months following the date of grant. The foregoing provision is intended to operate so that any income
derived by a non-exempt employee in connection with the exercise or vesting of an Option or SAR will be exempt from his or her regular
rate of pay.

 

(m) Early
Exercise of Options. An Option may, but need not, include a provision whereby the Optionholder may elect at any time before the Optionholder’s
Continuous Service terminates to exercise the Option as to any part or all of the shares of Common Stock subject to the Option prior
to the full vesting of the Option. Subject to the “Repurchase Limitation” in Section 8(l), any unvested shares of Common
Stock so purchased may be subject to a repurchase right in favor of the Company or to any other restriction the Board determines to be
appropriate. Provided that the “Repurchase Limitation” in Section 8(l) is not violated, the Company shall not be required
to exercise its repurchase right until at least six (6) months (or such longer or shorter period of time required to avoid classification
of the Option as a liability for financial accounting purposes) have elapsed following exercise of the Option unless the Board otherwise
specifically provides in the Option Agreement.

 

(n) Right
of Repurchase. Subject to the “Repurchase Limitation” in Section 8(l), the Option or SAR may include a provision whereby
the Company may elect to repurchase all or any part of the vested shares of Common Stock acquired by the Participant pursuant to the
exercise of the Option or SAR.

 

(o) Right
of First Refusal. The Option or SAR may include a provision whereby the Company may elect to exercise a right of first refusal following
receipt of notice from the Participant of the intent to transfer all or any part of the shares of Common Stock received upon the exercise
of the Option or SAR. Such right of first refusal shall be subject to the “Repurchase Limitation” in Section 8(l). Except
as expressly provided in this Section 5(o) or in the Stock Award Agreement, such right of first refusal shall otherwise comply with any
applicable provisions of the Bylaws of the Company.

 

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6. Provisions
of Restricted Stock Awards and Restricted Stock Units.

 

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

 

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

 

(ii) Vesting.
Subject to the “Repurchase Limitation” in Section 8(l), shares of Common Stock awarded under the Restricted Stock Award Agreement
may be subject to forfeiture to the Company in accordance with a vesting schedule to be determined by the Board.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(vii) Compliance
with Section 409A of the Code. Notwithstanding anything to the contrary set forth herein, any Restricted Stock Unit Award granted
under the Plan that is not exempt from the requirements of Section 409A of the Code shall contain such provisions so that such Restricted
Stock Unit Award will comply with the requirements of Section 409A of the Code. Such restrictions, if any, shall be determined by the
Board and contained in the Restricted Stock Unit Award Agreement evidencing such Restricted Stock Unit Award. For example, such restrictions
may include, without limitation, a requirement that any Common Stock that is to be issued in a year following the year in which the Restricted
Stock Unit Award vests must be issued in accordance with a fixed pre-determined schedule.

 

    	11

    	 

    

 

7. Covenants
of the Company.

 

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

 

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

 

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

 

8. Miscellaneous.

 

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

 

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

 

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

 

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

 

    	12

    	 

    

 

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

 

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

 

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

 

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(h) Electronic
Delivery. Any reference herein to a “written” agreement or document shall include any agreement or document delivered
electronically or posted on the Company’s intranet.

 

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

 

(j) Compliance
with Section 409A. To the extent that the Board determines that any Stock Award granted hereunder is subject to Section 409A of the
Code, the Stock Award Agreement evidencing such Stock Award shall incorporate the terms and conditions necessary to avoid the consequences
specified in Section 409A(a)(1) of the Code. To the extent applicable, the Plan and Stock Award Agreements shall be interpreted in accordance
with Section 409A of the Code.

 

(k) Compliance
with Exemption Provided by Rule 12h-1(f). If: (i) the aggregate of the number of Optionholders and the number of holders of all other
outstanding compensatory employee stock options to purchase shares of Common Stock equals or exceeds five hundred (500), and (ii) the
assets of the Company at the end of the Company’s most recently completed fiscal year exceed $10 million, then the following restrictions
shall apply during any period during which the Company does not have a class of its securities registered under Section 12 of the Exchange
Act and is not required to file reports under Section 15(d) of the Exchange Act: (A) the Options and, prior to exercise, the shares of
Common Stock acquired upon exercise of the Options may not be transferred until the Company is no longer relying on the exemption provided
by Rule 12h-1(f) promulgated under the Exchange Act (“Rule 12h-1(f)”), except: (1) as permitted by Rule 701(c)
promulgated under the Securities Act, (2) to a guardian upon the disability of the Optionholder, or (3) to an executor upon the death
of the Optionholder (collectively, the “Permitted Transferees”); provided, however, the following transfers
are permitted: (i) transfers by the Optionholder to the Company, and (ii) transfers in connection with a change of control or other acquisition
involving the Company, if following such transaction, the Options no longer remain outstanding and the Company is no longer relying on
the exemption provided by Rule 12h-1(f); provided further, that any Permitted Transferees may not further transfer the Options;
(B) except as otherwise provided in (A) above, the Options and shares of Common Stock acquired upon exercise of the Options are restricted
as to any pledge, hypothecation, or other transfer, including any short position, any “put equivalent position” as defined
by Rule 16a-1(h) promulgated under the Exchange Act, or any “call equivalent position” as defined by Rule 16a-1(b) promulgated
under the Exchange Act by the Optionholder prior to exercise of an Option until the Company is no longer relying on the exemption provided
by Rule 12h-1(f); and (C) at any time that the Company is relying on the exemption provided by Rule 12h-1(f), the Company shall deliver
to Optionholders (whether by physical or electronic delivery or written notice of the availability of the information on an internet
site) the information required by Rule 701(e)(3), (4), and (5) promulgated under the Securities Act every six (6) months, including financial
statements that are not more than one hundred eighty (180) days old; provided, however, that the Company may condition the delivery
of such information upon the Optionholder’s agreement to maintain its confidentiality.

 

    	14

    	 

    

 

(l) Repurchase
Limitation. The terms of any repurchase right shall be specified in the Stock Award Agreement. The repurchase price for vested shares
of Common Stock shall be the Fair Market Value of the shares of Common Stock on the date of repurchase. The repurchase price for unvested
shares of Common Stock shall be the lower of (i) the Fair Market Value of the shares of Common Stock on the date of repurchase or (ii)
their original purchase price. However, the Company shall not exercise its repurchase right until at least six (6) months (or such longer
or shorter period of time necessary to avoid classification of the Stock Award as a liability for financial accounting purposes) have
elapsed following delivery of shares of Common Stock subject to the Stock Award, unless otherwise specifically provided by the Board.

 

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

 

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

 

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

 

    	15

    	 

    

 

(c) Corporate
Transaction. The following provisions shall apply to Stock Awards in the event of a Corporate Transaction unless otherwise provided
in the instrument evidencing the Stock Award or any other written agreement between the Company or any Affiliate and the holder of the
Stock Award or unless otherwise expressly provided by the Board at the time of grant of a Stock Award. Except as otherwise stated in
the Stock Award Agreement, in the event of a Corporate Transaction, then, notwithstanding any other provision of the Plan, the Board
shall take one or more of the following actions with respect to Stock Awards, contingent upon the closing or completion of the Corporate
Transaction:

 

(i)  arrange
for the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company) to assume or
continue the Stock Award or to substitute a similar stock award for the Stock Award (including, but not limited to, an award to acquire
the same consideration paid to the stockholders of the Company pursuant to the Corporate Transaction);

 

(ii) arrange
for the assignment of any reacquisition or repurchase rights held by the Company in respect of Common Stock issued pursuant to the Stock
Award to the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company);

 

(iii) accelerate
the vesting, in whole or in part, of the Stock Award (and, if applicable, the time at which the Stock Award may be exercised) to a date
prior to the effective time of such Corporate Transaction as the Board shall determine (or, if the Board shall not determine such a date,
to the date that is five (5) days prior to the effective date of the Corporate Transaction), with such Stock Award terminating if not
exercised (if applicable) at or prior to the effective time of the Corporate Transaction;

 

(iv) arrange
for the lapse of any reacquisition or repurchase rights held by the Company with respect to the Stock Award;

 

(v) cancel
or arrange for the cancellation of the Stock Award, to the extent not vested or not exercised prior to the effective time of the Corporate
Transaction, in exchange for such cash consideration, if any, as the Board, in its sole discretion, may consider appropriate; and

 

(vi) make
a payment, in such form as may be determined by the Board equal to the excess, if any, of (A) the value of the property the holder of
the Stock Award would have received upon the exercise of the Stock Award, over (B) any exercise price payable by such holder in connection
with such exercise.

The
Board need not take the same action with respect to all Stock Awards or with respect to all Participants.

 

(d) Change
in Control. A Stock Award may be subject to additional acceleration of vesting and exercisability upon or after a Change in Control
as may be provided in the Stock Award Agreement for such Stock Award or as may be provided in any other written agreement between the
Company or any Affiliate and the Participant, but in the absence of such provision, no such acceleration shall occur.

 

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10. Termination
or Suspension of the Plan.

 

(a) Plan
Term. The Board may suspend or terminate the Plan at any time. Unless sooner terminated by the Board pursuant to Section 2, the Plan
shall automatically terminate on the day before the tenth (10th) anniversary of the earlier of (i) the date the Plan is adopted by the
Board, or (ii) the date the Plan is approved by the stockholders of the Company. No Stock Awards may be granted under the Plan while
the Plan is suspended or after it is terminated.

 

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

 

11. Effective
Date of Plan.

 

This
Plan shall become effective on the Effective Date.

 

12. Choice
of Law.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	18

    	 

    

 

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

 

Notwithstanding
the foregoing definition or any other provision of this Plan, (A) the term Change in Control shall not include a sale of assets, merger
or other transaction effected exclusively for the purpose of changing the domicile of the Company, and (B) the definition of Change in
Control (or any analogous term) in an individual written agreement between the Company or any Affiliate and the Participant shall supersede
the foregoing definition with respect to Stock Awards subject to such agreement; provided, however, that if no definition of Change
in Control or any analogous term is set forth in such an individual written agreement, the foregoing definition shall apply.

 

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

 

(g) 
“Committee” means a committee of one (1) or more Directors to whom authority has been delegated by the
Board in accordance with Section 2(c).

 

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

 

(i) “Company”
means RenovoRx, Inc., a Delaware corporation.

 

(j) “Consultant”
means any person, including an advisor, who is (i) engaged by the Company or an Affiliate to render consulting or advisory services and
is compensated for such services, or (ii) serving as a member of the board of directors of an Affiliate and is compensated for such services.
However, service solely as a Director, or payment of a fee for such service, shall not cause a Director to be considered a “Consultant”
for purposes of the Plan.

 

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

 

    	19

    	 

    

 

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

 

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

 

(ii) the
consummation of a sale or other disposition of at least ninety percent (90%) of the outstanding securities of the Company;

 

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

 

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

 

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

 

(n) “Disability”
means the inability of a Participant to engage in any substantially gainful activity by reason of any medically determinable physical
or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period
of not less than twelve (12) months as provided in Sections 22(e)(3) and 409A(a)(2)(c)(i) of the Code and shall be determined by the
Board on the basis of such medical evidence as the Board deems warranted under the circumstances.

 

(o) “Effective
Date” means the effective date of this Plan, which is the earlier of (i) the date that this Plan is first approved by the
Company’s stockholders, or (ii) the date this Plan is adopted by the Board.

 

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

 

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

 

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

 

    	20

    	 

    

 

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

 

(t) “Fair
Market Value” means, as of any date, the value of the Common Stock determined by the Board in compliance with Section 409A
of the Code or, in the case of an Incentive Stock Option, in compliance with Section 422 of the Code.

 

(u) “Incentive
Stock Option” means an option that qualifies as an “incentive stock option” within the meaning of Section 422
of the Code and the regulations promulgated thereunder.

 

(v) “Nonstatutory
Stock Option” means an Option that does not qualify as an Incentive Stock Option.

 

(w) “Officer”
means any person designated by the Company as an officer.

 

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

 

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

 

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

 

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

 

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

 

(cc) “Plan”
means this RenovoRx, Inc. 2013 Equity Incentive Plan.

 

    	21

    	 

    

 

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

 

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

 

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

 

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

 

(hh) “Rule
405” means Rule 405 promulgated under the Securities Act.

 

(ii) “Rule
701” means Rule 701 promulgated under the Securities Act.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	22EX-10.1

 Advisory Agreement 

TCW DIRECT LENDING VIII LLC 

INVESTMENT ADVISORY AND MANAGEMENT AGREEMENT 

THIS AGREEMENT (this “Agreement”) is made as of _________________, 2021 by and between TCW DIRECT LENDING
VIII LLC, a Delaware limited liability company (the “Company”), and TCW ASSET MANAGEMENT COMPANY LLC, a Delaware limited liability company (the “Adviser”). 

WHEREAS, the Company is a newly organized closed-end management investment fund that
intends to elect to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (“1940 Act”); 

WHEREAS, the Adviser is engaged in the business of providing investment advice and is registered as an investment adviser
under the Investment Advisers Act of 1940, as amended; 
 WHEREAS, the Company desires to retain the Adviser to render
investment advisory and management services to the Company in the manner and on the terms hereinafter set forth; and 

WHEREAS, the Adviser is willing to perform such services on the terms and conditions hereinafter set forth; 

NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained and for other good and valuable
consideration, the receipt and adequacy of which is hereby acknowledged, the Company and the Adviser hereby agree as follows: 

1.    Definitions. For the purposes of this Agreement, the terms “assignment,” “interested
person,” and “majority of the outstanding voting securities” shall have their respective meanings as defined in the 1940 Act and the rules and regulations adopted by the U.S. Securities and Exchange Commission
(“SEC”) thereunder, and the term “brokerage and research services” shall have the meaning given in the Securities Exchange Act of 1934 and the rules and regulations adopted by the SEC thereunder, subject, however, in
all cases to such exemptions as may be granted by the SEC, such interpretive positions as may be taken by the SEC, and such interpretive or no action positions as may be taken by the SEC staff, The capitalized terms used without definition in this
Agreement, unless otherwise indicated, have the respective meanings specified in the Amended and Restated Limited Liability Company Agreement of the Company (as the same may be amended from time to time, the “LLC Agreement”). 

2.    Appointment. 
  

	 	a.	 The Company engages the Adviser to provide investment advisory and management services to the Company. This
engagement is for the period and on the terms set forth in this Agreement. The Adviser hereby accepts such engagement and agrees to render the services and to assume the obligations set forth in this Agreement, for the compensation provided below.

  
 1 

	 	b.	 The Adviser, subject to the prior approval of the Company’s board of directors (the
“Board”) and, to the extent required, the Members, may from time to time enter into one or more sub-advisory agreements with other investment advisers (each a “Sub-Adviser”) as the Adviser may believe to be particularly fitted to assist it in the performance of this Agreement; provided, however, that the compensation of any Sub-Adviser shall be paid by the Adviser and that the Adviser shall be as fully responsible to the Company for the acts and omissions of any Sub-Adviser as it is for its own
acts and omissions. Any sub-advisory agreement entered into by the Adviser shall be in accordance with the requirements of the 1940 Act and other applicable federal and state law. 

3.    Advisory and Management Services. The Company hereby engages the Adviser to act as the investment adviser to
the Company and to manage the investment and reinvestment of the assets of the Company, subject to the supervision of the Board, for the period and upon the terms herein set forth, (a) in accordance with the investment objective, policies and
restrictions that are set forth in the Company’s registration statement on Form 10 (File No. 000-56287) (and as the same shall be amended from time to time, the “Registration Statement”) and in accordance with the
investment objective, policies and restrictions that are set forth in the Company’s private placement memorandum dated March 2021 as it may be amended from time to time; (b) in accordance with all other applicable federal and state
laws, rules and regulations, and the LLC Agreement; and (c) in accordance with the 1940 Act. Without limiting the generality of the foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement:
(i) formulate and implement the Company’s investment program; (ii) determine the composition of the portfolio of the Company, the nature and timing of the changes therein and the manner of implementing such changes;
(iii) identify/source, research, evaluate and negotiate the structure of the investments made by the Company (including due diligence on prospective Portfolio Companies); (iv) close, monitor and administer the Company’s investments,
including the exercise of any rights in its capacity as a lender; (v) determine the securities and other assets that the Company will originate, purchase, retain, or sell; (vi) place orders for the purchase or sale of portfolio securities
for the Company’s account with broker-dealers selected by the Adviser; (vii) pay such expenses as are incurred by it in connection with providing the foregoing services as provided in Section 4 below; (viii) coordinate with the
Administrator; and (ix) provide the Company with such other investment advisory, research, and related services as the Company may, from time to time, reasonably require for the investment of its funds, including providing operating and
managerial assistance to the Company and its portfolio companies as required. Subject to the supervision of the Board, the Adviser shall have the power and authority on behalf of the Company to effectuate its investment decisions for the Company,
including the execution and delivery of all documents relating to the Company’s investments and the placing of orders for other purchase or sale transactions on behalf of the Company. In the event that the Company determines to acquire debt
financing, the Adviser will arrange for such financing on the Company’s behalf, subject to the oversight and approval of the Board. If it is necessary or appropriate for the Adviser to make investments on behalf of the Company through a
subsidiary of the Company or other special purpose vehicle, the Adviser shall have authority to create or arrange for the creation of such subsidiary of the Company or other special purpose vehicle and to make such investments through such
subsidiary of the Company or other special purpose vehicle (in accordance with the 1940 Act). 

  
 2 

 4.    Reimbursement of Certain Expenses. In addition to the Management
Fee and Incentive Fee described below, the Adviser is entitled to the reimbursement of certain expenses incurred on behalf of the Company to the extent described in the Administration Agreement by and between the Company and TCW Asset Management
Company LLC (as Administrator). 
 5.    Management Fee. 

 

	 	a.	 The Company will pay to the Adviser, quarterly in arrears, a management fee (the “Management
Fee”) calculated as follows: 0.3125% (i.e., 1.25% per annum) of the average gross assets of the Company on a consolidated basis, with the average determined based on the gross assets of the Company as of the end of the three most recently
completed calendar months. “Gross assets” means the amortized cost of Portfolio Investments of the Company (including Portfolio Investments purchased with borrowed funds and other forms of leverage, such as Preferred Units, public and
private debt issuances, derivative instruments, repurchase agreements and other similar instruments or arrangements) that have not been sold, distributed to the Members or written off for tax purposes (but reduced by any portion of such cost basis
that has been written down to reflect a permanent impairment of value of any Portfolio Investment), and excluding cash and cash equivalents. 

  

	 	b.	 Installments of the Management Fee payable for any partial month or quarter shall be pro rated for the
actual number of days in such period. 

  

	 	c.	 While the Management Fee will accrue from the Initial Closing Date, the Adviser intends to defer payment of
such fee to the extent that such fee is greater than the aggregate amount of interest and fee income earned by the Company. 

6.    Incentive Fee. 
  

	 	a.	 Calculation of Incentive Fee. Subject to the Adviser Return Obligation (described in
Section 6(c)), the Company shall pay the Adviser an incentive fee (the “Incentive Fee”) as follows. The Incentive Fee will be calculated on a cumulative basis and the amount of the Incentive Fee payable in connection with any
distribution (or deemed distribution) will be determined in accordance with the following formula each time amounts are to be distributed to the Common Unitholders: 

 

	 	(i)	 First, no Incentive Fee will be owed until the Common Unitholders have collectively received cumulative
distributions pursuant to this clause (a) equal to their Aggregate Contributions to the Company in respect of all the Common Units; 

  

	 	(ii)	 Second, no Incentive Fee will be owed until the Common Unitholders have collectively received cumulative
distributions equal to a 8.0% internal rate of return on their Aggregate Contributions to the Company in respect of all Common Units (the “Hurdle”); 

 

	 	(iii)	 Third, the Adviser will be entitled to an Incentive Fee out of 100% of additional amounts otherwise
distributable to Common Unitholders until 

  
 3 

	 	 
such time as the Incentive Fee paid to the Adviser is equal to 15% of the sum of (A) the amount by which the Hurdle exceeds the Aggregate Contributions of the Common Unitholders in
respect of all Common Units and (B) the amount of Incentive Fee being paid to the Adviser pursuant to this clause (iii); and 

  

	 	(iv)	 Thereafter, the Adviser will be entitled to an Incentive Fee equal to 15% of additional amounts otherwise
distributable to Common Unitholders in respect of all Common Units, with the remaining 85% distributed to the Common Unitholders. 

For purposes of calculating the Incentive Fee, as provided in 3.3.2 of the LLC Agreement, Aggregate Contributions shall
not include NAV Balancing Contributions or Late-Closer Contributions, and the distributions to Common Unitholders shall not include distributions attributable to Late-Closer Contributions. NAV Balancing Contributions received by the Company will not
be treated as amounts distributed to Common Unitholders for purposes of calculating the Incentive Fee. In addition if distributions to which a Defaulting Member otherwise would have been entitled have been withheld pursuant to 6.2.4 of the LLC
Agreement, the amounts so withheld shall be treated for such purposes as having been distributed to such Defaulting Member. The amount of any distribution of securities made in kind shall be equal to the fair market value of those securities at the
time of distribution determined pursuant to 13.4 of the LLC Agreement. 
  

	 	b.	 Incentive Fee upon Early Termination. If this Agreement terminates early for any reason other than
(i) the Adviser voluntarily terminating this Agreement or (ii) the Company terminating this Agreement for cause, the Company will be required to pay the Adviser a final incentive fee payment (the “Final Incentive Fee
Payment”). The Final Incentive Fee Payment will be calculated as of the date this Agreement is so terminated and will equal the amount of Incentive Fee that would be payable to the Adviser if (A) all of the Company’s investments
were liquidated for their current value (but without taking into account any unrealized appreciation of any Portfolio Investment), and any unamortized deferred Portfolio Investment-related fees were deemed accelerated, (B) the proceeds from
such liquidation were used to pay all of the Company’s outstanding liabilities, and (C) the remainder were distributed to Common Unitholders and paid as Incentive Fee in accordance with Section 6(a). The Company will make the Final
Incentive Fee Payment in cash on or immediately following the date this Agreement is so terminated. In the case of an early termination, the Adviser Return Obligation under Section 6(c) will not apply in connection with a Final Incentive Fee
Payment. 

  

	 	c.	 Adviser Return Obligation. 

Each time the Company requires the Unitholders to make a return of distributions pursuant to 11.4 of the LLC Agreement,
and after the Company has made its final distribution of assets pursuant to 9.2 of the LLC Agreement (a “Member Recall”), if the Adviser has 

  
 4 

 
received aggregate payments of Incentive Fee in excess of the Adviser Target Amount (defined below) as of such time, then the Adviser shall return to the Company in cash, in the case of a Member
Recall at the same time the Members return such distributions, and otherwise on or before the 90th day after such final distribution of assets by the Company, an amount equal to such excess (the “Adviser Return Obligation”).
Notwithstanding the preceding sentence, in no event shall the Adviser Return Obligation exceed an amount greater than the aggregate amount of Incentive Fee payments previously received by the Adviser from the Company reduced by the excess (if any)
of (a) the aggregate federal, state and local income tax liability the Adviser incurred in connection with the payment of such Incentive Fees (assuming the highest marginal applicable federal and New York City and State income tax rates applied
to such payments), over (b) an amount equal to the U.S. federal and state tax benefits available to the Adviser by virtue of the payment made by the Adviser pursuant to its Adviser Return Obligation (assuming that, to the extent such
payments are deductible by the Adviser, the benefit of such deductions will be computed using the then highest marginal applicable federal and New York City and State income tax rates), as reasonably determined by the Adviser. 

The Adviser Return Obligation shall be recomputed to take into account any post- liquidation returns of distributions made by
Members pursuant to 11.4 of the LLC Agreement, and any additional Adviser Return Obligation triggered by such post- liquidation returns shall be made by the Adviser contemporaneously with such post- liquidation returns by the Members. 

 

	 	d.	 Relevant Definitions. 

The “Adviser Target Amount” is, as of any time, the aggregate amount that would be paid to the Adviser as
Incentive Fee as of such time, determined as if all amounts previously distributed to the Members pursuant to Article 7 and Article 9 of the LLC Agreement (net of amounts returned by the Members to the Company pursuant to 11.4 of the
LLC Agreement and amounts then owed by the Company to creditors) had been retained by the Company and distributed to the Members pursuant to 9.2 of the LLC Agreement as of such time; provided, however, that in
determining the amounts distributable to each Member pursuant to 9.2 of the LLC Agreement, each Member’s Hurdle shall be determined based on the timing of amounts previously distributed to such Member with respect to its Common Units, and
the fair market value of any property distributed in kind by the Company shall be determined as of the time of distribution. 

7.    Payment of Expenses and Fees to the Adviser upon Removal. Upon the termination of this Agreement, the former
Adviser or its estate or legal representatives shall be entitled to receive from the Company (a) any reimbursements of expenses due and owing to it by the Company; provided, however, that the Adviser shall be responsible for any
expenses it incurs in connection with such removal, and (b) accrued and unpaid Management Fees and Incentive Fees, in each case computed through the effective date of the removal on a pro-rated basis. The
right of the Adviser, its estate or legal representatives to the payment of said amounts shall be subject to any claim for damages which the Company or any Member may have against the Adviser, its estate or legal representatives in connection with
such removal. 

  
 5 

 8.    Services Not Exclusive. Nothing contained in this Agreement
shall prevent the Adviser or any affiliated Person of the Adviser from acting as investment adviser or manager for any other Person, firm or corporation (including any other investment company), whether or not the investment objectives or policies
of any such other Person, firm or corporation are similar to those of the Company, and shall not in any way bind or restrict the Adviser or any such affiliated Person from buying, selling or trading any securities or commodities for their own
accounts or for the account of others for whom the Adviser or any such affiliated Person may be acting. While information and recommendations supplied to the Company shall, in the Adviser’s judgment, be appropriate under the circumstances and
in light of the investment objectives and policies of the Company, they may be different from the information and recommendations supplied by the Adviser or its affiliates to other investment companies, funds and advisory accounts. The Company shall
be entitled to equitable treatment under the circumstances in receiving information, recommendations and any other services, but the Company recognizes that it is not entitled to receive preferential treatment as compared with the treatment given by
the Adviser to any other investment company, fund or advisory account. 
 9.    Portfolio Transactions and
Brokerage. To the extent brokers or dealers are utilized in portfolio transactions for the Company, the Adviser shall endeavor to obtain on behalf of the Company the best overall terms available. In assessing the best overall terms available for
any transaction, the Adviser shall consider all factors it deems relevant, including the breadth of the market in the security, the price of the security, the financial condition and execution capability of the broker or dealer, and the
reasonableness of the commission, if any, both for the specific transaction and on a continuing basis. In evaluating the best overall terms available and in selecting the broker or dealer to execute a particular transaction, the Adviser may also
consider the “brokerage and research services” provided to the Company and/or other accounts over which the Adviser or an affiliate of the Adviser exercises investment discretion. The Adviser is authorized to pay a broker or dealer which
provides such brokerage and research services a commission for executing a portfolio transaction for the Company which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if, but only
if, the Adviser determines in good faith that such commission is reasonable in relation to the value of the brokerage and research services provided by such broker or dealer viewed in terms of that particular transaction or in terms of the overall
responsibilities of the Adviser to the Company. 
 10.    Books and Records. In compliance with the requirements
of Rule 31a-3 under the 1940 Act, the Adviser agrees that all records that it maintains for the Company are the property of the Company and further agrees to surrender promptly to the Company any of
such records upon the Company’s request. The Adviser further agrees to preserve for the periods prescribed by Rule 31a- 2 under the 1940 Act the records required to be maintained by Rule 31a-1 under the 1940 Act. 
 11.    Limitation of Liability.
Neither the Adviser, nor any director, officer, agent or employee of the Adviser, shall be liable or responsible to the Company or any of its Members for (a) any mistake in judgment, (b) any act performed or omission made by such Person,
or (c) losses due to the mistake, action, inaction or negligence of other agents of the Company (x) if such Person did not act in bad faith, and (y) if such conduct did not constitute willful misfeasance, gross negligence, or reckless
disregard of the duties involved in the conduct of such Person’s respective position. The Adviser shall be indemnified by the Company as an Indemnitee in accordance with the terms of 11.2 of the LLC Agreement. 

  
 6 

 12.    Nature of Relationship. The Company and the Adviser are not
partners or joint venturers with each other and nothing herein shall be construed so as to make them such partners or joint venturers or impose any liability as such on either of them. The Adviser is an independent contractor and, except as
expressly provided or authorized in this Agreement, shall have no authority to act for or represent the Company. 

13.    Duration and Termination. 
  

	 	a.	 This Agreement shall become effective upon its execution and shall continue in effect until two years from
the date hereof, provided it is approved by the vote of a “majority of the outstanding voting securities” of the Company. Thereafter, this Agreement shall continue in effect from year to year, provided its continuance is specifically
approved at least annually (a) by vote of a “majority of the outstanding voting securities” of the Company or by vote of the Board, and (b) by vote of a majority of the Independent Directors, cast in person at a meeting called
for the purpose of voting on such approval. The Company (either by vote of its Board or by vote of a “majority of the outstanding voting securities” of the Company) may, at any time and without payment of any penalty, terminate this
Agreement upon 60 days’ written notice to the Adviser. This Agreement shall automatically and immediately terminate in the event of its “assignment.” The Adviser may terminate this Agreement without payment of any penalty on 60
days’ written notice to the Company. 

  

	 	b.	 Notwithstanding the termination or expiration of this Agreement, the Adviser shall be entitled to any
amounts owed under this Agreement through the date of termination or expiration and Section 11 shall continue in force and effect and apply to the Administrator and all Indemnified Parties as and to the extent applicable. 

14.    Notices. Any notice under this Agreement shall be given in writing, addressed and delivered to the party to
this Agreement entitled to receive such notice at such address as such party may designate in writing and shall be deemed to have been given when personally delivered, mailed by certified mail, return receipt requested, sent by reliable overnight
courier, or transmitted by electronic facsimile or electronic mail to the principal office of the Adviser or the Company, as the case may be. 

15.    Non-waiver of Rights. Nothing contained in this Agreement shall
constitute a waiver by the Company of any of its legal rights under applicable U.S. federal securities laws or any other laws whose applicability is not permitted to be contractually waived. 

16.    Amendment. This Agreement may be modified or amended only by a writing signed by the parties hereto,
provided, however, that the parties shall not amend this Agreement in a manner that is inconsistent with, or would result in a breach of, the LLC Agreement. 

17.    Governing Law. This Agreement shall be construed in accordance with the laws of the State of New York
(without giving effect to principles of conflict of laws of the State of New York) and the applicable provisions of the 1940 Act. To the extent applicable law of the State of 

  
 7 

 
New York, or any of the provisions herein conflict with applicable provisions of the 1940 Act, the latter shall control. 

18.    Sole Agreement. This Agreement reflects the sole understanding of the parties hereto with respect to the
subject matter hereof and supersedes and replaces all agreements between the Company and the Adviser with respect to the subject matter hereof. 

19.    Counterparts. This Agreement may be signed in any number of counterparts, each of which shall be deemed to
be an original but all of which taken together shall constitute one and the same agreement. 

20.    Severability. In the event that any provision or portion of this Agreement is determined to be invalid,
illegal or unenforceable for any reason, in whole or in part, the remaining provisions or portion of this Agreement shall be unaffected thereby and shall remain in full force and effect to the fullest extent permitted by applicable law. 

[SIGNATURE PAGE TO FOLLOW] 

  
 8 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement effective
as of the date first above written. 
  

			
	 TCW ASSET MANAGEMENT

COMPANY LLC

 
			
		
	 By:
	 	  

		 	 Name:

		 	 Title:

		
	 By:
	 	  

		 	 Name:

		 	 Title:

 
			
	
	 TCW DIRECT LENDING VIII
LLC

 
			
		
	 By:
	 	  

		 	 Name:

		 	 Title:

		
	 By:
	 	  

		 	 Name:

		 	 Title:

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