Document:

Exhibit
4.4

 

AGRIFY
CORPORATION 2022 OMNIBUS EQUITY INCENTIVE PLAN

 

1. Purpose;
Eligibility.

 

1.1  General
Purpose. The name of this plan is the Agrify Corporation 2022 Omnibus Equity Incentive Plan (the “Plan”). The
purposes of the Plan are to (a) enable Agrify Corporation, a Nevada corporation (the “Company”), and any Affiliate
to attract and retain the types of Employees, Consultants and Directors who will contribute to the Company’s long-term success;
(b) provide incentives that align the interests of Employees, Consultants and Directors with those of the shareholders of the Company;
and (c) promote the success of the Company’s business.

 

1.2  Eligible
Award Recipients. The persons eligible to receive Awards are the Employees, Consultants and Directors of the Company and its Affiliates
and such other individuals designated by the Committee who are reasonably expected to become Employees, Consultants and Directors after
the receipt of Awards.

 

1.3  Available
Awards. Awards that may be granted under the Plan include: (a) Incentive Stock Options, (b) Non-qualified Stock Options, (c) Stock
Appreciation Rights, (d) Restricted Awards, (e) Performance Share Awards, (f) Cash Awards, and (g) Other Equity-Based Awards.

 

2. Definitions.

 

“Affiliate”
means a corporation or other entity that, directly or through one or more intermediaries, controls, is controlled by or is under common
control with, the Company.

 

“Applicable
Laws” means the requirements related to or implicated by the administration of the Plan under applicable state corporate law,
United States federal and state securities laws, the Code, any stock exchange or quotation system on which the shares of Common Stock
are listed or quoted, and the applicable laws of any foreign country or jurisdiction where Awards are granted under the Plan.

 

“Award”
means any right granted under the Plan, including an Incentive Stock Option, a Non-qualified Stock Option, a Stock Appreciation Right,
a Restricted Award, a Performance Share Award, a Cash Award, or an Other Equity-Based Award.

 

“Award
Agreement” means a written agreement, contract, certificate or other instrument or document evidencing the terms and conditions
of an individual Award granted under the Plan which may, in the discretion of the Company, be transmitted electronically to any Participant.
Each Award Agreement shall be subject to the terms and conditions of the Plan.

 

“Beneficial
Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating
the beneficial ownership of any particular Person, such Person shall be deemed to have beneficial ownership of all securities that such
Person has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable
only after the passage of time. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning.

 

“Board”
means the Board of Directors of the Company, as constituted at any time.

 

“Cash
Award” means an Award denominated in cash that is granted under Section 10 of the Plan.

 

     

    

    

 

“Cause”
means:

 

With
respect to any Employee or Consultant, unless the applicable Award Agreement states otherwise:

 

(a)
If the Employee or Consultant is a party to an employment or service agreement with the Company or its Affiliates and such agreement
provides for a definition of Cause, the definition contained therein; or

 

(b)
If no such agreement exists, or if such agreement does not define Cause: (i) the commission of, or plea of guilty or no contest to, a
felony or a crime involving moral turpitude or the commission of any other act involving willful malfeasance or material fiduciary breach
with respect to the Company or an Affiliate; (ii) conduct that brings or is reasonably likely to bring the Company or an Affiliate negative
publicity or into public disgrace, embarrassment, or disrepute; (iii) gross negligence or willful misconduct with respect to the Company
or an Affiliate; (iv) material violation of state or federal securities laws; or (v) material violation of the Company’s written
policies or codes of conduct, including written policies related to discrimination, harassment, performance of illegal or unethical activities,
and ethical misconduct.

 

With
respect to any Director, unless the applicable Award Agreement states otherwise, a determination by a majority of the disinterested Board
members that the Director has engaged in any of the following:

 

(a)
malfeasance in office;

 

(b)
gross misconduct or neglect;

 

(c)
false or fraudulent misrepresentation inducing the director’s appointment;

 

(d)
willful conversion of corporate funds; or

 

(e)
repeated failure to participate in Board meetings on a regular basis despite having received proper notice of the meetings in advance.

 

The
Committee, in its absolute discretion, shall determine the effect of all matters and questions relating to whether a Participant has
been discharged for Cause.

 

“Change
in Control” means:

 

(a)
The direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series
of related transactions, of all or substantially all of the properties or assets of the Company and its subsidiaries, taken as a whole,
to any Person that is not a subsidiary of the Company;

 

(b)
The Incumbent Directors cease for any reason to constitute at least a majority of the Board;

 

(c)
The date which is 10 business days prior to the consummation of a complete liquidation or dissolution of the Company;

 

(d)
The acquisition by any Person of Beneficial Ownership of 50% or more (on a fully diluted basis) of either (i) the then outstanding shares
of Common Stock of the Company, taking into account as outstanding for this purpose such Common Stock issuable upon the exercise of options
or warrants, the conversion of convertible stock or debt, and the exercise of any similar right to acquire such Common Stock (the “Outstanding
Company Common Stock”) or (ii) the combined voting power of the then outstanding voting securities of the Company entitled
to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however,
that for purposes of this Plan, the following acquisitions shall not constitute a Change in Control: (A) any acquisition by the Company
or any Affiliate, (B) any acquisition by any employee benefit plan sponsored or maintained by the Company or any subsidiary, (C) any
acquisition which complies with clauses, (i), (ii) and (iii) of subsection (e) of this definition or (D) in respect of an Award held
by a particular Participant, any acquisition by the Participant or any group of persons including the Participant (or any entity controlled
by the Participant or any group of persons including the Participant); or

 

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(e)
The consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving
the Company that requires the approval of the Company’s shareholders, whether for such transaction or the issuance of securities
in the transaction (a “Business Combination”), unless immediately following such Business Combination: (i) more than
50% of the total voting power of (A) the entity resulting from such Business Combination (the “Surviving Company”),
or (B) if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of sufficient voting securities
eligible to elect a majority of the members of the board of directors (or the analogous governing body) of the Surviving Company (the
“Parent Company”), is represented by the Outstanding Company Voting Securities that were outstanding immediately prior
to such Business Combination (or, if applicable, is represented by shares into which the Outstanding Company Voting Securities were converted
pursuant to such Business Combination), and such voting power among the holders thereof is in substantially the same proportion as the
voting power of the Outstanding Company Voting Securities among the holders thereof immediately prior to the Business Combination; (ii)
no Person (other than any employee benefit plan sponsored or maintained by the Surviving Company or the Parent Company) is or becomes
the Beneficial Owner, directly or indirectly, of 50% or more of the total voting power of the outstanding voting securities eligible
to elect members of the board of directors of the Parent Company (or the analogous governing body) (or, if there is no Parent Company,
the Surviving Company); and (iii) at least a majority of the members of the board of directors (or the analogous governing body) of the
Parent Company (or, if there is no Parent Company, the Surviving Company) following the consummation of the Business Combination were
Board members at the time of the Board’s approval of the execution of the initial agreement providing for such Business Combination.

 

“Code”
means the Internal Revenue Code of 1986, as it may be amended from time to time. Any reference to a section of the Code shall be deemed
to include a reference to any regulations promulgated thereunder.

 

“Committee”
means a committee of one or more members of the Board appointed by the Board to administer the Plan in accordance with Section 3.3 and
Section 3.4.

 

“Common
Stock” means the common stock, $0.001 par value per share, of the Company, or such other securities of the Company as may be
designated by the Committee from time to time in substitution thereof.

 

“Company”
means Agrify Corporation, a Nevada corporation, and any successor thereto.

 

“Consultant”
means any individual or entity which performs bona fide services to the Company or an Affiliate, other than as an Employee or Director,
and who may be offered securities registerable pursuant to a registration statement on Form S-8 under the Securities Act.

 

“Continuous
Service” means that the Participant’s service with the Company or an Affiliate, whether as an Employee, Consultant or
Director, is not interrupted or terminated. The Participant’s Continuous Service shall not be deemed to have terminated merely
because of a change in the capacity in which the Participant renders service to the Company or an Affiliate as an Employee, Consultant
or Director 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 Continuous Service; provided further that if any Award is subject to Section
409A of the Code, this sentence shall only be given effect to the extent consistent with Section 409A of the Code. For example, a change
in status from an Employee of the Company to a Director of an Affiliate will not constitute an interruption of Continuous Service. The
Committee or its delegate, in its sole discretion, may determine whether Continuous Service shall be considered interrupted in the case
of any leave of absence approved by that party, including sick leave, military leave or any other personal or family leave of absence.
The Committee or its delegate, in its sole discretion, may determine whether a Company transaction, such as a sale or spin-off of a division
or subsidiary that employs a Participant, shall be deemed to result in a termination of Continuous Service for purposes of affected Awards,
and such decision shall be final, conclusive and binding.

 

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“Deferred
Stock Units (DSUs)” has the meaning set forth in Section 8.1(b) hereof.

 

“Director”
means a member of the Board.

 

“Disqualifying
Disposition” has the meaning set forth in Section 17.12.

 

“Effective
Date” shall mean the date that the Company’s shareholders approve this Plan if such shareholder approval occurs before
the first anniversary of the date the Plan is adopted by the Board.

 

“Employee”
means any person, including an Officer or Director, employed by the Company or an Affiliate; provided, that, for purposes
of determining eligibility to receive Incentive Stock Options, an Employee shall mean an employee of the Company or a parent or subsidiary
corporation within the meaning of Section 424 of the Code. Mere service as a Director or payment of a director’s fee by the Company
or an Affiliate shall not be sufficient to constitute “employment” by the Company or an Affiliate.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“Fair
Market Value” means, as of any date, the value of the Common Stock as determined below. If the Common Stock is listed on any
established stock exchange or a national market system, including without limitation, the New York Stock Exchange or the Nasdaq Stock
Market, the Fair Market Value shall be the closing price of a share of Common Stock (or if no sales were reported the closing price on
the date immediately preceding such date) as quoted on such exchange or system on the day of determination, as reported in the Wall
Street Journal. In the absence of an established market for the Common Stock, the Fair Market Value shall be determined in good faith
by the Committee and such determination shall be conclusive and binding on all persons.

 

“Fiscal
Year” means the Company’s fiscal year.

 

“Free
Standing Rights” has the meaning set forth in Section 7.

 

“Good
Reason” means, unless the applicable Award Agreement states otherwise:

 

(a)
If an Employee or Consultant is a party to an employment or service agreement with the Company or its Affiliates and such agreement provides
for a definition of Good Reason, the definition contained therein; or

 

(b)
If no such agreement exists or if such agreement does not define Good Reason, the occurrence of one or more of the following without
the Participant’s express written consent, which circumstances are not remedied by the Company within thirty (30) days of its receipt
of a written notice from the Participant describing the applicable circumstances (which notice must be provided by the Participant within
ninety (90) days of the Participant’s knowledge of the applicable circumstances): (i) any material, adverse change in the Participant’s
duties, responsibilities, authority, title, status or reporting structure; or (ii) a material reduction in the Participant’s base
salary or bonus opportunity other than as part of an across-the-board salary reduction that applies in substantially the same proportions
to all similarly situated Employees.

 

“Grant
Date” means the date on which the Committee adopts a resolution, or takes other appropriate action, expressly granting an Award
to a Participant that specifies the key terms and conditions of the Award or, if a later date is set forth in such resolution, then such
date as is set forth in such resolution.

 

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“Incentive
Stock Option” means an Option that is designated by the Committee as an incentive stock option within the meaning of Section
422 of the Code and that meets the requirements set out in the Plan.

 

“Incumbent
Directors” means individuals who, on the Effective Date, constitute the Board, provided that any individual
becoming a Director subsequent to the Effective Date whose election or nomination for election to the Board was approved by a vote of
at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of
the Company in which such person is named as a nominee for Director without objection to such nomination) shall be an Incumbent Director.
No individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest with
respect to Directors or as a result of any other actual or threatened solicitation of proxies by or on behalf of any person other than
the Board shall be an Incumbent Director.

 

“Non-Employee
Director” means a Director who is a “non-employee director” within the meaning of Rule 16b-3.

 

“Non-qualified
Stock Option” means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock Option.

 

“Officer”
means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated
thereunder.

 

“Option”
means an Incentive Stock Option or a Non-qualified Stock Option granted pursuant to the Plan.

 

“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.

 

“Option
Exercise Price” means the price at which a share of Common Stock may be purchased upon the exercise of an Option.

 

“Other
Equity-Based Award” means an Award that is not an Option, Stock Appreciation Right, Restricted Stock, Restricted Stock
Unit, or Performance Share Award that is granted under Section 10 and is payable by delivery of Common Stock and/or which is measured
by reference to the value of Common Stock.

 

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

 

“Performance
Goals” means, for a Performance Period, the one or more goals established by the Committee for the Performance Period based
upon business criteria or other performance measures determined by the Committee in its discretion.

 

“Performance
Period” means the one or more periods of time, as the Committee may select, over which the attainment of one or more Performance
Goals will be measured for the purpose of determining a Participant’s right to and the payment of a Performance Share Award or
a Cash Award.

 

“Performance
Share Award” means any Award granted pursuant to Section 9 hereof.

 

“Performance
Share” means the grant of a right to receive a number of actual shares of Common Stock or share units based upon the performance
of the Company during a Performance Period, as determined by the Committee.

 

“Permitted
Transferee” means: (a) a member of the Optionholder’s immediate family (child, stepchild, grandchild, parent, stepparent,
grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law,
or sister-in-law, including adoptive relationships), any person sharing the Optionholder’s household (other than a tenant or employee),
a trust in which these persons have more than 50% of the beneficial interest, a foundation in which these persons (or the Optionholder)
control the management of assets, and any other entity in which these persons (or the Optionholder) own more than 50% of the voting interests;
(b) third parties designated by the Committee in connection with a program established and approved by the Committee pursuant to which
Participants may receive a cash payment or other consideration in consideration for the transfer of a Non-qualified Stock Option; and
(c) such other transferees as may be permitted by the Committee in its sole discretion.

 

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“Person” means
a person as defined in Section 13(d)(3) of the Exchange Act.

 

“Plan”
means this Agrify Corporation 2022 Omnibus Equity Incentive Plan, as amended and/or amended and restated from time to time.

 

“Related
Rights” has the meaning set forth in Section 7.

 

“Restricted
Award” means any Award granted pursuant to Section 8.

 

“Restricted
Period” has the meaning set forth in Section 8.

 

“Rule
16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time to time.

 

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

 

“Stock
Appreciation Right” means the right pursuant to an Award granted under Section 7 to receive, upon exercise, an amount payable
in cash or shares equal to the number of shares subject to the Stock Appreciation Right that is being exercised multiplied by the excess
of (a) the Fair Market Value of a share of Common Stock on the date the Award is exercised, over (b) the exercise price specified in
the Stock Appreciation Right Award Agreement.

 

“Stock
for Stock Exchange” has the meaning set forth in Section 6.4.

 

“Substitute
Award” has the meaning set forth in Section 4.5.

 

“Ten
Percent Shareholder” means a person who owns (or is deemed to own pursuant to Section 424(d) of the Code) stock possessing
more than 10% of the total combined voting power of all classes of stock of the Company or of any of its Affiliates.

 

“Total
Share Reserve” has the meaning set forth in Section 4.1.

 

3. Administration.

 

3.1 Authority
of Committee. The Plan shall be administered by the Committee or, in the Board’s sole discretion, by the Board. Subject to
the terms of the Plan, the Committee’s charter and Applicable Laws, and in addition to other express powers and authorization conferred
by the Plan, the Committee shall have the authority:

 

(a) to
construe and interpret the Plan and apply its provisions;

 

(b) to
promulgate, amend, and rescind rules and regulations relating to the administration of the Plan;

 

(c) to
authorize any person to execute, on behalf of the Company, any instrument required to carry out the purposes of the Plan;

 

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(d) to
delegate its authority to one or more Officers of the Company with respect to Awards that do not involve “insiders” within
the meaning of Section 16 of the Exchange Act;

 

(e) to
determine when Awards are to be granted under the Plan and the applicable Grant Date;

 

(f) from
time to time to select, subject to the limitations set forth in this Plan, those eligible Award recipients to whom Awards shall be granted;

 

(g) to
determine the number of shares of Common Stock to be made subject to each Award;

 

(h) to
determine whether each Option is to be an Incentive Stock Option or a Non-qualified Stock Option;

 

(i) to
prescribe the terms and conditions of each Award, including, without limitation, the exercise price and medium of payment and vesting
provisions, and to specify the provisions of the Award Agreement relating to such grant;

 

(j) to
determine the target number of Performance Shares to be granted pursuant to a Performance Share Award, the performance measures that
will be used to establish the Performance Goals, the Performance Period(s) and the number of Performance Shares earned by a Participant;

 

(k)
to amend any outstanding Awards, including for the purpose of modifying the time or manner of vesting, or the term of any
outstanding Award; provided, however, that if any such amendment impairs a Participant’s rights or increases a
Participant’s obligations under his or her Award or creates or increases a Participant’s federal income tax liability
with respect to an Award, such amendment shall also be subject to the Participant’s consent;

 

(l)
to determine the duration and purpose of leaves of absences which may be granted to a Participant without constituting termination
of their employment for purposes of the Plan, which periods shall be no shorter than the periods generally applicable to Employees
under the Company’s employment policies;

 

(m) to
make decisions with respect to outstanding Awards that may become necessary upon a change in corporate control or an event that triggers
anti-dilution adjustments;

 

(n)  to
interpret, administer, reconcile any inconsistency in, correct any defect in and/or supply any omission in the Plan and any instrument
or agreement relating to, or Award granted under, the Plan; and

 

(o)  to
exercise discretion to make any and all other determinations which it determines to be necessary or advisable for the administration
of the Plan.

 

Except
to the extent (i) approved in advance by holders of a majority of the shares of the Company entitled to vote generally in the election
of directors, or (ii) as a result of any Change of Control or any adjustment as provided in Article 14 or Article 15, the Committee shall
not have the power or authority to reduce, whether through amendment or otherwise, the exercise price under any outstanding Option or
Stock Appreciation Right, or to grant any new Award or make any payment of cash in substitution for or upon the cancellation of Options
and/or Stock Appreciation Rights previously granted.

 

3.2  Committee
Decisions Final. All decisions made by the Committee pursuant to the provisions of the Plan shall be final and binding on the Company
and the Participants, unless such decisions are determined by a court having jurisdiction to be arbitrary and capricious.

 

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3.3  Delegation.
The Committee or, if no Committee has been appointed, the Board may delegate administration of the Plan to a committee or committees
of one or more members of the Board, and the term “Committee” shall apply to any person or persons to whom such authority
has been delegated. The Committee shall have the power to delegate to a subcommittee any of the administrative powers the Committee is
authorized to exercise (and references in this Plan to the Board or the Committee 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 abolish the Committee at any time and revest in the Board the administration of the Plan. The members of the Committee
shall be appointed by and serve at the pleasure of the Board. From time to time, the Board may increase or decrease the size of the Committee,
add additional members to, remove members (with or without cause) from, appoint new members in substitution therefor, and fill vacancies,
however caused, in the Committee. The Committee shall act pursuant to a vote of the majority of its members or, in the case of a Committee
comprised of only two members, the unanimous consent of its members, whether present or not, or by the written consent of the majority
of its members and minutes shall be kept of all of its meetings and copies thereof shall be provided to the Board. Subject to the limitations
prescribed by the Plan and the Board, the Committee may establish and follow such rules and regulations for the conduct of its business
as it may determine to be advisable.

 

3.4  Committee
Composition. Except as otherwise determined by the Board, the Committee shall consist solely of two or more Non-Employee Directors.
The Board shall have discretion to determine whether or not it intends to comply with the exemption requirements of Rule 16b-3. However,
if the Board intends to satisfy such exemption requirements, with respect to any insider subject to Section 16 of the Exchange Act, the
Committee shall be a compensation committee of the Board that at all times consists solely of two or more Non-Employee Directors. Within
the scope of such authority, the Board or the Committee may delegate to a committee of one or more members of the Board who are not Non-Employee
Directors the authority to grant Awards to eligible persons who are not then subject to Section 16 of the Exchange Act. Nothing herein
shall create an inference that an Award is not validly granted under the Plan in the event Awards are granted under the Plan by a compensation
committee of the Board that does not at all times consist solely of two or more Non-Employee Directors.

 

3.5  Indemnification.
In addition to such other rights of indemnification as they may have as Directors or members of the Committee, and to the extent allowed
by Applicable Laws, the Committee shall be indemnified by the Company against the reasonable expenses, including attorney’s fees,
actually incurred in connection with any action, suit or proceeding or in connection with any appeal therein, to which the Committee
may be party by reason of any action taken or failure to act under or in connection with the Plan or any Award granted under the Plan,
and against all amounts paid by the Committee in settlement thereof (provided, however, that the settlement has been approved
by the Company, which approval shall not be unreasonably withheld) or paid by the Committee in satisfaction of a judgment in any such
action, suit or proceeding, except in relation to matters as to which it shall be adjudged in such action, suit or proceeding that such
Committee did not act in good faith and in a manner which such person reasonably believed to be in the best interests of the Company,
or in the case of a criminal proceeding, had no reason to believe that the conduct complained of was unlawful; provided, however,
that within 60 days after the institution of any such action, suit or proceeding, such Committee shall, in writing, offer the Company
the opportunity at its own expense to handle and defend such action, suit or proceeding.

 

4. Shares
Subject to the Plan.

 

4.1  Subject
to adjustment in accordance with Section 14, an amount of shares of Common Stock equal to (i) two million (2,000,000) plus (ii)
the number of shares of Common Stock underlying any award granted under the Agrify Corporation 2020 Omnibus Equity Incentive Plan (the
“Prior Plan”) that expires, terminates or is canceled or forfeited under the terms of the Prior Plan minus (iii)
the number of shares of Common Stock underlying any award granted under the Prior Plan between January 1, 2022 and the date of the Company’s
2022 Annual Meeting of Stockholders shall be available for the grant of Awards under the Plan (the “Total Share Reserve”).
During the terms of the Awards, the Company shall keep available at all times the number of shares of Common Stock required to satisfy
such Awards.

 

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4.2
Shares of Common Stock available for distribution under the Plan may consist, in whole or in part, of authorized and unissued
shares, treasury shares or shares reacquired by the Company in any manner.

 

4.3 Subject
to adjustment in accordance with Section 14, the maximum number of shares of Common Stock that may be issued in the aggregate pursuant
to the exercise of Incentive Stock Options shall be equal to the Total Share Reserve (the “ISO Limit”).

 

4.4
Any shares of Common Stock subject to an Award that expires or is canceled, forfeited, or terminated without issuance of the full
number of shares of Common Stock to which the Award related will again be available for issuance under the Plan. Notwithstanding
anything to the contrary contained herein: shares subject to an Award under the Plan shall not again be made available for issuance
or delivery under the Plan if such shares are (a) shares tendered in payment of an Option, (b) shares delivered or withheld by the
Company to satisfy any tax withholding obligation (other than with respect to Restricted Awards and Performance Share Awards, in
which case such shares will again be available for issuance under the Plan), or (c) shares covered by a stock-settled Stock
Appreciation Right or other Awards that were not issued upon the settlement of the Award.

 

4.5 Awards
may, in the sole discretion of the Committee, be granted under the Plan in assumption of, or in substitution for, outstanding awards
previously granted by an entity acquired by the Company or with which the Company combines (“Substitute Awards”).
Substitute Awards shall not be counted against the Total Share Reserve; provided, that, Substitute Awards issued in connection
with the assumption of, or in substitution for, outstanding options intended to qualify as Incentive Stock Options shall be counted against
the ISO limit. Subject to applicable stock exchange requirements, available shares under a shareholder-approved plan of an entity directly
or indirectly acquired by the Company or with which the Company combines (as appropriately adjusted to reflect such acquisition or transaction)
may be used for Awards under the Plan and shall not count toward the Total Share Limit.

 

5. Eligibility.

 

5.1 Eligibility
for Specific Awards. Incentive Stock Options may be granted only to Employees. Awards other than Incentive Stock Options may be granted
to Employees, Consultants and Directors and those individuals whom the Committee determines are reasonably expected to become Employees,
Consultants and Directors following the Grant Date.

 

5.2 Ten
Percent Shareholders. A Ten Percent Shareholder shall not be granted an Incentive Stock Option unless the Option Exercise Price
is at least 110% of the Fair Market Value of the Common Stock on the Grant Date and the Option is not exercisable after the
expiration of five years from the Grant Date.

 

6. Option
Provisions. Each Option granted under the Plan shall be evidenced by an Award Agreement. Each Option so granted shall be subject
to the conditions set forth in this Section 6, and to such other conditions not inconsistent with the Plan as may be reflected in the
applicable Award Agreement. All Options shall be separately designated Incentive Stock Options or Non-qualified Stock Options at the
time of grant, and, if certificates are issued, a separate certificate or certificates will be issued for shares of Common Stock purchased
on exercise of each type of Option. Notwithstanding the foregoing, the Company shall have no liability to any Participant or any other
person if an Option designated as an Incentive Stock Option fails to qualify as such at any time or if an Option is determined to constitute
“nonqualified deferred compensation” within the meaning of Section 409A of the Code and the terms of such Option do not satisfy
the requirements of Section 409A of the Code. The provisions of separate Options need not be identical, but each Option shall include
(through incorporation of provisions hereof by reference in the Option or otherwise) the substance of each of the following provisions:

 

6.1 Term.
Subject to the provisions of Section 5.2 regarding Ten Percent Shareholders, no Incentive Stock Option shall be exercisable after the
expiration of 10 years from the Grant Date. The term of a Non-qualified Stock Option granted under the Plan shall be determined by the
Committee; provided, however, no Non-qualified Stock Option shall be exercisable after the expiration of 10 years from the
Grant Date.

 

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6.2  Exercise
Price of an Incentive Stock Option. Subject to the provisions of Section 5.2 regarding Ten Percent Shareholders, the Option Exercise
Price of each Incentive Stock Option shall be not less than 100% of the Fair Market Value of the Common Stock subject to the Option on
the Grant Date. Notwithstanding the foregoing, an Incentive Stock Option may be granted with an Option Exercise Price lower than that
set forth in the preceding sentence if such Option is granted pursuant to an assumption or substitution for another option in a manner
satisfying the provisions of Section 424(a) of the Code.

 

6.3  Exercise
Price of a Non-qualified Stock Option. The Option Exercise Price of each Non-qualified Stock Option shall be not less than 100% of
the Fair Market Value of the Common Stock subject to the Option on the Grant Date. Notwithstanding the foregoing, a Non-qualified Stock
Option may be granted with an Option Exercise Price lower than that set forth in the preceding sentence if such Option is granted pursuant
to an assumption or substitution for another option in a manner satisfying the provisions of Section 409A of the Code.

 

6.4  Consideration.
The Option Exercise Price of Common Stock acquired pursuant to an Option shall be paid, to the extent permitted by applicable statutes
and regulations, either (a) in cash or by certified or bank check at the time the Option is exercised or (b) in the discretion of the
Committee, upon such terms as the Committee shall approve, the Option Exercise Price may be paid: (i) by delivery to the Company of other
Common Stock, duly endorsed for transfer to the Company, with a Fair Market Value on the date of delivery equal to the Option Exercise
Price (or portion thereof) due for the number of shares being acquired, or by means of attestation whereby the Participant identifies
for delivery specific shares of Common Stock that have an aggregate Fair Market Value on the date of attestation equal to the Option
Exercise Price (or portion thereof) and receives a number of shares of Common Stock equal to the difference between the number of shares
thereby purchased and the number of identified attestation shares of Common Stock (a “Stock for Stock Exchange”);
(ii) a “cashless” exercise program established with a broker; (iii) by reduction in the number of shares of Common Stock
otherwise deliverable upon exercise of such Option with a Fair Market Value equal to the aggregate Option Exercise Price at the time
of exercise; (iv) by any combination of the foregoing methods; or (v) in any other form of legal consideration that may be acceptable
to the Committee. Unless otherwise specifically provided in the Option, the exercise price of Common Stock acquired pursuant to an Option
that is paid by delivery (or attestation) to the Company of other Common Stock acquired, directly or indirectly from the Company, shall
be paid only by shares of the Common Stock of the Company that have been held for more than six months (or such longer or shorter period
of time required to avoid a charge to earnings for financial accounting purposes). Notwithstanding the foregoing, during any period for
which the Common Stock is publicly traded (i.e., the Common Stock is listed on any established stock exchange or a national market system)
an exercise by a Director or Officer that involves or may involve a direct or indirect extension of credit or arrangement of an extension
of credit by the Company, directly or indirectly, in violation of Section 402(a) of the Sarbanes-Oxley Act of 2002 shall be prohibited
with respect to any Award under this Plan.

 

6.5  Transferability
of an Incentive Stock Option. An Incentive Stock Option shall not be transferable except by will or by the laws of descent and distribution
and shall be exercisable during the lifetime of the Optionholder only by the Optionholder. Notwithstanding the foregoing, the Optionholder
may, by delivering written notice to the Company, in a form satisfactory to the Company, designate a third party who, in the event of
the death of the Optionholder, shall thereafter be entitled to exercise the Option.

 

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6.6  Transferability
of a Non-qualified Stock Option. A Non-qualified Stock Option may, in the sole discretion of the Committee, be transferable to a
Permitted Transferee, upon written approval by the Committee to the extent provided in the Award Agreement. If the Non-qualified Stock
Option does not provide for transferability, then the Non-qualified Stock Option shall not be transferable except by will or by the laws
of descent and distribution and shall be exercisable during the lifetime of the Optionholder only by the Optionholder. Notwithstanding
the foregoing, the Optionholder may, by delivering written notice to the Company, in a form satisfactory to the Company, designate a
third party who, in the event of the death of the Optionholder, shall thereafter be entitled to exercise the Option.

 

6.7  Vesting
of Options. Subject to Section 13.6, each Option shall vest, and therefore become exercisable, in periodic installments that may,
but need not, be equal. The Option may be subject to such other terms and conditions on the time or times when it may be exercised (which
may be based on performance or other criteria) as the Committee may deem appropriate. The vesting provisions of individual Options may
vary. No Option may be exercised for a fraction of a share of Common Stock.

 

6.8  Termination
of Continuous Service. In the event an Optionholder’s Continuous Service terminates, the Optionholder may exercise his or her
Option (to the extent that the Optionholder was entitled to exercise such Option as of the date of termination) in accordance with, and
during the period set forth in, the terms of the applicable Award Agreement. If, after termination, the Optionholder does not exercise
his or her Option within the time specified in the Award Agreement, the Option shall terminate.

 

6.9  Extension
of Termination Date. An Optionholder’s Award Agreement may also provide that if the exercise of the Option following the termination
of the Optionholder’s Continuous Service for any reason would be prohibited at any time because the issuance of shares of Common
Stock would violate the registration requirements under the Securities Act or any other state or federal securities law or the rules
of any securities exchange or interdealer quotation system, then the Option shall terminate on the earlier of (a) the expiration of the
term of the Option in accordance with Section 6.1 or (b) the expiration of a period after termination of the Participant’s Continuous
Service that is three months after the end of the period during which the exercise of the Option would be in violation of such registration
or other securities law requirements.

 

6.10 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 its Affiliates) exceeds $100,000, the Options or portions thereof which exceed such limit (according to
the order in which they were granted) shall be treated as Non-qualified Stock Options.

 

7. Stock
Appreciation Rights. Each Stock Appreciation Right granted under the Plan shall be evidenced by an Award Agreement. Each Stock Appreciation
Right so granted shall be subject to the conditions set forth in this Section 7, and to such other conditions not inconsistent with the
Plan as may be reflected in the applicable Award Agreement. Stock Appreciation Rights may be granted alone (“Free Standing Rights”)
or in tandem with an Option granted under the Plan (“Related Rights”).

 

7.1  Grant
Requirements for Related Rights. Any Related Right that relates to a Non-qualified Stock Option may be granted at the same time the
Option is granted or at any time thereafter but before the exercise or expiration of the Option. Any Related Right that relates to an
Incentive Stock Option must be granted at the same time the Incentive Stock Option is granted.

 

7.2  Term The
term of a Stock Appreciation Right granted under the Plan shall be determined by the Committee; provided, however, no Stock
Appreciation Right shall be exercisable later than the tenth anniversary of the Grant Date.

 

7.3  Vesting

 

Subject
to Section 13.6, each Stock Appreciation Right shall vest and therefore become exercisable in periodic installments that may, but need
not, be equal. The Stock Appreciation Right may be subject to such other terms and conditions on the time or times when it may be exercised
as the Committee may deem appropriate. The vesting provisions of individual Stock Appreciation Rights may vary. No Stock Appreciation
Right may be exercised for a fraction of a share of Common Stock.

 

7.4
 Exercise and Payment Upon exercise of a Stock Appreciation Right, the holder shall be entitled to receive from the
Company an amount equal to the number of shares of Common Stock subject to the Stock Appreciation Right that is being exercised multiplied
by the excess of (i) the Fair Market Value of a share of Common Stock on the date the Award is exercised, over (ii) the exercise price
specified in the Stock Appreciation Right or related Option. Payment with respect to the exercise of a Stock Appreciation Right shall
be made on the date of exercise. Payment shall be made in the form of shares of Common Stock (with or without restrictions as to substantial
risk of forfeiture and transferability, as determined by the Committee in its sole discretion), cash or a combination thereof, as determined
by the Committee.

 

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7.5  Exercise
Price The exercise price of a Free Standing Right shall be determined by the Committee, but shall not be less than 100% of the
Fair Market Value of one share of Common Stock on the Grant Date of such Stock Appreciation Right. A Related Right granted simultaneously
with or subsequent to the grant of an Option and in conjunction therewith or in the alternative thereto shall have the same exercise
price as the related Option, shall be transferable only upon the same terms and conditions as the related Option, and shall be exercisable
only to the same extent as the related Option; provided, however, that a Stock Appreciation Right, by its terms, shall be
exercisable only when the Fair Market Value per share of Common Stock subject to the Stock Appreciation Right and related Option exceeds
the exercise price per share thereof and no Stock Appreciation Rights may be granted in tandem with an Option unless the Committee determines
that the requirements of Section 7.1 are satisfied.

 

7.6  Reduction
in the Underlying Option Shares Upon any exercise of a Related Right, the number of shares of Common Stock for which any related
Option shall be exercisable shall be reduced by the number of shares for which the Stock Appreciation Right has been exercised. The number
of shares of Common Stock for which a Related Right shall be exercisable shall be reduced upon any exercise of any related Option by
the number of shares of Common Stock for which such Option has been exercised.

 

8. Restricted
Awards A Restricted Award is an Award of actual shares of Common Stock (“Restricted Stock”) or hypothetical
Common Stock units (“Restricted Stock Units”) having a value equal to the Fair Market Value of an identical number
of shares of Common Stock, which may, but need not, provide that such Restricted Award may not be sold, assigned, transferred or otherwise
disposed of, pledged or hypothecated as collateral for a loan or as security for the performance of any obligation or for any other purpose
for such period (the “Restricted Period”) as the Committee shall determine. Each Restricted Award granted under the
Plan shall be evidenced by an Award Agreement. Each Restricted Award so granted shall be subject to the conditions set forth in this
Section 8, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement.

 

8.1  Restricted
Stock and Restricted Stock Units

 

(a) Each
Participant granted Restricted Stock shall execute and deliver to the Company an Award Agreement with respect to the Restricted Stock
setting forth the restrictions and other terms and conditions applicable to such Restricted Stock. If the Committee determines that the
Restricted Stock shall be held by the Company or in escrow rather than delivered to the Participant pending the release of the applicable
restrictions, the Committee may require the Participant to additionally execute and deliver to the Company (A) an escrow agreement satisfactory
to the Committee, if applicable and (B) the appropriate blank stock power with respect to the Restricted Stock covered by such agreement.
If a Participant fails to execute an agreement evidencing an Award of Restricted Stock and, if applicable, an escrow agreement and stock
power, the Award shall be null and void. Subject to the restrictions set forth in the Award, the Participant generally shall have the
rights and privileges of a shareholder as to such Restricted Stock, including the right to vote such Restricted Stock, provided that
the Participant shall not have the right to receive dividends on any unvested shares of Restricted Stock.

 

(b) The
terms and conditions of a grant of Restricted Stock Units shall be reflected in an Award Agreement. No shares of Common Stock shall be
issued at the time a Restricted Stock Unit is granted, and the Company will not be required to set aside funds for the payment of any
such Award. A Participant shall have no voting rights with respect to any Restricted Stock Units granted hereunder. The Committee may
also grant Restricted Stock Units with a deferral feature, whereby settlement is deferred beyond the vesting date until the occurrence
of a future payment date or event set forth in an Award Agreement (“Deferred Stock Units”).

 

8.2  Restrictions

 

(a) Restricted
Stock awarded to a Participant shall be subject to the following restrictions until the expiration of the Restricted Period, and to such
other terms and conditions as may be set forth in the applicable Award Agreement: (A) if an escrow arrangement is used, the Participant
shall not be entitled to delivery of the stock certificate; (B) the shares shall be subject to the restrictions on transferability set
forth in the Award Agreement; (C) the shares shall be subject to forfeiture to the extent provided in the applicable Award Agreement;
and (D) to the extent such shares are forfeited, the stock certificates shall be returned to the Company, and all rights of the Participant
to such shares and as a shareholder with respect to such shares shall terminate without further obligation on the part of the Company.

 

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(b) Restricted
Stock Units and Deferred Stock Units awarded to any Participant shall be subject to (A) forfeiture until the expiration of the Restricted
Period, and satisfaction of any applicable Performance Goals during such period, to the extent provided in the applicable Award Agreement,
and to the extent such Restricted Stock Units or Deferred Stock Units are forfeited, all rights of the Participant to such Restricted
Stock Units or Deferred Stock Units shall terminate without further obligation on the part of the Company and (B) such other terms and
conditions as may be set forth in the applicable Award Agreement.

 

(c) The
Committee shall have the authority to remove any or all of the restrictions on the Restricted Stock, Restricted Stock Units and Deferred
Stock Units whenever it may determine that, by reason of changes in Applicable Laws or other changes in circumstances arising after the
date the Restricted Stock or Restricted Stock Units or Deferred Stock Units are granted, such action is appropriate.

 

8.3  Restricted
Period

 

With
respect to Restricted Awards, the Restricted Period shall commence on the Grant Date and end at the time or times set forth on a schedule
established by the Committee in the applicable Award Agreement. No Restricted Award may be granted or settled for a fraction of a share
of Common Stock. The Committee may, but shall not be required to, provide for an acceleration of vesting in the terms of any Award Agreement
upon the occurrence of a specified event.

 

8.4  Delivery
of Restricted Stock and Settlement of Restricted Stock Units Upon the expiration of the Restricted Period with respect to any
shares of Restricted Stock, the restrictions set forth in Section 8.2 and the applicable Award Agreement shall be of no further force
or effect with respect to such shares, except as set forth in the applicable Award Agreement. If an escrow arrangement is used, upon
such expiration, the Company shall deliver to the Participant, or his or her beneficiary, without charge, the stock certificate evidencing
the shares of Restricted Stock which have not then been forfeited and with respect to which the Restricted Period has expired (to the
nearest full share). Upon the expiration of the Restricted Period with respect to any outstanding Restricted Stock Units, or at the expiration
of the deferral period with respect to any outstanding Deferred Stock Units, the Company shall deliver to the Participant, or his or
her beneficiary, without charge, one share of Common Stock for each such outstanding vested Restricted Stock Unit or Deferred Stock Unit
(“Vested Unit”); provided, however, that, if explicitly provided in the applicable Award Agreement, the
Committee may, in its sole discretion, elect to pay cash or part cash and part Common Stock in lieu of delivering only shares of Common
Stock for Vested Units. If a cash payment is made in lieu of delivering shares of Common Stock, the amount of such payment shall be equal
to the Fair Market Value of the Common Stock as of the date on which the Restricted Period lapsed in the case of Restricted Stock Units,
or the delivery date in the case of Deferred Stock Units, with respect to each Vested Unit.

 

8.5  Stock
Restrictions Each certificate representing Restricted Stock awarded under the Plan shall bear a legend in such form as the Company
deems appropriate.

 

9. Performance
Share Awards Each Performance Share Award granted under the Plan shall be evidenced by an Award Agreement. Each Performance
Share Award so granted shall be subject to the conditions set forth in this Section 9, and to such other conditions not inconsistent
with the Plan as may be reflected in the applicable Award Agreement. The Committee shall have the discretion to determine: (i) the number
of shares of Common Stock or stock-denominated units subject to a Performance Share Award granted to any Participant; (ii) the Performance
Period applicable to any Award; (iii) the conditions that must be satisfied for a Participant to earn an Award; and (iv) the other terms,
conditions and restrictions of the Award.

 

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9.1  Earning
Performance Share Awards The number of Performance Shares earned by a Participant will depend on the extent to which the performance
goals established by the Committee are attained within the applicable Performance Period, as determined by the Committee.

 

10.  Other
Equity-Based Awards and Cash Awards The Committee may grant Other Equity-Based Awards, either alone or in tandem with other
Awards, in such amounts and subject to such conditions as the Committee shall determine in its sole discretion. Each Equity-Based Award
shall be evidenced by an Award Agreement and shall be subject to such conditions, not inconsistent with the Plan, as may be reflected
in the applicable Award Agreement. The Committee may grant Cash Awards in such amounts and subject to such Performance Goals, other vesting
conditions, and such other terms as the Committee determines in its discretion. Cash Awards shall be evidenced in such form as the Committee
may determine.

 

11.  Securities
Law Compliance. Each Award Agreement shall provide that no shares of Common Stock shall be purchased or sold thereunder unless and
until (a) any then applicable requirements of state or federal laws and regulatory agencies have been fully complied with to the satisfaction
of the Company and its counsel and (b) if required to do so by the Company, the Participant has executed and delivered to the Company
a letter of investment intent in such form and containing such provisions as the Committee may require. The Company shall use reasonable
efforts to seek to obtain from each regulatory commission or agency having jurisdiction over the Plan such authority as may be required
to grant Awards and to issue and sell shares of Common Stock upon exercise of the Awards; provided, however, that this undertaking
shall not require the Company to register under the Securities Act the Plan, any Award or any Common Stock issued or issuable pursuant
to any such Award. If, after reasonable efforts, the Company is unable to obtain from any such regulatory commission or agency the authority
which 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 Awards unless and until such authority is obtained.

 

12.  Use
of Proceeds from Stock. Proceeds from the sale of Common Stock pursuant to Awards, or upon exercise thereof, shall constitute general
funds of the Company.

 

13.  Miscellaneous.

 

13.1 Acceleration
of Exercisability and Vesting. The Committee shall have the power to accelerate the time at which an Award may first be exercised
or the time during which an Award or any part thereof will vest in accordance with the Plan, notwithstanding the provisions in the Award
stating the time at which it may first be exercised or the time during which it will vest.

 

13.2 Shareholder
Rights. Except as provided in the Plan or an Award Agreement, 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 Award unless and until such Participant has satisfied
all requirements for exercise of the Award pursuant to its terms and no adjustment shall be made for dividends (ordinary or extraordinary,
whether in cash, securities or other property) or distributions of other rights for which the record date is prior to the date such Common
Stock certificate is issued, except as provided in Section 14 hereof.

 

13.3 No
Employment or Other Service Rights. Nothing in the Plan or any instrument executed or 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 Award was granted
or shall affect the right of the Company or an Affiliate to terminate (a) the employment of an Employee with or without notice and with
or without Cause or (b) the service of a Director pursuant to the By-laws 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.

 

13.4 Transfer;
Approved Leave of Absence. For purposes of the Plan, no termination of employment by an Employee shall be deemed to result from either
(a) a transfer of employment to the Company from an Affiliate or from the Company to an Affiliate, or from one Affiliate to another,
or (b) an approved leave of absence for military service or sickness, or for any other purpose approved by the Company, if the Employee’s
right to reemployment is guaranteed either by a statute or by contract or under the policy pursuant to which the leave of absence was
granted or if the Committee otherwise so provides in writing, in either case, except to the extent inconsistent with Section 409A of
the Code if the applicable Award is subject thereto.

 

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13.5 Withholding
Obligations. To the extent provided by the terms of an Award Agreement and subject to the discretion of the Committee, the Participant
may satisfy any federal, state or local tax withholding obligation relating to the exercise or acquisition of Common Stock under an Award
by any of the following means (in addition to the Company’s right to withhold from any compensation paid to the Participant by
the Company) or by a combination of such means: (a) tendering a cash payment; (b) authorizing the Company to withhold shares of Common
Stock from the shares of Common Stock otherwise issuable to the Participant as a result of the exercise or acquisition of Common Stock
under the Award, provided, however, that no shares of Common Stock are withheld with a value exceeding the maximum amount
of tax required to be withheld by law; or (c) delivering to the Company previously owned and unencumbered shares of Common Stock of the
Company.

 

13.6 Minimum
Vesting. No Award shall be granted with terms providing for any right of exercise or lapse of any vesting obligations earlier than
a date that is at least one year following the date of grant. Notwithstanding the foregoing, the Committee may grant up to a maximum
of five percent (5%) of the aggregate number of shares of Common Stock available for issuance under this Plan (subject to adjustment
under Section 14), without regard for any limitations or other requirements for exercise or vesting as set forth in this Section 13.6,
and the minimum vesting requirement does not apply to (A) any Substitute Awards, (B) shares of Common Stock delivered in lieu of
fully vested Cash Awards, (C) Awards to Directors that vest on the earlier of the one year anniversary of the date of grant or the next
annual meeting of stockholders which is at least 50 weeks after the immediately preceding year’s annual meeting, and (D) the Committee’s
discretion to provide for accelerated exercisability or vesting of any Award, including in cases of retirement, death, disability or
a Change in Control, in the terms of the Award or otherwise.

 

14.  Adjustments
Upon Changes in Stock. In the event of changes in the outstanding Common Stock or in the capital structure of the Company by reason
of any stock or extraordinary cash dividend, stock split, reverse stock split, an extraordinary corporate transaction such as any recapitalization,
reorganization, merger, consolidation, combination, exchange, or other relevant change in capitalization occurring after the Grant Date
of any Award, Awards granted under the Plan and any Award Agreements, the exercise price of Options and Stock Appreciation Rights, the
Performance Goals to which Performance Share Awards and Cash Awards are subject, the maximum number of shares of Common Stock subject
to all Awards stated in Section 4 will be equitably adjusted or substituted, as to the number, price or kind of a share of Common Stock
or other consideration subject to such Awards to the extent necessary to preserve the economic intent of such Award. In the case of adjustments
made pursuant to this Section 14, unless the Committee specifically determines that such adjustment is in the best interests of the Company
or its Affiliates, the Committee shall, in the case of Incentive Stock Options, ensure that any adjustments under this Section 14 will
not constitute a modification, extension or renewal of the Incentive Stock Options within the meaning of Section 424(h)(3) of the Code
and in the case of Non-qualified Stock Options, ensure that any adjustments under this Section 14 will not constitute a modification
of such Non-qualified Stock Options within the meaning of Section 409A of the Code. Any adjustments made under this Section 14 shall
be made in a manner which does not adversely affect the exemption provided pursuant to Rule 16b-3 under the Exchange Act. The Company
shall give each Participant notice of an adjustment hereunder and, upon notice, such adjustment shall be conclusive and binding for all
purposes.

 

15.  Effect
of Change in Control.

 

15.1  The
Committee may, in its sole discretion, at the time an Award is made or at any time prior to, coincident with or after the time of a Change
of Control, cause any Award either (i) to be canceled in consideration of a payment in cash or other consideration in amount per share
equal to the excess, if any, of the price or implied price per share of Common Stock in the Change of Control over the per share exercise,
base or purchase price of such Award, which may be paid immediately or over the vesting schedule of the Award; (ii) to be assumed, or
new rights substituted therefore, by the surviving corporation or a parent or subsidiary of such surviving corporation following such
Change of Control; (iii) accelerate any time periods, or waive any other conditions, relating to the vesting, exercise, payment or distribution
of an Award so that any Award to a Participant whose employment has been terminated as a result of a Change of Control may be vested,
exercised, paid or distributed in full on or before a date fixed by the Committee; (iv) to be purchased from a Participant whose employment
has been terminated as a result of a Change of Control, upon the Participant’s request, for an amount of cash equal to the amount
that could have been obtained upon the exercise, payment or distribution of such rights had such Award been currently exercisable or
payable; or (v) terminate any then outstanding Award or make any other adjustment to the Awards then outstanding as the Committee deems
necessary or appropriate to reflect such transaction or change. The number of shares of Common Stock subject to any Award shall be rounded
to the nearest whole number.

 

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15.2  The
obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the merger,
consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to all or substantially
all of the assets and business of the Company and its Affiliates, taken as a whole.

 

16.  Amendment
of the Plan and Awards.

 

16.1  Amendment
of Plan. The Board at any time, and from time to time, may amend or terminate the Plan. However, except as provided in Section 14
relating to adjustments upon changes in Common Stock and Section 16.3, no amendment shall be effective unless approved by the shareholders
of the Company to the extent shareholder approval is necessary to satisfy any Applicable Laws. At the time of such amendment, the Board
shall determine, upon advice from counsel, whether such amendment will be contingent on shareholder approval.

 

16.2  Shareholder
Approval. The Board may, in its sole discretion, submit any other amendment to the Plan for shareholder approval.

 

16.3  Contemplated
Amendments. It is expressly contemplated that the Board may amend the Plan in any respect the Board deems necessary or advisable
to provide eligible Employees, Consultants and Directors with the maximum benefits provided or to be provided under the provisions of
the Code and the regulations promulgated thereunder relating to Incentive Stock Options or to the nonqualified deferred compensation
provisions of Section 409A of the Code and/or to bring the Plan and/or Awards granted under it into compliance therewith.

 

16.4  No
Impairment of Rights. Rights under any Award granted before amendment of the Plan shall not be impaired by any amendment of the Plan
unless (a) the Company requests the consent of the Participant and (b) the Participant consents in writing.

 

16.5  Amendment
of Awards. The Committee at any time, and from time to time, may amend the terms of any one or more Awards; provided, however,
that the Committee may not affect any amendment which would otherwise constitute an impairment of the rights under any Award unless (a)
the Company requests the consent of the Participant and (b) the Participant consents in writing.

 

17.  General
Provisions.

 

17.1  Forfeiture
Events. The Committee may specify in an Award Agreement that the Participant’s rights, payments and benefits with respect to
an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain events, in addition to
applicable vesting conditions of an Award. Such events may include, without limitation, breach of non-competition, non-solicitation,
confidentiality, or other restrictive covenants that are contained in the Award Agreement or otherwise applicable to the Participant,
a termination of the Participant’s Continuous Service for Cause, or other conduct by the Participant that is detrimental to the
business or reputation of the Company and/or its Affiliates.

 

17.2  Clawback.
Awards under the Plan shall be subject to the Company’s clawback policy, as in effect from time to time. If there shall be no such
clawback policy in effect, (1) awards under the Plan and any shares of Common Stock issued pursuant to Awards under the Plan (and any
gains thereon) shall be subject to recovery or “clawback” by the Company if and to the extent that the vesting of such Awards
was determined or calculated based on materially inaccurate financial statements or any other material inaccurate performance metric
criteria; and (2) if the Company or its subsidiaries terminate a Participant’s service relationship due to the Participant’s
gross negligence or willful misconduct (whether or not such actions also constitute “cause” under an Award Agreement), which
conduct, directly or indirectly, results in the Company preparing an accounting restatement, any Awards under the Plan, whether or not
vested, as well as any shares of Common Stock issued pursuant to Awards under this Plan (and any gains thereon) shall be subject to forfeiture,
recovery and “clawback.”

 

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17.3  Other
Compensation Arrangements. Nothing contained in this Plan shall prevent the Board from adopting other or additional compensation
arrangements, subject to shareholder approval if such approval is required; and such arrangements may be either generally applicable
or applicable only in specific cases.

 

17.4  Sub-Plans.
The Committee may from time to time establish sub-plans under the Plan for purposes of satisfying securities, tax or other laws of various
jurisdictions in which the Company intends to grant Awards. Any sub-plans shall contain such limitations and other terms and conditions
as the Committee determines are necessary or desirable. All sub-plans shall be deemed a part of the Plan, but each sub-plan shall apply
only to the Participants in the jurisdiction for which the sub-plan was designed.

 

17.5  Deferral
of Awards. The Committee may establish one or more programs under the Plan to permit selected Participants the opportunity to elect
to defer receipt of consideration upon exercise of an Award, satisfaction of performance criteria, or other event that absent the election
would entitle the Participant to payment or receipt of shares of Common Stock or other consideration under an Award. The Committee may
establish the election procedures, the timing of such elections, the mechanisms for payments of, and accrual of interest or other earnings,
if any, on amounts, shares or other consideration so deferred, and such other terms, conditions, rules and procedures that the Committee
deems advisable for the administration of any such deferral program.

 

17.6  Unfunded
Plan. The Plan shall be unfunded. Neither the Company, the Board nor the Committee shall be required to establish any special or
separate fund or to segregate any assets to assure the performance of its obligations under the Plan.

 

17.7  Recapitalizations.
Each Award Agreement shall contain provisions required to reflect the provisions of Section 14.

 

17.8  Delivery.
Upon exercise of a right granted under this Plan, the Company shall issue Common Stock or pay any amounts due within a reasonable period
of time thereafter. Subject to any statutory or regulatory obligations the Company may otherwise have, for purposes of this Plan, 30
days shall be considered a reasonable period of time.

 

17.9  No
Fractional Shares. No fractional shares of Common Stock shall be issued or delivered pursuant to the Plan. The Committee shall determine
whether cash, additional Awards or other securities or property shall be issued or paid in lieu of fractional shares of Common Stock
or whether any fractional shares should be rounded, forfeited or otherwise eliminated.

 

17.10 Other
Provisions. The Award Agreements authorized under the Plan may contain such other provisions not inconsistent with this Plan, including,
without limitation, restrictions upon the exercise of Awards, as the Committee may deem advisable.

 

17.11 Section
409A. The Plan is intended to comply with Section 409A of the Code to the extent subject thereto, and, accordingly, to the maximum
extent permitted, the Plan shall be interpreted and administered to be in compliance therewith. Any payments described in the Plan that
are due within the “short-term deferral period” as defined in Section 409A of the Code shall not be treated as deferred compensation
unless Applicable Laws require otherwise. Notwithstanding anything to the contrary in the Plan, to the extent required to avoid accelerated
taxation and tax penalties under Section 409A of the Code, amounts that would otherwise be payable and benefits that would otherwise
be provided pursuant to the Plan during the six (6) month period immediately following the Participant’s termination of Continuous
Service shall instead be paid on the first payroll date after the six-month anniversary of the Participant’s separation from service
(or the Participant’s death, if earlier). Notwithstanding the foregoing, neither the Company nor the Committee shall have any obligation
to take any action to prevent the assessment of any additional tax or penalty on any Participant under Section 409A of the Code and neither
the Company nor the Committee will have any liability to any Participant for such tax or penalty.

 

    17

    

    

 

17.12 Disqualifying
Dispositions. Any Participant who shall make a “disposition” (as defined in Section 424 of the Code) of all or any portion
of shares of Common Stock acquired upon exercise of an Incentive Stock Option within two years from the Grant Date of such Incentive
Stock Option or within one year after the issuance of the shares of Common Stock acquired upon exercise of such Incentive Stock Option
(a “Disqualifying Disposition”) shall be required to immediately advise the Company in writing as to the occurrence
of the sale and the price realized upon the sale of such shares of Common Stock.

 

17.13 Section
16. It is the intent of the Company that the Plan satisfy, and be interpreted in a manner that satisfies, the applicable requirements
of Rule 16b-3 as promulgated under Section 16 of the Exchange Act so that Participants will be entitled to the benefit of Rule 16b-3,
or any other rule promulgated under Section 16 of the Exchange Act, and will not be subject to short-swing liability under Section 16
of the Exchange Act. Accordingly, if the operation of any provision of the Plan would conflict with the intent expressed in this Section
17.13, such provision to the extent possible shall be interpreted and/or deemed amended so as to avoid such conflict.

 

17.14 Beneficiary
Designation. Each Participant under the Plan may from time to time name any beneficiary or beneficiaries by whom any right under
the Plan is to be exercised in case of such Participant’s death. Each designation will revoke all prior designations by the same
Participant, shall be in a form reasonably prescribed by the Committee and shall be effective only when filed by the Participant in writing
with the Company during the Participant’s lifetime.

 

17.15 Expenses.
The costs of administering the Plan shall be paid by the Company.

 

17.16 Severability.
If any of the provisions of the Plan or any Award Agreement is held to be invalid, illegal or unenforceable, whether in whole or in part,
such provision shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability and
the remaining provisions shall not be affected thereby.

 

17.17 Plan
Headings. The headings in the Plan are for purposes of convenience only and are not intended to define or limit the construction
of the provisions hereof.

 

17.18 Non-Uniform
Treatment. The Committee’s determinations under the Plan need not be uniform and may be made by it selectively among persons
who are eligible to receive, or actually receive, Awards. Without limiting the generality of the foregoing, the Committee shall be entitled
to make non-uniform and selective determinations, amendments and adjustments, and to enter into non-uniform and selective Award Agreements.

 

18.  Effective
Date of Plan. The Plan shall become effective as of the Effective Date.

 

19.  Termination
or Suspension of the Plan. The Plan shall terminate automatically on June 8, 2032. No Award shall be granted pursuant to the Plan
after such date, but Awards theretofore granted may extend beyond that date. The Board may suspend or terminate the Plan at any earlier
date pursuant to Section 16.1 hereof. No Awards may be granted under the Plan while the Plan is suspended or after it is terminated.

 

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

 

As
adopted by the Board of Directors of Agrify Corporation on April 19, 2022.

 

As
approved by the shareholders of Agrify Corporation on June 8, 2022.

 

    18Exhibit
4.5

 

AGRIFY
CORPORATION 2022 EMPLOYEE STOCK PURCHASE PLAN

 

1.
Purpose. This Agrify Corporation 2022 Employee Stock Purchase Plan (the “Plan”) is intended to provide employees
of the Company and its Participating Subsidiaries with an opportunity to acquire a proprietary interest in the Company through the purchase
of shares of Common Stock. The Company intends that the Plan qualify as an “employee stock purchase plan” under Section 423
of the Code and the Plan shall be interpreted in a manner that is consistent with that intent.

 

2.
Definitions.

 

“Board
or Board of Directors” means the Board of Directors of the Company, as constituted from time to time.

 

“Code”
means the U.S. Internal Revenue Code of 1986, as it may be amended from time to time. Any reference to a section of the Code shall be
deemed to include a reference to any regulations promulgated thereunder.

 

“Committee”
means the committee appointed by the Board to administer the Plan.

 

“Common
Stock” means the common stock of the Company, par value $0.001 per share.

 

“Company”
means Agrify Corporation, a Nevada corporation, including any successor thereto.

 

“Compensation”
means base salary, wages, annual bonuses and commissions paid to an Eligible Employee by the Company or a Participating Subsidiary as
compensation for services to the Company or Participating Subsidiary, before deduction for any salary deferral contributions made by
the Eligible Employee to any tax-qualified or nonqualified deferred compensation plan, including overtime, vacation pay, holiday pay,
jury duty pay and funeral leave pay, but excluding education or tuition reimbursements, imputed income arising under any group insurance
or benefit program, travel expenses, business and relocation expenses, and income received in connection with stock options or other
equity-based awards.

 

“Corporate
Transaction” means a merger, consolidation, acquisition of property or stock, separation, reorganization or other corporate
event described in Section 424 of the Code.

 

“Designated
Broker” means the financial services firm or other agent designated by the Company to maintain ESPP Share Accounts on behalf
of Participants who have purchased shares of Common Stock under the Plan.

 

“Effective
Date” means the date as of which this Plan is adopted by the Board, subject to the Plan obtaining shareholder approval in accordance
with Section 19.11 hereof.

 

“Employee”
means any person who renders services to the Company or a Participating Subsidiary as an employee pursuant to an employment relationship
with such employer. For purposes of the Plan, the employment relationship shall be treated as continuing intact while the individual
is on military leave, sick leave or other leave of absence approved by the Company or a Participating Subsidiary that meets the requirements
of Treasury Regulation Section 1.421-1(h)(2). Where the period of leave exceeds three (3) months, or such other period of time specified
in Treasury Regulation Section 1.421-1(h)(2), and the individual’s right to re-employment is not guaranteed by statute or contract,
the employment relationship shall be deemed to have terminated on the first day immediately following such three-month period, or such
other period specified in Treasury Regulation Section 1.421-1(h)(2).

 

“Eligible
Employee” means an Employee who (i) has been employed by the Company or a Participating Subsidiary for at least three (3) months
and (ii) is customarily employed for at least twenty (20) hours per week and more than five (5) months in any calendar year. Notwithstanding
the foregoing, the Committee may exclude from participation in the Plan or any Offering Employees who are “highly compensated employees”
of the Company or a Participating Subsidiary (within the meaning of Section 414(q) of the Code) or a sub-set of such highly compensated
employees.

 

     

     

    

 

“Enrollment
Form” means an agreement pursuant to which an Eligible Employee may elect to enroll in the Plan, to authorize a new level of
payroll deductions, or to stop payroll deductions and withdraw from an Offering Period.

 

“ESPP
Share Account” means an account into which Common Stock purchased with accumulated payroll deductions at the end of an Offering
Period are held on behalf of a Participant.

 

“Exchange
Act” means the U.S. Securities Exchange Act of 1934, as amended.

 

“Fair
Market Value” means, as of any date, the value of the shares of Common Stock as determined below. If the shares are listed
on any established stock exchange or a national market system, including, without limitation, the New York Stock Exchange or the Nasdaq
Stock Market, the Fair Market Value shall be the closing price of a share (or if no sales were reported, the closing price on the date
immediately preceding such date) as quoted on such exchange or system on the day of determination, as reported in The Wall Street Journal.
In the absence of an established market for the shares, the Fair Market Value shall be determined in good faith by the Committee and
such determination shall be conclusive and binding on all persons.

 

“Offering
Date” means the first Trading Day of each Offering Period as designated by the Committee.

 

“Offering
or Offering Period” means a period of six months beginning each January 1 and July 1 of each year; provided, that,
pursuant to Section 5, the Committee may change the duration of future Offering Periods (subject to a maximum Offering Period of twenty-seven
(27) months) and/or the start and end dates of future Offering Periods.

 

“Participant”
means an Eligible Employee who is actively participating in the Plan.

 

“Participating
Subsidiaries” means the Subsidiaries that have been designated as eligible to participate in the Plan, and such other Subsidiaries
that may be designated by the Committee from time to time in its sole discretion.

 

“Plan”
means this Agrify Corporation 2022 Employee Stock Purchase Plan, as set forth herein, and as amended from time to time.

 

“Purchase
Date” means the last Trading Day of each Offering Period.

 

“Purchase
Price” means an amount equal to the lesser of (i) eighty-five percent (85%) (or such greater percentage as designated by the
Committee) of the Fair Market Value of a share of Common Stock on the Offering Date or (ii) eighty-five percent (85%) (or such greater
percentage as designated by the Committee) of the Fair Market Value of a share of Common Stock on the Purchase Date; provided, that,
the Purchase Price per share of Common Stock will in no event be less than the par value of the Common Stock.

 

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

 

“Subsidiary”
means any corporation, domestic or foreign, of which not less than 50% of the combined voting power is held by the Company or a Subsidiary,
whether or not such corporation exists now or is hereafter organized or acquired by the Company or a Subsidiary. In all cases, the determination
of whether an entity is a Subsidiary shall be made in accordance with Section 424(f) of the Code.

 

“Trading
Day” means any day on which the national stock exchange upon which the Common Stock is listed is open for trading or, if the
Common Stock is not listed on an established stock exchange or national market system, a business day, as determined by the Committee
in good faith.

 

     2

     

    

 

3.
Administration. The Plan shall be administered by the Committee which shall have the authority to construe and interpret the Plan,
prescribe, amend and rescind rules relating to the Plan’s administration and take any other actions necessary or desirable for
the administration of the Plan. The Committee may correct any defect or supply any omission or reconcile any inconsistency or ambiguity
in the Plan. The decisions of the Committee shall be final and binding on all persons. All expenses of administering the Plan shall be
borne by the Company.

 

4.
Eligibility. Unless otherwise determined by the Committee in a manner that is consistent with Section 423 of the Code, any individual
who is an Eligible Employee as of the first day of the enrollment period designated by the Committee for a particular Offering Period
shall be eligible to participate in such Offering Period, subject to the requirements of Section 423 of the Code.

 

Notwithstanding
any provision of the Plan to the contrary, no Eligible Employee shall be granted an option under the Plan if (i) immediately after the
grant of the option, such Eligible Employee (or any other person whose stock would be attributed to such Eligible Employee pursuant to
Section 424(d) of the Code) would own capital stock of the Company or hold outstanding options to purchase stock possessing 5% or more
of the total combined voting power or value of all classes of stock of the Company or any Subsidiary or (ii) such option would permit
his or her rights to purchase stock under all employee stock purchase plans (described in Section 423 of the Code) of the Company and
its Subsidiaries to accrue at a rate that exceeds $25,000 of the Fair Market Value of such stock (determined at the time the option is
granted) for each calendar year in which such option is outstanding at any time.

 

5.
Offering Periods. The Plan shall be implemented by a series of Offering Periods, each of which shall be six (6) months in duration,
with new Offering Periods commencing on or about January 1 and July 1 of each year (or such other times as determined by the Committee).
The Committee shall have the authority to change the duration, frequency, start and end dates of Offering Periods.

 

6.
Participation.

 

6.1 Enrollment; Payroll Deductions. An Eligible Employee may elect to participate in the Plan by properly completing an Enrollment
Form, which may be electronic, and submitting it to the Company, in accordance with the enrollment procedures established by the Committee.
Participation in the Plan is entirely voluntary. By submitting an Enrollment Form, the Eligible Employee authorizes payroll deductions
from his or her paycheck in an amount equal to at least 1%, but not more than 10% of his or her Compensation on each pay day occurring
during an Offering Period (or such other maximum percentage as the Committee may establish from time to time before an Offering Period
begins). Payroll deductions shall commence on the first payroll date following the Offering Date and end on the last payroll date on
or before the Purchase Date. The Company shall maintain records of all payroll deductions but shall have no obligation to pay interest
on payroll deductions or to hold such amounts in a trust or in any segregated account. Unless expressly permitted by the Committee, a
Participant may not make any separate contributions or payments to the Plan.

 

6.2 Election Changes. During an Offering Period, a Participant may decrease or increase his or her rate of payroll deductions
applicable to such Offering Period. To make such a change, the Participant must submit a new Enrollment Form authorizing the new rate
of payroll deductions at least fifteen days before the Purchase Date. A Participant may decrease or increase his or her rate of payroll
deductions for future Offering Periods by submitting a new Enrollment Form authorizing the new rate of payroll deductions at least fifteen
days before the start of the next Offering Period.

 

6.3 Automatic Re-enrollment. The deduction rate selected in the Enrollment Form shall remain in effect for subsequent Offering
Periods unless the Participant (a) submits a new Enrollment Form authorizing a new level of payroll deductions in accordance with Section
6.2, (b) withdraws from the Plan in accordance with Section 10, or (c) terminates employment or otherwise becomes ineligible to participate
in the Plan.

 

7.
Grant of Option. On each Offering Date, each Participant in the applicable Offering Period shall be granted an option to purchase,
on the Purchase Date, a number of shares of Common Stock determined by dividing the Participant’s accumulated payroll deductions
by the applicable Purchase Price; provided, however, that in no event shall any Participant purchase more than 8,500 shares of Common
Stock during an Offering Period (subject to adjustment in accordance with Section 18 and the limitations set forth in Section 13 of the
Plan).

 

     3

     

    

 

8.
Exercise of Option/Purchase of Shares. A Participant’s option to purchase shares of Common Stock will be exercised automatically
on the Purchase Date of each Offering Period. The Participant’s accumulated payroll deductions will be used to purchase the maximum
number of whole shares that can be purchased with the amounts in the Participant’s notional account. No fractional shares may be
purchased but notional fractional shares of Common Stock will be allocated to the Participant’s ESPP Share Account to be aggregated
with other notional fractional shares of Common Stock on future Purchase Dates, subject to earlier withdrawal by the Participant in accordance
with Section 10 or termination of employment in accordance with Section 11.

 

9.
Transfer of Shares. As soon as reasonably practicable after each Purchase Date, the Company will arrange for the delivery to each
Participant of the shares of Common Stock purchased upon exercise of his or her option. The Committee may permit or require that the
shares be deposited directly into an ESPP Share Account established in the name of the Participant with a Designated Broker and may require
that the shares of Common Stock be retained with such Designated Broker for a specified period of time. Participants will not have any
voting, dividend or other rights of a shareholder with respect to the shares of Common Stock subject to any option granted hereunder
until such shares have been delivered pursuant to this Section 9.

 

10.
Withdrawal.

 

10.1 Withdrawal Procedure. A Participant may withdraw from an Offering by submitting to the Company a revised Enrollment Form
indicating his or her election to withdraw at least fifteen days before the Purchase Date. The accumulated payroll deductions held on
behalf of a Participant in his or her notional account (that have not been used to purchase shares of Common Stock) shall be paid to
the Participant promptly following receipt of the Participant’s Enrollment Form indicating his or her election to withdraw and
the Participant’s option shall be automatically terminated. If a Participant withdraws from an Offering Period, no payroll deductions
will be made during any succeeding Offering Period, unless the Participant re-enrolls in accordance with Section 6.1 of the Plan.

 

10.2
 Effect on Succeeding Offering Periods. A Participant’s election to withdraw from an Offering Period will not have
any effect upon his or her eligibility to participate in succeeding Offering Periods that commence following the completion of the Offering
Period from which the Participant withdraws.

 

11.
Termination of Employment; Change in Employment Status. Upon termination of a Participant’s employment for any reason, including
death, disability or retirement, or a change in the Participant’s employment status following which the Participant is no longer
an Eligible Employee, which in either case occurs at least thirty days before the Purchase Date, the Participant will be deemed to have
withdrawn from the Plan and the payroll deductions in the Participant’s notional account (that have not been used to purchase shares
of Common Stock) shall be returned to the Participant, or in the case of the Participant’s death, to the person(s) entitled to
such amounts under Section 17, and the Participant’s option shall be automatically terminated. If the Participant’s termination
of employment or change in status occurs within thirty days before a Purchase Date, the accumulated payroll deductions shall be used
to purchase shares on the Purchase Date.

 

12.
Interest. No interest shall accrue on or be payable with respect to the payroll deductions of a Participant in the Plan.

 

13.
Shares Reserved for Plan.

 

13.1 Number of Shares. A total of 500,000 shares of Common Stock have been reserved as authorized for the grant of options under
the Plan. The shares of Common Stock may be newly issued shares, treasury shares or shares acquired on the open market.

 

13.2
 Over-subscribed Offerings. The number of shares of Common Stock which a Participant may purchase in an Offering under the
Plan may be reduced if the Offering is over-subscribed. No option granted under the Plan shall permit a Participant to purchase shares
of Common Stock which, if added together with the total number of shares of Common Stock purchased by all other Participants in such
Offering would exceed the total number of shares of Common Stock remaining available under the Plan. If the Committee determines that,
on a particular Purchase Date, the number of shares of Common Stock with respect to which options are to be exercised exceeds the number
of shares of Common Stock then available under the Plan, the Company shall make a pro rata allocation of the shares of Common Stock remaining
available for purchase in as uniform a manner as practicable and as the Committee determines to be equitable.

 

     4

     

    

 

14.
Transferability. No payroll deductions credited to a Participant, nor any rights with respect to the exercise of an option or
any rights to receive Common Stock hereunder may be assigned, transferred, pledged or otherwise disposed of in any way (other than by
will, the laws of descent and distribution, or as provided in Section 17 hereof) by the Participant. Any attempt to assign, transfer,
pledge or otherwise dispose of such rights or amounts shall be without effect.

 

15.
Application of Funds. All payroll deductions received or held by the Company under the Plan may be used by the Company for any
corporate purpose to the extent permitted by applicable law, and the Company shall not be required to segregate such payroll deductions
or contributions.

 

16.
Statements. Participants will be provided with statements at least annually which shall set forth the contributions made by the
Participant to the Plan, the Purchase Price of any shares of Common Stock purchased with accumulated funds, the number of shares of Common
Stock purchased, and any payroll deduction amounts remaining in the Participant’s notional account.

 

17.
Designation of Beneficiary. A Participant may file, on forms supplied by the Committee, a written designation of beneficiary who
is to receive any shares of Common Stock and cash in respect of any fractional shares of Common Stock, if any, from the Participant’s
ESPP Share Account under the Plan in the event of such Participant’s death. In addition, a Participant may file a written designation
of beneficiary who is to receive any cash withheld through payroll deductions and credited to the Participant’s notional account
in the event of the Participant’s death prior to the Purchase Date of an Offering Period.

 

18.
Adjustments Upon Changes in Capitalization; Dissolution or Liquidation; Corporate Transactions.

 

18.1
 Adjustments. In the event that any dividend or other distribution (whether in the form of cash, Common Stock, or other property),
recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase,
or exchange of Common Stock or other securities of the Company, or other change in the Company’s structure affecting the Common
Stock occurs, then in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under
the Plan, the Committee will, in such manner as it deems equitable, adjust the number of shares and class of Common Stock that may be
delivered under the Plan, the Purchase Price per share and the number of shares of Common Stock covered by each outstanding option under
the Plan, and the numerical limits of Section 7 and Section 13.

 

18.2
 Dissolution or Liquidation. Unless otherwise determined by the Committee, in the event of a proposed dissolution or liquidation
of the Company, any Offering Period then in progress will be shortened by setting a new Purchase Date and the Offering Period will end
immediately prior to the proposed dissolution or liquidation. The new Purchase Date will be before the date of the Company’s proposed
dissolution or liquidation. Before the new Purchase Date, the Committee will provide each Participant with written notice, which may
be electronic, of the new Purchase Date and that the Participant’s option will be exercised automatically on such date, unless
before such time, the Participant has withdrawn from the Offering in accordance with Section 10.

 

18.3
 Corporate Transaction. In the event of a Corporate Transaction, each outstanding option will be assumed or an equivalent
option substituted by the successor corporation or a parent or Subsidiary of such successor corporation. If the successor corporation
refuses to assume or substitute the option, the Offering Period with respect to which the option relates will be shortened by setting
a new Purchase Date on which the Offering Period will end. The new Purchase Date will occur before the date of the Corporate Transaction.
Prior to the new Purchase Date, the Committee will provide each Participant with written notice, which may be electronic, of the new
Purchase Date and that the Participant’s option will be exercised automatically on such date, unless before such time, the Participant
has withdrawn from the Offering in accordance with Section 10.

 

19.
General Provisions.

 

19.1
 Equal Rights and Privileges. Notwithstanding any provision of the Plan to the contrary and in accordance with Section 423
of the Code, all Eligible Employees who are granted options under the Plan shall have the same rights and privileges.

 

19.2
 No Right to Continued Service. Neither the Plan nor any compensation paid hereunder will confer on any Participant the right
to continue as an Employee or in any other capacity.

 

19.3
 Rights as Shareholder. A Participant will become a shareholder with respect to the shares of Common Stock that are purchased
pursuant to options granted under the Plan when the shares are transferred to the Participant’s ESPP Share Account. A Participant
will have no rights as a shareholder with respect to shares of Common Stock for which an election to participate in an Offering Period
has been made until such Participant becomes a shareholder as provided above.

 

     5

     

    

 

19.4
 Successors and Assigns. The Plan shall be binding on the Company and its successors and assigns.

 

19.5
 Entire Plan. This Plan constitutes the entire plan with respect to the subject matter hereof and supersedes all prior plans
with respect to the subject matter hereof.

 

19.6
 Compliance with Law. The obligations of the Company with respect to payments under the Plan are subject to compliance with
all applicable laws and regulations. Common Stock shall not be issued with respect to an option granted under the Plan unless the exercise
of such option and the issuance and delivery of the shares of Common Stock pursuant thereto shall comply with all applicable provisions
of law, including, without limitation, the Securities Act, the Exchange Act, and the requirements of any stock exchange upon which the
shares may then be listed.

 

19.7
 Notice of Disqualifying Dispositions. Each Participant shall give the Company prompt written notice of any disposition or
other transfer of shares of Common Stock acquired pursuant to the exercise of an option acquired under the Plan, if such disposition
or transfer is made within two years after the Offering Date or within one year after the Purchase Date.

 

19.8
 Term of Plan. The Plan shall become effective on the Effective Date and, unless terminated earlier pursuant to Section 19.9,
shall have a term of ten years.

 

19.9
 Amendment or Termination. The Committee may, in its sole discretion, amend, suspend or terminate the Plan at any time and
for any reason. If the Plan is terminated, the Committee may elect to terminate all outstanding Offering Periods either immediately or
once shares of Common Stock have been purchased on the next Purchase Date (which may, in the discretion of the Committee, be accelerated)
or permit Offering Periods to expire in accordance with their terms (and subject to any adjustment in accordance with Section 18). If
any Offering Period is terminated before its scheduled expiration, all amounts that have not been used to purchase shares of Common Stock
will be returned to Participants (without interest, except as otherwise required by law) as soon as administratively practicable.

 

19.10
Applicable Law. The laws of the State of Nevada shall govern all questions concerning the construction, validity and interpretation
of the Plan, without regard to such state’s conflict of law rules.

 

19.11
Shareholder Approval. The Plan shall be subject to approval by the shareholders of the Company within twelve (12) months before
or after the date the Plan is adopted by the Board.

 

19.12
Section 423. The Plan is intended to qualify as an “employee stock purchase plan” under Section 423 of the Code. Any
provision of the Plan that is inconsistent with Section 423 of the Code shall be reformed to comply with Section 423 of the Code.

 

19.13
Withholding. To the extent required by applicable Federal, state or local law, a Participant must make arrangements satisfactory
to the Company for the payment of any withholding or similar tax obligations that arise in connection with the Plan.

 

19.14
Severability. If any provision of the Plan shall for any reason be held to be invalid or unenforceable, such invalidity or unenforceability
shall not affect any other provision hereof, and the Plan shall be construed as if such invalid or unenforceable provision were omitted.

 

19.15
Headings. The headings of sections herein are included solely for convenience and shall not affect the meaning of any of the provisions
of the Plan.

 

 

6

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