Document:

Exhibit 10.3

 

INCENTIVE STOCK OPTION GRANT AGREEMENT

 

VIRPAX PHARMACEUTICALS, INC.

 

This Stock Option
Grant Agreement (the “Grant Agreement”) is made and entered into effective on the Date of Grant set forth in Exhibit
A (the “Date of Grant”) by and between Virpax Pharmaceuticals, Inc., a Delaware corporation (the “Company”),
and the individual named in Exhibit A hereto (the “Optionee”).

 

WHEREAS, the Company
desires to provide the Optionee an incentive to participate in the success and growth of the Company through the opportunity to earn a
proprietary interest in the Company; and

 

WHEREAS, to give
effect to the foregoing intention, the Company desires to grant the Optionee an option pursuant to the Virpax Pharmaceuticals, Inc. 2022
Equity Incentive Plan (the “Plan”) to acquire the Company’s common stock, par value $0.00001 per share (the “Common
Stock”);

 

NOW, THEREFORE,
in consideration of the mutual covenants hereinafter set forth and for good and valuable consideration, the parties hereto agree as follows:

 

1.
Grant. The Company hereby grants the Optionee an Incentive Stock Option (the “Option”) to purchase up to the
number of shares of Common Stock (the “Shares”) set forth in Exhibit A hereto at the exercise price per Share
(the “Exercise Price”) set forth in Exhibit A, and on the vesting schedule set forth in Exhibit A, subject
to the terms and conditions set forth herein and the provisions of the Plan, the terms of which are incorporated herein by reference.
Capitalized terms used but not otherwise defined in this Grant Agreement shall have the meanings as set forth in the Plan.

 

This Option is intended to qualify as
an Incentive Stock Option (“ISO”) under Section 422 of the Code. However, notwithstanding such designation, if the
Optionee becomes eligible in any given year to exercise ISOs for Shares having a Fair Market Value in excess of $100,000, those options
representing the excess shall be treated as Non-Qualified Stock Options. In the previous sentence, “ISOs” include ISOs granted
under any plan of the Company or any parent or any Subsidiary of the Company. For the purpose of deciding which options apply to Shares
that “exceed” the $100,000 limit, ISOs shall be taken into account in the same order as granted. The Fair Market Value of
the Shares shall be determined as of the time the Option with respect to such Shares is granted. The Optionee hereby acknowledges that
there is no assurance that the Option will, in fact, be treated as an Incentive Stock Option under Section 422 of the Code.

 

     

     

    

 

2. Exercise
Period Following Termination of Continuous Service. This Option shall terminate and be canceled to the extent not exercised within
three (3) months following termination of the Optionee’s Continuous Service; provided that if such termination is due to the Optionee’s
death or permanent and total disability within the meaning of Section 22(e)(3) of the Code, this Option shall terminate and be canceled
one (1) year from the date of termination of Continuous Service. Notwithstanding the foregoing, in the event that the Optionee’s
Continuous Service is terminated for Cause, then the Option shall immediately terminate on the date of such termination of Continuous
Service and shall not be exercisable for any period following such date. In no event, however, shall this Option be exercised later than
the Expiration Date set forth in Exhibit A and in no event shall this Option be exercised for more Shares than the Shares which otherwise
have become exercisable as of the date of termination.

 

3. Method
of Exercise. This Option is exercisable by delivery to the Company of an exercise notice (the “Exercise Notice”)
in the form set forth in Exhibit B attached hereto or by such other form satisfactory to the Committee or by such
other form or means as the Committee may permit or require. Any Exercise Notice shall state or provide the number of Shares with respect
to which the Option is being exercised (the “Exercised Shares”), and include such other representations and agreements
as may be required by the Company pursuant to the provisions of the Plan. The Exercise Notice shall be accompanied by payment of the aggregate
Exercise Price for the Exercised Shares in (i) cash; (ii) check; or (iii) such other manner as is acceptable to the Committee, provided
that such form of consideration is permitted by the Plan and by applicable law. Upon exercise of the Option by the Optionee and prior
to the delivery of such Exercised Shares, the Company shall have the right to require the Optionee to satisfy applicable Federal and state
tax income tax withholding requirements and the Optionee’s share of applicable employment withholding taxes in a method satisfactory
to the Company. Notwithstanding the foregoing, no Exercised Shares shall be issued unless such exercise and issuance complies with the
requirements relating to the administration of stock option plans and other applicable equity plans under U.S. state corporate laws, U.S.
federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted, and
the applicable laws of any foreign country or jurisdiction where stock grants or other applicable equity grants are made under the Plan;
assuming such compliance, for income tax purposes the Exercised Shares shall be considered transferred to the Optionee on the date the
Option is exercised with respect to such Shares.

 

4. Covenants
Agreement. This Option shall be subject to forfeiture at the election of the Company in the event that the Optionee breaches any agreement
between the Optionee and the Company with respect to noncompetition, nonsolicitation, assignment of inventions and contributions and/or
nondisclosure obligations of the Optionee.

 

5. Taxes.
By executing this Grant Agreement, Optionee acknowledges and agrees that Optionee is solely responsible for the satisfaction of any applicable
taxes that may be imposed on Optionee that arise as a result of the grant, vesting or exercise of the Option, including without limitation
any taxes arising under Section 409A of the Code (regarding deferred compensation) or Section 4999 of the Code (regarding golden parachute
excise taxes), and that neither the Company nor the Committee shall have any obligation whatsoever to pay such taxes or otherwise indemnify
or hold Optionee harmless from any or all of such taxes.

 

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6. Non-Transferability
of Option. This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution and may
be exercised during the lifetime of the Optionee only by the Optionee. The terms of the Plan and this Grant Agreement shall be binding
upon the executors, administrators, heirs, successors and assigns of the Optionee.

 

7. Securities
Matters. All Shares and Exercised Shares shall be subject to the restrictions on sale, encumbrance and other disposition provided
by Federal or state law. The Company shall not be obligated to sell or issue any Shares or Exercised Shares pursuant to this Grant Agreement
unless, on the date of sale and issuance thereof, such Shares are either registered under the Securities Act of 1933, as amended (the
“Securities Act”), and all applicable state securities laws, or are exempt from registration thereunder. Regardless
of whether the offering and sale of Shares under the Plan have been registered under the Securities Act, or have been registered or qualified
under the securities laws of any state, the Company at its discretion may impose restrictions upon the sale, pledge or other transfer
of such Shares (including the placement of appropriate legends on stock certificates or the imposition of stop-transfer instructions)
if, in the judgment of the Company, such restrictions are necessary in order to achieve compliance with the Securities Act or the securities
laws of any state or any other law.

 

8. Investment
Purpose. The Optionee represents and warrants that unless the Shares are registered under the Securities Act, any and all Shares acquired
by the Optionee under this Grant Agreement will be acquired for investment for the Optionee’s own account and not with a view to,
for resale in connection with, or with an intent of participating directly or indirectly in, any distribution of such Shares within the
meaning of the Securities Act. The Optionee agrees not to sell, transfer or otherwise dispose of such Shares unless they are either (1)
registered under the Securties Act and all applicable state securities laws, or (2) exempt from such registration in the opinion of Company
counsel.

 

9. Lock-Up
Agreement. The Optionee hereby agrees that in the event that the Optionee exercises this Option during a period in which any directors
or officers of the Company have agreed with one or more underwriters not to sell securities of the Company, then, as a condition to such
exercise, the Optionee shall enter into an agreement, in form and substance satisfactory to the Company, pursuant to which the Optionee
shall agree to restrictions on transferability of the Shares comparable to the restrictions agreed upon by such directors or officers
of the Company.

 

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10. Other
Plans. No amounts of income received by the Optionee pursuant to this Grant Agreement shall be considered compensation for purposes
of any pension or retirement plan, insurance plan or any other employee benefit plan of the Company or its subsidiaries, unless otherwise
expressly provided in such plan.

 

11. No
Guarantee of Continued Service. The Optionee acknowledges and agrees that the right to exercise the Option pursuant to the exercise
schedule hereof is earned only through Continuous Service and such other requirements, if any, as are set forth in Exhibit A (and not
through the act of being hired, being granted an option or purchasing shares hereunder). The Optionee further acknowledges and agrees
that (i) this Grant Agreement, the transactions contemplated hereunder and the exercise schedule set forth herein do not constitute an
express or implied promise of continued employment or service for the exercise period or for any other period, and shall not interfere
with the Optionee’s right or the right of the Company or its Subsidiaries to terminate the employment or service relationship at
any time, with or without cause, subject to the terms of any written employment agreement that the Optionee may have entered into with
the Company or any of its Subsidiaries; and (ii) the Company would not have granted this Option to the Optionee but for these acknowledgements
and agreements.

 

12. Entire
Agreement; Governing Law. The Plan is incorporated herein by reference. The Plan and this Grant Agreement constitute the entire agreement
of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the
Company and the Optionee with respect to the subject matter hereof, and may not be modified adversely to the Optionee’s interest
except by means of a writing signed by the Company and the Optionee. In the event of any conflict between this Grant Agreement and the
Plan, the Plan shall be controlling, except as otherwise specifically provided in the Plan. This Grant Agreement shall be construed under
the laws of the State of Delaware, without regard to conflict of laws principles.

 

13. Opportunity
for Review. Optionee and the Company agree that this Option is granted under and governed by the terms and conditions of the Plan
and this Grant Agreement. The Optionee has reviewed the Plan and this Grant Agreement in their entirety, has had an opportunity to obtain
the advice of counsel prior to executing this Grant Agreement and fully understands all provisions of the Plan and this Grant Agreement.
The Optionee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions
relating to the Plan and this Grant Agreement. The Optionee further agrees to notify the Company upon any change in the residence address
indicated herein.

  

14. Section
409A. This Option is intended to be excepted from coverage under Section 409A and shall be administered, interpreted and
construed accordingly. The Company may, in its sole discretion and without the Optionee’s consent, modify or amend the terms
of this Grant Agreement, impose conditions on the timing and effectiveness of the exercise of the Option by Optionee, or take any
other action it deems necessary or advisable, to cause the Option to be excepted from Section 409A (or to comply therewith to the
extent the Company determines it is not excepted).

 

15. Recoupment.
In the event the Company restates its financial statements due to material noncompliance with any financial reporting requirements under
applicable securities laws, any shares issued pursuant to this Agreement for or in respect of the year that is restated, or the prior
three years, may be recovered to the extent the shares issued exceed the number that would have been issued based on the restatement.
In addition and without limitation of the foregoing, any amounts paid hereunder shall be subject to recoupment in accordance with The
Dodd–Frank Wall Street Reform and Consumer Protection Act and any implementing regulations thereunder, any clawback policy adopted
by the Company or as is otherwise required by applicable law or stock exchange listing conditions.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF,
the parties hereto have executed this Grant Agreement as of the date set forth in Exhibit A.

  

	 	VIRPAX PHARMACEUTICALS, INC.
	 	 
	 	By:	 
	 	 	Name:                      
	 	 	Title:
	 	 
	 	OPTIONEE
	 	 	 
	 	 
	 	Name: 	 

 

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EXHIBIT
A

 

INCENTIVE STOCK OPTION GRANT AGREEMENT

 

VIRPAX PHARMACEUTICALS, INC.

 

 

(a). Optionee’s
Name:                                                                                              

 

(b). Date of Grant:                                                

 

(c). Number of Shares Subject to the Option:
______________________________

 

(d). Exercise
Price: $______ per Share

 

(e) Expiration Date:
________________________

 

(f). Vesting
Schedule:

 

_______ (Initials)

Optionee

 

_______ (Initials)

Company Signatory

 

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EXHIBIT
B

 

FORM
OF EXERCISE NOTICE

 

Virpax Pharmaceuticals, Inc.

Attention: Corporate Secretary

 

1. Exercise of Option. Effective
as of today, ________________, 20__, the undersigned (“Purchaser”) hereby elects to purchase ______________ shares
(the “Shares”) of the Common Stock of Virpax Pharmaceuticals, Inc. (the “Company”) under and pursuant
to the Virpax Pharmaceuticals, Inc. 2022 Equity Incentive Plan (the “Plan”) and the Nonqualified Stock Option Grant
Agreement dated _____________, 20__ (the “Option Agreement”). The per share purchase price for the Shares shall be
$_____ for an aggregate purchase price of $_____ (“Purchase Price”), as required by the Option Agreement. All of the
Shares shall represent Shares acquired by reason of the exercise of a Non-Qualified Stock Option

 

2. Delivery of Payment. Purchaser
herewith delivers to the Company the full Purchase Price in the following form and manner as set forth in Section 3 of
the Option Agreement (check appropriate box below):

 

		☐	Cash in an amount equal to the Purchase Price

		☐	Check in an amount equal to the Purchase Price

		☐	The surrender of ______ shares of Common Stock, with an aggregate
value equal to the Purchase Price

		[☐
	The
withholding of ______ shares of Common Stock, with an aggregate value equal to the Purchase Price]1

 

3. Rights as Stockholder. Until
the issuance (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company)
of the Shares, no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the Shares covered
by the Option Agreement, notwithstanding the exercise of the Option Agreement. The Shares so acquired shall be issued to the Purchaser
as soon as practicable after exercise of the Option Agreement. No adjustment will be made for a dividend or other right for which the
record date is prior to the date of issuance.

 

4. Tax Consultation. Purchaser
understands that Purchaser may suffer adverse tax consequences as a result of Purchaser’s purchase or disposition of the Shares.
Purchaser represents that Purchaser has consulted with any tax consultants Purchaser deems advisable in connection with the purchase or
disposition of the Shares and that Purchaser is not relying on the Company for any tax advice.

 

5. Investment Representations.
Purchaser represents, warrants and covenants that Purchaser understands that (i) the Shares have not been registered under the Securities
Act of 1933 (the “Securities Act”) and are “restricted securities” within the meaning of Rule 144 under
the Securities Act; (ii) the Shares cannot be sold, transferred or otherwise disposed of unless they are subsequently registered under
the Securities Act or an exemption from registration is then available; (iii) in any event, the exemption from registration under Rule
144 will not be available for at least one year (or, if the Shares were acquired in compliance with Rule 701 of the Securities Act, ninety
days after an initial public offering of the Common Stock) and even then will not be available unless a public market then exists for
the Common Stock, adequate information concerning the Company is then available to the public, and other terms and conditions of Rule
144 are met; and (iv) there is now no registration statement on file with the Securities and Exchange Commission with respect to any stock
of the Company and the Company has no obligation or current intention to register the Shares under the Securities Act.

 

 

 

	1	Drafting Note: Delete if Purchaser will not be permitted
to purchase Shares via a cashless exercise.

 

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Notice. All notices and other
communications given or made hereunder shall be in writing and shall be deemed effectively given: (i) upon personal delivery to the party
to be notified; (ii) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, and if
not so confirmed, then on the next business day; (iii) five (5) days after having been sent by registered or certified mail, return receipt
requested, postage prepaid; or (iv) one (1) business day after the business day of deposit with a nationally recognized overnight courier,
specifying next business day delivery, with written verification of receipt. Subject to the limitations set forth in Section 232(e) of
the General Corporation Law of the state of Delaware (the “DGCL”), the Purchaser consents to the delivery of any notice
or communications to stockholders given by the Company under this Agreement, the DGCL or the Company’s Certificate of Incorporation
or Bylaws by (a) facsimile telecommunication to the facsimile number set forth below (or to any other facsimile number for the Purchaser
in the Company’s records); (b) electronic mail to the electronic mail address set forth below (or to any other electronic mail address
for the Purchaser in the Company’s records); (c) posting on an electronic network together with separate notice to the Purchaser
of such specific posting; or (d) any other form of electronic transmission (as defined in the DGCL) directed to the Purchaser. This consent
may be revoked by the Purchaser by written notice to the Company (the “Consent Revocation”) and may be deemed revoked
in the circumstances specified in Section 232 of the DGCL. A copy of the Consent Revocation (which shall not constitute notice) shall
also be sent to Michael J. Lerner at Lowenstein Sandler LLP, One Lowenstein Drive, Roseland, New Jersey 07068.

 

Entire Agreement; Governing Law. The Plan and Option Agreement are incorporated herein by reference. This Agreement, the Plan and
the Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety
all prior undertakings and agreements of the Company and the Purchaser with respect to the subject matter hereof, and may not be modified
adversely to the Purchaser’s interest except by means of a writing signed by the Company and Purchaser. This Agreement will be interpreted
and enforced under the laws of the state of Delaware, without regard to conflict or choice of law principles.

 

Remainder of page left blank

 

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	Submitted By:	Accepted By:
	 	 	 	 
	PURCHASER INC.	VIRPAX PHARMACEUTICALS,
	 	 	 	 	 
	By:	        	 	By:	               
	Name:	 	 	Name:	 
	Address:	 	 	Address:	 
	Email:	 	 	Email:	 
	Fax:	 	 	Fax:	 
	Date:	 	 	Date:Exhibit 10.4

 

VIRPAX PHARMACEUTICALS, INC.

 

RESTRICTED STOCK AWARD AGREEMENT

 

 

This Restricted Stock Award
Agreement (the “Agreement”), dated as of the “Award Date” set forth in the attached Exhibit A, is entered
into between Virpax Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and the individual identified in Exhibit
A (the “Awardee”).

 

WHEREAS, the Company desires
to provide the Awardee an incentive to participate in the success and growth of the Company through the holding of a proprietatry interest
in the Company; and

 

WHEREAS, to give effect to the
foregoing intentions, the Company desires to grant the Awardee a restricted stock award of shares of the Company’s common stock,
par value $0.00001 per share (the “Common Stock”) pursuant to the Virpax Pharmaceuticals, Inc. 2022 Equity Incentive Plan
(the “Plan”);

 

NOW, THEREFORE, in consideration
of the mutual covenants hereinafter set forth and for other good and valuable consideration, the parties hereto agree as follows:

 

1. Grant.
The Company hereby grants the Awardee a restricted stock award (the “Award”) with respect to the number of shares of Common
Stock set forth in Exhibit A (such shares being referred to herein as the “Restricted Shares”). The Award and the Restricted
Shares shall be subject to the terms and conditions set forth in this Agreement and the provisions of the Plan, the terms of which are
incorporated herein by reference. Capitalized terms used but not otherwise defined herein shall have the meanings as set forth in the
Plan.

 

 2. Lapsing Forfeiture
Provisions. Subject to the terms of this Agreement and the Plan, the Awardee shall immediately forfeit the Restricted Shares, to the
extent that the transfer restrictions set forth in Section 3 have not previously lapsed, if Awardee ceases to be in Continuous Service.
Restricted Shares, to the extent forfeited, shall be immediately returned to the Company.

 

 3. Transfer Restrictions.
The Restricted Shares may not be sold, assigned, pledged or otherwise transferred (voluntarily or involuntarily) or otherwise be the subject
of any disposition unless and unitl the Restricted Shares become vested and such transfer restrictions lapse in accordance with Exhibit
A. Upon satisfaction of the conditions set forth in Exhibit A with respect to Restricted Shares, the transfer restrictions
set forth in this Section shall lapse. As a condition of the grant of this award, Awardee shall be required to execute a stock power in
blank in the form of Exhibit B hereto with respect to all shares of Common Stock issued pursuant to this Agreement.

 

4. Adjustment
of Shares. Notwithstanding anything contained herein to the contrary, in the event of any change in the Company’s Common Stock
resulting from a corporate transaction including, but not limited to, a subdivision or consolidation, reorganization, recapitalization,
merger, share split, reverse share split, share distribution, combination of shares or the payment of a share dividend, the Restricted
Shares shall be treated in the same manner in any such transaction as other Common Stock. Any Common Stock or other securities received
by the Awardee as a result of such transaction with respect to the Restricted Shares shall be subject to the restrictions and conditions
set forth herein and in the attached Exhibit A.

 

     

     

    

 

5. Rights
as Stockholder. Except as provided by Section 3 hereof, the Awardee shall be entitled to all of the rights of a stockholder with respect
to the Restricted Shares as of the Award Date, including, but not limited to, the right to vote such shares and receive dividends and
other distributions payable with respect to same.

 

6. Escrow
of Share Certificates. As soon as reasonably practicable after the Award Date, the Company shall issue stock certificates in the Awardee’s
name that correspond to the Restricted Shares (the “Certificates”), and shall hold such Certificates in escrow for the Awardee’s
benefit, properly endorsed for transfer, until such time as the Restricted Shares are forfeited to the Company or all restrictions thereon
lapse. The Company shall not be liable for any act it may do or fail to do with respect to the holding of the Certificates in escrow hereunder,
provided it acts or fails to act in good faith and in the exercise of its sound judgment.

 

7. Legend.
The Certificates shall bear the following legend: “THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS
(INCLUDING FORFEITURE CONDITIONS AND TRANSFER RESTRICTIONS) CONTAINED IN A RESTRICTED STOCK AWARD AGREEMENT BETWEEN VIRPAX PHARMACEUTICALS,
INC. AND THE HOLDER AND THE TERMS OF THE VIRPAX PHARMACEUTICALS, INC. 2017 OMNIBUS EQUITY INCENTIVE PLAN, AS EACH MAY BE AMENDED FROM
TIME TO TIME. A COPY OF SUCH AGREEMENT IS ON FILE IN THE OFFICE OF THE SECRETARY OF VIRPAX PHARMACEUTICALS, INC.”

 

 8. Section 83(b)
Election. The Awardee hereby acknowledges that the Awardee has been informed that, with respect to the Restricted Shares, the Awardee
may file an election with the Internal Revenue Service, within 30 days of the execution of this Agreement, electing pursuant to Section
83(b) of the Internal Revenue Code of 1986, as amended, (the “Code”) to be taxed currently on any difference between the purchase
price of the Restricted Shares and their fair market value on the date of purchase. Absent such an election, taxable income will be measured
and recognized by the Awardee at the time or times at which the forfeiture restrictions with respect to the Restricted Shares lapse. The
Awardee is strongly encouraged to seek the advice of his or her own tax consultants in connection with the issuance of the Restricted
Shares and the advisability of filing an election under Section 83(b) of the Code. A form of Election under Section 83(b) is attached
hereto as Exhibit C for reference.

 

THE AWARDEE ACKNOWLEDGES THAT
IT IS NOT THE COMPANY’S, BUT RATHER THE AWARDEE’S SOLE RESPONSIBILITY TO FILE THE ELECTION UNDER SECTION 83(b) TIMELY.

 

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9. Government
Regulations. Notwithstanding anything contained herein to the contrary, the Company’s obligation to issue or deliver certificates
evidencing the Restricted Shares shall be subject to the terms of all applicable laws, rules and regulations and to such approvals by
any governmental agencies or national securities exchanges as may be required.

 

10. Withholding
Taxes. The Company shall have the right to require the Awardee to remit to the Company, or to withhold from amounts payable to the
Awardee, as compensation or otherwise, an amount sufficient to satisfy all federal, state and local withholding tax requirements (including,
without limitation, any tax resulting from (i) the expiration of restrictions set forth hereunder that are applicable to any particular
Restricted Shares or (ii) an election made by the Awardee under Section 83(b) of the Code).

 

11. Investment
Purpose. The Awardee agrees not to sell, transfer or otherwise dispose of such shares unless they are in compliance with the terms
and conditions of this Agreement, and consents to the Company’s placing of the legend set forth in Section 7 above on the certificates
summarizing such transfer restrictions.

 

12. Awardee
Representations. The Awardee has reviewed with his own tax advisors the federal, state, local and foreign tax consequences of the
transactions contemplated by this Agreement. The Awardee is relying solely on such advisors and not on any statements or representations
of the Company or any of its agents, if any, made to the Awardee. The Awardee understands that the Awardee (and not the Company) shall
be responsible for the Awardee’s own tax liability arising as a result of the transactions contemplated by this Agreement.

 

13. Service.
Neither this Agreement nor any action taken hereunder shall be construed as giving the Awardee any right of continuing service with the
Company.

 

14. Notices.
Notices or communications to be made hereunder shall be in writing and shall be delivered in person, by registered mail, by confirmed
facsimile or by a reputable overnight courier service to the Company at its principal office or to the Awardee at his address contained
in the records of the Company.

 

15. Governing
Law. This Agreement shall be construed under the laws of the State of Delaware, without regard to conflict of laws principles.

 

16. Entire
Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof, and
supersedes all prior agreements and understandings relating to the subject matter of this Agreement.

 

17. Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the Company and the Awardee and their respective permitted
successors, assigns, heirs, beneficiaries and representatives. This Agreement is personal to the Awardee and may not be assigned by the
Awardee without the prior consent of the Company. Any attempted assignment in violation of this Section shall be null and void.

 

18. Amendment.
This Agreement may be amended or modified only by a written instrument executed by both the Company and the Awardee; provided, however,
that to the extent that this Agreement and the award of Restricted Shares hereunder are or become subject to the provisions of Section
409A of the Code, the Company and the Awardee agree that this Agreement may be amended or modified by the Company, in its sole discretion
and without the Awardee’s consent, as appropriate to maintain compliance with the provisions of Section 409A of the Code.

 

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IN WITNESS WHEREOF, the parties
hereto have executed this Agreement or caused their duly authorized officer to execute this Agreement as of the date first written above.

 

	 	VIRPAX PHARMACEUTICALS, INC.
	 	 
	 	By:	   
	 	 	Name:                      
	 	 	Title:
	 	 	 
	 	AWARDEE
	 	 
	 	 
	 	Name: 	 

 

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EXHIBIT
A

 

(a). Awardee’s
Name:  

 

 (b). Award Date:  

 

 (c). Number of Restricted Shares Granted:
 

 

(d).
Vesting Requirements: ____________________________

 

Notwithstanding the foregoing, in the
event of a Change in Control while the Awardee is in Continuous Service, all Restricted Shares shall thereupon be vested and the restrictions
applicable to all Restricted Shares shall thereupon lapse.

  

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EXHIBIT
B

 

STOCK POWER

 

For
Value Received, _______________, hereby sells, assigns, and transfers unto Virpax Pharmaceuticals, Inc. (the “Company”)
all shares of Common Stock of Virpax Pharmaceuticals, Inc. issued pursuant to, and subject to the terms of, that certain Restricted Stock
Award Agreement by and between the Company and the undersigned standing in his/her name on the books of the Company represented by Certificate
Nos. ____________ herewith, and does hereby irrevocably constitute and appoint _____________________ as his/her attorney to transfer the
said stock on the books of the Company with full power of substitution in the premises.

 

Dated: __________ __, 202_

 

	 	
	 	Name:

 

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Exhibit
C

 

ELECTION UNDER SECTION 83(b)

OF THE INTERNAL REVENUE CODE OF 1986

 

The undersigned taxpayer
hereby elects, pursuant to § 83(b) of the Internal Revenue Code of 1986, as amended, to include in gross income as compensation
for services the excess (if any) of the fair market value of the shares described below over the amount paid for those shares.

 

		1.	The name, taxpayer identification
                                            number, address of the undersigned, and the taxable year for which this election is being
                                            made are:

 

Name: ____________________  

Address  ______________________________________________________________

Social Security
Number: ___-__-____

Taxable Year: ___________________

 

		2.	The property which is the subject
                                            of this election is _____shares of common stock of (the “Stock”) of Virpax Pharmaceuticals,
                                            Inc., a Nevada corporation (the "Company").

 

		3.	The property was transferred to the undersigned
                                            on ______________.

 

		4.	The property is subject to the following restrictions:

 

The above-mentioned shares may not be
transferred and are subject to forfeiture under the terms of an agreement between the taxpayer and the Company. These restrictions lapse
upon the satisfaction of certain conditions contained in such agreement.

 

		5.	The fair market value of the property
                                            at the time of transfer (determined without regard to any restriction other than a nonlapse
                                            restriction as defined in § 1.83-3(h) of the Income Tax Regulations) is: $ per share
                                            x shares = $_______.

 

		6.	For the property transferred, the undersigned
                                            did not pay any amount for the Stock. Therefore, $______ (the full fair market value of the
                                            Stock stated above) is includible in the undersigned's gross income as compensation for services.

 

		7.	The amount to include in gross income
                                            is $_________

 

The undersigned taxpayer will
file this election with the Internal Revenue Service office with which taxpayer files his or her annual income tax return not later than
30 days after the date of transfer of the property. A copy of the election also will be furnished to the person for whom the services
were performed. Additionally, the undersigned will include a copy of the election with his or her income tax return for the taxable year
in which the property is transferred. The undersigned is the person performing the services in connection with which the property was
transferred.

 

	Dated:  ________________	___________________________
	 	Taxpayer signature

 

    -7-

     

    

 

INSTRUCTIONS FOR FILING SECTION 83(B) ELECTION

 

Attached is a form of election
under section 83(b) of the Internal Revenue Code. If you wish to make such an election, you should complete, sign and date the election
and then proceed as follows:

 

1. Execute three counterparts of your completed
election (plus one extra counterpart for each person other than you, if any who receives property that is the subject of your election),
retaining at least one photocopy for your records.

 

2. Send one counterpart to the Internal Revenue
Service Center with which you will file your Federal income tax return for the current year via certified mail, return receipt requested.
THE ELECTION SHOULD BE SENT IMMEDIATELY, AS YOU ONLY HAVE 30 DAYS FROM THE ISSUANCE/PURCHASE/GRANT DATE WITHIN WHICH TO MAKE THE ELECTION
– NO WAIVERS, LATE FILINGS OR EXTENSIONS ARE PERMITTED.

 

3. Deliver one counterpart of the completed election
to the Company for its files.

 

4. If anyone other than you (e.g., one of your
family members) will receive property that is the subject of your election, deliver one counterpart of the completed election to each
such person.

 

 

 

-8-

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