Document:

Document

Exhibit 10.10

December 9, 2010

Esther Lem

Dear Esther,

On behalf of Chegg (the “Company”), I am very excited to offer you the position of Chief Marketing Officer. Speaking for myself, as well as the Company’s Board of Directors (the “Board”), and the other members of the Company’s management team, we are all very impressed with you and what you will bring to the Company. We believe that with your background, you will make significant contributions to the success of the Company.

The terms of your new position with the Company are as set forth below:

1.Position.

You will become the Chief Marketing Officer of the Company, working out of the Company’s offices in Santa Clara, California. As the Company’s Chief Marketing Officer, you will perform the duties and responsibilities customary for such position and such other related duties as are assigned to you by the Company’s Chief Executive Officer. You will report to the Company’s Chief Executive Officer. While employed by the Company, except with the written approval of the Board, you will not actively engage in any other employment, occupation or consulting activity.

Start Date. You will commence this new position with the Company on no later than December 20, 2010.
Compensation.

2.Compensation.

Base Salary. You will be paid a monthly salary of $20,833.33 minus applicable withholdings, which is equivalent to $250,000 on an annualized basis. Your salary will be payable pursuant to the Company’s regular payroll policy (or in the same manner as other officers of the Company).

Cash Bonus Program. You will be eligible for an annual cash bonus of up to 30% of your annual base salary by meeting performance objectives mutually agreed to by yourself and the Company’s Chief Executive Officer.

3.Stock Options and Restricted Stock Units.

Initial Option Grant. In connection with the commencement of your services, the Company will recommend that the Board grant you an option to purchase 225,000 (two hundred twenty-five thousand) shares of Common Stock, with an exercise price equal to the fair market value of the Common Stock of the Company on the date of the grant (the “Initial Option”). The Initial Option will vest and become exercisable, contingent on your continued employment with the Company on each respective vesting date, over a period of 4 years as follows: one year after the date on which you commence employment with the Company (the “Start Date”), 25% of the shares subject to the Initial Option will vest; thereafter, the remaining shares will vest on a monthly schedule of 1/36 of the total number of remaining unvested shares subject to the Initial Option upon the completion of each month of your continued employment with the Company. The Initial Option will be an incentive stock option to the maximum extent allowed by the tax code and will be subject to the terms of the Company’s Stock Option Plan and the Stock Option Agreement between you and the Company, which you will be required to execute as a condition of the grant.

Restricted Stock Unit Grant. In addition to the Initial Option, the Company will grant you 40,000 (forty thousand) restricted stock units (the “RSUs”). The RSUs shall vest as follows:

(i)     If the Company completes an initial public offering (“IPO”) on or before one year from your Start Date, the RSUs shall “vest” pursuant to the following schedule: 20% six (6) months after the IPO 

date, 20% twelve (12) months after the IPO date, 20% eighteen (18) months after the IPO date, 20% twenty four (24) months after the IPO date and 20% thirty (30) months after the IPO date.

(ii)     If the Company does not complete an IPO within one year from your Start Date, the RSUs shall “vest” pursuant to the following vesting schedule: 20% twelve (12) months after your Start Date; 20% eighteen (18) months after your Start Date; 20% twenty-four (24) months after your Start Date; 20% thirty (30) months after your Start Date; and 20% thirty-six (36) months after your Start Date.

Subject to Paragraph 7 below, the Company shall distribute the “vested” RSUs to you on the earlier of (a) six months following an IPO or (b) upon a Change of Control (as defined below), whether such IPO or Change of Control occurs during your employment or following your termination or resignation.

Change of Control. “Change of Control” shall be defined as (i) merger, reorganization, consolidation or other acquisition (or series of related transactions of such nature) pursuant to which more than fifty percent (50%) of the voting power of all equity of the Company would be transferred by the holders of the Company’s outstanding shares (excluding a reincorporation to effect a change in domicile); (ii) a sale of all or substantially all of the assets of the Company; or (iii) any other transaction or series of transactions (other than capital raising transactions) in which the Company’s stockholders immediately prior to such transaction or transactions own immediately after such transaction less than fifty percent (50%) of the voting equity securities of the surviving corporation or its parent.

4.Benefits.

Insurance Benefits. The Company will provide you with the standard medical and dental insurance benefits available to other employees of the Company.

5.At-Will Employment.

Your employment with the Company shall be for no specified period or term and may be terminated by you or by the Company at any time for any or no reason, with or without cause, as long as written notice is provided. The Company requests that you provide thirty (30) days written notice of your intention to resign. The “at-will” nature of your employment may only be changed by an express written agreement that is signed by you and by the Chief Executive Officer of the Company.

6.Confidential Information and Invention Assignment Agreement.

As an employee of the Company, you will have access to certain Company confidential information and you may during the course of your employment develop certain information or inventions, which will be the property of the Company. To protect the interests of the Company you will need to sign the Company’s standard “Employee Confidentiality Agreement” as a condition of your employment, a copy of which is enclosed.

7.Section 409A.

To the extent (a) any payments or benefits to which you become entitled under this agreement, or under any agreement or plan referenced herein, in connection with your termination of employment with the Company constitute deferred compensation subject to Section 409A of the tax code and (b) you are deemed at the time of such termination of employment to be a “specified employee” under Section 409A of the tax code, then such payments shall not be made or commence until the earliest of (i) the expiration of the six (6)-month period measured from the date of your “separation from service” (as such term is at the time defined in Treasury Regulations under Section 409A of the Code) from the Company; or (ii) the date of your death following such separation from service; provided, however, that such deferral shall only be effected to the extent required to avoid adverse tax treatment to you, including (without limitation) the additional twenty percent (20%) tax for which you would otherwise be liable under Section 409A(a)(1)(B) of the tax code in the absence of such deferral. Upon the expiration of the applicable deferral period, any payments which would have otherwise been made during that period (whether in a single sum or in installments) in the absence of this Paragraph shall be paid to you in one lump sum (without interest). Any 

termination of your employment is intended to constitute a “separation from service” as such term is defined in Treasury Regulation Section 1.409A-1. It is intended that each installment of the payments provided hereunder constitute separate “payments” for purposes of Treasury Regulation Section 1.409A-2(b)(2)(i). It is further intended that payments hereunder satisfy, to the greatest extent possible, the exemption from the application of Section 409A (and any state law of similar effect) provided under Treasury Regulation Section 1.409A-1(b)(4) (as a “short-term deferral”).

8.No Inconsistent Obligations.

By accepting this offer of employment, you represent and warrant to the Company that you are under no obligations or commitments, whether contractual or otherwise, that are inconsistent with your obligations set forth in this letter. You also represent and warrant that you will not use or disclose, in connection with your employment by the Company, any trade secrets or other proprietary information or intellectual property in which you or any other person has any right, title or interest, and that your employment by the Company will not infringe upon or violate the rights of any other person or entity. You represent and warrant to the Company that you have returned all property and confidential information relating to any prior employers.

We are all delighted to be able to extend this offer and look forward to working with you. To indicate your acceptance of the Company’s offer, please sign and date this letter in the space provided below, and also sign the enclosed Employee Confidentiality Agreement, and return both to me. A duplicate original is enclosed for your records. This letter agreement, together with the Employee Confidentiality Agreement and any stock option and purchase agreements, sets forth our entire agreement and understanding regarding the terms of your employment with Company and supersedes any prior representations or agreements, whether written or oral (including that certain offer letter also dated as of the date hereof). This letter agreement may not be modified or amended except by a written agreement, signed by the Chief Executive Officer of the Company and by you. This offer, if not accepted, will expire at close of business on December 13, 2010.

This offer is contingent on the successful completion of a background check and final reference checking and the approval of the Board.

Sincerely,

									
	CHEGG, INC.
			
			
		 	/s/ DAN ROSENSWEIG
	 	 	Dan Rosensweig
	 	 	Chief Executive Officer
			
	Enc. 		General Release Agreement
			Employee Confidentiality Agreement

    
									
			
	Agreed and Accepted	 	December 13, 2010
			
	/s/ ESTHER LEM	 	
	Esther LemExhibit
10.1

 

Hillstream
BioPharma Inc.

 

2019
STOCK INCENTIVE PLAN

 

1.
Purpose

 

The
purpose of this 2019 Stock Incentive Plan (the “Plan”) of Hillstream BioPharma, a Delaware corporation (the “Company”),
is to advance the interests of the Company’s stockholders by enhancing the Company’s ability to attract, retain and motivate
persons who are expected to make important contributions to the Company and by providing such persons with equity ownership opportunities
and performance-based incentives that are intended to align their interests with those of the Company’s stockholders. Except where
the context otherwise requires, the term “Company” includes the Company’s present or future parent or subsidiary corporations
as defined in Sections 424(e) or (f) of the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder (the
“Code”) and other business ventures (including, without limitation, any joint venture or limited liability company) in which
the Company has a controlling interest, as determined by the Board of Directors of the Company (the “Board”).

 

2.
Eligibility

 

All
of the Company’s employees, officers, directors, and individual consultants and advisors (each a “Service Provider”)
are eligible to receive options, restricted stock, restricted stock units and other stock-based awards (each, an “Award”)
under the Plan. Each person who receives an Award under the Plan is deemed a “Participant.”

 

3.
Administration and Delegation

 

(a)
Administration by Board of Directors. The Plan shall be administered by the Board. The Board shall have authority to grant Awards
and to adopt, amend and repeal such administrative rules, guidelines and practices relating to the Plan as it shall deem advisable. The
Board may correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award in the manner and to the extent
it shall deem expedient to carry the Plan into effect and it shall be the sole and final judge of such expediency. All decisions by the
Board shall be made in the Board’s sole discretion and shall be final and binding on all persons having or claiming any interest
in the Plan or in any Award. No director or person acting pursuant to the authority delegated by the Board shall be liable for any action
or determination relating to or under the Plan made in good faith.

 

(b)
Appointment of Committees. To the extent permitted by applicable law, the Board may delegate any or all of its powers under the
Plan to one or more committees or subcommittees of the Board (a “Committee”). All references in the Plan to the “Board”
shall mean the Board or a Committee of the Board to the extent that the Board’s powers or authority under the Plan have been delegated
to such Committee.

 

    	-1-

     

    

 

4.
Stock Available for Awards.

 

(a)
Subject to adjustment under Section 8, Awards may be made under the Plan for up to 3,901,512
shares of the common stock of the Company, $0.0001 par value per share (the “Common Stock”). If any Award expires or is terminated,
surrendered or canceled without having been fully exercised or is forfeited in whole or in part (including as the result of shares of
Common Stock subject to such Award being repurchased by the Company at the original issuance price pursuant to a contractual repurchase
right) or results in any Common Stock not being issued, the unused Common Stock covered by such Award shall again be available for the
grant of Awards under the Plan. Further, shares of Common Stock tendered to the Company by a Participant to exercise an Award shall be
added to the number of shares of Common Stock available for the grant of Awards under the Plan. However, in the case of Incentive Stock
Options (as hereinafter defined), the foregoing provisions shall be subject to any limitations under the Code. Shares issued under the
Plan may consist in whole or in part of authorized but unissued shares or treasury shares.

 

(b)
Substitute Awards. In connection with a merger or consolidation of an entity with the Company or the acquisition by the Company
of property or stock of an entity, the Board may grant Awards in substitution for any options or other stock or stock-based awards granted
by such entity or an affiliate thereof. Substitute Awards may be granted on such terms as the Board deems appropriate in the circumstances,
notwithstanding any limitations on Awards contained in the Plan. Substitute Awards shall not count against the overall share limit set
forth in Section 4(a), except as may be required by reason of Section 422 and related provisions of the Code.

 

5.
Stock Options

 

(a)
General. The Board may grant options to purchase Common Stock (each, an “Option”) and determine the number of shares
of Common Stock to be covered by each Option, the exercise price of each Option and the conditions and limitations applicable to the
exercise of each Option, including conditions relating to applicable federal or state securities laws, as it considers necessary or advisable.
An Option, or portion of an Option, which is not intended to be or fails to qualify as an Incentive Stock Option (as hereinafter defined)
shall be designated a “Nonstatutory Stock Option.”

 

(b)
Incentive Stock Options. An Option that the Board intends to be an “incentive stock option” as defined in Section
422 of the Code (an “Incentive Stock Option”) shall only be granted to employees of the Company and any other entities the
employees of which are eligible to receive Incentive Stock Options under the Code, and shall be subject to and shall be construed consistently
with the requirements of Section 422 of the Code. A Participant who owns more than 10% of the total combined voting power of all classes
of outstanding stock of the Company shall not be eligible for the grant of an Incentive Stock Option unless (i) the exercise price is
at least 110% of the Fair Market Value (as defined below) on the date the Option is granted and (ii) such Incentive Stock Option by its
terms is not exercisable after the expiration of five years from the date the Option is granted. The Company shall have no liability
to a Participant, or any other party, if an Option (or any part thereof) that is intended to be an Incentive Stock Option is not an Incentive
Stock Option or for any action taken by the Board pursuant to Section 9(f), including without limitation the conversion of an Incentive
Stock Option to a Nonstatutory Stock Option.

 

    	-2-

     

    

 

(c)
Exercise Price. The Board shall establish the exercise price of each Option and specify such exercise price in the applicable
option agreement. The exercise price shall be not less than 100% of the Fair Market Value on the date the Option is granted unless the
Board specifically determines that the exercise price is intended to be less than such Fair Market Value, in which case the option agreement
shall contain provisions complying with Section 409A of the Code; provided that if the Board approves the grant of an Option with an
exercise price to be determined on a future date, the exercise price shall be not less than 100% of the Fair Market Value on such future
date.1 The term “Fair Market Value” shall mean, as of a given date: (i) if the Common Stock is listed on a national
securities exchange, the last sale price of the Common Stock in the principal trading market for the Common Stock on such date; (ii)
if the Common Stock is not listed on a national securities exchange, but is traded in the over-the counter market, the closing bid price
for the Common Stock on such date, as reported by the OTC Bulletin Board or the National Quotation Bureau, Incorporated or similar publisher
of such quotations; or (iii) if the Common Stock is not listed on a national securities exchange or traded in the over-the-counter market,
such price as shall be determined by (or in a manner approved by) the Board in good faith and in compliance with applicable provisions
of the Code and the regulations issued thereunder.

 

(d)
Duration of Options. Each Option shall be exercisable at such times and subject to such terms and conditions as the Board may
specify in the applicable option agreement.

 

(e)
Exercise of Option. Options may be exercised by delivery to the Company of a written notice of exercise signed by the proper person
or by any other form of notice (including electronic notice) approved by the Board together with payment in full as specified in Section
5(f) for the number of shares of Common Stock for which the Option is exercised. Shares of Common Stock subject to the Option will be
delivered by the Company following exercise either as soon as practicable or, subject to such conditions as the Board shall specify,
on a deferred basis (with the Company’s obligation to be evidenced by an instrument providing for future delivery of the deferred
shares at the time or times specified by the Board).

 

(f)
Payment Upon Exercise. Common Stock purchased upon the exercise of an Option granted under the Plan shall be paid for as follows:

 

(1)
in cash or by check, payable to the order of the Company;

 

(2)
except as may otherwise be provided in the applicable option agreement, by (i) delivery of an irrevocable and unconditional undertaking
by a creditworthy broker to deliver promptly to the Company sufficient funds to pay the exercise price and any required tax withholding
or (ii) delivery by the Participant to the Company of a copy of irrevocable and unconditional instructions to a creditworthy broker to
deliver promptly to the Company cash or a check sufficient to pay the exercise price and any required tax withholding;

 

 

 

1An
option will be treated as nonqualified deferred compensation under Code Section 409A if its exercise price is or can be lower than Fair
Market Value on the date of grant. This provision needs to be changed if the Company wishes to be able to issue below-Fair Market Value
Nonstatutory Stock Options that are compliant with Code Section 409A under the Plan. If this provision is retained (which we generally
advise), the Company may still issue below-Fair Market Value Nonstatutory Stock Options outside of the Plan.

 

    	-3-

     

    

 

(3)
when the Common Stock is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and to the
extent provided for in the applicable option agreement or approved by the Board, in its sole discretion, by delivery (either by actual
delivery or attestation) of shares of Common Stock owned by the Participant valued at their Fair Market Value, provided (i) such method
of payment is then permitted under applicable law, (ii) such Common Stock, if acquired directly from the Company, was owned by the Participant
for such minimum period of time, if any, as may be established by the Board in its discretion and (iii) such Common Stock is not subject
to any repurchase, forfeiture, unfulfilled vesting or other similar requirements;

 

(4)
to the extent permitted by applicable law and provided for in the applicable option agreement or approved by the Board, in its sole discretion,
by (i) delivery of a promissory note of the Participant to the Company on terms determined by the Board, or (ii) payment of such other
lawful consideration as the Board may determine; or

 

(5)
by any combination of the above permitted forms of payment.

 

6.
Restricted Stock; Restricted Stock Units

 

(a)
General. The Board may grant Awards entitling recipients to acquire shares of Common Stock (“Restricted Stock”), subject
to the right of the Company to repurchase all or part of such shares at their issue price or other stated or formula price (or to require
forfeiture of such shares if issued at no cost) from the recipient in the event that conditions specified by the Board in the applicable
Award are not satisfied prior to the end of the applicable restriction period or periods established by the Board for such Award. Instead
of granting Awards for Restricted Stock, the Board may grant Awards entitling the recipient to receive shares of Common Stock to be delivered
at the time such shares of Common Stock vest (“Restricted Stock Units”) (Restricted Stock and Restricted Stock Units are
each referred to herein as a “Restricted Stock Award”).

 

(b)
Terms and Conditions. The Board shall determine the terms and conditions of a Restricted Stock Award, including the conditions
for repurchase (or forfeiture) and the issue price, if any.

 

(c)
Additional Provisions Relating to Restricted Stock.

 

(1)
Dividends. Participants holding shares of Restricted Stock will be entitled to all ordinary cash dividends paid with respect to
such shares, unless otherwise provided by the Board. If any such dividends or distributions are paid in shares, or consist of a dividend
or distribution to holders of Common Stock other than an ordinary cash dividend, the shares, cash or other property will be subject to
the same restrictions on transferability and forfeitability as the shares of Restricted Stock with respect to which they were paid. Each
dividend payment will be made no later than the end of the calendar year in which the dividends are paid to stockholders of that class
of stock or, if later, the 15th day of the third month following the date the dividends are paid to stockholders of that class of stock.

 

    	-4-

     

    

 

(2)
Stock Certificates. The Company may require that any stock certificates issued in respect of a Restricted Stock Award shall be
registered in the name of the Participant and be deposited by the Participant, together with a stock power endorsed in blank, with the
Company (or its designee). After the expiration of the applicable restriction periods, upon request of a Participant or as otherwise
determined by the Company, the Company (or such designee) shall deliver the certificates no longer subject to such restrictions to the
Participant or if the Participant has died, to the beneficiary designated, in a manner determined by the Board, by a Participant to receive
amounts due or exercise rights of the Participant in the event of the Participant’s death (the “Designated Beneficiary”).
In the absence of an effective designation by a Participant, “Designated Beneficiary” shall mean the Participant’s
then living spouse, or, if none, the Participant’s estate.

 

7.
Other Stock-Based Awards

 

Other
Awards of shares of Common Stock, and other Awards that are valued in whole or in part by reference to, or are otherwise based on, shares
of Common Stock or other property, may be granted hereunder to Participants (“Other Stock-Based Awards”), including without
limitation stock appreciation rights and Awards entitling recipients to receive shares of Common Stock to be delivered in the future.
Such Other Stock-Based Awards shall also be available as a form of payment in the settlement of other Awards granted under the Plan or
as payment in lieu of compensation to which a Participant is otherwise entitled. Other Stock-Based Awards may be paid in shares of Common
Stock or cash, as the Board shall determine. Subject to the provisions of the Plan, the Board shall determine the conditions of each
Other Stock-Based Award, including any purchase price applicable thereto.

 

8.
Adjustments for Changes in Common Stock and Certain Other Events

 

(a)
Changes in Capitalization. In the event of any stock split, reverse stock split, stock dividend, recapitalization, combination
of shares, reclassification of shares, spin-off or other similar change in capitalization or event, or any dividend or distribution to
holders of Common Stock other than an ordinary cash dividend, (i) the number and class of securities available under this Plan, (ii)
the number and class of securities and exercise price per share of each outstanding Option, (iii) the number of shares subject to and
the repurchase price per share subject to each outstanding Restricted Stock Award, and (iv) the terms of each other outstanding Award
shall be equitably adjusted by the Company (or substituted Awards may be made, if applicable) in the manner determined by the Board.
Without limiting the generality of the foregoing, in the event the Company effects a split of the Common Stock by means of a stock dividend
and the exercise price of and the number of shares subject to an outstanding Option are adjusted as of the date of the distribution of
the dividend (rather than as of the record date for such dividend), then an optionee who exercises an Option between the record date
and the distribution date for such stock dividend shall be entitled to receive, on the distribution date, the stock dividend with respect
to the shares of Common Stock acquired upon such Option exercise, notwithstanding the fact that such shares were not outstanding as of
the close of business on the record date for such stock dividend.

 

    	-5-

     

    

 

(b)
Change in Control.2

 

(1)
Definition. Unless otherwise specifically provided in an Award agreement, a “Change in Control” shall be deemed to
have occurred upon the first to occur of:

 

(i)
any “person” (as such term is used in sections 13(d) and 14(d) of the Exchange Act) becoming a “beneficial owner”
(as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing either (A) more
than a majority of the voting power of the then outstanding securities of the Company, or (B) more than a majority of the aggregate fair
market value of the then outstanding securities of the Company; provided, however, that a Change in Control shall not be
deemed to occur as a result of (x) a transaction in which the Company becomes a subsidiary of another corporation and in which the stockholders
of the Company, immediately prior to the transaction, will beneficially own, immediately after the transaction, shares entitling such
stockholders to more than majority of all votes to which all stockholders of the parent corporation would be entitled in the election
of directors, or (y) a transaction in which the person acquires newly issued securities of the Company in exchange for an investment
in the Company; or

 

(ii)
the consummation of either: (A) a merger, share exchange, consolidation or reorganization of the Company where the stockholders of the
Company, immediately prior to the merger or consolidation, will not beneficially own, immediately after the merger, share exchange, consolidation
or reorganization, shares entitling such stockholders to either (x) more than a majority of all votes to which all stockholders of the
surviving corporation would be entitled in the election of directors, or (y) more than a majority of the aggregate fair market value
of then outstanding securities of the Company; or (B) a sale or other disposition of all or substantially all of the assets of the Company.

 

(2)
Consequences of a Change in Control on Awards Other than Restricted Stock Awards. In connection with a Change in Control, the
Board may take any one or more of the following actions as to all (or any portion of) outstanding Awards other than Restricted Stock
Awards on such terms as the Board determines: (i) provide that Awards shall be assumed, or substantially equivalent Awards shall be substituted,
by the acquiring or succeeding corporation (or an affiliate thereof) in compliance with the applicable provisions of the Code, including
Code Sections 409A, 422 and 424, (ii) upon written notice to a Participant, provide that the Participant’s unexercised Options
or other unexercised Awards will terminate immediately prior to the consummation of such Change in Control unless exercised by the Participant
within a specified period following the date of such notice, (iii) provide that outstanding Awards shall become exercisable, realizable
or deliverable, or restrictions applicable to an Award shall lapse, in whole or in part prior to or upon such Change in Control, (iv)
in the event of a Change in Control under the terms of which holders of Common Stock will receive upon consummation thereof a cash payment
for each share surrendered in the Change in Control (the “Acquisition Price”), make or provide for a cash payment to a Participant
equal to the excess, if any, of (A) the Acquisition Price times the number of shares of Common Stock subject to the Participant’s
Options or other Awards (to the extent the exercise price does not exceed the Acquisition Price) less (B) the aggregate exercise price
of all such outstanding Options or other Awards and any applicable tax withholdings, in exchange for the termination of such Options
or other Awards, (v) provide that, in connection with a liquidation or dissolution of the Company, Awards shall convert into the right
to receive liquidation proceeds (if applicable, net of the exercise price thereof) and (vi) any combination of the foregoing. In taking
any of the actions permitted under this Section 8(b), the Board shall not be obligated by the Plan to treat all Awards, or all Awards
of the same type, identically.

 

 

 

2 The
Change in Control provisions in this Section 8(b) are intended to apply to a transaction in which the Company’s common stock
is converted into or exchanged for other securities or property and to cover the adjustments required as a result (since the common
stock underlying Awards will no longer exist). If the Company desires to include acceleration of vesting provisions upon a Change in
Control, it should be dealt with in the forms of agreement for granting Awards under the Plan.

 

    	-6-

     

    

 

For
purposes of clause (i) above, an Option shall be considered assumed if, following consummation of the Change in Control, the Option confers
the right to purchase, for each share of Common Stock subject to the Option immediately prior to the consummation of the Change in Control,
the consideration (whether cash, securities or other property) received as a result of the Change in Control by holders of Common Stock
for each share of Common Stock held immediately prior to the consummation of the Change in Control (and if holders were offered a choice
of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares of Common Stock); provided,
however, that if the consideration received as a result of the Change in Control is not solely common stock of the acquiring or
succeeding corporation (or an affiliate thereof), the Company may, with the consent of the acquiring or succeeding corporation, provide
for the consideration to be received upon the exercise of Options to consist solely of common stock of the acquiring or succeeding corporation
(or an affiliate thereof) with equivalent in value (as determined by the Board) to the per share consideration received by holders of
outstanding shares of Common Stock as a result of the Change in Control.

 

(3)
Consequences of a Change in Control on Restricted Stock Awards. Upon the occurrence of a Change in Control other than a liquidation
or dissolution of the Company, the repurchase and other rights of the Company under each outstanding Restricted Stock Award shall inure
to the benefit of the Company’s successor and shall, unless the Board determines otherwise, apply to the cash, securities or other
property which the Common Stock was converted into or exchanged for pursuant to such Change in Control in the same manner and to the
same extent as they applied to the Common Stock subject to such Restricted Stock Award. Upon the occurrence of a Change in Control involving
the liquidation or dissolution of the Company, except to the extent specifically provided to the contrary in the instrument evidencing
any Restricted Stock Award or any other agreement between a Participant and the Company, all restrictions and conditions on all Restricted
Stock Awards then outstanding shall automatically be deemed terminated or satisfied.

 

9.
General Provisions Applicable to Awards

 

(a)
Transferability of Awards. Except as the Board may otherwise expressly determine or provide in an Award, Awards shall not be sold,
assigned, transferred, pledged or otherwise encumbered by the person to whom they are granted, either voluntarily or by operation of
law, except by will or the laws of descent and distribution or, other than in the case of an Incentive Stock Option, pursuant to a qualified
domestic relations order, and, during the life of the Participant, shall be exercisable only by the Participant. References to a Participant,
to the extent relevant in the context, shall include references to authorized transferees.

 

    	-7-

     

    

 

(b)
Documentation. Unless otherwise expressly determined by the Board, each Incentive Stock Option shall be evidenced by a Notice
of Incentive Stock Option and Incentive Stock Option Agreement substantially in the form attached as Exhibit A, each Nonstatutory
Stock Option shall be evidenced by a Notice of Nonstatutory Stock Option and Nonstatutory Stock Option Agreement substantially in the
form attached as Exhibit B, and each Restricted Stock Award shall be evidenced by a Summary of Restricted Stock Purchase and Restricted
Stock Purchase Agreement substantially in the form attached as Exhibit C. Each Award may contain terms and conditions in addition
to those set forth in the Plan.

 

(c)
Board Discretion. Except as otherwise provided by the Plan, each Award may be made alone or in addition or in relation to any
other Award. The terms of each Award need not be identical, and the Board need not treat Participants uniformly.

 

(d)
Termination of Status. The Board shall determine the effect on an Award of the disability, death, termination of employment, authorized
leave of absence or other change in the employment or other status of a Participant and the extent to which, and the period during which,
the Participant, or the Participant’s legal representative, conservator, guardian or Designated Beneficiary, may exercise rights
under the Award.

 

(e)
Withholding. A Participant must satisfy all applicable federal, state, and local or other income and employment tax withholding
obligations before the Company will deliver stock certificates or otherwise recognize ownership of Common Stock under an Award. The Company
may decide to satisfy the withholding obligations through additional withholding on salary or wages. If the Company elects not to or
cannot withhold from other compensation, a Participant must pay the Company the full amount, if any, required for withholding or have
a broker tender to the Company cash equal to the withholding obligations. Payment of withholding obligations is due before the Company
will issue any shares on exercise or release from forfeiture of an Award or, if the Company so requires, at the same time as is payment
of the exercise price unless the Company determines otherwise. If provided for in an Award or approved by the Board in its sole discretion,
a Participant may satisfy such tax obligations in whole or in part by delivery of shares of Common Stock, including shares retained from
the Award creating the tax obligation, valued at their Fair Market Value; provided, however, except as otherwise provided
by the Board, that the total tax withholding where stock is being used to satisfy such tax obligations cannot exceed the Company’s
minimum statutory withholding obligations (based on minimum statutory withholding rates for federal and state tax purposes, including
payroll taxes, that are applicable to such supplemental taxable income). Shares surrendered to satisfy tax withholding requirements cannot
be subject to any repurchase, forfeiture, unfulfilled vesting or other similar requirements.

 

(f)
Amendment of Award.

 

(1)
The Board may amend, modify or terminate any outstanding Award, including but not limited to, substituting therefor another Award of
the same or a different type, changing the date of exercise or realization, and converting an Incentive Stock Option to a Nonstatutory
Stock Option, provided that the Participant’s consent to such action shall be required unless the Board determines that the action,
taking into account any related action, would not materially and adversely affect the Participant.

 

    	-8-

     

    

 

(2)
The Board may, without stockholder approval, amend any outstanding Award granted under the Plan to provide an exercise price per share
that is lower than the then-current exercise price per share of such outstanding Award provided that such amended exercise price is at
least equal to the then-current Fair Market Value. The Board may also, without stockholder approval, cancel any outstanding award (whether
or not granted under the Plan) and grant in substitution new Awards under the Plan covering the same or a different number of shares
of Common Stock and having an exercise price per share lower than the then-current exercise price per share of the cancelled award.

 

(g)
Conditions on Delivery of Stock. The Company will not be obligated to deliver any shares of Common Stock pursuant to the Plan
or to remove restrictions from shares previously delivered under the Plan until (i) all conditions of the Award have been met or removed
to the satisfaction of the Company, (ii) in the opinion of the Company’s counsel, all other legal matters in connection with the
issuance and delivery of such shares have been satisfied, including any applicable securities laws and any applicable stock exchange
or stock market rules and regulations, and (iii) the Participant has executed and delivered to the Company such representations or agreements
as the Company may consider appropriate to satisfy the requirements of any applicable laws, rules, regulations or contracts of the Company.

 

(h)
Acceleration. The Board may at any time provide that any Award shall become immediately exercisable in full or in part, free of
some or all restrictions or conditions, or otherwise realizable in full or in part, as the case may be.

 

10.
Miscellaneous

 

(a)
No Right To Employment or Other Status. No person shall have any claim or right to be granted an Award, and the grant of an Award
shall not be construed as giving a Participant the right to continued employment or any other relationship with the Company. The Company
expressly reserves the right at any time to dismiss or otherwise terminate its relationship with a Participant free from any liability
or claim under the Plan, except as expressly provided in the applicable Award.

 

(b)
No Rights As Stockholder. Subject to the provisions of the applicable Award, no Participant or Designated Beneficiary shall have
any rights as a stockholder with respect to any shares of Common Stock to be distributed with respect to an Award until becoming the
record holder of such shares. Notwithstanding the foregoing, in the event the Company effects a split of the Common Stock by means of
a stock dividend or otherwise and the exercise price of and the number of shares subject to such Option are adjusted as of the effective
date of the stock dividend or split (rather than as of the record date for such stock dividend or split), then an optionee who exercises
an Option between the record date and the distribution date for such stock dividend or split shall be entitled to receive, on the distribution
date, the stock dividend or split with respect to the shares of Common Stock acquired upon such Option exercise, notwithstanding the
fact that such shares were not outstanding as of the close of business on the record date for such stock dividend or split.

 

    	-9-

     

    

 

(c)
Effective Date and Term of Plan. The Plan shall become effective on the date on which it is adopted by the Board. No Awards shall
be granted under the Plan after the expiration of 10 years from the earlier of (i) the date on which the Plan was adopted by the Board
or (ii) the date the Plan was approved by the Company’s stockholders, but Awards previously granted may extend beyond that date.

 

(d)
Amendment of Plan. The Board may amend, suspend or terminate the Plan or any portion thereof at any time; provided, however,
that if at any time the approval of the Company’s stockholders is required as to any modification or amendment under Section 422
of the Code or any successor provision with respect to Incentive Stock Options, the Board may not effect such modification or amendment
without such approval. Unless otherwise specified in the amendment, any amendment to the Plan adopted in accordance with this Section
10(d) shall apply to, and be binding on the holders of, all Awards outstanding under the Plan at the time the amendment is adopted, provided
the Board determines that such amendment does not materially and adversely affect the rights of Participants under the Plan.

 

(e)
Authorization of Sub-Plans. The Board may from time to time establish one or more subplans under the Plan for purposes of satisfying
applicable blue sky, securities or tax laws of various jurisdictions. The Board shall establish such sub-plans by adopting supplements
to this Plan containing (i) such limitations on the Board’s discretion under the Plan as the Board deems necessary or desirable
or (ii) such additional terms and conditions not otherwise inconsistent with the Plan as the Board shall deem necessary or desirable.
All supplements adopted by the Board shall be deemed to be part of the Plan, but each supplement shall apply only to Participants within
the affected jurisdiction and the Company shall not be required to provide copies of any supplement to Participants in any jurisdiction
which is not the subject of such supplement.

 

(f)
Non-Plan Equity-Based Awards. Nothing in this Plan is intended to, or shall, impair or affect the Board’s ability to make
non-Plan equity-based awards.

 

(g)
Compliance with Code Section 409A. It is intended that all Awards granted hereunder be either exempt from, or issued in compliance
with, Code Section 409A. The Company shall have no liability to a Participant, or any other party, if an Award that is intended to be
exempt from, or compliant with, Code Section 409A is not so exempt or compliant, or for any action taken by the Board.

 

(h)
Governing Law. The provisions of the Plan and all Awards made hereunder shall be governed by and construed in accordance with
the General Corporation Law of the State of Delaware, as to matters within the scope thereof, and the internal laws of the State of Delaware,
as to all other matters.

 

*
* * * * * * *

 

    	-10-

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