Document:

Exhibit 10.13

 

LONGEVERON
INC.

2021 INCENTIVE AWARD PLAN*

 

Article
I.

PURPOSE

 

The Plan’s purpose is to enhance the
Company’s ability to attract, retain and motivate persons who make (or are expected to make) important contributions to the
Company by providing these individuals with equity ownership opportunities. Capitalized terms used in the Plan are defined in Article
XI. For the avoidance of doubt, this Plan gives effect to the Corporate Conversion to be effected by the Company in connection
with its initial public offering, and all share numbers are on an as-converted basis.

 

Article
II.

ELIGIBILITY

 

Service Providers are eligible to be granted
Awards under the Plan, subject to the limitations described herein.

 

Article
III.

ADMINISTRATION AND DELEGATION

 

3.1 Administration.
The Plan is administered by the Administrator. Subject to the terms of the Plan, the Administrator has full power, authority and
discretion to administer the plan, including, without limitation, to: determine which Service Providers receive Awards; grant Awards;
set Award terms and conditions; take any and all actions and make all determinations under the Plan; interpret and construe the
Plan and Award Agreements; and adopt, amend and repeal Plan administrative rules, guidelines and practices as it deems necessary
or advisable. The Administrator may correct defects and ambiguities, supply omissions and reconcile inconsistencies in the Plan
and/or any Award in such manner and to such extent as it deems necessary or appropriate to administer the Plan and any Awards.
The Administrator’s determinations under the Plan and any Award shall be made in its sole and absolute discretion and will
be final, conclusive and binding on all persons having or claiming any interest in the Plan or any Award and
will be given the maximum deference permitted by Applicable Laws.

 

3.2 Appointment
of Committees. To the extent Applicable Laws permit, the Board may delegate any or all of its powers under the Plan to one
or more Committees or officers of the Company or any of its Subsidiaries. The Board may rescind the authority so delegated or abolish
any Committee and re-vest in itself any previously delegated authority at any time.

 

Article
IV.

STOCK AVAILABLE FOR AWARDS

 

4.1 Number
of Shares. Subject to adjustment under Article VIII and the terms of this Article IV, Awards may be made under the Plan covering
up to the Overall Share Limit. Shares issued under the Plan may consist of authorized but unissued Shares, Shares purchased on
the open market or treasury Shares.

 

4.2 Share
Recycling. If all or any part of an Award or a Corporate Conversion Award expires, lapses or is terminated, exchanged for cash,
surrendered, repurchased, canceled without having been fully exercised or forfeited, in any case, in a manner that results in the
Company acquiring Shares covered by the Award or Corporate Conversion Award at a price not greater than the price (as adjusted
to reflect any Equity Restructuring) paid by the Participant for such Shares or not issuing any Shares covered by the Award or
Corporate Conversion Award, the unused Shares covered by the Award or Corporate Conversion Award will, as applicable, become or
again be available for Award grants under the Plan. Further, Shares delivered (either by actual delivery or attestation) to the
Company by a Participant to satisfy the applicable exercise or purchase price of an Award and/or to satisfy any applicable tax
withholding obligation (including Shares retained by the Company from the Award or Corporate Conversion Award being exercised or
purchased and/or creating the tax obligation) will, as applicable, become or again be available for Award grants under the Plan.
The payment of Dividend Equivalents in cash in conjunction with any outstanding Awards shall not count against the Overall Share
Limit.

 

 

		*	All numbers of shares set forth in this Plan give effect
to the Corporate Conversion to be implemented by the Company in connection with its initial public offering.

 

     

     

    

 

4.3 Incentive
Stock Option Limitations. Notwithstanding anything to the contrary herein, no more than 500,000 Shares may be issued pursuant
to the exercise of Incentive Stock Options.

 

4.4 Substitute
Awards. In connection with an entity’s merger or consolidation with the Company or the Company’s acquisition of
an entity’s property or stock, the Administrator may grant Awards in substitution for any options or other stock or stock-based
awards granted before such merger or consolidation by such entity or its affiliate. Substitute Awards may be granted on such terms
as the Administrator deems appropriate, notwithstanding limitations on Awards in the Plan. Substitute Awards will not count against
the Overall Share Limit (nor shall Shares subject to a Substitute Award be added to the Shares available for Awards under the Plan
as provided above), except that Shares acquired by exercise of substitute Incentive Stock Options will count against the maximum
number of Shares that may be issued pursuant to the exercise of Incentive Stock Options under the Plan. Additionally, in the event
that a company acquired by the Company or any Subsidiary or with which the Company or any Subsidiary combines has shares available
under a pre-existing plan approved by stockholders and not adopted in contemplation of such acquisition or combination, the shares
available for grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange
ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration
payable to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards under the
Plan and shall not reduce the Shares authorized for grant under the Plan (and Shares subject to such Awards shall not be added
to the Shares available for Awards under the Plan as provided above); provided that Awards using such available shares shall not
be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or
combination, and shall only be made to individuals who were not Employees or Directors prior to such acquisition or combination.

 

4.5 Director
Compensation. Notwithstanding any provision to the contrary in the Plan, the Administrator may establish compensation for Directors
from time to time, subject to the limitations in the Plan. The Administrator will from time to time determine the terms, conditions
and amounts of all such Director compensation in its discretion and pursuant to the exercise of its business judgment, taking into
account such factors, circumstances and considerations as it shall deem relevant from time to time, provided that, commencing with
the first calendar year following the year in which the Company’s initial public offering occurs, the sum of any cash compensation,
or other compensation, and the value (determined as of the grant date in accordance with Financial Accounting Standards Board (“FASB”)
Accounting Standards Codification (“ASC”) Topic 718, or any successor thereto) of Awards granted to a Director as compensation
for services as a Director during any calendar year of the Company may not exceed $75,000(which limits shall not apply to the compensation
for any Director of the Company who serves in any capacity in addition to that of a Director for which he or she receives additional
compensation or any compensation paid to any Director during the calendar year in which the Effective Date occurs). The Administrator
may make exceptions to this limit for individual Directors in extraordinary circumstances, as the Administrator may determine in
its discretion.

 

Article
V.

STOCK OPTIONS AND STOCK APPRECIATION RIGHTS

 

5.1 General.
The Administrator may grant Options or Stock Appreciation Rights to Service Providers subject to the limitations in the Plan, including
any limitations in the Plan that apply to Incentive Stock Options. The Administrator will determine the number of Shares covered
by each Option and Stock Appreciation Right, the exercise price of each Option and Stock Appreciation Right and the conditions
and limitations applicable to the exercise of each Option and Stock Appreciation Right. A Stock Appreciation Right will entitle
the Participant (or other person entitled to exercise the Stock Appreciation Right) to receive from the Company upon exercise of
the exercisable portion of the Stock Appreciation Right an amount determined by multiplying the excess, if any, of the Fair Market
Value of one Share on the date of exercise over the exercise price per Share of the Stock Appreciation Right by the number of Shares
with respect to which the Stock Appreciation Right is exercised, subject to any limitations of the Plan or that the Administrator
may impose and payable in cash, Shares valued at Fair Market Value or a combination of the two as the Administrator may determine
or provide in the Award Agreement.

 

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5.2 Exercise
Price. The Administrator will establish each Option’s and Stock Appreciation Right’s exercise price and specify
the exercise price in the Award Agreement. The exercise price will not be less than 100% of the Fair Market Value on the grant
date of the Option or Stock Appreciation Right.

 

5.3 Duration.
Each Option or Stock Appreciation Right will be exercisable at such times and as specified in the Award Agreement, provided that
the term of an Option or Stock Appreciation Right will not exceed ten years. Notwithstanding the foregoing and unless determined
otherwise by the Company, in the event that on the last business day of the term of an Option or Stock Appreciation Right (other
than an Incentive Stock Option) (i) the exercise of the Option or Stock Appreciation Right is prohibited by Applicable Law, as
determined by the Company, or (ii) Shares may not be purchased or sold by the applicable Participant due to any Company insider
trading policy (including blackout periods) or a “lock-up” agreement undertaken in connection with an issuance of securities
by the Company, the term of the Option or Stock Appreciation Right shall be extended until the date that is thirty (30) days after
the end of the legal prohibition, black-out period or lock-up agreement, as determined by the Company; provided, however, in no
event shall the extension last beyond the ten year term of the applicable Option or Stock Appreciation Right. Notwithstanding the
foregoing, if the Participant, prior to the end of the term of an Option or Stock Appreciation Right, violates any non-competition,
non-solicitation, confidentiality or other similar restrictive covenant provisions of any employment contract, confidentiality
and nondisclosure agreement or other agreement between the Participant and the Company or any of its Subsidiaries, the right of
the Participant and the Participant’s transferees to exercise any Option or Stock Appreciation Right issued to the Participant
shall terminate immediately upon such violation, unless the Company otherwise determines.

 

In addition, if, prior to the end of the
term of an Option or Stock Appreciation Right, the Participant is given notice by the Company or any of its Subsidiaries of the
Participant’s Termination of Service by the Company or any of its Subsidiaries for Cause, and the effective date of such
Termination of Service is subsequent to the date of the delivery of such notice, the right of the Participant and the Participant’s
transferees to exercise any Option or Stock Appreciation Right issued to the Participant shall be suspended from the time of the
delivery of such notice until the earlier of (i) such time as it is determined or otherwise agreed that the Participant’s
service as a Service Provider will not be terminated for Cause as provided in such notice or (ii) the effective date of the Participant’s
Termination of Service by the Company or any of its Subsidiaries for Cause (in which case the right of the Participant and the
Participant’s transferees to exercise any Option or Stock Appreciation Right issued to the Participant will terminate immediately
upon the effective date of such termination of Service).

 

5.4 Exercise.
Options and Stock Appreciation Rights may be exercised by delivering to the Company a written notice of exercise, in a form the
Administrator approves (which may be electronic), signed by the person authorized to exercise the Option or Stock Appreciation
Right, together with, as applicable, payment in full (i) as specified in Section 5.5 for the number of Shares for which the Award
is exercised and (ii) as specified in Section 9.5 for any applicable taxes. Unless the Administrator otherwise determines, an Option
or Stock Appreciation Right may not be exercised for a fraction of a Share.

 

5.5 Payment
Upon Exercise. Subject to Section 10.8, any Company insider trading policy (including blackout periods) and Applicable Laws,
the exercise price of an Option must be paid by:

 

(a) cash,
wire transfer of immediately available funds or by check payable to the order of the Company, provided that the Company may limit
the use of one of the foregoing payment forms if one or more of the payment forms below is permitted;

 

(b) if
there is a public market for Shares at the time of exercise, unless the Company otherwise determines, (A) delivery (including
electronically or telephonically to the extent permitted by the Company) of an irrevocable and unconditional undertaking by a broker
acceptable to the Company to deliver promptly to the Company sufficient funds to pay the exercise price, or (B) the Participant’s
delivery to the Company of a copy of irrevocable and unconditional instructions to a broker acceptable to the Company to deliver
promptly to the Company cash or a check sufficient to pay the exercise price; provided that such amount is paid to the Company
at such time as may be required by the Administrator;

 

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(c) to
the extent permitted by the Administrator, delivery (either by actual delivery or attestation) of Shares owned by the Participant
valued at their Fair Market Value;

 

(d) to
the extent permitted by the Administrator, surrendering Shares then issuable upon the Option’s exercise valued at their Fair
Market Value on the exercise date;

 

(e) to
the extent permitted by the Administrator, delivery of a promissory note or any other property that the Administrator determines
is good and valuable consideration; or

 

(f) to
the extent permitted by the Administrator, any combination of the above payment forms approved by the Administrator.

 

Article
VI.

RESTRICTED STOCK; RESTRICTED STOCK UNITS

 

6.1 General.
The Administrator may grant Restricted Stock, or the right to purchase Restricted Stock, to any Service Provider, subject to the
Company’s right to repurchase all or part of such shares at their issue price or other stated or formula price from the Participant
(or to require forfeiture of such shares) if conditions the Administrator specifies in the Award Agreement are not satisfied before
the end of the applicable restriction period or periods that the Administrator establishes for such Award. In addition, the Administrator
may grant to Service Providers Restricted Stock Units, which may be subject to vesting and forfeiture conditions during the applicable
restriction period or periods, as set forth in an Award Agreement. The Administrator will determine and set forth in the Award
Agreement the terms and conditions for each Restricted Stock and Restricted Stock Unit Award, subject to the conditions and limitations
contained in the Plan.

 

6.2 Restricted
Stock.

 

(a) Dividends.
Participants holding shares of Restricted Stock will be entitled to all ordinary cash dividends paid with respect to such Shares,
unless the Administrator provides otherwise in the Award Agreement. In addition, unless the Administrator provides otherwise, if
any dividends or distributions are paid in Shares, or consist of a dividend or distribution to holders of Common Stock of property
other than an ordinary cash dividend, the Shares 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.

 

(b) Stock
Certificates. The Company may require that the Participant deposit in escrow with the Company (or its designee) any stock certificates
issued in respect of shares of Restricted Stock, together with a stock power endorsed in blank.

 

6.3 Restricted
Stock Units.

 

(a) Settlement.
The Administrator may provide that settlement of Restricted Stock Units will occur upon or as soon as reasonably practicable after
the Restricted Stock Units vest or will instead be deferred, on a mandatory basis or at the Participant’s election, in a
manner intended to comply with Section 409A.

 

(b) Stockholder
Rights. A Participant will have no rights of a stockholder with respect to Shares subject to any Restricted Stock Unit unless
and until the Shares are delivered in settlement of the Restricted Stock Unit.

 

(c) Dividend
Equivalents. If the Administrator provides, a grant of Restricted Stock Units may provide a Participant with the right to receive
Dividend Equivalents. Dividend Equivalents may be paid currently or credited to an account for the Participant, settled in cash
or Shares and subject to the same restrictions on transferability and forfeitability as the Restricted Stock Units with respect
to which the Dividend Equivalents are granted and subject to other terms and conditions as set forth in the Award Agreement.

 

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Article
VII.

OTHER STOCK OR CASH BASED AWARDS

 

Other Stock or Cash Based Awards may be
granted to Participants, including Awards entitling Participants to receive Shares to be delivered in the future and including
annual or other periodic or long-term cash bonus awards (whether based on specified Performance Criteria or otherwise), in each
case subject to any conditions and limitations in the Plan. Such Other Stock or Cash Based Awards will also be available as a payment
form in the settlement of other Awards, as standalone payments and as payment in lieu of compensation to which a Participant is
otherwise entitled. Other Stock or Cash Based Awards may be paid in Shares, cash or other property, as the Administrator determines.
Subject to the provisions of the Plan, the Administrator will determine the terms and conditions of each Other Stock or Cash Based
Award, including any purchase price, performance goal (which may be based on the Performance Criteria), transfer restrictions,
and vesting conditions, which will be set forth in the applicable Award Agreement.

 

Article
VIII.

ADJUSTMENTS FOR CHANGES IN COMMON STOCK

AND CERTAIN OTHER EVENTS

 

8.1 Equity
Restructuring. In connection with any Equity Restructuring, notwithstanding anything to the contrary in this Article VIII,
the Administrator will equitably adjust each outstanding Award as it deems appropriate to reflect the Equity Restructuring, which
may include adjusting the number and type of securities subject to each outstanding Award and/or the Award’s exercise price
or grant price (if applicable), granting new Awards to Participants, and making a cash payment to Participants. The adjustments
provided under this Section 8.1 will be nondiscretionary and final and binding on the affected Participant and the Company; provided
that the Administrator will determine whether an adjustment is equitable.

 

8.2 Corporate
Transactions. In the event of any dividend or other distribution (whether in the form of cash, Common Stock, other securities,
or other property), reorganization, merger, consolidation, combination, amalgamation, repurchase, recapitalization, liquidation,
dissolution, or sale, transfer, exchange or other disposition of all or substantially all of the assets of the Company, or sale
or exchange of Common Stock or other securities of the Company, Change in Control, issuance of warrants or other rights to purchase
Common Stock or other securities of the Company, other similar corporate transaction or event, other unusual or nonrecurring transaction
or event affecting the Company or its financial statements or any change in any Applicable Laws or accounting principles, the Administrator,
on such terms and conditions as it deems appropriate, either by the terms of the Award or by action taken prior to the occurrence
of such transaction or event (except that action to give effect to a change in Applicable Law or accounting principles may be made
within a reasonable period of time after such change) and either automatically or upon the Participant’s request, is hereby
authorized to take any one or more of the following actions whenever the Administrator determines that such action is appropriate
in order to (x) prevent dilution or enlargement of the benefits or potential benefits intended by the Company to be made available
under the Plan or with respect to any Award granted or issued under the Plan, (y) to facilitate such transaction or event or (z)
give effect to such changes in Applicable Laws or accounting principles:

 

(a) To
provide for the cancellation of any such Award in exchange for either an amount of cash or other property with a value equal to
the amount that could have been obtained upon the exercise or settlement of the vested portion of such Award or realization of
the Participant’s rights under the vested portion of such Award, as applicable; provided that, if the amount that could have
been obtained upon the exercise or settlement of the vested portion of such Award or realization of the Participant’s rights,
in any case, is equal to or less than zero, then the Award may be terminated without payment;

 

(b) To
provide that such Award shall vest and, to the extent applicable, be exercisable as to all shares covered thereby, notwithstanding
anything to the contrary in the Plan or the provisions of such Award;

 

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(c) To
provide that such Award be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted
for by awards covering the stock of the successor or survivor corporation, or a parent or subsidiary thereof, with appropriate
adjustments as to the number and kind of shares and/or applicable exercise or purchase price, in all cases, as determined by the
Administrator;

 

(d) To
make adjustments in the number and type of shares of Common Stock (or other securities or property) subject to outstanding Awards
and/or with respect to which Awards may be granted under the Plan (including, but not limited to, adjustments of the limitations
in Article IV hereof on the maximum number and kind of shares which may be issued) and/or in the terms and conditions of (including
the grant or exercise price), and the criteria included in, outstanding Awards;

 

(e) To
replace such Award with other rights or property selected by the Administrator; and/or

 

(f) To
provide that the Award will terminate and cannot vest, be exercised or become payable after the applicable event.

 

8.3 Effect
of Non-Assumption in a Change in Control. Notwithstanding the provisions of Section 8.2, if a Change in Control occurs and
a Participant’s Awards are not continued, converted, assumed, or replaced with a substantially similar award by (a) the Company,
or (b) a successor entity or its parent or subsidiary (an “Assumption”), and provided that the Participant
has not had a Termination of Service, then, immediately prior to the Change in Control, such Awards shall become fully vested,
exercisable and/or payable, as applicable, and all forfeiture, repurchase and other restrictions on such Awards shall lapse, in
which case, such Awards shall be canceled upon the consummation of the Change in Control in exchange for the right to receive the
Change in Control consideration payable to other holders of Common Stock (i) which may be on such terms and conditions as apply
generally to holders of Common Stock under the Change in Control documents (including, without limitation, any escrow, earn-out
or other deferred consideration provisions) or such other terms and conditions as the Administrator may provide, and (ii) determined
by reference to the number of shares subject to such Awards and net of any applicable exercise price; provided that to the extent
that any Awards constitute “nonqualified deferred compensation” that may not be paid upon the Change in Control under
Section 409A without the imposition of taxes thereon under Section 409A, the timing of such payments shall be governed by the applicable
Award Agreement (subject to any deferred consideration provisions applicable under the Change in Control documents); and provided,
further, that if the amount to which a Participant would be entitled upon the settlement or exercise of such Award at the time
of the Change in Control is equal to or less than zero, then such Award may be terminated without payment. The Administrator shall
determine whether an Assumption of an Award has occurred in connection with a Change in Control.

 

8.4 Administrative
Stand Still. In the event of any pending stock dividend, stock split, combination or exchange of shares, merger, consolidation
or other distribution (other than normal cash dividends) of Company assets to stockholders, or any other extraordinary transaction
or change affecting the Shares or the share price of Common Stock, including any Equity Restructuring or any securities offering
or other similar transaction, for administrative convenience, the Administrator may refuse to permit the exercise of any Award
for up to sixty days before or after such transaction.

 

8.5 General.
Except as expressly provided in the Plan or the Administrator’s action under the Plan, no Participant will have any rights
due to any subdivision or consolidation of Shares of any class, dividend payment, increase or decrease in the number of Shares
of any class or dissolution, liquidation, merger, or consolidation of the Company or other corporation. Except as expressly provided
with respect to an Equity Restructuring under Section 8.1 or the Administrator’s action under the Plan, no issuance by the
Company of Shares of any class, or securities convertible into Shares of any class, will affect, and no adjustment will be made
regarding, the number of Shares subject to an Award or the Award’s grant or exercise price. The existence of the Plan, any
Award Agreements and the Awards granted hereunder will not affect or restrict in any way the Company’s right or power to
make or authorize (i) any adjustment, recapitalization, reorganization or other change in the Company’s capital structure
or its business, (ii) any merger, consolidation dissolution or liquidation of the Company or sale of Company assets or (iii) any
sale or issuance of securities, including securities with rights superior to those of the Shares or securities convertible into
or exchangeable for Shares. The Administrator may treat Participants and Awards (or portions thereof) differently under this Article
VIII.

 

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Article
IX.

GENERAL PROVISIONS APPLICABLE TO AWARDS

 

9.1 Transferability.
Except as the Administrator may determine or provide in an Award Agreement or otherwise for Awards other than Incentive Stock Options,
Awards may not be sold, assigned, transferred, pledged or otherwise encumbered, either voluntarily or by operation of law, except
by will or the laws of descent and distribution, or, subject to the Administrator’s consent, pursuant to a domestic relations
order, and, during the life of the Participant, will be exercisable only by the Participant. References to a Participant, to the
extent relevant in the context, will include references to a Participant’s authorized transferee that the Administrator specifically
approves.

 

9.2 Documentation.
Each Award will be evidenced in an Award Agreement, which may be written or electronic, as the Administrator determines. Each Award
may contain terms and conditions in addition to those set forth in the Plan.

 

9.3 Discretion.
Except as the Plan otherwise provides, each Award may be made alone or in addition or in relation to any other Award. The terms
of each Award to a Participant need not be identical, and the Administrator need not treat Participants or Awards (or portions
thereof) uniformly.

 

9.4 Termination
of Status. The Administrator will determine how the disability, death, retirement, authorized leave of absence or any other
change or purported change in a Participant’s Service Provider status affects an Award and the extent to which, and the period
during which, the Participant, the Participant’s legal representative, conservator, guardian or Designated Beneficiary may
exercise rights under the Award, if applicable.

 

9.5 Withholding.
Each Participant must pay the Company, or make provision satisfactory to the Administrator for payment of, any taxes required by
law to be withheld in connection with such Participant’s Awards by the date of the event creating the tax liability. The
Company may deduct an amount sufficient to satisfy such tax obligations based on the applicable statutory withholding rates (or
such other rate as may be determined by the Company after considering any accounting consequences or costs) from any payment of
any kind otherwise due to a Participant. In the absence of a contrary determination by the Company (or, with respect to withholding
pursuant to clause (ii) below with respect to Awards held by individuals subject to Section 16 of the Exchange Act, a contrary
determination by the Administrator), all tax withholding obligations will be calculated based on the minimum applicable statutory
withholding rates. Subject to Section 10.8 and any Company insider trading policy (including blackout periods), Participants may
satisfy such tax obligations (i) in cash, by wire transfer of immediately available funds, by check made payable to the order of
the Company, provided that the Company may limit the use of the foregoing payment forms if one or more of the payment forms below
is permitted, (ii) to the extent permitted by the Administrator, in whole or in part by delivery of Shares, including Shares delivered
by attestation and Shares retained from the Award creating the tax obligation, valued at their Fair Market Value on the date of
delivery, (iii) if there is a public market for Shares at the time the tax obligations are satisfied, unless the Company otherwise
determines, (A) delivery (including electronically or telephonically to the extent permitted by the Company) of an irrevocable
and unconditional undertaking by a broker acceptable to the Company to deliver promptly to the Company sufficient funds to satisfy
the tax obligations, or (B) delivery by the Participant to the Company of a copy of irrevocable and unconditional instructions
to a broker acceptable to the Company to deliver promptly to the Company cash or a check sufficient to satisfy the tax withholding;
provided that such amount is paid to the Company at such time as may be required by the Administrator, or (iv) to the extent permitted
by the Company, any combination of the foregoing payment forms approved by the Administrator. Notwithstanding any other provision
of the Plan, the number of Shares which may be so delivered or retained pursuant to clause (ii) of the immediately preceding sentence
shall be limited to the number of Shares which have a Fair Market Value on the date of delivery or retention no greater than the
aggregate amount of such liabilities based on the maximum individual statutory tax rate in the applicable jurisdiction at the time
of such withholding (or such other rate as may be required to avoid the liability classification of the applicable award under
generally accepted accounting principles in the United States of America)); provided, however, to the extent such Shares were acquired
by Participant from the Company as compensation, the Shares must have been held for the minimum period required by applicable accounting
rules to avoid a charge to the Company’s earnings for financial reporting purposes; provided, further, that, any such Shares
delivered or retained shall be rounded up to the nearest whole Share to the extent rounding up to the nearest whole Share does
not result in the liability classification of the applicable Award under generally accepted accounting principles in the United
States of America. If any tax withholding obligation will be satisfied under clause (ii) above by the Company’s retention
of Shares from the Award creating the tax obligation and there is a public market for Shares at the time the tax obligation is
satisfied, the Company may elect to instruct any brokerage firm determined acceptable to the Company for such purpose to sell on
the applicable Participant’s behalf some or all of the Shares retained and to remit the proceeds of the sale to the Company
or its designee, and each Participant’s acceptance of an Award under the Plan will constitute the Participant’s authorization
to the Company and instruction and authorization to such brokerage firm to complete the transactions described in this sentence.

 

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9.6 Amendment
of Award; Repricing. The Administrator may amend, modify or terminate any outstanding Award, including by substituting another
Award of the same or a different type, changing the exercise or settlement date, and converting an Incentive Stock Option to a
Non-Qualified Stock Option. The Participant’s consent to such action will be required unless (i) the action, taking into
account any related action, does not materially and adversely affect the Participant’s rights under the Award, or (ii) the
change is permitted under Article VIII or pursuant to Section 10.6. Notwithstanding the foregoing or anything in the Plan to the
contrary, the Administrator may, without the approval of the stockholders of the Company, reduce the exercise price per share of
outstanding Options or Stock Appreciation Rights or cancel outstanding Options or Stock Appreciation Rights in exchange for cash,
other Awards or Options or Stock Appreciation Rights with an exercise price per share that is less than the exercise price per
share of the original Options or Stock Appreciation Rights.

 

9.7 Conditions
on Delivery of Stock. The Company will not be obligated to deliver any Shares under the Plan or remove restrictions from Shares
previously delivered under the Plan until (i) all Award conditions have been met or removed to the Company’s satisfaction,
(ii) as determined by the Company, all other legal matters regarding the issuance and delivery of such Shares have been satisfied,
including any applicable securities laws and 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 Administrator deems necessary or appropriate to
satisfy any Applicable Laws. For avoidance of doubt, as a condition to the exercise
or settlement of an Award, the Company may require the Participant or other person exercising or otherwise receiving benefits under
such Award to represent and warrant at the time of any such exercise or settlement that the Shares are being purchased only for
investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such
a representation is required. The Company’s inability to obtain authority from any regulatory body having jurisdiction,
which the Administrator determines is necessary to the lawful issuance and sale of any securities, will relieve the Company of
any liability for failing to issue or sell such Shares as to which such requisite authority has not been obtained.

 

9.8 Acceleration.
The Administrator may at any time provide that any Award will become immediately vested and fully or partially exercisable, free
of some or all restrictions or conditions, or otherwise fully or partially realizable.

 

9.9 Additional
Terms of Incentive Stock Options. The Administrator may grant Incentive Stock Options only to employees of the Company, any
of its present or future parent or subsidiary corporations, as defined in Sections 424(e) or (f) of the Code, respectively, and
any other entities the employees of which are eligible to receive Incentive Stock Options under the Code. If an Incentive Stock
Option is granted to a Greater Than 10% Stockholder, the exercise price will not be less than 110% of the Fair Market Value on
the Option’s grant date, and the term of the Option will not exceed five years. All Incentive Stock Options will be subject
to and construed consistently with Section 422 of the Code. By accepting an Incentive Stock Option, the Participant agrees to give
prompt notice to the Company of dispositions or other transfers (other than in connection with a Change in Control) of Shares acquired
under the Option made within (i) two years from the grant date of the Option or (ii) one year after the transfer of such Shares
to the Participant, specifying the date of the disposition or other transfer and the amount the Participant realized, in cash,
other property, assumption of indebtedness or other consideration, in such disposition or other transfer. Neither the Company nor
the Administrator will be liable to a Participant, or any other party, if an Incentive Stock Option fails or ceases to qualify
as an “incentive stock option” under Section 422 of the Code. Any Incentive Stock Option or portion thereof that fails
to qualify as an “incentive stock option” under Section 422 of the Code for any reason, including becoming exercisable
with respect to Shares having a fair market value exceeding the $100,000 limitation under Treasury Regulation Section 1.422-4,
will be a Non-Qualified Stock Option.

 

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Article
X.

MISCELLANEOUS

 

10.1 No
Right to Employment or Other Status. No person will have any claim or right to be granted an Award, and the grant of an Award
will 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 or any Award, except as expressly provided in an Award Agreement.

 

10.2 No
Rights as Stockholder; Certificates. Subject to the Award Agreement, no Participant or Designated Beneficiary will have any
rights as a stockholder with respect to any Shares to be distributed under an Award until becoming the record holder of such Shares.
Notwithstanding any other provision of the Plan, unless the Administrator otherwise determines or Applicable Laws require, the
Company will not be required to deliver to any Participant certificates evidencing Shares issued in connection with any Award and
instead such Shares may be recorded in the books of the Company (or, as applicable, its transfer agent or stock plan administrator).
The Company may place legends on stock certificates issued under the Plan that the Administrator deems necessary or appropriate
to comply with Applicable Laws.

 

10.3 Effective
Date and Term of Plan. Unless earlier terminated by the Board, the Plan will become effective on the Effective Date and will
remain in effect until the tenth anniversary of the date the Board adopted the Plan, but Awards previously granted may extend beyond
that date in accordance with the Plan. The Plan was initially approved by the Board on [●].
The Plan was initially approved by the equityholders of the Company on [●].

 

10.4 Amendment
of Plan. The Administrator may amend, suspend or terminate the Plan at any time; provided that, except as otherwise expressly
provided under the terms of the Plan or an Award, no amendment, other than an increase to the Overall Share Limit, may materially
and adversely affect any Award outstanding at the time of such amendment without the affected Participant’s consent. No Awards
may be granted under the Plan during any suspension period or after the Plan’s termination. Awards outstanding at the time
of any Plan suspension or termination will continue to be governed by the Plan and the Award Agreement, as in effect before such
suspension or termination. The Board will obtain stockholder approval of any Plan amendment to the extent necessary to comply with
Applicable Laws.

 

10.5 Provisions
for Foreign Participants. The Administrator may modify Awards granted to Participants who are foreign nationals or employed
outside the United States or establish subplans or procedures under the Plan to address differences in laws, rules, regulations
or customs of such foreign jurisdictions with respect to tax, securities, currency, employee benefit or other matters. Without
limiting the generality of the foregoing, and without amending the Plan, the Administrator may grant, settle or administer Awards
on terms and conditions different from those specified in the Plan as may in the judgment of the Administrator be necessary or
desirable to foster and promote achievement of the purposes of the Plan given the limitations of Applicable Laws, and the Administrator
may make such modifications, subplans, procedures and the like as may be necessary or advisable to comply with the provisions of
the laws of the various jurisdictions in which the Company or its Subsidiaries operate or have eligible Service Providers.

 

10.6 Section
409A and Section 457A.

 

(a) General.
The Company intends that all Awards be structured to comply with, or be exempt from, Section 409A, such that no adverse tax consequences,
interest, or penalties under Section 409A apply and the provisions of the Plan and any applicable Awards shall be administered,
interpreted and construed in a manner necessary in order to comply with Section 409A or an exception thereto (or disregarded to
the extent such provision cannot be so administered, interpreted or construed). Notwithstanding anything in the Plan or any Award
Agreement to the contrary, the Administrator may, without a Participant’s consent, amend this Plan or Awards, adopt policies
and procedures, or take any other actions (including amendments, policies, procedures and retroactive actions and regardless of
whether such amendment or other actions shall adversely affect the rights of a Participant) as are necessary or appropriate to
preserve the intended tax treatment of Awards, including any such actions intended to (A) exempt this Plan or any Award from Section
409A, or (B) comply with Section 409A, including regulations, guidance, compliance programs and other interpretative authority
that may be issued after an Award’s grant date.

 

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(b) Distribution/Separation
from Service. With respect to an Award that constitutes “nonqualified deferred compensation” under Section 409A,
(i) it is intended that distribution events qualify as permissible distribution events for purposes of Section 409A and shall be
interpreted and construed accordingly, and (ii) to the extent any payment or settlement of any such Award upon a termination of
a Participant’s Service Provider relationship, such payment or settlement shall be made only upon the Participant’s
“separation from service” with the Company and all of its controlled group members within the meaning of Section 409A.
Whether a Service Provider has a separation from service will be determined based on all of the facts and circumstances and
in accordance with the guidance issued under Section 409A and Treas. Reg. § 1.409A-1(h)(1) (without regard to any presumptions
or optional definitions provided thereunder) . For purposes of this Plan or any Award Agreement relating to any such payments or
benefits, references to a “termination,” “termination of employment” or like terms means a “separation
from service.”

 

(c) Payments
to Specified Employees. Notwithstanding any contrary provision in the Plan or any Award Agreement, any payment (s) of “nonqualified
deferred compensation” required to be made under an Award to a “specified employee” (as defined under Section
409A and as the Administrator determines) due to his or her “separation from service” will, to the extent necessary
to avoid taxes under Section 409A(a)(2)(B)(i) of the Code, be delayed for the six-month period immediately following such “separation
from service” (or, if earlier, until the specified employee’s death) and will instead be paid (as set forth in the
Award Agreement) on the day immediately following such six-month period or as soon as administratively practicable thereafter (without
interest). Any payments of “nonqualified deferred compensation” under such Award payable more than six months following
the Participant’s “separation from service” will be paid at the time or times the payments are otherwise scheduled
to be made.

 

(d) Stock
Rights. The grant of Non-Qualified Stock Options and other stock rights subject to Section 409A shall be granted under terms
and conditions consistent with Treas. Reg. § 1.409A-1(b)(5) such that any such Award does not constitute a deferral of compensation
under Section 409A. Accordingly, any such Award may be granted to eligible Service Providers of the Company and its subsidiaries
and affiliates in which the Company has a controlling interest and as to which the Company is an “eligible issuer of service
recipient stock” within the meaning of Treas. Reg. § 1.409A-1(b)(5)(iii)(E). In determining whether the Company has
a controlling interest, the rules of Treas. Reg. § 1.414(c)-2(b)(2)(i) shall apply; provided, however, that
the language “at least 50 percent” shall be substituted for “at least 80 percent” in each place it appears;
provided, further, where legitimate business reasons exist (within the meaning of Treas. Reg. § 1.409A-1(b)(5)(iii)(E)(i)),
the language “at least 20 percent” shall be used instead of “at least 80 percent” in each place it appears.
The rules of Treas. Reg. §§ 1.414(c)-3 and 1.414(c)-4 shall apply for purposes of determining ownership interests.

 

(e) Exemption
from Section 457A. The Plan and each Award are not intended to be subject to Section 457A, and the Administrator shall administer
the Plan and each Award in accordance with such intent. Notwithstanding any provision of this Plan to the contrary, if the Plan
or Award is subject to Section 457A, the Administrator may, without a Participant’s consent, amend the Plan or the applicable
Award or adopt other policies or procedures or take such other actions (regardless of whether such amendment or other actions shall
adversely affect the rights of a Participant), including amendments or actions that would result in a reduction to the benefits
payable under the Plan, that the Company deems necessary or appropriate to exempt the award from Section 457A, to preserve the
intended tax treatment of the benefits provided with respect to the award, or to mitigate any additional tax, interest or penalties
or other adverse tax consequences that may apply under Section 457A if an exemption is not otherwise available.

 

(f) No
Guarantee of Tax Treatment. The tax treatment of the benefits provided under any Award granted under this Plan is not guaranteed,
and the Company makes no representations or warranties as to an Award’s tax treatment under the Code (including, but not
limited to, Section 409A and Section 457A) or any local, state or foreign tax law. Neither the Administrator (or any member thereof),
nor the Company or any Subsidiary (or the employees, officers, directors, shareholders or affiliates of the Company or any Subsidiary)
shall be held liable for, or have any liability to any Participant or any other person, for any taxes, interest, penalties, or
other monetary amounts owed by a Participant or any beneficiary thereof with respect to an Award as a result of the application
of the Code (including, but not limited to, Section 409A and Section 457A) or any local, state or foreign tax law.

 

    10

     

    

 

10.7 Limitations
on Liability. Notwithstanding any other provisions of the Plan, no individual acting as a director, officer, other employee
or agent of the Company or any Subsidiary will be liable to any Participant, former Participant, spouse, beneficiary, or any other
person for any claim, loss, liability, or expense incurred in connection with the Plan or any Award, and such individual will not
be personally liable with respect to the Plan because of any contract or other instrument executed in his or her capacity as an
Administrator, director, officer, other employee or agent of the Company or any Subsidiary. The Company will indemnify and hold
harmless each director, officer, other employee and agent of the Company or any Subsidiary that has been or will be granted or
delegated any duty or power relating to the Plan’s administration or interpretation, against any cost or expense (including
attorneys’ fees) or liability (including any sum paid in settlement of a claim with the Administrator’s approval) arising
from any act or omission concerning this Plan unless arising from such person’s own fraud or bad faith.

 

10.8 Lock-Up
Period. The Company may, at the request of any underwriter representative or otherwise, in connection with registering the
offering of any Company securities under the Securities Act, prohibit Participants from, directly or indirectly, selling or otherwise
transferring any Shares or other Company securities during a period of up to one hundred eighty days following the effective date
of a Company registration statement filed under the Securities Act, or such longer period as determined by the underwriter.

 

10.9 Data
Privacy. As a condition for receiving any Award, each Participant explicitly and unambiguously consents to the collection,
use and transfer, in electronic or other form, of personal data as described in this section by and among the Company and its Subsidiaries
and affiliates exclusively for implementing, administering and managing the Participant’s participation in the Plan. The
Company and its Subsidiaries and affiliates may hold certain personal information about a Participant, including the Participant’s
name, address and telephone number; birthdate; social security, insurance number or other identification number; salary; nationality;
job title(s); any Shares held in the Company or its Subsidiaries and affiliates; and Award details, to implement, manage and administer
the Plan and Awards (the “Data”). The Company and its Subsidiaries and affiliates may transfer the Data
amongst themselves as necessary to implement, administer and manage a Participant’s participation in the Plan, and the Company
and its Subsidiaries and affiliates may transfer the Data to third parties assisting the Company with Plan implementation, administration
and management. These recipients may be located in the Participant’s country, or elsewhere, and the Participant’s country
may have different data privacy laws and protections than the recipients’ country. By accepting an Award, each Participant
authorizes such recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, to implement, administer
and manage the Participant’s participation in the Plan, including any required Data transfer to a broker or other third party
with whom the Company or the Participant may elect to deposit any Shares. The Data related to a Participant will be held only as
long as necessary to implement, administer, and manage the Participant’s participation in the Plan. A Participant may, at
any time, view the Data that the Company holds regarding such Participant, request additional information about the storage and
processing of the Data regarding such Participant, recommend any necessary corrections to the Data regarding the Participant or
refuse or withdraw the consents in this Section 10.9 in writing, without cost, by contacting the local human resources representative.
The Company may cancel Participant’s ability to participate in the Plan and, in the Administrator’s discretion, the
Participant may forfeit any outstanding Awards if the Participant refuses or withdraws the consents in this Section 10.9. For more
information on the consequences of refusing or withdrawing consent, Participants may contact their local human resources representative.

 

10.10 Severability.
If any portion of the Plan or any action taken under it is held illegal or invalid for any reason, the illegality or invalidity
will not affect the remaining parts of the Plan, and the Plan will be construed and enforced as if the illegal or invalid provisions
had been excluded, and the illegal or invalid action will be null and void.

 

10.11 Governing
Documents. If any contradiction occurs between the Plan and any Award Agreement or other written agreement between a Participant
and the Company (or any Subsidiary) that the Administrator has approved, the Plan will govern, unless it is expressly specified
in such Award Agreement or other written document that a specific provision of the Plan will not apply.

 

    11

     

    

 

10.12 Governing
Law. The Plan and all Awards will be governed by and interpreted in accordance with the laws of the State of Delaware, disregarding
any state’s choice-of-law principles requiring the application of a jurisdiction’s laws other than the State of Delaware.

 

10.13 Claw-back
Provisions. All Awards (including, without limitation, any proceeds, gains or other economic benefit actually or constructively
received by Participant upon any receipt, exercise or settlement of any Award or upon the receipt or resale of any shares of Common
Stock underlying the Award) shall be subject to the provisions of any claw-back policy implemented by the Company, including, without
limitation, any claw-back policy adopted to comply with Applicable Laws (including the Dodd-Frank Wall Street Reform and Consumer
Protection Act and any rules or regulations promulgated thereunder) and any amendments thereto (“Claw-Back Policy”).
By accepting an Award, each Participant acknowledges and agrees to abide by the terms the Claw-Back Policy.

 

10.14 Titles
and Headings. The titles and headings in the Plan are for convenience of reference only and, if any conflict, the Plan’s
text, rather than such titles or headings, will control.

 

10.15 Conformity
to Securities Laws. Participant acknowledges that the Plan is intended to conform to the extent necessary with Applicable Laws.
Notwithstanding anything herein to the contrary, the Plan and all Awards will be administered only in conformance with Applicable
Laws. To the extent Applicable Laws permit, the Plan and all Award Agreements will be deemed amended as necessary to conform to
Applicable Laws.

 

10.16 Relationship
to Other Benefits. No payment under the Plan will be taken into account in determining any benefits under any pension, retirement,
savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Subsidiary except as expressly provided
in writing in such other plan or an agreement thereunder.

 

10.17 Broker-Assisted
Sales. In the event of a broker-assisted sale of Shares in connection with the payment of amounts owed by a Participant under
or with respect to the Plan or Awards, including amounts to be paid under the final sentence of Section 9.5: (a) any Shares to
be sold through the broker-assisted sale will be sold on the day the payment first becomes due, or as soon thereafter as practicable;
(b) such Shares may be sold as part of a block trade with other Participants in the Plan in which all participants receive an average
price; (c) the applicable Participant will be responsible for all broker’s fees and other costs of sale, and by accepting
an Award, each Participant agrees to indemnify and hold the Company harmless from any losses, costs, damages, or expenses relating
to any such sale; (d) to the extent the Company or its designee receives proceeds of such sale that exceed the amount owed, the
Company will pay such excess in cash to the applicable Participant as soon as reasonably practicable; (e) the Company and its designees
are under no obligation to arrange for such sale at any particular price; and (f) in the event the proceeds of such sale are insufficient
to satisfy the Participant’s applicable obligation, the Participant may be required to pay immediately upon demand to the
Company or its designee an amount in cash sufficient to satisfy any remaining portion of the Participant’s obligation.

 

10.18 Unfunded
Plan. The Plan shall be unfunded. To the extent that Shares, cash, or other property is payable to or on behalf of a Participant
under this Plan or an Award, such obligation shall represent and unfunded, unsecured promise to pay, and any Participant or other
person entitled to such a payment will have no rights greater than the rights of any other unsecured general creditor of the Company.
The Administrator may authorize the establishment of trusts or other arrangements to meet the obligations created under the Plan,
so long as the arrangement does not cause the Plan to lose its legal status as an unfunded plan.

 

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Article
XI.

DEFINITIONS

 

As used in the Plan, and unless otherwise
defined in the applicable Award Agreement, the following words and phrases will have the following meanings:

 

11.1 “Administrator”
means the Board or a Committee to the extent that the Board’s powers or authority under the Plan have been delegated to such
Committee.

 

11.2 “Applicable
Laws” means the requirements relating to the administration of equity incentive plans under U.S. federal and state
securities, tax and other applicable laws, rules and regulations, the applicable rules of any stock exchange or quotation system
on which the Common Stock is listed or quoted and the applicable laws and rules of any foreign country or other jurisdiction where
Awards are granted.

 

11.3 “Award”
means, individually or collectively, a grant under the Plan of Options, Stock Appreciation Rights, Restricted Stock, Restricted
Stock Units or Other Stock or Cash Based Awards.

 

11.4 “Award
Agreement” means a written agreement evidencing an Award, which may be electronic, that contains such terms and conditions
as the Administrator determines, consistent with and subject to the terms and conditions of the Plan.

 

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

 

11.6 “Cause”
with respect to a Participant, means “Cause” (or any term of similar effect) as defined in such Participant’s
employment agreement with the Company if such an agreement exists and contains a definition of Cause (or term of similar effect),
or, if no such agreement exists or such agreement does not contain a definition of Cause (or term of similar effect), then Cause
shall include, but not be limited to: (i) the Participant’s unauthorized use or disclosure of confidential information or
trade secrets of the Company or any Subsidiary, or any material breach of a written agreement between the Participant and the Company
or any Subsidiary, including without limitation a material breach of any employment, confidentiality, non-compete, non-solicit
or similar agreement; (ii) the Participant’s commission of, indictment for or the entry of a plea of guilty or nolo contendere
by the Participant to, a felony under the laws of the United States or any state thereof or any crime involving dishonesty or moral
turpitude (or any similar crime in any jurisdiction outside the United States); (iii) the Participant’s gross negligence
or willful misconduct which is injurious to the Company or any Subsidiary, or the Participant’s willful or repeated failure
or refusal to substantially perform assigned duties; (iv) any act of fraud, embezzlement, material misappropriation or dishonesty
committed by the Participant against the Company or any Subsidiary; (v) the material violation by the Participant of any rule or
policy of the Company or any Subsidiary of which the Participant had written notice; or (v) any acts, omissions or statements by
a Participant which the Company reasonably determines to be materially detrimental or damaging to the reputation, operations, prospects
or business relations of the Company or any Subsidiary.

 

11.7 “Change
in Control” means and includes each of the following:

 

(a) A
transaction or series of transactions (other than an offering of Common Stock to the general public through a registration statement
filed with the Securities and Exchange Commission or a transaction or series of transactions that meets the requirements of clauses
(i) and (ii) of subsection (c) below) whereby any “person” or related “group” of “persons”
(as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange Act) (other than the Company, any of its Subsidiaries, an
employee benefit plan maintained by the Company or any of its Subsidiaries or a “person” that, prior to such transaction,
directly or indirectly controls, is controlled by, or is under common control with, the Company) directly or indirectly acquires
beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing more than
50% of the total combined voting power of the Company’s securities outstanding immediately after such acquisition; or

 

(b) During
any period of one consecutive year, individuals who, at the beginning of such period, constitute the Board together with any new
Director(s) (other than a Director designated by a person who shall have entered into an agreement with the Company to effect a
transaction described in subsections (a) or (c)) whose election by the Board or nomination for election by the Company’s
stockholders was approved by a vote of at least two-thirds of the Directors then still in office who either were Directors at the
beginning of the one-year period or whose election or nomination for election was previously so approved, cease for any reason
to constitute a majority thereof; or

 

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(c) The
consummation by the Company (whether directly involving the Company or indirectly involving the Company through one or more intermediaries)
of (x) a merger, consolidation, reorganization, or business combination or (y) a sale or other disposition of all or substantially
all of the Company’s assets in any single transaction or series of related transactions or (z) the acquisition of assets
or stock of another entity, in each case other than a transaction:

 

(i) which
results in the Company’s voting securities outstanding immediately before the transaction continuing to represent (either
by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction,
controls, directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company’s
assets or otherwise succeeds to the business of the Company (the Company or such person, the “Successor Entity”))
directly or indirectly, at least a majority of the combined voting power of the Successor Entity’s outstanding voting securities
immediately after the transaction, and

 

(ii) after
which no person or group beneficially owns voting securities representing 50% or more of the combined voting power of the Successor
Entity; provided, however, that no person or group shall be treated for purposes of this clause (ii) as beneficially
owning 50% or more of the combined voting power of the Successor Entity solely as a result of the voting power held in the Company
prior to the consummation of the transaction.

 

Notwithstanding the foregoing, if a Change
in Control constitutes a payment event with respect to any Award (or portion of any Award) that provides for “nonqualified
deferred compensation” that is subject to Section 409A, the foregoing definition of Change in Control shall be interpreted
and construed in a manner necessary to ensure that the occurrence of any such event shall result in a Change in Control only if
such event qualifies as a change in the ownership of the Company within the meaning of Treas. Reg. § 1.409A-3(i)(5)(v), a
change in the effective control of the Corporation within the meaning of Treas. Reg. § 1.409A-3(i)(5)(vi), or a change in
the ownership of a substantial portion of the assets of the Company within the meaning of Treas. Reg. § 1.409A-3(i)(5)(vii).
For the avoidance of doubt, all references within this definition of “Change in Control” to the “Company”
refer solely to Longeveron Inc. (and not any Subsidiary or affiliate thereof).

 

The Administrator shall have full and final
authority and discretion to determine conclusively whether a Change in Control has occurred pursuant to the above definition, the
date of the occurrence of such Change in Control and any incidental matters relating thereto; provided that any exercise of authority
and discretion in conjunction with a determination of whether a Change in Control is a “change in control event” as
defined in Treasury Regulation Section 1.409A-3(i)(5) shall be consistent with such regulation.

 

11.8 “Code”
means the Internal Revenue Code of 1986, as amended, and the regulations issued thereunder.

 

11.9 “Committee”
means one or more committees or subcommittees of the Board, which may include one or more Company directors or executive officers,
to the extent Applicable Laws permit. To the extent required to comply with the provisions of Rule 16b-3, it is intended that each
member of the Committee will be, at the time the Committee takes any action with respect to an Award that is subject to Rule 16b-3,
a “non-employee director” within the meaning of Rule 16b-3; however, a Committee member’s failure to qualify
as a “non-employee director” within the meaning of Rule 16b-3 will not invalidate any Award granted by the Committee
that is otherwise validly granted under the Plan.

 

11.10 “Common
Stock” means the common stock of the Company.

 

11.11 “Company”
means Longeveron Inc., a Delaware corporation formed upon the statutory conversion of Longeveron, LLC from a Delaware limited liability
company into a Delaware corporation, or any successor.

 

11.12 “Consultant”
means any person, including any adviser, engaged by the Company or its parent or Subsidiary to render services to such entity if
the consultant or adviser: (a) renders bona fide services to the Company; (b) renders services not in connection with the offer
or sale of securities in a capital-raising transaction and does not directly or indirectly promote or maintain a market for the
Company’s securities; and (c) is a natural person.

 

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11.13 “Corporate
Conversion Awards” means the restricted Shares issued by the Company to former holders of restricted Class C common
units of Longeveron, LLC in connection with the Corporate Conversion pursuant to restricted stock agreements with each of such
holders, which shares were not issued under the Plan.

 

11.14 “Corporate
Conversion” means the conversion of Longeveron, LLC, a Delaware limited liability company, into the Company pursuant
to a statutory conversion, effected in connection with the Company’s initial public offering.

 

11.15 “Designated
Beneficiary” means the beneficiary or beneficiaries the Participant designates, in a manner the Administrator determines,
to receive amounts due or exercise the Participant’s rights if the Participant dies or becomes incapacitated. Without a Participant’s
effective designation, “Designated Beneficiary” will mean the Participant’s estate.

 

11.16 “Director”
means a Board member.

 

11.17 “Disability”
means a permanent and total disability under Section 22(e)(3) of the Code, as amended.

 

11.18 “Dividend
Equivalents” means a right granted to a Participant under the Plan to receive the equivalent value (in cash or Shares)
of dividends paid on Shares.

 

11.19 “Effective
Date” means the day on which the Corporate Conversion occurs. For the avoidance of doubt, the Plan shall become effective
immediately prior to the Corporate Conversion to be effected by the Company in connection with its initial public offering and
in all events prior to the Public Trading Time.

 

11.20 “Employee”
means any employee of the Company or its Subsidiaries.

 

11.21 “Equity
Restructuring” means, as determined by the Administrator, a non-reciprocal transaction between the Company and its
stockholders, such as a stock dividend, stock split, spin-off or recapitalization through a large, nonrecurring cash dividend,
that affects the number or kind of shares of Common Stock (or other securities of the Company) or the share price of Common Stock
(or other securities of the Company) and causes a change in the per share value of the Common Stock underlying outstanding Awards.

 

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

 

11.23 “Fair
Market Value” means, as of any date, the value of a share of Common Stock determined as follows: (a) if the Common
Stock is listed on any established stock exchange, its Fair Market Value will be the closing sales price for such Common Stock
as quoted on such exchange for such date, or if no sale occurred on such date, the last day preceding such date during which a
sale occurred, as reported in The Wall Street Journal or another source the Administrator deems reliable; (b) if the Common
Stock is not traded on a stock exchange but is quoted on a national market or other quotation system, the closing sales price on
such date, or if no sales occurred on such date, then on the last date preceding such date during which a sale occurred, as reported
in The Wall Street Journal or another source the Administrator deems reliable; or (c) without an established market for
the Common Stock, the Administrator will determine the Fair Market Value in its discretion. Notwithstanding the foregoing, with
respect to any Award granted on the pricing date of the Company’s initial public offering, the Fair Market Value shall mean
the initial public offering price of a Share as set forth in the Company’s final prospectus relating to its initial public
offering filed with the Securities and Exchange Commission.

 

    15

     

    

 

11.24 “Good
Reason” means (a) if a Participant is a party to a written employment or consulting agreement with the Company or
any of its Subsidiaries or an Award Agreement in which the term “good reason” is defined, “Good Reason”
as defined in such agreement, and (b) if no such agreement exists, (i) a change in the Participant’s position with the Company
(or its Subsidiary employing the Participant) that materially reduces the Participant’s authority, duties or responsibilities
or the level of management to which he or she reports, (ii) a material diminution in the Participant’s level of compensation
(including base salary, fringe benefits and target bonuses under any corporate performance-based incentive programs) or (iii) a
relocation of the Participant’s place of employment by more than 50 miles, provided that such change, reduction or relocation
is effected by the Company (or its Subsidiary employing the Participant) without the Participant’s consent; provided further,
that Good Reason shall not be deemed to exist unless (A) the Participant provides written notice to the Administrator
of the event giving rise to Good Reason within thirty (30) days of the occurrence of such event (setting forth the nature of such
event and the corrective action reasonably sought by the Participant); (B) the Company fails to cure the event giving rise to Good
Reason within forty-five (45) days after written notice thereof is given by the Participant to the Administrator (the “Cure
Period”); and (C) the Participant terminates the Participant’s service within thirty (30) days following
the last day of the Cure Period.

 

11.25 “Greater
Than 10% Stockholder” means an individual then owning (within the meaning of Section 424(d) of the Code) more than
10% of the total combined voting power of all classes of stock of the Company or its parent or subsidiary corporation, as defined
in Section 424(e) and (f) of the Code, respectively.

 

11.26 “Incentive
Stock Option” means an Option intended to qualify as an “incentive stock option” as defined in Section
422 of the Code.

 

11.27 “Non-Qualified
Stock Option” means an Option not intended or not qualifying as an Incentive Stock Option.

 

11.28 “Option”
means an option to purchase Shares, which will either be an Incentive Stock option or a Non-Qualified Stock Option.

 

11.29 “Other
Stock or Cash Based Awards” means cash awards, awards of Shares, and other awards valued wholly or partially by referring
to, or are otherwise based on, Shares or other property awarded to a Participant under Article VII.

 

11.30 “Overall
Share Limit” means the sum of [1,099,578] Shares and any shares of Common
Stock which are subject to Corporate Conversion Awards which become available for issuance under the Plan pursuant to Article IV
(which number added to the Overall Share Limit shall not exceed [195,487] shares of Common Stock).

 

11.31 “Participant”
means a Service Provider who has been granted an Award.

 

11.32 “Performance
Criteria” mean the criteria (and adjustments) that the Administrator may select for an Award to establish performance
goals for a performance period, which may relate to one or more of the following: net earnings or losses (either before or after
one or more of interest, taxes, depreciation, amortization, and non-cash equity-based compensation expense); gross or net sales
or revenue or sales or revenue growth; net income (either before or after taxes) or adjusted net income; profits (including but
not limited to gross profits, net profits, profit growth, net operation profit or economic profit), profit return ratios or operating
margin; budget or operating earnings (either before or after taxes or before or after allocation of corporate overhead and bonus);
cash flow (including operating cash flow and free cash flow or cash flow return on capital); return on assets; return on capital
or invested capital; cost of capital; return on stockholders’ equity; total stockholder return; return on sales; costs, reductions
in costs and cost control measures; expenses; working capital; earnings or loss per share; adjusted earnings or loss per share;
price per share or dividends per share (or appreciation in or maintenance of such price or dividends); regulatory achievements
or compliance; implementation, completion or attainment of objectives relating to research, development, regulatory, commercial,
or strategic milestones or developments; market share; economic value or economic value added models; division, group or corporate
financial goals; customer satisfaction/growth; customer service; employee satisfaction; recruitment and maintenance of personnel;
human resources management; supervision of litigation and other legal matters; strategic partnerships and transactions; financial
ratios (including those measuring liquidity, activity, profitability or leverage); debt levels or reductions; sales-related goals;
financing and other capital raising transactions; cash on hand; acquisition activity; investment sourcing activity; and marketing
initiatives, any of which may be measured in absolute terms or as compared to any incremental increase or decrease. Such performance
goals also may be applied individually, alternatively or in any combination,by reference to the Company’s performance or
the performance of a Subsidiary, division, business segment or business unit of the Company or a Subsidiary, or based upon performance
relative to performance of other companies or upon comparisons of any of the indicators of performance relative to performance
of other companies, and measured over a period of time including any portion of a year, annually or cumulatively over a period
of years, on an absolute basis or relative to a pre-established target, to previous years’ results or to a designated comparison
group, in each case as specified by the Administrator.

 

    16

     

    

 

11.33 “Plan”
means this 2021 Incentive Award Plan.

 

11.34 “Public
Trading Time” means the time at which the Company’s Registration Statement on Form S-1 filed in connection
with its initial public offering is declared effective by the Securities and Exchange Commission.

 

11.35 “Restricted
Stock” means Shares awarded to a Participant under Article VI subject to certain vesting conditions and other restrictions.

 

11.36 “Restricted
Stock Unit” means an unfunded, unsecured right to receive, on the applicable settlement date, one Share or an amount
in cash or other consideration determined by the Administrator to be of equal value as of such settlement date awarded to a Participant
under Article VI subject to certain vesting conditions and other restrictions.

 

11.37 “Rule
16b-3” means Rule 16b-3 promulgated under the Exchange Act.

 

11.38 “Section
409A” means Section 409A of the Code and all regulations, guidance, compliance programs and other interpretative
authority thereunder.

 

11.39 “Section
457A” means Section 457A of the Code and all regulations, guidance, compliance programs and other interpretative
authority thereunder.

 

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

 

11.41 “Service
Provider” means an Employee, Consultant or Director.

 

11.42 “Shares”
means shares of Common Stock.

 

11.43 “Stock
Appreciation Right” means a stock appreciation right granted under Article V.

 

11.44 “Subsidiary”
means any entity (other than the Company), whether domestic or foreign, in an unbroken chain of entities beginning with the Company
if each of the entities other than the last entity in the unbroken chain beneficially owns, at the time of the determination, securities
or interests representing at least 50% of the total combined voting power of all classes of securities or interests in one of the
other entities in such chain.

 

11.45 “Substitute
Awards” shall mean Awards granted or Shares issued by the Company in assumption of, or in substitution or exchange
for, awards previously granted, or the right or obligation to make future awards, in each case by a company acquired by the Company
or any Subsidiary or with which the Company or any Subsidiary combines.

 

11.46 “Termination
of Service” means the date the Participant ceases to be a Service Provider.

 

* * * *

 

    17

     

    

 

LONGEVERON
INC.

 

2021 INCENTIVE
AWARD PLAN

STOCK OPTION GRANT NOTICE

 

Capitalized terms not specifically defined
in this Stock Option Grant Notice (the “Grant Notice”) have the meanings given to them in the 2021 Incentive
Award Plan (as amended from time to time, the “Plan”) of Longeveron Inc. (the “Company”).

 

The Company hereby grants to the participant
listed below (“Participant”) the stock option described in this Grant Notice (the “Option”),
subject to the terms and conditions of the Plan and the Stock Option Agreement attached hereto as Exhibit A (the “Agreement”),
both of which are incorporated into this Grant Notice by reference.

 

 Participant:

 

Grant Date:

 

Exercise Price per Share:

 

Shares Subject to the Option:

 

Final Expiration Date:

 

Vesting Commencement Date:

 

	Vesting Schedule:	 	[To be specified in individual award agreements]

 

	Type of Option:	 	☐ Incentive Stock Option ☐ Non-Qualified Stock Option

 

By Participant’s signature below,
Participant agrees to be bound by the terms of this Grant Notice, the Plan and the Agreement. Participant has reviewed the Plan,
this Grant Notice and the Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing
this Grant Notice and fully understands all provisions of the Plan, this Grant Notice and the Agreement. Participant hereby agrees
to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under
the Plan, this Grant Notice or the Agreement.

 	LONGEVERON INC.	 	PARTICIPANT
	 	 	 	 	 
	By:  	 	 	By:  	 
	 	 	 	 	 
	Print Name:	 	 	Print Name:	 
	 	 	 	 	 
	Title:  	 	 	Title:  	 

 

    1

     

    

 

EXHIBIT
A

 

STOCK OPTION
AGREEMENT

 

Capitalized terms not specifically defined
in this Agreement have the meanings specified in the Grant Notice or, if not defined in the Grant Notice, in the Plan.

 

ARTICLE
I.

GENERAL

 

1.1 Grant
of Option. The Company has granted to Participant the Option effective as of the grant date set forth in the Grant Notice (the
“Grant Date”).

 

1.2 Incorporation
of Terms of Plan. The Option is subject to the terms and conditions set forth in this Agreement and the Plan, which is incorporated
herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan will control.

 

ARTICLE
II.

PERIOD OF EXERCISABILITY

 

2.1 Commencement
of Exercisability. The Option will vest and become exercisable according to the vesting schedule in the Grant Notice (the “Vesting
Schedule”), except that any fraction of a Share as to which the Option would be vested or exercisable will be accumulated
and will vest and become exercisable only when a whole Share has accumulated. The Option shall not be exercisable with respect
to fractional Shares. Notwithstanding anything in the Grant Notice, the Plan or this Agreement to the contrary, unless the Administrator
otherwise determines, the Option will immediately expire and be forfeited as to any portion that is not vested and exercisable
as of Participant’s Termination of Service for any reason.

 

2.2 Duration
of Exercisability. The Vesting Schedule is cumulative. Any portion of the Option which vests and becomes exercisable will remain
vested and exercisable until the Option expires. The Option will be forfeited immediately upon its expiration.

 

2.3 Expiration
of Option. Subject to Section 5.3 of the Plan, the Option may not be exercised to any extent by anyone after, and will expire
on, the first of the following to occur:

 

(a) The
final expiration date in the Grant Notice; which shall in no event be more than ten (10) years from the Grant Date;

 

(b) If
this Option is designated as an Incentive Stock Option and the Participant, at the time the Option was granted, was a Greater Than
10% Stockholder, the expiration of five (5) years from the Grant Date;

 

(c) Except
as the Administrator may otherwise approve, the expiration of three (3) months from the date of Participant’s Termination
of Service, unless Participant’s Termination of Service is for Cause or by reason of Participant’s death or Disability;

 

(d) Except
as the Administrator may otherwise approve, the expiration of one (1) year from the date of Participant’s Termination of
Service by reason of Participant’s death or Disability; and

 

(e) Except
as the Administrator may otherwise approve, the date of Participant’s Termination of Service for Cause.

 

    A-1

     

    

 

ARTICLE
III.

EXERCISE OF OPTION

 

3.1 Person
Eligible to Exercise. During Participant’s lifetime, only Participant may exercise the Option, unless it has been disposed
of, with the consent of the Administrator, pursuant to a domestic relations order. After Participant’s death, any exercisable
portion of the Option may, prior to the time when the Option becomes unexercisable under Section 2.3 hereof, be exercised by the
Participant’s Designated Beneficiary or by any person empowered to do so under the deceased Participant’s will or under
the then applicable laws of descent and distribution.

 

3.2 Partial
Exercise. Any exercisable portion of the Option or the entire Option, if then wholly exercisable, may be exercised, in whole
or in part, according to the procedures in the Plan at any time prior to the time the Option or portion thereof expires, except
that the Option may only be exercised for whole Shares.

 

3.3 Tax
Withholding.

 

(a) The
Company has the right and option, but not the obligation, to treat Participant’s failure to provide timely payment in accordance
with the Plan of any withholding tax arising in connection with the Option as Participant’s election to satisfy all or any
portion of the withholding tax by requesting the Company retain Shares otherwise issuable under the Option.

 

(b) Participant
acknowledges that Participant is ultimately liable and responsible for all taxes owed in connection with the Option, regardless
of any action the Company or any Subsidiary takes with respect to any tax withholding obligations that arise in connection with
the Option. Neither the Company nor any Subsidiary makes any representation or undertaking regarding the treatment of any tax withholding
in connection with the awarding, vesting or exercise of the Option or the subsequent sale of Shares. The Company and the Subsidiaries
do not commit and are under no obligation to structure the Option to reduce or eliminate Participant’s tax liability.

 

ARTICLE
IV.

OTHER PROVISIONS

 

4.1 Adjustments.
Participant acknowledges that the Option is subject to adjustment, modification and termination in certain events as provided in
this Agreement and the Plan.

 

4.2 Notices.
Any notice to be given under the terms of this Agreement to the Company must be in writing and addressed to the Company in care
of the Company’s Secretary at the Company’s principal office or the Secretary’s then-current email address or
facsimile number. Any notice to be given under the terms of this Agreement to Participant must be in writing and addressed to Participant
(or, if Participant is then deceased, to the person entitled to exercise the Option) at Participant’s last known mailing
address, email address or facsimile number in the Company’s personnel files. By a notice given pursuant to this Section,
either party may designate a different address for notices to be given to that party. Any notice will be deemed duly given when
actually received, when sent by email, when sent by certified mail (return receipt requested) and deposited with postage prepaid
in a post office or branch post office regularly maintained by the United States Postal Service, when delivered by a nationally
recognized express shipping company or upon receipt of a facsimile transmission confirmation.

 

4.3 Titles.
Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

 

4.4 Conformity
to Securities Laws. The Participant acknowledges that the Plan, the Grant Notice and this Agreement are intended to conform
to the extent necessary with all Applicable Laws and, to the extent Applicable Laws permit, will be deemed amended to the extent
necessary to conform to such Applicable Laws.

 

4.5 Successors
and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement
shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth
in the Plan, this Agreement shall be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors
and assigns of the parties hereto.

 

    A-2

     

    

 

4.6 Limitations
Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject
to Section 16 of the Exchange Act, the Plan, the Grant Notice, this Agreement and the Option will be subject to any additional
limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3)
that are requirements for the application of such exemptive rule. To the extent Applicable Laws permit, this Agreement will be
deemed amended as necessary to conform to such applicable exemptive rule.

 

4.7 Entire
Agreement. The Plan, the Grant Notice and this Agreement constitute the entire agreement of the parties and supersede in their
entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof.

 

4.8 Agreement
Severable. In the event that any provision of the Grant Notice or this Agreement is held illegal or invalid, the provision
will be severable from, and the illegality or invalidity of the provision will not be construed to have any effect on, the remaining
provisions of the Grant Notice or this Agreement.

 

4.9 Limitation
on Participant’s Rights. Participation in the Plan confers no rights or interests other than as herein provided. This
Agreement creates only a contractual obligation on the part of the Company as to amounts payable and may not be construed as creating
a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. Participant will have only the rights of
a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the
Option, and rights no greater than the right to receive the Shares as a general unsecured creditor with respect to the Option,
as and when exercised pursuant to the terms hereof.

 

4.10 Not
a Contract of Employment. Nothing in the Plan, the Grant Notice or this Agreement confers upon Participant any right to continue
in the employ or service of the Company or any Subsidiary or interferes with or restricts in any way the rights of the Company
and its Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any
time for any reason whatsoever, with or without Cause, except to the extent expressly provided otherwise in a written agreement
between the Company or a Subsidiary and Participant.

 

4.11 Counterparts.
The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature, subject to Applicable
Law, each of which will be deemed an original and all of which together will constitute one instrument.

 

4.12 Incentive
Stock Options. If the Option is designated as an Incentive Stock Option:

 

(a) Participant
acknowledges that to the extent the aggregate fair market value of shares (determined as of the time the option with respect to
the shares is granted) with respect to which stock options intended to qualify as “incentive stock options” under Section
422 of the Code, including the Option, are exercisable for the first time by Participant during any calendar year exceeds $100,000
or if for any other reason such stock options do not qualify or cease to qualify for treatment as “incentive stock options”
under Section 422 of the Code, such stock options (including the Option) will be treated as non-qualified stock options. Participant
further acknowledges that the rule set forth in the preceding sentence will be applied by taking the Option and other stock options
into account in the order in which they were granted, as determined under Section 422(d) of the Code. Participant acknowledges
that amendments or modifications made to the Option pursuant to the Plan that would cause the Option to become a Non-Qualified
Stock Option will not materially or adversely affect Participant’s rights under the Option, and that any such amendment or
modification shall not require Participant’s consent. Participant also acknowledges that if the Option is exercised more
than three (3) months after Participant’s Termination of Service as an Employee, other than by reason of death or disability,
the Option will be taxed as a Non-Qualified Stock Option.

 

(b) Participant
will give prompt written notice to the Company of any disposition or other transfer of any Shares acquired under this Agreement
if such disposition or other transfer is made (a) within two (2) years from the Grant Date or (b) within one (1) year after the
transfer of such Shares to Participant. Such notice will specify the date of such disposition or other transfer and the amount
realized, in cash, other property, assumption of indebtedness or other consideration, by Participant in such disposition or other
transfer.

 

    A-3

     

    

 

LONGEVERON
INC.

 

2021 INCENTIVE
AWARD PLAN

RESTRICTED STOCK UNIT GRANT NOTICE

 

Capitalized terms not specifically defined
in this Restricted Stock Unit Grant Notice (the “Grant Notice”) have the meanings given to them in the
2021 Incentive Award Plan (as amended from time to time, the “Plan”) of Longeveron Inc. (the “Company”).

 

The Company hereby grants to the participant
listed below (“Participant”) the Restricted Stock Units described in this Grant Notice (the “RSUs”),
subject to the terms and conditions of the Plan and the Restricted Stock Unit Agreement attached hereto as Exhibit A (the
“Agreement”), both of which are incorporated into this Grant Notice by reference.

 

 Participant:

 

Grant Date:

 

Number of RSUs:

 

Vesting Commencement Date:

 

	Vesting Schedule:	 	[To be specified in individual award agreements]

 

By Participant’s signature below,
Participant agrees to be bound by the terms of this Grant Notice, the Plan and the Agreement. Participant has reviewed the Plan,
this Grant Notice and the Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing
this Grant Notice and fully understands all provisions of the Plan, this Grant Notice and the Agreement. Participant hereby agrees
to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under
the Plan, this Grant Notice or the Agreement.

 

	LONGEVERON INC.	 	PARTICIPANT
	 	 	 	 	 
	By:  	 	 	By:  	 
	 	 	 	 	 
	Print Name:	 	 	Print Name:	 
	 	 	 	 	 
	Title:  	 	 	Title:  	 

 

    1

     

    

 

EXHIBIT
A

 

RESTRICTED
STOCK UNIT AGREEMENT

 

Capitalized terms not specifically defined
in this Agreement have the meanings specified in the Grant Notice or, if not defined in the Grant Notice, in the Plan.

 

ARTICLE
I.

GENERAL

 

1.1 Award of RSUs.
The Company has granted the RSUs to Participant effective as of the grant date set forth in the Grant Notice (the “Grant
Date”). Each RSU represents the right to receive one Share, as set forth in this Agreement. Participant will have
no right to the distribution of any Shares until the time (if ever) the RSUs have vested.

 

1.2 Incorporation
of Terms of Plan. The RSUs are subject to the terms and conditions set forth in this Agreement and the Plan, which is incorporated
herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan will control.

 

1.3 Unsecured
Promise. The RSUs will at all times prior to settlement represent an unsecured Company obligation payable only from the Company’s
general assets.

 

ARTICLE
II.

VESTING; FORFEITURE AND SETTLEMENT

 

2.1 Vesting;
Forfeiture. The RSUs will vest according to the vesting schedule in the Grant Notice (the “Vesting Schedule”),
except that any fraction of an RSU that would otherwise be vested will be accumulated and will vest only when a whole RSU has accumulated.
In the event of Participant’s Termination of Service for any reason, all unvested RSUs will immediately and automatically
be cancelled and forfeited, except as otherwise determined by the Administrator or provided in a binding written agreement between
Participant and the Company. Unless and until the RSUs have vested in accordance with the Vesting Schedule set forth in the Grant
Notice, Participant will have no right to any distribution with respect to such RSUs.

 

2.2 Settlement.

 

(a) RSUs
will be paid in Shares as soon as administratively practicable after the vesting of the applicable RSU, but in no event more than
sixty (60) days after the applicable vesting date. Notwithstanding the foregoing, the Company may delay any payment under this
Agreement that the Company reasonably determines would violate Applicable Law until the earliest date the Company reasonably determines
the making of the payment will not cause such a violation (in accordance with Treasury Regulation Section 1.409A-2(b)(7)(ii)),
provided the Company reasonably believes the delay will not result in the imposition of excise taxes under Section 409A.

 

(b) All
distributions shall be made by the Company in the form of whole shares of Common Stock.

 

(c) Neither
the time nor form of distribution of Shares with respect to the RSUs may be changed, except as may be permitted by the Administrator
in accordance with the Plan and Section 409A of the Code and the Treasury Regulations thereunder.

 

ARTICLE
III.

TAXATION AND TAX WITHHOLDING

 

3.1 Representation.
Participant represents to the Company that Participant has reviewed with Participant’s own tax advisors the tax consequences
of this Award and the transactions contemplated by the Grant Notice and this Agreement. Participant is relying solely on such advisors
and not on any statements or representations of the Company or any of its agents.

 

    A-1

     

    

 

3.2 Tax
Withholding.

 

(a) Participant
acknowledges that Participant is ultimately liable and responsible for all taxes owed in connection with the RSUs, regardless of
any action the Company or any Subsidiary takes with respect to any tax withholding obligations that arise in connection with the
RSUs (the “Tax Withholding Obligation”). Neither the Company nor any Subsidiary makes any representation
or undertaking regarding the treatment of any tax withholding in connection with the awarding, vesting or payment of the RSUs or
the subsequent sale of Shares. The Company and the Subsidiaries do not commit and are under no obligation to structure the RSUs
to reduce or eliminate Participant’s tax liability.

 

(b) (i) Notwithstanding anything to
the contrary contained in the Plan or this Section 3.2, in the event a Tax Withholding Obligation arises on a date on which a sale
of Shares by Participant would violate the Insider Trading Policy of the Company, unless Participant has a valid 10b5-1 plan in
place directing the sale of Shares to cover such Tax Withholding Obligation, the Tax Withholding Obligation shall automatically,
and without further action by Participant, be satisfied by having the Company withhold taxes from the proceeds of the sale of the
Shares through a mandatory sale arranged by the Company on Participant’s behalf. In the event Participant’s Tax Withholding
Obligation will be satisfied under this Section 3.2(b), then the Company shall instruct any brokerage firm determined acceptable
to the Company for such purpose to sell on Participant’s behalf a whole number of shares from those Shares issuable to Participant
upon settlement of the RSUs as is required to generate cash proceeds sufficient to satisfy Participant’s Tax Withholding
Obligation (with such Tax Withholding to be calculated based on the minimum statutory withholding rates for federal, state, local
and foreign income tax and payroll tax purposes as of the date of delivery). Participant acknowledges that the instruction to the
broker to sell Shares pursuant to this Section 3.2(b) is intended to comply with the requirements of Rule 10b5-1(c)(1)(i)(B) under
the Exchange Act and to be interpreted to comply with the requirements of Rule 10b5-1(c)(1) under the Exchange Act (the “10b5-1
Arrangement”). This 10b5-1 Arrangement is being adopted to permit the Company to sell (on Participant’s behalf)
a number of Shares issuable to Participant upon the settlement of the RSUs sufficient to pay the Tax Withholding Obligation that
arises as a result of the vesting or settlement of the RSUs. Participant hereby acknowledges that the broker is under no obligation
to arrange for such sale at any particular price. Participant hereby appoints the Company as Participant’s agent and attorney-in-fact
to instruct the broker with respect to the number of Shares to be sold under this 10b5-1 Arrangement. Participant acknowledges
that it may not be possible to sell Shares during the term of this 10b5-1 Arrangement due to (A) a legal or contractual restriction
applicable to Participant or to the broker, (B) a market disruption, (C) rules governing order execution priority on the stock
exchange on which the Shares are traded, (D) a sale effected pursuant to this 10b5-1 Arrangement that fails to comply (or in the
reasonable opinion of the broker’s counsel is likely not to comply) with Rule 144 under the Securities Act or would result
in a short-swing profit under Section 16 of the Exchange Act, or (E) the Company’s determination that sales may not be effected
under this 10b5-1 Arrangement.

 

(ii) This
10b5-1 Arrangement shall terminate as to the Award on the earliest of: (A) completion of the final sale of Shares withheld pursuant
to this Section 3.2(b) following the final vesting date attributable to the Award; (B) termination of the Award; (C) the date of
Participant’s death; or (D) as soon as practicable after (but in no event later than the end of the next business day following
the announcement of (1) a tender or exchange offer for shares of Common Stock by the Company or any other person, or (2) a merger,
acquisition, recapitalization or comparable transaction as a result of which Common Stock is to be exchanged or converted into
shares of another company.

 

    A-2

     

    

 

(iii) Participant
represents that (A) Participant is not presently aware of any material nonpublic information about the Company or its securities;
(B) Participant is entering into this Agreement and the 10b5-1 Arrangement in good faith and not as part of a plan or scheme to
evade the prohibitions of Rule 10b5-1 or any other provision of any federal, state or foreign securities laws or regulations; (C)
Participant shall have full responsibility for compliance with (1) any reporting requirements under Section 13 or 16 of the Exchange
Act, (2) the short-swing profit recovery provisions under Section 16 of the Exchange Act, and (3) any federal, state or foreign
securities laws or regulations concerning trading while aware of material nonpublic information; and (D) Participant is aware that
in order for this 10b5-1 Arrangement to constitute an instruction pursuant to Rule 10b5-1(c), Participant must not alter or deviate
from the terms of the instruction in this Section 3.2(b) (whether by changing the amount, price, or timing of any purchase or sale
hereunder), exercise any subsequent discretion over the terms hereof or enter into or alter a corresponding or hedging transaction
with respect to the Common Stock to be sold pursuant to this instruction or any securities convertible into or exchangeable for
such Common Stock.

 

(iv) Participant
acknowledges that this 10b5-1 Arrangement is subject to the terms of any policy adopted now or hereafter by the Company governing
the adoption of 10b5-1 plans. Participant’s acceptance of the Award constitutes the Participant’s instruction and authorization
to the Company and any brokerage firm to complete the transactions described in this Section 3.2(b).

 

(c) To
the extent that the Tax Withholding Obligation is not fully satisfied pursuant to Section 3.2(b) or Section 3.2(b) does not apply,
the Company has the right and option, but not the obligation, to treat Participant’s failure to provide timely payment in
accordance with the Plan of any withholding tax arising in connection with the RSUs as Participant’s election to satisfy
all or any portion of the withholding tax by requesting the Company retain Shares otherwise issuable under the Award (provided,
however, that if Participant is subject to Section 16 of the Exchange Act at the time the tax withholding obligation arises, the
prior approval of the Administrator shall be required for any election by the Company pursuant to this Section 3.2(c)).

 

ARTICLE
IV.

OTHER PROVISIONS

 

4.1 Award
Not Transferable. Without limiting the generality of any other provision hereof, the Award shall be subject to the restrictions
on transferability set forth in Section 9.1 of the Plan.

 

4.2 Adjustments.
Participant acknowledges that the RSUs and the Shares subject to the RSUs are subject to adjustment, modification and termination
in certain events as provided in this Agreement and the Plan.

 

4.3 Notices.
Any notice to be given under the terms of this Agreement to the Company must be in writing and addressed to the Company in care
of the Company’s Secretary at the Company’s principal office or the Secretary’s then-current email address or
facsimile number. Any notice to be given under the terms of this Agreement to Participant must be in writing and addressed to Participant
at Participant’s last known mailing address, email address or facsimile number in the Company’s personnel files. By
a notice given pursuant to this Section, either party may designate a different address for notices to be given to that party.
Any notice will be deemed duly given when actually received, when sent by email, when sent by certified mail (return receipt requested)
and deposited with postage prepaid in a post office or branch post office regularly maintained by the United States Postal Service,
when delivered by a nationally recognized express shipping company or upon receipt of a facsimile transmission confirmation.

 

4.4 Titles.
Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

 

4.5 Conformity
to Securities Laws. Participant acknowledges that the Plan, the Grant Notice and this Agreement are intended to conform to
the extent necessary with all Applicable Laws and, to the extent Applicable Laws permit, will be deemed amended as necessary to
conform to Applicable Laws.

 

4.6 Successors
and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement
will inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth in the
Plan, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and
assigns of the parties hereto.

 

4.7 Limitations
Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject
to Section 16 of the Exchange Act, the Plan, the Grant Notice, this Agreement, the RSUs will be subject to any additional limitations
set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3) that are
requirements for the application of such exemptive rule. To the extent Applicable Laws permit, this Agreement will be deemed amended
as necessary to conform to such applicable exemptive rule.

 

    A-3

     

    

 

4.8 Entire
Agreement. The Plan, the Grant Notice and this Agreement (including any exhibit hereto) constitute the entire agreement of
the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to
the subject matter hereof.

 

4.9 Agreement
Severable. In the event that any provision of the Grant Notice or this Agreement is held illegal or invalid, the provision
will be severable from, and the illegality or invalidity of the provision will not be construed to have any effect on, the remaining
provisions of the Grant Notice or this Agreement.

 

4.10 Limitation
on Participant’s Rights. Participation in the Plan confers no rights or interests other than as herein provided. This
Agreement creates only a contractual obligation on the part of the Company as to amounts payable and may not be construed as creating
a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. Participant will have only the rights of
a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the
RSUs, and rights no greater than the right to receive the Shares as a general unsecured creditor with respect to the RSUs, as and
when settled pursuant to the terms of this Agreement.

 

4.11 Not
a Contract of Employment. Nothing in the Plan, the Grant Notice or this Agreement confers upon Participant any right to continue
in the employ or service of the Company or any Subsidiary or interferes with or restricts in any way the rights of the Company
and its Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any
time for any reason whatsoever, with or without Cause, except to the extent expressly provided otherwise in a written agreement
between the Company or a Subsidiary and Participant.

 

4.12 Counterparts.
The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature, subject to Applicable
Law, each of which will be deemed an original and all of which together will constitute one instrument.

 

4.13 Section
409A.

 

(a) Notwithstanding
any other provision of the Plan, this Agreement or the Grant Notice, the Plan, this Agreement and the Grant Notice shall be interpreted
in accordance with, and incorporate the terms and conditions required by, Section 409A of the Code (together with any Department
of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or
other guidance that may be issued after the Grant Date, “Section 409A”). The Administrator may, in its discretion,
adopt such amendments to the Plan, this Agreement or the Grant Notice or adopt other policies and procedures (including amendments,
policies and procedures with retroactive effect), or take any other actions, as the Administrator determines are necessary or appropriate
to comply with the requirements of Section 409A.

 

(b) This
Agreement is not intended to provide for any deferral of compensation subject to Section 409A of the Code, and, accordingly, the
Shares issuable pursuant to the RSUs hereunder shall be distributed to Participant no later than the later of: (A) the fifteenth
(15th) day of the third month following Participant’s first taxable year in which such RSUs are no longer subject to a substantial
risk of forfeiture, and (B) the fifteenth (15th) day of the third month following first taxable year of the Company in which such
RSUs are no longer subject to substantial risk of forfeiture, as determined in accordance with Section 409A and any Treasury Regulations
and other guidance issued thereunder.

 

4.13 Governing
Law. The provisions of the Plan and all Awards made thereunder, including the RSUs, shall be governed by and interpreted in
accordance with the laws of the State of Delaware, disregarding choice-of-law principles of the law of any state that would require
the application of the laws of a jurisdiction other than such state.

 

* * * * *

 

A-4Exhibit 10.14

 

LONGEVERON
INC.

INDEMNIFICATION AGREEMENT

 

This Indemnification
Agreement (this “Agreement”) dated as of ______________, is by and between Longeveron Inc., a Delaware corporation
(the “Company”), and ______________ (the “Indemnitee”).

 

RECITALS:

 

WHEREAS, it
is essential to the Company to retain and attract as directors and executive officers the most capable persons available;

 

WHEREAS, the
Company desires to have the Indemnitee serve or continue to serve as a director and/or executive officer of the Company;

 

WHEREAS, the
Company and the Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and executive
officers of companies in today’s environment;

 

WHEREAS, increased
corporate litigation has subjected directors and executive officers of public companies to litigation risks and expenses, and has
increased the risk that the Company will be unable to retain and attract as directors or executive officers the most capable persons
available;

 

WHEREAS, the
Company has determined that an inability to retain and attract as directors or executive officers the most capable persons would
be detrimental to the interests of the Company;

 

WHEREAS, the
Company desires to provide Indemnitee with specific contractual assurance of Indemnitee’s rights to full indemnification
against litigation risks and expenses and the advancement of expenses in connection with litigation to the fullest extent permitted
by law and as set forth in this Agreement, and to the extent insurance is maintained, for the continued coverage of Indemnitee
under the Company’s directors’ and officers’ liability insurance policies (regardless, among other things, of
any amendment to, or revocation of any provision of, the Certificate of Incorporation (as it may be amended and/or restated, the
“Charter”) or Bylaws (as they may be amended and/or restated, the “Bylaws”), or any change
in the ownership of the Company or the composition of its Board of Directors (the “Board”));

 

WHEREAS, the
Company and Indemnitee desire to enter into this Agreement in order for Indemnitee to rely upon the rights afforded under this
Agreement in accepting and continuing in Indemnitee’s position as a director and/or executive officer of the Company; and

 

WHEREAS, this
Agreement is a supplement to, and in furtherance of, the Charter and Bylaws and any resolutions adopted pursuant thereto and shall
not be deemed a substitute thereof, nor to diminish or abrogate any rights of Indemnitee thereunder.

 

     

     

    

 

NOW, THEREFORE,
in consideration of the foregoing and the Indemnitee’s agreement to provide, or continue to provide, services to the Company
directly, or at the Company’s request, to another Enterprise, the parties, intending to be legally bound hereby, agree as
follows:

 

1. Definitions.
For purposes of this Agreement, the following terms shall have the following meanings:

 

(a) “Beneficial
Owner” has the meaning given to the term ‘beneficial owner’ in Rule 13d-3 under the Securities Exchange Act
of 1934, as amended (the “Exchange Act”).

 

(b) “Change
in Control” means the occurrence after the date of this Agreement of any of the following events:

 

(i) any
“person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act), through a tender offer, open market
purchases and/or other purchases is or becomes a Beneficial Owner, directly or indirectly, of securities of the Company representing
more than fifty percent (50%) of the combined voting power of the Company’s then outstanding securities;

 

(ii) a
majority of the Board shall be comprised of persons who (A) were elected in one or more contested elections for the Board (including
through the use of any proxy access procedures included in the Constituent Documents) and (B) had not been nominated when they
were first elected by the then existing Board;

 

(iii) a
merger or consolidation of the Company with or into another corporation is effected, other than a merger or consolidation (A) that
would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity) more than 50% of the combined voting power of
the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation or (B)
effected to implement a recapitalization of the Company (or similar transaction) in which no “person” (as defined in
this Section 1(b)) acquires more than 50% of the combined voting power of the Company’s then outstanding securities;
or

 

(iv) the
stockholders of the Company approve a plan of liquidation, dissolution or winding up of the Company or an agreement for the sale
of all or substantially all of the Company’s assets.

 

(c) “Claim”
means:

 

(i) any
threatened, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, whether civil, criminal,
administrative, arbitrative, investigative, legislative or other, whether formal or informal, or any appeal of any kind therefrom,
whether instituted by or in the right of the Company, a governmental agency, the Board, any committee thereof, a class of its security
holders, or any other party and whether made pursuant to federal, state or other law; or

 

    1

     

    

 

(ii) any
inquiry, hearing or investigation (including any internal investigation), whether formal or informal, whether instituted by or
in the right of the Company, a governmental agency, the Board, any committee thereof, a class of its security holders, or any other
party that the Indemnitee believes might lead to the institution of any such action, suit, proceeding ̧ arbitration, or alternative
dispute resolution mechanism.

 

(d) “Constituent
Documents” means the Charter and the Bylaws of the Company, as they may from time to time be amended and/or restated.

 

(e) “Delaware
Court” means the Court of Chancery of the State of Delaware.

 

(f) “Disinterested
Director” means a director of the Company who is not and was not a party to the Claim in respect of which indemnification
is sought by Indemnitee.

 

(g) “Expenses”
means any and all expenses, including attorneys’ and experts’ fees, court costs, transcript costs, travel expenses,
duplicating, printing and binding costs, telephone charges, and all other costs and expenses incurred in connection with investigating,
defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in,
any Claim. Expenses also shall include (i) Expenses incurred in connection with any appeal resulting from any Claim, including
without limitation the premium, security for, and other costs relating to any bond (including, without limitation, any cost bonds,
appeals bonds, appraisal bonds or their equivalents), and (ii) for purposes of Section 5 only, Expenses incurred
by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement,
by litigation or otherwise. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments
or fines against Indemnitee. The parties agree that for purposes of any advancement of Expenses for which Indemnitee has made written
demand to the Company in accordance with this Agreement, all Expenses included in such demand that are certified by affidavit of
Indemnitee’s counsel as being reasonable shall be presumed conclusively to be reasonable.

 

(h) “Expense
Advance” means any payment of Expenses advanced to Indemnitee by the Company pursuant to Section 4 or Section 5
hereof.

 

(i) “Indemnifiable
Event” means any event or occurrence, whether occurring before, on or after the date of this Agreement, related to the
fact that Indemnitee is or was a director, officer, employee or agent of the Company or any subsidiary of the Company, or is or
was serving at the request of the Company as a director, officer, employee, fiduciary, member, manager, trustee or agent of any
other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other entity or enterprise
(collectively with the Company, “Enterprise”) or by reason of an action or inaction by Indemnitee in any such
capacity (whether or not serving in such capacity at the time any Loss is incurred for which indemnification can be provided under
this Agreement).

 

(j) “Independent
Counsel” means a law firm, a member of a law firm, or an independent practitioner that is experienced in matters of corporation
law and neither presently performs, nor in the past five (5) years has performed, services for either: (i) the Company or
Indemnitee (other than in connection with matters concerning Indemnitee under this Agreement or of other indemnitees under similar
agreements) or (ii) any other party to the Claim giving rise to a claim for indemnification hereunder. Notwithstanding the
foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional
conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine
Indemnitee’s rights under this Agreement, nor shall “Independent Counsel” be any person who has been sanctioned
or censured for ethical violations of applicable standards of professional conduct.

 

    2

     

    

 

(k) “Losses”
means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal or other), ERISA
excise taxes, amounts paid or payable in settlement, including any interest, assessments, any federal, state, local or foreign
taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement and all other charges paid or payable
in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend,
be a witness or participate in, any Claim.

 

(l) “Person”
means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association,
organization, governmental entity or other entity and includes the meaning set forth in Sections 13(d) and 14(d) of the Exchange
Act.

 

(m) “Standard
of Conduct Determination” shall have the meaning ascribed to it in Section 9(b) below.

 

(n) “Voting
Securities” means any securities of the Company that vote generally in the election of directors.

 

2. Services
to the Company. Indemnitee agrees to serve, or continue to serve, as a director and/or officer of the Company for so long as
Indemnitee is duly elected or appointed or until Indemnitee tenders his or her resignation or is no longer serving in such capacity.
This Agreement shall not be deemed an employment agreement between the Company (or any of its subsidiaries or Enterprises) and
Indemnitee. Indemnitee specifically acknowledges that Indemnitee’s employment with and/or service to the Company or any of
its subsidiaries or Enterprises is at will and that Indemnitee may be discharged at any time for any reason, with or without cause,
except as may be otherwise provided in any written employment agreement between Indemnitee and the Company (or any of its subsidiaries
or Enterprises), other applicable formal severance policies duly adopted by the Board or, with respect to service as a director
or officer of the Company, by the Company’s Constituent Documents or Delaware law. This Agreement shall continue in force
after Indemnitee has ceased to serve as a director or officer of the Company or, at the request of the Company, of any of its subsidiaries
or Enterprises, as provided in Section 12 hereof.

 

3. Indemnification.
Subject to Section 9 and Section 10 of this Agreement, the Company shall indemnify Indemnitee, to the fullest
extent permitted by the laws of the State of Delaware in effect on the date hereof, including, without limitation, the Delaware
General Corporation Law (the “DGCL”), or as such laws may from time to time hereafter be amended to increase
the scope of such permitted indemnification, against any and all Losses if Indemnitee was or is or becomes a party to or participant
in, or is threatened to be made a party to or participant in, any Claim by reason of or arising in part out of an Indemnifiable
Event, including, without limitation, Claims brought by or in the right of the Company, Claims brought by third parties, and Claims
in which the Indemnitee is solely a witness.

 

    3

     

    

 

4. Advancement
of Expenses. Indemnitee shall have the right to advancement by the Company, prior to the final disposition of any Claim by
final adjudication to which there are no further rights of appeal, of any and all Expenses actually and reasonably paid or incurred
by Indemnitee in connection with reviewing, investigating, defending, settling or appealing any Claim arising out of an Indemnifiable
Event. Indemnitee’s right to such advancement is not subject to the satisfaction of any standard of conduct. Without limiting
the generality or effect of the foregoing, within ten (10) business days after any request by Indemnitee, the Company shall, in
accordance with such request, (a) pay such Expenses on behalf of Indemnitee, (b) advance to Indemnitee funds in an amount sufficient
to pay such Expenses, or (c) reimburse Indemnitee for such Expenses. In connection with any request for Expense Advances, Indemnitee
shall not be required to provide any documentation or information to the extent that the provision thereof would undermine or otherwise
jeopardize attorney-client privilege. In connection with any request for Expense Advances, Indemnitee shall execute and deliver
to the Company an undertaking to repay any amounts paid, advanced, or reimbursed by the Company for such Expenses to the extent
that it is ultimately determined, following the final disposition of such Claim, that Indemnitee is not entitled to indemnification
hereunder. The Company shall make the Expense Advances contemplated by this Section 4 regardless of the Indemnitee’s
financial ability to make repayment, and regardless of whether indemnification of the Indemnitee by the Company will ultimately
be required. Any Expense Advances pursuant to this Section 4 shall be unsecured and no interest shall be charged thereon.
Except as specifically set forth in this Section 4, the Company shall not impose on the Indemnitee additional conditions
to Expense Advances or require from the Indemnitee additional undertakings regarding repayment. The right to Expense Advance shall
not apply to (i) any Claim against an officer, director or other agent of the Company brought by the Company and approved
by a majority of the authorized members of the Board which alleges willful misappropriation of corporate assets by such officer,
director or other agent or wrongful disclosure of confidential information, or (ii) any claim for which indemnification is
excluded pursuant to this Agreement.

 

5. Indemnification
for Expenses in Enforcing Rights. To the fullest extent allowable under applicable law, the Company shall also indemnify against,
and, if requested by Indemnitee, shall advance to Indemnitee subject to and in accordance with Section 4, any Expenses
actually and reasonably paid or incurred by Indemnitee in connection with any action or proceeding by Indemnitee for (a) indemnification
or reimbursement or advance payment of Expenses by the Company under any provision of this Agreement, or under any other agreement
or provision of the Constituent Documents now or hereafter in effect relating to Claims relating to Indemnifiable Events, and/or
(b) recovery under any directors’ and officers’ liability insurance policies maintained by the Company. However, in
the event that Indemnitee is ultimately determined not to be entitled to such indemnification or insurance recovery, as the case
may be, then all amounts advanced under this Section 5 shall be repaid. Indemnitee shall be required to reimburse the
Company in the event that a final judicial determination is made that such action brought by Indemnitee was frivolous or not made
in good faith.

 

    4

     

    

 

6. Partial
Indemnity. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion
of any Losses in respect of a Claim related to an Indemnifiable Event but not for the total amount thereof, the Company shall nevertheless
indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

 

7. Notification
and Defense of Claims.

 

(a) Notification
of Claims. Indemnitee shall notify the Company in writing as soon as practicable of any Claim which could relate to an Indemnifiable
Event or for which Indemnitee could seek Expense Advances, including a brief description (based upon information then available
to Indemnitee) of the nature of, and the facts underlying, such Claim, and any other documentation as is reasonably available to
Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The failure
by Indemnitee to timely notify the Company hereunder shall not relieve the Company from any liability hereunder unless the Company’s
ability to participate in the defense of such claim was materially and adversely affected by such failure.

 

(b) Defense
of Claims. The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event at its
own expense and, except as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof (including
representation of the Indemnitee) with counsel reasonably satisfactory to Indemnitee. After notice from the Company to Indemnitee
of its election to assume the defense of any such Claim, the Company shall not be liable to Indemnitee under this Agreement or
otherwise for any Expenses subsequently directly incurred by Indemnitee in connection with Indemnitee’s defense of such Claim
other than reasonable costs of investigation or as otherwise provided below. Indemnitee shall have the right to employ its own
legal counsel in such Claim, but all Expenses related to such counsel incurred after notice from the Company of its assumption
of the defense shall be at Indemnitee’s own expense; provided, however, that if (i) Indemnitee’s employment of
its own legal counsel has been authorized by the Company, (ii) Indemnitee has reasonably determined, with advice of counsel,
that there may be a conflict of interest between Indemnitee and the Company in the defense of such Claim (including for any Claim
asserted by or in the right of the Company), (iii) after a Change in Control, Indemnitee’s employment of its own counsel
has been approved by the Independent Counsel or (iv) the Company shall not in fact have employed counsel to assume the defense
of such Claim, then Indemnitee shall be entitled to retain its own separate counsel (but not more than one law firm plus, if applicable,
local counsel in respect of any such Claim) and all Expenses related to such separate counsel shall be borne by the Company.

 

8. Procedure
upon Application for Indemnification. In order to obtain indemnification pursuant to this Agreement, Indemnitee shall submit
to the Company a written request therefor, including in such request such documentation and information as is reasonably available
to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following
the final disposition of the Claim, provided that documentation and information need not be so provided to the extent that the
provision thereof would undermine or otherwise jeopardize attorney-client privilege. Indemnification shall be made insofar as the
Company determines Indemnitee is entitled to indemnification in accordance with Section 9 below.

 

    5

     

    

 

9. Determination
of Right to Indemnification.

 

(a) Mandatory
Indemnification; Indemnification as a Witness.

 

(i) To
the extent that Indemnitee shall have been successful on the merits or otherwise in defense of any Claim relating to an Indemnifiable
Event or any portion thereof or in defense of any issue or matter therein, including without limitation dismissal without prejudice,
Indemnitee shall be indemnified against all Losses relating to such Claim in accordance with Section 3 to the fullest
extent allowable by law and no Standard of Conduct Determination (as defined in Section 9(b)) shall be required.

 

(ii) To
the extent that Indemnitee’s involvement in a Claim relating to an Indemnifiable Event is to prepare to serve and/or serve
as a witness, and not as a party, the Indemnitee shall be indemnified against all Losses incurred in connection therewith to the
fullest extent allowable by law and no Standard of Conduct Determination (as defined in Section 9(b)) shall be required.

 

(b) Standard
of Conduct. To the extent that the provisions of Section 9(a) are inapplicable to a Claim related to an Indemnifiable
Event that shall have been finally disposed of, any determination (1) of whether Indemnitee has satisfied any applicable standard
of conduct under Delaware law that is a legally required condition to indemnification of Indemnitee hereunder against Losses relating
to such Claim and (2) that Expense Advances must be repaid to the Company (a “Standard of Conduct Determination”)
shall be made as follows:

 

(i) if
no Change in Control has occurred, (A) by a majority vote of the Disinterested Directors, even if less than a quorum of the Board,
(B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than
a quorum or (C) if there are no such Disinterested Directors, by Independent Counsel in a written opinion addressed to the Board,
a copy of which shall be delivered to Indemnitee; and

 

(ii) if
a Change in Control shall have occurred, (A) by Independent Counsel in a written opinion addressed to the Board, a copy of which
shall be delivered to Indemnitee, or (B) if the Indemnitee so requests in writing, by a majority vote of the Disinterested Directors,
even if less than a quorum of the Board.

 

The Company shall indemnify and hold harmless
Indemnitee against and, if requested by Indemnitee, shall reimburse Indemnitee for, or advance to Indemnitee, within ten (10) business
days of such request, any and all Expenses incurred by Indemnitee in cooperating with the person or persons making such Standard
of Conduct Determination. Indemnitee shall cooperate with the person making the Standard of Conduct Determination with respect
to Indemnitee’s entitlement to indemnification, including providing to such person upon reasonable advance request any documentation
or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and
reasonably necessary to making such determination. The person making the Standard of Conduct Determination shall act reasonably
and in good faith in making a determination regarding the Indemnitee’s entitlement to indemnification under this Agreement.

 

    6

     

    

 

(c) Making
the Standard of Conduct Determination. The Company shall use its reasonable best efforts to cause any Standard of Conduct Determination
required under Section 9(b) to be made as promptly as practicable. If the person or persons designated to make the
Standard of Conduct Determination under Section 9(b) shall not have made a determination within thirty (30) days after
the later of (i) receipt by the Company of a written request from Indemnitee for indemnification pursuant to Section 8
(the date of such receipt being the “Notification Date”) and (ii) the selection of an Independent Counsel,
if such determination is to be made by Independent Counsel, then Indemnitee shall be deemed to have satisfied the applicable standard
of conduct absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make
Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition
of such indemnification under applicable law; provided that such 30-day period may be extended for a reasonable time, not to exceed
an additional thirty (30) days, if the person or persons making such determination in good faith requires such additional time
to obtain or evaluate information relating thereto. Notwithstanding anything in this Agreement to the contrary, no determination
as to entitlement of Indemnitee to indemnification under this Agreement shall be required to be made prior to the final disposition
of any Claim.

 

(d) Payment
of Indemnification. If, in regard to any Losses:

 

(i) Indemnitee
shall be entitled to indemnification pursuant to Section 9(a);

 

(ii) no
Standard of Conduct Determination is legally required as a condition to indemnification of Indemnitee hereunder; or

 

(iii) Indemnitee
has been determined or deemed pursuant to Section 9(b) or Section 9(c) to have satisfied the Standard of
Conduct Determination, then the Company shall pay to Indemnitee, within five (5) business days after the later of (A) the Notification
Date or (B) the earliest date on which the applicable criterion specified in clause (i), (ii) or (iii) is satisfied, an amount
equal to such Losses.

 

(e) Selection
of Independent Counsel for Standard of Conduct Determination. If a Standard of Conduct Determination is to be made by Independent
Counsel pursuant to Section 9(b)(i), the Independent Counsel shall be selected by the Board, and the Company shall
give written notice to Indemnitee advising Indemnitee of the identity of the Independent Counsel so selected. If a Standard of
Conduct Determination is to be made by Independent Counsel pursuant to Section 9(b)(ii), the Independent Counsel shall
be selected by Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of the Independent
Counsel so selected. In either case, Indemnitee or the Company, as applicable, may, within five (5) days after receiving written
notice of selection from the other, deliver to the other a written objection to such selection; provided, however, that such objection
may be asserted only on the grounds that the Independent Counsel so selected does not satisfy the criteria set forth in the definition
of “Independent Counsel” in Section 1(j), and the objection shall set forth with particularity the factual
basis of such assertion. Absent a proper and timely objection, the person or firm so selected shall act as Independent Counsel.
If such written objection is properly and timely made and substantiated, (i) the Independent Counsel so selected may not serve
as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit;
and (ii) the non-objecting party may, at its option, select an alternative Independent Counsel and give written notice to
the other party advising such other party of the identity of the alternative Independent Counsel so selected, in which case the
provisions of the two immediately preceding sentences, the introductory clause of this sentence and numbered clause (i) of
this sentence shall apply to such subsequent selection and notice. If applicable, the provisions of clause (ii) of the immediately
preceding sentence shall apply to successive alternative selections. If no Independent Counsel that is permitted under the foregoing
provisions of this Section 9(e) to make the Standard of Conduct Determination shall have been selected within twenty
(20) days after the Company gives its initial notice pursuant to the first sentence of this Section 9(e) or Indemnitee
gives its initial notice pursuant to the second sentence of this Section 9(e), as the case may be, either the Company
or Indemnitee may petition the Delaware Court to resolve any objection which shall have been made by the Company or Indemnitee
to the other’s selection of Independent Counsel and/or to appoint as Independent Counsel a person to be selected by the Court
or such other person as the Court shall designate, and the person or firm with respect to whom all objections are so resolved or
the person or firm so appointed will act as Independent Counsel. In all events, the Company shall pay all of the reasonable fees
and expenses of the Independent Counsel incurred in connection with the Independent Counsel’s determination pursuant to Section 9(b).

 

    7

     

    

 

(f) Presumptions
and Defenses.

 

(i) Indemnitee’s
Entitlement to Indemnification. In making any Standard of Conduct Determination, the person or persons making such determination
shall presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and the Company
shall have the burden of proof by clear and convincing evidence to overcome that presumption and establish that Indemnitee is not
so entitled. Any Standard of Conduct Determination that is adverse to Indemnitee may be challenged by the Indemnitee in the Delaware
Court. No determination by the Company (including by its directors or any Independent Counsel) that Indemnitee has not satisfied
any applicable standard of conduct may be used as a defense to any legal proceedings brought by Indemnitee to secure indemnification
or reimbursement or advance payment of Expenses by the Company hereunder or create a presumption that Indemnitee has not met any
applicable standard of conduct.

 

(ii) Reliance
as a Safe Harbor. For purposes of this Agreement, and without creating any presumption as to a lack of good faith if the following
circumstances do not exist, Indemnitee shall be deemed to have acted in good faith and in a manner he or she reasonably believed
to be in or not opposed to the best interests of the Company if Indemnitee’s actions or omissions to act are taken in good
faith reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports or statements
furnished to Indemnitee by the officers or employees of the Company or any of its subsidiaries in the course of their duties, or
by committees of the Board or by any other Person (including legal counsel, accountants and financial advisors) as to matters Indemnitee
reasonably believes are within such other Person’s professional or expert competence and who has been selected with reasonable
care by or on behalf of the Company. In addition, the knowledge and/or actions, or failures to act, of any director, officer, agent
or employee of the Company or any other Enterprise shall not be imputed to Indemnitee for purposes of determining the right to
indemnity hereunder. Whether or not the foregoing provisions of this Section 9(f)(ii) are satisfied, it shall in any
event be presumed that Indemnitee has at all times acted in good faith and in a manner the Indemnitee reasonably believed to be
in or not opposed to the best interests of the Company. Anyone seeking to overcome this presumption shall have the burden of proof
and the burden of persuasion by clear and convincing evidence.

 

    8

     

    

 

(iii) No
Other Presumptions. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with
or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a presumption that
Indemnitee did not meet any applicable standard of conduct or have any particular belief, or that indemnification hereunder is
otherwise not permitted.

 

(iv) Defense
to Indemnification and Burden of Proof. It shall be a defense to any action brought by Indemnitee against the Company to enforce
this Agreement that it is not permissible under applicable law for the Company to indemnify Indemnitee for the amount claimed (other
than an action brought to enforce a claim for Losses incurred in defending against a Claim related to an Indemnifiable Event in
advance of its final disposition). In connection with any such action or any related Standard of Conduct Determination, the burden
of proving such a defense or that the Indemnitee did not satisfy the applicable standard of conduct shall be on the Company.

 

(v) Resolution
of Claims. The Company acknowledges that a settlement or other disposition short of final judgment may be successful on the
merits or otherwise for purposes of Section 9(a)(i) if it permits a party to avoid expense, delay, distraction, disruption
and uncertainty. In the event that any Claim relating to an Indemnifiable Event to which Indemnitee is a party is resolved in any
manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim or proceeding
with or without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits
or otherwise for purposes of Section 9(a)(i). The Company shall have the burden of proof and burden of persuasion to
overcome this presumption by clear and convincing evidence.

 

(vi) Enforcement
of Right to Payment. If (i) the Company (including by its directors, stockholders or any Independent Counsel) determines
that the Indemnitee is not entitled to be indemnified in whole or in part under applicable law, (ii) any amount of indemnifiable
Losses is not paid in full by the Company according to Section 9(d) after a determination is made pursuant to Section 9(c)
that the Indemnitee is entitled to be indemnified, or (iii) any amount of Expense Advances is not paid in full by the Company
in accordance with Section 4 after a request and an undertaking pursuant to Section 4 have been received
by the Company, in each case, the Indemnitee shall have the right to commence litigation in any court in the State of Delaware
having subject matter jurisdiction thereof and in which venue is proper, either challenging any such determination, which shall
not be binding, or any aspect thereof (including the legal or factual bases therefor), seeking to recover the unpaid amount of
indemnifiable Losses or Expense Advances, as applicable, and otherwise to enforce the Company’s obligations under this Agreement.
The Company hereby consents to service of process and to appear in any such proceeding. If the Indemnitee commences legal proceedings
in a court of competent jurisdiction to secure a determination that the Indemnitee should be indemnified under applicable law,
any such judicial proceeding shall be conducted in all respects as a de novo trial, on the merits, any determination that the Indemnitee
is not entitled to be indemnified under applicable law shall not be binding and shall not prejudice the Indemnitee, the Indemnitee
shall continue to be entitled to receive Expense Advances, and the Indemnitee shall not be required to reimburse the Company for
any Expense Advances, unless and until a final judicial determination is made (as to which all rights of appeal therefrom have
been exhausted or lapsed) that the Indemnitee is not entitled to be so indemnified under applicable law. The Company shall also
be solely responsible for paying all costs incurred by it in defending any Claim made pursuant to this Section 9(g)
challenging its determination or seeking its payment.

 

    9

     

    

 

10. Exclusions
from Indemnification. Notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated to:

 

(a) Indemnify
or advance funds to Indemnitee for Expenses or Losses with respect to proceedings initiated by Indemnitee (other than any cross
claim, counterclaim or affirmative defense asserted by the Indemnitee in an action brought against Indemnitee), including any proceedings
against the Company, any entity that it controls or any of the directors, officers, or employees thereof, or other indemnitees,
except:

 

(i) proceedings
referenced in Section 5 above (unless a court of competent jurisdiction determines that each of the material assertions
made by Indemnitee in such proceeding was not made in good faith or was frivolous);

 

(ii) where
the Company has joined in or the Board has consented to the initiation of such proceedings; or

 

(iii) the
Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law,

 

(b) Indemnify
Indemnitee if a final decision by a court of competent jurisdiction determines that such indemnification is prohibited by applicable
law.

 

(c) Indemnify
Indemnitee for the disgorgement of profits arising from the purchase or sale by Indemnitee of securities of the Company in violation
of Section 16(b) of the Exchange Act, or any similar successor statute; provided that the Company shall advance Expenses in
connection with Indemnitee’s defense of a claim under Section 16(b) of the Exchange Act, which advances shall be repaid
to the Company if it is ultimately determined that Indemnitee is not entitled to indemnification of such Expenses.

 

(d) Indemnify
or advance funds to Indemnitee for Indemnitee’s reimbursement to the Company of any bonus or other incentive-based or equity-based
compensation previously received by Indemnitee or payment of any profits realized by Indemnitee from the sale of securities of
the Company, as required in each case under the Exchange Act (including any such reimbursements under Section 304 of the Sarbanes-Oxley
Act of 2002 (the “Sarbanes-Oxley Act”) in connection with an accounting restatement of the Company or the payment
to the Company of profits arising from the purchase or sale by Indemnitee of securities in violation of Section 306 of the
Sarbanes-Oxley Act) or in respect of claw-back provisions promulgated under the rules and regulations of the Securities and Exchange
Commission (the “SEC”) or the New York Stock Exchange or other applicable securities exchange (the “NYSE”),
or Company policy adopted pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, and/or the rules and regulations
of the SEC and the NYSE.

 

    10

     

    

 

(e) Indemnify
Indemnitee for Expenses or Losses for which payment has actually been made to or on behalf of Indemnitee under any D&O Insurance
(as hereinafter defined) policy, the Constituent Documents, Other Indemnity Provision (as hereinafter defined) or otherwise of
the amounts otherwise indemnifiable by the Company hereunder, except with respect to any excess beyond the amount paid under any
insurance policy or other indemnity provision.

 

11. Settlement
of Claims. The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any threatened
or pending Claim related to an Indemnifiable Event effected without the Company’s prior written consent, which shall not
be unreasonably withheld; provided, however, that if a Change in Control has occurred, the Company shall be liable for indemnification
of the Indemnitee for amounts paid in settlement if an Independent Counsel has approved the settlement. The Company shall not settle
any Claim related to an Indemnifiable Event in any manner that would impose any Losses or limitation on the Indemnitee without
the Indemnitee’s prior written consent which shall not be unreasonably withheld. The Company shall not, on its own behalf,
settle any part of any proceeding to which Indemnitee is a party with respect to other parties (including the Company) if any portion
of such settlement is to be funded from insurance proceeds unless approved by (a) the written consent of Indemnitee (provided,
however, that such consent shall not be unreasonably withheld) or (b) a majority of the Disinterested Directors; provided, however,
that the right to constrain the Company’s use of corporate insurance as described in this Section 11 shall terminate
at the time the Company concludes pursuant to the terms of the Agreement that the Indemnitee is not entitled to indemnification
pursuant to this Agreement, or such indemnification obligation to Indemnitee has been fully discharged by the Company.

 

12. Duration.
All agreements and obligations of the Company contained herein shall continue during the period that Indemnitee is a director or
officer of the Company (or is serving at the request of the Company as a director, officer, employee, member, trustee or agent
of another Enterprise) and shall continue thereafter (i) so long as Indemnitee may be subject to any possible Claim relating
to an Indemnifiable Event (including any rights of appeal thereto) and (ii) throughout the pendency of any proceeding (including
any rights of appeal thereto) commenced by Indemnitee to enforce or interpret his or her rights under this Agreement, even if,
in either case, he or she may have ceased to serve in such capacity at the time of any such Claim or proceeding.

 

13. Non-Exclusivity.
The rights of Indemnitee hereunder, including, without limitation, to indemnification and Expense Advance, will be in addition
to, but not exclusive of, any other rights Indemnitee may have at any time under the Constituent Documents, the DGCL, any D&O
Insurance policy, any other contract, vote of stockholders or directors (or a committee of directors) or otherwise (collectively,
“Other Indemnity Provisions”); provided, however, that (a) to the extent that Indemnitee otherwise would have
any greater right to indemnification under any Other Indemnity Provision, Indemnitee will be deemed to have such greater right
hereunder and (b) to the extent that any change is made to any Other Indemnity Provision which permits any greater right to indemnification
than that provided under this Agreement as of the date hereof, Indemnitee will be deemed to have such greater right hereunder.

 

    11

     

    

 

14. Liability Insurance.

 

(a) The
Company represents that it presently has in force and effect directors’ and officers’ liability insurance covering
the directors and officers of the Company (“D&O Insurance”) as discussed with the Board in [_________] (the
“Current Insurance Policies”).

 

(b) For
the duration of Indemnitee’s service as a director and/or officer of the Company, and thereafter for so long as Indemnitee
shall be subject to any pending Claim relating to an Indemnifiable Event, the Company shall use commercially reasonable efforts
(taking into account the scope and amount of coverage available relative to the cost thereof) to continue to maintain in effect
policies of D&O Insurance providing coverage that is at least substantially comparable in scope and amount to that provided
by the Current Insurance Policies.

 

(c) In
all policies of D&O Insurance maintained by the Company, Indemnitee shall be named as an insured [in such a manner as to provide
Indemnitee the same rights and benefits as are provided to the most favorably insured of the Company’s directors and officers
by such policy].

 

(d) Upon
request, the Company will provide to Indemnitee copies of all directors’ and officers’ liability insurance applications,
binders, policies, declarations, endorsements and other related materials.

 

(e) Notwithstanding
the foregoing, except as provided below in Section 14(g) in the event of a Change in Control, the Company shall have
no obligation to obtain or maintain D&O Insurance coverage at least comparable to that provided by the Current Insurance Policies.
All decisions as to whether and to what extent the Company maintains any D&O Insurance shall be made by the Board in its sole
and absolute discretion.

 

(f) Promptly
after receiving notice of a Claim, whether from the Indemnitee or otherwise, the Company shall give prompt notice to its D&O
Insurance carriers, and any other insurance carriers providing applicable insurance coverage to the Company, in the case of (i) and
(ii), in accordance with the requirements of the respective insurance policies. The Company shall, thereafter, take all necessary
or appropriate action to cause such insurance carriers to pay, on behalf of the Indemnitee, all Expenses incurred or to be incurred,
and liability incurred, by the Indemnitee with respect to such Claim, in accordance with the terms of the applicable insurance
policies.

 

(g) At
or prior to any Change in Control, the Company shall obtain a prepaid, fully-earned and non-cancellable “tail” directors’
and officers’ liability insurance policy in respect of acts or omissions occurring at or prior to the Change in Control with
a claims period of six (6) years from the Change in Control, covering the Indemnitee, to the extent that the Indemnitee is covered
by D&O Insurance immediately prior to the Change in Control, with the coverage and amounts and containing terms and conditions
that are not less advantageous to the directors of the Company and its subsidiaries than those of the D&O Insurance in effect
immediately prior to such Change in Control; provided, however, that the aggregate premium therefor is not in excess of 300% of
the annual premium then paid by the Company for coverage for its then current policy year for such insurance, and if the premium
therefor would be in excess of such amount, the Company shall purchase such “tail” policy with the greatest coverage
available as to matters occurring prior to the Change in Control as is available for a cost not exceeding that premium amount.
Any such tail policy may not be amended, modified, cancelled or revoked after the Change in Control by the Company or any successor
thereto in any manner that is adverse to the Indemnitee.

 

    12

     

    

 

15. Subrogation.
In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of contribution or recovery of Indemnitee against other Persons. At the request of the Company, Indemnitee shall execute all papers
required and shall take all reasonable action necessary to secure such rights, including the execution of such documents necessary
to enable the Company effectively to bring suit to enforce such rights.

 

16. No
Duplication of Payments. The Company shall not be liable under this Agreement to make any payment in connection with any Claim
to the extent the Indemnitee has otherwise actually received payment (under any statute, insurance policy, any provision of the
Constituent Documents, vote, or otherwise) of the amounts otherwise indemnifiable hereunder. The Company’s obligation of
indemnification or Expense Advances hereunder to the Indemnitee who is or was serving at the request of the Company as a director,
officer, trustee, partner, managing member, fiduciary, board of directors’ committee member, employee or agent of any other
Person shall be reduced by any amount the Indemnitee has actually received as indemnification or Expense Advance from such Person.

 

17. Entire
Agreement. This Agreement and the documents referred to herein constitute the entire agreement between the parties hereto with
respect to the matters covered hereby, and any other prior or contemporaneous oral or written understandings or agreements with
respect to the matters covered hereby are expressly superseded by this Agreement, provided, however, that this Agreement is supplemental
to and in furtherance of the Charter, Bylaws, the DGCL and any other applicable law, and shall not be deemed a substitute therefor,
and does not diminish or abrogate any rights of the Indemnitee thereunder.

 

18. Conflict
With Constituent Documents. To the fullest extent permitted by applicable law, in the event of a conflict between the terms
of this Agreement and the terms of the Charter or Bylaws, the terms of this Agreement shall prevail.

 

19. Cooperation
and Intent. The Company shall cooperate in good faith with the Indemnitee and use its best efforts to ensure that, to the fullest
extent permitted by applicable law, the Indemnitee is indemnified and/or reimbursed for any Indemnifiable Event and receives the
Expense Advance.

 

20. Noninterference.
The Company shall not seek or agree to any order of any court or other governmental authority that would prohibit or otherwise
interfere, and shall not take or fail to take any other action if such action or failure would reasonably be expected to have the
effect of prohibiting or otherwise interfering, with the performance of the Company’s indemnification, Expense Advance or
other obligations under this Agreement.

 

21. Change
in Law. To the extent that a change in Delaware law or the interpretation thereof (whether by statute or judicial decision)
permits broader indemnification or advancement of expenses than is provided under the terms of the Charter, Bylaws and this Agreement,
it is the intent of the parties hereto that the Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such
change in law. In the event of any change in Delaware law (whether by statute or judicial decision) which narrows the right of
a Delaware corporation to indemnify a member of its board of directors, an officer, or other corporate agent, such changes, to
the extent not required by applicable law to be applied to this Agreement, shall have no effect on this Agreement or the parties’
rights and obligations hereunder.

 

    13

     

    

 

22. More
Favorable Indemnification Agreements. In the event the Company or any of its subsidiaries enters into an indemnification
agreement with another director, officer, agent, fiduciary or manager of the Company or any of its subsidiaries containing a term
or terms more favorable to the indemnitee than the terms contained herein (as determined by the Indemnitee), the Indemnitee shall
be afforded the benefit of such more favorable term or terms and such more favorable term or terms shall be deemed incorporated
by reference herein as if set forth in full herein.

 

23. Amendments
and Waivers. Except as provided in Section 21 with respect to changes in Delaware law that broaden the right of
Indemnitee to be indemnified by the Company and Section 22 which provides for the Indemnitee to be afforded the benefit
of a more favorable term or terms included in other indemnification agreements, no supplement, modification or amendment of this
Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this
Agreement shall be binding unless in the form of a writing signed by the party against whom enforcement of the waiver is sought,
and no such waiver shall operate as a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute
a continuing waiver. Except as specifically provided herein, no failure to exercise or any delay in exercising any right or remedy
hereunder shall constitute a waiver thereof.

 

24. Binding
Effect; Successors. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto
and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to
all or substantially all of the business and/or assets of the Company), assigns, spouses, heirs, executors, administrators, and
personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase,
merger, consolidation or otherwise) to all, substantially all or a substantial part of the business and/or assets of the Company,
by written agreement in form and substances satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement
in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.
This Agreement shall continue in effect for the benefit of the Indemnitee and such personal and legal representatives, spouses,
heirs, executors and administrators regardless of whether the Indemnitee continues to serve as an officer, director or other representative
or agent of the Company or any other Person at the request of the Company. Except as otherwise provided in this Section 24,
neither this Agreement nor any duties or responsibilities pursuant hereto may be assigned by the Company to any other Person without
the express prior written consent of the Indemnitee.

 

    14

     

    

 

25. Severability.
The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any portion thereof)
are held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable for any reason, and the remaining
provisions of this Agreement (including all portions of any paragraph of this Agreement containing any such provision held to be
invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall not in any way be affected
or impaired thereby and shall remain enforceable to the fullest extent permitted by law. Upon such determination that any term
or other provision is invalid, illegal or unenforceable, to the fullest extent possible, the provisions of this Agreement (including
all portions of any paragraph of this Agreement containing any such provision held to be invalid, illegal or unenforceable) shall
be construed or deemed reformed so as to give the maximum effect to the intent of the parties hereto manifested by the provision
held invalid, illegal or unenforceable and to give the maximum effect to the terms of this Agreement.

 

26. Notices.
All notices, requests, demands, consents and other communications hereunder to any party and either delivered in person or sent
by U.S. mail, overnight courier or by e-mail or other electronic transmission, addressed to such party at the address set forth
below or such other address as may hereafter be designated on the signature pages of this Agreement or in writing by such party
to the other parties, and shall be effective only upon receipt by such party:

 

(a) if
to Indemnitee, to the address set forth on the signature page hereto.

 

(b) if
to the Company, to:

 

Longeveron Inc.

Attn: General Counsel

1951 NW 7th Avenue, Suite 520

Miami, FL 33136

 

Notice of change of
address shall be effective only when given in accordance with this Section 26. All notices complying with this Section 26
shall be deemed to have been received on the date of hand delivery or on the third business day after mailing.

 

27. Governing
Law and Forum. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware
applicable to contracts made and to be performed in such state without giving effect to the principles of conflicts of laws of
such state or any other jurisdiction that would cause the application of the laws of any jurisdiction other than the State of Delaware.
The Company and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or in
connection with this Agreement shall be brought only in the Delaware Court and not in any other state or federal court in the United
States, (b) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising
out of or in connection with this Agreement and (c) waive, and agree not to plead or make, any claim that the Delaware Court lacks
venue or that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.

 

    15

     

    

 

28. Specific
Performance. The Company and the Indemnitee agree that a monetary remedy for breach of this Agreement may be inadequate, impracticable
and difficult to prove, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto
agree that Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific performance hereof, without any necessity
of showing actual damage or irreparable harm and that, by seeking injunctive relief and/or specific performance, Indemnitee shall
not be precluded from seeking or obtaining any other relief to which Indemnitee may be entitled. The Company and Indemnitee further
agree that Indemnitee shall be entitled to such specific performance and injunctive relief, including temporary restraining orders,
preliminary injunctions and permanent injunctions, without the necessity of posting bonds or providing other undertakings in connection
therewith. The Company acknowledges that in the absence of a court requiring a waiver, bond or undertaking of Indemnitee, the Company
hereby waives any such requirement of a bond or undertaking.

 

29. Headings.
The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute
part of this Agreement or to affect the construction or interpretation thereof.

 

30. Counterparts.
This Agreement may be executed in one or more counterparts (including by PDF or facsimile), each of which shall for all purposes
be deemed to be an original, but all of which together shall constitute one and the same Agreement. Only one such counterpart signed
by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

 

[SIGNATURE PAGE FOLLOWS]

 

    16

     

    

 

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

 

	 	LONGEVERON INC.,
	 	a Delaware corporation
	 	 
	 	By:	                            
	 	Name:	 
	 	Title:	 
	 	 
	 	INDEMNITEE
	 	 	 
	 	By:	 
	 	Name:	 

  

[Signature page to Indemnification Agreement]

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