Document:

Exhibit
4.4

 

DESCRIPTION
OF SECURITIES

 

The
following summary description of the securities of Anebulo Pharmaceuticals, Inc. (“we,” “our” or “us”)
is based on the provisions of our amended and restated certificate of incorporation (“Restated Certificate”), as well as
our amended and restated bylaws (“Restated Bylaws”), and the applicable provisions of the Delaware General Corporation Law.
This information is qualified entirely by reference to the applicable provisions of our Restated Certificate, Restated Bylaws, and the
Delaware General Corporation Law. Our Restated Certificate and Restated Bylaws have previously been filed as exhibits with the Securities
and Exchange Commission.

 

General

 

Our
authorized capital stock presently consists of 40,000,000 shares of common stock, par value $0.001 per share, and 2,000,000 shares of
preferred stock, par value $0.001 per share.

 

Common
Stock

 

Voting
Rights

 

Each
holder of our common stock is entitled to one vote for each share on all matters to be voted upon by the stockholders and there are no
cumulative rights. Except as otherwise set forth in our Restated Certificate and Restated Bylaws or required by applicable law, in all
matters other than a contested election of directors, the affirmative vote of the majority of shares of our capital stock present in
person or represented by proxy at a stockholders’ meeting having a quorum and entitled to vote on the subject matter shall be the
act of the stockholders. In a contested election of directors, directors shall be elected by a plurality of the votes of the shares of
stock present in person or represented by proxy at a stockholders’ meeting having a quorum and entitled to vote on the election
of directors.

 

Dividends

 

Subject
to the rights of the holders of preferred stock, the holders of our common stock are entitled to receive ratably the dividends, if any,
as may be declared from time to time by the board of directors out of legally available funds.

 

Liquidation

 

In
the event of our voluntary or involuntary liquidation, dissolution or winding-up, the holders of our common stock shall be entitled to
share in our assets remaining after the payment of liabilities and any preferential rights of any outstanding preferred stock.

 

Rights
and Preferences

 

Holders
of our common stock have no preemptive or conversion rights or other subscription rights, and there are no redemption or sinking fund
provisions applicable to the common stock. All outstanding shares of our common stock are fully paid and non-assessable. The rights,
preferences and privileges of the holders of our common stock are subject to, and may be adversely affected by, the rights of the holders
of shares of any series of our preferred stock that we may designate and issue in the future.\

 

Preferred
Stock

 

Our
board of directors may, without further action by our stockholders, fix the rights, preferences, privileges, and restrictions of up to
an aggregate of 2,000,000 shares of our preferred stock in one or more series and authorize their issuance. These rights, preferences
and privileges could include voting rights, dividend rights, conversion rights, redemption privileges, liquidation preferences, sinking
fund terms, and the number of shares constituting any series or the designation of such series, any or all of which may be greater than
the rights of our common stock. The issuance of our preferred stock could adversely affect the voting power of holders of our common
stock and the likelihood that such holders will receive dividend payments and payments upon liquidation. In addition, the issuance of
preferred stock could have the effect of delaying, deterring or preventing a change of control or other corporate action.

 

    	 

     

    

 

Effect
of Certain Provisions of our Restated Certificate and Restated Bylaws and the Delaware Anti-Takeover Statute

 

Certain
provisions of Delaware law, our Restated Certificate and Restated Bylaws contain provisions that could have the effect of delaying, deferring
or discouraging another party from acquiring control of us. These provisions, which are summarized below, may have the effect of discouraging
coercive takeover practices and inadequate takeover bids. These provisions are also designed, in part, to encourage persons seeking to
acquire control of us to first negotiate with our board of directors. We believe that the benefits of increased protection of our potential
ability to negotiate with an unfriendly or unsolicited acquirer outweigh the disadvantages of discouraging a proposal to acquire us because
negotiation of these proposals could result in an improvement of their terms.

 

No
cumulative voting

 

The
Delaware General Corporation Law (“DGCL”) provides that stockholders are not entitled to the right to cumulate votes in the
election of directors unless our certificate of incorporation provides otherwise. Our Restated Certificate and Restated Bylaws do not
provide for cumulative voting in the election of directors.

 

Undesignated
preferred stock

 

The
ability to authorize undesignated preferred stock makes it possible for our board of directors to issue one or more series of preferred
stock with voting or other rights or preferences that could impede the success of any attempt to change control. These and other provisions
may have the effect of deferring hostile takeovers or delaying changes in control or management of us.

 

Calling
of special meetings of stockholders and action by written consent

 

Our
Restated Certificate and Restated Bylaws provide that, except as otherwise expressly provided by the terms of any series of our preferred
stock or applicable law, a special meeting of stockholders for any purpose may be called only by our board of directors, chairman of
our board of directors, our chief executive officer or our president and no other persons. Our Restated Certificate provides that any
action required or permitted to be taken by our stockholders must be effected at a duly called annual or special meeting of stockholders
and may not be effected by any consent in writing by the stockholders.

 

Requirements
for advance notification of stockholder nominations and proposals

 

Our
Restated Bylaws establish advance notice procedures with respect to stockholder proposals and the nomination of candidates for election
as directors, other than nominations made by or at the direction of our board of directors or a committee of our board of directors.
However, our Restated Bylaws may have the effect of precluding the conduct of certain business at a meeting if the proper procedures
are not followed. These provisions may also discourage or deter a potential acquirer from conducting a solicitation of proxies to elect
the acquirer’s own slate of directors or otherwise attempting to obtain control of us.

 

Classified
Board of Directors

 

The
provisions in our Restated Certificate relating to a classified board of directors may have the effect not only of discouraging attempts
by others to buy our company, but also of making it more difficult or impossible for existing stockholders to make management changes.
A classified board, which is made up of directors elected for staggered terms, while promoting stability in the membership of our board
of directors and management, also moderates the pace of any change in control of our board of directors by extending the time required
to elect a majority, effectively requiring action in at least two annual meetings.

 

    	 

     

    

 

Amendment
of Restated Bylaws

 

Our
board of directors may alter, amend or repeal our Restated Bylaws, in whole or in part, or adopt new bylaws. Stockholders may alter,
amend, or repeal our Restated Bylaws, in whole or in part, or adopt new bylaws by, in addition to any vote of the holders of any class
or series of our capital stock required by law or our Restated Certificate, the affirmative vote of the holders of a majority of the
shares of our capital stock present in person or represented by proxy at a stockholders’ meeting having a quorum and entitled to
vote thereon; provided, however, that amendments to certain provisions of our Restated Bylaws require the affirmative vote of the holders
of at least sixty-six and two-thirds percent (66-2/3%) of the voting power of all of the then outstanding shares of the capital stock
of the corporation entitled to vote generally in the election of directors, voting together as a single class.

 

Election
and Removal of Directors

 

The
DGCL provides that stockholders are not entitled to the right to cumulate votes in the election of directors unless our certificate of
incorporation provides otherwise. Our Restated Certificate does not expressly provide for cumulative voting. Directors may be removed,
but only for cause, upon the affirmative vote of holders of at least 75% of the voting power of the outstanding shares of our capital
stock then entitled to vote at an election of directors, voting together as a single class, in addition to any vote of holders of any
class or series of our capital stock required by law or our Restated Certificate. In addition, under our Restated Certificate, our board
of directors are divided into three classes of directors, each of which hold office for a three-year term. The existence of a classified
board could delay a successful tender offeror from obtaining majority control of our board of directors, and the prospect of that delay
might deter a potential offeror.

 

Section
203 of the Delaware General Corporation Law

 

We
are be subject to the provisions of Section 203 of the DGCL (“Section 203”). In general, Section 203 prohibits a publicly
held Delaware corporation from engaging in a “business combination” with an “interested stockholder” for a three-year
period following the time that this stockholder becomes an interested stockholder, unless the business combination is approved in a prescribed
manner. Under Section 203, a business combination between a corporation and an interested stockholder is prohibited unless it satisfies
one of the following conditions:

 

	 	●	before
    the stockholder became interested, our board of directors approved either the business combination or the transaction which resulted
    in the stockholder becoming an interested stockholder;
	 	●	upon
    consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder
    owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes
    of determining the voting stock outstanding, shares owned by persons who are directors and also officers, and employee stock plans,
    in some instances, but not the outstanding voting stock owned by the interested stockholder; or
	 	●	at
    or after the time the stockholder became interested, the business combination was approved by our board of directors and authorized
    at an annual or special meeting of the stockholders by the affirmative vote of at least two-thirds of the outstanding voting stock
    which is not owned by the interested stockholder.

 

Section
203 defines a business combination to include:

 

	 	●	any
    merger or consolidation involving the corporation and the interested stockholder;
	 	●	any
    sale, transfer, lease, pledge or other disposition involving the interested stockholder of 10% or more of the assets of the corporation;subject
    to exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the
    interested stockholder;
	 	●	subject
    to exceptions, any transaction involving the corporation that has the effect of increasing the proportionate share of the stock of
    any class or series of the corporation beneficially owned by the interested stockholder; and
	 	●	the
    receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided
    by or through the corporation.

 

    	 

     

    

 

In
general, Section 203 defines an interested stockholder as any entity or person beneficially owning 15% or more of the outstanding voting
stock of the corporation and any entity or person affiliated with or controlling or controlled by the entity or person.

 

A
Delaware corporation may “opt out” of these provisions with an express provision in its original certificate of incorporation
or an express provision in its amended and restated certificate of incorporation or amended and restated bylaws resulting from a stockholders’
amendment approved by at least a majority of the outstanding voting shares. We have not opted out of these provisions. As a result, mergers
or other takeover or change in control attempts of us may be discouraged or prevented.

 

Choice
of Forum

 

Our
Restated Certificate provides that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the
State of Delaware is the sole and exclusive forum for (i) any derivative action or proceeding brought on our behalf, (ii) any action
asserting a claim of breach of a fiduciary duty owed by our directors, officers or other employees to us or to our stockholders, (iii)
any action asserting a claim against us or any of our directors, officers or other employees arising pursuant to any provision of the
DGCL, our Restated Certificate or Restated Bylaws or (iv) any action asserting a claim governed by the internal affairs doctrine, in
all cases to the fullest extent permitted by law and subject to the court having personal jurisdiction over the indispensable parties
named as defendants; provided that these provisions of our Restated Certificate do not apply to suits brought to enforce a duty or liability
created by the Securities Act of 1933, as amended (the “Securities Act”), the Securities and Exchange Act of 1934, as amended,
or any other claim for which the federal courts have exclusive jurisdiction. Our Restated Certificate further provides that the federal
district courts of the United States of America is the exclusive forum for resolving any complaint asserting a cause of action arising
under the Securities Act, unless we consent in writing to the selection of an alternative forum.

 

Other
Limitations on Stockholder Actions

 

Our
Restated Bylaws also impose some procedural requirements on stockholders who wish to:

 

	 	●	make
    nominations in the election of directors;
	 	●	propose
    that a director be removed; or
	 	●	propose
    any other business to be brought before an annual or special meeting of stockholders.

 

Under
these procedural requirements, in order to bring a proposal before a meeting of stockholders, a stockholder must deliver timely notice
of a proposal pertaining to a proper subject for presentation at the meeting to our corporate secretary containing, among other things,
the following:

 

	 	●	the
    stockholder’s name and address;
	 	●	the
    number of shares beneficially owned by the stockholder;
	 	 	the
    names of all persons with whom the stockholder is acting in concert and a description of all arrangements and understandings with
    those persons;
	 	●	a
    description of the business or nomination to be brought before the meeting and the reasons for conducting such business at the meeting;
    and
	 	●	any
    material interest of the stockholder in such business.

 

Our
Restated Bylaws set out the timeliness requirements for delivery of notice.

 

In
order to submit a nomination for our board of directors, a stockholder must also submit any information with respect to the nominee that
we would be required to include in a proxy statement, as well as some other information. If a stockholder fails to follow the required
procedures, the stockholder’s proposal or nominee will be ineligible and will not be voted on by our stockholders.

 

Exchange
Listing

 

Our
common stock is listed on the Nasdaq Capital Market under the trading symbol “ANEB.”

 

Transfer
Agent and Registrar

 

The
transfer agent and registrar for our common stock is Continental Stock Transfer & Trust Company. The transfer agent and registrar’s
address is 17 Battery Place, 8th Floor, New York, NY 10004.Exhibit
10.2

 

ANEBULO
PHARMACEUTICALS, INC.

 

2020
STOCK INCENTIVE PLAN

 

Adopted
by the board of directors: June 18, 2020

Approved
by the stockholders: June 18, 2020

ipo
date: may 11, 2021

amendment
adopted by the board of directors: October 22, 2021

amendment
adopted by the stockholders: october 22, 2021

 

	1.	Purpose.

 

The
purpose of this 2020 Stock Incentive Plan (the “Plan”) of Anebulo Pharmaceuticals, Inc., a Delaware corporation (the
“Company”), is to advance the interests of the Company’s stockholders by enhancing the Company’s ability
to attract, retain and motivate persons who are expected to make important contributions to the Company and by providing such persons
with equity ownership opportunities and performance-based incentives that are intended to better align the interests of such persons
with those of the Company’s stockholders. Except where the context otherwise requires, the term “Company” shall include
any of the Company’s present or future parent or subsidiary corporations as defined in Sections 424(e) or (f) of the Internal Revenue
Code of 1986, as amended, and any regulations promulgated thereunder (the “Code”) and any other business venture (including,
without limitation, joint venture or limited liability company) in which the Company has a controlling interest, as determined by the
Board of Directors of the Company (the “Board”).

 

	2.	Eligibility.

 

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

 

	3.	Administration
    and Delegation.

 

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

 

(b)
Appointment of Committees. To the extent permitted by applicable law, the Board may delegate any or all of its powers under the
Plan to one or more committees or subcommittees of the Board (a “Committee”). All references in the Plan to the “Board”
shall mean the Board or a Committee of the Board or the officers referred to in Section 3(c) to the extent that the Board’s powers
or authority under the Plan have been delegated to such Committee or officers. The Board may abolish any Committee at any time and re-vest
in itself any previously delegated authority.

 

(c)
Delegation to Officers. To the extent permitted by applicable law, the Board may delegate to one or more officers of the Company
the power to grant Awards (subject to any limitations under the Plan) to employees or officers of the Company or any of its present or
future subsidiary corporations and to exercise such other powers under the Plan as the Board may determine, provided that the
Board shall fix the terms of the Awards to be granted by such officers (including the exercise price of such Awards, which may include
a formula by which the exercise price will be determined) and the maximum number of shares subject to Awards that the officers may grant;
provided further, however, that no officer shall be authorized to grant Awards to any “executive officer” of the Company
(as defined by Rule 3b-7 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) or to any “officer”
of the Company (as defined by Rule 16a-1 under the Exchange Act). The Board may rescind any such delegation at any time and re-vest in
itself any previously delegated authority.

 

    	 

    	 

    

 

	4.	Stock
    Available for Awards.

 

(a)
Number of Shares. Subject to adjustment under Section 8 hereof, Awards may be made under the Plan covering up to 3,650,000 shares
of common stock of the Company (the “Common Stock”). If any Award expires, lapses, or is terminated, surrendered or
canceled without having been fully exercised or is forfeited in whole or in part (including as the result of shares of Common Stock subject
to such Award being repurchased by the Company at or below the original issuance price), in any case in a manner that results in any
shares of Common Stock covered by such Award not being issued or being so reacquired by the Company, the unused Common Stock covered
by such Award shall again be available for the grant of Awards under the Plan. Further, shares of Common Stock delivered (whether by
actual delivery or attestation) or tendered 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 being exercised
or purchased and/or creating the tax obligation) shall be added to the number of shares of Common Stock available for the grant of Awards
under the Plan. However, in the case of Incentive Stock Options (as hereinafter defined), the foregoing provisions shall be subject to
any limitations under the Code. Shares of Common Stock issued under the Plan may consist in whole or in part of authorized but unissued
shares, shares purchased on the open market, or treasury shares. At no time while there is any Option (as defined below) outstanding
and held by a Participant who was a resident of the State of California on the date of grant of such Option, shall the total number of
shares of Common Stock issuable upon exercise of all outstanding options and the total number of shares provided for under any stock
bonus or similar plan or agreement of the Company exceed the applicable percentage as calculated in accordance with the conditions and
exclusions of Section 260.140.45 of the California Code of Regulations (the “California Regulations”), based on the
shares of the Company which are outstanding at the time the calculation is made.

 

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

 

	5.	Stock
    Options.

 

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

 

    	2

     

    

 

(b)
Incentive Stock Options. An Option that the Board intends to be an “incentive stock option” as defined in Section
422 of the Code (an “Incentive Stock Option”) shall only be granted to employees of the Company, any of the Company’s
present or future parent or subsidiary corporations as defined in Sections 424(e) or (f) of the Code, and any other entities the employees
of which are eligible to receive Incentive Stock Options under the Code. All Options intended to qualify as Incentive Stock Options shall
be subject to and shall be construed consistently with the requirements of Section 422 of the Code, and without limiting generality of
the foregoing, such Options shall be deemed to include terms that comply with the eligibility standards described section 422(b) of the
Code. Subject to the remaining provisions of this Section 5(b), if an Option intended to qualify as an Incentive Stock Option does not
so qualify, the Board may, at its discretion, amend the Plan and Award with respect to such Option so that such Option qualifies as an
Incentive Stock Option. To the extent that the aggregate Fair Market Value (determined at the time of grant) of Common Stock with respect
to which Incentive Stock Options are exercisable for the first time by any Participant during any calendar year (under all plans of the
Company and any affiliates) exceeds $100,000 (or such other limit established in the Code) or otherwise does not comply with the rules
governing Incentive Stock Options, the Options or portions thereof that exceed such limit (according to the order in which they were
granted) or otherwise do not comply with the rules will be treated as Nonstatutory Stock Options, notwithstanding any contrary provision
of the applicable Award. Neither the Company nor the Board shall have any liability to a Participant, or any other party, (i) if an Option
(or any part thereof) which is intended to qualify as an Incentive Stock Option fails to qualify as such or (ii) for any action or omission
by the Company or Board that causes an Option not to qualify as an Incentive Stock Option, including without limitation the conversion
of an Incentive Stock Option to a Nonstatutory Stock Option or the grant of an Option intended as an Incentive Stock Option that fails
to satisfy the requirements under the Code applicable to an Incentive Stock Option.

 

(c)
Exercise Price. The Board shall establish the exercise price of each Option and specify the exercise price in the applicable option
agreement. The exercise price shall be not less than 100% of the Fair Market Value on the date the Option is granted. In the case of
an Incentive Stock Option granted to an employee who, at the time of grant of the Option, owns (or is treated as owning under Section
424 of the Code) stock representing more than 10% of the voting power of all classes of stock of the Company (or a “parent corporation”
or “subsidiary corporation” thereof within the meaning of Sections 424(e) or 424(f) of the Code, respectively), the per share
exercise price shall be no less than 110% of the Fair Market Value on the date the Option is granted.

 

(d)
Duration of Options. Each Option shall be exercisable at such times and subject to such terms and conditions as the Board may
specify in the applicable option agreement, provided that the term of any Option shall not exceed ten years. In the case of an
Incentive Stock Option granted to an employee who, at the time of grant of the Option, owns (or is treated as owning under Section 424
of the Code) stock representing more than 10% of the voting power of all classes of stock of the Company (or a “parent corporation”
or “subsidiary corporation” thereof within the meaning of Sections 424(e) or 424(f) of the Code, respectively), the term
of the Option shall not exceed five years.

 

(e)
Exercise of Option; Notification of Disposition. Options may be exercised by delivery to the Company of a written notice of exercise
signed by the proper person or by any other form of notice (including electronic notice) approved by the Board together with payment
in full as specified in Section 5(f) for the number of shares for which the Option is exercised. Unless otherwise determined by the Board,
an Option may not be exercised for a fraction of a share of Common Stock. Shares of Common Stock subject to the Option will be delivered
by the Company as soon as practicable following exercise. If an Option is designated as an Incentive Stock Option, the Participant shall
give prompt notice to the Company of any disposition or other transfer of any shares of Common Stock acquired from the Option if such
disposition or transfer is made (i) within two years from the grant date with respect to such Option or (ii) within one year after the
transfer of such shares to the Participant (other than any such disposition made in connection with a Reorganization Event). Such notice
shall specify the date of such disposition or other transfer and the amount realized, in cash, other property, assumption of indebtedness
or other consideration, by the Participant in such disposition or other transfer.

 

    	3

     

    

 

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

 

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

 

(ii)
when the Common Stock is registered under the Exchange Act, except as may otherwise be provided in the applicable option agreement, by
(A) delivery of an irrevocable and unconditional undertaking by a creditworthy broker acceptable to the Company to deliver promptly to
the Company sufficient funds to pay the exercise price and any required tax withholding or (B) delivery by the Participant to the Company
of a copy of irrevocable and unconditional instructions to a creditworthy broker acceptable to the Company to deliver promptly to the
Company cash or a check sufficient to pay the exercise price and any required tax withholding;

 

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

 

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

 

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

 

(g)
Early Exercise of Options. The Board may provide in the terms of an option agreement that the Participant may exercise an Option
in whole or in part prior to the full vesting of the Option in exchange for unvested shares of Restricted Stock (as defined below) with
respect to any unvested portion of the Option so exercised. Shares of Restricted Stock acquired upon the exercise of any unvested portion
of an Option shall be subject to such terms and conditions as the Board shall determine.

 

	6.	Restricted
    Stock; Restricted Stock Units.

 

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

 

(b)
Terms and Conditions for All Restricted Stock Awards. The Board shall determine and set forth in the applicable award agreement
the terms and conditions of a Restricted Stock Award, including the conditions for vesting and repurchase (or forfeiture) and the issue
price, if any.

 

    	4

     

    

 

(c)
Additional Provisions Relating to Restricted Stock.

 

(i)
Dividends. Participants holding shares of Restricted Stock will be entitled to all ordinary cash dividends paid with respect to
such shares to the extent such dividends have a record date that is on or after the date on which the Participant to whom such Restricted
Stock is granted becomes the record holder of such Restricted Stock, unless otherwise provided by the Board. Unless otherwise provided
by the Board, if any dividends or distributions are paid in shares, or consist of a dividend or distribution to holders of Common Stock
other than an ordinary cash dividend, the shares or other property will be subject to the same restrictions on transferability and forfeitability
as the shares of Restricted Stock with respect to which they were paid. Each dividend payment will be made as provided in the applicable
award agreement, but no later than the end of the calendar year in which the dividends are paid to shareholders of that class of stock
or, if later, the 15th day of the third month following the later of (A) the date the dividends are paid to shareholders of that class
of stock and (B) the date the dividends are no longer subject to forfeiture.

 

(ii)
Stock Certificates. The Company may require that any stock certificates issued in respect of shares of Restricted Stock shall
be deposited in escrow by the Participant, together with a stock power endorsed in blank, with the Company (or its designee). At the
expiration of the applicable restriction periods, the Company (or such designee) shall deliver the certificates no longer subject to
such restrictions to the Participant or if the Participant has died, to the beneficiary designated, in a manner determined by the Board,
by a Participant to receive amounts due or exercise rights of the Participant in the event of the Participant’s death (the “Designated
Beneficiary”). In the absence of an effective designation by a Participant, “Designated Beneficiary” shall mean
the Participant’s estate.

 

(d)
Additional Provisions Relating to Restricted Stock Units.

 

(i)
Settlement. Upon the vesting of a Restricted Stock Unit, the Participant shall be entitled to receive from the Company one share
of Common Stock or an amount of cash or other property equal to the Fair Market Value of one share of Common Stock on the settlement
date, as the Board shall determine and as provided in the applicable award agreement. The Board may provide that settlement of Restricted
Stock Units shall occur upon or as soon as reasonably practicable after the vesting of the Restricted Stock Units or shall instead be
deferred, on a mandatory basis or at the election of the Participant, in a manner that complies with Section 409A of the Code.

 

(ii)
Voting Rights. A Participant shall have no voting rights with respect to any Restricted Stock Units unless and until shares are
delivered in settlement thereof.

 

(iii)
Dividend Equivalents. To the extent provided by the Board, 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, may
be settled in cash and/or shares of Common Stock and may be subject to the same restrictions on transfer and forfeitability as the Restricted
Stock Units with respect to which the Dividend Equivalents are paid, as determined by the Board, subject, in each case, to such terms
and conditions as the Board shall establish and set forth in the applicable award agreement. “Dividend Equivalents”
means a right granted to a Participant to receive the equivalent value (in cash or shares of Common Stock) of dividends paid on shares
of Common Stock.

 

	7.	Other
    Stock-Based Awards.

 

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

 

    	5

     

    

 

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

 

(a)
In the event of any stock split, reverse stock split, stock dividend, recapitalization, combination of shares, reclassification of shares,
spin-off or other similar change in capitalization or event, or any dividend or distribution to holders of Common Stock other than an
ordinary cash dividend, (i) the number and class of securities available under this Plan, (ii) the number and class of securities and
exercise price per share of each outstanding Option, (iii) the number of shares subject to and the repurchase price per share subject
to each outstanding Restricted Stock Award, and (iv) the terms of each other outstanding Award shall be equitably adjusted by the Company
(or substituted Awards may be made, if applicable) in the manner determined by the Board; provided that, unless otherwise determined
by the Board, such changes to the Options shall comply with section 1.424-1 of the Treasury Regulations. Without limiting the generality
of the foregoing, in the event the Company effects a split of the Common Stock by means of a stock dividend and the exercise price of
and the number of shares subject to an outstanding Option are adjusted as of the date of the distribution of the dividend (rather than
as of the record date for such dividend), then an optionee who exercises an Option between the record date and the distribution date
for such stock dividend shall be entitled to receive, on the distribution date, the stock dividend with respect to the shares of Common
Stock acquired upon such Option exercise, notwithstanding the fact that such shares were not outstanding as of the close of business
on the record date for such stock dividend.

 

(b)
Reorganization Events.

 

(i)
Definition. A “Reorganization Event” means the consummation of: (A) the dissolution or liquidation of the Company,
(B) the sale of all or substantially all of the assets of the Company on a consolidated basis to an unrelated person or entity, (C) a
merger, reorganization or consolidation pursuant to which the holders of the Company’s outstanding voting power immediately prior
to such transaction do not own a majority of the outstanding voting power of the surviving or resulting entity (or its ultimate parent,
if applicable), (D) the acquisition of all or a majority of the outstanding voting stock of the Company in a single transaction or a
series of a related transactions by a person or group of persons, or (E) any other acquisition of the business of the Company, as determined
by the Board; provided, however, that the first firm commitment underwritten public offering pursuant to an effective registration
statement under the Securities Act of 1933, as amended, covering the offer and sale by the Company of its equity securities, as a result
of or following which the Common Stock shall be public, any subsequent public offering or another capital raising event, or a merger
effected solely to change the Company’s domicile shall not constitute a “Reorganization Event.”

 

    	6

     

    

 

(ii)
Consequences of a Reorganization Event on Awards Other than Restricted Stock Awards. In connection with a Reorganization Event,
the Board may take any one or more of the following actions as to all or any (or any portion of) outstanding Awards other than Restricted
Stock Awards on such terms as the Board determines: (A) provide that Awards shall be assumed, or substantially equivalent Awards shall
be substituted, by the acquiring or succeeding corporation (or an affiliate thereof); provided that, unless otherwise determined
by the Board, such assumption or substitution of the Options shall comply with section 1.424-1 of the Treasury Regulations, (B) upon
written notice to a Participant, provide that the Participant’s unexercised Awards will terminate immediately prior to the consummation
of such Reorganization Event unless exercised by the Participant within a specified period following the date of such notice, (C) provide
that outstanding Awards shall become exercisable, realizable, or deliverable, or restrictions applicable to an Award shall lapse, in
whole or in part prior to or upon such Reorganization Event, (D) in the event of a Reorganization Event under the terms of which holders
of Common Stock will receive upon consummation thereof a cash payment for each share surrendered in the Reorganization Event (the “Acquisition
Price”), make or provide for a cash payment to a Participant equal to the excess, if any, of (I) the Acquisition Price times
the number of shares of Common Stock subject to the Participant’s Awards (to the extent the exercise price does not exceed the
Acquisition Price) over (II) the aggregate exercise price of all such outstanding Awards and any applicable tax withholdings, in exchange
for the termination of such Awards, (E) provide that, in connection with a liquidation or dissolution of the Company, Awards shall convert
into the right to receive liquidation proceeds (if applicable, net of the exercise price thereof and any applicable tax withholdings)
and (F) any combination of the foregoing. In taking any of the actions permitted under this Section 8(b), the Board shall not be obligated
by the Plan to treat all Awards, all Awards held by a Participant, or all Awards of the same type, identically.

 

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

 

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

 

	9.	General
    Provisions Applicable to Awards.

 

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

 

    	7

     

    

 

(b)
Documentation. Each Award shall be evidenced in such form (written, electronic or otherwise) as the Board shall determine. Each
Award may contain terms and conditions in addition to those set forth in the Plan.

 

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

 

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

 

(e)
Withholding. The Company shall not be obligated to deliver certificates, release from forfeiture, otherwise recognize a Participant’s
unrestricted ownership in an Award or the cash or property proceeds therefrom, until the Company satisfies all applicable federal, state,
and local or other income and employment tax withholding obligations. In its sole discretion, the Company may satisfy such withholding
obligations by any of the following means or by a combination of such means: (i) causing the Participant to tender to the Company cash
payment; (ii) withholding cash from an Award settled in cash; (iii) withholding from amounts otherwise payable by the Company to the
Participant, including but not limited to additional withholding on the Participant’s salary or wages, or from proceeds from the
sale of Common Stock issued pursuant to an Award; (iv) delivery of shares of Common Stock, including shares retained from the Award creating
the tax obligation, valued at their Fair Market Value; provided, however, except as otherwise provided by the Board, that the
total tax withholding where stock is being used to satisfy such tax obligations cannot exceed the Company’s minimum statutory withholding
obligations (based on minimum statutory withholding rates for federal and state tax purposes, including payroll taxes, that are applicable
to such supplemental taxable income), and provided, further, shares surrendered to satisfy tax withholding requirements cannot
be subject to any repurchase, forfeiture, unfulfilled vesting or other similar requirements; or (v) by such other method as determined
by the Board.

 

(f)
Amendment of Award.

 

(i)
The Board may amend, modify or terminate any outstanding Award, including but not limited to, substituting therefor another Award of
the same or a different type, changing the date of exercise or settlement, and converting an Incentive Stock Option to a Nonstatutory
Stock Option. The Participant’s consent to such action shall be required unless (A) the Board determines that the action, taking
into account any related action, would not materially and adversely affect the Participant’s rights under the Plan, (B) the change
is permitted under Section 8 hereof, or (C) the change is to ensure that an Option intended to qualify as an Incentive Stock Option qualifies
as such.

 

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

 

    	8

     

    

 

(g)
Conditions on Delivery of Stock. The Company will not be obligated to deliver any shares of Common Stock pursuant to the Plan
or to remove restrictions from shares previously delivered under the Plan until (i) all conditions of the Award have been met or removed
to the satisfaction of the Company, (ii) in the opinion of the Company’s counsel, all other legal matters in connection with the
issuance and delivery of such shares have been satisfied, including any applicable securities laws and any applicable stock exchange
or stock market rules and regulations, and (iii) the Participant has executed and delivered to the Company such representations or agreements
as the Company may consider appropriate to satisfy the requirements of any applicable laws, rules or regulations. The inability of the
Company to obtain authority from any regulatory body having jurisdiction, which authority is determined by the Board to be necessary
to the lawful issuance and sale of any securities hereunder, shall relieve the Company of any liability in respect of the failure to
issue or sell such shares at to which such requisite authority shall not have been obtained.

 

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

 

	10.	Miscellaneous.

 

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

 

(b)
No Rights As Stockholder. Subject to the provisions of the applicable Award, no Participant or Designated Beneficiary shall have
any rights as a stockholder with respect to any shares of Common Stock to be distributed with respect to an Award until becoming the
record holder of such shares. Notwithstanding any other provision of the Plan, unless otherwise determined by the Board or required by
any applicable laws, the Company shall not be required to deliver to any Participant certificates evidencing shares of Common Stock issued
in connection with any Award and instead such shares of Common Stock 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 any stock certificates issued under the Plan deemed
necessary or appropriate by the Board in order to comply with applicable laws.

 

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

 

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

 

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

 

    	9

     

    

 

(f)
Compliance with Code Section 409A. Unless otherwise expressly provided for in an Award, the Plan and Award will be interpreted
to the greatest extent possible in a manner that makes the Plan and the Awards granted hereunder exempt from Section 409A of the Code,
and, to the extent not so exempt, in compliance with Section 409A of the Code. If the Board determines that any Award granted hereunder
is not exempt from and is therefore subject to Section 409A of the Code, the Award will incorporate the terms and conditions necessary
to avoid the consequences specified in Section 409A(a)(1) of the Code, and to the extent an Award is silent on terms necessary for compliance,
such terms as deemed necessary by the Board in its sole discretion are hereby incorporated by reference into the Award. Without limiting
the generality of the foregoing, if shares of Common Stock are publicly traded, and if a Participant holding an Award that constitutes
“deferred compensation” under Section 409A of the Code is a “specified employee” for purposes of Section 409A
of the Code, no distribution or payment of any amount that is due because of a “separation from service” (as defined in Section
409A of the Code without regard to alternative definitions thereunder) will be issued or paid before the date that is six (6) months
following the date of such Participant’s “separation from service” or, if earlier, the date of the Participant’s
death, unless such distribution or payment can be made in a manner that complies with Section 409A of the Code, and any amounts so deferred
will be paid in a lump sum on the day after such six (6) month period elapses, with the balance paid thereafter on the original schedule.
The Company shall have no liability to a Participant, or any other party, if an Award that is intended to be exempt from, or compliant
with, Section 409A of the Code is not so exempt or compliant or for any other action taken by the Board.

 

(g)
Governing Law. The provisions of the Plan and all Awards made hereunder shall be governed by and interpreted in accordance with
the laws of the State of Delaware, excluding choice-of-law principles of the law of such state that would require the application of
the laws of a jurisdiction other than such state.

 

(h)
Data Privacy. As a condition of receipt of 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 paragraph by and among, as applicable, the Company
and its subsidiaries and affiliates for the exclusive purpose of 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 but
not limited to, the Participant’s name, home address and telephone number, date of birth, social security or insurance number or
other identification number, salary, nationality, job title(s), any shares of stock held in the Company or any of its subsidiaries and
affiliates, details of all Awards, in each case, for the purpose of implementing, managing and administering the Plan and Awards (the
“Data”). The Company and its subsidiaries and affiliates may transfer the Data amongst themselves as necessary for
the purpose of implementation, administration and management of a Participant’s participation in the Plan, and the Company and
its subsidiaries and affiliates may each further transfer the Data to any third parties assisting the Company in the implementation,
administration and management of the Plan. 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. Through acceptance
of an Award, each Participant authorizes such recipients to receive, possess, use, retain and transfer the Data, in electronic or other
form, for the purposes of implementing, administering and managing the Participant’s participation in the Plan, including any requisite
transfer of such Data as may be required to a broker or other third party with whom the Company or the Participant may elect to deposit
any shares of Common Stock. The Data related to a Participant will be held only as long as is necessary to implement, administer, and
manage the Participant’s participation in the Plan. A Participant may, at any time, view the Data held by the Company with respect
to such Participant, request additional information about the storage and processing of the Data with respect to such Participant, recommend
any necessary corrections to the Data with respect to the Participant or refuse or withdraw the consents herein in writing, in any case
without cost, by contacting his or her local human resources representative. The Company may cancel Participant’s ability to participate
in the Plan and, in the Board’s discretion, the Participant may forfeit any outstanding Awards if the Participant refuses or withdraws
his or her consents as described herein. For more information on the consequences of refusal to consent or withdrawal of consent, Participants
may contact their local human resources representative.

 

(i)
Restrictions on Shares; Claw-back Provisions. Shares of Common Stock acquired in respect of Awards shall be subject to such terms
and conditions as the Board shall determine, including, without limitation, restrictions on the transferability of shares of Common Stock,
the right of the Company to repurchase shares of Common Stock, the right of the Company to require that shares of Common Stock be transferred
in the event of certain transactions, tag-along rights, bring-along rights, redemption and co-sale rights and voting requirements. Such
terms and conditions may be additional to those contained in the Plan and may, as determined by the Board, be contained in the applicable
Award Agreement or in an exercise notice, stockholders’ agreement or in such other agreement as the Board shall determine, in each
case in a form determined by the Board. The issuance of such shares of Common Stock shall be conditioned on the Participant’s consent
to such terms and conditions and the Participant’s entering into such agreement or agreements. All Awards (including any proceeds,
gains or other economic benefit actually or constructively received by Participant upon any receipt or exercise 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 the requirements of the Dodd-Frank
Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder, to the extent set forth in such claw-back
policy and/or in the applicable Award Agreement.

 

    	10

     

    

 

ANEBULO
PHARMACEUTICALS, INC.

2020
STOCK INCENTIVE PLAN

CALIFORNIA
SUPPLEMENT

 

Pursuant
to Section 10(e) of the Plan, the Board has adopted this supplement for purposes of satisfying the requirements of Section 25102(o) of
the California Law:

 

Any
Awards granted under the Plan to a Participant who is a resident of the State of California on the date of grant (a “California
Participant”) shall be subject to the following additional limitations, terms and conditions:

 

	1.	Additional
    Limitations on Options.

 

(a)
Minimum Vesting Rate. Except in the case of Options granted to California Participants who are officers, directors, managers,
consultants or advisors of the Company or its affiliates (which Options may become exercisable at whatever rate is determined by the
Board), Options granted to California Participants shall become exercisable at a rate of not less than 20% per year over five years from
the date of grant; provided, that, such Options may be subject to such reasonable forfeiture conditions as the Board may choose
to impose and which are not inconsistent with Section 260.140.41 of the California Regulations.

 

(b)
Minimum Exercise Price. The exercise price of Options granted to California Participants may not be less than 85% of the Fair
Market Value of the Common Stock on the date of grant in the case of a Nonstatutory Stock Option or less than 100% of the Fair Market
Value of the Common Stock on the date of grant in the case of an Incentive Stock Option; provided, however, that if the California
Participant is a person who owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company
or its parent or subsidiary corporations, the exercise price shall be not less than 110% of the Fair Market Value of the Common Stock
on the date of grant.

 

(c)
Maximum Duration of Options. No Options granted to California Participants shall have a term in excess of 10 years measured from
the Option grant date.

 

(d)
Minimum Exercise Period Following Termination. Unless a California Participant’s employment is terminated for cause (as
defined by applicable law, the terms of any contract of employment between the Company and such Participant, or in the instrument evidencing
the grant of such Participant’s Option), in the event of termination of employment of such Participant, such Participant shall
have the right to exercise an Option, to the extent that he or she was otherwise entitled to exercise such Option on the date employment
terminated, as follows: (i) at least six months from the date of termination, if termination was caused by such Participant’s death
or “permanent and total disability” (within the meaning of Section 22(e)(3) of the Code) and (ii) at least 30 days from the
date of termination, if termination was caused other than by such Participant’s death or “permanent and total disability”
(within the meaning of Section 22(e)(3) of the Code).

 

(e)
Limitation on Repurchase Rights. If an Option granted to a California Participant gives the Company the right to repurchase shares
of Common Stock issued pursuant to the Plan upon termination of employment of such Participant, the terms of such repurchase right must
comply with Section 260.140.41(k) of the California Regulations.

 

    	A-1

    	 

    

 

	2.	Additional
    Limitations for Restricted Stock Awards.

 

(a)
Minimum Purchase Price. The purchase price for a Restricted Stock Award granted to a California Participant shall be not less
than 85% of the Fair Market Value of the Common Stock at the time such Participant is granted the right to purchase shares under the
Plan or at the time the purchase is consummated; provided, however, that if such Participant is a person who owns stock possessing
more than 10% of the total combined voting power or value of all classes of stock of the Company or its parent or subsidiary corporations,
the purchase price shall be not less than 100% of the Fair Market Value of the Common Stock at the time such Participant is granted the
right to purchase shares under the Plan or at the time the purchase is consummated.

 

(b)
Limitation of Repurchase Rights. If a Restricted Stock Award granted to a California Participant gives the Company the right to
repurchase shares of Common Stock issued pursuant to the Plan upon termination of employment of such Participant, the terms of such repurchase
right must comply with Section 260.140.42(h) of the California Regulations.

 

	3.	Additional
    Limitations for Other Stock-Based Awards.

 

The
terms of all Awards granted to a California Participant under Section 7 of the Plan shall comply, to the extent applicable, with Section
260.140.41 or Section 260.140.42 of the California Regulations.

 

	4.	Additional
    Requirement to Provide Information to California Participants.

 

The
Company shall provide to each California Participant and to each California Participant who acquires Common Stock pursuant to the Plan,
not less frequently than annually, copies of annual financial statements (which need not be audited). The Company shall not be required
to provide such statements to key employees whose duties in connection with the Company assure their access to equivalent information.

 

	5.	Additional
    Limitations on Timing of Awards.

 

No
Award granted to a California Participant shall become exercisable, vested or realizable, as applicable to such Award, unless the Plan
has been approved by the holders of a majority of the Company’s outstanding voting securities within 12 months before or after
the date the Plan was adopted by the Board.

 

	6.	Additional
    Limitations Relating to Definition of Fair Market Value.

 

For
purposes of Section 1(b) and 2(a) of this supplement, “Fair Market Value” shall be determined in a manner not inconsistent
with Section 260.140.50 of the California Regulations.

 

	7.	Additional
    Restriction Regarding Recapitalizations, Stock Splits, Etc.

 

For
purposes of Section 8 of the Plan, in the event of a stock split, reverse stock split, stock dividend, recapitalization, combination,
reclassification or other distribution of the Company’s securities, the number of securities allocated to each California Participant
must be adjusted proportionately and without the receipt by the Company of any consideration from any California Participant.

 

    	A-2

    	 

    

 

ANEBULO
PHARMACEUTICALS, INC.

 

Nonstatutory
Stock Option Agreement

 

Granted
Under 2020 Stock Incentive Plan

 

Grant
of Option.

 

This
agreement evidences the grant by Anebulo Pharmaceuticals, Inc., a Delaware corporation (the “Company”), on [  ] (the
“Grant Date”) to [  ], an employee, director or independent consultant to the Company (the “Participant”),
of an option to purchase, in whole or in part, on the terms provided herein and in the Company’s 2020 Stock Incentive Plan (the
“Plan”), a total of [  ] shares (the “Shares”) of common stock of the Company (“Common
Stock”) at $[  ] per Share. Unless earlier terminated, this option shall expire at 5:00 p.m., Eastern time, on [  ] (the “Final
Exercise Date”).

 

It
is intended that the option evidenced by this agreement shall not be an incentive stock option as defined in Section 422 of the Internal
Revenue Code of 1986, as amended, and any regulations promulgated thereunder (the “Code”). Except as otherwise indicated
by the context, the term “Participant”, as used in this option, shall be deemed to include any person who acquires the right
to exercise this option validly under its terms.

 

Vesting
Schedule.

 

Subject
to Section 3(b) below, this option will become exercisable (“vest”) at the rate of 2.08% monthly beginning [  ].

 

The
right of exercise shall be cumulative so that to the extent the option is not exercised in any period to the maximum extent permissible
it shall continue to be exercisable, in whole or in part, with respect to all Shares for which it is vested until the earlier of the
Final Exercise Date or the termination of this option under Section 3 hereof or the Plan.

 

Exercise
of Option.

 

Exercise.
Each election to exercise this option shall be accompanied by a completed Notice of Stock Option Exercise in the form attached hereto
as Exhibit A and signed by the Participant, and received by the Company at its principal office, accompanied by this agreement,
and payment in full in the manner provided in the Plan. The Participant may purchase less than the number of shares covered hereby, provided
that no partial exercise of this option may be for any fractional share or for fewer than ten whole shares. Subject to applicable law
and as a condition to the exercise of this option and the issuance of any shares hereunder, the Participant agrees to become party to
any lock-up agreement, voting agreement, drag along agreement, right of first refusal and co-sale agreement, or any other agreement approved
by the Board of Directors of the Company (the “Board”) and creating obligations of or among any stockholder of the
Company, as the Company may request.

 

Time
for Exercise of Certain Options. With respect to any option that constitutes a plan for the deferral of compensation within the meaning
of section 409A of the Code, such option may be exercised no earlier than the following events (all terms within the meaning of section
409A of the Code): (i) the Participant’s separation from service; (ii) the Participant’s death or disability; or (iii) a
change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the assets of the Company.

 

    	1

     

    

 

Continuous
Relationship with the Company Required. Except as otherwise provided in this Section 3, this option may not be exercised unless the
Participant, at the time he or she exercises this option, is, and has been at all times since the Grant Date, an employee, officer or
director of, or consultant or advisor to, the Company or any other entity that the employees, officers, directors, consultants, or advisors
of which are eligible to receive option grants under the Plan (an “Eligible Participant”).

 

Termination
of Relationship with the Company. If the Participant ceases to be an Eligible Participant for any reason, then, except as provided
in paragraphs (e) and (f) below, the right to exercise this option shall terminate three months after such cessation (but in no event
after the Final Exercise Date), provided that this option shall be exercisable only to the extent that the Participant was entitled
to exercise this option on the date of such cessation. Notwithstanding the foregoing, if the Participant, prior to the Final Exercise
Date, violates the non-competition or confidentiality provisions of any employment contract, confidentiality and nondisclosure agreement
or other agreement between the Participant and the Company, or files a lawsuit or arbitration claim against the Company or its officers
or directors, the right to exercise this option shall terminate immediately upon such violation.

 

Exercise
Period Upon Death or Disability. If the Participant dies or becomes disabled (within the meaning of Section 22(e)(3) of the Code)
prior to the Final Exercise Date while he or she is an Eligible Participant and the Company has not terminated such relationship for
“cause” as specified in paragraph (f) below, this option shall be exercisable, within the period of one year following the
date of death or disability of the Participant, by the Participant (or, in the case of death, by an authorized transferee), provided
that this option shall be exercisable only to the extent that this option was exercisable by the Participant on the date of his or
her death or disability, and further provided that this option shall not be exercisable after the Final Exercise Date.

 

Termination
for Cause. If, prior to the Final Exercise Date, the Participant’s employment or other relationship with the Company is terminated
by the Company for Cause (as defined below), the right to exercise this option shall terminate immediately upon the effective date of
such termination of employment or other relationship. If prior to the Final Exercise Date, the Participant is given notice by the Company
of the termination of his or her employment or other relationship by the Company for Cause, and the effective date of such termination
is subsequent to the date of delivery of such notice, the right to exercise this option 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 employment or
other relationship shall not be terminated for Cause as provided in such notice or (ii) the effective date of such termination (in which
case the right to exercise this option shall, pursuant to the preceding sentence, terminate upon the effective date of such termination).
If the Participant is party to an employment, consulting or severance agreement with the Company that contains a definition of “cause”
for termination of employment or other relationship, “Cause” shall have the meaning ascribed to such term in such
agreement. For purposes of clarity, “Cause” shall not have the meaning ascribed to such term in a non-competition
agreement. Otherwise, “Cause” shall mean willful misconduct by the Participant or willful failure by the Participant
to perform his or her responsibilities to the Company (including, without limitation, breach by the Participant of any provision of any
employment, consulting, advisory, nondisclosure, non-competition or other similar agreement between the Participant and the Company),
as determined by the Company, which determination shall be conclusive. The Participant shall be considered to have been discharged for
“Cause” if the Company determines, within 30 days after the Participant’s resignation, that discharge for cause was
warranted.

 

	Withholding.	

 

No
Shares will be issued pursuant to the exercise of this option unless and until the Company satisfies all applicable federal, state, and
local or other income and employment tax withholding obligations as described in the Plan.

 

Nontransferability
of Option.

 

This
option may not be sold, assigned, transferred, pledged or otherwise encumbered by the Participant, either voluntarily or by operation
of law, except by will or the laws of descent and distribution, and, during the lifetime of the Participant, this option shall be exercisable
only by the Participant.

 

Provisions
of the Plan.

 

This
option is subject to the provisions of the Plan (including the provisions relating to amendments to the Plan), a copy of which is furnished
to the Participant with this option.

 

[Signature
page follows]

 

    	2

     

    

 

IN
WITNESS WHEREOF, the Company has caused this option to be executed under its corporate seal by its duly authorized officer. This
option shall take effect as a sealed instrument.

 

	 	ANEBULO PHARMACEUTICALS, INC.
	 	 
	 	By:	                                     
	 	Name:  	 
	 	Title:	 

 

The
undersigned hereby accepts the foregoing option and agrees to the terms and conditions thereof. The undersigned hereby acknowledges receipt
of a copy of the Company’s 2020 Stock Incentive Plan.

 

	 	PARTICIPANT:
	 	 	             
	 	 
	 	 	 
	 	Address: 	 
	 	 	 
	 	 

 

[Signature
Page – Non-qualified Option Agreement]

 

    	 

    	 

    

 

Exhibit
A

 

NOTICE
OF STOCK OPTION EXERCISE

 

Date:_______________1

 

Anebulo
Pharmaceuticals, Inc.

1415
Ranch Rd 620 S Ste 201

Lakeway
TX 78734

Attention:
CFO

 

Dear
Sir or Madam:

 

I
am the holder of [__________]2 Stock Option granted to me under the Anebulo Pharmaceuticals, Inc. (the “Company”)
2020 Stock Incentive Plan on [_______________]3 for the purchase of [__________]4 shares of Common Stock of
the Company at a purchase price of $[__________]5 per share.

 

I
hereby exercise my option to purchase [__________]6 shares of Common Stock (the “Shares”), for which I have
enclosed [__________]7 in the amount of [__________]8. Please register my stock certificate as follows:

 

	 	Name(s): ____________________________9	 
	 	 	 
	 	Address: _______________________________	 
	 	 	 
	 	Tax I.D. #: ___________________________10	 

 

 

1 Enter
                                                                                              the date of exercise.

2
Enter either “an Incentive” or “a Nonstatutory”.

3
Enter the date of grant.

4
Enter the total number of shares of Common Stock for which the option was granted.

5
Enter the option exercise price per share of Common Stock.

6
Enter the number of shares of Common Stock to be purchased upon exercise of all or part of the option.

7
Enter “cash”, “personal check” or if permitted by the option or Plan, “stock certificates No. XXXX
and XXXX”.

8
Enter the dollar amount (price per share of Common Stock times the number of shares of Common Stock to be purchased), or the number
of shares tendered. Fair market value of shares tendered, together with cash or check, must cover the purchase price of the shares issued
upon exercise.

9
Enter name(s) to appear on stock certificate: (a) Your name only; (b) Your name and other name (i.e., John Doe and Jane Doe, Joint
Tenants With Right of Survivorship); or (c) In the case of a Nonstatutory option only, a Child’s name, with you as custodian (i.e.,
Jane Doe, Custodian for Tommy Doe). Note: There may be income and/or gift tax consequences of registering shares in a Child’s name.

10
Social Security Number of Holder(s).

 

[Signature Page – Non-qualified Option Agreement]

 

    	 

     

    

 

I
represent, warrant and covenant as follows:

 

		1.	I
                                            am purchasing the Shares for my own account for investment only, and not with a view to,
                                            or for sale in connection with, any distribution of the Shares in violation of the Securities
                                            Act of 1933 (the “Securities Act”), or any rule or regulation under the
                                            Securities Act.
	 	 	 
		2.	I
                                            have had such opportunity as I have deemed adequate to obtain from representatives of the
                                            Company such information as is necessary to permit me to evaluate the merits and risks of
                                            my investment in the Company.
	 	 	 
		3.	I
                                            have sufficient experience in business, financial and investment matters to be able to evaluate
                                            the risks involved in the purchase of the Shares and to make an informed investment decision
                                            with respect to such purchase.
	 	 	 
		4.	I
                                            can afford a complete loss of the value of the Shares and am able to bear the economic risk
                                            of holding such Shares for an indefinite period.

 

	 	Very
    truly yours,
	 	 
	 	(Signature)

 

[Signature
Page – Non-qualified Option Agreement]

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