Document:

Exhibit 10.1

 

IN
THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE

 

	ANTILLES
                                            FAMILY OFFICE, LLC,

                                                                      

                                                                     PLAINTIFF,

     

    V.

     

    INCEPTION
    MINING, INC.,

     

    DEFENDANT.
	)

    )

    )

    )

    )

    )

    )

    )

    )
	 

     

     

    C.A.
    NO. 1:21-CV-01822-CFC

 

SETTLEMENT
AGREEMENT

 

This
Settlement Agreement (“Settlement Agreement”) is entered into by and among Antilles Family Office, LLC (“Antilles”
or “Plaintiff”), a U.S. Virgin Island limited liability company, and Inception Mining, Inc. (“IMII”
or “Defendant”), a Nevada corporation. Plaintiff and Defendant are each a “Party” to this Settlement
Agreement, and collectively are the Parties hereto. This Settlement Agreement shall be effective as of the date last executed by any
Party (“Effective Date”), subject to Court approval as provided herein.

 

WHEREAS,
on or about May 20, 2019, (i) IMII and Plaintiff’s assignor, Discover Growth Fund, LLC (“Assignor”), a U.S.
Virgin Islands limited liability company, entered into a Note Purchase Agreement (“Agreement”); (ii) Assignor
made a loan of $3,000,000.00 to IMII, by wire transfer of $3,000,000.00 in immediately available funds, and IMII issued a Senior
Secured Redeemable Convertible Note (“Note”); (iii) the Note included an original issue discount (OID) and had an
initial face value of $4,250,000.00; and (iv) the Agreement, Note and related documents are referred to herein as the
“Transaction Documents.” Capitalized terms not otherwise defined herein shall have the meaning set forth in the
Transaction Documents.

 

WHEREAS,
(i) Antilles is a family office; (ii) Antilles holds the Note pursuant to an Assignment effective as of November 24, 2021, which Defendant
acknowledged and agreed to; and (iii) the Assignment provides that it “shall be governed by the law of the state of Delaware, and
jurisdiction and venue for all matters connected with, arising out of or relating to this Assignment shall lie in the state of Delaware.”

 

WHEREAS,
(i) Defendant is the maker and issuer of and primary obligor under the Note and, by virtue of the Assignment, Plaintiff is the
holder of the Note; (ii) Defendant is obligated to pay the Note on the 2-year Maturity Date, or upon an earlier Event of Default, as
defined in the Note, Note, § I.A, § I.G.6.h, § II.G-H; (iii) the Maturity Date occurred on May 20, 2021, when
Defendant defaulted; (iv) in addition to the principal balance, Defendant is obligated to pay interest on the Face Value of the Note
in amounts calculated under the Note, with an initial Interest Rate of 10% per annum, which increases to 20% per annum upon each
occurrence of a Trigger Event under the Note, Note, § I.C; and (v) like the Face Value, interest is payable, at latest, on the
Maturity Date, or following an earlier Event of Default, Note, § I.C, § II.G-H.

 

    	Settlement Agreement 	 	 

     

    

 

WHEREAS,
(i) the Note is secured, and provides that, “[t]o secure the Obligations [i.e., all amounts due under the Note] Company as
debtor, hereby assigns and grants to” the noteholder “as secured party, a continuing first-position lien on and security
interest in, all right, title and interest of the Company, whether now owned or existing or hereafter created, acquired, or arising,
in and to all of the Collateral,” Note, § II.A; and (ii) “Collateral” is defined as “all
assets of the Company, including without limitation all personal property wherever located, both now owned and hereafter
acquired, including, but not limited to, all equipment, fixtures, inventory, goods, documents, general intangibles, accounts,
deposit accounts . . . receivables, contract rights . . . chattel paper, patents, trademarks and copyrights” and various other
assets as defined in the Note, § I.G.6.b (emphasis added).

 

WHEREAS,
(i) on May 21, 2019, UCC-1 Financing Statement No. 20190117815-7 was filed with the Secretary of State of Nevada, thus perfecting
the security interest in the Collateral; (ii) on December 2, 2021, UCC Financing Statement Amendment No. 2019011785-7 was filed,
reflecting the Assignment of the aforesaid UCC-1 to Antilles; (iii) on May 21, 2019, UCC-1 Financing Statement No. 567791201944 was
filed with the Division of Corporations of Utah, further perfecting the security interest in the Collateral; (iv) on December 2,
2021, UCC Financing Statement Amendment No. 567791201944 was filed reflecting the Assignment of the aforesaid UCC-1 to Antilles, (v)
a guarantee was endorsed for IMII’s shares of its subsidiary, and (vi) a Public Deed was filed for its real
property.

 

WHEREAS,
(i) the Note is convertible, and provides that, at the discretion of the holder, “[a]ll or any portion of the Face Value of the
Note may be converted, in part or in whole, into shares of Common Stock” of Defendant “at any time or times after the Issuance
Date. . .”, Note, § I.G.1.a; (ii) IMII gave irrevocable instructions to its transfer agent, Colonial Stock Transfer, Inc.
(“Transfer Agent”) to reserve and issue shares to Plaintiff’s assignor, which were acknowledged and agreed to
by Transfer Agent; and (iii) between July 29, 2019 and June 7, 2022, an aggregate of $533,332.00 of the Note was converted by Assignor
and, after the Assignment, Antilles, in a series of conversions, and Defendant delivered 148,712,275 Conversion Shares as required by
the Transaction Documents, which were resold into the public markets by Plaintiff and its Assignor.

 

WHEREAS,
(i) Section I.F.2. of the Note, entitled “Early Redemption”, provides that, “[p]rior to the Maturity Date,
provided that no Trigger Event has occurred, the Company will have the right at any time upon 30 Trading Days’ prior written
notice, in its sole and absolute discretion, to redeem all or any portion of the Note then outstanding by paying. . .”
Assignor “in cash by wire transfer or immediately available funds an amount (the “Early Redemption Price”) equal
to 140% of the then-outstanding Face Value,” Note, § I.F.2; and (ii) between April 30, 2020 and March 24, 2021, Defendant
made $900,000 in redemption payments.

 

    	Settlement Agreement 	2	 

     

    

 

WHEREAS,
Section I.H.1 of the Note provides that

 

[a]ny
occurrence of one or more of the following, at any time and for any reason whatsoever, will constitute a “Trigger Event”:
.. .

 

c.
Any violation of or failure to perform any covenant or provision of this Note, the Agreement, or any Transaction Document, related to
payment of cash. . . ; [or]

 

d.
Any violation or failure to perform any covenant or provision of this Note, the Agreement, or any Transaction Document, which in the
case of a default that is curable . . . and has not occurred before, is not cured within 5 Trading Days of written notice thereof .
.. . .

 

WHEREAS,
Section II.G.1 of the Note, entitled “Events of Default” provides that

 

Company
shall . . .[at Assignor’s] option, be in default under this Agreement upon the happening of any of the following events or
conditions (each, an “Event of Default”): (a) a failure to pay any amount due unde this Note, the Agreement or
any Transaction Document within 5 business days of the date the same is due; . . . (b) the failure by Company to perform any of its
other obligations under this Note, the Agreement or any Transaction Document within 5 business days of notice from . . . [Assignor]
of the same; . . . [or] (g) the Closing Price of the Common Stock [of the Company] is below $0.05 per share for 20 Trading Days
[defined as ‘any day on which the Common Stock is traded on the Trading Market’, i.e. OTCQB or higher market where the
stock is traded] or more. . .

 

WHEREAS,
(i) on January 27, 2020, the Closing Price of Defendant’s Common Stock fell below $0.05 per share, and remained below that price
for 20 Trading Days, so that an Event of Default occurred on February 20, 2020; (ii) Assignor gave Defendant written notice of that Event
of Default, and Defendant failed to cure the same within 5 Trading Days thereafter, thus causing a Trigger Event, and accordingly, the
interest rate increased to 20% for the life of the Note; and (iii) on April 14, 2020 Assignor and Defendant entered into a “Forbearance
Agreement” whereby Assignor rescinded and withdrew its declaration of an Event of Default and Defendant agreed to make a series
of “Monthly and Quarterly Redemptions” under the redemption/repayment provisions of the Note, Forbearance Agreement, §
3-4.

 

WHEREAS,
(i) the Forbearance Agreement sets forth Defendant’s acknowledgment and agreement regarding the foregoing occurrence of a Trigger
Event and Event of Default in Recital D: “The Closing Price of the Common Stock has been below $0.05 per share for 20 Trading Days
or more, which, at Investor’s option, will constitute an Event of Default. Company failed to cure the low price within 5 Trading
Days, which constitutes a Trigger Event,” Forbearance Agreement, Recital D; (ii) paragraph 3 of the Forbearance Agreement further
provides that the Defendant will remit the following “Monthly and Quarterly Redemptions”:

 

Monthly
and Quarterly Redemptions. On the first day of each calendar month beginning May 1, 2020, Company will redeem a portion of
the Note at the Early Redemption Price by paying Investor in cash by wire transfer of immediately available funds at least the
following amounts:

 

    	Settlement Agreement 	3	 

     

    

 

2020
Payments. $900,000 delivered during 2020, with $100,000 delivered during Q2 2020, with at least $50,000 per month delivered
in each of May 2020 and June 2020; $300,000 delivered during Q3 2020, with at least $75,000 per month delivered in each of July,
August and September 2020; $300,000 delivered during Q4 2020, with at least $100,000 per month delivered in each of October,
November and December 2020;

 

2021
Payments. $2,400,000 delivered during 2021, with at least $400,000 delivered each quarter, including minimum payments of $100,000
delivered per month;

 

2022
Payments. $500,000 delivered during each quarter of 2022, with at least $150,000 delivered per month, until the Note is converted
or redeemed in full.

 

Forbearance
Agreement, § 3; (iii) Defendant made certain of these Quarterly and Monthly Redemptions, but not all of them, and has not made any
loan payments at all since March 31, 2021; and (iv) as a result, Defendant is in breach and default of the Forbearance Agreement.

 

WHEREAS,
Paragraph 4 of the Forbearance Agreement, entitled “Forbearance”, provides that

 

[t]he
parties agree that Investor [i.e. Assignor] hereby rescinds and withdraws its prior declaration of an Event of Default. For so long
as Company fully and timely complies with its obligations under Paragraph 3 above, Investor will not declare an Event of Default
under Section II.G(g) of the Purchase Agreement, even if the Closing Price is or remains below $0.05 per share. For the avoidance of
doubt, the foregoing does not apply to and shall have no effect with regard to any Event of Default that may occur with regard to
any other subsection of Section II.G of the Purchase Agreement.

 

Forbearance
Agreement,  4.

 

WHEREAS,
(i) as a result in Defendant’s failure to remit all of the required Quarterly and Monthly Redemptions and resulting breach of and
default under the Forbearance Agreement, Assignor’s forbearance obligations thereunder are of no further force and effect; (ii)
the Maturity Date occurred on May 20, 2021, and all principal and interest amounts payable by Defendant under the Note became due and
payable, and Defendant has failed to pay the outstanding amounts due under the Note; and (iii) Section II.H of the Note, entitled “Remedies,”
provides that, “[u]pon the Occurrence of any Event of Default and at any time thereafter . . .” the holder of the Note “may
declare all Obligations secured hereby immediately due and payable” and to take possession of and foreclose upon the Collateral
and to collect its expenses of exercising said remedies inclusive of attorneys’ fees.

 

WHEREAS,
(i) in Defendant’s Form 10-Q filed with the SEC for the period ended September 30, 2021, Defendant acknowledged, at p. f-21,
that “[t]he Company is not current with all payments due according to the agreement [i.e. the Agreement]”; and (ii)
accordingly, Defendant has acknowledged its breach of contract; and (iii) pursuant to the Transaction Documents, as of June 2, 2022,
there is due and owing from Defendant to Plaintiff a total of $6,001,564.76, together with accrued and accruing interest,
costs and attorneys’ fees (“Outstanding Amount”).

 

    	Settlement Agreement 	4	 

     

    

 

WHEREAS,
as of June 7, 2022, (i) the Conversion Price of the Note is a fixed price of $0.00001 per share of common stock, (ii) a total of 525,056,000,000 additional
shares of IMII common stock are owed upon full conversion of the Note. 

 

WHEREAS,
on December 27, 2021, Plaintiff filed a Verified Complaint against Defendant in the United States District Court for the District of
Delaware, C.A. No. 1:21-cv-01822-CFC (the
“Litigation”).

 

WHEREAS,
in its Verified Complaint, Plaintiff has alleged causes of action for Breach of Contract and related relief, all arising out of Defendant’s
alleged material breaches of its Obligations under the Transaction Documents (the “Claims”).

 

WHEREAS,
Defendant has filed a Motion to Dismiss certain claims asserted in the Complaint, and Defendant’s Motion to Dismiss remains pending.

 

WHEREAS,
the Parties desire to compromise, settle, and discharge all Claims asserted in the Litigation.

 

NOW,
THEREFORE, in consideration of the mutual promises and covenants contained herein, including good and valuable consideration, the
sufficiency of which is hereby acknowledged, it is agreed as follows:

 

1. Exchange.
In exchange for the Note and the Claims, (i) Defendant and its Transfer agent shall issue and deliver to Plaintiff an aggregate of
10,000,000,000 free trading shares of Defendant’s common stock (the “Conversion Shares”), at such times and
in such amounts as Plaintiff may from time to time request in “Delivery Notices” pursuant to the procedures and
beneficial ownership limitations set forth in the Note, (ii) Defendant and its Transfer agent shall immediately upon execution of
this Settlement Agreement irrevocably reserve 541,449,789 shares of IMII common stock for issuance to Plaintiff, and Defendant will
increase its authorized shares as soon as possible, and in any event within 30 days of the date of Court approval of this Settlement
Agreement, and irrevocably reserve for Plaintiff the full number of shares required to be issued pursuant to this provision, and
(iii) Defendant shall cause all of its officers, directors, attorneys and agents, including its Transfer Agent, to take any actions
necessary to effectuate the foregoing.

 

2.
Notwithstanding the foregoing, Defendant shall have the right to terminate any then-remaining share reserve and any then-remaining
obligation to issue Conversion Shares by paying to Plaintiff in cash by wire transfer of immediately available funds the sum of (a)
$1,000,000.00 at any time within one year after the date of Court approval of this Settlement Agreement, or (b) $1,500,000.00 at any
time thereafter. No such termination will be effective until actual receipt of cash payment by Plaintiff, and no payment will have
any effect on Conversion Shares owed or delivered prior to receipt of payment, all of which will be retained by
Plaintiff.

 

3. For
each such issuance of Conversion Shares, Defendant will immediately provide Plaintiff and Transfer Agent with a legal opinion from
counsel of Defendant’s choosing in standard form acceptable to Plaintiff, including, without limitation, that the Conversion
Shares have been duly authorized by Defendant, and upon issuance and delivery in accordance with the terms of this Agreement, the
Conversion Shares are validly issued, fully paid, and nonassessable, and are free trading and may be issued in electronic form
without restrictive legend.

 

4. Conditioned
Upon Order. This Settlement Agreement is conditioned upon obtaining, within thirty (30) days of the date of this Agreement, a
court order approving the settlement between the Parties that is acceptable to Plaintiff in its sole and absolute discretion. The
Parties will jointly request a stipulated order (a) finding under Section 3(a)(10) of the Securities Act of 1933 (“Securities
Act”) that the exchange provided for herein is fair, that the Conversion Shares are not required to be registered under the
Securities Act, and that Plaintiff is not required to register as a dealer pursuant to Section 15(b) of the Securities Exchange Act
of 1934 (“Exchange Act”), (b) requiring 541,449,789 shares of Defendant’s common stock to be immediately reserved
for issuance to Plaintiff, and all Conversion Shares to be authorized and reserved within 30 days of the order, (c) requiring
immediate issuance and delivery in electronic form of free trading shares of common stock by Defendant and its Transfer Agent, and
any subsequent transfer agent, at any time and from time to time on request by Plaintiff in accordance with the procedures and
beneficial ownership limitations of the Note, until all Conversion Shares are issued and delivered. If such an order is not obtained
within thirty (30) days following the date that this Settlement Agreement has been executed by both Parties, Plaintiff may terminate
this Settlement Agreement on written notice and it will be of no force or effect. Defendant will continue to comply with its
existing share delivery obligations under the Note pending court approval. Notwithstanding the foregoing, the Releases of Plaintiff
and Defendant’s indemnifications described below are immediately and irrevocably effective on the Effective Date and shall
continue to be effective in the event that court approval of this Settlement Agreement in not obtained.

 

    	Settlement Agreement 	5	 

     

    

 

5.
All of the Transaction Documents executed and delivered to Assignor as assigned to Antilles in favor of the Defendant remain in full
force and effect. Defendant has not provided and shall not provide Plaintiff with any material non- public information in connection
with this Settlement Agreement, the Transaction Documents, or any related agreements or transactions, and will not provide Plaintiff
with any material non-public information after the date hereof.

 

6. Releases
of Defendant. In exchange for the issuance of the Conversion Shares as provided herein, Plaintiff, on behalf of itself and on
behalf of each of its predecessors, successors, parents, subsidiaries, shareholders, and affiliated and/or related companies, and
each of its respective present and former officers, directors, shareholders, employees, representatives, business entities,
executors, administrators, conservators, assignors and assignees (collectively, the “Plaintiff Releasing
Parties”), agrees to release, compromise, and settle the Note and the Claims expressly asserted in the Litigation against
Defendant, and not to seek any money damages, equitable damages, or other relief related thereto, and hereby knowingly and
voluntarily fully and forever absolutely and irrevocably waives, releases, and discharges Defendant and its predecessors,
successors, parents, subsidiaries, and affiliated and/or related companies and entities, and each of their respective present and
former officers, directors, shareholders, partners, members, employees, representatives, agents, attorneys, advisors, business
entities, executors, administrators, conservators, assignors and assignees and all parties acting through, under or in concert with
them, and each of them, in their individual and representative capacities (collectively, the “Defendant Released
Parties”) from the Claims. For the avoidance of doubt, nothing in these Releases of Defendant shall operate to waive,
release or discharge the Defendant Released Parties’ obligations under this Settlement Agreement. The releases in this
paragraph will become effective only when court approval of the settlement is obtained.

 

7. Releases
of Plaintiff. Effective immediately upon execution of this Settlement Agreement, Defendant hereby absolutely, unconditionally
and irrevocably releases, compromises, and settles all claims known and unknown as to Plaintiff and Assignor. Specifically,
Defendant, on behalf of itself and on behalf of each of its predecessors, successors, parents, subsidiaries, shareholders, and
affiliated and/or related companies, and each of its respective present and former officers, directors, shareholders, employees,
representatives, business entities, executors, administrators, conservators, assignors and assignees (collectively, the
“Defendant Releasing Parties”) hereby knowingly and voluntarily fully and forever absolutely and irrevocably
waives, releases, and discharges Plaintiff and Assignor and their predecessors, successors, parents, subsidiaries, and affiliated
and/or related companies and entities, and each of their respective present and former officers, directors, shareholders, partners,
members, employees, representatives, agents, attorneys, advisors, business entities, executors, administrators, conservators,
assignors and assignees and all parties acting through, under or in concert with them, and each of them, in their individual and
representative capacities (collectively, the “Plaintiff Released Parties”) from any and all claims, charges,
complaints, grievances, demands, liens, actions, suits, causes of action, obligations, controversies, debts, costs, indemnity,
attorneys’ fees, expenses, damages, equitable damages, or other relief related thereto, judgments, orders, and liabilities of
whatever kind and/or nature in law, equity or otherwise, whether now known or unknown, suspected or unsuspected, which have existed
or may have existed, or which do exist or which hereafter can, shall, or may exist as of the date this Agreement is executed,
including, without limitation, any that are based upon or connected with any requirement that any of the Plaintiff Released Parties
was or is required to register as a dealer under federal securities laws, and all matters related thereto (collectively, the
“Released Claims”). The Defendant Releasing Parties, and each of them, expressly waive and relinquish, to the
fullest extent permitted by law, the provisions, rights, and benefits conferred by any law which would limit the scope of the
release provided above. The Defendant Releasing Parties acknowledge that they or any of them may hereafter Assignor facts in
addition to or different from those which they now know to be true with respect to the subject matters of the claims released
herein, but hereby stipulate and agree that they have fully, finally, and forever settled and released any and all such claims,
whether known or unknown, suspected or unsuspected, contingent or non- contingent, concealed or hidden, which now exist or
heretofore existed upon any theory of law or equity now existing or coming into existence in the future, without regard to the
Assignor or existence of such different or additional facts. Notwithstanding any other provision, the releases in this paragraph and
the indemnity provisions in the two paragraphs below will remain in full force and effect whether or not court approval of the
settlement is obtained.

 

    	Settlement Agreement 	6	 

     

    

 

8. Obligation
to Indemnify. Defendant will indemnify and hold Plaintiff and Assignor, their Affiliates, managers and advisors, and each of
their respective officers, directors, shareholders, partners, employees, representatives, agents, and attorneys, and any person who
controls Plaintiff and/or Assignor within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act
(collectively, “Investor Parties” and each an “Investor Party”), harmless from any and all
losses, liabilities, obligations, claims, contingencies, damages, reasonable costs and expenses, including all judgments, amounts
paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation (collectively,
“Losses”) that any Investor Party may suffer or incur as a result of or relating to (a) any breach of any of the
representations, warranties, covenants, or agreements made by Defendant in this Settlement Agreement, in the Transaction Documents,
or in any other agreement between Antilles and/or Assignor, on the one hand, and Defendant, on the other hand, relating to the
Transaction Documents, (b) any action by Defendant or a creditor or stockholder of Defendant who is not an Affiliate of an Investor
Party, challenging the transactions contemplated by the Transaction Documents, or (c) any action based upon, connected with, or
otherwise arising out of or in any way relating to any Transaction Documents, the resale of Conversion Shares or any shares of
Defendant’s common stock by Plaintiff, any requirement that any of the Plaintiff Released Parties was or is required to
register as a dealer under federal securities laws, and all matters related thereto; provided, however, that Company will not be
obligated to indemnify any Investor Party for any losses finally adjudicated to be caused solely by such Investor Party’s
unexcused material breach of an express provision of this Settlement Agreement.

 

9. Procedure
for Indemnification. If any action will be brought against an Investor Party in respect of which indemnity may be sought
pursuant to this Settlement Agreement, Plaintiff will promptly notify Defendant in writing, and Defendant will have the right to
assume the defense of such action with counsel of its own choosing. Investor Parties will have the right to employ separate counsel
in any such action and participate in the defense thereof, but the reasonable fees and expenses of such counsel will be at the
expense of Investor Parties except to the extent that (a) the employment thereof has been specifically authorized by Defendant in
writing, (b) Defendant has failed after a reasonable period of time to assume such defense and to employ counsel or (c) in such
action there is, in the reasonable opinion of such separate counsel, a material conflict with respect to the dispute in question on
any material issue between the position of Defendant and the position of Investor Parties such that it would be inappropriate for
one counsel to represent Defendant and Investor Parties. Defendant will not be liable to Investor Parties under this Settlement
Agreement (i) for any settlement by an Investor Party effected without Defendant’s prior written consent, which will not be
unreasonably withheld or delayed; or (ii) to the extent, but only to the extent that a loss, claim, damage, or liability is either
attributable to Investor’s breach of any of the representations, warranties, covenants, or agreements made by Investor in this
Settlement Agreement or in the other Transaction Documents. In no event will Defendant be liable for the reasonable fees and
expenses for more than one separate firm of attorneys (plus local counsel as applicable) to represent all Investor Parties. Other
than the liability of Plaintiff to Defendant for uncured material breach of the express provisions of this Settlement Agreement, no
Investor Party will have any liability to Defendant or any person asserting claims on behalf of or in right of Defendant as a result
of acquiring the Conversion Shares pursuant to this Settlement Agreement.

 

10. Execution
of Additional Documents. The Parties shall work in good faith and execute and deliver the documents necessary for completing the
terms of the Settlement Agreement, including, but not limited to, the filing of required documents in the Litigation.

 

    	Settlement Agreement 	7	 

     

    

 

11. Acknowledgement
of Consideration: Each Party acknowledges the consideration being received by it for the execution of this Settlement Agreement,
and acknowledge the sufficiency of consideration for each such agreement.

 

12. Fees
and Costs. Each Party will bear its own fees and costs related to the Litigation and the preparation and negotiation of this
Settlement Agreement.

 

13. Binding
on Successors and Assigns. This Settlement Agreement is binding upon and shall inure to the benefit of each Party and its
respective successors and assigns, together with the present or former officers, directors, agents, or employees of each
Party.

 

14. Entire
Agreement. This Settlement Agreement, together with the Transaction Documents, constitute the entire agreement and understanding
between the Parties with respect to the subject matters set forth herein, and supersedes and replaces any prior agreements and
understandings, whether oral or written, between and among them with respect to such matters. The provisions of this Settlement
Agreement or the Transaction Documents may be waived, altered, amended, or repealed in whole or in part only upon the written
consent of both Parties.

 

15. Counterparts.
This Settlement Agreement may be executed in separate counterparts by the Parties, and each counterpart when so executed and
delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same
instrument.

 

16. Advice
of Counsel. Each of the Parties has been represented by counsel in the preparation of this Settlement Agreement.

 

17. Interpretation.
This Settlement Agreement is among financially sophisticated and knowledgeable parties and is entered into by the
Parties in reliance upon the economic and legal bargains contained herein and shall be interpreted and construed in a fair and
impartial manner without regard to such factors as the Party who prepared (or caused the preparation of) such agreement or the
relative bargaining power of the Parties.

 

18. Authority.
As of the Effective Date of this Agreement, each Party hereto represents and warrants that it is an entity duly formed, validly
existing, and in good standing under the laws of its jurisdiction of organization. Each Party further represents and warrants that
it has full power and authority to enter into this Agreement and to perform its obligations hereunder. Each Party represents and
warrants that the execution, delivery, and performance of this Agreement by such Party has been duly authorized by all requisite
corporate action and does not require any shareholder action or approval. Each Party represents and warrants that the person signing
this Settlement Agreement in a representative capacity on its behalf has that Party’s authority to so sign and that it will be
bound by the signatory’s execution of this Settlement Agreement.

 

    	Settlement Agreement 	8	 

     

    

 

19. Severability.
If any provision of this Settlement Agreement is determined to be invalid or unenforceable, then (i) the remainder of this
Settlement Agreement, or the application of such term, covenant, or condition to the Parties or circumstances other than those as to
which it is held invalid or unenforceable, shall not be affected thereby, and each term, covenant, or condition of this Settlement
Agreement shall be valid and be enforced to the fullest extent permitted by law; and (ii) the Parties covenant and agree to
renegotiate any such term, covenant, or application thereof in good faith in order to provide a reasonably acceptable alternative to
the term, covenant, or condition of this Settlement Agreement or the application thereof that is invalid or unenforceable, it being
the intent of the Parties that the basic purposes of this Settlement Agreement are to be effectuated.

 

20. Waiver.
No relaxation, forbearance, delay, or indulgence by a Party in enforcing its rights hereunder or the granting of time by such Party
will prejudice or affect its rights hereunder. No waiver of a breach or provision of this Agreement will be deemed effective, unless
provided in writing by the allegedly waiving Party. A waiver by a Party of a breach or provision will not operate as a waiver of any
other breach or provision, or of any subsequent or continuing breach.

 

21. No
Admissions. Each of the Parties acknowledges and agrees that this Settlement Agreement constitutes a compromise settlement of
disputed claims. Neither the fact of, nor any provision contained in this Settlement Agreement, nor any action taken pursuant to its
terms will constitute, or be construed as, or be asserted to be, an admission of any wrongdoing, fault, or liability of any kind on
the part of any Party. This Settlement Agreement will not be offered or be admissible as evidence against any Party or cited or
referred to in any action or proceeding except an action or proceeding to enforce this Settlement Agreement. In any action or
proceeding to enforce this Settlement Agreement in which this Settlement Agreement is admitted into evidence or otherwise
considered, the Settlement Agreement will not constitute an admission by any Party or a waiver of any claims or defenses any Party
may have or assert.

 

22. Headings
and Captions. Headings and captions used in this Settlement Agreement are for ease of reference only, and do not constitute part
of this Settlement Agreement, nor will they be used as an aid in the construction hereof.

 

23. Multiple
Copies. This Settlement Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all
of which shall together constitute one and the same instrument.

 

[Signature
Page Follows]

 

    	Settlement Agreement 	9	 

     

    

 

IN
WITNESS WHEREOF, and INTENDING TO BE LEGALLY BOUND, each Party hereby sets its hand and seal as of the date set forth
below.

 

	ANTILLES FAMILY OFFICE, LLC	 
	 	 
	By:	/s/
    Sheniqua Rouse-Pierre	 
	 	 
	Title:	Treasurer
                                            of General Partner of Member	 
	 	 
	Date:	June 8, 2022	 
	 	 
	INCEPTION MINING, INC.	 
	 	 
	By:	/s/
                                            Trent D’Ambrosio
	 
	 	 
	Title:	Trent D’Ambrosio/CEO Inception Mining Inc.	 
	 	 
	Date:	June 10, 2022	 

 

    	Settlement Agreement 	10Exhibit 10.1
	
	DM3\8507129.5 VIRIOS THERAPEUTICS, INC.  AMENDED AND RESTATED 2020 EQUITY INCENTIVE PLAN The purpose of the Virios Therapeutics, Inc. Amended and Restated 2020 Equity Incentive Plan (the “Plan”) is to provide (i) designated employees of Virios Therapeutics, Inc. (the “Company”) and its parents and subsidiaries, (ii) certain consultants and advisors who perform services for the Company or its parents or subsidiaries and (iii) non-employee members of the Board of Directors of the Company (the “Board”) with the opportunity to receive grants of incentive stock options, nonqualified stock options, stock awards, stock units, stock appreciation rights and other equity-based awards.  The Company believes that this Plan will encourage the participants to contribute materially to the growth of the Company, thereby benefitting the Company’s stockholders, and will align the economic interests of the participants with those of the stockholders. 1. Administration and Delegation.
(a) Committee.  This Plan shall be administered by a committee consisting of two or more
members of the Board, which shall consist of “outside directors” as defined under section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”), and related Treasury regulations, “non-employee directors” as defined under Rule 16b-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and, when applicable, by “independent directors” as defined by the rules of any national securities exchange (the “Exchange”) upon which shares of the Company’s capital stock shall be listed.  However, the Board may ratify or approve any grants as it deems appropriate, and the Board shall approve and administer all grants made to non-employee directors. The committee may delegate authority to one or more subcommittees as it deems appropriate. To the extent that a committee or subcommittee administers this Plan, references in this Plan to the “Board” shall be deemed to refer to the committee or subcommittee. (b) Board Authority.  The Board shall have the sole authority to (i) determine the individuals
to whom grants shall be made under this Plan, (ii) determine the type, size and terms of the grants to be
made to each such individual, (iii) determine the time when the grants will be made and the duration of any applicable exercise or restriction period, including the criteria for exercisability and the acceleration of
exercisability, (iv) amend the terms of any previously issued grant, and (v) deal with any other matters arising under this Plan. (c) Board Determinations.  The Board shall have full power and authority to administer and
interpret this Plan, to make factual determinations and to adopt or amend such rules, regulations, agreements
and instruments for implementing this Plan and for the conduct of its business as it deems necessary or advisable, in its sole discretion.  The Board’s interpretations of this Plan and all determinations made by
the Board pursuant to the powers vested in it hereunder shall be conclusive and binding on all persons having any interest in this Plan or in any awards granted hereunder.  All powers of the Board shall be executed in its sole discretion, in the best interest of the Company, not as a fiduciary, and in keeping with the objectives of this Plan and need not be uniform as to similarly situated individuals. (d) 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 Options and other Grants that constitute rights under Delaware law (subject to any limitations under this Plan) to employees or officers of the Company and to exercise such other powers under this Plan as the Board may determine, provided that the Board shall fix the terms of such Grants to be granted by such officers (including the exercise price of such Grants, which may include a formula by which the exercise price will be determined) and the maximum number of shares subject to such Grants that the officers may grant; provided further, however, that no officer shall be authorized to grant such Grants to any “executive officer” of the Company (as defined by Rule 3b-7 under the Exchange Act) or to any “officer” of the Company (as defined by Rule 16a-1 under the Exchange

	
	 2 DM3\8507129.5 Act).  Notwithstanding anything to the contrary set forth above, the Board may not delegate authority under this Section 1(d) to grant Stock Awards, unless Delaware law then permits such delegation. 2. Grants.  Awards under this Plan may consist of grants of incentive stock options as
described in Section 5 (“Incentive Stock Options”), nonqualified stock options as described in Section 5 (“Nonqualified Stock Options”) (Incentive Stock Options and Nonqualified Stock Options are collectively referred to as “Options”), stock awards as described in Section 6 (“Stock Awards”), stock units as described in Section 7 (“Stock Units”), stock appreciation rights as described in Section 8 (“SARs”), and other equity-based awards as described in Section 9 (“Other Equity Awards”), the foregoing sometimes referred to herein collectively as “Grants” and individually as a “Grant.”  All Grants shall be subject to the terms and conditions set forth herein and to such other terms and conditions consistent with this Plan as the Board deems appropriate and as are specified in writing by the Board to the individual in a grant instrument or an amendment to the grant instrument (the “Grant Instrument”).  All Grants shall be made conditional upon
the acknowledgement of the Grantee (as defined in Section 4(b)), in writing or by acceptance of the Grant, that all decisions and determinations of the Board shall be final and binding on the Grantee, his or her beneficiaries and any other person having or claiming an interest under such Grant.  Grants under a particular Section of this Plan need not be uniform as among the grantees. 3. Shares Subject to This Plan.
(a) Shares Authorized.  Subject to adjustment as described below, the aggregate number of
shares of common stock of the Company (“Company Stock”) that may be issued pursuant to Grants under
this Plan is 2,062,500 shares, each of which may be issued under this Plan as an Incentive Stock Option.     (b) Individual Limits.  The maximum aggregate number of shares of Company Stock that
shall be subject to Grants made under this Plan to any individual, with the exception of any non-employee director, during any calendar year shall be 500,000 shares.   With respect to any non-employee director, the
maximum aggregate number of shares of Company Stock that shall be subject to Grants made under this Plan to any such individual during any calendar year shall be 200,000 shares.  (c) Share Counting.  If and to the extent Options or SARs granted under this Plan terminate,
expire, or are canceled, forfeited, exchanged or surrendered without having been exercised or if any Stock Awards, Stock Units or Other Equity Awards are forfeited, the shares subject to such Grants shall again be
available for purposes of this Plan.  For purposes of clarification, (i) any shares of Common Stock that are tendered as payment or withheld to cover taxes due on a Grant shall not again be available for grant under the Plan, (ii) any shares of Common Stock that are repurchased by the Company using Option exercise proceeds shall not again be available for grant under the Plan, and (iii) stock-settled SARs shall be counted against the share reserve set forth in Section 3(a) above on a gross basis, regardless of the number of shares
of Common Stock issued to settle the Grant. (d) Adjustments.  If there is any change in the number or kind of shares of Company Stock
outstanding (i) by reason of a stock dividend, spinoff, recapitalization, stock split, or combination or
exchange of shares, (ii) by reason of a merger, reorganization or consolidation, (iii) by reason of a reclassification or change in par value, or (iv) by reason of any other extraordinary or unusual event affecting the outstanding Company Stock as a class without the Company’s receipt of consideration, or if
the value of outstanding shares of Company Stock is substantially reduced as a result of a spinoff or the Company’s payment of an extraordinary dividend or distribution, the maximum number of shares of
Company Stock available for issuance under this Plan, the maximum number of shares of Company Stock for which any individual may receive Grants in any year, the kind and number of shares covered by outstanding Grants, the kind and number of shares issued and to be issued under this Plan, and the price per share or the applicable market value of such Grants shall be equitably adjusted by the Board to reflect any

	
	 3 DM3\8507129.5 increase or decrease in the number of, or change in the kind or value of, issued shares of Company Stock to preclude, to the extent practicable, the enlargement or dilution of rights and benefits under such Grants; provided, however, that any fractional shares resulting from such adjustment shall be eliminated.  In addition, in the event of a Change of Control of the Company (as defined in Section 12(a)), the provisions of Section 13 of this Plan shall apply.  Any adjustment to outstanding Grants shall be consistent with section 409A and section 424 of the Code, to the extent applicable.  Any adjustments determined by the Board shall
be final, binding and conclusive. (e) Grants under the Plan shall be subject to a one-year minimum vesting requirement. Notwithstanding the foregoing, Grants which are not subject to the one-year minimum vesting requirement set forth in this Section 3(e) may be granted to an individual as an inducement to be hired as an Employee (as defined in Section 4(a)), provided that the total number of shares of Common Stock available to be granted or underlying such Grants pursuant to this sentence shall be less than five percent (5%) of the aggregate number of shares of Common Stock set forth in Section 3(a) above. 4. Eligibility for Participation.
(a) Eligible Persons.  All employees of the Company and its parents or subsidiaries
(“Employees”), including Employees who are officers or members of the Board, and members of the Board who are not Employees (“Non-Employee Directors”) shall be eligible to participate in this Plan.  Consultants and advisors, as such terms are defined and interpreted for purposes of Form S-8 under the Securities Act of 1933, as amended (the “Securities Act”) (or any successor form or rule) who perform services for the Company or any of its parents or subsidiaries (“Key Advisors”) shall be eligible to participate in this Plan. (b) Selection of Grantees.  The Board shall select the Employees, Non-Employee Directors
and Key Advisors to receive Grants and shall determine the number of shares of Company Stock subject to a particular Grant in such manner as the Board determines.  Employees, Key Advisors and Non-Employee Directors who receive Grants under this Plan shall hereinafter be referred to as “Grantees.” 5. Options.  The Board may grant Options to Employees, Non-Employee Directors, and Key
Advisors upon such terms as the Board deems appropriate.  The following provisions are applicable to
Options: (a) Number of Shares.  The Board shall determine the number of shares of Company Stock
that will be subject to each Grant of Options to Employees, Non-Employee Directors and Key Advisors. (b) Type of Option and Price.
(i) The Board may grant Incentive Stock Options that are intended to qualify as “incentive stock options” within the meaning of section 422 of the Code or Nonqualified Stock Options that are not intended so to qualify or any combination of Incentive Stock Options and Nonqualified Stock
Options, all in accordance with the terms and conditions set forth herein.  Incentive Stock Options may be granted only to employees of the Company or its parents or subsidiaries, as defined in section 424 of the Code.  Nonqualified Stock Options may be granted to Employees, Non-Employee Directors and Key Advisors. (ii) The purchase price (the “Exercise Price”) of Company Stock subject to an Option shall be determined by the Board and shall be equal to or greater than the Fair Market Value (as defined below) of a share of Company Stock on the date the Option is granted; provided, however, that an Incentive Stock Option may not be granted to an Employee who, at the time of grant, owns stock possessing more

	
	 4 DM3\8507129.5 than 10% of the total combined voting power of all classes of stock of the Company or any parent or subsidiary of the Company, unless the Exercise Price per share is not less than 110% of the Fair Market Value of Company Stock on the date of grant. (iii) If the Company Stock is publicly traded, then the Fair Market Value per share shall be determined as follows:  (x) if the principal trading market for the Company Stock is an Exchange, the last reported sale price thereof on the relevant date or (if there were no trades on that date) the latest preceding date upon which a sale was reported, or (y) if the Company Stock is not principally traded on an Exchange, the mean between the last reported “bid” and “asked” prices of Company Stock on the relevant date, as reported on the Exchange or, if not so reported, as reported by the over-the-counter quotation system on which the Company Stock is then quoted or as reported in a customary financial reporting service, as applicable and as the Board determines.  If the Company Stock is not publicly traded or, if publicly traded, is not subject to reported transactions or “bid” or “asked” quotations as set forth above, the Fair Market Value per share shall be as determined by the Board. (c) Option Term.  The Board shall determine the term of each Option.  The term of any Option
shall not exceed ten years from the date of grant.  However, an Incentive Stock Option that is granted to an Employee who, at the time of grant, owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company, or any parent or subsidiary of the Company, may not have a term that exceeds five years from the date of grant. (d) Exercisability of Options.
(i) Options shall become exercisable in accordance with such terms and conditions, consistent with this Plan, as may be determined by the Board and specified in the Grant Instrument. (ii) The Board may provide in a Grant Instrument that the Grantee may elect to exercise part or all of an Option before it otherwise has become exercisable.  Any shares so purchased shall be restricted shares and shall be subject to a repurchase right in favor of the Company during a specified restriction period, with the repurchase price equal to the lesser of (i) the Exercise Price or (ii) the Fair
Market Value of such shares at the time of repurchase, or such other restrictions as the Board deems appropriate. (e) Grants to Non-Exempt Employees.  Notwithstanding the foregoing, unless expressly
approved by the Board, Options granted to persons who are non-exempt employees under the Fair Labor Standards Act of 1938, as amended, (the “FLSA”) may not be exercisable for at least six months after the date of grant (except that such Options may become exercisable, as determined by the Board, upon the Grantee’s death, Disability (as defined in Section 5(f)(v)(C)) or Retirement (as defined in Section
5(f)(v)(E)), or upon a Change of Control or other circumstances permitted by applicable regulations). (f) Termination of Employment, Disability or Death.
(i) Except as provided below, an Option may be exercised only while the Grantee is employed by, or providing service to, the Employer (as defined in Section 5(f)(v)(A)) as an Employee, Key Advisor or member of the Board.  In the event that a Grantee ceases to be employed by, or provide service to, the Employer for any reason other than Disability, death, Retirement or termination for Cause (as defined in Section 5(f)(v)(D)), except as otherwise provided by the Board, any Option that is otherwise exercisable
by the Grantee shall terminate unless exercised within 90 days after the date on which the Grantee ceases to be employed by, or provide service to, the Employer (or within such other period of time as may be specified by the Board), but in any event no later than the date of expiration of the Option term.  Except as otherwise provided by the Board, any of the Grantee’s Options that are not otherwise exercisable as of the

	
	 5 DM3\8507129.5 date on which the Grantee ceases to be employed by, or provide service to, the Employer shall terminate as of such date. (ii) In the event the Grantee ceases to be employed by, or provide service to, the Employer on account of a termination for Cause by the Employer, any Option held by the Grantee shall terminate as of the date the Grantee ceases to be employed by, or provide service to, the Employer.  In addition, notwithstanding any other provisions of this Section 5, if the Board determines that the Grantee
has engaged in conduct that constitutes Cause at any time while the Grantee is employed by, or providing service to, the Employer or after the Grantee’s termination of employment or service, any Option held by the Grantee shall immediately terminate, and the Grantee shall automatically forfeit all shares underlying any exercised portion of an Option for which the Company has not yet delivered the share certificates, upon refund by the Company of the Exercise Price paid by the Grantee for such shares.  Upon any exercise of an Option, the Company may withhold delivery of share certificates pending resolution of an inquiry that could
lead to a finding resulting in a forfeiture. (iii) In the event the Grantee ceases to be employed by, or provide service to, the Employer because of the Grantee’s Disability or Retirement, any Option that is otherwise exercisable by
the Grantee shall terminate unless exercised within one year after the date on which the Grantee ceases to
be employed by, or provide service to, the Employer (or within such other period of time as may be specified by the Board), but in any event no later than the date of expiration of the Option term.  Except as otherwise provided by the Board, any of the Grantee’s Options that are not otherwise exercisable as of the date on which the Grantee ceases to be employed by, or provide service to, the Employer shall terminate as of such date.  In the event that an Incentive Stock Option is exercised more than 90 days after Retirement, the Option shall lose its status as an Incentive Stock Option and shall be treated as a Nonqualified Stock Option. (iv) If the Grantee dies while employed by, or providing service to, the Employer or within 90 days after the date on which the Grantee ceases to be employed or provide service on account of a termination specified in Section 5(f)(i) above (or within such other period of time as may be specified by the Board), any Option that is otherwise exercisable by the Grantee shall terminate unless exercised within one year after the date on which the Grantee ceases to be employed by, or provide service to, the Employer
(or within such other period of time as may be specified by the Board), but in any event no later than the date of expiration of the Option term.  Except as otherwise provided by the Board, any of the Grantee’s Options that are not otherwise exercisable as of the date on which the Grantee ceases to be employed by, or provide service to, the Employer shall terminate as of such date. (v) For purposes of this Section 5(f) and Section 6: (A) The term “Employer” shall include the Company and its parent and subsidiary corporations, as determined by the Board. (B) “Employed by, or provide service to, the Employer” shall mean employment or service as an Employee, Key Advisor or member of the Board (so that, for purposes of exercising Options and satisfying conditions with respect to other Grants, a Grantee shall not be considered to have terminated employment or service until the Grantee ceases to be an Employee, Key Advisor or member of the Board), unless the Board determines otherwise. (C) “Disability” shall mean a Grantee’s becoming disabled within the meaning of section 22(e)(3) of the Code, within the meaning of the Employer’s long-term disability plan applicable to the Grantee, or as otherwise determined by the Board.

	
	 6 DM3\8507129.5 (D) “Cause” shall mean, except to the extent specified otherwise by the Board, a finding by the Board that the Grantee (i) has breached his or her employment or service contract with the Employer in any material respect, (ii) has engaged in disloyalty to the Company, including, without limitation, fraud, embezzlement, theft, commission of a felony or proven dishonesty, (iii)
has disclosed trade secrets or confidential information of the Employer to persons not entitled to receive such information, (iv) has breached any written noncompetition or nonsolicitation agreement between the Grantee and the Employer or (v) has engaged in such other behavior detrimental to the interests of the Employer as the Board determines. (E) “Retirement” shall mean a termination of employment by reason of an Employee’s retirement at or after the Employee’s earliest permissible retirement date pursuant to and in
accordance with a regular retirement plan or the personnel practices of the Employer. (g) Exercise of Options.  A Grantee may exercise an Option that has become exercisable, in
whole or in part, by delivering a notice of exercise to the Company.  The Grantee shall pay the Exercise
Price for an Option as specified by the Board (w) in cash, (x) with the approval of the Board, by delivering shares of Company Stock owned by the Grantee (including Company Stock acquired in connection with
the exercise of an Option, subject to such restrictions as the Board deems appropriate) and having a Fair Market Value on the date of exercise equal to the Exercise Price or by attestation (on a form prescribed by the Board) to ownership of shares of Company Stock having a Fair Market Value on the date of exercise
equal to the Exercise Price, (y) payment through a broker in accordance with procedures permitted by applicable regulations of the Board of Governors of the Federal Reserve System, or (z) by such other
method as the Board may approve.  Shares of Company Stock used to exercise an Option shall have been held by the Grantee for the requisite period of time to avoid adverse accounting consequences to the Company with respect to the Option.  The Grantee shall pay the Exercise Price and the amount of any withholding tax due (pursuant to Section 10) at the time of exercise. (h) Limits on Incentive Stock Options.  Each Incentive Stock Option shall provide that, if
the aggregate Fair Market Value of the stock on the date of the grant with respect to which Incentive Stock Options are exercisable for the first time by a Grantee during any calendar year, under this Plan or any other stock option plan of the Company or a parent or subsidiary, exceeds $100,000, then the Option, as to the
excess, shall be treated as a Nonqualified Stock Option.  An Incentive Stock Option shall not be granted to any person who is not an Employee of the Company or a parent or subsidiary (within the meaning of section
424(f) of the Code) of the Company. (i) Limitation on Repricing.  If the Company Stock is listed on an Exchange, unless such
action is approved by the Company’s stockholders, the Company may not (except as provided for under Section 3(d)): (A) amend any outstanding Option granted under this Plan to provide an exercise price per share that is lower than the then-current exercise price per share of such outstanding Option, (B) cancel any outstanding Option (whether or not granted under the Plan) and grant in substitution therefor new Grants under this Plan (other than adjustments made pursuant to Section 3(d)) covering the same or a different number of shares of Company Stock and having an exercise price per share lower than the then-current exercise price per share of the cancelled option, (C) cancel in exchange for a cash payment any outstanding Option with an exercise price per share above the then-current Fair Market Value, other than pursuant to Section 3(d), or (D) take any other action under this Plan that constitutes a “repricing” within the meaning of the rules of the Exchange. 6. Stock Awards.  The Board may issue shares of Company Stock to an Employee, Non-
Employee Director or Key Advisor under a Stock Award, upon such terms as the Board deems appropriate.
The following provisions are applicable to Stock Awards:

	
	 7 DM3\8507129.5 (a) General Requirements.  Shares of Company Stock issued or transferred pursuant to Stock
Awards may be issued or transferred for cash consideration or for no cash consideration, and subject to restrictions or no restrictions, as determined by the Board.  The Board may, but shall not be required to, establish conditions under which restrictions on Stock Awards shall lapse over a period of time or according to such other criteria as the Board deems appropriate, including without limitation restrictions based on the
achievement of specific performance goals.  The period of time during which the Stock Award will remain subject to restrictions will be designated in the Grant Instrument as the “Restriction Period.” (b) Number of Shares.  The Board shall determine the number of shares of Company Stock
to be issued or transferred pursuant to a Stock Award and the restrictions applicable to such shares. (c) Requirement of Employment or Service.  Unless the Board determines otherwise, if the
Grantee ceases to be employed by, or provide service to, the Employer (as defined in Section 5(f)(v)(A)) during a period designated in the Grant Instrument as the Restriction Period, or if other specified conditions are not met, the Stock Award shall terminate as to all shares covered by the Grant as to which the restrictions have not lapsed, and those shares of Company Stock must be immediately returned to the Company.  The Board may, however, provide for complete or partial exceptions to this requirement as it deems appropriate. (d) Restrictions on Transfer and Legend on Stock Certificate.  During the Restriction
Period, a Grantee may not sell, assign, transfer, pledge or otherwise dispose of the shares of the Stock Award except to a successor under Section 11(a).  Each certificate representing a Stock Award shall contain a legend giving appropriate notice of the restrictions in the Grant.  The Grantee shall be entitled to have the legend removed from the stock certificate covering the shares subject to restrictions when all restrictions on such shares have lapsed.  The Board may determine that the Company will not issue a certificate for a Stock Award until all restrictions on such shares have lapsed, or that the Company will retain possession
of certificates for Stock Awards until all restrictions on such shares have lapsed. (e) Right to Vote and to Receive Dividends.  During the Restriction Period, the Grantee shall
not have the right to vote shares subject to Stock Awards and to receive any dividends or other distributions
paid on such shares. (f) Lapse of Restrictions.  All restrictions imposed on Stock Awards shall lapse upon the
expiration of the applicable Restriction Period and the satisfaction of all conditions imposed by the Board.
The Board may determine, as to any or all Stock Awards, that the restrictions shall lapse without regard to any Restriction Period. 7. Stock Units.  The Board may grant Stock Units representing one or more shares of
Company Stock to an Employee, Non-Employee Director or Key Advisor, upon such terms and conditions
as the Board deems appropriate, provided, however, that all such grants shall comply with section 409A of the Code.  The following provisions are applicable to Stock Units: (a) Crediting of Units.  Each Stock Unit shall represent the right of the Grantee to receive an
amount based on the value of a share of Company Stock, if specified conditions are met.  All Stock Units shall be credited to bookkeeping accounts established on the Company’s records for purposes of this Plan. (b) Terms of Stock Units.  The Board may grant Stock Units that are payable if specified
performance goals or other conditions are met, or under other circumstances.  Stock Units may be paid at
the end of a specified performance period or other period, or payment may be deferred to a date authorized by the Board.  The Board shall determine the number of Stock Units to be granted and the requirements applicable to such Stock Units.

	
	 8 DM3\8507129.5 (c) Requirement of Employment or Service.  Unless the Board determines otherwise, if the
Grantee ceases to be employed by, or provide service to, the Employer during a specified period, or if other conditions established by the Board are not met, the Grantee’s Stock Units shall be forfeited.  The Board may, however, provide for complete or partial exceptions to this requirement as it deems appropriate. (d) Payment with Respect to Stock Units.  Payments with respect to Stock Units may be
made in cash, in Company Stock, or in a combination of the two, as determined by the Board. 8. Stock Appreciation Rights.  The Board may grant SARs to an Employee, Non-Employee
Director or Key Advisor separately or in tandem with any Option.  The following provisions are applicable to SARs: (a) Base Amount.  The Board shall establish the base amount of the SAR at the time the SAR
is granted.  The base amount of each SAR shall not be less than the Fair Market Value of a share of Company Stock on the date of Grant of the SAR. (b) Tandem SARs.  In the case of tandem SARs, the number of SARs granted to a Grantee
that shall be exercisable during a specified period shall not exceed the number of shares of Company Stock
that the Grantee may purchase upon the exercise of the related Option during such period.  Upon the exercise of an Option, the SARs relating to the Company Stock covered by such Option shall terminate.  Upon the exercise of SARs, the related Option shall terminate to the extent of an equal number of shares of Company Stock. (c) Exercisability.  An SAR shall be exercisable during the period specified by the Board in
the Grant Instrument and shall be subject to such vesting and other restrictions as may be specified in the Grant Instrument.  SARs may only be exercised while the Grantee is employed by, or providing service to, the Employer or during the applicable period after termination of employment or service as described in Section 5(f) above.  A tandem SAR shall be exercisable only during the period when the Option to which it is related is also exercisable. (d) Grants to Non-Exempt Employees.  Notwithstanding the foregoing, SARs granted to
persons who are non-exempt employees under the FLSA may not be exercisable for at least six months after the date of grant (except that such SARs may become exercisable, as determined by the Board, upon the Grantee’s death, Disability or retirement, or upon a Change of Control or other circumstances permitted by applicable regulations). (e) Value of SARs.  When a Grantee exercises SARs, the Grantee shall receive in settlement
of such SARs an amount equal to the value of the stock appreciation for the number of SARs exercised.  The stock appreciation for an SAR is the amount by which the Fair Market Value of the underlying Company Stock on the date of exercise of the SAR exceeds the base amount of the SAR as described in Section 8(a). (f) Form of Payment.  The appreciation in an SAR shall be paid in shares of Company Stock,
cash or any combination of the foregoing, as the Board shall determine.  For purposes of calculating the
number of shares of Company Stock to be received, shares of Company Stock shall be valued at their Fair Market Value on the date of exercise of the SAR. (g) SAR Term.  The Board shall determine the term of each SAR.  The term of any SAR
shall not exceed ten years from the date of grant.

	
	 9 DM3\8507129.5 9. Other Equity Awards.  The Board may grant Other Equity Awards, which are awards
(other than those described in Sections 5, 6, 7 and 8 of this Plan) that are based on, measured by or payable in Company Stock, including, without limitation, stock appreciation rights, to any Employee, Non-Employee Director or Key Advisor, on such terms and conditions as the Board shall determine.  Other Equity Awards may be awarded subject to the achievement of performance goals or other conditions and may be payable in cash, Company Stock or any combination of the foregoing, as the Board shall determine. 10. Withholding of Taxes.
(a) Required Withholding.  All Grants under this Plan shall be subject to applicable federal
(including FICA), state and local tax withholding requirements.  The Employer may require that the Grantee
or other person receiving or exercising Grants pay to the Employer the amount of any federal, state or local taxes that the Employer is required to withhold with respect to such Grants, or the Employer may deduct
from other wages paid by the Employer the amount of any withholding taxes due with respect to such Grants. (b) Election to Withhold Shares.  If the Board so permits, a Grantee may elect to satisfy the
Employer’s tax withholding obligation with respect to Grants paid in Company Stock by having shares
withheld up to an amount that does not exceed the Grantee’s minimum applicable withholding tax rate for federal (including FICA), state and local tax liabilities.  The election must be in a form and manner
prescribed by the Board and may be subject to the prior approval of the Board. 11. Transferability of Grants.
(a) Nontransferability of Grants.  Except as provided below, only the Grantee may exercise
rights under a Grant during the Grantee’s lifetime.  A Grantee may not transfer those rights except (i) by will or by the laws of descent and distribution or (ii) with respect to Grants other than Incentive Stock Options, if permitted in any specific case by the Board, pursuant to a domestic relations order or otherwise as permitted by the Board.  When a Grantee dies, the personal representative or other person entitled to succeed to the rights of the Grantee may exercise such rights.  Any such successor must furnish proof satisfactory to the Company of his or her right to receive the Grant under the Grantee’s will or under the applicable laws of descent and distribution. (b) Transfer of Nonqualified Stock Options.  Notwithstanding the foregoing, the Board may
provide, in a Grant Instrument, that a Grantee may transfer Nonqualified Stock Options to family members, or one or more trusts or other entities for the benefit of or owned by family members, consistent with applicable securities laws, according to such terms as the Board may determine; provided that the Grantee receives no consideration for the transfer of an Option and the transferred Option shall continue to be subject
to the same terms and conditions as were applicable to the Option immediately before the transfer. 12. Change of Control of the Company.
(a) Change of Control.  As used herein, a “Change of Control” shall be deemed to have
occurred if: (i) Any “person,” as such term is used in sections 13(d) and 14(d) of the Exchange Act becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than 50% of the voting power of the then outstanding
securities of the Company; provided that a Change of Control shall not be deemed to occur as a result of (A) a transaction in which the Company becomes a subsidiary of another corporation and in which the stockholders of the Company, immediately prior to the transaction, will beneficially own, immediately after

	
	 10 DM3\8507129.5 the transaction, shares entitling such stockholders to more than 50% of all votes to which all stockholders of the parent corporation would be entitled in the election of directors, or (B) the acquisition of securities of the Company by an investor of the Company in a capital-raising transaction; or (ii) The consummation of (A) a merger or consolidation of the Company with another corporation where the stockholders of the Company, immediately prior to the merger or consolidation, will not beneficially own, immediately after the merger or consolidation, shares entitling such stockholders to
more than 50% of all votes to which all stockholders of the surviving corporation would be entitled in the election of directors, (B) a sale or other disposition of all or substantially all of the assets of the Company,
or (C) a liquidation or dissolution of the Company. (b) Other Definition.  The Board may modify the definition of Change of Control for a
particular Grant as the Board deems appropriate to comply with section 409A of the Code. 13. Consequences of a Change of Control.  In the event of a Change of Control, (a)
outstanding Options and SARs shall accelerate and become exercisable, and (b) outstanding Stock Awards, Stock Units and Other Equity Awards shall vest and shall be payable.  The Board may condition any such acceleration on such terms as the Board determines. 14. Limitations on Issuance or Transfer of Shares.
(a) Stockholders Agreement/Voting Agreement.  The Board may require that a Grantee
execute a stockholders agreement and/or a voting agreement, in each case, with such terms as the Board deems appropriate, with respect to any Company Stock issued or transferred pursuant to this Plan.  If such stockholders agreement or voting agreement contains any lock-up or market standoff provisions that differ from the provisions of Section 14(c) of this Plan, for as long as the provisions of such agreement are in
effect, the provisions of Section 14(c) shall not apply to such Company Stock, unless the Board determines otherwise. (b) Limitations on Issuance or Transfer of Shares.  No Company Stock shall be issued or
transferred in connection with any Grant hereunder unless and until all legal requirements applicable to the
issuance or transfer of such Company Stock have been complied with to the satisfaction of the Board.  The Board shall have the right to condition any Grant made to any Grantee hereunder on such Grantee’s undertaking in writing to comply with such restrictions on his or her subsequent disposition of such shares of Company Stock as the Board shall deem necessary or advisable, and certificates representing such shares may be legended to reflect any such restrictions.  Certificates representing shares of Company Stock issued or transferred under this Plan will be subject to such stop-transfer orders and other restrictions as may be required by applicable laws, regulations and interpretations, including any requirement that a legend be
placed thereon. (c) Lock-Up Period.  If so requested by the Company or any representative of the underwriters
(the “Managing Underwriter”) in connection with any underwritten offering of securities of the Company under the Securities Act, and subject to Section 14(a) of this Plan, a Grantee (including any successor or assigns) shall not sell or otherwise transfer any shares or other securities of the Company during the 30-day period preceding and the 180-day period following the effective date of a registration statement of the Company filed under the Securities Act for such underwriting (or such shorter period as may be requested
by the Managing Underwriter and agreed to by the Company) (the “Market Standoff Period”).  If so requested by the Company or the Managing Underwriter, the Grantee shall enter into a separate written agreement to such effect in form and substance requested by the Company or the Managing Underwriter.  The Company may impose stop-transfer instructions with respect to securities subject to the foregoing
restrictions until the end of such Market Standoff Period.

	
	 11 DM3\8507129.5 15. Amendment and Termination.
(a) Amendment of This Plan.  The Board may amend, suspend or terminate this Plan or any
portion thereof at any time provided that (i) to the extent required by section 162(m) of the Code, no Grant that is intended to comply with section 162(m) after the date of such amendment shall become exercisable, realizable or vested, as applicable to such Grant, unless and until the Company’s stockholders approve such amendment in the manner required by section 162(m); and (ii) if shares of the Company’s capital stock are listed on the Exchange, no amendment that would require stockholder approval under the rules of the
Exchange may be made effective unless and until the Company’s stockholders approve such amendment.  In addition, if at any time the approval of the Company’s stockholders is required as to any other modification or amendment under section 422 of the Code or any successor provision with respect to Incentive Stock Options, the Board may not effect such modification or amendment without such approval.  Unless otherwise specified in the amendment, any amendment to this Plan adopted in accordance with this Section 15(a) shall apply to, and be binding on the holders of, all Grants outstanding under this Plan at the time the amendment is adopted, provided the Board determines that such amendment, taking into account any related action, does not materially and adversely affect the rights of Grantees under this Plan.  No Grant shall be made that is conditioned upon stockholder approval of any amendment to this Plan unless the Grant
provides that (i) it will terminate or be forfeited if stockholder approval of such amendment is not obtained within no more than 12 months from the date of grant and (ii) it may not be exercised or settled (or otherwise
result in the issuance of Company Stock) prior to such stockholder approval. (b) Termination of This Plan.  This Plan shall terminate on the day immediately preceding
the tenth anniversary of its effective date, unless this Plan is terminated earlier by the Board or is extended by the Board with the approval of the stockholders. (c) Termination and Amendment of Outstanding Grants.  The Board may amend, modify
or terminate any outstanding Grant, including but not limited to substituting therefor another Grant of the same or a different type, changing the date of exercise or realization, and/or converting an Incentive Stock Option into a Nonqualified Stock Option.  A termination or amendment of this Plan that occurs after a Grant is made shall not materially impair the rights of a Grantee unless the Grantee consents or unless the Board acts under Section 21(b).  The termination of this Plan shall not impair the power and authority of the Board with respect to an outstanding Grant.  The Board may at any time provide that any Grant shall become immediately exercisable in whole or in part, free of some or all restrictions or conditions, or otherwise realizable in whole or in part, as the case may be. (d) Governing Document.  This Plan shall be the controlling document.  No other statements,
representations, explanatory materials or examples, oral or written, may amend this Plan in any manner.
This Plan shall be binding upon and enforceable against the Company and its successors and assigns. 16. Funding of This Plan.  This Plan shall be unfunded.  The Company shall not be required
to establish any special or separate fund or to make any other segregation of assets to assure the payment of any Grants under this Plan. 17. Rights of Participants.  Nothing in this Plan shall entitle any Employee, Key Advisor,
Non-Employee Director or other person to any claim or right to be granted a Grant under this Plan.  Neither this Plan nor any action taken hereunder shall be construed as giving any individual any rights to be retained by or in the employ of the Employer or any other employment rights. 18. No Fractional Shares.  No fractional shares of Company Stock shall be issued or delivered
pursuant to this Plan or any Grant.  The Board shall determine whether cash, other awards or other property

	
	 12 DM3\8507129.5 shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated. 19. Headings.  Section headings are for reference only.  In the event of a conflict between a
title and the content of a Section, the content of the Section shall control. 20. Effective Date of This Plan.  This Plan shall be effective on the date on which this Plan is
approved by the Company’s stockholders. 21. Miscellaneous.
(a) Grants in Connection with Corporate Transactions and Otherwise.  Nothing contained
in this Plan shall be construed to (i) limit the right of the Board to make Grants under this Plan in connection with the acquisition, by purchase, lease, merger, consolidation or otherwise, of the business or assets of any corporation, firm or association, including Grants to employees thereof who become Employees, or for other proper corporate purposes, or (ii) limit the right of the Company to grant stock options or make other awards outside of this Plan.  Without limiting the foregoing, the Board may make a Grant to an employee, director or advisor of another corporation who becomes an Employee, Non-Employee Director or Key Advisor by reason of a corporate merger, consolidation, acquisition of stock or property, reorganization or liquidation involving the Company, the Parent or any of their subsidiaries in substitution for a stock option or stock award grant made by such corporation.  The terms and conditions of the substitute grants may vary
from the terms and conditions required by this Plan and from those of the substituted stock incentives.  The Board shall prescribe the provisions of the substitute grants. (b) Compliance with Law.  This Plan, the exercise of Options and the obligations of the
Company to issue shares of Company Stock under Grants shall be subject to all applicable laws and to approvals by any governmental or regulatory agency as may be required.  With respect to persons subject to section 16 of the Exchange Act, it is the intent of the Company that this Plan and all transactions under this Plan comply with all applicable provisions of Rule 16b-3 or its successors under the Exchange Act and section 162(m) of the Code.  It is the intent of the Company that this Plan and applicable Grants under this Plan comply with the applicable provisions of section 422 of the Code and that, to the extent applicable, Grants made under this Plan comply with the requirements of section 409A of the Code and the regulations thereunder.  To the extent that any legal requirement set forth in this Plan ceases to be required under applicable law, the Board may determine that such Plan provision shall cease to apply.  The Board may revoke any Grant if it is contrary to law or modify a Grant or this Plan to bring the Grant or this Plan into compliance with any applicable law or regulation. (c) Employees Subject to Taxation Outside the United States.  With respect to Grantees
who are subject to taxation in countries other than the United States, the Board may make Grants on such terms and conditions as the Board deems appropriate to comply with the laws of the applicable countries, and the Board may create such procedures, addenda and subplans and make such modifications as may be necessary or advisable to comply with such laws. (d) Governing Law.  The validity, construction, interpretation and effect of this Plan and
Grant Instruments issued under this Plan shall be governed and construed by and determined in accordance with the laws of the State of Delaware, without giving effect to the conflict of laws provisions thereof.  Effective June 16, 2022.

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