Document:

Exhibit 10.1

 

EYENOVIA, INC.

 

AMENDED AND RESTATED

2018 OMNIBUS STOCK INCENTIVE PLAN, AS AMENDED

 

2018 Omnibus Stock Incentive Plan
Approved by

the Board and Stockholders on March 6, 2018 and June 11, 2018, respectively

 

Amendment to 2018 Omnibus Stock Incentive
Plan Approved by

the Board and Stockholders on April 5, 2019 and June 11, 2019, respectively

 

Amendment and Restatement of 2018
Omnibus Stock Incentive Plan Approved by

the Board and Stockholders on April 7, 2020 and June 30, 2020, respectively

 

Amendment to Amended and Restated
2018 Omnibus Stock Incentive Plan Approved by

the Board and Stockholders on March 31, 2021 and June 16, 2021, respectively

 

Amendment to Amended and Restated
2018 Omnibus Stock Incentive Plan Approved by

the Board and Stockholders on February 28, 2022 and June 16, 2022, respectively

 

1.     Purposes of the Plan. The purposes of this Plan are to attract and retain the best available personnel; to provide additional
incentives to Employees, Directors and Consultants to contribute to the successful performance of the Company and any Related Entity;
to promote the growth of the market value of the Company’s Common Stock; to align the interests of Grantees with those of the Company’s
stockholders; and to promote the success of the Company’s business.

 

2.     Definitions. The following definitions shall apply as used herein and in all individual Award Agreements except as a term
may be otherwise defined in an individual Award Agreement. In the event a term is separately defined in an individual Award Agreement,
such definition shall supersede the definition contained in this Section 2.

 

(a)      “Administrator” means the Plan Administrator as described in Section 4.

 

(b)      “Applicable Laws” means the legal requirements relating to the Plan and the Awards under applicable provisions
of federal and state securities laws, the corporate laws of Delaware, and, to the extent other than Delaware, the corporate law of the
state of the Company’s incorporation, the Code, the rules of any applicable stock exchange or national market system, and the rules
of any non-U.S. jurisdiction applicable to Awards granted to residents therein.

 

(c)      “Assumed” means, with respect to an Award, that pursuant to a Corporate Transaction either (i) the Award
is expressly affirmed by the Company or (ii) the contractual obligations represented by the Award are expressly assumed (and not simply
by operation of law) by the successor entity or its Parent in connection with the Corporate Transaction with appropriate adjustments to
the number and type of securities of the successor entity or its Parent subject to the Award and the exercise or purchase price thereof
which at least preserves the compensation element of the Award existing at the time of the Corporate Transaction as determined in accordance
with the instruments evidencing the agreement to assume the Award.

 

(d)      “Award” means the grant of an Option, SAR, Dividend Equivalent Right, Restricted Stock, Restricted Stock
Unit, or other right or benefit under the Plan.

 

(e)      “Award Agreement” means the written agreement evidencing the grant of an Award executed by the Company
and the Grantee, including any amendments thereto.

 

(f)       “Board” means the Board of Directors of the Company.

 

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(g)     “Cause”
means, with respect to the termination by the Company or a Related Entity of a Grantee’s Continuous Service:

 

(i)     that such termination is for “Cause” as such term (or word of like import) is expressly defined in a then-effective
written employment agreement, consulting agreement, service agreement or other similar agreement between the Grantee and the Company or
such Related Entity, provided, however, that with regard to any agreement that defines “Cause” on the occurrence of or in
connection with a Corporate Transaction, such definition of “Cause” shall not apply until a Corporate Transaction actually
occurs; or

 

(ii)    in the absence of such then-effective written agreement and definition, is based on, in the determination of the Administrator:
(A) the Grantee’s performance of any act, or failure to perform any act, in bad faith and to the detriment of the Company or a Related
Entity; (B) the Grantee’s dishonesty, intentional misconduct or material breach of any agreement with the Company or a Related Entity;
(C) the Grantee’s material breach of any noncompetition, confidentiality or similar agreement with the Company or a Related Entity,
as determined under such agreement; (D) the Grantee’s commission of a crime involving dishonesty, breach of trust, or physical or
emotional harm to any person; (E) if the Grantee is an Employee or Consultant, the Grantee’s engaging in acts or omissions constituting
gross negligence, misconduct or a willful violation of a Company or a Related Entity policy which is or is reasonably expected to be materially
injurious to the Company and/or a Related Entity; or (F) if the Grantee is an Employee, the Grantee’s failure to follow the reasonable
instructions of the Board or such Grantee’s direct supervisor, which failure, if curable, is not cured within 10 days after notice
to such Grantee or, if cured, recurs within 180 days.

 

(h)       “Code” means the Internal Revenue Code of 1986, as amended, or any successor statute.

 

(i)        “Committee” means the Compensation Committee of the Board or another committee appointed by the Board
to administer the Plan in accordance with Section 4(a) below.

 

(j)        “Common Stock” means the Company’s voting common stock, $0.0001 par value per share.

 

(k)       “Company” means Eyenovia, Inc., a Delaware corporation, or any successor entity that adopts the Plan
in connection with a Corporate Transaction.

 

(l)        “Consultant” means any person (other than an Employee or a Director, solely with respect to rendering
services in such person’s capacity as a Director) who is engaged by the Company or any Related Entity to render consulting or advisory
services to the Company or such Related Entity.

 

(m)      “Continuous Service” means that the provision of services to the Company or a Related Entity in any capacity
of Employee, Director or Consultant is not interrupted or terminated. In jurisdictions requiring notice in advance of an effective termination
as an Employee, Director or Consultant, Continuous Service shall be deemed terminated upon the actual cessation of providing services
to the Company or a Related Entity notwithstanding any required notice period that must be fulfilled before a termination as an Employee,
Director or Consultant can be effective under Applicable Laws. A Grantee’s Continuous Service shall be deemed to have terminated
either upon an actual termination of Continuous Service or upon the entity for which the Grantee provides services ceasing to be a Related
Entity. Continuous Service shall not be considered interrupted in the case of (i) any approved leave of absence, (ii) transfers among
the Company, any Related Entity, or any successor in any capacity of Employee, Director or Consultant, or (iii) any change in status as
long as the individual remains in the service of the Company or a Related Entity in any capacity of Employee, Director or Consultant (except
as otherwise provided in the Award Agreement). An approved leave of absence for purposes of this Plan shall include sick leave, military
leave, or any other authorized personal leave, so long as the Company or Related Entity has a reasonable expectation that the individual
will return to provide services for the Company or Related Entity, and provided further that the leave does not exceed six months, unless
the individual has a statutory or contractual right to re-employment following a longer leave. For purposes of each Incentive Stock Option
granted under the Plan, if such leave exceeds three months, and reemployment upon expiration of such leave is not guaranteed by statute
or contract, then the Incentive Stock Option shall be treated as a Non-Qualified Stock Option beginning on the day three months and one
day following the expiration of such three month period.

 

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(n)       “Corporate Transaction” means any of the following transactions, provided, however, that the Administrator
shall determine under parts (iv) and (v) whether multiple transactions are related, and its determination shall be final, binding and
conclusive:

 

(i)        a merger or consolidation in which the Company is not the surviving entity, except for a transaction the principal purpose of which
is to change the state in which the Company is incorporated;

 

(ii)       the sale, transfer or other disposition of all or substantially all of the assets of the Company;

 

(iii)      the complete liquidation or dissolution of the Company;

 

(iv)      any reverse merger or series of related transactions culminating in a reverse merger (including, but not limited to, a tender offer
followed by a reverse merger) in which the Company is the surviving entity but (A) the Shares outstanding immediately prior to such merger
are converted or exchanged by virtue of the merger into other property, whether in the form of securities, cash or otherwise, or (B) in
which securities possessing more than 50% of the total combined voting power of the Company’s outstanding securities are transferred
to a person or persons different from those who held such securities immediately prior to such merger or the initial transaction culminating
in such merger; or

 

(v)       acquisition in a single or series of related transactions by any person or related group of persons (other than the Company or
by a Company-sponsored employee benefit plan) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities
possessing more than 50% of the total combined voting power of the Company’s outstanding securities.

 

(o)       “Data” has the meaning set forth in Section 22 of this Plan.

 

(p)       “Director” means a member of the Board or the board of directors of any Related Entity.

 

(q)       “Disability” means a “disability” (or word of like import) as defined under the long-term
disability policy of the Company or the Related Entity to which the Grantee provides services regardless of whether the Grantee is covered
by such policy. If the Company or the Related Entity to which the Grantee provides service does not have a long-term disability plan in
place, “Disability” means that a Grantee is unable to carry out the responsibilities and functions of the position held by
the Grantee by reason of any medically determinable physical or mental impairment for a period of not less than 90 consecutive days. A
Grantee will not be considered to have incurred a Disability unless he or she furnishes proof of such impairment sufficient to satisfy
the Administrator.

 

(r)        “Disqualifying Disposition” means any disposition (including any sale) of Common Stock received upon
exercise of an Incentive Stock Option before either (i) two years after the date the Employee was granted the Incentive Stock Option,
or (ii) one year after the date the Employee acquired Common Stock by exercising the Incentive Stock Option. If the Employee has died
before such stock is sold, these holding period requirements do not apply and no Disqualifying Disposition can occur thereafter.

 

(s)       “Dividend Equivalent Right” means a right entitling the Grantee to compensation measured by dividends
paid with respect to Common Stock.

 

(t)        “Effective Date” has the meaning set forth in Section 15 below.

 

(u)       “Employee” means any person, including an Officer or Director, who is in the employ of the Company or
any Related Entity, subject to the control and direction of the Company or any Related Entity as to both the work to be performed and
the manner and method of performance. The payment of a director’s fee by the Company or a Related Entity shall not be sufficient
to make such person an “Employee” of the Company or a Related Entity.

 

(v)       “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

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(w)      “Fair Market Value” means, as of any date, the value of the Common Stock determined as follows.

 

(i)         If the Common Stock is listed on one or more established stock exchanges or national market systems, including without limitation
The NASDAQ Global Select Market, The NASDAQ Global Market, or The NASDAQ Capital Market of The NASDAQ Stock Market LLC, its Fair Market
Value shall be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on the principal exchange
or system on which the Common Stock is listed (as determined by the Administrator) on the date of determination (or, if no closing sales
price or closing bid was reported on that date, as applicable, on the last trading date such closing sales price or closing bid was reported),
as reported in The Wall Street Journal or such other source as the Administrator deems reliable;

 

(ii)        If the Common Stock is regularly quoted on an automated quotation system (including the OTC Bulletin Board) or by a recognized
securities dealer, its Fair Market Value shall be the closing sales price for such stock as quoted on such system or by such securities
dealer on the date of determination, but if selling prices are not reported, the Fair Market Value of a Share shall be the mean between
the high bid and low asked prices for the Common Stock on the date of determination (or, if no such prices were reported on that date,
on the last date such prices were reported), as reported in The Wall Street Journal or such other source as the Administrator deems reliable;
or

 

(iii)       In the absence of an established market for the Common Stock of the type described in (i) and (ii), above, the Fair Market Value
thereof shall be determined by the Administrator in good faith by application of a reasonable valuation method consistently applied and
taking into consideration all available information material to the value of the Company in a manner in compliance with Section 409A,
or in the case of an Incentive Stock Option, in a manner in compliance with Section 422 of the Code.

 

(x)        “Grantee” means an Employee, Director or Consultant who receives an Award under the Plan.

 

(y)       “Incentive Stock Option” means an Option intended to qualify as an incentive stock option within the
meaning of Section 422 of the Code.

 

(z)        “Non-Qualified Stock Option” means an Option not intended to qualify as an Incentive Stock Option.

 

(aa)      “Officer” means a person who is an officer of the Company or a Related Entity within the meaning of Section
16 of the Exchange Act and the rules and regulations promulgated thereunder.

 

(bb)     “Option” means an option to purchase one or more Shares pursuant to an Award Agreement granted under
the Plan.

 

(cc)      “Parent” means
a “parent corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code.

 

(dd)     “Performance Period” means the time period during which specified performance criteria must be met in
connection with vesting of an Award as determined by the Administrator, as described in Section 6(d) below.

 

(ee)      “Plan” means this Eyenovia, Inc. Amended and Restated 2018 Omnibus Stock Incentive Plan, as the same
may be amended from time to time.

 

(ff)       “Post-Termination Exercise Period” means the period specified in the Award Agreement of not less than
30 days commencing on the date of termination (other than termination by the Company or any Related Entity for Cause) of the Grantee’s
Continuous Service, or such longer period as may be applicable upon death or Disability.

 

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(gg)       “Related Entity” means any Parent or Subsidiary of the Company.

 

(hh)       “Restricted Stock” means Shares issued under the Plan to the Grantee for such consideration, if any,
and subject to such restrictions on transfer, rights of first refusal, repurchase provisions, forfeiture provisions, and other terms and
conditions as established by the Administrator.

 

(ii)           “Restricted Stock Units” means an Award which may be earned in whole or in part upon the passage of
time or the attainment of performance criteria established by the Administrator and which may be settled for cash, Shares or other securities
or a combination of cash, Shares or other securities as established by the Administrator.

 

(jj)          “Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor thereto.

 

(kk)        “SAR” means a stock appreciation right entitling the Grantee to Shares or cash compensation, as established
by the Administrator, measured by appreciation in the value of Common Stock.

 

(ll)          “Section 409A” means Section 409A of the Code, the Treasury Regulations and other guidance issued thereunder
by the United States Department of the Treasury (whether issued before or after the Effective Date), and all state laws of similar effect.

 

(mm)      “Share” means a share of the Common Stock.

 

(nn)       “Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as defined
in Section 424(f) of the Code.

 

(oo)       “Tax Obligations” means all income tax, social insurance, payroll tax, fringe benefits tax, or other
tax-related liabilities related to a Grantee’s participation in the Plan and the receipt of any benefits hereunder, as determined
under the Applicable Laws.

 

3.      Stock Subject to the Plan.

 

(a)         Subject to adjustment as described in Section 13 below, the maximum aggregate number of Shares which may be issued pursuant to
all Awards (including Incentive Stock Options) is 5,700,000 Shares. The Shares may be authorized, but unissued, or reacquired Common Stock.

 

(b)         Any Shares covered by an Award (or portion of an Award) which is forfeited, canceled or expires (whether voluntarily or involuntarily)
shall be deemed not to have been issued for purposes of determining the maximum aggregate number of Shares which may be issued under the
Plan, except that the maximum aggregate number of Shares which may be issued pursuant to the exercise of Incentive Stock Options shall
not exceed the number specified in Section 3(a). Shares that actually have been issued under the Plan pursuant to an Award shall not be
returned to the Plan and shall not become available for future issuance under the Plan, except that if unvested Shares are forfeited or
repurchased by the Company, such Shares shall become available for future grant under the Plan. In the event any Option or other Award
granted under the Plan is exercised through the tendering of Shares (either actually or through attestation), or in the event tax withholding
obligations are satisfied by tendering or withholding Shares, any Shares so tendered or withheld shall not again be available for Awards
under the Plan. To the extent that cash in lieu of Shares is delivered upon the exercise of an SAR pursuant to Section 6(1), the Company
shall be deemed, for purposes of applying the limitation on the number of shares, to have issued the number of Shares which it was entitled
to issue upon such exercise, notwithstanding that cash was issued in lieu of such Shares. Shares reacquired by the Company on the open
market or otherwise using cash proceeds from the exercise of Options shall not be available for Awards under the Plan.

 

4.       Administration of the Plan.

 

(a)      Plan Administrator.

 

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(i)     Administration with Respect to Directors and Officers. With respect to grants of Awards to Directors or Employees who are
also Officers or Directors of the Company, the Plan shall be administered by (A) the Board or (B) a Committee designated by the Board,
which Committee shall be constituted in such a manner as to satisfy the Applicable Laws and to permit such grants and related transactions
under the Plan to be exempt from Section 16(b) of the Exchange Act in accordance with Rule 16b-3. Once appointed, such Committee shall
continue to serve in its designated capacity until otherwise directed by the Board.

 

(ii)    Administration With Respect to Consultants and Other Employees. With respect to grants of Awards to Employees or Consultants
who are neither Directors nor Officers of the Company, the Plan shall be administered by (A) the Board or (B) a Committee designated by
the Board, which Committee shall be constituted in such a manner as to satisfy the Applicable Laws and may or may not be composed of members
of the Board. Once appointed, such Committee shall continue to serve in its designated capacity until otherwise directed by the Board.

 

(b)        Multiple Administrative Bodies. The Plan may be administered by different bodies with respect to Directors, Officers, Consultants,
and Employees who are neither Directors nor Officers.

 

(c)        Powers of the Administrator. Subject to Applicable Laws and the provisions of the Plan (including any other powers given
to the Administrator hereunder), and except as otherwise provided by the Board, the Administrator shall have the authority, in its discretion:

 

(i)      to select the Employees, Directors and Consultants to whom Awards may be granted from time to time hereunder;

 

(ii)     to determine whether and to what extent Awards are granted hereunder;

 

(iii)    to determine the number of Shares or the amount of other consideration to be covered by each Award granted hereunder;

 

(iv)    determine the vesting schedule applicable to all Awards under the Plan, provided, however, that in any event the minimum vesting
period for all Awards granted under the Plan after the Effective Date will be at least 12 months from the applicable date of grant such
that no portion of any such Award will vest or become exercisable prior to the first anniversary of the date of grant of such Award;

 

(v)     to determine the type, terms and conditions of any Award granted hereunder;

 

(vi)    to accelerate vesting on any Award or to waive any forfeiture restrictions applicable thereto (notwithstanding the minimum vesting
requirement set forth in Section 2(c)(iv) above), or to waive any other limitation or restriction with respect to an Award;

 

(vii)   to approve forms of Award Agreements for use under the Plan;

 

(viii)   to establish additional terms, conditions, rules or procedures to accommodate the rules or laws of applicable non-U.S. jurisdictions
and to afford Grantees favorable treatment under such rules or laws; provided, however, that no Award shall be granted under any such
additional terms, conditions, rules or procedures with terms or conditions which are inconsistent with the provisions of the Plan;

 

(ix)      to amend the terms of any outstanding Award granted under the Plan, provided that any amendment that would adversely affect the
Grantee’s rights under an outstanding Award shall not be made without the Grantee’s written consent; provided, however, that
an amendment or modification that may cause an Incentive Stock Option to become a Non-Qualified Stock Option shall not be treated as adversely
affecting the rights of the Grantee;

 

(x)       to construe and interpret the terms of the Plan and Awards, including without limitation, any notice of Award or Award Agreement,
granted pursuant to the Plan;

 

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(xi)      to institute an option exchange program;

 

(xii)     to make other determinations as provided in this Plan; and

 

(xiii)    to take such other action, not inconsistent with the terms of the Plan, as the Administrator deems appropriate.

 

The express grant in the Plan of any specific power to the
Administrator shall not be construed as limiting any power or authority of the Administrator; provided that the Administrator may not
exercise any right or power reserved to the Board. Any decision made, or action taken, by the Administrator or in connection with the
administration of this Plan shall be final, conclusive and binding on all persons having an interest in the Plan.

 

(d)     Indemnification. In addition to such other rights of indemnification as they may have as members of the Board or as Officers
or Employees of the Company or a Related Entity, members of the Board and any Officers or Employees of the Company or a Related Entity
to whom authority to act for the Board, the Administrator or the Company is delegated shall be defended and indemnified by the Company
to the extent permitted by law on an after-tax basis against all reasonable expenses, including attorneys’ fees, actually and necessarily
incurred in connection with the defense of any claim, investigation, action, suit or proceeding, or in connection with any appeal therein,
to which they or any of them may be a party by reason of any action taken or failure to act under or in connection with the Plan, or any
Award granted hereunder, and against all amounts paid by them in settlement thereof (provided such settlement is approved by the Company)
or paid by them in satisfaction of a judgment in any such claim, investigation, action, suit or proceeding, except in relation to such
liabilities, costs, and expenses as may arise out of, or result from, the bad faith, gross negligence, willful misconduct, or criminal
acts of such persons; provided, however, that within 30 days after the institution of such claim, investigation, action, suit or proceeding,
such person shall offer to the Company, in writing, the opportunity at the Company’s expense to defend the same.

 

5.      Eligibility. Awards other than Incentive Stock Options may be granted to Employees, Directors, and Consultants of the Company
or any Related Entity. Incentive Stock Options may be granted only to Employees of the Company or a Related Entity. An Employee, Director,
or Consultant who has been granted an Award may, if otherwise eligible, be granted additional Awards. Awards may be granted to such Employees,
Directors, or Consultants who are residing in non-U.S. jurisdictions as the Administrator may determine from time to time.

 

6.      Terms and Conditions of Awards.

 

(a)      Types of Awards. The Administrator is authorized under the Plan to award any type of arrangement to an Employee, Director
or Consultant that is not inconsistent with the provisions of the Plan and that by its terms involves or might involve the issuance of
(i) Shares, (ii) cash or (iii) an Option, an SAR, or similar right with a fixed or variable price related to the Fair Market Value of
the Shares and with an exercise or conversion privilege related to the passage of time, the occurrence of one or more events, or the satisfaction
of performance criteria or other conditions. Such Awards include, without limitation, Options, SARs, sales or bonuses of Restricted Stock,
Restricted Stock Units, and Dividend Equivalent Rights. An Award may consist of one such security or benefit, or two or more of them in
any combination or alternative.

 

(b)      Designation of Award. Each Award shall be evidenced by an Award Agreement in form and substance satisfactory to the Administrator.
The type of each Award shall be designated in the Award Agreement. In the case of an Option, the Option shall be designated as either
an Incentive Stock Option or a Non-Qualified Stock Option. However, notwithstanding such designation, any portion of an Option designated
as an Incentive Stock Option that exceeds the $100,000 limitation of Section 422(d) of the Code will be treated as a Non-Qualified Stock
Option. The $100,000 limitation of Section 422(d) of the Code is calculated based on the aggregate Fair Market Value of the Shares subject
to Options designated as Incentive Stock Options which become exercisable for the first time by a Grantee during any calendar year (under
all plans of the Company or any Related Entity). For purposes of this calculation, Incentive Stock Options shall be taken into account
in the order in which they were granted, and the Fair Market Value of the Shares shall be determined as of the grant date of the relevant
Option. Any Option granted which fails to satisfy the requirements of the Applicable Laws for treatment as an Incentive Stock Option shall
be a Non-Qualified Stock Option.

 

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(c)     Conditions of Award. Subject to the terms of the Plan, the Administrator shall determine the provisions, terms, and conditions
of each Award including, but not limited to, the Award vesting schedule (subject to the limitation set forth in Section 2(c)(iv) above),
repurchase provisions, rights of first refusal, forfeiture provisions, form of payment (cash, Shares, or other consideration) upon settlement
of the Award, payment contingencies, and satisfaction of any performance criteria that may be established by the Administrator.

 

(d)     Performance-Based Awards. The Administrator may include in an Award provisions such that the vesting or other realization
of an Award by a Grantee will be subject to the achievement of certain performance criteria as the Administrator may determine over the
course of a Performance Period determined by the Administrator.

 

(i)          The performance criteria will be established by the Administrator and may include any one of, or combination of, the following
criteria:

 

(A)      Net earnings or net income (before or after taxes);

 

(B)       Earnings per share;

 

(C)       Net sales growth;

 

(D)       Net operating profit;

 

(E)        Return measures (including, but not limited to, return on assets, capital, equity, or sales);

 

(F)        Cash flow (including, but not limited to, operating cash flow, free cash flow, and cash flow return on capital);

 

(G)        Cash flow per share;

 

(H)        Earnings before or after taxes, interest, depreciation, and/or amortization;

 

(I)         
Gross or operating margins;

 

(J)          Productivity ratios;

 

(K)        Share price (including, but not limited to, growth measures and total stockholder return);

 

(L)         Expense targets or ratios;

 

(M)       Charge-off levels;

 

(N)        Improvement in or attainment of revenue levels;

 

(O)        Margins;

 

(P)         Operating efficiency;

 

(Q)        Operating expenses;

 

(R)        Economic value added;

 

(S)        Improvement in or attainment of expense levels;

 

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(T)        Improvement in or attainment of working capital levels;

 

(U)        Debt reduction;

 

(V)        Capital targets;

 

(W)      Regulatory, clinical or manufacturing milestones; and

 

(X)       Consummation of acquisitions, dispositions, projects or other specific events or transactions.

 

(ii)     Performance criteria may be measured on an absolute (e.g., plan or budget) or relative basis, and may be established on a corporate-wide
basis or with respect to one or more business units, divisions, subsidiaries or business segments, or may be established on an individual
basis. Relative performance may be measured against a group of peer companies, a financial market index or other acceptable objective
and quantifiable indices. If the Administrator determines that a change in the business, operations, corporate structure or capital structure
of the Company, or the manner in which the Company conducts its business, or other events or circumstances render the performance objectives
unsuitable, the Administrator may modify the minimum acceptable level of achievement, in whole or in part, as the Administrator deems
appropriate and equitable. Performance objectives may be adjusted for material items not originally contemplated in establishing the performance
target for items resulting from discontinued operations, extraordinary gains and losses, the effect of changes in accounting standards
or principles, acquisitions or divestitures, changes in tax rules or regulations, capital transactions, restructuring, nonrecurring gains
or losses or unusual items. Performance measures may vary from Award to Award, and from Grantee to Grantee, and may be established on
a standalone basis, in tandem or in the alternative. The Administrator will have the authority to impose such other restrictions on as
it may deem necessary or appropriate to ensure that performance-based Awards under this Section 6(d) satisfy all requirements of the Applicable
Laws.

 

(iii)    Before the 90th day of the applicable Performance Period (or, if the Performance Period is less than one year, no later than the
number of days which is equal to 25% of such Performance Period), the Administrator will determine the duration of the Performance Period,
the performance criteria on which performance will be measured, and the amount and terms of payment/vesting upon achievement of the such
criteria.

 

(iv)    Following the completion of each Performance Period, the Administrator will certify in writing whether the applicable performance
criteria have been achieved for the Awards for such Performance Period. A Grantee will be eligible to receive payment pursuant to an Award
for a Performance Period only if the performance criteria for such Performance Period are achieved. In determining the amounts earned
by a Grantee pursuant to an Award issued pursuant to this Section 6(d), the Administrator will have the right to (A) reduce or eliminate
(but not to increase) the amount payable at a given level of performance to take into account additional factors that the Administrator
may deem relevant to the assessment of individual or corporate performance for the Performance Period, (B) determine what actual Award,
if any, will be paid in the event of a Corporate Transaction or in the event of a termination of employment following a Corporate Transaction
prior to the end of the Performance Period, and (C) determine what actual Award, if any, will be paid in the event of a termination of
employment other than as the result of a Grantee’s death or Disability prior to a Corporate Transaction and prior to the end of
the Performance Period to the extent an actual Award would have otherwise been achieved had the Grantee remained employed through the
end of the Performance Period.

 

(v)     Payment of the Award to a Grantee shall be paid following the end of the Performance Period, or if later, the date on which any
applicable contingency or restriction has ended.

 

(e)       Acquisitions and Other Transactions. The Administrator may issue Awards under the Plan in settlement, assumption or substitution
for, outstanding awards or obligations to grant future awards in connection with the Company or a Related Entity acquiring another entity,
an interest in another entity or an additional interest in a Related Entity whether by merger, stock purchase, asset purchase or other
form of transaction.

 

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(f)        Deferral of Award Payment. The Administrator may establish one or more programs under the Plan to permit selected Grantees
the opportunity to elect to defer receipt of consideration upon exercise of an Award, satisfaction of performance criteria, or other event
that absent the election would entitle the Grantee to payment or receipt of Shares or other consideration under an Award. The Administrator
may establish the election procedures, the timing of such elections, the mechanisms for payments of, and accrual of interest or other
earnings, if any, on amounts, Shares or other consideration so deferred, and such other terms, conditions, rules and procedures that the
Administrator deems advisable for the administration of any such deferral program.

 

(g)       Separate Programs. The Administrator may establish one or more separate programs under the Plan for the purpose of issuing
particular forms of Awards to one or more classes of Grantees on such terms and conditions as determined by the Administrator from time
to time.

 

(h)       Early Exercise. An Award Agreement may, but need not, include a provision whereby the Grantee may elect at any time while
an Employee, Director or Consultant to exercise any part or all of the Award prior to full vesting of the Award. Any unvested Shares received
pursuant to such exercise may be subject to a repurchase right in favor of the Company or a Related Entity or to any other restriction
the Administrator determines to be appropriate.

 

(i)        Term of Award. The term of each Award shall be the term stated in the Award Agreement, provided, however, that the term
shall be no more than 10 years from the date of grant thereof. However, in the case of an Incentive Stock Option granted to a Grantee
who, at the time the Option is granted, owns stock representing more than 10% of the voting power of all classes of stock of the Company
or any Related Entity, the term of the Incentive Stock Option shall be five years from the date of grant thereof or such shorter term
as may be provided in the Award Agreement. Notwithstanding the foregoing, the specified term of any Award shall not include any period
for which the Grantee has elected to defer the receipt of the Shares or cash issuable pursuant to the Award.

 

(j)        Transferability of Awards. Unless the Administrator provides otherwise, no Award may be sold, pledged, assigned, hypothecated,
transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the
lifetime of the Grantee, only by the Grantee. Notwithstanding the foregoing, the Grantee may designate one or more beneficiaries of the
Grantee’s Award in the event of the Grantee’s death on a beneficiary designation form provided by the Administrator.

 

(k)       Time of Granting Awards. The date of grant of an Award shall for all purposes be the date on which the Administrator makes
the determination to grant such Award, or such other later date as is determined by the Administrator.

 

(l)        Stock Appreciation Rights. An SAR may be granted (i) with respect to any Option granted under this Plan, either concurrently
with the grant of such Option or at such later time as determined by the Administrator (as to all or any portion of the Shares subject
to the Option), or (ii) alone, without reference to any related Option. Each SAR granted by the Administrator under this Plan shall be
subject to the following terms and conditions. Each SAR granted to any Grantee shall relate to such number of Shares as shall be determined
by the Administrator, subject to adjustment as provided in Section 13. In the case of an SAR granted with respect to an Option, the number
of Shares to which the SAR pertains shall be reduced in the same proportion that the holder of the Option exercises the related Option.
The exercise price of an SAR will be determined by the Administrator at the date of grant but may not be less than 100% of the Fair Market
Value of the Shares subject thereto on the date of grant. Subject to the right of the Administrator to deliver cash in lieu of Shares
(which, as it pertains to Officers and Directors of the Company, shall comply with all requirements of the Exchange Act), the number of
Shares which shall be issuable upon the exercise of an SAR shall be determined by dividing:

 

(i)       the number of Shares as to which the SAR is exercised multiplied by the amount of the appreciation in such Shares (for this purpose,
the “appreciation” shall be the amount by which the Fair Market Value of the Shares subject to the SAR on the exercise date
exceeds (A) in the case of an SAR related to an Option, the exercise price of the Shares under the Option or (B) in the case of an SAR
granted alone, without reference to a related Option, an amount which shall be determined by the Administrator at the time of grant, subject
to adjustment under Section 13); by

 

    	 	10	 

     

    

 

(ii)      the Fair Market Value of a Share on the exercise date.

 

In lieu of issuing Shares upon the exercise of an SAR,
the Administrator may elect to pay the holder of the SAR cash equal to the Fair Market Value on the exercise date of any or all of the
Shares which would otherwise be issuable. No fractional Shares shall be issued upon the exercise of an SAR; instead, the holder of the
SAR shall be entitled to receive a cash adjustment equal to the same fraction of the Fair Market Value of a Share on the exercise date
or to purchase the portion necessary to make a whole share at its Fair Market Value on the date of exercise. The exercise of an SAR related
to an Option shall be permitted only to the extent that the Option is exercisable under Section 11 on the date of surrender. Any Incentive
Stock Option surrendered pursuant to the provisions of this Section 6(1) shall be deemed to have been converted into a Non-Qualified Stock
Option immediately prior to such surrender.

 

(m)      Non-Employee Director Award Limits. The maximum number of Shares subject to Awards granted during a single fiscal year to
any non-employee Director, taken together with any cash fees paid during the fiscal year to the non-employee Director, in respect of the
Director’s service as a member of the Board during such year (including service as a member or chair of any committees of the Board),
will not exceed $150,000 in total value (calculating the value of any such Awards based on the grant date fair value of such Awards for
financial reporting purposes). The independent members of the Board may make exceptions to this limit for a non-executive chair of the
Board, provided that the non-employee Director receiving such additional compensation may not participate in the decision to award such
compensation.

 

7.      Award Exercise or Purchase Price, Consideration and Taxes.

 

(a)       Exercise or Purchase Price. The exercise or purchase price, if any, for an Award shall be as follows.

 

(i)       In the case of an Incentive Stock Option:

 

(1)    granted to an Employee who, at the time of the grant of such Incentive Stock Option owns stock representing more than 10% of the
voting power of all classes of stock of the Company or any Related Entity, the per Share exercise price shall be not less than 110% of
the Fair Market Value per Share on the date of grant; or

 

(2)    granted to any Employee other than an Employee described in the preceding paragraph, the per Share exercise price shall be not
less than 100% of the Fair Market Value per Share on the date of grant.

 

(ii)      In the case of a Non-Qualified Stock Option, the per Share exercise price shall be not less than 100% of the Fair Market Value
per Share on the date of grant.

 

(iii)     In the case of other Awards, such price as is determined by the Administrator.

 

(iv)     Notwithstanding the foregoing provisions of this Section 7(a), in the case of an Award issued pursuant to Section 6(e), above,
the exercise or purchase price for the Award shall be determined in accordance with the provisions of the relevant instrument evidencing
the agreement to issue such Award and the Applicable Laws.

 

(b)      Consideration. Subject to Applicable Laws, the consideration to be paid for the Shares to be issued upon exercise or purchase
of an Award, including the method of payment, shall be determined by the Administrator. In addition to any other types of consideration
the Administrator may determine, the Administrator is authorized to accept as consideration for Shares issued under the Plan the following:

 

(i)        cash;

 

    	 	11	 

     

    

 

(ii)       check;

 

(iii)      surrender of Shares or delivery of a properly executed form of attestation of ownership of Shares as the Administrator may require
which have a Fair Market Value on the date of surrender or attestation equal to the aggregate exercise price of the Shares as to which
said Award shall be exercised;

 

(iv)      with respect to Options, payment through a broker-dealer sale and remittance procedure pursuant to which the Grantee (A) shall
provide written instructions to a broker-dealer acceptable to the Company to effect the immediate sale of some or all of the purchased
Shares and remit to the Company sufficient funds to cover the aggregate exercise price payable for the purchased Shares and (B) shall
provide written directives to the Company to deliver the certificates (or other evidence satisfactory to the Company to the extent that
the Shares are uncertificated) for the purchased Shares directly to such broker-dealer in order to complete the sale transaction;

 

(v)        with respect to Options, payment through a “net exercise” such that, without the payment of any funds, the Grantee
may exercise the Option and receive the net number of Shares equal to (i) the number of Shares as to which the Option is being exercised,
multiplied by (ii) a fraction, the numerator of which is the Fair Market Value per Share (on such date as is determined by the Administrator)
less the Exercise Price per Share, and the denominator of which is such Fair Market Value per Share;

 

(vi)       past or future services actually or to be rendered to the Company or a Related Entity; or

 

(vii)      any combination of the foregoing methods of payment.

 

The Administrator may at any time or from time to time, by
adoption of or by amendment to the standard forms of Award Agreement described in Section 4(c)(vii), or by other means, grant Awards which
do not permit all of the foregoing forms of consideration to be used in payment for the Shares or which otherwise restrict one or more
forms of consideration.

 

8.       Notice to Company of Disqualifying Disposition. Each Employee who receives an Incentive Stock Option must agree to notify
the Company in writing immediately after the Employee makes a Disqualifying Disposition of any Common Stock acquired pursuant to the exercise
of an Incentive Stock Option.

 

9.       Tax Withholding.

 

(a)      Prior to the delivery of any Shares or cash pursuant to an Award (or the exercise thereof), or at such other time as the Tax Obligations
are due, the Company, in accordance with the Code and any Applicable Laws, shall have the power and the right to deduct or withhold, or
require a Grantee to remit to the Company, an amount sufficient to satisfy all Tax Obligations. The Administrator may condition such delivery,
payment, or other event pursuant to an Award on the payment by the Grantee of any such Tax Obligations.

 

(b)      The Administrator, pursuant to such procedures as it may specify from time to time, may designate the method or methods by which
a Grantee may satisfy the Tax Obligations. As determined by the Administrator from time to time, these methods may include one or more
of the following:

 

(i)        paying cash;

 

(ii)       electing to have the Company withhold cash or Shares deliverable to the Grantee having a Fair Market Value equal to the amount
required to be withheld;

 

(iii)      delivering to the Company already-owned Shares having a Fair Market Value equal to the amount required to be withheld or remitted,
provided the delivery of such Shares will not result in any adverse accounting consequences as the Administrator determines;

 

    	 	12	 

     

    

 

(iv)     selling a sufficient number of Shares otherwise deliverable to the Grantee through such means as the Administrator may determine
(whether through a broker or otherwise) equal to the Tax Obligations required to be withheld;

 

(v)      retaining from salary or other amounts payable to the Grantee cash having a sufficient value to satisfy the Tax Obligations; or

 

(vi)     any other means which the Administrator determines to both comply with Applicable Laws, and to be consistent with the purposes
of the Plan.

 

The amount of Tax Obligations will be deemed to include any
amount that the Administrator determines may be withheld at the time the election is made, not to exceed the amount determined by using
the maximum federal, state, local and foreign marginal income tax rates applicable to the Grantee or the Company, as applicable, with
respect to the Award on the date that the amount of tax or social insurance liability to be withheld or remitted is to be determined.
The Fair Market Value of the Shares to be withheld or delivered shall be determined as of the date that the Tax Obligations are required
to be withheld.

 

10.     Rights As a Stockholder.

 

(a)     Restricted Stock. Except as otherwise provided in any Award Agreement, a Grantee will not have any rights of a stockholder
with respect to any of the Shares granted to the Grantee under an Award of Restricted Stock (including the right to vote or receive dividends
and other distributions paid or made with respect thereto). No dividends or Dividend Equivalent Rights will be paid in respect of any
unvested Award of Restricted Stock, unless and until such Shares vest.

 

(b)     Other Awards. In the case of Awards other than Restricted Stock, a Grantee will not have any rights of a stockholder, nor
will dividends or Dividend Equivalent Rights accrue or be paid, with respect to any of the Shares granted pursuant to such Award until
the Award is exercised or settled and the Shares are delivered (as evidenced by the appropriate entry on the books of the Company or of
a duly authorized transfer agent of the Company).

 

11.      Exercise of Award.

 

(a)     Procedure for Exercise.

 

(i)        Any Award granted hereunder shall be exercisable at such times and under such conditions as determined by the Administrator under
the terms of the Plan and as specified in the Award Agreement.

 

(ii)       An Award shall be deemed to be exercised when written notice of such exercise has been given to the Company in accordance with
the terms of the Award by the person entitled to exercise the Award and full payment for the Shares with respect to which the Award is
exercised has been made, including, to the extent selected, use of the broker-dealer sale and remittance procedure to pay the purchase
price as provided in Section 7(b)(iv).

 

(b)      Exercise of Award Following Termination of Continuous Service. In the event of termination of a Grantee’s Continuous
Service for any reason other than Disability or death, such Grantee may, but only during the Post-Termination Exercise Period (but in
no event later than the expiration date of the term of such Award as set forth in the Award Agreement), exercise the portion of the Grantee’s
Award that was vested at the date of such termination or such other portion of the Grantee’s Award as may be determined by the Administrator.
The Grantee’s Award Agreement may provide that upon the termination of the Grantee’s Continuous Service for Cause, the Grantee’s
right to exercise the Award shall terminate concurrently with the termination of Grantee’s Continuous Service. In the event of a
Grantee’s change of status from Employee to Consultant, an Employee’s Incentive Stock Option shall convert automatically to
a Non-Qualified Stock Option on the day three months and one day following such change of status. To the extent that the Grantee’s
Award was unvested at the date of termination, or if the Grantee does not exercise the vested portion of the Grantee’s Award within
the Post-Termination Exercise Period, the Award shall terminate.

 

    	 	13	 

     

    

 

(c)      Disability of Grantee. In the event of termination of a Grantee’s Continuous Service as a result of his or her Disability,
such Grantee may, but only within 12 months from the date of such termination (or such longer period as specified in the Award Agreement
but in no event later than the expiration date of the term of such Award as set forth in the Award Agreement), exercise the portion of
the Grantee’s Award that was vested at the date of such termination; provided, however, that if such Disability is not a “disability”
as such term is defined in Section 22(e)(3) of the Code, in the case of an Incentive Stock Option such Incentive Stock Option shall automatically
convert to a Non-Qualified Stock Option on the day three months and one day following such termination. To the extent that the Grantee’s
Award was unvested at the date of termination, or if Grantee does not exercise the vested portion of the Grantee’s Award within
the time specified herein, the Award shall terminate.

 

(d)      Death of Grantee. In the event of a termination of the Grantee’s Continuous Service as a result of his or her death,
or in the event of the death of the Grantee during the Post-Termination Exercise Period or during the 12 month period following the Grantee’s
termination of Continuous Service as a result of his or her Disability, the Grantee’s estate or a person who acquired the right
to exercise the Award by bequest or inheritance may exercise the portion of the Grantee’s Award that was vested as of the date of
termination, within 12 months from the date of death (or such longer period as specified in the Award Agreement but in no event later
than the expiration of the term of such Award as set forth in the Award Agreement). To the extent that, at the time of death, the Grantee’s
Award was unvested, or if the Grantee’s estate or a person who acquired the right to exercise the Award by bequest or inheritance
does not exercise the vested portion of the Grantee’s Award within the time specified herein, the Award shall terminate.

 

(e)      Extension if Exercise Prevented by Law. Notwithstanding the foregoing, if the exercise of an Award within the applicable
time periods set forth in this Section 11 is prevented by the provisions of Section 12 below, the Award shall remain exercisable until
one month after the date the Grantee is notified by the Company that the Award is exercisable, but in any event no later than the expiration
of the term of such Award as set forth in the Award Agreement.

 

12.    Conditions Upon Issuance of Shares; Manner of Issuance of Shares.

 

(a)     If at any time the Administrator determines that the delivery of Shares pursuant to the exercise, vesting or any other provision
of an Award is or may be unlawful under Applicable Laws, the vesting or right to exercise an Award or to otherwise receive Shares pursuant
to the terms of an Award shall be suspended until the Administrator determines that such delivery is lawful and shall be further subject
to the approval of counsel for the Company with respect to such compliance. The Company shall have no obligation to effect any registration
or qualification of the Shares under any Applicable Law.

 

(b)     As a condition to the exercise of an Award, the Company may require the person exercising such Award to represent and warrant at
the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute
such Shares if, in the opinion of counsel for the Company, such a representation is required by any Applicable Laws.

 

(c)     Subject to the Applicable Laws and any governing rules or regulations, the Company shall issue or cause to be issued the Shares
acquired pursuant to an Award and shall deliver such Shares to or for the benefit of the Grantee by means of one or more of the following
as determined by the Administrator: (i) by delivering to the Grantee evidence of book entry Shares credited to the account of the Grantee,
(ii) by depositing such Shares for the benefit of the Grantee with any broker with which the Grantee has an account relationship, or (iii)
by delivering such Shares to the Grantee in certificate form.

 

(d)      No fractional Shares shall be issued pursuant to any Award under the Plan; any Grantee who would otherwise be entitled to receive
a fraction of a Share upon exercise or vesting of an Award will receive from the Company cash in lieu of such fractional Shares in an
amount equal to the Fair Market Value of such fractional Shares, as determined by the Administrator.

 

    	 	14	 

     

    

 

13.        Adjustments. Subject to any required action by the stockholders of the Company, the number of Shares covered by each outstanding
Award, and the number of Shares which have been authorized for issuance under the Plan but as to which no Awards have yet been granted
or which have been returned to the Plan, the exercise or purchase price of each such outstanding Award, as well as any other terms that
the Administrator determines require adjustment shall be proportionately adjusted for (i) any increase or decrease in the number of issued
and outstanding Shares resulting from a stock split, reverse stock split, stock dividend, combination or reclassification of the Shares,
or similar transaction affecting the Shares, (ii) any other increase or decrease in the number of issued and outstanding Shares effected
without receipt of consideration by the Company, or (iii) any other transaction with respect to the Company’s Common Stock including
a corporate merger, consolidation, acquisition of property or stock, separation (including a spin-off or other distribution of stock or
property), reorganization, liquidation (whether partial or complete) or any similar transaction; provided, however that conversion of
any convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration.” Such
adjustment shall be made by the Administrator and its determination shall be final, binding and conclusive. Except as the Administrator
determines, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall
affect, and no adjustment by reason hereof shall be made with respect to, the number or price of Shares subject to an Award. No adjustments
shall be made for dividends paid in cash or in property other than Common Stock of the Company, nor shall cash dividends or dividend equivalents
accrue or be paid in respect of unexercised Options or unvested Awards hereunder.

 

14.        Corporate Transactions.

 

(a)      Termination of Award to Extent Not Assumed in Corporate Transaction. Effective upon the consummation of a Corporate Transaction,
all outstanding Awards under the Plan shall terminate. However, all such Awards shall not terminate to the extent they are assumed in
connection with the Corporate Transaction.

 

(b)      Acceleration of Award Upon Corporate Transaction. The Administrator shall have the authority, exercisable either in advance
of any actual or anticipated Corporate Transaction or at the time of an actual Corporate Transaction, and exercisable at the time of the
grant of an Award under the Plan or any time while an Award remains outstanding, to provide for the full or partial automatic vesting
and exercisability of one or more outstanding unvested Awards under the Plan and the release from restrictions on transfer and repurchase
or forfeiture rights of such Awards in connection with a Corporate Transaction on such terms and conditions as the Administrator may specify.
The Administrator also shall have the authority to condition any such Award vesting and exercisability or release from such limitations
upon the subsequent termination of the Continuous Service of the Grantee within a specified period following the effective date of the
Corporate Transaction. The Administrator may provide that any Awards so vested or released from such limitations in connection with a
Corporate Transaction shall remain fully exercisable until the expiration or sooner termination of the Award.

 

(c)      Effect of Acceleration on Incentive Stock Options. Any Incentive Stock Option accelerated under this Section 14 in connection
with a Corporate Transaction shall remain exercisable as an Incentive Stock Option under the Code only to the extent the $100,000 limitation
of Section 422(d) of the Code is not exceeded.

 

15.       Effective Date and Term of Plan. This Plan was initially adopted by the Board on March 6, 2018 and was approved by the stockholders
of the Company on June 11, 2018. A subsequent amendment to the Plan was adopted by the Board on April 5, 2019 and was approved by the
stockholders of the Company on June 11, 2019. The Board approved the current Plan, as amended and restated, on April 7, 2020 and the same
was approved by the stockholders of the Company on June 30, 2020. The Board approved a subsequent amendment to the Plan on March 31, 2021
(the “Effective Date”). The Plan shall continue in effect for a period of 10 years from the Effective Date unless
sooner terminated. The expiration of the Plan will not have the effect of terminating any Awards outstanding on such date, except as otherwise
provided in the applicable Award Agreement.

 

16.       Amendment, Suspension or Termination of the Plan.

 

(a)       The Board may at any time suspend or terminate the Plan, or amend the Plan in any respect, except that it may not, without the
approval of the stockholders obtained within 12 months before or after the Board adopts a resolution authorizing any of the following
actions, do any of the following:

 

    	 	15	 

     

    

 

(i)       increase the total number of shares that may be issued under the Plan (except by adjustment pursuant to Section 13);

 

(ii)      modify the provisions of Section 6 regarding eligibility for grants of Incentive Stock Options;

 

(iii)     modify the provisions of Section 7(a) regarding the exercise price at which shares may be offered pursuant to Options (except by
adjustment pursuant to Section 13);

 

(iv)     extend the expiration date of the Plan; and

 

(v)      except as provided in Section 13 (including, without limitation, any stock dividend, stock split, extraordinary cash dividend,
recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination, or exchange of shares), the Company may not
amend an Award granted under the Plan to reduce its exercise price per share, cancel and regrant new Awards with lower prices per share
than the original prices per share of the cancelled Awards, or cancel any Awards in exchange for cash or the grant of replacement Awards
with an exercise price that is less than the exercise price of the original Awards, essentially having the effect of a repricing, without
approval by the Company’s stockholders.

 

(b)      No Award may be granted during any suspension of the Plan or after termination of the Plan.

 

(c)      No suspension or termination of the Plan shall adversely affect any rights under Awards already granted to a Grantee without his
or her consent.

 

17.    Reservation of Shares.

 

(a)     The Company, during the term of the Plan, will at all times reserve and keep available such number of Shares as shall be sufficient
to satisfy the requirements of the Plan.

 

(b)     The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the
Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability
in respect of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained.

 

18.       No Effect on Terms of Employment/Consulting Relationship. The Plan shall not confer upon any Grantee any right with respect
to the Grantee’s Continuous Service, nor shall it interfere in any way with his or her right or the right of the Company or a Related
Entity to terminate the Grantee’s Continuous Service at any time, with or without Cause, and with or without notice. The ability
of the Company or any Related Entity to terminate the employment of a Grantee who is employed at will is in no way affected by its determination
that the Grantee’s Continuous Service has been terminated for Cause for the purposes of this Plan.

 

19.       No Effect on Retirement and Other Benefit Plans. Except as specifically provided in a retirement or other benefit plan of
the Company or a Related Entity, Awards shall not be deemed compensation for purposes of computing benefits or contributions under any
retirement plan of the Company or a Related Entity, and shall not affect any benefits under any other benefit plan of any kind or any
benefit plan subsequently instituted under which the availability or amount of benefits is related to level of compensation. The Plan
is not a “Retirement Plan” or “Welfare Plan” under the Employee Retirement Income Security Act of 1974, as amended.

 

20.       Information to Grantees. The Company shall provide to each Grantee, during the period for which such Grantee has one or
more Awards outstanding, such information as required by Applicable Laws.

 

21.       Electronic Delivery. The Administrator may decide to deliver any documents related to any Award granted under the Plan through
an online or electronic system established and maintained by the Company or another third party designated by the Company or to request
a Grantee’s consent to participate in the Plan by electronic means. By accepting an Award, each Grantee consents to receive such
documents by electronic delivery and agrees to participate in the Plan through an online or electronic system established and maintained
by the Company or another third party designated by the Company, and such consent shall remain in effect throughout Grantee’s Continuous
Service with the Company and any Related Entity and thereafter until withdrawn in writing by Grantee.

 

    	 	16	 

     

    

 

22.       Data Privacy. The Administrator may decide to collect, use and transfer, in electronic or other form, personal data as described
in this Plan or any Award for the exclusive purpose of implementing, administering and managing participation in the Plan. By accepting
an Award, each Grantee acknowledges that the Company holds certain personal information about Grantee, including, but not limited to,
name, home address and telephone number, date of birth, social security number or other identification number, salary, nationality, job
title, details of all Awards awarded, cancelled, exercised, vested or unvested, for the purpose of implementing, administering and managing
the Plan (the “Data”). Each Grantee further acknowledges that Data may be transferred to any third parties assisting
in the implementation, administration and management of the Plan and that these third parties may be located in jurisdictions that may
have different data privacy laws and protections, and Grantee authorizes such third parties to receive, possess, use, retain and transfer
the Data, in electronic or other form, for the purposes of implementing, administering and managing the Plan, including any requisite
transfer of such Data as may be required to a broker or other third party with whom the recipient or the Company may elect to deposit
any Shares acquired upon any Award.

 

23.      Application of Section 409A. This Plan and Awards granted hereunder are intended to comply with the requirements of Section
409A, to the extent applicable. All Awards will be construed and administered such that the Award either qualifies for an exemption from
the requirements of Section 409A or satisfies the requirements of Section 409A. If an Award is subject to Section 409A: (i) distributions
will only be made in a manner and upon an event permitted under Section 409A, (ii) payments to be made upon a termination of employment
will only be made upon a “separation from service” under Section 409A, (iii) payments to be made upon a Corporate Transaction
will only be made upon a “change of control event” under Section 409A, and (iv) in no event will a Grantee, directly or indirectly,
designate the calendar year in which a distribution is made, except in accordance with Section 409A. Each payment in any series of installment
payments under an Award will be treated as a separate payment for purposes of Section 409A. Any Award granted under this Plan that is
subject to Section 409A and that is to be distributed to a “specified employee” (as defined in Section 409A) upon a separation
from service will be administered so that any distribution with respect to such Award will be postponed for six months following the date
of the Grantee’s separation from service, if required by Section 409A. If a distribution is so delayed pursuant to Section 409A,
the distribution will be paid within 30 days after the end of the six-month period or the Grantee’s death, if earlier. Notwithstanding
any provision of the Plan to the contrary, in the event that following the Effective Date the Administrator determines that any Award
may be subject to Section 409A, the Administrator may adopt such amendments to the Plan and the applicable Award Agreement or adopt other
policies and procedures, or take any other actions, that the Administrator determines are necessary or appropriate to (A) exempt the Award
from Section 409A and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (B) comply with the
requirements of Section 409A. Notwithstanding anything in the Plan or any Award Agreement to the contrary, each Grantee will be solely
responsible for the tax consequences of Awards, and in no event will the Company have any responsibility or liability if an Award does
not meet any applicable requirements of Section 409A. Although the Company intends to administer the Plan to prevent taxation under Section
409A, the Company does not represent or warrant that the Plan or any Award complies with any provision of federal, state, local or other
tax law.

 

24.      Unfunded Obligation. Grantees shall have the status of general unsecured creditors of the Company. Any amounts payable to
Grantees pursuant to the Plan shall be unfunded and unsecured obligations for all purposes, including, without limitation, Title I of
the Employee Retirement Income Security Act of 1974, as amended. Neither the Company nor any Related Entity shall be required to segregate
any monies from its general funds, or to create any trusts, or establish any special accounts with respect to such obligations. The Company
shall retain at all times beneficial ownership of any investments, including trust investments, which the Company may make to fulfill
its payment obligations hereunder. Any investments or the creation or maintenance of any trust or any Grantee account shall not create
or constitute a trust or fiduciary relationship between the Administrator, the Company or any Related Entity and a Grantee, or otherwise
create any vested or beneficial interest in any Grantee or the Grantee’s creditors in any assets of the Company or a Related Entity.
The Grantees shall have no claim against the Company or any Related Entity for any changes in the value of any assets that may be invested
or reinvested by the Company with respect to the Plan.

 

25.      Construction.
Captions and titles contained herein are for convenience only and shall not affect the meaning or interpretation of any provision of
the Plan. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular.
Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise.

 

 

    	 	17Exhibit
10.1

 

EXPLANATORY
NOTE: [***] INDICATES THE PORTION OF THIS EXHIBIT THAT HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND
(II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

 

Response
to AIM ImmunoTech’s

Request
for Proposal for Trial Services to

Support
a Phase II Study of Ampligen in Patients

with
Post-COVID Conditions

 

June
13, 2022

 

 

 

    	 

     

    

 

EXPLANATORY
NOTE: [***] INDICATES THE PORTION OF THIS EXHIBIT THAT HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND
(II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

 

 

Important
Information

 

This
proposal for a Project Work Order is provided to AIM ImmunoTech Inc (AIM) for the purpose of its evaluation and the information contained
herein is not intended to be used by (AIM) for any other purpose than the subject of this proposal. (AIM) agrees not to voluntarily disclose
any of the information contained herein to any third party without the prior written consent of Amarex Clinical Research, LLC (Amarex).

 

This
proposal document is subject to negotiation and, when the final version is signed by both parties, shall create a Project Work Order
with legal obligations on the part of both parties.

 

Proposal
Expiration Date: August 13, 2022

 

Prepared
for:

 

AIM
ImmunoTech Inc

783
Jersey Avenue

New
Brunswick, NJ 08901

Phone:
352-260-7797

Fax:
724-260-6742

 

Prepared
by:

 

Amarex
Clinical Research, LLC

20201
Century Boulevard, Suite 450

Germantown,
MD 20874

Phone:
(301) 528-7000

Fax:
(301) 528-2300

 

    	Amarex’s Response to AIM’s Request for Proposal	6/13/2022
	Amarex Clinical Research, LLC Confidential and Proprietary Information	Page i

     

    

 

EXPLANATORY
NOTE: [***] INDICATES THE PORTION OF THIS EXHIBIT THAT HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND
(II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

 

 

Our
Understanding of AIM’s Needs

 

Based
on our discussions with AIM, Amarex understands that AIM plans to conduct a trial entitled: “A Randomized, Double Blind, Placebo
Controlled Study to Evaluate the Efficacy and Safety of Ampligen® in Patients with Post-COVID Conditions.” The study
will be conducted at up to 10 sites in the United States. No interim analysis is planned.

 

Study
Parameters

Following
is a list of study parameters Amarex has used in order to prepare this proposal response:

 

Table
3. Study Parameters Used to Prepare This Proposal

 

	STUDY
    PARAMETERS	 
	Number
    of sites	10
	Number
    of countries participating in study	1
	Number
    of subjects screened	170
	Number
    of subjects randomized/enrolled	80
	Number
    of subjects completed	80
	SITE
    MONITORING AND AUDITING	 
	Number
    of qualification sites	20
	Number
    of site initiation visits 	10
	Number
    of interim monitoring sites	40
	Number
    of closeout visits 	10
	IRB
    MANAGEMENT	 
	Number
    of Local IRB to manage 	10
	Number
    of Central IRB to manage	1
	Number
    of DSMB meetings to review data	1
	Number
    of statistical tables per DSMB	10/10
	Number
    of statistical listings per DSMB	10/10
	MEDICAL
    MONITORING	 
	Estimated
    number of SAEs	5
	Estimated
    number of reportable events	1
	DATA
    MANAGEMENT 	 
	Estimated
    Number of Adverse Events, Concomitant Medications, and Medical Histories to code	2,210
	Number
    of unique pages in eCRF book	20
	Number
    of central labs & vendors	2
	BIOSTATISTICS	 
	Number
    of stat. tables for final analysis (uniques/replicates)	30/20
	Number
    of listings for final analysis (uniques/replicates)	30/20
	Number
    of graphs for final analysis (unique/replicate)	5/0
	CLINICAL
    STUDY REPORT WRITING	 
	Write
    final clinical trial report 	Yes
	PROJECT
    MANAGEMENT	 
	Number
    of months for project setup	2
	Number
    of months for enrollment	4
	Number
    of months for follow-up (treatment period)	3
	Number
    of months of active study phase for monitoring	7
	Number
    of months for close out	2
	Number
    of months of project management (including set up and close out)	11

 

    	Amarex’s Response to AIM’s Request for Proposal	6/13/2022
	Amarex Clinical Research, LLC Confidential and Proprietary Information	Page 1

     

    

 

EXPLANATORY
NOTE: [***] INDICATES THE PORTION OF THIS EXHIBIT THAT HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND
(II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

 

 

Proposed
Amarex Direct Services Budget

(US
Dollars)

 

	 AMAREX DIRECT SERVICES FEES

     
	 	 
	Bid
    ID	Service	Unit
    Description	 Unit
    Cost $ 	No.
    

    Units	 Total
    

    Cost $ 	 Category
    

    Total $ 
	B	PROJECT
    MANAGEMENT	 	 	 	 	 
	 	Meetings,
    Training, and Study Start Up	 	 	 	 	 
	11	Prepare
    for and Attend Kick-off Meeting & Study Start-Up	per
    protocol	 $    [***]
    	1	 $    [***]
    	 
	16	Prepare
    for and Attend Project Team Training 	per
    day	 $    [***]	1	 $    [***]	 
	 	Communication
    and Tracking	 	 	 	 	 
	17	Coordinate
    Amarex's Internal Project Team	per
    month	 $     [***]   	11	 $     [***]   	 
	18	Communicate
    with Sponsor 

    (includes standard teleconferences with activities reports and emails)	per
    month	 $    [***]
    	11	 $    [***]
    	 
	19	Manage
    Central Labs/Vendors	per
    lab-vendor/per month	 $    [***]	14	 $    [***]	 
	20	Tracking
    Systems Setup	fixed
    fee	 $    [***]
    	1	 $    [***]
    	 
	27.1	Management
    of Payments to Sites, IRBs, Labs, and/or Vendors	per
    payment / site, IRB or vendor	 $    [***]	61	 $    [***]	 $       [***]
    
	D	PRODUCT
    MANAGEMENT	 	 	 	 	 
	59	Set
    up of WebView IRT product supply tracking and email alert system.  Track drug shipments to sites, supply depots, auto-email
    requests for resupply based on randomization.  Require acknowledgement email from supply depot.	per
    project	 $    [***]
    	1	 $    [***]
    	 
	60	Maintenance
    for WebView IRT Product Resupply and Tracking	per
    site per month	 $    [***]	20	 $    [***]	 
	63	Support
    Initial Drug / Device Shipments	per
    site per shipment	 $    [***]
    	10	 $    [***]
    	$       [***]
	E	DATA
    MANAGEMENT SERVICES	 	 	 	 	 
	 	Data
    Management	 	 	 	 	 
	65	Develop
    Data Management Plan	per
    project	 $    [***]
    	1	 $    [***]
    	 
	73	Standard
    Data Cleaning (Run edit checks; generate, process, and track data queries)	per
    query	 $    [***]	800	 $    [***]	 
	78	Develop
    Edit Specifications	per
    project	 $    [***]
    	1	 $    [***]
    	 
	79	Conduct
    QC Audit of Interim Clinical Database 

    (5% of pts (min 5 max 50) for all data per lock)	per
    subject	 $    [***]	2	 $    [***]	 
	 	Data
    Operations	 	 	 	 	 
	86	Program
    Edit Checks	per
    edit check	 $    [***]
    	200	 $    [***]
    	 
	88	Set
    Up Data Transfer from Vendors	fixed
    cost/per vendor	 $    [***]	2	 $    [***]	 
	89	Receive
    and Reconcile Headers of Clean Data from Vendors	per
    transfer/per vendor	 $    [***]
    	14	 $    [***]
    	 
	91	Set
    Up Transfer of Final SAS Data to Sponsor 

    (in Amarex's format)	per
    dataset	 $    [***]	40	 $    [***]	 
	92	Perform
    Data Transfer to Sponsor 

    (Including export of final SAS Analysis Datasets)	per
    transfer	$    [***]	1	$    [***]	 
	 	EDC
    Support	 	 	 	 	 
	96	Prepare
    EDC Manual and Completion Instructions (includes up to 1 round of edits)	per
    manual	 $    [***]
    	1	 $    [***]
    	 
	97	Prepare
    User Acceptance Testing (UAT) Management Plan	per
    document	 $    [***]	1	 $    [***]	 
	98	Conduct
    QC of EDC Database	per
    subject enrolled	 $    [***]
    	80	 $    [***]
    	 
	99	Provide
    Electronic Data Capture Help Desk 	per
    site/per month	 $    [***]	70	 $    [***]	$       [***]
	 	WEBVIEW
    EDC PROGRAMMING	 	 	 	 	 
	101	Development
    of CRF Screen Shots	per
    unique page	 $    [***]
    	20	 $    [***]
    	 
	102	WebView
    EDC Programming (Initiation)	per
    study	 $    [***]	1	 $    [***]	 
	103	WebView
    EDC Programming (UAT 1)	per
    study	 $    [***]
    	1	 $    [***]
    	 
	104	WebView
    EDC Programming (System Activation)	per
    study	 $    [***]	1	 $    [***]	 
	105	WebView
    EDC Maintenance	per
    month	 $    [***]	9	 $    [***]	 $       [***]
	F	CLINICAL
    SITE SERVICES	 	 	 	 	 
	 	Site
    Identification and Contracting	 	 	 	 	 
	106	Prepare
    Site Identification Plan	per
    plan	 $    [***]
    	1	 $    [***]
    	 
	107	Perform
    Site Identification and Present Sites for Site Qualification Visits	per
    site recommended	 $    [***]	15	 $    [***]	 
	108	Develop
    Site Contracts (includes up to 2 rounds of edits)	per
    contract	 $    [***]
    	1	 $    [***]
    	 
	109	Negotiate
    Site Contract CTAs	per
    site	 $    [***]	10	 $    [***]	 
	110	Negotiate
    Site Contract Budgets	per
    site	 $    [***]
    	10	 $    [***]
    	 
	 	IRB
    and Ethics Committee Management	 	 	 	 	 
	112	Submit
    and Obtain Initial Approval of Local IRB	per
    submission per Local IRB	 $    [***]
    	10	 $    [***]
    	 
	113	Submit
    and Obtain Initial Approval of Central IRB 	per
    submission per Central IRB	 $    [***]	1	 $    [***]	 
	116	Review
    and Approve IRB Informed Consent Comments	per
    IRB	 $    [***]
    	11	 $    [***]
    	 
	117	Review
    and Approve Site Informed Consent Prior to IRB Submission	per
    site	 $    [***]	10	 $    [***]	 
	 	Site
    Regulatory Document Collection	 	 	 	 	 
	120	Set
    Up Trial Master File	per
    study	 $    [***]	1	 $    [***]	 
	121	Set
    Up Investigator/Site Regulatory Files	per
    site	 $    [***]
    	10	 $    [***]
    	 
	122	Conduct
    Ongoing Regulatory Document Collection, Review, Tracking, and Maintenance of Trial Master File	per
    site/per month	 $    [***]	70	 $    [***]	 
	 	Monitoring
    Services	 	 	 	 	 
	123	Prepare
    Study Operations Manual (includes up to 2 rounds of edits)	per
    project	 $    [***]
    	1	 $    [***]
    	 
	124	Prepare
    Monitoring Guidelines (includes up to 2 round of edits)	per
    project	 $    [***]	1	 $    [***]	 
	125	Perform
    Site Management	per
    site/per month 	 $    [***]
    	90	 $    [***]
    	 
	127	Prepare
    Documents for Site Initiation	per
    project	 $    [***]	1	 $    [***]	 
	128	Conduct
    Site Qualification Visits (includes prep and visit report in Amarex format)	per
    one-day visit	 $    [***]	20	 $    [***]	 
	129	Conduct
    Study Initiation Visits (includes prep and visit report in Amarex format)	per
    one-day visit	 $    [***]
    	10	 $    [***]
    	 
	130	Conduct
    Interim Monitoring Visits (includes prep and visit report in Amarex format)	per
    one-day visit	 $    [***]	40	 $    [***]	 
	131	Conduct
    Close Out Visits (includes prep and visit report in Amarex format)	per
    one-day visit	 $    [***]
    	10	 $    [***]
    	 
	133	Travel
    Time for Monitoring Visits	per
    trip	 $    [***]	80	 $    [***]	 $       [***]
    

 

    	Amarex’s Response to AIM’s Request for Proposal	6/13/2022
	Amarex Clinical Research, LLC Confidential and Proprietary Information	Page 2

     

    

 

EXPLANATORY
                                            NOTE: [***] INDICATES THE PORTION OF THIS EXHIBIT THAT HAS BEEN OMITTED BECAUSE IT IS BOTH
                                            (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

 

 

	AMAREX
    DIRECT SERVICES FEES	 	 	 	 	 
	Bid
    ID	Service	Unit
    Description	 Unit
    Cost $ 	No.
    

    Units	 Total
    

    Cost $ 	 Category
    

    Total $ 
	G	SAFETY	 	 	 	 	 
	143	Set
    Up Tracking System and SAE/UADE Start Up	fixed
    fee	 $    [***]
    	1	 $    [***]
    	 
	144	Prepare
    Safety Management Plan (includes up to 1 round of edits)	per
    plan	 $    [***]	1	 $    [***]	 
	145	Prepare
    Medical Monitoring Plan (includes up to 1 round of edits)	per
    plan	 $    [***]
    	1	 $    [***]
    	 
	146	Set
    Up WebView EDC Safety Reporting Module	per
    project	 $    [***]	1	 $    [***]	 
	148	Collect,
    Process, Evaluate SAE/UADE or Pregnancy, and Prepare Narrative	per
    event	 $    [***]	5	 $    [***]	 
	149	Prepare
    CIOMS or MedWatch Form	per
    reportable event	 $    [***]
    	1	 $    [***]
    	 
	150	Prepare
    SAE/UADE Follow up Reports	per
    update	 $    [***]	TBD	       [***]
    	 
	153	Revise
    SAE/UADE Narratives for DSMB Meetings	per
    event/per meeting	 $    [***]
    	7	 $    [***]
    	 
	154	Distribute
    SAE/UADE "Dear Dr." Letters to Sites	per
    letter per site	 $    [***]	10	 $    [***]	 
	155	Submit
    Safety Reports to Regulatory Authorities	per
    reportable event per country	 $    [***]	1	 $    [***]
    	 
	159	Set
    Up of Coding System to Code AEs, ConMeds, and Histories	fixed
    cost 	 $    [***]
    	1	 $    [***]	 
	160	Prepare
    Medical Coding Plan (includes up to 2 rounds of edits)	per
    plan	 $    [***]	1	 $    [***]	 
	161	Code
    Adverse Events, Medications, and Histories

    (Using MedDRA and WHO Drug ATC Level)	per
    term	 $    [***]	2210	 $    [***]
    	 $       [***]
	H	DATA
    SAFETY MONITORING BOARD (DSMB)	 	 	 	 	 
	163	Establish
    and Manage 3-Member DSMB	fixed
    cost	 $    [***]
    	1	 $    [***]
    	 
	164	Develop
    DSMB Charter (includes up to 1 round of edits)	per
    project	 $    [***]	1	 $    [***]	 
	165	Organize,
    Conduct and Participate in DSMB Meetings	per
    meeting	 $    [***]
    	2	 $    [***]
    	 
	166	Prepare
    Statistical Analysis Plan for DSMB	per
    project	 $    [***]	1	 $    [***]	 
	167	Program
    and Produce Unique Tables for DSMB	per
    unique table	 $    [***]	10	 $    [***]
    	 
	168	Program
    and Produce Replicate Tables for DSMB	per
    replicate table	 $    [***]
    	10	 $    [***]	 
	169	Program
    and Produce Unique Listings for DSMB	per
    unique listing	 $    [***]	10	 $    [***]
    	 
	170	Program
    and Produce Replicate Listings for DSMB	per
    replicate listing	 $    [***]
    	10	 $    [***]	 
	172	Prepare
    Statistical Report for DSMB Meeting (open and closed session reports, includes up to 1 round of edits)	per
    meeting	 $    [***]	1	 $     [***]
    	$       [***]
	I	RANDOMIZATION
    AND ENROLLMENT	 	 	 	 	 
	176	Develop
    WebView IRT Enrollment/Randomization Module	per
    project	 $    [***]	1	 $    [***]	 
	177	Generate
    WebView IRT Randomization Code and Plan	per
    project	 $    [***]
    	1	 $    [***]
    	 
	178	Conduct
    WebView IRT Enrollment/Randomization Maintenance	per
    month	 $    [***]	7	 $    [***]	 $       [***]
	J	BIOSTATISTICS	 	 	 	 	 
	182	Prepare
    Statistical Analysis Plan (includes list of TLGs in Amarex standard format, and data set conventions)	per
    project	 $    [***]
    	1	 $    [***]	 
	189	Program
    Tables for Final Analysis (unique tables)	per
    unique table	 $    [***]	30	 $    [***]
    	 
	190	Program
    Tables for Final Analysis (replicate tables)	per
    replicate table	 $    [***]
    	20	 $    [***]	 
	191	Program
    Listings for Final Analysis (unique listings)	per
    unique listing	 $    [***]	30	 $    [***]	 
	192	Program
    Listings for Final Analysis (replicate listings)	per
    replicate listing	 $    [***]	20	 $    [***]
    	 
	193	Program
    Graphs for Final Analysis (unique graph)	per
    unique graph	 $   [***]
    	5	 $    [***]	 
	195	Conduct
    QC Audit of Stats	per
    lock	 $    [***]
    	1	 $    [***]
    	 
	198	Production
    and Review of Tables, Listings, and Graphs for Final Analysis (per unique display)	per
    unique display	 $    [***]	65	 $    [***]	 
	199	Production
    and Review of Tables, Listings, and Graphs for Final Analysis (per replicate display)	per
    replicate display	 $    [***]	40	 $    [***]	 
	 	Other	 	 	 	 	 
	202	Base
    ADaM CDISC Conversion (mapping and programming)	per
    conversion	 $   [***]
    	1	 $    [***]
    	 $       [***]
	K	MEDICAL
    WRITING	 	 	 	 	 
	211	Prepare
    Final Clinical Study Report Shell 

    (ICH Format) - includes up to one round of edits	per
    report	 $    [***]
    	1	 $    [***]
    	 
	212	Prepare
    Subject Narratives for CSR	per
    narrative	 $    [***]	8	 $    [***]	 
	213	Prepare
    Final Clinical Study Report (ICH Format) with Appendices - includes up to two rounds of edits	per
    report	 $    [***]	1	 $    [***]	 
	214	Conduct
    QC Audit of Clinical Study Report	per
    report	 $   [***]
    	1	 $    [***]
    	$       [***]
	M	GENERAL
    & ADMINISTRATIVE EXPENSES	 	 	 	 	 
	221	G&A
    Expenses	per
    month	 $   [***]
    	11	 $    [***]
    	 $       [***]
	 	 	 	 	 	 	 
	 	TOTAL
    OF ACTIVITY-BASED COSTING	 	 	 	 $   [***]	 

 

    	Amarex’s Response to AIM’s Request for Proposal	6/13/2022
	Amarex Clinical Research, LLC Confidential and Proprietary Information	Page 3

     

    

 

EXPLANATORY
                                            NOTE: [***] INDICATES THE PORTION OF THIS EXHIBIT THAT HAS BEEN OMITTED BECAUSE
                                            IT IS BOTH (I) NOT MATERIAL AND
                                            (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

 

 

The
unit costs provided in the budget are discounted according to certain economies of scale. A reduction of tasks or units could result
in higher unit costs for remaining tasks or units.

 

Additional
units in excess of those planned above will be billed at the same unit rate as shown above.

 

Amarex
budgets services by ‘tasks’ as opposed to by hours. Each task has a fixed unit price associated with it and an estimated
number of units proposed for the project. Please examine the estimated number of units for each task carefully to make sure they agree
with your expectation. Amarex reserves the right to increase its rates on an annual basis. This increase will not exceed 5% per year.

 

Estimated
Pass-Through Costs

 

 

	ESTIMATED
    PASS THROUGH COSTS  
	Bid
    ID	Expense	Unit
    Description	Unit

    Cost $	No.
     Units	Total

 Cost $ 	Category

    Total $
	A	TRAVEL
    AND MEETINGS
	 	US
    Monitoring Visit Costs (Travel and Living)	 	 	 	 	 
	1	Airfare	per
    flight	 $    [***]	80	 $    [***]	 
	2	Ground
    Transportation	per
    day	 $    [***]	120	 $    [***]	 
	3	Parking	per
    trip	 $    [***]
    	80	 $    [***]
    	 
	4	Hotel
    Accommodations	per
    night	 $    [***]	40	 $    [***]	 
	5	Meals
    	per
    day	 $    [***]
    	120	 $    [***]
    	 $     [***]
    
	B	PRINTING
    & ASSEMBLY OF STUDY MATERIALS	 	 	 	 	 
	35	Investigator
    Study Binders Printing and Assembly	per
    site	 $    [***]	11	 $    [***]	 
	36	Miscellaneous
    Printing/Copying 	per
    site per month	 $    [***]
    	70	 $    [***]
    	$      [***]
	C	SHIPPING
    COSTS (CRFs, Study Binders, etc.)	 	 	 	 	 
	39	Overnight
    delivery (UPS/FedEx)	per
    site per month	 $
       [***]	70	 $
       [***]	$      [***]
	E	MISCELLANEOUS	 	 	 	 	 
	48	DSMB
    Honorarium	per
    person per meeting	 $    [***]
    	6	 $    [***]	 
	51	Ad
    Hoc Electronic Data Transfers Over 12MB 	per
    transfer	 $    [***]	11	 $    [***]	 
	52	WebEx	per
    month	 $    [***]
    	11	 $    [***]
    	$      [***]
	 	 	 	 	 	 	 
	 	TOTAL OF ESTIMATED PASS THROUGHS	 	 	 $    [***]	 

 

Pass-through
expenses, such as: approved travel, document shipping and printing, and other project related out-of-pocket expenses incurred by Amarex
in the conduct of the study will be invoiced to AIM at the actual cost. These expenses will be supported by acceptable documentation
or actual receipts.

 

Third
Party Costs

Third party costs are not included in this proposal.
They can be further discussed with AIM.

 

v

    	Amarex’s Response to AIM’s Request for Proposal	6/13/2022
	Amarex Clinical Research, LLC Confidential and Proprietary Information	Page 4

     

    

 

EXPLANATORY
NOTE: [***] INDICATES THE PORTION OF THIS EXHIBIT THAT HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND
(II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

 

 

Payment
Schedule and Terms

Payment
Schedule for Services

The payment terms and obligations for the services
outlined in this proposal are as follows:

 

	Payment
    Description	 	Percentage
    Due 	 	Amount
	Execution
    of Project Work Order	 	20%	 	$
    [***]
	Monthly
    Unit-Based Billing	 	Balance
    Due	 	$
    [***]
	TOTAL	 	 	 	$
    [***]

 

Payment
                                            Schedule for Pass-Through Expenses

 

Pass-through
expenses such as approved travel, document shipping and printing, and other reasonable expenses will be invoiced to AIM at cost. These
expenses will be supported by acceptable documentation or actual receipts and will be invoiced on a monthly basis.

 

Payment
                                            Terms

 

 

		■	Payments
                                            are due 30 days after delivery of an invoice.

		■	Late
                                            payment fee: 1% per month interest on all past due, unpaid balances.

		■	Amarex
                                            Clinical Research, LLC Tax ID: [***]

		■	Please
                                            include Invoice numbers on all payments

		■	Payments
                                            will be sent to Amarex’s partner company NSF International

		■	Payments
                                            will be wire transferred to the NSF International bank account at:

 

[***]

 

v

 

    	Amarex’s Response to AIM’s Request for Proposal	6/13/2022
	Amarex Clinical Research, LLC Confidential and Proprietary Information	Page 5

     

    

 

EXPLANATORY
NOTE: [***] INDICATES THE PORTION OF THIS EXHIBIT THAT HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY
HARMFUL IF PUBLICLY DISCLOSED.

 

 

Project
Work Order Signatures

 

In
Witness Whereof, AIM ImmunoTech Inc. and Amarex Clinical Research, LLC agree to all items and payment terms and conditions presented
in this Project Work Order as indicated by the signatures below of their respective duly authorized representatives as of the “Effective
Date”, appearing below.

 

ACKNOWLEDGED,
ACCEPTED, AND AGREED TO:

 

	For and on behalf of AIM ImmunoTech Inc.:	 	For and on behalf of Amarex Clinical Research, LLC:
	Print Name:	 	Thomas K Equels	 	Print Name:	 	Kazem Kazempour
	Signature:	 	/s/Thomas K Equels	 	Signature:	 	/s/Kazem Kazempour
	Title:	 	Chief Executive Officer	 	Title:	 	President and CEO (Member)
	Effective Date:	 	June 14, 2022	 	Effective Date:	 	June 13, 2022

   

v

 

    	Amarex’s Response to AIM’s Request for Proposal	6/13/2022
	Amarex Clinical Research, LLC Confidential and Proprietary Information	Page 6

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