Document:

Exhibit 10.12

 

JASPER THERAPEUTICS, INC.

2019 EQUITY INCENTIVE PLAN

ADOPTED BY THE BOARD OF DIRECTORS: November 18, 2019

APPROVED BY THE STOCKHOLDERS: November 18, 2019

TERMINATION DATE: November 18, 2029

 

1. General.

 

(a) Eligible
Stock Award Recipients. Employees, Directors and Consultants are eligible to receive Stock Awards.

 

(b) Available
Stock Awards. The Plan provides for the grant of the following types of Stock Awards: (i) Incentive Stock Options, (ii) Nonstatutory
Stock Options, (iii) Stock Appreciation Rights, (iv) Restricted Stock Awards, (v) Restricted Stock Unit Awards and (vi) Other
Stock Awards.

 

(c) Purpose.
The Plan, through the grant of Stock Awards, is intended to help the Company secure and retain the services of eligible award recipients,
provide incentives for such persons to exert maximum efforts for the success of the Company and any Affiliate and provide a means by which
the eligible recipients may benefit from increases in value of the Common Stock.

 

2. Administration.

 

(a) Administration
by the Board. The Board will administer the Plan. The Board may delegate administration of the Plan to a Committee or Committees,
as provided in Section 2(c).

 

(b) Powers
of the Board. The Board will have the power, subject to, and within the limitations of, the express provisions of the Plan:

 

(i) To
determine (A) who will be granted Stock Awards; (B) when and how each Stock Award will be granted; (C) what type of Stock
Award will be granted; (D) the provisions of each Stock Award (which need not be identical), including when a person will be permitted
to exercise or otherwise receive cash or Common Stock under the Stock Award; (E) the number of shares of Common Stock subject to,
or the cash value of, a Stock Award; and (F) the Fair Market Value applicable to a Stock Award.

 

(ii) To
construe and interpret the Plan and Stock Awards granted under it, and to establish, amend and revoke rules and regulations for administration
of the Plan and Stock Awards. The Board, in the exercise of these powers, may correct any defect, omission or inconsistency in the Plan
or in any Stock Award Agreement, in a manner and to the extent it will deem necessary or expedient to make the Plan or Stock Award fully
effective.

 

(iii) To
settle all controversies regarding the Plan and Stock Awards granted under it.

 

(iv) To
accelerate, in whole or in part, the time at which a Stock Award may be exercised or vest (or the time at which cash or shares of Common
Stock may be issued in settlement thereof).

 

    

    

    

 

(v) To
suspend or terminate the Plan at any time. Except as otherwise provided in the Plan or a Stock Award Agreement, suspension or termination
of the Plan will not impair a Participant’s rights under the Participant’s then-outstanding Stock Award without the Participant’s
written consent except as provided in subsection (viii) below.

 

(vi) To
amend the Plan in any respect the Board deems necessary or advisable, including, without limitation, by adopting amendments relating to
Incentive Stock Options and certain nonqualified deferred compensation under Section 409A of the Code and/or bringing the Plan or
Stock Awards granted under the Plan into compliance with the requirements for Incentive Stock Options or ensuring that they are exempt
from, or compliant with, the requirements for nonqualified deferred compensation under Section 409A of the Code, subject to the limitations,
if any, of applicable law. If required by applicable law or listing requirements, and except as provided in Section 9(a) relating
to Capitalization Adjustments, the Company will seek stockholder approval of any amendment of the Plan that (A) materially increases
the number of shares of Common Stock available for issuance under the Plan, (B) materially expands the class of individuals eligible
to receive Stock Awards under the Plan, (C) materially increases the benefits accruing to Participants under the Plan, (D) materially
reduces the price at which shares of Common Stock may be issued or purchased under the Plan, (E) materially extends the term of the
Plan, or (F) materially expands the types of Stock Awards available for issuance under the Plan. Except as otherwise provided in
the Plan or a Stock Award Agreement, no amendment of the Plan will materially impair a Participant’s rights under an outstanding
Stock Award without the Participant’s written consent.

 

(vii) To
submit any amendment to the Plan for stockholder approval, including, but not limited to, amendments to the Plan intended to satisfy the
requirements of Section 422 of the Code regarding Incentive Stock Options.

 

(viii) To
approve forms of Stock Award Agreements for use under the Plan and to amend the terms of any one or more Stock Awards, including, but
not limited to, amendments to provide terms more favorable to the Participant than previously provided in the Stock Award Agreement, subject
to any specified limits in the Plan that are not subject to Board discretion; provided however, that a Participant’s rights
under any Stock Award will not be impaired by any such amendment unless (A) the Company requests the consent of the affected Participant,
and (B) such Participant consents in writing. Notwithstanding the foregoing, (1) a Participant’s rights will not be deemed
to have been impaired by any such amendment if the Board, in its sole discretion, determines that the amendment, taken as a whole, does
not materially impair the Participant’s rights, and (2) subject to the limitations of applicable law, if any, the Board may
amend the terms of any one or more Stock Awards without the affected Participant’s consent (A) to maintain the qualified status
of the Stock Award as an Incentive Stock Option under Section 422 of the Code; (B) to change the terms of an Incentive Stock
Option, if such change results in impairment of the Stock Award solely because it impairs the qualified status of the Stock Award as an
Incentive Stock Option under Section 422 of the Code; (C) to clarify the manner of exemption from, or to bring the Stock Award
into compliance with, Section 409A of the Code; or (D) to comply with other applicable laws.

 

(ix) Generally,
to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the best interests of the Company
and that are not in conflict with the provisions of the Plan or Stock Awards.

 

(x) To
adopt such procedures and sub-plans as are necessary or appropriate to permit participation in the Plan by Employees, Directors or Consultants
who are foreign nationals or employed outside the United States (provided that Board approval will not be necessary for immaterial modifications
to the Plan or any Stock Award Agreement that are required for compliance with the laws of the relevant foreign jurisdiction).

 

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(xi) To
effect, with the consent of any adversely affected Participant, (A) the reduction of the exercise, purchase or strike price of any
outstanding Stock Award; (B) the cancellation of any outstanding Stock Award and the grant in substitution therefor of a new (1) Option
or SAR, (2) Restricted Stock Award, (3) Restricted Stock Unit Award, (4) Other Stock Award, (5) cash and/or (6) other
valuable consideration determined by the Board, in its sole discretion, with any such substituted award (x) covering the same or
a different number of shares of Common Stock as the cancelled Stock Award and (y) granted under the Plan or another equity or compensatory
plan of the Company; or (C) any other action that is treated as a repricing under generally accepted accounting principles.

 

(c) Delegation
to Committee. The Board may delegate some or all of the administration of the Plan to a Committee or Committees. If administration
of the Plan is delegated to a Committee, the Committee will have, in connection with the administration of the Plan, the powers theretofore
possessed by the Board that have been delegated to the Committee, including the power to delegate to a subcommittee of the Committee any
of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board will thereafter be to the
Committee or subcommittee, as applicable). Any delegation of administrative powers will be reflected in resolutions, not inconsistent
with the provisions of the Plan, adopted from time to time by the Board or Committee (as applicable). The Board may retain the authority
to concurrently administer the Plan with the Committee and may, at any time, revest in the Board some or all of the powers previously
delegated.

 

(d) Delegation
to an Officer. The Board may delegate to one or more Officers the authority to do one or both of the following: (i) designate
Employees who are not Officers to be recipients of Options and SARs (and, to the extent permitted by applicable law, other Stock Awards)
and, to the extent permitted by applicable law, the terms of such Stock Awards, and (ii) determine the number of shares of Common
Stock to be subject to such Stock Awards granted to such Employees; provided, however, that the Board resolutions regarding
such delegation will specify the total number of shares of Common Stock that may be subject to the Stock Awards granted by such Officer
and that such Officer may not grant a Stock Award to himself or herself. Any such Stock Awards will be granted on the form of Stock Award
Agreement most recently approved for use by the Committee or the Board, unless otherwise provided in the resolutions approving the delegation
authority. The Board may not delegate authority to an Officer who is acting solely in the capacity of an Officer (and not also as a Director)
to determine the Fair Market Value pursuant to Section 13(t) below.

 

(e) Effect
of Board’s Decision. All determinations, interpretations and constructions made by the Board in good faith will not be subject
to review by any person and will be final, binding and conclusive on all persons.

 

3. Shares
Subject to the Plan.

 

(a) Share
Reserve.

 

(i) Subject
to Section 9(a) relating to Capitalization Adjustments, the aggregate number of shares of Common Stock that may be issued pursuant
to Stock Awards from and after the Effective Date will not exceed 12,359,055 shares (the “Share Reserve”).

 

(ii) For
clarity, the Share Reserve in this Section 3(a) is a limitation on the number of shares of Common Stock that may be issued pursuant
to the Plan. Accordingly, this Section 3(a) does not limit the granting of Stock Awards except as provided in Section 7(a).

 

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(b) Reversion
of Shares to the Share Reserve. If a Stock Award or any portion thereof (i) expires or otherwise terminates without all of the
shares covered by such Stock Award having been issued or (ii) is settled in cash (i.e., the Participant receives cash rather
than stock), such expiration, termination or settlement will not reduce (or otherwise offset) the number of shares of Common Stock that
may be available for issuance under the Plan. If any shares of Common Stock issued pursuant to a Stock Award are forfeited back to or
repurchased by the Company because of the failure to meet a contingency or condition required to vest such shares in the Participant,
then the shares that are forfeited or repurchased will revert to and again become available for issuance under the Plan. Any shares reacquired
by the Company in satisfaction of tax withholding obligations on a Stock Award or as consideration for the exercise or purchase price
of a Stock Award will again become available for issuance under the Plan.

 

(c) Incentive
Stock Option Limit. Subject to the Share Reserve and Section 9(a) relating to Capitalization Adjustments, the aggregate maximum
number of shares of Common Stock that may be issued pursuant to the exercise of Incentive Stock Options will be a number of shares of
Common Stock equal to three multiplied by the Share Reserve.

 

(d) Source
of Shares. The stock issuable under the Plan will be shares of authorized but unissued or reacquired Common Stock, including shares
repurchased by the Company on the open market or otherwise.

 

4. Eligibility.

 

(a) Eligibility
for Specific Stock Awards. Incentive Stock Options may be granted only to employees of the Company or a “parent corporation”
or “subsidiary corporation” thereof (as such terms are defined in Sections 424(e) and 424(f) of the Code). Stock
Awards other than Incentive Stock Options may be granted to Employees, Directors and Consultants; provided, however, that
Stock Awards may not be granted to Employees, Directors and Consultants who are providing Continuous Service only to any “parent”
of the Company, as such term is defined in Rule 405, unless (i) the stock underlying such Stock Awards is treated as “service
recipient stock” under Section 409A of the Code (for example, because the Stock Awards are granted pursuant to a corporate
transaction such as a spin off transaction), (ii) the Company, in consultation with its legal counsel, has determined that such Stock
Awards are otherwise exempt from Section 409A of the Code, or (iii) the Company, in consultation with its legal counsel, has
determined that such Stock Awards comply with the distribution requirements of Section 409A of the Code.

 

(b) Ten
Percent Stockholders. A Ten Percent Stockholder will not be granted an Incentive Stock Option unless the exercise price of such Option
is at least 110% of the Fair Market Value on the date of grant and the Option is not exercisable after the expiration of five years
from the date of grant.

 

(c) Consultants.
A Consultant will not be eligible for the grant of a Stock Award if, at the time of grant, either the offer or sale of the Company’s
securities to such Consultant is not exempt under Rule 701 because of the nature of the services that the Consultant is providing
to the Company, because the Consultant is not a natural person, or because of any other provision of Rule 701, unless the Company
determines that such grant need not comply with the requirements of Rule 701 and will satisfy another exemption under the Securities
Act as well as comply with the securities laws of all other relevant jurisdictions.

 

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5. Provisions
Relating to Options and Stock Appreciation Rights.

 

Each Option or SAR will be
in such form and will contain such terms and conditions as the Board deems appropriate. All Options will be separately designated Incentive
Stock Options or Nonstatutory Stock Options at the time of grant, and, if certificates are issued, a separate certificate or certificates
will be issued for shares of Common Stock purchased on exercise of each type of Option. If an Option is not specifically designated as
an Incentive Stock Option, or if an Option is designated as an Incentive Stock Option but some portion or all of the Option fails to qualify
as an Incentive Stock Option under the applicable rules, then the Option (or portion thereof) will be a Nonstatutory Stock Option. The
provisions of separate Options or SARs need not be identical; provided, however, that each Stock Award Agreement will conform
to (through incorporation of provisions hereof by reference in the applicable Stock Award Agreement or otherwise) the substance of each
of the following provisions:

 

(a) Term.
Subject to the provisions of Section 4(b) regarding Ten Percent Stockholders, no Option or SAR will be exercisable after the expiration
of 10 years from the date of its grant or such shorter period specified in the Stock Award Agreement.

 

(b) Exercise
Price. Subject to the provisions of Section 4(b) regarding Ten Percent Stockholders, the exercise or strike price of each Option
or SAR will be not less than 100% of the Fair Market Value of the Common Stock subject to the Option or SAR on the date the Stock
Award is granted. Notwithstanding the foregoing, an Option or SAR may be granted with an exercise or strike price lower than 100%
of the Fair Market Value of the Common Stock subject to the Stock Award if such Stock Award is granted pursuant to an assumption of or
substitution for another option or stock appreciation right pursuant to a Corporate Transaction and in a manner consistent with the provisions
of Section 409A of the Code and, if applicable, Section 424(a) of the Code. Each SAR will be denominated in shares of Common
Stock equivalents.

 

(c) Purchase
Price for Options. The purchase price of Common Stock acquired pursuant to the exercise of an Option may be paid, to the extent permitted
by applicable law and as determined by the Board in its sole discretion, by any combination of the methods of payment set forth below.
The Board will have the authority to grant Options that do not permit all of the following methods of payment (or otherwise restrict the
ability to use certain methods) and to grant Options that require the consent of the Company to use a particular method of payment. The
permitted methods of payment are as follows:

 

(i) by
cash, check, bank draft or money order payable to the Company;

 

(ii) pursuant
to a program developed under Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance of the stock subject
to the Option, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions to pay the aggregate
exercise price to the Company from the sales proceeds;

 

(iii) by
delivery to the Company (either by actual delivery or attestation) of shares of Common Stock;

 

(iv) if
an Option is a Nonstatutory Stock Option, by a “net exercise” arrangement pursuant to which the Company will reduce the number
of shares of Common Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value that does not exceed the
aggregate exercise price; provided, however, that the Company will accept a cash or other payment from the Participant to
the extent of any remaining balance of the aggregate exercise price not satisfied by such reduction in the number of whole shares to be
issued. Shares of Common Stock will no longer be subject to an Option and will not be exercisable thereafter to the extent that (A) shares
issuable upon exercise are used to pay the exercise price pursuant to the “net exercise,” (B) shares are delivered to
the Participant as a result of such exercise, and (C) shares are withheld to satisfy tax withholding obligations;

 

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(v) according
to a deferred payment or similar arrangement with the Optionholder; provided, however, that interest will compound at least
annually and will be charged at the minimum rate of interest necessary to avoid (A) the imputation of interest income to the Company
and compensation income to the Optionholder under any applicable provisions of the Code, and (B) the classification of the Option
as a liability for financial accounting purposes; or

 

(vi) in
any other form of legal consideration that may be acceptable to the Board and specified in the applicable Stock Award Agreement.

 

(d) Exercise
and Payment of a SAR. To exercise any outstanding SAR, the Participant must provide written notice of exercise to the Company in compliance
with the provisions of the Stock Appreciation Right Agreement evidencing such SAR. The appreciation distribution payable on the exercise
of a SAR will be not greater than an amount equal to the excess of (A) the aggregate Fair Market Value (on the date of the exercise
of the SAR) of a number of shares of Common Stock equal to the number of Common Stock equivalents in which the Participant is vested under
such SAR, and with respect to which the Participant is exercising the SAR on such date, over (B) the aggregate strike price of the
number of Common Stock equivalents with respect to which the Participant is exercising the SAR on such date. The appreciation distribution
may be paid in Common Stock, in cash, in any combination of the two or in any other form of consideration, as determined by the Board
and contained in the Stock Award Agreement evidencing such SAR.

 

(e) Transferability
of Options and SARs. The Board may, in its sole discretion, impose such limitations on the transferability of Options and SARs as
the Board will determine. In the absence of such a determination by the Board to the contrary, the following restrictions on the transferability
of Options and SARs will apply:

 

(i) Restrictions
on Transfer. An Option or SAR will not be transferable except by will or by the laws of descent and distribution (or pursuant to subsections (ii)
and (iii) below), and will be exercisable during the lifetime of the Participant only by the Participant. The Board may permit transfer
of the Option or SAR in a manner that is not prohibited by applicable tax and securities laws. Except as explicitly provided in the Plan,
neither an Option nor a SAR may be transferred for consideration.

 

(ii) Domestic
Relations Orders. Subject to the approval of the Board or a duly authorized Officer, an Option or SAR may be transferred pursuant
to the terms of a domestic relations order, official marital settlement agreement or other divorce or separation instrument as permitted
by Treasury Regulation 1.421-1(b)(2). If an Option is an Incentive Stock Option, such Option may be deemed to be a Nonstatutory Stock
Option as a result of such transfer.

 

(iii) Beneficiary
Designation. Subject to the approval of the Board or a duly authorized Officer, a Participant may, by delivering written notice to
the Company, in a form approved by the Company (or the designated broker), designate a third party who, upon the death of the Participant,
will thereafter be entitled to exercise the Option or SAR and receive the Common Stock or other consideration resulting from such exercise.
In the absence of such a designation, upon the death of the Participant, the executor or administrator of the Participant’s estate
will be entitled to exercise the Option or SAR and receive the Common Stock or other consideration resulting from such exercise. However,
the Company may prohibit designation of a beneficiary at any time, including due to any conclusion by the Company that such designation
would be inconsistent with the provisions of applicable laws.

 

(f) Vesting
Generally. The total number of shares of Common Stock subject to an Option or SAR may vest and therefore become exercisable in periodic
installments that may or may not be equal. The Option or SAR may be subject to such other terms and conditions on the time or times when
it may or may not be exercised (which may be based on the satisfaction of performance goals or other criteria) as the Board may deem appropriate.
The vesting provisions of individual Options or SARs may vary. The provisions of this Section 5(f) are subject to any Option or SAR
provisions governing the minimum number of shares of Common Stock as to which an Option or SAR may be exercised.

 

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(g) Termination
of Continuous Service. Except as otherwise provided in the applicable Stock Award Agreement or other agreement between the Participant
and the Company, if a Participant’s Continuous Service terminates (other than for Cause and other than upon the Participant’s
death or Disability), the Participant may exercise his or her Option or SAR (to the extent that the Participant was entitled to exercise
such Stock Award as of the date of termination of Continuous Service) within the period of time ending on the earlier of (i) the
date three months following the termination of the Participant’s Continuous Service (or such longer or shorter period specified
in the applicable Stock Award Agreement, which period will not be less than 30 days if necessary to comply with applicable laws
unless such termination is for Cause) and (ii) the expiration of the term of the Option or SAR as set forth in the Stock Award Agreement.
If, after termination of Continuous Service, the Participant does not exercise his or her Option or SAR (as applicable) within the applicable
time frame, the Option or SAR will terminate.

 

(h) Extension
of Termination Date. If the exercise of an Option or SAR following the termination of the Participant’s Continuous Service (other
than for Cause and other than upon the Participant’s death or Disability) would be prohibited at any time solely because the issuance
of shares of Common Stock would violate the registration requirements under the Securities Act, then the Option or SAR will terminate
on the earlier of (i) the expiration of a total period of time (that need not be consecutive) equal to the applicable post-termination
exercise period after the termination of the Participant’s Continuous Service during which the exercise of the Option or SAR would
not be in violation of such registration requirements, and (ii) the expiration of the term of the Option or SAR as set forth in the
applicable Stock Award Agreement. In addition, unless otherwise provided in a Participant’s Stock Award Agreement, if the sale of
any Common Stock received upon exercise of an Option or SAR following the termination of the Participant’s Continuous Service (other
than for Cause) would violate the Company’s insider trading policy, then the Option or SAR will terminate on the earlier of (i) the
expiration of the period of time (that need not be consecutive) equal to the applicable post-termination exercise period after the termination
of the Participant’s Continuous Service during which the sale of the Common Stock received upon exercise of the Option or SAR would
not be in violation of the Company’s insider trading policy, and (ii) the expiration of the term of the Option or SAR as set
forth in the applicable Stock Award Agreement.

 

(i) Disability
of Participant. Except as otherwise provided in the applicable Stock Award Agreement or other agreement between the Participant and
the Company, if a Participant’s Continuous Service terminates as a result of the Participant’s Disability, the Participant
may exercise his or her Option or SAR (to the extent that the Participant was entitled to exercise such Option or SAR as of the date of
termination of Continuous Service), but only within such period of time ending on the earlier of (i) the date 12 months
following such termination of Continuous Service (or such longer or shorter period specified in the Stock Award Agreement, which period
will not be less than six months if necessary to comply with applicable laws unless such termination is for Cause), and (ii) the
expiration of the term of the Option or SAR as set forth in the Stock Award Agreement. If, after termination of Continuous Service, the
Participant does not exercise his or her Option or SAR within the applicable time frame, the Option or SAR (as applicable) will terminate.

 

(j) Death
of Participant. Except as otherwise provided in the applicable Stock Award Agreement or other agreement between the Participant and
the Company, if (i) a Participant’s Continuous Service terminates as a result of the Participant’s death, or (ii) the
Participant dies within the period (if any) specified in the Stock Award Agreement for exercisability after the termination of the Participant’s
Continuous Service (for a reason other than death), then the Option or SAR may be exercised (to the extent the Participant was entitled
to exercise such Option or SAR as of the date of death) by the Participant’s estate, by a person who acquired the right to exercise
the Option or SAR by bequest or inheritance or by a person designated to exercise the Option or SAR upon the Participant’s death,
but only within the period ending on the earlier of (i) the date 18 months following the date of death (or such longer
or shorter period specified in the Stock Award Agreement, which period will not be less than six months if necessary to comply with applicable
laws unless such termination is for Cause), and (ii) the expiration of the term of such Option or SAR as set forth in the Stock Award
Agreement. If, after the Participant’s death, the Option or SAR is not exercised within the applicable time frame, the Option or
SAR (as applicable) will terminate.

 

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(k) Termination
for Cause. Except as explicitly provided otherwise in a Participant’s Stock Award Agreement or other individual written agreement
between the Company or any Affiliate and the Participant, if a Participant’s Continuous Service is terminated for Cause, the Option
or SAR will terminate immediately upon such Participant’s termination of Continuous Service, and the Participant will be prohibited
from exercising his or her Option or SAR (whether vested or unvested) from and after the date of such termination of Continuous Service.

 

(l) Non-Exempt
Employees. If an Option or SAR is granted to an Employee who is a non- exempt employee for purposes of the Fair Labor Standards Act
of 1938, as amended, the Option or SAR will not be first exercisable for any shares of Common Stock until at least six months following
the date of grant of the Option or SAR (although the Stock Award may vest prior to such date). Consistent with the provisions of the Worker
Economic Opportunity Act, (i) if such non-exempt Employee dies or suffers a Disability, (ii) upon a Corporate Transaction in
which such Option or SAR is not assumed, continued, or substituted, (iii) upon a Change in Control, or (iv) upon the Participant’s
retirement (as such term may be defined in the Participant’s Stock Award Agreement, in another agreement between the Participant
and the Company, or, if no such definition, in accordance with the Company’s then current employment policies and guidelines), the
vested portion of any Options and SARs may be exercised earlier than six months following the date of grant. The foregoing provision is
intended to operate so that any income derived by a non-exempt employee in connection with the exercise or vesting of an Option or SAR
will be exempt from his or her regular rate of pay. To the extent permitted and/or required for compliance with the Worker Economic Opportunity
Act to ensure that any income derived by a non-exempt employee in connection with the exercise, vesting or issuance of any shares under
any other Stock Award will be exempt from the employee’s regular rate of pay, the provisions of this Section 5(l) will apply
to all Stock Awards and are hereby incorporated by reference into such Stock Award Agreements.

 

(m) Early
Exercise of Options. An Option may, but need not, include a provision whereby the Optionholder may elect at any time before the Optionholder’s
Continuous Service terminates to exercise the Option as to any part or all of the shares of Common Stock subject to the Option prior to
the full vesting of the Option. Subject to the “Repurchase Limitation” in Section 8(l), any unvested shares of Common
Stock so purchased may be subject to a repurchase right in favor of the Company or to any other restriction the Board determines to be
appropriate. Provided that the “Repurchase Limitation” in Section 8(l) is not violated, the Company will not be required
to exercise its repurchase right until at least six months (or such longer or shorter period of time required to avoid classification
of the Option as a liability for financial accounting purposes) have elapsed following exercise of the Option unless the Board otherwise
specifically provides in the Option Agreement.

 

(n) Right
of Repurchase. Subject to the “Repurchase Limitation” in Section 8(l), the Option or SAR may include a provision
whereby the Company may elect to repurchase all or any part of the vested shares of Common Stock acquired by the Participant pursuant
to the exercise of the Option or SAR.

 

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(o) Right
of First Refusal. The Option or SAR may include a provision whereby the Company may elect to exercise a right of first refusal following
receipt of notice from the Participant of the intent to transfer all or any part of the shares of Common Stock received upon the exercise
of the Option or SAR. Such right of first refusal will be subject to the “Repurchase Limitation” in Section 8(l). Except
as expressly provided in this Section 5(o) or in the Stock Award Agreement, such right of first refusal will otherwise comply with
any applicable provisions of the bylaws of the Company.

 

6. Provisions
of Stock Awards Other than Options and SARs.

 

(a) Restricted
Stock Awards. Each Restricted Stock Award Agreement will be in such form and will contain such terms and conditions as the Board will
deem appropriate. To the extent consistent with the Company’s bylaws, at the Board’s election, shares of Common Stock underlying
a Restricted Stock Award may be (i) held in book entry form subject to the Company’s instructions until any restrictions relating
to the Restricted Stock Award lapse; or (ii) evidenced by a certificate, which certificate will be held in such form and manner as
determined by the Board. The terms and conditions of Restricted Stock Award Agreements may change from time to time, and the terms and
conditions of separate Restricted Stock Award Agreements need not be identical. Each Restricted Stock Award Agreement will conform to
(through incorporation of the provisions hereof by reference in the agreement or otherwise) the substance of each of the following provisions:

 

(i) Consideration.
A Restricted Stock Award may be awarded in consideration for (A) cash, check, bank draft or money order payable to the Company, (B) past
services to the Company or an Affiliate, or (C) any other form of legal consideration (including future services) that may be acceptable
to the Board, in its sole discretion, and permissible under applicable law.

 

(ii) Vesting.
Subject to the “Repurchase Limitation” in Section 8(l), shares of Common Stock awarded under the Restricted Stock Award
Agreement may be subject to forfeiture to the Company in accordance with a vesting schedule to be determined by the Board.

 

(iii) Termination
of Participant’s Continuous Service. If a Participant’s Continuous Service terminates, the Company may receive through
a forfeiture condition or a repurchase right, any or all of the shares of Common Stock held by the Participant that have not vested as
of the date of termination of Continuous Service under the terms of the Restricted Stock Award Agreement.

 

(iv) Transferability.
Rights to acquire shares of Common Stock under the Restricted Stock Award Agreement will be transferable by the Participant only upon
such terms and conditions as are set forth in the Restricted Stock Award Agreement, as the Board will determine in its sole discretion,
so long as Common Stock awarded under the Restricted Stock Award Agreement remains subject to the terms of the Restricted Stock Award
Agreement.

 

(v) Dividends.
A Restricted Stock Award Agreement may provide that any dividends paid on Restricted Stock will be subject to the same vesting and forfeiture
restrictions as apply to the shares subject to the Restricted Stock Award to which they relate.

 

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(b) Restricted
Stock Unit Awards. Each Restricted Stock Unit Award Agreement will be in such form and will contain such terms and conditions as the
will Board deem appropriate. The terms and conditions of Restricted Stock Unit Award Agreements may change from time to time, and the
terms and conditions of separate Restricted Stock Unit Award Agreements need not be identical. Each Restricted Stock Unit Award Agreement
will conform to (through incorporation of the provisions hereof by reference in the Agreement or otherwise) the substance of each of the
following provisions:

 

(i) Consideration.
At the time of grant of a Restricted Stock Unit Award, the Board will determine the consideration, if any, to be paid by the Participant
upon delivery of each share of Common Stock subject to the Restricted Stock Unit Award. The consideration to be paid (if any) by the Participant
for each share of Common Stock subject to a Restricted Stock Unit Award may be paid in any form of legal consideration that may be acceptable
to the Board, in its sole discretion, and permissible under applicable law.

 

(ii) Vesting.
At the time of the grant of a Restricted Stock Unit Award, the Board may impose such restrictions on or conditions to the vesting of the
Restricted Stock Unit Award as it, in its sole discretion, deems appropriate.

 

(iii) Payment.
A Restricted Stock Unit Award may be settled by the delivery of shares of Common Stock, their cash equivalent, any combination thereof
or in any other form of consideration, as determined by the Board and contained in the Restricted Stock Unit Award Agreement.

 

(iv) Additional
Restrictions. At the time of the grant of a Restricted Stock Unit Award, the Board, as it deems appropriate, may impose such restrictions
or conditions that delay the delivery of the shares of Common Stock (or their cash equivalent) subject to a Restricted Stock Unit Award
to a time after the vesting of such Restricted Stock Unit Award.

 

(v) Dividend
Equivalents. Dividend equivalents may be credited in respect of shares of Common Stock covered by a Restricted Stock Unit Award, as
determined by the Board and contained in the Restricted Stock Unit Award Agreement. At the sole discretion of the Board, such dividend
equivalents may be converted into additional shares of Common Stock covered by the Restricted Stock Unit Award in such manner as determined
by the Board. Any additional shares covered by the Restricted Stock Unit Award credited by reason of such dividend equivalents will be
subject to all of the same terms and conditions of the underlying Restricted Stock Unit Award Agreement to which they relate.

 

(vi) Termination
of Participant’s Continuous Service. Except as otherwise provided in the applicable Restricted Stock Unit Award Agreement, such
portion of the Restricted Stock Unit Award that has not vested will be forfeited upon the Participant’s termination of Continuous
Service.

 

(vii) Compliance
with Section 409A of the Code. Notwithstanding anything to the contrary set forth herein, any Restricted Stock Unit Award granted
under the Plan that is not exempt from the requirements of Section 409A of the Code will contain such provisions so that such Restricted
Stock Unit Award will comply with the requirements of Section 409A of the Code. Such restrictions, if any, will be determined by
the Board and contained in the Restricted Stock Unit Award Agreement evidencing such Restricted Stock Unit Award. For example, such restrictions
may include, without limitation, a requirement that any Common Stock that is to be issued in a year following the year in which the Restricted
Stock Unit Award vests must be issued in accordance with a fixed pre-determined schedule.

 

(c) Other
Stock Awards. Other forms of Stock Awards valued in whole or in part by reference to, or otherwise based on, Common Stock, including
the appreciation in value thereof (e.g., options or stock rights with an exercise price or strike price less than 100% of the Fair
Market Value of the Common Stock at the time of grant) may be granted either alone or in addition to Stock Awards provided for under Section 5
and the preceding provisions of this Section 6. Subject to the provisions of the Plan, the Board will have sole and complete authority
to determine the persons to whom and the time or times at which such Other Stock Awards will be granted, the number of shares of Common
Stock (or the cash equivalent thereof) to be granted pursuant to such Other Stock Awards and all other terms and conditions of such Other
Stock Awards.

 

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7. Covenants
of the Company.

 

(a) Availability
of Shares. The Company will keep available at all times the number of shares of Common Stock reasonably required to satisfy then-outstanding
Stock Awards.

 

(b) Securities
Law Compliance. The Company will seek to obtain from each regulatory commission or agency having jurisdiction over the Plan such authority
as may be required to grant Stock Awards and to issue and sell shares of Common Stock upon exercise of the Stock Awards; provided,
however, that this undertaking will not require the Company to register under the Securities Act the Plan, any Stock Award or any
Common Stock issued or issuable pursuant to any such Stock Award. If, after reasonable efforts and at a reasonable cost, the Company is
unable to obtain from any such regulatory commission or agency the authority that counsel for the Company deems necessary for the lawful
issuance and sale of Common Stock under the Plan, the Company will be relieved from any liability for failure to issue and sell Common
Stock upon exercise of such Stock Awards unless and until such authority is obtained. A Participant will not be eligible for the grant
of a Stock Award or the subsequent issuance of cash or Common Stock pursuant to the Stock Award if such grant or issuance would be in
violation of any applicable securities law.

 

(c) No
Obligation to Notify or Minimize Taxes. The Company will have no duty or obligation to any Participant to advise such holder as to
the time or manner of exercising such Stock Award. Furthermore, the Company will have no duty or obligation to warn or otherwise advise
such holder of a pending termination or expiration of a Stock Award or a possible period in which the Stock Award may not be exercised.
The Company has no duty or obligation to minimize the tax consequences of a Stock Award to the holder of such Stock Award.

 

8. Miscellaneous.

 

(a) Use
of Proceeds from Sales of Common Stock. Proceeds from the sale of shares of Common Stock pursuant to Stock Awards will constitute
general funds of the Company.

 

(b) Corporate
Action Constituting Grant of Stock Awards. Corporate action constituting a grant by the Company of a Stock Award to any Participant
will be deemed completed as of the date of such corporate action, unless otherwise determined by the Board, regardless of when the instrument,
certificate, or letter evidencing the Stock Award is communicated to, or actually received or accepted by, the Participant. In the event
that the corporate records (e.g., Board consents, resolutions or minutes) documenting the corporate action constituting the grant contain
terms (e.g., exercise price, vesting schedule or number of shares) that are inconsistent with those in the Stock Award Agreement or related
grant documents as a result of a clerical error in the papering of the Stock Award Agreement or related grant documents, the corporate
records will control and the Participant will have no legally binding right to the incorrect term in the Stock Award Agreement or related
grant documents.

 

(c) Stockholder
Rights. No Participant will be deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares of
Common Stock subject to a Stock Award unless and until (i) such Participant has satisfied all requirements for exercise of, or the
issuance of shares of Common Stock under, the Stock Award pursuant to its terms, and (ii) the issuance of the Common Stock subject
to the Stock Award has been entered into the books and records of the Company.

 

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(d) No
Employment or Other Service Rights. Nothing in the Plan, any Stock Award Agreement or any other instrument executed thereunder or
in connection with any Stock Award granted pursuant thereto will confer upon any Participant any right to continue to serve the Company
or an Affiliate in the capacity in effect at the time the Stock Award was granted or will affect the right of the Company or an Affiliate
to terminate (i) the employment of an Employee with or without notice and with or without cause, (ii) the service of a Consultant
pursuant to the terms of such Consultant’s agreement with the Company or an Affiliate, or (iii) the service of a Director pursuant
to the bylaws of the Company or an Affiliate, and any applicable provisions of the corporate law of the state in which the Company or
the Affiliate is incorporated, as the case may be.

 

(e) Change
in Time Commitment. In the event a Participant’s regular level of time commitment in the performance of his or her services
for the Company and any Affiliates is reduced (for example, and without limitation, if the Participant is an Employee of the Company and
the Employee has a change in status from a full-time Employee to a part-time Employee or takes an extended leave of absence) after the
date of grant of any Stock Award to the Participant, the Board has the right in its sole discretion to (x) make a corresponding reduction
in the number of shares subject to any portion of such Stock Award that is scheduled to vest or become payable after the date of such
change in time commitment, and (y) in lieu of or in combination with such a reduction, extend the vesting or payment schedule applicable
to such Stock Award. In the event of any such reduction, the Participant will have no right with respect to any portion of the Stock Award
that is so reduced or extended.

 

(f) Incentive
Stock Option Limitations. To the extent that the aggregate Fair Market Value (determined at the time of grant) of Common Stock with
respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar year (under all plans
of the Company and any Affiliates) exceeds $100,000 (or such other limit established in the Code) or otherwise does not comply with the
rules governing Incentive Stock Options, the Options or portions thereof that exceed such limit (according to the order in which they
were granted) or otherwise do not comply with such rules will be treated as Nonstatutory Stock Options, notwithstanding any contrary provision
of the applicable Option Agreement(s).

 

(g) Investment
Assurances. The Company may require a Participant, as a condition of exercising or acquiring Common Stock under any Stock Award, (i) to
give written assurances satisfactory to the Company as to the Participant’s knowledge and experience in financial and business matters
and/or to employ a purchaser representative reasonably satisfactory to the Company who is knowledgeable and experienced in financial and
business matters and that the Participant is capable of evaluating, alone or together with the purchaser representative, the merits and
risks of exercising the Stock Award; and (ii) to give written assurances satisfactory to the Company stating that the Participant
is acquiring Common Stock subject to the Stock Award for the Participant’s own account and not with any present intention of selling
or otherwise distributing the Common Stock. The foregoing requirements, and any assurances given pursuant to such requirements, will be
inoperative if (A) the issuance of the shares upon the exercise or acquisition of Common Stock under the Stock Award has been registered
under a then currently effective registration statement under the Securities Act, or (B) as to any particular requirement, a determination
is made by counsel for the Company that such requirement need not be met in the circumstances under the then applicable securities laws.
The Company may, upon advice of counsel to the Company, place legends on stock certificates issued under the Plan as such counsel deems
necessary or appropriate in order to comply with applicable securities laws, including, but not limited to, legends restricting the transfer
of the Common Stock.

 

(h) Withholding
Obligations. Unless prohibited by the terms of a Stock Award Agreement, the Company may, in its sole discretion, satisfy any federal,
state or local tax withholding obligation relating to a Stock Award by any of the following means or by a combination of such means: (i) causing
the Participant to tender a cash payment; (ii) withholding shares of Common Stock from the shares of Common Stock issued or otherwise
issuable to the Participant in connection with the Stock Award; provided, however, that no shares of Common Stock are withheld
with a value exceeding the minimum amount of tax required to be withheld by law (or such lesser amount as may be necessary to avoid classification
of the Stock Award as a liability for financial accounting purposes); (iii) withholding cash from a Stock Award settled in cash;
(iv) withholding payment from any amounts otherwise payable to the Participant; or (v) by such other method as may be set forth
in the Stock Award Agreement.

 

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(i) Electronic
Delivery. Any reference herein to a “written” agreement or document will include any agreement or document delivered electronically
or posted on the Company’s intranet (or other shared electronic medium controlled by the Company to which the Participant has access).

 

(j) Deferrals.
To the extent permitted by applicable law, the Board, in its sole discretion, may determine that the delivery of Common Stock or the payment
of cash, upon the exercise, vesting or settlement of all or a portion of any Stock Award may be deferred and may establish programs and
procedures for deferral elections to be made by Participants. Deferrals by Participants will be made in accordance with Section 409A
of the Code. Consistent with Section 409A of the Code, the Board may provide for distributions while a Participant is still an employee
or otherwise providing services to the Company. The Board is authorized to make deferrals of Stock Awards and determine when, and in what
annual percentages, Participants may receive payments, including lump sum payments, following the Participant’s termination of Continuous
Service, and implement such other terms and conditions consistent with the provisions of the Plan and in accordance with applicable law.

 

(k) Compliance
with Section 409A of the Code. To the extent that the Board determines that any Stock Award granted hereunder is subject to Section 409A
of the Code, the Stock Award Agreement evidencing such Stock Award will incorporate the terms and conditions necessary to avoid the consequences
specified in Section 409A(a)(1) of the Code. To the extent applicable, the Plan and Stock Award Agreements will be interpreted in
accordance with Section 409A of the Code. Notwithstanding anything to the contrary in the Plan (and unless the Stock Award Agreement
specifically provides otherwise), if the shares of Common Stock are publicly traded, and if a Participant holding a Stock Award that constitutes
“deferred compensation” under Section 409A of the Code is a “specified employee” for purposes of Section 409A
of the Code, no distribution or payment of any amount that is due because of a “separation from service” (as defined in Section 409A
of the Code without regard to alternative definitions thereunder) will be issued or paid before the date that is six months following
the date of such Participant’s “separation from service” (as defined in Section 409A of the Code without regard
to alternative definitions thereunder) or, if earlier, the date of the Participant’s death, unless such distribution or payment
can be made in a manner that complies with Section 409A of the Code, and any amounts so deferred will be paid in a lump sum on the
day after such six month period elapses, with the balance paid thereafter on the original schedule.

 

(l) Repurchase
Limitation. The terms of any repurchase right will be specified in the Stock Award Agreement. The repurchase price for vested shares
of Common Stock will be the Fair Market Value of the shares of Common Stock on the date of repurchase. The repurchase price for unvested
shares of Common Stock will be the lower of (i) the Fair Market Value of the shares of Common Stock on the date of repurchase or
(ii) their original purchase price. However, the Company will not exercise its repurchase right until at least six months (or such
longer or shorter period of time necessary to avoid classification of the Stock Award as a liability for financial accounting purposes)
have elapsed following delivery of shares of Common Stock subject to the Stock Award, unless otherwise specifically provided by the Board.

 

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9. Adjustments
upon Changes in Common Stock; Other Corporate Events.

 

(a) Capitalization
Adjustments. In the event of a Capitalization Adjustment, the Board will appropriately and proportionately adjust: (i) the class(es)
and maximum number of securities subject to the Plan pursuant to Section 3(a), (ii) the class(es) and maximum number of securities
that may be issued pursuant to the exercise of Incentive Stock Options pursuant to Section 3(c), and (iii) the class(es) and
number of securities and price per share of stock subject to outstanding Stock Awards. The Board will make such adjustments, and its determination
will be final, binding and conclusive.

 

(b) Dissolution
or Liquidation. Except as otherwise provided in the Stock Award Agreement, in the event of a dissolution or liquidation of the Company,
all outstanding Stock Awards (other than Stock Awards consisting of vested and outstanding shares of Common Stock not subject to a forfeiture
condition or the Company’s right of repurchase) will terminate immediately prior to the completion of such dissolution or liquidation,
and the shares of Common Stock subject to the Company’s repurchase rights or subject to a forfeiture condition may be repurchased
or reacquired by the Company notwithstanding the fact that the holder of such Stock Award is providing Continuous Service, provided,
however, that the Board may, in its sole discretion, cause some or all Stock Awards to become fully vested, exercisable and/or
no longer subject to repurchase or forfeiture (to the extent such Stock Awards have not previously expired or terminated) before the dissolution
or liquidation is completed but contingent on its completion.

 

(c) Corporate
Transaction. The following provisions will apply to Stock Awards in the event of a Corporate Transaction unless otherwise provided
in the instrument evidencing the Stock Award or any other written agreement between the Company or any Affiliate and the Participant or
unless otherwise expressly provided by the Board at the time of grant of a Stock Award. In the event of a Corporate Transaction, then,
notwithstanding any other provision of the Plan, the Board may take one or more of the following actions with respect to Stock Awards,
contingent upon the closing or completion of the Corporate Transaction:

 

(i) arrange
for the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company) to assume or
continue the Stock Award or to substitute a similar stock award for the Stock Award (including, but not limited to, an award to acquire
the same consideration paid to the stockholders of the Company pursuant to the Corporate Transaction);

 

(ii) arrange
for the assignment of any reacquisition or repurchase rights held by the Company in respect of Common Stock issued pursuant to the Stock
Award to the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company);

 

(iii) accelerate
the vesting, in whole or in part, of the Stock Award (and, if applicable, the time at which the Stock Award may be exercised) to a date
prior to the effective time of such Corporate Transaction as the Board determines (or, if the Board does not determine such a date, to
the date that is five days prior to the effective date of the Corporate Transaction), with such Stock Award terminating if not exercised
(if applicable) at or prior to the effective time of the Corporate Transaction; provided, however, that the Board may require
Participants to complete and deliver to the Company a notice of exercise before the effective date of a Corporate Transaction, which exercise
is contingent upon the effectiveness of such Corporate Transaction;

 

(iv) arrange
for the lapse, in whole or in part, of any reacquisition or repurchase rights held by the Company with respect to the Stock Award;

 

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(v) cancel
or arrange for the cancellation of the Stock Award, to the extent not vested or not exercised prior to the effective time of the Corporate
Transaction, in exchange for such cash consideration (including no consideration) as the Board, in its sole discretion, may consider appropriate;
and

 

(vi) make
a payment, in such form as may be determined by the Board equal to the excess, if any, of (A) the value of the property the Participant
would have received upon the exercise of the Stock Award immediately prior to the effective time of the Corporate Transaction, over (B) any
exercise price payable by such holder in connection with such exercise. For clarity, this payment may be zero ($0) if the value of
the property is equal to or less than the exercise price. Payments under this provision may be delayed to the same extent that payment
of consideration to the holders of the Company’s Common Stock in connection with the Corporate Transaction is delayed as a result
of escrows, earn outs, holdbacks or any other contingencies.

 

The Board need not take the same action or actions
with respect to all Stock Awards or portions thereof or with respect to all Participants. The Board may take different actions with respect
to the vested and unvested portions of a Stock Award.

 

(d) Change
in Control. A Stock Award may be subject to additional acceleration of vesting and exercisability upon or after a Change in Control
as may be provided in the Stock Award Agreement for such Stock Award or as may be provided in any other written agreement between the
Company or any Affiliate and the Participant, but in the absence of such provision, no such acceleration will occur.

 

10. Plan
Term; Earlier Termination or Suspension of the Plan.

 

(a) Plan
Term. The Board may suspend or terminate the Plan at any time. Unless terminated sooner by the Board, the Plan will automatically
terminate on the day before the 10th anniversary of the earlier of (i) the date the Plan is adopted by the Board, or (ii) the
date the Plan is approved by the stockholders of the Company. No Stock Awards may be granted under the Plan while the Plan is suspended
or after it is terminated.

 

(b) No
Impairment of Rights. Suspension or termination of the Plan will not impair rights and obligations under any Stock Award granted while
the Plan is in effect except with the written consent of the affected Participant or as otherwise permitted in the Plan.

 

11. Effective
Date of Plan.

 

This Plan will become effective
on the Effective Date.

 

12. Choice
of Law.

 

The laws of the State of Delaware
will govern all questions concerning the construction, validity and interpretation of this Plan, without regard to that state’s
conflict of laws rules.

 

13. Definitions.
As used in the Plan, the following definitions will apply to the capitalized terms indicated below:

 

(a) “Affiliate”
means, at the time of determination, any “parent” or “majority-owned subsidiary” of the Company, as such terms
are defined in Rule 405. The Board will have the authority to determine the time or times at which “parent” or “majority-owned
subsidiary” status is determined within the foregoing definition.

 

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

 

(c) “Capitalization
Adjustment” means any change that is made in, or other events that occur with respect to, the Common Stock subject to the
Plan or subject to any Stock Award after the Effective Date without the receipt of consideration by the Company through merger, consolidation,
reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash, large nonrecurring cash dividend,
stock split, reverse stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure, or any
similar equity restructuring transaction, as that term is used in Statement of Financial Accounting Standards Board Accounting Standards
Codification Topic 718 (or any successor thereto). Notwithstanding the foregoing, the conversion of any convertible securities of
the Company will not be treated as a Capitalization Adjustment.

 

(d) “Cause”
will have the meaning ascribed to such term in any written agreement between the Participant and the Company defining such term and, in
the absence of such agreement, such term means, with respect to a Participant, the occurrence of any of the following events: (i) such
Participant’s commission of any felony or any crime involving fraud, dishonesty or moral turpitude under the laws of the United
States or any state thereof; (ii) such Participant’s attempted commission of, or participation in, a fraud or act of dishonesty
against the Company, or any of its employees or directors; (iii) such Participant’s intentional, material violation of any
contract or agreement between the Participant and the Company, the Company’s employment policies, or of any statutory or other duty
owed to the Company; (iv) such Participant’s unauthorized use or disclosure of the Company’s confidential information
or trade secrets; or (v) such Participant’s gross misconduct. The determination that a termination of the Participant’s
Continuous Service is either for Cause or without Cause will be made by the Company, in its sole discretion. Any determination by the
Company that the Continuous Service of a Participant was terminated with or without Cause for the purposes of outstanding Stock Awards
held by such Participant will have no effect upon any determination of the rights or obligations of the Company or such Participant for
any other purpose.

 

(e) “Change
in Control” means the occurrence, in a single transaction or in a series of related transactions, of any one or more of
the following events:

 

(i) any
Exchange Act Person becomes the Owner, directly or indirectly, of securities of the Company representing more than 50% of the combined
voting power of the Company’s then outstanding securities other than by virtue of a merger, consolidation or similar transaction.
Notwithstanding the foregoing, a Change in Control will not be deemed to occur (A) on account of the acquisition of securities of
the Company directly from the Company, (B) on account of the acquisition of securities of the Company by an investor, any affiliate
thereof or any other Exchange Act Person that acquires the Company’s securities in a transaction or series of related transactions
the primary purpose of which is to obtain financing for the Company through the issuance of equity securities or (C) solely because
the level of Ownership held by any Exchange Act Person (the “Subject Person”) exceeds the designated percentage
threshold of the outstanding voting securities as a result of a repurchase or other acquisition of voting securities by the Company reducing
the number of shares outstanding, provided that if a Change in Control would occur (but for the operation of this sentence) as a result
of the acquisition of voting securities by the Company, and after such share acquisition, the Subject Person becomes the Owner of any
additional voting securities that, assuming the repurchase or other acquisition had not occurred, increases the percentage of the then
outstanding voting securities Owned by the Subject Person over the designated percentage threshold, then a Change in Control will be deemed
to occur;

 

(ii) there
is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and, immediately after the
consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior thereto do not Own,
directly or indirectly, either (A) outstanding voting securities representing more than 50% of the combined outstanding voting
power of the surviving Entity in such merger, consolidation or similar transaction or (B) more than 50% of the combined outstanding
voting power of the parent of the surviving Entity in such merger, consolidation or similar transaction, in each case in substantially
the same proportions as their Ownership of the outstanding voting securities of the Company immediately prior to such transaction; or

 

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(iii) there
is consummated a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated assets of the Company
and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated assets of
the Company and its Subsidiaries to an Entity, more than 50% of the combined voting power of the voting securities of which are Owned
by stockholders of the Company in substantially the same proportions as their Ownership of the outstanding voting securities of the Company
immediately prior to such sale, lease, license or other disposition.

 

Notwithstanding the foregoing definition or any
other provision of this Plan, (A) the term Change in Control will not include a sale of assets, merger or other transaction effected
exclusively for the purpose of changing the domicile of the Company, (B) the definition of Change in Control (or any analogous term)
in an individual written agreement between the Company or any Affiliate and the Participant will supersede the foregoing definition with
respect to Stock Awards subject to such agreement; provided, however, that if no definition of Change in Control or any
analogous term is set forth in such an individual written agreement, the definition set forth herein will apply, and (C) if at any
time the Company’s Certificate of Incorporation provides definitions of various analogous transactions that would be deemed a liquidation
event for the Company, then such definition will apply as if it were the definition set forth herein except as is otherwise expressly
provided in an individual written agreement between the Company or any Affiliate and the Participant.

 

(f) “Code”
means the Internal Revenue Code of 1986, as amended, including any applicable regulations and guidance thereunder.

 

(g) “Committee”
means a committee of one or more Directors to whom authority has been delegated by the Board in accordance with Section 2(c).

 

(h) “Common
Stock” means the Class A common stock of the Company.

 

(i) “Company”
means Jasper Therapeutics, Inc., a Delaware corporation.

 

(j) “Consultant”
means any person, including an advisor, who is (i) engaged by the Company or an Affiliate to render consulting or advisory services
and is compensated for such services, or (ii) serving as a member of the board of directors of an Affiliate and is compensated for
such services. However, service solely as a Director, or payment of a fee for such service, will not cause a Director to be considered
a “Consultant” for purposes of the Plan.

 

(k) “Continuous
Service” means that the Participant’s service with the Company or an Affiliate, whether as an Employee, Director or
Consultant, is not interrupted or terminated. A change in the capacity in which the Participant renders service to the Company or an Affiliate
as an Employee, Director or Consultant or a change in the Entity for which the Participant renders such service, provided that there is
no interruption or termination of the Participant’s service with the Company or an Affiliate, will not terminate a Participant’s
Continuous Service; provided, however, that if the Entity for which a Participant is rendering services ceases to qualify
as an Affiliate, as determined by the Board in its sole discretion, such Participant’s Continuous Service will be considered to
have terminated on the date such Entity ceases to qualify as an Affiliate. For example, a change in status from an Employee of the Company
to a Consultant of an Affiliate or to a Director will not constitute an interruption of Continuous Service. To the extent permitted by
law, the Board or the chief executive officer of the Company, in that party’s sole discretion, may determine whether Continuous
Service will be considered interrupted in the case of (i) any leave of absence approved by the Board or chief executive officer,
including sick leave, military leave or any other personal leave, or (ii) transfers between the Company, an Affiliate, or their successors.
Notwithstanding the foregoing, a leave of absence will be treated as Continuous Service for purposes of vesting in a Stock Award only
to such extent as may be provided in the Company’s leave of absence policy, in the written terms of any leave of absence agreement
or policy applicable to the Participant, or as otherwise required by law.

 

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(l) “Corporate
Transaction” means the consummation, in a single transaction or in a series of related transactions, of any one or more
of the following events:

 

(i) a
sale or other disposition of all or substantially all, as determined by the Board in its sole discretion, of the consolidated assets of
the Company and its Subsidiaries;

 

(ii) a
sale or other disposition of more than 50% of the outstanding securities of the Company;

 

(iii) a
merger, consolidation or similar transaction following which the Company is not the surviving corporation; or

 

(iv) a
merger, consolidation or similar transaction following which the Company is the surviving corporation but the shares of Common Stock outstanding
immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of the merger, consolidation
or similar transaction into other property, whether in the form of securities, cash or otherwise.

 

(m) “Director”
means a member of the Board.

 

(n) “Disability”
means, with respect to a Participant, the inability of such Participant to engage in any substantial gainful activity by reason of any
medically determinable physical or mental impairment that can be expected to result in death or that has lasted or can be expected to
last for a continuous period of not less than twelve (12) months as provided in Sections 22(e)(3) and 409A(a)(2)(c)(i)
of the Code, and will be determined by the Board on the basis of such medical evidence as the Board deems warranted under the circumstances.

 

(o) “Effective
Date” means the effective date of this Plan, which is the earlier of (i) the date that this Plan is first approved
by the Company’s stockholders, and (ii) the date this Plan is adopted by the Board.

 

(p) “Employee”
means any person employed by the Company or an Affiliate. However, service solely as a Director, or payment of a fee for such services,
will not cause a Director to be considered an “Employee” for purposes of the Plan.

 

(q) “Entity”
means a corporation, partnership, limited liability company or other entity.

 

(r) “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

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(s) “Exchange
Act Person” means any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d)
of the Exchange Act), except that “Exchange Act Person” will not include (i) the Company or any Subsidiary of the Company,
(ii) any employee benefit plan of the Company or any Subsidiary of the Company or any trustee or other fiduciary holding securities
under an employee benefit plan of the Company or any Subsidiary of the Company, (iii) an underwriter temporarily holding securities
pursuant to a registered public offering of such securities, (iv) an Entity Owned, directly or indirectly, by the stockholders of
the Company in substantially the same proportions as their Ownership of stock of the Company; or (v) any natural person, Entity or
“group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act) that, as of the Effective Date, is the
Owner, directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company’s
then outstanding securities.

 

(t) “Fair
Market Value” means, as of any date, the value of the Common Stock determined by the Board in compliance with Section 409A
of the Code or, in the case of an Incentive Stock Option, in compliance with Section 422 of the Code.

 

(u) “Incentive
Stock Option” means an option granted pursuant to Section 5 of the Plan that is intended to be, and that qualifies
as, an “incentive stock option” within the meaning of Section 422 of the Code.

 

(v) “Nonstatutory
Stock Option” means an option granted pursuant to Section 5 of the Plan that does not qualify as an Incentive Stock
Option.

 

(w) “Officer”
means any person designated by the Company as an officer.

 

(x) “Option”
means an Incentive Stock Option or a Nonstatutory Stock Option to purchase shares of Common Stock granted pursuant to the Plan.

 

(y) “Option
Agreement” means a written agreement between the Company and an Optionholder evidencing the terms and conditions of an Option
grant. Each Option Agreement will be subject to the terms and conditions of the Plan.

 

(z) “Optionholder”
means a person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Option.

 

(aa) “Other
Stock Award” means an award based in whole or in part by reference to the Common Stock which is granted pursuant to the
terms and conditions of Section 6(c).

 

(bb) “Other
Stock Award Agreement” means a written agreement between the Company and a holder of an Other Stock Award evidencing the
terms and conditions of an Other Stock Award grant. Each Other Stock Award Agreement will be subject to the terms and conditions of the
Plan.

 

(cc) “Own,”
“Owned,” “Owner,” “Ownership” A person or Entity will be
deemed to “Own,” to have “Owned,” to be the “Owner” of, or to have acquired “Ownership”
of securities if such person or Entity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise,
has or shares voting power, which includes the power to vote or to direct the voting, with respect to such securities.

 

(dd) “Participant”
means a person to whom a Stock Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Stock
Award.

 

    19

    

    

 

(ee) “Plan”
means this 2019 Equity Incentive Plan.

 

(ff) “Restricted
Stock Award” means an award of shares of Common Stock which is granted pursuant to the terms and conditions of Section 6(a).

 

(gg) “Restricted
Stock Award Agreement” means a written agreement between the Company and a holder of a Restricted Stock Award evidencing
the terms and conditions of a Restricted Stock Award grant. Each Restricted Stock Award Agreement will be subject to the terms and conditions
of the Plan.

 

(hh) “Restricted
Stock Unit Award” means a right to receive shares of Common Stock which is granted pursuant to the terms and conditions
of Section 6(b).

 

(ii) “Restricted
Stock Unit Award Agreement” means a written agreement between the Company and a holder of a Restricted Stock Unit Award
evidencing the terms and conditions of a Restricted Stock Unit Award grant. Each Restricted Stock Unit Award Agreement will be subject
to the terms and conditions of the Plan.

 

(jj) “Rule 405”
means Rule 405 promulgated under the Securities Act.

 

(kk) “Rule 701”
means Rule 701 promulgated under the Securities Act.

 

(ll) “Securities
Act” means the Securities Act of 1933, as amended.

 

(mm) “Stock
Appreciation Right” or “SAR” means a right to receive the appreciation on Common Stock that is
granted pursuant to the terms and conditions of Section 5.

 

(nn) “Stock
Appreciation Right Agreement” means a written agreement between the Company and a holder of a Stock Appreciation Right evidencing
the terms and conditions of a Stock Appreciation Right grant. Each Stock Appreciation Right Agreement will be subject to the terms and
conditions of the Plan.

 

(oo) “Stock
Award” means any right to receive Common Stock granted under the Plan, including an Incentive Stock Option, a Nonstatutory
Stock Option, a Restricted Stock Award, a Restricted Stock Unit Award, a Stock Appreciation Right or any Other Stock Award.

 

(pp) “Stock
Award Agreement” means a written agreement between the Company and a Participant evidencing the terms and conditions of
a Stock Award grant. Each Stock Award Agreement will be subject to the terms and conditions of the Plan.

 

(qq) “Subsidiary”
means, with respect to the Company, (i) any corporation of which more than 50% of the outstanding capital stock having ordinary
voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time, stock of any other
class or classes of such corporation will have or might have voting power by reason of the happening of any contingency) is at the time,
directly or indirectly, Owned by the Company, and (ii) any partnership, limited liability company or other entity in which the Company
has a direct or indirect interest (whether in the form of voting or participation in profits or capital contribution) of more than 50%.

 

(rr) “Ten
Percent Stockholder” means a person who Owns (or is deemed to Own pursuant to Section 424(d) of the Code) stock possessing
more than 10% of the total combined voting power of all classes of stock of the Company or any Affiliate.

 

 

20Exhibit 10.21

 

***Certain identified information has been omitted
from this exhibit because it is both (i) not material and (ii) would likely cause competitive harm to the Registrant if publicly disclosed.
Such omitted information is indicated by brackets (“[...***...]”) in this exhibit. ***

 

MATERIAL TRANSFER AGREEMENT

 

This Material Transfer Agreement (this “Agreement”)
is made and entered into as of December 14, 2020 (the “Effective Date”) between Jasper Therapeutics, Inc.,
a Delaware corporation with a principal place of business at 2200 Bridge Parkway, Suite #102, Redwood City, CA 94065 (“Jasper”),
and Zai Lab Limited, Cayman Islands corporation with a principal place of business at 4560 Jinke Road, Bldg. 1, 4F, Pudong,
Shanghai, China 201210 (“Zai Lab”). Jasper and Zai Lab are referred to each as a “Party” or
collectively as the “Parties”, respectively.

 

RECITALS

 

WHEREAS, Jasper has developed
the JSP191 antibody which binds to the CD117 receptor for stem cell factor on blood forming cells (“JSP191”); and

 

WHEREAS, Zai Lab has developed
the ZL-1201, an anti-IgG4anti-CD47 agent (“ZL-1201”); and

 

WHEREAS, the Parties are interested
in undertaking the Research Plan (attached as Annex III) (the “Research Plan”) to test the hypothesis that
combinational treatment of JSP191 and anti-CD47 antibody synergistically depletes endogenous HSC in immunocompetent NHP with minimum toxicity
(the “Project”) based on the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration
of the foregoing and the mutual covenants and premises contained in this Agreement, the receipt and sufficiency of which are hereby expressly
acknowledged, the parties hereto agree as follows:

 

1. Supply
of Materials.

 

1.1 Promptly
following full execution of this Agreement: (i) Jasper shall provide Zai Lab [...***...] with the Jasper Material (as defined
in Annex I) for use in the Project, in such amounts as specified in Annex I and will conduct the work described
in the Research Plan; and (ii) Zai Lab shall provide Jasper [...***...] with the Zai Lab Material (as defined in Annex II)
for use in the Project, in such amounts as specified in Annex II and will conduct the work described in the Research Plan.
The Jasper Material and Zai Lab Material are referred to each as “Material”, and collectively, the “Materials”.

 

     

     

    

 

2. Permitted
Use of Materials.

 

2.1 Each
Party shall remain the sole owner of the Material provided by such Party and hereby grants to the other Party a non-exclusive, royalty
free, fully paid up license to use such Material solely for the purposes of this Agreement. Each Party shall be entitled to use the other
Party’s Material only within the scope of this Agreement and the Project and shall not be entitled to use such Material for any
other purposes. Without limiting the foregoing, neither Party shall be permitted to use the other Party’s Material for any further
research or development activities, outside the Project, or for any commercialization purposes.

 

2.2 Neither
Party shall: (i) provide or disclose the other Party’s Material to any other third party without the other Party’s prior
written consent; or (ii) use the other Party’s Material in any other experiments than the experiments described in the Research
Plan and, in particular, neither Party shall reverse-engineer or analyze, or cause and/or permit reverse-engineering or analysis of the
other Party’s Material, whether physically, chemically or biologically. Each Party shall immediately return to the other Party any
unused Material of the providing Party at any time upon the providing Party’s request or, after termination of this Agreement, without
the providing Party’s request.

 

3. Allocation
of Costs.

 

The Parties shall each be responsible for fifty
percent (50%) of [...***...] costs (including [...***...] costs and costs of [...***...], but not including
[...***...] or [...***...] costs) necessary to perform the Research Plan, not to exceed a total of two hundred fifty
thousand dollars (US$250,000)) unless mutually agreed by the Parties in writing.

 

4. Confidential
Information.

 

4.1 Confidential
Information means any and all data, information, scientific or technical information relating to Jasper Material, the Zai Lab Material,
procedures, formulae, data, improvements, developments, manufacturing processes, trade secrets and know-how and other commercially valuable
information of whatever description and in whatever form (whether written or oral, visible or invisible) owned or controlled by either
Party and made available by such Party (the “Disclosing Party”) to the other Party (or its agents or contractors) (the
“Receiving Party”). For clarity, the Jasper Material and information relating thereto is and shall be deemed the Confidential
Information of Jasper, while the Zai Lab Material and all information relating thereto is and shall be deemed the Confidential Information
of Zai Lab. The Receiving Party will: (i) keep confidential all of the Disclosing Party’s Confidential Information; (ii) not
use the Disclosing Party’s Confidential Information except for the purpose of this Agreement; and (iii) not disclose, without
the Disclosing Party’s prior written consent, the Disclosing Party’s Confidential Information to any person except to those
of its employees who have a need to know it, and who shall be bound by obligations of confidentiality and non-use on similar terms to
those set out in this clause. The Receiving Party will use all reasonable endeavors to ensure that those employees will comply with their
obligation of confidentiality.

 

4.2 Nothing
in this Agreement prohibits the Receiving Party disclosing or using Confidential Information, that, as can be shown by written records
or equivalent evidence of the Receiving Party: (i) is or becomes generally available in the public domain, otherwise as a result
of any non-compliance with the terms of this Agreement; or (ii) was known to the Receiving Party prior to disclosure hereunder; or
(iii) is disclosed, revealed or otherwise made available to the Receiving Party by a third party that is under no obligation of non-disclosure
to the Disclosing Party.

 

    2

     

    

 

4.3 The
Receiving Party shall also be entitled to disclose Confidential Information if and to the extent such Confidential Information is required
to be disclosed under applicable law or by court order; provided, however, that the Receiving Party shall furnish the Disclosing Party
with as much prior written notice of such disclosure as reasonably practicable, so as to permit the Disclosing Party, in its sole discretion,
to take appropriate action in order to prevent the Disclosing Party’s Confidential Information from passing into the public domain
or becoming generally available to the public. The Receiving Party shall take necessary steps to limit the scope of Confidential Information
to the required minimum.

 

4.4 Any
non-compliance with the confidentiality obligations set out in this Section 4 shall be considered a material breach of this
Agreement.

 

5. Properties
of the Materials.

 

Each Party acknowledges that the other Party’s
Material is experimental in nature, may have hazardous properties and is supplied by the other Party on an “as is” basis.
Neither Party gives any warranty and each Party expressly excludes any responsibility for the suitability of such Party’s Material
for use according to the Research Plan. Each Party understands and agrees that the other Party’s Material is to be handled and used
with caution, and that such Material is not to be used for testing in or treatment of humans. EACH PARTY’S MATERIAL IS PROVIDED
WITH NO WARRANTIES OF ANY KIND, INCLUDING ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, OR THAT THEY ARE FREE FROM
THE RIGHTFUL CLAIM OF ANY THIRD PARTY, BY WAY OF INFRINGEMENT OR THE LIKE.

 

6. Reports.

 

Each Party shall undertake in a timely and professional
manner, in accordance with industry best practices and all applicable laws and regulations, all studies and analyses designated for performance
by such Party set forth in the Research Plan and will furnish to the other Party a written report detailing the uses made of the Materials
and a description of the results including all data and relevant procedures made or obtained by such Party during the course of the Project
(the “Reports”). The Reports will be deemed the Confidential Information of both Parties, provided that either Party
shall have the right to share the results of the Project and the Reports in a blinded form with third parties under obligations of confidentiality,
to the extent reasonably necessary or desirable in connection with any regulatory filings or approvals sought by either Party, or in connection
with any financing, investment, acquisition, or other strategic transaction involving such Party.

 

7. Intellectual
Property Rights / Results.

 

7.1 Any
intellectual property rights, including, but not limited to patent rights, technologies, know-how and trade secrets (“Intellectual
Property Rights”) owned by a Party or licensed by a third party to a Party as of the Effective Date (the “Background
IP”) shall in relation to the other Party, remain the sole property of the Party that owned or was licensed to use such Background
IP. For the avoidance of doubt, the Parties agree that the Jasper Material shall be deemed Jasper Background IP and the Zai Lab Material
shall be deemed Zai Lab Background IP.

 

7.2 The
Parties agree that Jasper shall exclusively own any and all Intellectual Property Rights developed by either Party (either independently
or jointly) that relate exclusively or primarily to the Jasper Background IP (the “Jasper Improvements”). Zai Lab hereby
irrevocably and unconditionally assigns to Jasper all right, title, and interest Zai Lab may have in or to any and all Jasper Improvements.

 

    3

     

    

 

7.3 The
Parties agree that Zai Lab shall exclusively own any and all Intellectual Property Rights developed by either Party (either independently
or jointly) that relate exclusively or primarily to the Zai Lab Background IP (the “Zai Lab Improvements”). Jasper
hereby irrevocably and unconditionally assigns to Zai Lab all right, title, and interest Jasper may have in or to any and all Zai Lab
Improvements.

 

7.4 All
other Intellectual Property Rights developed under this Agreement that relate to the combination of Jasper Background IP and Zai Lab Background
IP shall be jointly owned by both Parties, without a duty of accounting to the other Party. Each Party hereby irrevocably and unconditionally
assigns to the other Party an undivided one-half interest in such Intellectual Property Rights.

 

7.5 Zai
Lab hereby grants to Jasper a non-exclusive, royalty-free license during the term of this Agreement to use the Zai Lab Background IP and
the Zai Lab Improvements to the extent reasonably necessary for Jasper to undertake its obligations in furtherance of the Project.

 

7.6 Jasper
hereby grants to Zai Lab a non-exclusive, royalty-free license during the term of this Agreement to use the Jasper Background IP and Jasper
Improvements to the extent reasonably necessary for Zai Lab to undertake its obligations in furtherance of the Project.

 

7.7 There
are no implied rights or licenses granted under this Agreement, and except as expressly provided herein, each Party shall retain all right,
title, and interest in and to all of such Party’s respective Intellectual Property Rights. Without limiting the foregoing, nothing
in this Agreement shall act as any assignment or transfer of the Background IP of either Party.

 

8. Publication
of Results.

 

The Parties agree to collaborate on any joint
publication of the results of the Project. Neither Party shall publish any results of the Project without the prior written consent of
the other Party following review of the proposed publication.

 

9. Term
and Termination.

 

This Agreement is effective as of the Effective
Date, and shall expire upon completion of the Project. Either Party may terminate this Agreement at its convenience with thirty (30) days’
prior written notice to the other Party, or immediately upon notice for any material breach by the other Party of the provisions of this
Agreement. Each Party’s confidentiality obligations and non-disclosure restrictions shall survive expiration or termination of this
Agreement.

 

Upon termination or expiration of this Agreement:
(i) Zai Lab shall return the remaining Jasper Material and destroy all Jasper Confidential Information in its possession or control,
and shall also deliver to Jasper a statement signed by an authorized representative of Zai Lab certifying that all such Jasper Material
and Confidential Information have been so delivered or destroyed; and (ii) Jasper shall return the remaining Zai Lab Material and
destroy all Zai Lab Confidential Information in its possession or control, and shall also deliver to Zai Lab a statement signed by an
authorized representative of Jasper certifying that all such Zai Lab Material and Confidential Information have been so delivered or destroyed.

 

    4

     

    

 

10. Representations
and Warranties.

 

Each Party represents and warrants to the other
Party that: (i) such Party has full right, power, and authority to enter into and perform this Agreement without the consent of any
third party, including the right to grant all licenses granted by such Party in this Agreement; (ii) such Party has the appropriately
qualified and experienced staff and the necessary equipment, experience, means and techniques in order for its activities hereunder to
be performed in accordance with the terms and conditions of this Agreement; (iii) such Party’s obligations under the Research
Plan shall be performed in a timely, professional and workmanlike manner, consistent with generally accepted industry standards, and in
compliance with applicable laws and regulations; and (iv) none of such Party’s employees in connection with this Agreement
have been debarred or disqualified by any regulatory authority or under any applicable laws or regulations, and such Party will not use
in any capacity in connection with this Agreement the services of any individual debarred or disqualified by any regulatory authority
or under any applicable laws or regulations.

 

11. Indemnification.

 

Each Party hereby agrees to defend, indemnify
and hold the other Party, its directors, officers, employees and agents, harmless from and against any third party loss, claim, damage
or liability of any kind which may arise from the use, handling or storage of the other Party’s Materials by or through the handling
or storing Party, except to the extent such loss, claim, damage, or liability is caused by the gross negligence or willful misconduct
of the other Party. Each Party hereby agrees to defend, indemnify and hold the other Party, its directors, officers, employees and agents,
harmless from and against any third party loss, claim, damage or liability of any kind which may arise from the gross negligence or willful
misconduct of such Party in connection with this Agreement.

 

12. Limitation
of Liability.

 

EXCEPT ARISING OUT OF A PARTY’S INDEMNIFICATION
OBLIGATIONS OR BREACH OF CONFIDENTIALITY OBLIGATIONS HEREUNDER, OR FOR A PARTY’S WILLFUL MISCONDUCT OR GROSS NEGLIGENCE, TO THE
FULLEST EXTENT PERMITTED BY LAW, NEITHER PARTY SHALL BE LIABLE TO THE OTHER UNDER THIS AGREEMENT FOR ANY INJURY TO OR LOSS OF GOODWILL,
REPUTATION, BUSINESS, PRODUCTION, REVENUES, PROFITS, ANTICIPATED PROFITS, CONTRACTS OR OPPORTUNITIES (REGARDLESS OF HOW THESE ARE CLASSIFIED
AS DAMAGES), OR FOR ANY CONSEQUENTIAL, INCIDENTAL, INDIRECT, EXEMPLARY, SPECIAL, PUNITIVE OR ENHANCED DAMAGES WHETHER ARISING OUT OF BREACH
OF CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY, PRODUCT LIABILITY OR OTHERWISE, REGARDLESS OF WHETHER SUCH LOSS OR DAMAGE
WAS FORESEEABLE OR SUCH PARTY HAD BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSS OR DAMAGE, AND NOTWITHSTANDING THE FAILURE OF ANY AGREED
OR OTHER REMEDY OF ITS ESSENTIAL PURPOSE.

 

13. Assignment.

 

Neither Party may assign any rights or duties
under this Agreement to any other party without the prior written consent of the other Party, provided, however, that either Party may
assign this Agreement to a third party in connection with a sale of all or substantially all of the business or assets of such Party related
to this Agreement.

 

    5

     

    

 

14. Applicable
Law / Place of Jurisdiction.

 

The form, execution, validity, construction and
effect of this Agreement shall be determined by the laws of New York, New York, regardless of the choice of law principles of that or
any other jurisdiction. The rights and obligations of the Parties under this Agreement shall not be governed by the 1980 U.N. Convention
on Contracts for the International Sale of Goods, to the extent applicable.

 

Exclusive place of jurisdiction for all disputes
arising from or in connection with this Agreement is New York, New York. The Parties each waive their right to a jury trial in connection
with any dispute concerning this Agreement.

 

15. Entire
Agreement; Amendments.

 

This Agreement constitutes the entire understanding
of the Parties and supersedes any previous Agreements between the Parties (whether written or oral) relating to the subject matter. All
modifications or amendments to this Agreement shall be done in writing executed by both Parties.

 

16. Force
Majeure.

 

If either Party hereto is prevented from carrying
out its obligations under this Agreement by events beyond its reasonable control, acts of God or government, pandemics or epidemics, including,
but not limited to, the COVID-19 pandemic, natural disasters, including earthquakes or storms, fire, political strife, terrorism, failure
or delay of transportation, then such Party’s performance of its obligations hereunder shall be excused during the period of such
events and for a reasonable period of recovery thereafter, and the time for performance of such obligations shall be automatically extended
for a period of time equal to the duration of such events; provided, however, that the Party claiming force majeure shall promptly notify
the other Party of the existence of such force majeure, shall use commercially reasonable efforts to avoid or remedy such force majeure
and shall continue performance hereunder promptly whenever such force majeure is avoided or remedied.

 

17. Severability.

 

If any provision of this Agreement shall be determined
to be invalid or unenforceable, the validity of the other provisions shall remain unaffected. The Parties shall attempt in good faith
to negotiate and replace the respective provision by another provision which is valid and enforceable and which represents the purpose
of the original provision as closely as possible. This shall apply accordingly to any unintended gaps in the Agreement.

 

    6

     

    

 

IN WITNESS WHEREOF, the undersigned have duly
executed and delivered this Agreement as of the date first written above.

 

	Jasper Therapeutics, Inc.	 	Zai Lab Limited
	 	 	 
	By:	/s/ Bill Lis CEO	 	By:	/s/ Tao Fu
	Name: 	Bill Lis CEO	 	Name: 	Tao Fu
	Title:	CEO	 	Title:	President

 

    7

     

    

 

Annex I

Jasper Material

 

Jasper Material:

 

JSP191 antibody which binds to the CD117 receptor
for stem cell factor on blood forming cells.

 

Amount of Jasper Material:

 

The amount of material provided to Zai Lab by
Jasper shall be sufficient for performance of the study as described in Annex III.

 

    8

     

    

 

Annex II

Zai Lab Material

 

Zai Lab Material:

 

ZL-1201, an IgG4 anti-CD47 agent.

 

Amount of Zai Lab Material:

 

The amount of material provided to Jasper by Zai
Lab shall be sufficient for performance of the study as described in Annex III.

 

    9

     

    

 

Annex III

Research Plan

 

1.0 Background

 

Successful engraftment of hematopoietic stem cells
(HSC) requires overcoming non-immunologic barriers that hinder access to the HSC niches in the bone marrow. Targeted elimination
of endogenous HSC to facilitate niche clearance would allow the engraftment of allogeneic HSC and substantially reduce the morbidity and
mortality of allogeneic hematopoietic cell transplantation (HCT). Anti-mouse CD117 antibody (α-CD117, ACK2 clone) administered as
a single conditioning agent has been shown to efficiently deplete endogenous HSC and enhance engraftment in immunodeficient mice (Czechowicz
et al., 2007). Antagonizing CD47 signaling by anti-CD47 antibody or CD47 blockade enhances antibody-dependent cellular phagocytosis (ADCP),
augments anti-CD117 antibody-mediated HSC depletion, and leads to successful engraftment in immunocompetent mice (Chhabra et al., 2016).
A humanized anti-human CD117 monoclonal antibody (JSP191) has shown to deplete human HSC in mice xenografted with human cells permitting
engraftment of a second human HSC allograft, and to safely depleted HSC in the marrow of non-human primates (NHP) (Kwon et al., 2019).
A Phase 1 dose escalation trial using JSP191 as the sole conditioning agent has shown to achieve donor HSC engraftment in patients
undergoing HCT for severe combined immunodeficiency (SCID) (Agarwal R et al., 2019). A novel monoclonal anti-human CD47 antibody has developed
with anti-cancer therapeutic potential and shown to be tolerated in NHP with minimum toxicity (Liu J et al., 2015). The goal of this study
is to examine whether combinational treatment of JSP191 and anti-CD47 antibody synergistically depletes endogenous HSC in immunocompetent
NHP with minimum toxicity. 1mg/kg dose of JSP191 depletes endogenous HSC in NHP (Kwon et al., 2019) and has safely administered into SCID
patients. A single intravenous infusion of anti-CD47 antibody at 1 mg/kg dose has tolerated well in NHP with mild transient anemia
(Liu J et al., 2015). As a first pilot study, we will test the effects of combinational treatment of JSP191 and anti-CD47 antibody in
NHP animals.

 

2.0 Scope

 

The procedures in this study includes administration
of JSP191 and anti-CD47 antibody into cynomolgus macaques and monitoring of animals including animal health check and CBC. To access the
effects of JSP191 and anti-CD47 on BM hematopoiesis, [...***...] and [...***...] will be performed. HSC and immune
cell subset profiling will be performed using [...***...] and flow cytometry analysis.

 

3.0 Experimental
plan

 

Randomly assigned cynomolgus macaques will be
grouped in sets of [...***...] to receive JSP191 (group 1), anti-CD47 antibody (group 2), and both JSP191 and
anti-CD47 antibody (group 3) (Figure 1). Assigned dose levels of JSP191 and anti-CD47 will be administered into animals via
a single intravenous bolus injection. For group 3, JSP191 will be first infused followed by anti-CD47 administration. CBC, [...***...],
[...***...] will be performed prior to treatment (pre-treatment, baseline) and up to [...***...] post treatment.
Animals will be monitored at least [...***...] and clinical observations will be recorded [...***...] or more often
as clinical signs warranted. Animals will be examined for any altered clinical signs, including [...***...] and [...***...]
activity, and observable changes in [...***...]. Body weights will be recorded [...***...].

 

4.0 Referencies

 

Czechowicz A, Kraft D, Weissman IL, Bhattacharya
D. Efficient transplantation via antibody-based clearance of hematopoietic stem cell niches. Science 2007;318:1296-9.

 

Chhabra, A. Ring, A.M., Weiskopf, K, Schnorr,
P.J., Hematopoietic stem cell transplantation in immunocompetent hosts without radiation or chemotherapy. Science Translational Medicine.
2016; 8(351) 351ra105.

 

Kwon HS, Logan AC, Chhabra A, et al., Anti-human
CD117 antibody-mediated bone marrow niche clearance in nonhuman primates and humanized NSG mice. Blood 2019;133:2104-8.

 

Agarwal R, Dvorak CC, et al., Toxicity-free Hematopoietic
stem cell engraftment achieved with anti-CD117 monoclonal antibody conditioning. Biology of Blood and Marrow Transplantation 2019;25
(3):S92.

 

Liu J, Wang L, et al., Pre-clinical development
of a humanized anti-CD47 antibody with anti-cancer therapeutic potential. Plos One 2015 DOI:10.1371/journal.pone.0137345

 

 

10

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