Document:

Exhibit 10.22

 

THIS OPTION AND THE SECURITIES WHICH MAY BE
PURCHASED UPON EXERCISE OF THIS OPTION HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH THE SALE OR DISTRIBUTION THEREOF. NO SALE,
TRANSFER OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATING THERETO OR AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

APPTECH CORP.

 

NON-PLAN INDUCEMENT STOCK OPTION AWARD NOTICE
OF GRANT AND  

NON-PLAN INDUCEMENT STOCK OPTION AGREEMENT

 

AppTech
Corp. (the “Company”) hereby grants to the individual listed below (the “Optionee”),
a nonqualified stock option to purchase the number of shares of its $0.001 par value common stock (the “Common Stock”)
set forth below (the “Option”). This Option is subject to all of the terms and conditions set forth herein and
in the option agreement attached hereto as Exhibit A (the “Agreement”), which is incorporated herein by reference.
In addition, as a condition to receiving this Option, the Optionee understands and agrees that Optionee will enter into a definitive
employment agreement (the “Employment Agreement”), including execution of the Company’s standard Confidential
Information and Invention Assignment Agreement (the “Confidentiality Agreement”), on or prior to December 1,
2021, and the Optionee understands and agrees to continue to be bound by and comply with the restrictive covenants set forth in
the Employment Agreement and the Confidentiality Agreement (the “Restrictive Covenants”). The Optionee understands
and agrees that the Restrictive Covenants shall survive the grant, vesting, exercise or termination of the Option, sale of the
shares underlying the Option and any termination of employment of the Optionee, and that execution of the Employment Agreement
on or before December 1, 2021 and full compliance with the Restrictive Covenants is an express condition precedent to (i) the receipt,
delivery, vesting and exercise of any Options and (ii) any rights to any payments with respect to the Options.

 

This Option grant is an
inducement grant and is not made under the 2020 Stock Award Plan of the Company (the “Plan”). The provisions
of the attached Agreement shall govern the terms and conditions of the Option.

 

	Optionee:	Benjamin
Jenkins
	Address:	12224
Caminito Del Mar Sands, San Diego, CA 92130
	Grant
Date:	November
12, 2021
	Exercise
Price per Share:	$1.267/Share
	Total
Number of Shares Subject to Option:	100,000
	Expiration
Date:	November
12, 2024

 

Vesting Schedule: The shares subject
to the option will vest in eleven (11) equal installments of 8,334 shares followed by one (1) installment of 8,326 shares on the
last day of each the twelve (12) consecutive months starting on January 1, 2022 as follows: January 31, 2022, February 28, 2022,
March 31, 2022, April 30, 2022, May 31, 2022, June 30, 2022, July 31, 2022, August 31, 2022, September 30, 2022, October 31, 2022,
November 30, 2022 and December 31, 2022 (collectively, the “Vesting Period”). This Vesting Schedule shall be
subject to acceleration as provided in the Agreement.

 

Termination: The Option shall terminate
on the Expiration Date set forth above or, if earlier, in accordance with the terms of the Agreement.

 

[Continued on Next Page]

 

    	 

    	 

    

 

By accepting this grant, the Optionee agrees
to be bound by the terms and conditions of the Agreement and this Notice of Grant (“Grant Notice”), including
the Restrictive Covenants. The Optionee has reviewed the Agreement, the Confidentiality Agreement and this Grant Notice in their
entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all
provisions of this Grant Notice, the Agreement and the Confidentiality Agreement. The Optionee hereby agrees to accept as binding,
conclusive and final all decisions or interpretations of the Compensation Committee upon any questions relating to the Option.

 

	AppTech Corp.	 	Optionee
	a Wyoming corporation	 	 
	 	 	 
	By:	 	 	 
	Luke D’Angelo, Chief Executive Officer	 	Signature

 

    	 

    	 

    

 

Exhibit
A

 

NON-PLAN INDUCEMENT STOCK OPTION

AGREEMENT

 

Pursuant
to the Non-Plan Inducement Stock
Option Award Notice Of Grant (the “Grant Notice”)
to which this
Non-Plan Inducement Stock Option Agreement
(this “Agreement”)
is attached, AppTech Corp. (the
“Company”), has granted you an option to purchase the number of shares of the Company’s $0.001 par value
common stock (the “Common Stock”) indicated in your Grant Notice at the exercise price indicated in your Grant
Notice. This option is granted outside of the Company’s 2020 Stock Award Plan (the “Plan”), as a material
inducement to you entering into employment with the Company, and effective as of the date of grant set forth in the Grant Notice
(the “Date of Grant”). The shares of Common Stock underlying this option shall not reduce and shall have no
impact on the number of shares available for grant under the Plan.

 

The details of
your option, in addition to those set forth in the Grant Notice, are as follows:

 

1.                  
Vesting. Subject to the provisions contained
herein, your option will vest as provided in your Grant Notice. Vesting will cease upon the termination of your Continuous Service;
provided, that, the option shall vest and become exercisable as to all previously unvested shares of Common Stock upon a termination
of employment described in Section 6(c) or Section 9(a).

 

2.                  
Number of Shares and Exercise Price. The number
of shares of Common Stock subject to your option and your exercise price per share in your Grant Notice will be adjusted for Capitalization
Adjustments as defined in Section 16.

 

3.                  
Exercise. Subject to your full compliance at all
times with the Restrictive Covenants Agreement and Section 4 of this Agreement:

 

(a)                
You may exercise the vested portion of your option during its term by (i) delivering a
Notice of Exercise (in a form designated by the Company) or completing such other documents and/or procedures designated by the
Company for exercise and (ii) paying the exercise price and any applicable withholding taxes to the Company’s Secretary,
stock plan administrator, or such other person as the Company may designate, together with such additional documents as the Company
may then require.

 

(b)                
By exercising your option you agree that, as a condition to any exercise of your option,
the Company may require you to enter into an arrangement providing for the payment by you to the Company of any tax withholding
obligation of the Company arising by reason of (i) the exercise of your option, (ii) the lapse of any substantial risk of forfeiture
to which the shares of Common Stock are subject at the time of exercise, or (iii) the disposition of shares of Common Stock acquired
upon such exercise.

 

(c)                
By exercising your option you agree that you will not sell, dispose of, transfer, make
any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic
effect as a sale with respect to any shares of Common Stock or other securities of the Company held by you, for a period of one
hundred eighty (180) days following the effective date of a registration statement of the Company filed under the Securities Act
of 1933, as amended (the “Securities Act”) or such longer period as the underwriters or the Company will request
to facilitate compliance with FINRA Rule 2241 or any successor or similar rules or regulation (the “Lock-Up Period”).
You further agree to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters
that are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing
covenant, the Company may impose stop-transfer instructions with respect to your shares of Common Stock until the end of such period.
You also agree that any transferee of any shares of Common Stock (or other securities) of the Company held by you will be bound
by this Section 3(c). The underwriters of the Company’s stock are intended third party beneficiaries of this Section 3(c)
and will have the right, power and authority to enforce the provisions hereof as though they were a party hereto.

 

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(d)                
The shares of Common Stock deliverable upon the exercise of your option, or any portion
thereof, may be either previously authorized but unissued shares, treasury stock or issued shares which have then been reacquired
by the Company. Such shares of Common Stock shall be fully paid and nonassessable.

 

(e)                
Any exercisable portion of your option or the entire option, if then wholly exercisable,
may be exercised in whole or in part at any time prior to the time when the option or portion thereof becomes unexercisable under
Section 6 hereof; provided, however, that you may exercise your option only for whole shares of Common Stock.

 

4.                  
Exercise Restrictions. 

 

(a)                
If you are an Employee eligible for overtime compensation under the Fair Labor Standards
Act of 1938, as amended (that is, a “Non-Exempt Employee”), you may not exercise your option until you have
completed at least six (6) months of Continuous Service measured from the Date of Grant, even if you have already been an employee
for more than six (6) months. Consistent with the provisions of the Worker Economic Opportunity Act, you may exercise your option
as to any vested portion prior to such six (6) month anniversary in the case of (i) your death or Disability, (ii) a Change of
Control or (iii) your termination of Continuous Service on your “retirement” (as defined in the Company’s benefit
plans).

 

(b)                
In no event may you exercise your option unless the shares of Common Stock issuable upon
exercise are then registered under the Securities Act or, if not registered, the Company has determined that your exercise and
the issuance of the shares would be exempt from the registration requirements of the Securities Act. The exercise of your option
also must comply with all other applicable laws and regulations governing your option, and you may not exercise your option if
the Company determines that such exercise would not be in material compliance with such laws and regulations (including any restrictions
on exercise required for compliance with Treas. Reg. 1.401(k)-1(d)(3), if applicable).

 

(c)                
No unvested portion of the option may be exercised.

 

5.                  
Method of Payment. You must pay the full amount
of the exercise price for the shares you wish to exercise. You may pay the exercise price in cash or by check, bank draft or money
order payable to the Company or in one or more of the following ways if authorized by the Board:

 

(a)                
Provided that, (i) at the time of exercise the Company has registered the shares of Common
Stock underlying your option and (ii) at the time of exercise the Common Stock is publicly traded, pursuant to a program developed
under Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance of Common Stock, 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. This manner of payment is also known as a “broker-assisted exercise”, “same
day sale”, or “sell to cover”.

 

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(b)               
Provided that at the time of exercise the Common Stock is publicly traded, by delivery
to the Company (either by actual delivery or attestation) of already-owned shares of Common Stock that are owned free and clear
of any liens, claims, encumbrances or security interests, and that are valued at Fair Market Value on the date of exercise. “Delivery”
for these purposes, in the sole discretion of the Company at the time you exercise your option, will include delivery to the Company
of your attestation of ownership of such shares of Common Stock in a form approved by the Company. You may not exercise your option
by delivery to the Company of Common Stock if doing so would violate the provisions of any law, regulation or agreement restricting
the redemption of the Company’s stock.

 

(c)               
Subject to the consent of the Company at the time of exercise, by a “net exercise”
arrangement pursuant to which the Company will reduce the number of shares of Common Stock issued upon exercise of your option
by the largest whole number of shares with a Fair Market Value that does not exceed the aggregate exercise price. You must pay
any remaining balance of the aggregate exercise price not satisfied by the “net exercise” in cash or other permitted
form of payment. Shares of Common Stock will no longer be outstanding under your option and will not be exercisable thereafter
if those shares (i) are used to pay the exercise price pursuant to the “net exercise,” (ii) are delivered to you as
a result of such exercise, and (iii) are withheld to satisfy your tax withholding obligations.

 

6.                  
Term. You may not exercise your option before
the Date of Grant or after the expiration of the option’s term. The term of your option expires, subject to the terms and
conditions of your Employment Agreement (as defined in your Grant Notice), upon the earliest of the following:

 

(a)                
immediately if the Employment Agreement and Confidentiality Agreement are not executed
by you on or before December 1, 2021; 

 

(b)              
immediately upon the termination of your Continuous Service for Cause (as defined in the
Employment Agreement), in which case the entire unexercised portion of the option shall be forfeit;

 

(c)               
forty-five (45) days after the termination of your Continuous Service for any reason other
than Cause, Disability, or your death (except as otherwise provided in Section 6(e) below); provided, however, that
if during any part of such forty-five (45) day period your option is not exercisable solely because of the condition set forth
in the Section 4(b) hereof, your option will not expire until the earlier of the Expiration Date or until it has been exercisable
for an aggregate period of forty-five (45) days after the termination of your Continuous Service; provided further, that if (i)
you are a Non-Exempt Employee, (ii) your Continuous Service terminates within six (6) months after the Date of Grant, and (iii)
you have vested in a portion of your option at the time of your termination of Continuous Service, your option will not expire
until the earlier of (x) the later of (A) the date that is seven (7) months after the Date of Grant, and (B) the date that is forty-five
(45) days after the termination of your Continuous Service, and (y) the Expiration Date; 

 

(d)                
forty-five (45) days after the termination of your Continuous Service due to your Disability
(except as otherwise provided in Section 6(e)) below;

 

(e)                
twelve (12) months after your death if you die during your Continuous Service, provided
that the option shall cease to vest on the date of death; or

 

(f)                 
the Expiration Date indicated in your Grant Notice.

 

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7.                   Termination of Employment or Service/Breach of the Restrictive Covenants Agreement.
The Compensation Committee, in its sole discretion, shall determine the effect of all matters and questions relating to termination
of your Continuous Service, including without limitation, whether a termination has occurred, whether any termination resulted
from a discharge for Cause and whether any particular leave of absence constitutes a termination of your Continuous Service, as
well as whether you have fully complied with the Restrictive Covenants for purposes of this Agreement.

 

8.                  
Restrictions on Transferability. By accepting
the option, you acknowledge that neither the option nor the underlying shares of Common Stock have been registered as of the Date
of Grant and that the Company has no obligation to register the option or the underlying Common Stock subsequent to the Date of
Grant. If the Company does not register the shares underlying the option prior to exercise, any shares of Common Stock purchased
by you upon exercise of the option will be restricted and may only be transferred in compliance with Rule 144. You hereby represent
that you are familiar with the provisions of Rule 144, promulgated under the Securities Act, which, in substance, permits limited
public resale of “restricted securities” acquired, directly or indirectly, from the issuer thereof, in a non-public
offering subject to the satisfaction of certain conditions, including: (1) the resale being made through a broker in an unsolicited
“broker’s transaction” or in transactions directly with a market maker (as this term is defined under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)), (2) the availability of certain public information
about the Company, (3) the amount of securities being sold during any three (3) month period not exceeding the limitations
specified in Rule 144(c), and (4) the timely filing of a Form 144, if applicable. Accordingly, except as otherwise provided
in this Section 8, your option is not transferable, except by will or by the laws of descent and distribution, and is exercisable
during your life only by you.

 

(a)                
Certain Trusts. Upon receiving written permission
from the Board or its duly authorized designee, you may transfer your option to a trust if you are considered to be the sole beneficial
owner (determined under Section 671 of the Code and applicable state law) while the option is held in the trust. You and the trustee
must enter into transfer and other agreements required by the Company.

 

(b)              
Domestic Relations Orders. Upon receiving written
permission from the Board or its duly authorized designee, and provided that you and the designated transferee enter into transfer
and other agreements required by the Company, you may transfer your option pursuant to the terms of a domestic relations order
that contains the information required by the Company to effectuate the transfer. You are encouraged to discuss the proposed terms
of any division of this option with the Company prior to finalizing the domestic relations order or marital settlement agreement
to help ensure the required information is contained within the domestic relations order or marital settlement agreement.

 

(c)                
Beneficiary Designation. Upon receiving written
permission from the Board or its duly authorized designee, you may, by delivering written notice to the Company, in a form approved
by the Company and any broker designated by the Company to handle option exercises, designate a third party who, on your death,
will thereafter be entitled to exercise this option and receive the Common Stock or other consideration resulting from such exercise.
In the absence of such a designation, your executor or administrator of your estate will be entitled to exercise this option and
receive, on behalf of your estate, the Common Stock or other consideration resulting from such exercise.

 

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9.                  
Change in Control. 

 

(a)               
If, within the three (3)-month period preceding, or the twelve (12)-month period following,
a Change of Control, the Company terminates your employment without Cause or on account of disability, or the you terminate your
employment with the Company for Good Reason, then, (i) your option shall become fully vested and exercisable, and (ii) the forfeiture
conditions applicable to your option shall lapse (but, your obligations under the Restrictive Covenants and this Agreement shall
not lapse).

 

(b)               
This Agreement shall not in any way affect the right of the Company to adjust,
reclassify, reorganize or otherwise change its capital or business structure or to merge, consolidate, dissolve, liquidate or sell
or transfer all or any part of its business or assets.

 

10.               
Tax Consequences. You hereby agree that the Company
does not have a duty to design or administer compensation programs in a manner that minimizes your tax liabilities. You will not
make any claim against the Company, or any of its officers, directors, employees or Affiliates related to tax liabilities arising
from your option or your other compensation. In particular, you acknowledge that this option is exempt from Section 409A of the
Code only if the exercise price per share specified in the Grant Notice is at least equal to the “fair market value”
per share of the Common Stock on the Date of Grant and there is no other impermissible deferral of compensation associated with
the option. The Compensation Committee may, in its discretion, adopt such amendments to the applicable provisions of this Agreement
or the Grant Notice or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect),
or take any other actions, as the Compensation Committee determines are necessary or appropriate to comply with the requirements
of Section 409A of the Code.

 

11.               
No Advice Regarding Grant. The Company is not providing
you any tax, legal or financial advice, nor is the Company making any recommendations regarding your acquisition or sale of the
Common Stock. You are hereby advised to consult with your own personal tax, legal and financial advisors before taking any action
related to your option.

 

12.               
No Right to Continuous Service. Your option
is not an employment or service contract, and nothing in your option will be deemed to create in any way whatsoever any obligation
on your part to continue in the employ of the Company or an Affiliate, or of the Company or an Affiliate to continue your employment.
In addition, nothing in your option will obligate the Company or an Affiliate, their respective shareholders, boards of directors,
officers or employees to continue any relationship that you might have as a director or Consultant for the Company or an Affiliate.

 

13.               
No Rights as Stockholder. You will not be, nor have
any of the rights or privileges of, a stockholder of the Company, including, without limitation, voting rights and rights to dividends,
in respect of any shares of Common Stock purchasable upon the exercise of any part of the option unless and until such shares of
Common Stock shall have been issued by the Company and held of record by you (as evidenced by the appropriate entry on the books
of the Company or of a duly authorized transfer agent of the Company). No adjustment will be made for a dividend or other right
for which the record date is prior to the date the shares of Common Stock are issued.

 

14.               
Optionee’s Representations. If the shares of
Common Stock purchasable pursuant to the exercise of your option have not been registered under the Securities Act or any applicable
state laws on an effective registration statement at the time this option is exercised, you shall, if required by the Company,
concurrently with the exercise of all or any portion of this Option, make such written representations as are deemed necessary
or appropriate by the Company and/or its counsel.

 

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15.               
Limitations Applicable to Section 16 Persons. Notwithstanding
any other applicable provision of this Agreement, if you are subject to Section 16 of the Exchange Act, then your option and this
Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange
Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule.
To the extent permitted by applicable law, this Agreement shall be deemed amended to the extent necessary to conform to such applicable
exemptive rule.

 

16.               
Definitions. For purposes of this Agreement, terms
defined in the Grant Notice and used herein shall have the meanings assigned to them in the Grant Notice, terms otherwise defined
herein will have the meanings assigned to them elsewhere in this Agreement, and the following terms have the meanings given below:

 

“Affiliate”
means (i) any entity that, directly or indirectly through one or more intermediaries, is controlled by the Company and (ii) any
entity in which the Company has a significant equity interest, in each case as determined by the Compensation Committee.

 

“Disability”
shall be determined in accordance with Section 6.2 of the Employment Agreement.

 

“Capitalization
Adjustment” means any change that is made in, or other events that occur with respect to, the Common Stock 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. References to “shares” in this Agreement refer to shares of Common Stock.

 

“Cause”
shall have the meaning given in the Employment Agreement.

 

“Change
of Control” shall mean the consummation of the first to occur of (i) the sale, lease or other transfer of all
or substantially all of the assets of the Company to any person or group (as such term is used in Section 13(d)(3) of the Exchange
Act); (ii) the adoption by the stockholders of the Company of a plan relating to the liquidation or dissolution of the
Company; (ii) the merger or consolidation of the Company with or into another entity or the merger of another entity
into the Company or any subsidiary thereof with the effect that immediately after such transaction the stockholders of the Company
immediately prior to such transaction (or their related parties) hold less than fifty percent (50%) of the total voting
power of all securities generally entitled to vote in the election of directors, managers or trustees of the entity surviving such
merger of consolidation; or (iv) the acquisition by any person or group of more than fifty percent (50%) of
the voting power of all securities of the Company generally entitled to vote in the election of directors of the Company.

 

“Continuous
Service” means that your 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 you render service to the Company or an Affiliate as an employee,
director or Consultant or a change in the entity for which you render such service, provided that there is no interruption or termination
of your service with the Company or an Affiliate, will not terminate your Continuous Service; provided, however, that if the entity
for which you are rendering services ceases to qualify as an Affiliate, as determined by the Board, in its sole discretion, your
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 Compensation Committee, in its 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.

 

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“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 this Agreement.

 

17.               
Notices. Any notices provided for in your option
will be given in writing (including electronically) and will be deemed effectively given upon receipt or, in the case of notices
delivered by mail by the Company to you, five (5) days after deposit in the United States mail, postage prepaid, addressed to you
at the last address you provided to the Company. 

 

18.               
Effect on Other Employee Benefit Plans. The value
of this option will not be included as compensation, earnings, salaries, or other similar terms used when calculating your benefits
under any employee benefit plan sponsored by the Company or any Affiliate, except as such plan otherwise expressly provides. The
Company expressly reserves its rights to amend, modify, or terminate any of the Company’s or any Affiliate’s employee
benefit plans.

 

19.              
Severability. If all or any part of this Agreement
is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity will not invalidate
any portion of this Agreement not declared to be unlawful or invalid. Any section of this Agreement (or part of such a section)
so declared to be unlawful or invalid shall, if possible, be construed in a manner which will give effect to the terms of such
section or part of a section to the fullest extent possible while remaining lawful and valid.

 

20.               
Entire Agreement. The Grant Notice, the Restrictive
Covenants and this Agreement (including all Exhibits thereto, if any) constitute the entire agreement of the parties and supersede
in their entirety all prior undertakings and agreements between you and the Company regarding the option.

 

21.               
Notice of Governing Law and Venue. This Agreement
shall be governed by, and construed in accordance with, the laws of the State of California without regard to principles of conflict
of laws. For purposes of litigating any dispute that arises directly or indirectly from the relationship of the parties evidenced
by this grant or the Agreement, the parties hereby submit to and consent to the exclusive jurisdiction of the State of California
and agree that such litigation shall be conducted only in the courts of San Diego County, California, or the federal courts for
the United States for the Southern District of California and no other courts, where this grant is made and/or to be performed.

 

22.               
Conformity to Securities Laws. You acknowledges that
this Agreement is intended to conform to the extent necessary with all provisions of the Securities Act and the Exchange, and any
and all regulations and rules promulgated by the Securities and Exchange Commission thereunder, and state securities laws and regulations.
Notwithstanding anything herein to the contrary, this Agreement shall be administered, and the option is granted and may be exercised,
only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by applicable law, this Agreement
shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.

 

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23.               
Clawback. Notwithstanding any other provisions in
this Agreement to the contrary, any portion of this option or the shares received upon exercise hereof that constitutes incentive-based
compensation, and any other compensation, paid or payable to you pursuant to this Agreement or any other agreement or arrangement
with the Company which is subject to recovery under any law, government regulation, order or stock exchange listing requirement,
will be subject to such deductions and clawback (recovery) as may be required to be made pursuant to law, government regulation,
order, stock exchange listing requirement as it relates specifically to the Frank-Dodd Act. You specifically authorize the Company
to withhold from your future wages any amounts that may become due under this provision. This Section 23 will survive
the termination of this Agreement for a period of three (3) years.

 

24.               
Successors and Assigns. The provisions
of this Agreement shall inure to the benefit of, and be binding upon, the Company and its successors and assigns and you, your
assigns and the legal representatives, heirs and legatees of your estate.

 

25.               
Waivers and Consents. The terms and provisions of
this Agreement may be waived, or consent for the departure therefrom granted, only by written document executed by the party entitled
to the benefits of such terms or provisions. No such waiver or consent shall be deemed to be or shall constitute a waiver or consent
with respect to any other terms or provisions of this Agreement, whether or not similar. Each such waiver or consent shall be effective
only in the specific instance and for the purpose for which it was given, and shall not constitute a continuing waiver or consent.

 

26.               
Data Privacy. By entering into this Agreement, you:
(i) authorizes the Company and each Affiliate, and any agent of the Company or any Affiliate to disclose to the Company or
any of its Affiliates such information and data as the Company or any such Affiliate shall request in order to facilitate the grant
of your option; (ii) waive any data privacy rights you may have with respect to such information; and (iii) authorizes
the Company and each Affiliate to store and transmit such information in electronic form.

 

27.               
Assignment. The Company may assign any of its rights
under this Agreement. You may not assign, hypothecation or pledge your option as any type of security or collateral. Any attempted
assignment, hypothecation or pledge of your option in violation of this Section 27 will be null and void and have no legal effect.

 

28.               
Modifications to this Agreement. The Agreement may
be amended by the written agreement of the parties.

 

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EXHIBIT A

NOTICE OF EXERCISE

 

AppTech Corp.

5876 Owens Ave., Suite 100 

Carlsbad. CA 92008

Attention: Secretary

 

1.            Exercise
of Option. Effective as of today, ____________, 20__, the undersigned (the “Optionee”) hereby
elects to exercise the Optionee’s option to purchase ___________ shares of the Common Stock (the “Shares”)
of AppTech Corp. (the “Company”) under and pursuant to the Non-Plan Inducement Stock Option Agreement dated November
12, 2021 (the “Agreement”).

 

2.            Delivery
of Payment. The Optionee herewith delivers to the Company the full purchase price of the Shares, as set forth in
the Agreement, and any and all withholding taxes due in connection with the exercise of the Option (as defined in the Agreement).

 

3.            Representations
of Optionee. The Optionee acknowledges that the Optionee has received, read and understood the Agreement and agrees
to abide by and be bound by its terms and conditions.

 

4.            Rights
as Stockholder. Until the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company
or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder
shall exist with respect to shares not yet exercised. The Shares shall be issued to the Optionee as soon as practicable after the
Option is exercised in accordance with the Agreement.

 

5.            Tax Consultation.
The Optionee understands that the Optionee may suffer adverse tax consequences as a result of the Optionee’s purchase or
disposition of the Shares. The Optionee represents that the Optionee has consulted with any tax consultants the Optionee deems
advisable in connection with the purchase or disposition of the Shares and that the Optionee is not relying on the Company for
any tax advice.

 

6.            Restrictive
Legends and Stop-Transfer Orders. 

 

(a)           Legends. The
Optionee understands and agrees that the Company shall cause the legends set forth below or legends substantially equivalent thereto,
to be placed upon any certificate(s) evidencing ownership of the Shares together with any other legends that may be required by
the Company or by state or federal securities laws:

 

THE SECURITIES REPRESENTED HEREBY HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED,
PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COMPANY COUNSEL SATISFACTORY TO THE ISSUER
OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE THEREWITH.

 

(b)          Stop-Transfer
Notices. The Optionee agrees that, in order to ensure compliance with the restrictions referred to herein, the Company
may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers
its own securities, it may make appropriate notations to the same effect in its own records.

 

    	A-1

    	 

    

 

(c)          Refusal
to Transfer. The Company shall not be required (i) to transfer on its books any Shares that have been sold or otherwise
transferred in violation of any of the provisions of this Exercise Notice or (ii) to treat as owner of such Shares or to accord
the right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred.

 

7.            Successors
and Assigns. The Company may assign any of its rights under this Exercise Notice to single or multiple assignees,
and this Exercise Notice shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on
transfer herein set forth, this Exercise Notice shall be binding upon the Optionee and his or her heirs, executors, administrators,
successors and assigns.

 

8.            Governing
Law and Venue. This Agreement shall be governed by, and construed in accordance with, the laws of the State of California
without regard to principles of conflict of laws. For purposes of litigating any dispute that arises directly or indirectly from
the relationship of the parties evidenced by this grant or the Agreement, the parties hereby submit to and consent to the exclusive
jurisdiction of the State of California and agree that such litigation shall be conducted only in the courts of San Francisco County,
California, or the federal courts for the United States for the Northern District of California and no other courts, where this
grant is made and/or to be performed. This Exercise Notice is governed by and construed in accordance with the laws of the State
of California without resort to that State’s conflict-of-laws rules.

 

9.            Entire
Agreement. The Agreement is incorporated herein by reference. This Exercise Notice, the Agreement and the Investment
Representation Statement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede
in their entirety all prior undertakings and agreements of the Company and the Optionee with respect to the subject matter hereof,
and may not be modified adversely to the Optionee’s interest except by means of a writing signed by the Company and the Optionee.

 

10.         Severability.
If all or any part of this Agreement is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness
or invalidity will not invalidate any portion of this Agreement not declared to be unlawful or invalid.

 

	Submitted by:	 	Accepted by:
	 	 	 
	OPTIONEE	 	APPTECH CORP.
	 	 	 
	 	 	By:	 
	Signature	 	 
	 	 	 
	 	 	 
	Print Name	 	Title
	 	 	 
	Address:____________________________________	 	 
	 	 	 
	 	 	 
	 	 	Date Received
	 	 	 

 

    	A-2

    	 

    

EXHIBIT B

INVESTMENT REPRESENTATION STATEMENT

 

 

	OPTIONEE:	 		 
	 	 	 	 
	
COMPANY:	 	
AppTech
Corp.	 
	 	 	 	 
	
SECURITIES:	 	
Common
Stock	 
	 	 	 	 
	
AMOUNT:	 	 	 
	 	 	 	 
	
DATE:		 	 

 

In connection with the purchase
of the above-listed Securities, the undersigned Optionee represents to the Company the following:

 

(a)           The Optionee is aware
of the Company’s business affairs and financial condition and has acquired sufficient information about the Company to reach
an informed and knowledgeable decision to acquire the Securities. The Optionee is acquiring these Securities for investment for
the Optionee’s own account only and not with a view to, or for resale in connection with, any “distribution”
thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”).

 

(b)           The Optionee acknowledges
and understands that the Securities constitute “restricted securities” under the Securities Act and have not been registered
under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the
bona fide nature of the Optionee’s investment intent as expressed herein. In this connection, the Optionee understands that,
in the view of the Securities and Exchange Commission, the statutory basis for such exemption may be unavailable if the Optionee’s
representation was predicated solely upon a present intention to hold these Securities for the minimum capital gains period specified
under tax statutes, for a deferred sale, for or until an increase or decrease in the market price of the Securities, or for a period
of one year or any other fixed period in the future. The Optionee further understands that the Securities must be held indefinitely
unless they are subsequently registered under the Securities Act or an exemption from such registration is available. The Optionee
further acknowledges and understands that the Company is under no obligation to register the Securities. The Optionee understands
that the certificate evidencing the Securities will be imprinted with any legend required under applicable state securities laws.

 

(c)           The Optionee is familiar
with the provisions of Rule 144, each promulgated under the Securities Act, which, in substance, permits limited public resale
of “restricted securities” acquired, directly or indirectly, from the issuer thereof, in a non-public offering subject
to the satisfaction of certain conditions, including: (1) the resale being made through a broker in an unsolicited “broker’s
transaction” or in transactions directly with a market maker (as said term is defined under the Securities Exchange Act of
1934), (2) the availability of certain public information about the Company, (3) the amount of Securities being sold
during any three month period not exceeding the limitations specified in Rule 144(e), and (4) the timely filing of a
Form 144, if applicable. Securities may be resold in certain limited circumstances subject to the provisions of Rule 144,
which requires the resale to occur not less than one year after the later of the date the Securities were sold by the Company or
the date the Securities were sold by an affiliate of the Company, within the meaning of Rule 144; and, in the case of acquisition
of the Securities by an affiliate, or by a non-affiliate who subsequently holds the Securities less than two years, the satisfaction
of the conditions set forth in sections (1), (2), (3) and (4) of the paragraph immediately above.

 

    	B-1

    	 

    

 

(d)          The Optionee further
understands that in the event all of the applicable requirements of Rule 144 are not satisfied, registration under the Securities
Act, or some other registration exemption will be required; and that the Staff of the Securities and Exchange Commission has expressed
its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than
pursuant to Rule 144 will have a substantial burden of proof in establishing that an exemption from registration is available
for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their
own risk. The Optionee understands that no assurances can be given that any such other registration exemption will be available
in such event.

 

(e)           The Optionee further
understands and acknowledges that all sales of Securities must be done in compliance with the Company’s then applicable insider
trading policy.

 

	 	 
	Signature of
Optionee	 
	 	 
	Date:_______________________________________	 

 

B-2Exhibit 10.1

 

Regencell Bioscience Holdings Limited

 

11/F First Commercial Building

33-35 Leighton Road

Causeway Bay, Hong Kong

+ 852 2155 0823

 

December 13, 2021

 

	Re:	Director Offer Letter

 

Dear Dr. Wing-Yan (William) Lo,

 

Regencell Bioscience Holdings Limited, a Cayman
Islands company (the “Company”), is pleased to offer you a position as a member of its Board of Directors (the “Board”).
We believe your background and experience will be a significant asset to the Company and we look forward to your participation on the
Board. Should you choose to accept this position as a member of the Board, this letter agreement (the “Agreement”)
shall constitute an agreement between you and the Company and contains all the terms and conditions relating to the services you agree
to provide to the Company.

 

1. Term. Your
term as director shall begin immediately as of the date of this Agreement and continue subject to the provisions in Section 8 below or
until your successor is duly elected and qualified. The position shall be up for re-election each year at the annual shareholder’s
meeting and upon re-election, the terms and provisions of this Agreement shall remain in full force and effect.

 

2. Services.
You shall render services as a member of the Board and the Board’s committees set forth on Schedule A attached hereto
(hereinafter your “Duties”). During the term of this Agreement, you shall attend and participate in such number of
meetings of the Board and of the committee(s) of which you are a member as regularly or specially called. You may attend and participate
at each such meeting via teleconference, video conference or in person. You shall consult with the other members of the Board and committee(s)
as necessary via telephone, electronic mail or other forms of correspondence.

 

3. Compensation.
As compensation for your services to the Company, you will receive compensation as set forth on Schedule B attached hereto
(hereinafter, the “Compensation”) per year for serving on the Board during your term as a director, which shall be
paid to you quarterly in arrears as determined by the Company. You shall be reimbursed for reasonable and approved expenses incurred by
you in connection with the performance of your Duties.

 

4. No Assignment.
Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written
consent of the Company.

 

5. Confidential Information;
Non-Disclosure. In consideration of your access to certain Confidential Information (as defined below) of the Company, in connection
with your business relationship with the Company, you hereby represent and agree as follows:

 

a. Definition.
For purposes of this Agreement the term “Confidential Information” means:

 

i. Any information which the Company
possesses that has been created, discovered or developed by or for the Company, and which has or could have commercial value or utility
in the business in which the Company is engaged; or

 

ii. Any information which is related
to the business of the Company and is generally not known by non-Company personnel. 

 

iii. Confidential Information includes,
without limitation, trade secrets and any information concerning services provided by the Company, concepts, ideas, improvements, techniques,
methods, research, data, know-how, software, formats, marketing plans, and analyses, business plans and analyses, strategies, forecasts,
customer and supplier identities, characteristics and agreements.

 

b. Exclusions.
Notwithstanding the foregoing, the term Confidential Information shall not include:

 

i. Any information which becomes
generally available to the public other than as a result of a breach of the confidentiality portions of this Agreement, or any other agreement
requiring confidentiality between the Company and you;

 

ii. Information received from a
third party in rightful possession of such information who is not restricted from disclosing such information; and

 

iii. Information known by you prior
to receipt of such information from the Company, which prior knowledge can be documented.

 

c. Documents. You agree
that, without the express written consent of the Company, you will not remove from the Company’s premises, any notes, formulas, programs,
data, records, machines or any other documents or items which in any manner contain or constitute Confidential Information, nor will you
make reproductions or copies of same. You shall promptly return any such documents or items, along with any reproductions or copies, to
the Company upon the earliest of Company’s demand, termination of this Agreement, or your termination or Resignation, as defined in Section
8 herein.

 

     

     

    

 

d. Confidentiality. You
agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly,
any Confidential Information or anything relating to such information without the prior written consent of the Company, except as maybe
necessary in the course of your business relationship with the Company. You further agree that you will not use any Confidential Information
without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company,
and that the provisions of this paragraph (d) shall survive termination of this Agreement.

 

e. Ownership. You agree
that Company shall own all right, title and interest (including patent rights, copyrights, trade secret rights, mask work rights, trademark
rights, and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all inventions
(whether or not patentable), works of authorship, mask works, designations, designs, know-how, ideas and information made or conceived
or reduced to practice, in whole or in part, by you during the term of this Agreement and that arise out of your Duties (collectively,
“Inventions”) and you will promptly disclose and provide all Inventions to the Company. You agree to assist the Company,
at its expense, to further evidence, record and perfect such assignments, and to perfect, obtain, maintain, enforce, and defend any rights
assigned.

 

6. Non-Competition.
You agree and undertake that you will not, so long as you are a member of the Board and for a period of 12 months following termination
of this Agreement for whatever reason, directly or indirectly as owner, partner, joint venture, stockholder, employee, broker, agent principal,
corporate officer, director, licensor or in any other capacity whatsoever, engage in, become financially interested in, be employed by,
or have any connection with any business or venture that is engaged in any activities involving services or products which compete, directly
or indirectly, with the services or products provided or proposed to be provided by the Company or its subsidiaries or affiliates; provided,
however, that you may own securities of any public corporation which is engaged in such business but in an amount not to
exceed at any one time, one percent of any class of stock or securities of such company, so long as you has no active role in the publicly
owned company as director, employee, consultant or otherwise. 

 

7. Non-Solicitation.
So long as you are a member of the Board and for a period of 12 months thereafter, you shall not directly or indirectly solicit for employment
any individual who was an employee of the Company during your tenure.

 

8. Termination and Resignation.
Your membership on the Board may be terminated for any or no reason by a vote of the stockholders holding at least a majority of the shares
of the Company’s issued and outstanding shares entitled to vote. Your membership on the Board or on a Board committee may be terminated
for any or no reason by a majority of the Board at any time, if you have been declared incompetent by an order of a court of competent
jurisdiction or convicted of a felony. You may also terminate your membership on the Board or on a committee for any or no reason by delivering
your written notice of resignation to the Company (“Resignation”), and such Resignation shall be effective upon the
time specified therein or, if no time is specified, upon receipt of the notice of resignation by the Company. Upon the effective date
of the termination or Resignation, your right to compensation hereunder will terminate subject to the Company’s obligations to pay you
any compensation (including the vested portion of the Shares) that you have already earned and to reimburse you for approved expenses
already incurred in connection with your performance of your Duties as of the effective date of such termination or Resignation. Any Shares
that have not vested as of the effective date of such termination or Resignation shall be forfeited and cancelled.

 

9. Governing Law.
All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties hereunder,
shall be determined in accordance with the law of the State of New York applicable to agreements made and to be performed entirely in
the State of New York.

 

10. Entire Agreement;
Amendment; Waiver; Counterparts. This Agreement expresses the entire understanding with respect to the subject matter hereof and
supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this Agreement may
be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto. Waiver of any
term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term
or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time to require performance by
any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such
provision or any other provision of this Agreement. This Agreement may be executed in separate counterparts each of which will be an original
and all of which taken together will constitute one and the same agreement, and may be executed using facsimiles of signatures, and a
facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.

 

11. Indemnification.
The Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses,
including reasonable attorney’s fees, judgments, fines, settlements and other legally permissible amounts (“Losses”),
incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such Losses
incurred as a result of your negligence or willful misconduct. The Company shall advance to you any expenses, including reasonable attorneys’
fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable law. Such costs
and expenses incurred by you in defense of any such proceeding shall be paid by the Company in advance of the final disposition of such
proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate documentation evidencing the incurrence,
amount and nature of the costs and expenses for which payment is being sought; and (c) an undertaking adequate under applicable law made
by or on your behalf to repay the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment or
settlement that you are not entitled to be indemnified by the Company.

 

12. Not an Employment
Agreement. This Agreement is not an employment agreement, and shall not be construed or interpreted to create any right for you
to continue employment with the Company.

 

13. Acknowledgement.
You accept this Agreement subject to all the terms and provisions of this Agreement. You agree to accept as binding, conclusive, and final
all decisions or interpretations of the Board of Directors of the Company of any questions arising under this Agreement.

 

    2

     

    

 

The Agreement has been executed and delivered by the undersigned and
is made effective as of the date set first set forth above.

 

	 	Sincerely,
	 	 	 
	 	REGENCELL BIOSCIENCE HOLDINGS LIMITED
	 	 
	 	By:	/s/ Yat-Gai Au
	 	Name: 	Yat-Gai Au
	 	Title:	Chief Executive Officer

 

	AGREED AND ACCEPTED:
    	 
	 	 
	/s/ Wing-Yan (William) Lo	 
	Dr. Wing-Yan (William) Lo	 

 

    3

     

    

 

Schedule A

 

The Director is offered to serve on the following Board committee(s):

 	Committee 	 	Title
	Audit Committee	 	Chairman
	Compensation Committee	 	Member
	Nominating and Corporate Governance Committee	 	Member

 

     

     

    

 

Schedule B

Compensation

 

You will receive cash compensation in the amount
of $30,000 cash as a member of the Board and of $5,000 cash for serving as the chairperson of the audit committee of the Board, payable
quarterly, and the option compensation as set forth below:

 

	Option
    Grant Date	 	Amount	 	Exercise
    Price	 	Vesting
    Schedule
	January 1, 2022	 	Option to purchase 15,585 ordinary shares	 	January 1, 2022 closing price of the ordinary
shares	 	The options will vest over a four-year period with 25% of the options vesting on the each anniversary of the date of grant. (For the avoidance of confusion, option to purchase 3,896 shares will vest on the anniversary of each years in the first 3 years and option to purchase 3,897 shares will vest on the fourth anniversary.)

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