Document:

Exhibit 4.17

 

 

 

 

 

 

Advertising
Service Agreement

 

 

 

 

 

    1/8 

     

    

 

	Party A: Jiangxi
    Universe Pharmaceuticals Co., Ltd.	 	Party B: Guangdong
    Fengyang Legend Marketing Consultant Co., Ltd.
	Legal Representative: Lai
    Gang	 	Legal Representative: Zhou
    Manyi
	Legal Address: No. 265, Jingjiu
    Avenue, Jinggangshan Economic and Technological Development Zone, Ji’an City, Jiangxi Province	 	Business Address: Room 105-63664
    (centralized office area), No. 6 Baohua Road, Hengqin New District, Zhuhai City 

 

Whereas:

 

1.
Party A hopes to cooperate with Party B in the overall advertising of the enterprise, in order to achieve further promotion and enhancement
of the enterprise reputation, its products and brands.

 

2.
Party B is an advertising service enterprise with extensive advertising industry resources and an experienced advertising design and
planning team, and is willing to cooperate in accordance with this Contract.

 

3.
The Parties, pursuant to the Civil Code of the People’s Republic of China, the Advertising Law of the People’s Republic of
China and relevant laws, judicial interpretations, administrative regulations and departmental rules, enter into this Contract after
friendly negotiation and on the principle of equality, mutual benefit and good faith, in relation to Party A’s commissioning of Party
B to release television advertisements for Universe Pharmaceuticals.

 

1.
Specific Issues of Advertisement Release

 

1.1
The Contract shall be valid from October 1, 2021 to September 30, 2022. During the validity of the Contract, in case of any change in
the performance hereof, Party A and Party B shall negotiate on such change first and sign a supplementary document with the same effect
as this Contract after reaching an agreement.

 

1.2
Name of the advertising picture/film: Advertisements for the product Bai Nian Dan Guben Yanling Pills. Party A shall provide Party B
with the content and version of the advertisements.

 

1.3
Advertisement release form: TVC

 

1.4
Advertisement release media and length: Please refer to the monthly schedule for details of the media, and the length is 15s, 30s and
60s.

 

1.5
Party B shall have the right to review Party A’s advertisement content, presentation mode and technical standards for broadcast tape,
and request Party A to make modifications if the advertisement does not meet the requirements for broadcast. Prior to the completion
of the modification by Party A, Party B shall have the right to refuse to broadcast.

 

1.6
The advertising pictures/films delivered by Party A to Party B shall conform to the standards of Party B and relevant laws and regulations.

 

2.
Advertisement Release Fees and Settlement Terms

 

2.1
During the term hereof, Party A expects to invest a total advertising fee of ¥ 55,000,000 (SAY FIFTY-FIVE MILLION YUAN ONLY),
with a price excluding tax: ¥ 51,886,792.45 (SAY FIFTY-ONE MILLION EIGHT HUNDRED AND EIGHTY-SIX THOUSAND SEVEN HUNDRED AND NINETY-TWO
POINT FOUR FIVE YUAN ONLY), and tax: ¥ 3,113,207.55 (SAY THREE MILLION ONE HUNDRED AND THIRTEEN THOUSAND TWO HUNDRED AND SEVEN POINT
FIVE FIVE YUAN ONLY). The specific fee shall be subject to the Universe Pharmaceuticals Advertising Schedule of every month sealed
and confirmed by both parties.

 

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2.2
Payment method: Party A and Party B agree to pay the contract price by transfer.

 

Party
B’s Bank Account Name: Guangdong Fengyang Legend Marketing Consultant Co., Ltd.

 

Bank
Name:

 

Bank
Account Number:

 

Party
A’s billing information:

 

Company
Name: Jiangxi Universe Pharmaceuticals Co., Ltd.

 

Unified
Social Credit Identifier: 9

 

Address:
No. 265, Jingjiu Avenue, Jinggangshan Economic and Technological Development Zone, Ji’an City, Jiangxi Province

 

Tel:

 

Bank
Name:

 

Account
Number:

 

2.3
Within 7 days from the signing of this Contract, Party A shall pay Party B 30% of the total advertising fee, i.e. ¥16,500,000
(SAY SIXTEEN MILLION FIVE HUNDRED THOUSAND YUAN ONLY).

 

2.4
After the Parties have confirmed each advertising channel, Party A shall pay Party B 58% of the total advertising fee, i.e. ¥31,900,000
(SAY THIRTY-ONE MILLION NINE HUNDRED THOUSAND YUAN ONLY).

 

2.5
Monthly advertising fee: 1% of the total advertising fee, i.e. ¥550,000 (SAY FIVE HUNDRED AND FIFTY THOUSAND YUAN
ONLY), shall be paid before the 7th day of each month (postponed on holidays). Party B shall issue a true, legal and valid special
VAT invoice of the same amount within 7 working days upon receipt of the payment from Party A. If there is any change in payment
time, both parties shall negotiate separately and confirm in writing. The invoice content is advertising agency fee.

 

3.
Advertisement Release Process

 

3.1
Party B shall place orders with the media according to the requirements of the Advertising Schedule, and the actual arrangement
of monthly advertisements shall be subject to the Advertising Schedule confirmed with seals of Party B and Party A.

 

3.2
During the performance hereof, any adjustment to the advertisement broadcast or program revision for the reasons attributable to Party
B must be notified to Party A in advance. In case there are changes affected by emergency incidents or governmental actions and it is
not possible to inform Party A in time, Party A shall be informed within 5 days after the broadcast, and the two parties shall
negotiate together and confirm the results of the negotiation by means of a supplementary agreement, which shall have the same legal
effect as this Contract.

 

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3.3
During the performance hereof, if Party A requests to adjust the advertising volume, suspend or resume the broadcast of advertisements
under the condition that the schedule has been confirmed, Party B must be informed in writing 7 days in advance. The parties shall
negotiate together and confirm the results of the negotiation via email.

 

3.4
Party B shall provide Party A with the broadcast certificate of regular advertisements every month, which shall be issued by the TV
station. No broadcast certificate shall be provided for special forms of advertisements (such as the end credits of programs, computer
version of enterprise named programs, corner advertising, etc.).

 

3.6
In case of doubt about the broadcast of the advertisement, Party A may provide Party B with the monitoring report from CVSC Sofres Media,
a third-party professional monitoring company recognized by both parties, within one month upon receipt of the broadcast certificate
provided by Party B. The monitoring report may be provided to Party A on a monthly basis. In case of any dispute, the results of “missed
broadcast” or “wrong broadcast” monitored by the third-party professional monitoring company CVSC Sofres Media shall
prevail. If Party A finds through the above-mentioned inquiry that there is a mistake in the broadcast of the advertisement for the reasons
attributable to Party B, Party B shall arrange a supplementary broadcast for Party A within the validity of this Contract according to
the principle of “one supplement for one wrong broadcast, one supplement for one missed broadcast”, with the details thereof
determined by the parties separately. If the advertisement cannot be broadcast or the actual advertisement broadcast does not conform
to the order due to the adjustment and change of the program of the radio and television channel where the advertisement is released,
the instruction of the superior entity or the machine failure and other force majeure causes, it shall not be deemed as the fault of
Party B.

 

3.7
The term “wrong broadcast” referred to herein means that the advertising segment or the broadcast version is wrong, or the
broadcast time differs from the agreed time by more than 90 minutes and the value decreases; “missed broadcast” means that
the advertisement is not broadcast or the broadcast frequency is reduced; “less broadcast” means that the advertisement fails
to be broadcast for the corresponding time according to the agreed version, and the agreed broadcast time is reduced; “wrong position”
means that the advertisement is not released in the advertising order as agreed in the contract.

 

4.
Rights and Obligations of Both Parties

 

4.1
Rights and obligations of Party A

 

4.1.1
Party A shall have the priority to sign the advertising resources hereof under the same conditions when the Contract is renewed.

 

4.1.2
Party A shall have the right to request Party B to broadcast the advertisements as scheduled according to the Advertising Schedule
confirmed by both parties after the advertising materials provided by Party A are examined and approved.

 

4.1.3
Party A owns the copyright of the advertising pictures/films hereunder, and Party B shall not use them and related materials for purposes
other than those required for the performance hereof without written consent of Party A.

 

4.1.4
Party A shall make all payments on time as agreed herein.

 

4.1.5
In case of any adjustment of the content, time, time slot and specifications of the advertisement release, Party A shall notify Party
B in writing 7 days prior to the originally agreed broadcast date; otherwise the advertisement shall be released in accordance
with the Advertising Schedule originally confirmed by both parties.

 

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4.2
Rights and obligations of Party B

 

4.2.1
Party B shall have the right to request Party A to make all payments on time as agreed herein.

 

4.2.2
Party B shall, within two days from the receipt of Party A’s advertisement sample (draft), review the advertisement content entrusted
by Party A and have the right to request Party A to modify the content that does not conform to the Advertising Law and other
laws and regulations 15 days before the date of advertisement release. If Party A fails to provide legal and effective advertising
materials 10 days before the broadcast of the advertisement, Party B shall have the right to refuse to broadcast and both parties
shall renegotiate the broadcast date.

 

4.2.3
During the term hereof, if there is a major change in the program framework and advertising arrangement of the media channel, which affects
the return on advertising rights and interests of Party A, Party B shall notify Party A of the updated advertising resources within 3
days upon receipt of the notice of change of the media channel. In principle, the updated advertising resources shall be adjusted
equivalent to the same time slot or time and advertising form, subject to the adjustment negotiated and mutually confirmed by both parties.

 

4.2.4
Party B shall ensure the service quality and make rapid response, and shall timely and accurately provide Party A with channel related
resources and latest dynamic information to ensure the smooth cooperation between the two parties.

 

5.
Liability for Breach of Contract

 

5.1
Where the Contract cannot be performed for reasons attributable not to the parties hereto, both parties shall negotiate first, and then
decide whether to continue to perform the Contract based on the specific situation. Both parties shall sign a written supplementary agreement
in this regard, which shall have the same legal effect as the Contract. Either party hereto shall be liable to the other party for its
breach of contract for reasons of a third party. Any dispute between either party hereto and a third party shall be settled in accordance
with the provisions of law or as agreed.

 

5.2
Where either party expressly states or indicates by its behavior that it will not perform its obligations hereunder, the other party
may require it to assume liability for breach of contract or directly rescind the Contract prior to the expiration of the performance
period.

 

5.3
Party A shall be liable for all legal consequences arising from the infringement upon the legitimate rights and interests of a third
party due to Party A’s provision of false or illegal advertising content, qualification certificate and proof of ownership. Party
B shall only conduct formal review of the legality of the materials provided by Party A and shall not be responsible for the legality
of the materials. Party B’s review does not mean that Party B assumes any form of legal responsibility for the advertisement content
and presentation mode. After the advertisement is released and broadcast, Party A shall bear all legal liabilities arising from the content
and presentation mode of advertisements, and shall be responsible for compensation for any loss caused to Party B. Party B shall have
the right to stop the broadcast of the advertisement without bearing any responsibility. In case of changing the materials, Party A shall
submit them to the media for review 10 working days in advance.

 

5.4
During the validity hereof, if Party A needs to terminate this Contract in advance for good reasons, Party A shall negotiate with Party
B 30 working days in advance, and the Contract may be terminated in writing through negotiation after both parties have approved and
agreed. If Party B is not at fault, the fees already charged shall not be refunded.

 

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5.5
Party A shall be solely responsible for the fluctuation of media advertising policies caused by the reduction of the advertising amount
agreed in the signed Schedule for reasons of Party A. In case a security deposit is involved, both parties shall negotiate and confirm
the corresponding security deposit and sign it into the Schedule, which includes but not limited to the security deposit and liquidated
damages borne by Party B to the media as a result. Both parties shall, within 30 days after the date of termination of this Contract,
settle the relevant advertising fees/liquidated damages according to the actual release of the advertisements as agreed.

 

5.6
Where either party fails to perform its obligations hereunder or fails to perform its obligations in conformity with the provisions hereof,
it shall compensate for any other losses caused to the other party after performing its obligations or taking remedial measures. The
amount of such compensation shall be equal to the losses caused by the breach of contract, including the benefits that can be obtained
after the performance of the Contract, provided that it shall not exceed the possible losses caused by the breach of contract that the
party in breach of contract foresaw or should have foreseen at the time of the conclusion of the contract.

 

5.7
Where Party A is late in making the payment, it shall pay a late fee to Party B equal to 0.05% of the unpaid amount of the contract for
each day of delay. If the delay in payment exceeds 15 days, Party B shall have the right to terminate the Contract directly and request
Party A to pay 30% of the unpaid contract amount as compensation for breach of contract.

 

5.8
After either party breaches the contract, the other party shall take appropriate measures to prevent further loss, and shall not claim
compensation for the expanded loss caused by its failure to appropriate measures. Reasonable expenses incurred by the injured party in
preventing further loss shall be borne by the breaching party. Where the breaching party materially breaches its obligations hereunder,
the non-breaching party shall be exempted from performing its obligations hereunder.

 

6.
Intellectual Property Rights and Confidentiality Provisions

 

6.1
The undisclosed business information and customer information provided by Party A to Party B shall be the trade secrets of Party A. The
undisclosed ideas, scheme research and other information provided by Party B to Party A shall also be regarded as trade secrets. These
trade secrets shall not be disclosed without the written consent of the other party or the request of the state authorities.

 

6.2
Without the written consent of the other party, neither party shall disclose in any form any information and details of this Contract
and previous relevant contracts concluded to any third party. Any direct economic loss caused as a result shall be compensated by the
party in breach of the contract.

 

6.3
Except as required for the work hereunder, neither party shall use or copy the trademark, logo, business information, technology, code
and other materials of the other party without its prior consent, otherwise it shall bear the direct economic loss caused to the other
party.

 

6.4
Both parties warrant that the information provided by either party to the other party will not infringe the intellectual property rights
or legitimate rights and interests of any third parties, otherwise all liabilities shall be borne by the providing party and the other
party shall have nothing to do with it.

 

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6.5
The confidentiality obligation hereof shall remain binding upon expiration of the term hereof, unless the confidential Information becomes
public information.

 

7.
Methods of Dispute Settlement

 

7.1
Any dispute arising in the course of performance hereof shall be settled by both parties through negotiation. In case the negotiation
fails, both parties agree that all disputes shall be settled by the people’s court having jurisdiction in the place where the plaintiff
resides.

 

8.
Force Majeure

 

8.1
In the event of an objective circumstance or accident that the parties cannot resist or prevent in their own capacity after this Contract
is signed and becomes effective, both parties shall be exempted from partial or full liability due to force majeure.

 

8.2
The party suffering from force majeure shall, within 10 days, submit an accident report to the other party and issue a document certifying
the force majeure issued by an organization mutually recognized by both parties. The party receiving the report and the document shall
timely reply, whether it agrees or not.

 

8.3
The party suffering from force majeure shall take all necessary measures to reduce losses and resume the performance hereof after the
event is eliminated, unless the performance of the Contract has been rendered impossible or unnecessary.

 

8.4
If the Contract cannot be performed or the main purpose of the Contract cannot be realized by either party due to force majeure, the
parties shall negotiate over the continued performance hereof. If the negotiation fails, the parties shall make settlement according
to the actual situation of the Contract and the Contract shall be automatically terminated on the date of completion of the settlement.

 

8.5
Force Majeure referred to herein means events beyond the reasonable control of the parties hereto, unforeseeable or unavoidable even
if encountered, which prevent, affect or delay either party from performing all or part of its obligations hereunder. Such events include,
but are not limited to, government actions, natural disasters, wars, computer viruses, hacker attacks, network failures, delays in service
of bandwidth or other network equipment or technology providers, service disruptions or any other similar events.

 

9.
Prevention of Commercial Bribery

 

9.1
The parties agree that neither party shall provide money or services in any manner to the relevant department or person or other related
persons or family, nor shall the relevant department or person or related family of either party directly or indirectly ask for any money
or services, including: commissions, kickbacks, remuneration, loans, in-kind and non-in-kind items of value, gifts (travel and entertainment),
etc.

 

10.
Miscellaneous

 

10.1
This Contract shall take effect upon being signed and sealed by both parties. For matters not covered herein, both parties agree to sign
a supplementary agreement.

 

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10.2
The annexes hereto are an integral part of the Contract. In case of any conflict between the agreed terms of the annexes and those in
the master contract, the latter shall prevail.

 

10.3
The Contract shall be automatically terminated when either party loses its legal status as an independent subject. Before the termination
of the Contract, both parties shall negotiate and sign a supplementary contract on the outstanding obligations.

 

10.4
Upon expiration of the contract term, both parties shall complete the performance of their obligations and terminate the Contract.

 

10.5
The Contract shall be made in duplicate, with each party holding one copy.

 

10.6
The text herein shall be in printed form and shall not be handwritten or altered except for the signature. If there is content handwritten
or altered, the handwritten or altered content shall not be valid unless the seal of both parties is affixed thereon or it is signed
by authorized personnel of both parties, and the original printed text before handwriting or alteration shall prevail, without affecting
the validity of this Contract.

 

10.7
The contact method herein is the designated contact person, and the contact person’s behavior shall be deemed as an act of duty.
Either party changing the contact method shall notify the other party in advance, otherwise service to the original contact person or
service by the original contact method shall be regarded as valid service.

 

10.7.1
Party A’s designated contact person: Qian Lei, E-mail:.

 

10.7.2
Party B’s designated contact person: Liu Xianxiao, E-mail:.

 

[No
text below]

 

	Full
    name of Party A: Jiangxi Universe Pharmaceuticals Co., Ltd. (seal)

    [seal:
    Jiangxi Universe Pharmaceuticals Co., Ltd.]
	 	Full
    name of Party B: Guangdong Fengyang Legend Marketing Consultant Co., Ltd. (seal)

    [seal:
    Special seal for contractual uses of Guangdong Fengyang Legend Marketing Consultant Co., Ltd.]

	 	 	 
	Signature
    of Authorized Representative (signature):

     

     

    [signature]
	 	Signature
    of Authorized Representative (signature):

     

     

    [signature]

	Date
    of Signing: September 6, 2021	 	Date
    of Signing: September 6, 2021

 

 

8/8Exhibit 10.1

 

LIQUIDIA CORPORATION

2022 INDUCEMENT PLAN

 

Effective as of January 25, 2022

 

SECTION 1. GENERAL PURPOSE OF THE PLAN;
DEFINITIONS

 

The name of the plan is the Liquidia Corporation
2022 Inducement Plan (the “Plan”). The purpose of the Plan is to provide non- qualified stock options to individuals
not previously employees or Non-Employee Directors of Liquidia Corporation or any of its Subsidiaries (the “Company”)
(or following such individuals’ bona fide period of non-employment with the Company), as an inducement material to the individuals’
entry into employment with the Company within the meaning of Rule 5635(c)(4) of the NASDAQ Listing Rules. It is anticipated that providing
such persons with a direct stake in the Company’s welfare will assure a closer identification of their interests with those of the
Company and its stockholders, thereby stimulating their efforts on the Company’s behalf and strengthening their desire to remain
with the Company.

 

The following terms shall be defined as set forth below:

 

“Act” means the Securities Act of 1933,
as amended, and the rules and regulations thereunder.

 

“Administrator” means either
the Board or the Compensation Committee of the Board (the “Compensation Committee”) or a similar committee performing
the functions of the Compensation Committee and which is comprised of not less than two Non-Employee Directors who are independent.

 

“Board” means the Board of Directors of
Liquidia Corporation.

 

“Change in Control” means the
first of the following to occur: (i) a Change in Ownership of Liquidia Corporation, (ii) a Change in Effective Control of Liquidia Corporation,
or (iii) a Change in the Ownership of Assets of Liquidia Corporation, as described herein and construed in accordance with Code section
409A.

 

(i) A “Change in Ownership of Liquidia Corporation”
shall occur on the date that any one Person acquires, or Persons Acting as a Group acquire, ownership of the capital stock of Liquidia
Corporation that, together with the stock held by such Person or Group, constitutes more than 50% of the total fair market value or total
voting power of the capital stock of Liquidia Corporation. However, if any one Person is, or Persons Acting as a Group are, considered
to own more than 50%, on a fully diluted basis, of the total fair market value or total voting power of the capital stock of Liquidia
Corporation, the acquisition of additional stock by the same Person or Persons Acting as a Group is not considered to cause a Change in
Ownership of Liquidia Corporation or to cause a Change in Effective Control of Liquidia Corporation (as described below). An increase
in the percentage of capital stock owned by any one Person, or Persons Acting as a Group, as a result of a transaction in which Liquidia
Corporation acquires its stock in exchange for property will be treated as an acquisition of stock.

 

(ii) A “Change in Effective Control of Liquidia
Corporation” shall occur on the date either (A) a majority of members of Liquidia Corporation’s Board is replaced during any
12-month period by directors whose appointment or election is not endorsed by a majority of the members of Liquidia Corporation’
Board before the date of the appointment or election, or (B) any one Person, or Persons Acting as a Group, acquires (or has acquired during
the 12-month period ending on the date of the most recent acquisition by such Person or Persons) ownership of stock of Liquidia Corporation
possessing 50% or more of the total voting power of the stock of Liquidia Corporation.

 

(iii) A “Change in the Ownership of Assets
of Liquidia Corporation” shall occur on the date that any one Person acquires, or Persons Acting as a Group acquire (or has or have
acquired during the 12-month period ending on the date of the most recent acquisition by such Person or Persons), assets from Liquidia
Corporation that have a total gross fair market value equal to or more than 50% of the total gross fair market value of all of the assets
of Liquidia Corporation immediately before such acquisition or acquisitions. For this purpose, gross fair market value means the value
of the assets of Liquidia Corporation, or the value of the assets being disposed of, determined without regard to any liabilities associated
with such assets.

 

The following rules of construction apply in interpreting
the definition of Change in Control:

 

(A) A “Person” means any
individual, entity or group within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as
amended, other than employee benefit plans sponsored or maintained by Liquidia Corporation and by entities controlled by Liquidia
Corporation or an underwriter, initial purchaser or placement agent temporarily holding the capital stock of Liquidia Corporation
pursuant to a registered public offering.

 

     

     

    

 

(B) Persons will be considered to be Persons Acting
as a Group (or Group) if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock,
or similar business transaction with the corporation. If a Person owns stock in both corporations that enter into a merger, consolidation,
purchase or acquisition of stock, or similar transaction, such shareholder is considered to be acting as a Group with other shareholders
of a given corporation only with respect to the ownership in that corporation before the transaction giving rise to the change and not
with respect to the ownership interest in the other corporation. Persons will not be considered to be acting as a Group solely because
they purchase assets of the same corporation at the same time or purchase or own stock of the same corporation at the same time, or as
a result of the same public offering.

 

(C) A Change in Control shall not include a transfer
to a related person as described in Code section 409A or a public offering of capital stock of Liquidia Corporation.

 

(D) For purposes of the definition of Change in Control,
Section 318(a) of the Code applies to determine stock ownership. Stock underlying a vested option is considered owned by the individual
who holds the vested option (and the stock underlying an unvested option is not considered owned by the individual who holds the unvested
option). For purposes of the preceding sentence, however, if a vested option is exercisable for stock that is not substantially vested
(as defined by Treasury Regulation §1.83-3(b) and (j)), the stock underlying the option is not treated as owned by the individual
who holds the option.

 

“Code” means the Internal
Revenue Code of 1986, as amended, and any successor Code, and related rules, regulations and interpretations.

 

“Effective Date” means [January 25,
2022].

 

“Eligible Individual”
means any individual who was not previously an employee or a Non-Employee Director of the Company or any of its Subsidiaries (or who has
had a bona fide period of non-employment with the Company and its Subsidiaries) who is hired by the Company or one of its Subsidiaries.

 

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

 

“Fair Market Value” means, on
a per share basis as of any date, unless otherwise determined by the Administrator:

 

(i) if the principal market for the Stock (as determined
by the Administrator if the Stock is listed or admitted to trading on more than one exchange or market) is a national securities exchange
or an established securities market, unless otherwise determined by the Administrator, the official closing price per share of Stock for
the regular market session on that date on the principal exchange or market on which the Stock is then listed or admitted to trading or,
if no sale is reported for that date, on the last preceding day on which a sale was reported, all as reported by such source as the Administrator
may select;

 

(ii) if the principal market for the Stock is not
a national securities exchange or an established securities market, but the Stock is quoted by a national quotation system, the average
of the highest bid and lowest asked prices for the Stock on that date as reported on a national quotation system or, if no prices are
reported for that date, on the last preceding day on which prices were reported, all as reported by such source as the Administrator may
select; or

 

(iii) if the Stock is neither listed or admitted
to trading on a national securities exchange or an established securities market, nor quoted by a national quotation system, the value
determined by the Administrator in good faith by the reasonable application of a reasonable valuation method, which method may, but need
not, include taking into account an appraisal of the fair market value of the Common Stock conducted by a nationally recognized appraisal
firm selected by the Administrator.

 

Notwithstanding the preceding, for foreign,
federal, state and local income tax reporting purposes and for such other purposes as the Administrator deems appropriate, the Fair Market
Value shall be determined by the Administrator in accordance with uniform and nondiscriminatory standards adopted by it from time to time.

 

    2

     

    

 

“Non-Employee Director” means
a member of the Board who is not also an employee of the Company or any Subsidiary.

 

“Non-Qualified Stock Option”
means a stock option that is not intended to be, or does not satisfy all requirements to be, an “incentive stock option”
under Section 422 of the Code.

 

“Option Award Agreement”
means a written or electronic document setting forth the terms and provisions applicable to a Non-Qualified Stock Option granted under
the Plan. Each Option Award Agreement is subject to the terms and conditions of the Plan.

 

“Section 409A” means Section
409A of the Code and the regulations and other guidance promulgated thereunder.

 

“Stock” means the common stock
of the Company, par value $0.001 per share, subject to adjustments pursuant to Section 3.

 

“Subsidiary” means any
corporation or other entity (other than the Company) in which the Company has at least a 50 percent interest, either directly or indirectly.

 

SECTION 2. ADMINISTRATION OF PLAN;
ADMINISTRATOR AUTHORITY TO SELECT GRANTEES AND DETERMINE NON-QUALIFIED STOCK OPTIONS

 

(a) Administration of Plan. The
Plan shall be administered by the Administrator.

 

(b) Powers of Administrator. The Administrator
shall have the power and authority to grant Non-Qualified Stock Options consistent with the terms of the Plan, including the power and
authority:

(i)          
to select the individuals to whom Non-Qualified Stock Options may from time to time be granted;

(ii)         
to determine the time or times of grant;

(iii)        
to determine the number of shares of Stock to be covered by Non-Qualified Stock Options;

(iv)        
to determine and modify from time to time the terms and conditions, including restrictions, not inconsistent with the terms of
the Plan, of Non-Qualified Stock Options, which terms and conditions may differ among individual Non-Qualified Stock Options and grantees,
and to approve the form of Option Award Agreements;

(v)        
to determine the exercise price shares of Stock to be covered by Non-Qualified Stock Options;

(vi)       
to accelerate at any time the exercisability or vesting of all or any portion of Non-Qualified Stock Options;

(vii)      
subject to the provisions of Section 5(b), to extend at any time the period in which a Non-Qualified Stock Option may be exercised;
and

(viii)      at
any time to adopt, alter and repeal such rules, guidelines and practices for administration of the Plan and for its own acts and proceedings
as it shall deem advisable; to interpret the terms and provisions of the
Plan and any Non-Qualified Stock Option (including related written instruments);
to make all determinations it deems advisable for the administration of the Plan;
to decide all disputes arising in connection with the Plan; and
to otherwise supervise the administration of the Plan. Provided, however, that the Administrator shall be prohibited from effecting a
repricing of any outstanding Non-Qualified Stock Options without shareholder approval.

 

All decisions and interpretations of the Administrator
shall be binding on all persons, including the Company, its Subsidiaries, Plan grantees, and persons claiming rights from or through Plan
grantees and shareholders of the Company.

 

(c) Option Award Agreement. Non-Qualified
Stock Options under the Plan shall be evidenced by Option Award Agreements that set forth the terms, conditions and limitations for each
Option which may include, without limitation, the term of a Non-Qualified Stock Option and the provisions applicable in the event employment
or service terminates.

 

(d) Indemnification. Neither the Board
nor the Administrator, nor any member of either or any delegate thereof, shall be liable for any act, omission, interpretation, construction
or determination made in good faith in connection with the Plan, and the members of the Board and the Administrator (and any delegate
thereof) shall be entitled in all cases to indemnification and reimbursement by the Company in respect of any claim, loss, damage or expense
(including, without limitation, reasonable attorneys’ fees) arising or resulting therefrom to the fullest extent permitted by law
and/or under the Company’s articles or bylaws or any directors’ and officers’ liability insurance coverage which may
be in effect from time to time and/or any indemnification agreement between such individual and the Company.

 

    3

     

    

 

SECTION 3. STOCK ISSUABLE UNDER THE PLAN;
MERGERS; SUBSTITUTION

 

(a)  Stock
Issuable. The maximum number of shares of Stock reserved and available for issuance under the Plan shall be 310,000 shares (the
“Initial Limit”), subject to adjustment as provided in Section 3(b). For purposes of this limitation, the shares
of Stock underlying any Non-Qualified Stock Options that are forfeited, canceled, held back upon exercise of a Non-Qualified Stock
Option or settlement of a Non-Qualified Stock Option to cover the exercise price or tax withholding, reacquired by the Company prior
to vesting, satisfied without the issuance of Stock or otherwise terminated (other than by exercise) shall be added back to the
shares of Stock available for issuance under the Plan. In the event the Company repurchases shares of Stock on the open market, such
shares shall not be added to the shares of Stock available for issuance under the Plan. The shares available for issuance under the
Plan may be authorized but unissued shares of Stock or shares of Stock reacquired by the Company.

 

(b) Changes in Stock. Subject to Section
3(c) hereof, if, as a result of any reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split
or other similar change in the Company’s capital stock, the outstanding shares of Stock are increased or decreased or are exchanged
for a different number or kind of shares or other securities of the Company, or additional shares or new or different shares or other
securities of the Company or other non-cash assets are distributed with respect to such shares of Stock or other securities, or, if, as
a result of any merger or consolidation, sale of all or substantially all of the assets of the Company, the outstanding shares of Stock
are converted into or exchanged for securities of the Company or any successor entity (or a parent or subsidiary thereof), the Administrator
shall make an appropriate or proportionate adjustment in (i) the maximum number of shares reserved for issuance under the Plan, (ii) the
number and kind of shares or other securities subject to any then outstanding Non-Qualified Stock Options under the Plan, and (iii) the
exercise price for each share subject to any then outstanding Non-Qualified Stock Options, without changing the aggregate exercise price
(i.e., the exercise price multiplied by the number of Non-Qualified Stock Options) as to which such Non-Qualified Stock Options remain
exercisable. The Administrator shall also make equitable or proportionate adjustments in the number of shares subject to outstanding Non-Qualified
Stock Options and the exercise price and the terms of outstanding Non-Qualified Stock Options to take into consideration cash dividends
paid other than in the ordinary course or any other extraordinary corporate event. The adjustment by the Administrator shall be final,
binding and conclusive. No fractional shares of Stock shall be issued under the Plan resulting from any such adjustment, but the Administrator
in its discretion may make a cash payment in lieu of fractional shares.

 

(c) 
Mergers and Other Transactions. Except as the Administrator may otherwise specify with respect to particular Non-Qualified
Stock Options in the relevant Option Award Agreement, upon the occurrence of a Change in Control, the Administrator, in its discretion,
may take one or more of the following actions with respect to Non-Qualified Stock Options that are outstanding as of such Change in Control:
(a) cancel any outstanding Non-Qualified Stock Options in exchange for a cash payment in an amount equal to the excess, if any, of the
Fair Market Value of the Stock underlying the unexercised portion of the Non-Qualified Stock Option as of the date of the Change in Control
over the exercise price or grant price, as the case may be, of such portion, provided that any Non-Qualified Stock Option with an exercise
price or grant price, as the case may be, that equals or exceeds the Fair Market Value of the Stock on the date of such Change in Control
shall be cancelled with no payment due the Plan grantee; (b) terminate
any Non-Qualified Stock Option, effectively immediately prior to the Change in Control, provided that the Company provides the Plan grantee
an opportunity to exercise such Non-Qualified Stock Option within a specified period following the Plan grantee's receipt of a written
notice of such Change in Control and the Company's intention to terminate such Non-Qualified Stock Options, effective immediately prior
to such Change in Control; (c) require the successor or acquiring company
(or its parents or subsidiaries), following a Change in Control, to assume any outstanding Non-Qualified Stock Option and to substitute
such Non-Qualified Stock Option with awards involving the common equity securities of such company on terms and conditions necessary to
preserve the rights of Plan grantees with respect to such Non-Qualified Stock Options or (e) take such other actions as the Committee
believes may be appropriate.

 

(d) Substitute Non-Qualified
Stock Options. The Administrator may grant Non-Qualified Stock Options under the Plan in substitution for stock and stock-based awards
held by employees, directors or other key persons of another corporation in connection with the merger or consolidation of the employing
corporation with the Company or a Subsidiary or the acquisition by the Company or a Subsidiary of property or stock of the employing corporation.
The Administrator may direct that the substitute awards be granted on such terms and conditions as the Administrator considers appropriate
in the circumstances. Any substitute Non-Qualified Stock Options granted under the Plan shall not count against the share limitation set
forth in Section 3(a).

 

SECTION 4. ELIGIBILITY

 

Grantees under the Plan will be such
Eligible Individuals as are selected from time to time by the Administrator in its sole discretion.

 

SECTION 5. NON-QUALIFIED STOCK OPTIONS

 

Any Non-Qualified Stock Option granted
under the Plan shall be in such form as the Administrator may from time to time approve. Non-Qualified Stock Options granted pursuant
to this Plan shall be subject to the following terms and conditions and shall contain such additional terms and conditions, not inconsistent
with the terms of the Plan, as the Administrator shall deem desirable.

 

    4

     

    

 

(a) Exercise Price. The exercise
price per share for the Stock covered by a Non-Qualified Stock Option shall be determined by the Administrator at the time of grant but
shall not be less than 100 percent of the Fair Market Value on the date of grant.

 

(b) Option Term. The term
of each Non-Qualified Stock Options shall be fixed by the Administrator, but no Stock Option shall be exercisable more than ten years
after the date the Stock Option is granted.

 

(c) Exercisability;
Rights of a Stockholder. Non-Qualified Stock Options shall become exercisable at such time or times, whether or not in installments,
as shall be determined by the Administrator at or after the grant date. The Administrator may at any time accelerate the exercisability
of all or any portion of any Non-Qualified Stock Option. A grantee shall have the rights of a stockholder only as to shares acquired upon
the exercise of a Non-Qualified Stock Option and not as to unexercised Non-Qualified Stock Options.

 

(d) Method of Exercise.
Each Option Award Agreement with respect to a Non-Qualified Stock Option shall specify the time or times at which an Non-Qualified Stock
Option may be exercised in whole or in part and the terms and conditions applicable thereto, including (i) a vesting schedule (ii) whether
the exercise price for a Non-Qualified Stock Option shall be paid in cash, with shares of Stock, with any combination of cash and shares
of Stock, or with other legal consideration that the Administrator may deem appropriate, (iii) the methods of payment, which may include
payment through cashless and net exercise arrangements, to the extent permitted by applicable law and (iv) the methods by which, or the
time or times at which, Stock will be delivered or deemed to be delivered to Plan grantee upon the exercise of such Non-Qualified Stock
Option. Payment of the exercise price shall in all events be made within three days after the date of exercise of an Option. With respect
to any Plan grantee who is subject to Section 16 of the Exchange Act, such Plan grantee may direct the Company to reduce the number of
shares that would otherwise be deliverable upon the exercise of his or her Non-Qualified Stock Option having a Fair Market Value on the
date of exercise equal to the exercise price of the portion of the Non-Qualified Stock Option then being exercised.

 

SECTION 6. TRANSFERABILITY

 

(a) Transferability. Except as provided
in Section 6(b) below, during a grantee’s lifetime, his or her Non-Qualified Stock Options shall be exercisable only by the grantee,
or by the grantee’s legal representative or guardian in the event of the grantee’s incapacity. No Non-Qualified Stock Options
shall be sold, assigned, transferred or otherwise encumbered or disposed of by a grantee other than by will or by the laws of descent
and distribution or pursuant to a domestic relations order. No Non-Qualified Stock Options shall be subject, in whole or in part, to attachment,
execution, or levy of any kind, and any purported transfer in violation hereof shall be null and void.

 

(b) Administrator Action. Notwithstanding
Section 6(a), the Administrator, in its discretion, may provide either in the Option Award Agreement regarding a given Non-Qualified Stock
Option or by subsequent written approval that the grantee may transfer his or her Non-Qualified Stock Options to his or her immediate
family members, to trusts for the benefit of such family members, or to partnerships in which such family members are the only partners,
provided that the transferee agrees in writing with the Company to be bound by all of the terms and conditions of this Plan and the applicable
Non-Qualified Stock Option. In no event may a Non-Qualified Stock Option be transferred by a grantee for value.

 

(c) Family Member. For purposes of
Section 6(b), “family member” shall mean a grantee’s child, stepchild, grandchild, parent, stepparent, grandparent,
spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law,
including adoptive relationships, any person sharing the grantee’s household (other than a tenant of the grantee), a trust for the
benefit of such family members and to partnerships in which such family members are the only partners (any vesting conditions shall be
unaffected by such transfer).

 

(d) Designation of Beneficiary. Each
grantee to whom a Non-Qualified Stock Option has been made under the Plan may designate a beneficiary or beneficiaries to exercise any
Non-Qualified Stock Option or receive any payment under any Non-Qualified Stock Option payable on or after the grantee’s death.
Any such designation shall be on a form provided for that purpose by the Administrator and shall not be effective until received by the
Administrator. If no beneficiary has been designated by a deceased grantee, or if the designated beneficiaries have predeceased the grantee,
the beneficiary shall be the grantee’s estate.

 

    5

     

    

 

SECTION 7. TAX WITHHOLDING

 

(a) Payment by
Grantee. Each grantee shall, no later than the date as of which the value of a Non-Qualified Stock Option or of any Stock or
other amounts received thereunder first becomes includable in the gross income of the grantee for Federal income tax purposes, pay
to the Company, or make arrangements satisfactory to the Administrator regarding payment of, any Federal, state, or local taxes of
any kind required by law to be withheld by the Company with respect to such income. The Company and its Subsidiaries shall, to the
extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the grantee. The
Company’s obligation to deliver evidence of book entry (or stock certificates) to any grantee is subject to and conditioned on
tax withholding obligations being satisfied by the grantee.

 

(b) Payment in Stock. Subject
to approval by the Administrator, a grantee may elect to have the Company’s minimum required tax withholding obligation satisfied,
in whole or in part, by authorizing the Company to withhold from shares of Stock to be issued pursuant to any Non-Qualified Stock Option
a number of shares with an aggregate Fair Market Value (as of the date the withholding is effected) that would satisfy the withholding
amount due.

 

SECTION 8. SECTION 409A AWARDS 

 

To the extent that any Non-Qualified
Stock Option is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A (a “409A
Award”), the Non-Qualified Stock Option shall be subject to such additional rules and requirements as specified by the Administrator
from time to time in order to comply with Section 409A. In this regard, if any amount under a 409A Award is payable upon a “separation
from service” (within the meaning of Section 409A) to a grantee who is then considered a “specified employee” (within
the meaning of Section 409A), then no such payment shall be made prior to the date that is the earlier of (i) six months and one day after
the grantee’s separation from service, or (ii) the grantee’s death, but only to the extent such delay is necessary to prevent
such payment from being subject to interest, penalties and/or additional tax imposed pursuant to Section 409A. Further, the settlement
of any such Non-Qualified Stock Option may not be accelerated except to the extent permitted by Section 409A.

 

SECTION 9. TRANSFER, LEAVE OF ABSENCE, ETC.

 

For purposes of the Plan, the following events shall not
be deemed a termination of employment:

 

(a) a transfer to the employment
of the Company from a Subsidiary or from the Company to a Subsidiary, or from one Subsidiary to another; or

 

(b) an approved leave of absence
for military service or sickness, or for any other purpose approved by the Company, if the employee’s right to re-employment is
guaranteed either by a statute or by contract or under the policy pursuant to which the leave of absence was granted or if the Administrator
otherwise so provides in writing.

 

SECTION 10. AMENDMENTS AND TERMINATION

 

The Board may, at any time, amend
or discontinue the Plan and the Administrator may, at any time, amend or cancel any outstanding Non-Qualified Stock Option for the purpose
of satisfying changes in law or for any other lawful purpose, but no such action shall adversely affect rights under any outstanding Non-Qualified
Stock Option without the holder’s consent. Except as provided in Section 3(c) or 3(d), without prior stockholder approval, in no
event may the Administrator exercise its discretion to reduce the exercise price of outstanding Non-Qualified Stock Options or effect
repricing through cancellation and re-grants or cancellation of Non-Qualified Stock Options in exchange for cash. To the extent required
under the rules of any securities exchange or market system on which the Stock is listed, Plan amendments shall be subject to approval
by the Company stockholders entitled to vote at a meeting of stockholders. Nothing in this Section 10 shall limit the Administrator’s
authority to take any action permitted pursuant to Section 3(c) or 3(d).

 

SECTION 11. STATUS OF PLAN

 

With respect to the portion of any
Non-Qualified Stock Option that has not been exercised and any payments in cash, Stock or other consideration not received by a grantee,
a grantee shall have no rights greater than those of a general creditor of the Company unless the Administrator shall otherwise expressly
determine in connection with any Non-Qualified Stock Option or Non-Qualified Stock Options. In its sole discretion, the Administrator
may authorize the creation of trusts or other arrangements to meet the Company’s obligations to deliver Stock or make payments with
respect to Non-Qualified Stock Options hereunder, provided that the existence of such trusts or other arrangements is consistent with
the foregoing sentence.

 

SECTION 12. GENERAL PROVISIONS

 

(a) No Distribution. The
Administrator may require each person acquiring Stock pursuant to a Non-Qualified Stock Option to represent to and agree with the Company
in writing that such person is acquiring the shares without a view to distribution thereof.

 

    6

     

    

 

(b) Delivery of Stock
Certificates. Stock certificates to grantees under this Plan shall be deemed delivered for all purposes when the Company or a
stock transfer agent of the Company provides electronic evidence of book entry (or stock certificates) to any grantee.
Uncertificated Stock shall be deemed delivered for all purposes when the Company or a Stock transfer agent of the Company shall have
given to the grantee by electronic mail (with proof of receipt), notice of issuance and recorded the issuance in its records (which
may include electronic “book entry” records). Notwithstanding anything herein to the contrary, the Company shall not be
required to issue or deliver any certificates evidencing shares of Stock pursuant to the exercise of any Non-Qualified Stock Option,
unless and until the Administrator has determined, with advice of counsel (to the extent the Administrator deems such advice
necessary or advisable), that the issuance and delivery of such certificates is in compliance with all applicable laws, regulations
of governmental authorities and, if applicable, the requirements of any exchange on which the shares of Stock are listed, quoted or
traded. All Stock certificates delivered pursuant to the Plan shall be subject to any stop-transfer orders and other restrictions as
the Administrator deems necessary or advisable to comply with federal, state or foreign jurisdiction, securities or other laws,
rules and quotation system on which the Stock is listed, quoted or traded. The Administrator may place legends on any Stock
certificate to reference restrictions applicable to the Stock. In addition to the terms and conditions provided herein, the
Administrator may require that an individual make such reasonable covenants, agreements, and representations as the Administrator,
in its discretion, deems necessary or advisable in order to comply with any such laws, regulations, or requirements. The
Administrator shall have the right to require any individual to comply with any timing or other restrictions with respect to the
settlement or exercise of any Non-Qualified Stock Option, including a window-period limitation, as may be imposed in the discretion
of the Administrator.

 

(c) Stockholder Rights. Until
Stock is deemed delivered in accordance with Section 12(b), no right to vote or receive dividends or any other rights of a stockholder
will exist with respect to shares of Stock to be issued in connection with a Non-Qualified Stock Option, notwithstanding the exercise
of a Non-Qualified Stock Option or any other action by the grantee with respect to a Non-Qualified Stock Option.

 

(d) Other Compensation Arrangements;
No Employment Rights. Nothing contained in this Plan shall prevent the Board from adopting other or additional compensation arrangements,
including trusts, and such arrangements may be either generally applicable or applicable only in specific cases. The adoption of this
Plan and the grant of Non-Qualified Stock Options do not confer upon any employee any right to continued employment with the Company or
any Subsidiary.

 

(e) Trading Policy Restrictions.
Option exercises and other Non-Qualified Stock Options under the Plan shall be subject to the Company’s insider trading policies
and procedures, as in effect from time to time.

 

(f) 
Company Documents and Policies. This Plan and all Non-Qualified Stock Options granted hereunder are subject to the corporate
articles and by-laws of the Company, as they may be amended from time to time, and all other Company policies duly adopted by the Board
or the Administrator and as in effect from time to time regarding the acquisition, ownership or sale of Stock by employees, including
without limitation policies intended to limit the potential for insider trading and to avoid or recover compensation payable or paid on
the basis of inaccurate financial results or statements, employee conduct, and other similar events.

 

SECTION 13. EFFECTIVE DATE OF PLAN

 

This Plan shall become effective upon the Effective Date.

 

SECTION 14. GOVERNING LAW

 

This Plan and all Non-Qualified
Stock Options and actions taken thereunder shall be governed by, and construed in accordance with, the laws of the State of Delaware,
applied without regard to conflict of law principles.

 

    7

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