Document:

Exhibit
10.1

 

RENOVORX,
INC.

 

AMENDED
AND RESTATED INVESTOR RIGHTS AGREEMENT

 

    	 	 	 

     

    

 

RENOVORX,
INC.

 

AMENDED
AND RESTATED INVESTOR RIGHTS AGREEMENT

 

THIS
AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT (the “Agreement”) is entered into as of the 18 day of April, 2018, by
and among RenovoRx, Inc., a Delaware corporation (the “Company”) and the investors listed on Exhibit A hereto, referred to
hereinafter as the “Investors” and each individually as an “Investor.”

 

RECITALS

 

WHEREAS,
certain of the Investors are purchasing shares of the Company’s Series D Preferred Stock (the “Series D Stock”)
pursuant to that certain Series D Preferred Stock Purchase Agreement (the “Purchase Agreement”) of even date herewith (the
“Financing”);

 

WHEREAS,
the obligations in the Purchase Agreement are conditioned upon the execution and delivery of this Agreement;

 

WHEREAS,
certain of the Investors (the “Prior Investors”) are holders of the Company’s Series A Preferred Stock (the “Series
A Stock”), the Company’s Series B Preferred Stock (the “Series B Stock”) and the Company’s Series C Preferred
Stock (the “Series C Stock” and together with the Series A Stock, the Series B Stock and the Series D Stock, the “Preferred
Stock”);

 

WHEREAS,
the Prior Investors and the Company are parties to an Investor Rights Agreement dated December 7, 2015 (the “Prior Agreement”);

 

WHEREAS,
the parties to the Prior Agreement desire to amend and restate the Prior Agreement and accept the rights and covenants hereof in
lieu of their rights and covenants under the Prior Agreement; and

 

WHEREAS,
in connection with the consummation of the Financing, the Company and the Investors have agreed to the registration rights, information
rights, and other rights as set forth below.

 

NOW,
THEREFORE, in consideration of these premises and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:

 

SECTION
1. GENERAL.

 

1.1
Amendment and Restatement of Prior Agreement. The Prior Agreement is hereby amended in its entirety and restated herein. Such amendment
and restatement is effective upon the execution of this Agreement by the Company and the holders of a majority of the Series A Stock,
Series B Stock and Series C Stock held by the Prior Investors outstanding as of the date of this Agreement. Upon such execution, all
provisions of, rights granted and covenants made in the Prior Agreement are hereby waived, released and superseded in their entirety
and shall have no further force or effect, including, without limitation, all rights of first refusal and any notice period associated
therewith otherwise applicable to the transactions contemplated by the Purchase Agreement.

 

    	 	1	 

     

    

 

1.2
Definitions. As used in this Agreement the following terms shall have the following respective meanings:

 

(a)
“BSC” means Boston Scientific Corporation, a Delaware corporation.

 

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

 

(c)
“Form S-3” means such form under the Securities Act as in effect on the date hereof or any successor or similar
registration form under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information
by reference to other documents filed by the Company with the SEC.

 

(d)
“Holder” means any person owning of record Registrable Securities that have not been sold to the public or any
assignee of record of such Registrable Securities in accordance with Section 2.9 hereof.

 

(e)
“Initial Offering” means the Company’s first firm commitment underwritten public offering of its Common
Stock registered under the Securities Act.

 

(f)
“Major Investor” means each of (i) Golden Seeds RenovoRx, LLC (and any of its affiliates, including any
members of Golden Seeds that individually own Shares), (ii) The Angels’ Forum 103, LLC, (iii) the Halo Fund III, L.P., (iv) Astia
Angels RenovoRx, LLC, (v) Amidi, LLC, (vi) BSC, and (vii) each Investor under the Purchase Agreement, that certain Series C Preferred
Stock Purchase Agreement dated December 7, 2015, that certain Series B Preferred Stock Purchase Agreement dated December 20, 2013 or
that certain Series A Preferred Stock and Warrant Purchase Agreement, dated as of January 23, 2013 who (together with their affiliates)
holds at least (A) 536,768 shares of Series A Stock, (B) 308,356 shares of Series B Stock, (C) 119,474 shares of Series C Stock or (D)
453,309 shares of Series D Stock (or, in each case, Common Stock issued upon conversion of such Shares, and as adjusted for any stock
dividends, combinations, splits, recapitalizations and the like after the date hereof).

 

(g)
“Register,” “registered,” and “registration” refer to a registration effected
by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of effectiveness
of such registration statement or document.

 

(h)
“Registrable Securities” means (a) Common Stock of the Company issuable or issued upon conversion of the Shares
and (b) any Common Stock of the Company issued as (or issuable upon the conversion or exercise of any warrant, right or other security
which is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, such above-described securities.
Notwithstanding the foregoing, Registrable Securities shall not include any securities (i) sold by a person to the public either pursuant
to a registration statement or Rule 144 or (ii) sold in a private transaction in which the transferor’s rights under Section 2
of this Agreement are not assigned.

 

    	 	2	 

     

    

 

(i)
“Registrable Securities then outstanding” shall be the number of shares of the Company’s Common Stock that
are Registrable Securities and either (a) are then issued and outstanding or (b) are issuable pursuant to then exercisable or convertible
securities.

 

(j)
“Registration Expenses” shall mean all expenses incurred by the Company in complying with Sections 2.2, 2.3 and
2.4 hereof, including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel for
the Company, reasonable fees and disbursements not to exceed thirty thousand dollars ($30,000) of a single special counsel for the Holders,
blue sky fees and expenses and the expense of any special audits incident to or required by any such registration (but excluding the
compensation of regular employees of the Company which shall be paid in any event by the Company).

 

(k)
“Required Preferred Approval” means, after the Milestone Closing, the approval of at least one of (i) the
Series D Director (as defined in the Voting Agreement) or (ii) the Series A/B Director (as defined in the Voting Agreement).

 

(l)
“SEC” or “Commission” means the Securities and Exchange Commission.

 

(m)
“Securities Act” shall mean the Securities Act of 1933, as amended.

 

(n)
“Selling Expenses” shall mean all underwriting discounts and selling commissions applicable to the sale.

 

(o)
“Shares” shall mean the Series A Stock, the Series B Stock, the Series C Stock and the Series D Stock held from
time to time by the Investors listed on Exhibit A hereto and their permitted assigns.

 

(p)
“Special Registration Statement” shall mean (i) a registration statement relating to any employee benefit plan
or (ii) with respect to any corporate reorganization or transaction under Rule 145 of the Securities Act, any registration statements
related to the issuance or resale of securities issued in such a transaction or (iii) a registration related to stock issued upon conversion
of debt securities.

 

(q)
“Voting Agreement” means the Amended and Restated Voting Agreement by and between the Company and its stockholders,
of even date herewith.

 

SECTION
2. REGISTRATION; RESTRICTIONS ON TRANSFER.

 

2.1
Restrictions on Transfer.

 

(a)
Each Holder agrees not to make any disposition of all or any portion of the Shares or Registrable Securities unless and until:

 

(i)
there is then in effect a registration statement under the Securities Act covering such proposed disposition and such disposition
is made in accordance with such registration statement; or

 

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(ii)
(A) The transferee has agreed in writing to be bound by the terms of this Agreement, (B) such Holder shall have notified the Company
of the proposed disposition and shall have furnished the Company with a detailed statement of the circumstances surrounding the proposed
disposition, and (C) if reasonably requested by the Company, such Holder shall have furnished the Company with an opinion of counsel,
reasonably satisfactory to the Company, that such disposition will not require registration of such shares under the Securities Act.
It is agreed that the Company will not require opinions of counsel for transactions made pursuant to Rule 144, except in unusual circumstances.
After the Initial Offering, the Company will not require any transferee pursuant to Rule 144 to be bound by the terms of this Agreement
if the shares so transferred do not remain Registrable Securities hereunder following such transfer.

 

(b)
Notwithstanding the provisions of subsection (a) above, no such restriction shall apply to a transfer by a Holder that is (A) a partnership
transferring to its partners or former partners in accordance with partnership interests, (B) a corporation transferring to a wholly-owned
subsidiary or a parent corporation that owns all of the capital stock of the Holder, (C) a limited liability company transferring to
its members or former members in accordance with their interest in the limited liability company, or (D) an individual transferring to
the Holder’s family member or trust for the benefit of an individual Holder or the Holder’s family members; provided that
in each case the transferee agrees in writing to be subject to the terms of this Agreement to the same extent as if the transferee were
an original Holder hereunder.

 

(c)
Each certificate representing Shares or Registrable Securities shall be stamped or otherwise imprinted with legends substantially
similar to the following (in addition to any legend required under applicable state 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, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR PURSUANT
TO AN EXEMPTION THEREFROM.

 

THE
SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS OF A
CERTAIN INVESTOR RIGHTS AGREEMENT BY AND BETWEEN THE STOCKHOLDER AND THE COMPANY. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN
REQUEST TO THE SECRETARY OF THE COMPANY.

 

(d)
The Company shall be obligated to reissue promptly unlegended certificates at the request of any Holder thereof if (i) the securities
are registered under the Act or (ii) the Holder shall have obtained an opinion of counsel (which counsel may be counsel to the Company)
reasonably acceptable to the Company to the effect that the securities proposed to be disposed of may lawfully be so disposed of without
registration or qualification, provided that the second legend listed above shall be removed only at such time as the Holder of
such certificate is no longer subject to any restrictions hereunder.

 

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(e)
In addition to the foregoing, any legend endorsed on an instrument pursuant to applicable state securities laws and the stop-transfer
instructions with respect to such securities shall be removed upon receipt by the Company of an order of the appropriate blue sky authority
authorizing such removal.

 

2.2
Demand Registration.

 

(a)
Subject to the conditions of this Section 2.2, if the Company shall receive a written request from Holders of Registrable Securities
(the “Initiating Holders”) that the Company file a registration statement under the Securities Act covering
the registration of at least 40% of the Registrable Securities then outstanding (or such lesser number of Registrable Securities if the
anticipated aggregate offering price would exceed $30,000,000), then the Company shall, within thirty (30) days of the receipt thereof,
give written notice of such request to all Holders, and subject to the limitations of this Section 2.2, effect, as expeditiously as reasonably
possible, the registration under the Securities Act of all Registrable Securities that all Holders request to be registered.

 

(b)
If the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they
shall so advise the Company as a part of their request made pursuant to this Section 2.2 or any request pursuant to Section 2.4 and the
Company shall include such information in the written notice referred to in Section 2.2(a) or Section 2.4(a), as applicable. In such
event, the right of any Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder’s
participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent
provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement
in customary form with the underwriter or underwriters selected for such underwriting by the Holders of a majority of the Registrable
Securities held by all Initiating Holders (which underwriter or underwriters shall be reasonably acceptable to the Company). Notwithstanding
any other provision of this Section 2.2 or Section 2.4, if the underwriter advises the Company that marketing factors require a limitation
of the number of securities to be underwritten (including Registrable Securities) then the Company shall so advise all Holders of Registrable
Securities that would otherwise be underwritten pursuant hereto, and the number of shares that may be included in the underwriting shall
be allocated to the Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities held
by all such Holders (including the Initiating Holders), provided that, for the avoidance of doubt, all securities held by persons other
than Holders shall first be excluded. Any Registrable Securities excluded or withdrawn from such underwriting shall be withdrawn from
the registration.

 

(c)
The Company shall not be required to effect a registration pursuant to this Section 2.2:

 

(i)
prior to the earlier of (A) the fourth anniversary of the date of this Agreement
or (B) six months following the effective date of the Initial Offering;

 

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(ii)
after the Company has effected two (2) registrations pursuant to this Section 2.2, and such registrations have been declared or ordered
effective;

 

(iii)
during the period starting with the date of filing of, and ending on the date one hundred eighty (180) days following the effective
date of the registration statement pertaining to the Initial Offering (or such longer period as may be determined pursuant to Section
2.11 hereof); provided that the Company (A) delivers written notice to the Holders of the Company’s intention to file a
registration statement for its Initial Offering within thirty (30) days after the Initiating Holders’ written request under Section
2.2(a) and (B) makes reasonable good faith efforts to cause such registration statement to become effective;

 

(iv)
if within thirty (30) days of receipt of a written request from Initiating Holders pursuant to Section 2.2(a), the Company gives
notice to the Holders of the Company’s intention to file a registration statement for its Initial Offering within ninety (90) days
and the Company makes reasonable good faith efforts to cause such registration statement to become effective;

 

(v)
if the Company shall furnish to Holders requesting a registration statement pursuant to this Section 2.2 a certificate signed by
the Chairman of the Board stating that in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental
to the Company and its stockholders for such registration statement to be effected at such time, in which event the Company shall have
the right to defer such filing for a period of not more than sixty (60) days after receipt of the request of the Initiating Holders;
provided that such right to delay a request shall be exercised by the Company not more than twice in any twelve (12) month period;

 

(vi)
if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3 pursuant
to a request made pursuant to Section 2.4 below; or

 

(vii)
in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to
service of process in effecting such registration, qualification or compliance, unless the Company is already subject to service in such
jurisdiction and except as may be required by the Securities Act.

 

2.3
Piggyback Registrations. The Company shall notify all Holders of Registrable Securities in writing at least thirty (30) days prior
to the filing of any registration statement under the Securities Act for purposes of a public offering of securities of the Company (including,
but not limited to, registration statements relating to secondary offerings of securities of the Company, but excluding Special Registration
Statements) and will afford each such Holder an opportunity to include in such registration statement all or part of such Registrable
Securities held by such Holder. Each Holder desiring to include in any such registration statement all or any part of the Registrable
Securities held by it shall, within fifteen (15) days after the above-described notice from the Company, so notify the Company in writing.
Such notice shall state the intended method of disposition of the Registrable Securities by such Holder. If a Holder decides not to include
all of its Registrable Securities in any registration statement thereafter filed by the Company, such Holder shall nevertheless continue
to have the right to include any Registrable Securities in any subsequent registration statement or registration statements as may be
filed by the Company with respect to offerings of its securities, all upon the terms and conditions set forth herein.

 

    	 	6	 

     

    

 

(a)
Underwriting. If the registration statement of which the Company gives notice under this Section 2.3 is for an underwritten offering,
the Company shall so advise the Holders of Registrable Securities. In such event, the right of any such Holder to include Registrable
Securities in a registration pursuant to this Section 2.3 shall be conditioned upon such Holder’s participation in such underwriting
and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing
to distribute their Registrable Securities through such underwriting shall enter into an underwriting agreement in customary form with
the underwriter or underwriters selected for such underwriting by the Company. Notwithstanding any other provision of this Agreement,
if the managing underwriter determines in good faith that marketing factors require a limitation of the number of shares to be underwritten,
the number of shares that may be included in the underwriting shall be allocated, first, to the Company; second, to the Holders on a
pro rata basis based on the total number of Registrable Securities held by the Holders; and third, to any stockholder of the Company
(other than a Holder) on a pro rata basis; provided that in no event shall the number of Registrable Securities be reduced below
30% of the offering except for the Initial Offering in which case Registrable Securities may be reduced to zero. In no event will shares
of any other selling stockholder be included in such registration that would reduce the number of shares which may be included by Holders
without the written consent of Holders of not less than a majority of the Registrable Securities proposed to be sold in the offering.
If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the
Company and the underwriter, delivered at least ten (10) business days prior to the effective date of the registration statement. Any
Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. For any Holder
which is a partnership, limited liability company or corporation, the partners, retired partners, members, retired members, stockholders
and other affiliates of such Holder, or the estates and family members of any such partners, retired partners, members and retired members
and any trusts for the benefit of any of the foregoing person shall be deemed to be a single “Holder,” and any pro rata
reduction with respect to such “Holder” shall be based upon the aggregate amount of shares carrying registration rights
owned by all entities and individuals included in such “Holder,” as defined in this sentence.

 

(b)
Right to Terminate Registration. The Company shall have the right to terminate or withdraw any registration initiated by it under
this Section 2.3 whether or not any Holder has elected to include securities in such registration, and shall promptly notify any Holder
that has elected to include shares in such registration of such termination or withdrawal. The Registration Expenses of such withdrawn
registration shall be borne by the Company in accordance with Section 2.5 hereof.

 

2.4
Form S-3 Registration. In case the Company shall receive from any Holder or Holders of Registrable Securities a written request or
requests that the Company effect a registration on Form S-3 (or any successor to Form S-3) or any similar short-form registration statement
and any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holder or Holders,
the Company will:

 

    	 	7	 

     

    

 

(a)
promptly give written notice of the proposed registration, and any related qualification or compliance, to all other Holders of Registrable
Securities; and

 

(b)
as soon as practicable, effect such registration and all such qualifications and compliances as may be so requested and as would
permit or facilitate the sale and distribution of all or such portion of such Holder’s or Holders’ Registrable Securities
as are specified in such request, together with all or such portion of the Registrable Securities of any other Holder or Holders joining
in such request as are specified in a written request given within fifteen (15) days after receipt of such written notice from the Company;
provided, however, that the Company shall not be obligated to effect any such registration, qualification or compliance pursuant
to this Section 2.4:

 

(i)
if Form S-3 is not available for such offering by the Holders, or

 

(ii)
if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration, propose
to sell Registrable Securities and such other securities (if any) at an aggregate price to the public of less than one million dollars
($1,000,000), or

 

(iii)
if within thirty (30) days of receipt of a written request from any Holder or Holders pursuant to this Section 2.4, the Company gives
notice to such Holder or Holders of the Company’s intention to file a registration statement for a public offering within ninety
(90) days, other than pursuant to a Special Registration Statement, and the Company makes reasonable good faith efforts to cause such
registration statement to become effective, or

 

(iv)
if the Company shall furnish to the Holders a certificate signed by the Chairman of the Board of Directors of the Company stating
that in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company and its stockholders
for such Form S-3 registration to be effected at such time, in which event the Company shall have the right to defer the filing of the
Form S-3 registration statement for a period of not more than one hundred twenty (120) days after receipt of the request of the Holder
or Holders under this Section 2.4; provided, that such right to delay a request shall be exercised by the Company not more than
twice in any twelve (12) month period, or

 

(v)
if the Company has, within the twelve (12) month period preceding the date of such request, already effected two (2) registrations
on Form S-3 for the Holders pursuant to this Section 2.4, or

 

(vi)
in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to
service of process in effecting such registration, qualification or compliance, unless the Company is already subject to service in such
jurisdiction and except as may be required by the Securities Act.

 

(c)
Subject to the foregoing, the Company shall file a Form S-3 registration statement covering the Registrable Securities and other
securities so requested to be registered as soon as practicable after receipt of the requests of the Holders. Registrations effected
pursuant to this Section 2.4 shall not be counted as demands for registration or registrations effected pursuant to Section 2.2.

 

    	 	8	 

     

    

 

2.5
Expenses of Registration. Except as specifically provided herein, all Registration Expenses incurred in connection with any registration,
qualification or compliance pursuant to Section 2.2, 2.3 or 2.4 herein, including the fees and disbursements of one counsel for the selling
Holders not to exceed $30,000, shall be borne by the Company. All Selling Expenses incurred in connection with any registrations hereunder,
shall be borne by the holders of the securities so registered pro rata on the basis of the number of shares so registered. The
Company shall not, however, be required to pay for expenses of any registration proceeding begun pursuant to Section 2.2 or 2.4, the
request of which has been subsequently withdrawn at the request of the Holders holding a majority of the Registrable Securities to be
registered or because of sufficient number of Holders have withdrawn so that the minimum offering conditions set forth in Sections 2.2(a)
and 2.4(b)(ii) are no longer satisfied unless (a) the withdrawal is based upon material adverse information concerning the Company of
which the Holders were not aware at the time of such request or (b) the Holders of a majority of Registrable Securities to be registered
agree to deem such registration to have been effected as of the date of such withdrawal for purposes of determining whether the Company
shall be obligated pursuant to Section 2.2(c)(ii) or 2.4(b)(iii), as applicable, to undertake any subsequent registration, in which event
such right shall be forfeited by all Holders. If the Holders are required to pay the Registration Expenses, such expenses shall be borne
by the holders of securities (including Registrable Securities) requesting such registration in proportion to the number of shares for
which registration was requested. If the Company is required to pay the Registration Expenses of a withdrawn offering pursuant to clause
(a) above, then such registration shall not be deemed to have been effected for purposes of determining whether the Company shall be
obligated pursuant to Section 2.2(c)(iii) or 2.4(b)(iii), as applicable, to undertake any subsequent registration.

 

2.6
Obligations of the Company. Whenever required to effect the registration of any Registrable Securities, the Company shall, as expeditiously
as reasonably possible:

 

(a)
prepare and file with the SEC a registration statement with respect to such Registrable Securities and use all commercially reasonable
best efforts to cause such registration statement to become effective, and shall keep such registration statement effective for one hundred
twenty (120) days or, if earlier, until the Holder or Holders have completed the distribution related thereto; provided, however, such
one hundred twenty (120) day period shall be extended for the period of time, not to exceed sixty (60) days, that a Holder refrains,
at the reasonable written request of the Company based on the existence of material nonpublic information involving the Company, the
failure of which to be disclosed in the prospectus included in the registration statement could result in a Violation (as defined below),
from selling any securities included in such registration, provided the Company is taking commercially reasonable best efforts to correct
the prospectus. Notwithstanding the foregoing, the Company shall not be required to file, cause to become effective or maintain the effectiveness
of any registration statement other than a registration statement on Form S-3 that contemplates a distribution of securities on a delayed
or continuous basis pursuant to Rule 415 under the Securities Act.

 

(b)
Prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection
with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition
of all securities covered by such registration statement for the period set forth in subsection (a) above.

 

    	 	9	 

     

    

 

(c)
Furnish to the Holders such number of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements
of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable
Securities owned by them.

 

(d)
Use its commercially reasonable best efforts to register and qualify the securities covered by such registration statement under
such other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders; provided that the
Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent
to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and
except as may be required by the Securities Act.

 

(e)
In the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual
and customary form, with the managing underwriter(s) of such offering.

 

(f)
Use its commercially reasonable efforts to cause all such Registrable Securities covered by such registration statement to be listed
on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities
issued by the Company are then listed.

 

(g)
Provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and provide a CUSIP number
for all such Registrable Securities, in each case not later than the effective date of such registration.

 

(h)
Promptly make available for inspection by the selling Holders, any managing underwriter(s) participating in any disposition pursuant
to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling
Holders, all financial and other records, pertinent corporate documents, and properties of the Company, and cause the Company’s
officers, directors, employees, and independent accountants to supply all information reasonably requested by any such seller, underwriter,
attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the information in such registration
statement and to conduct appropriate due diligence in connection therewith.

 

(i)
Notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus relating thereto
is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such
registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required
to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing. The
Company will use commercially reasonable best efforts to amend or supplement such prospectus in order to cause such prospectus not to
include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading in the light of the circumstances then existing.

 

    	 	10	 

     

    

 

(j)
Use its commercially reasonable best efforts to furnish, on the date that such Registrable Securities are delivered to the underwriters
for sale, if such securities are being sold through underwriters, (i) an opinion, dated as of such date, of the counsel representing
the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public
offering, addressed to the underwriters, if any, and (ii) a letter, dated as of such date, from the independent certified public accountants
of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten
public offering addressed to the underwriters.

 

2.7
Delay of Registration; Furnishing Information.

 

(a)
No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such registration as the result
of any controversy that might arise with respect to the interpretation or implementation of this Section 2.

 

(b)
Each selling Holder shall furnish to the Company such information regarding themselves, the Registrable Securities held by them and
the intended method of disposition of such securities as shall be reasonably required to effect the registration of their Registrable
Securities.

 

(c)
The Company shall have no obligation to complete a registration with respect to any registration requested pursuant to Section 2.2
or Section 2.4 if the number of shares or the anticipated aggregate offering price of the Registrable Securities to be included in the
registration does not equal or exceed the number of shares or the anticipated aggregate offering price required to originally trigger
the Company’s obligation to initiate such registration as specified in Section 2.2(a) or Section 2.4(b)(ii), whichever is applicable.

 

2.8
Indemnification. In the event any Registrable Securities are included in a registration statement under Sections 2.2, 2.3 or 2.4:

 

(a)
To the extent permitted by law, the Company will indemnify and hold harmless each Holder, the partners, members, legal counsel, accountants,
officers and directors of each Holder, any underwriter (as defined in the Securities Act) for such Holder and each person, if any, who
controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages,
or liabilities (joint or several) (or actions, proceedings or settlements in respect thereof) to which they may become subject under
the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages or liabilities (or actions
in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”)
by the Company: (i) any untrue statement or alleged untrue statement of a material fact contained in such registration statement or incorporated
reference therein, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto,
(ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements
therein not misleading, or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state
securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law in connection
with the offering covered by such registration statement; and the Company will reimburse each such Holder, partner, member, legal counsel,
accountant, officer, director, underwriter or controlling person for any legal or other expenses reasonably incurred by them in connection
with investigating or defending any such loss, claim, damage, liability or action; provided however, that the indemnity agreement
contained in this Section 2.8(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if
such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, nor shall the Company
be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon
a Violation which occurs in reliance upon and in conformity with written information furnished by such Holder under an instrument duly
executed by such Holder and stated to be specifically for use in connection with such registration.

 

    	 	11	 

     

    

 

(b)
To the extent permitted by law, each Holder will, severally and not jointly, if Registrable Securities held by such Holder are included
in the securities as to which such registration qualifications or compliance is being effected, indemnify and hold harmless the Company,
each of its directors, its officers and each person, if any, who controls the Company within the meaning of the Securities Act, any underwriter
and any other Holder selling securities under such registration statement or any of such other Holder’s partners, directors or
officers or any person who controls such Holder, against any losses, claims, damages or liabilities (joint or several) to which the Company
or any such director, officer, controlling person, underwriter or other such Holder, or partner, director, officer or controlling person
of such other Holder may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses,
claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any of the following statements: (i) any
untrue statement or alleged untrue statement of a material fact contained in such registration statement or incorporated reference therein,
including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, (ii) the omission
or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading,
or (iii) any violation or alleged violation by the Company of the Securities Act (collectively, a “Holder Violation”),
in each case to the extent (and only to the extent) that such Holder Violation occurs in reliance upon and in conformity with written
information furnished by such Holder under an instrument duly executed by such Holder and stated to be specifically for use in connection
with such registration; and each such Holder will reimburse any legal or other expenses reasonably incurred by the Company or any such
director, officer, controlling person, underwriter or other Holder, or partner, officer, director or controlling person of such other
Holder in connection with investigating or defending any such loss, claim, damage, liability or action if it is judicially determined
that there was such a Holder Violation; provided, however, that the indemnity agreement contained in this Section 2.8(b) shall
not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the
consent of the Holder, which consent shall not be unreasonably withheld; provided further, that in no event shall any indemnity
under this Section 2.8 exceed the net proceeds from the offering received by such Holder.

 

(c)
Promptly after receipt by an indemnified party under this Section 2.8 of notice of the commencement of any action (including any
governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this
Section 2.8, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the
right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed,
to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party
shall have the right to retain its own counsel, with the fees and expenses thereof to be paid by the indemnifying party, if representation
of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing
interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written
notice to the indemnifying party shall not relieve such indemnifying party of any liability to the indemnified party under this Section
2.8 except to the extent, and only to the extent, such failure is prejudicial to its ability to defend such action, but the omission
so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party
otherwise than under this Section 2.8.

 

    	 	12	 

     

    

 

(d)
If the indemnification provided for in this Section 2.8 is held by a court of competent jurisdiction to be unavailable to an indemnified
party with respect to any losses, claims, damages or liabilities referred to herein, the indemnifying party, in lieu of indemnifying
such indemnified party thereunder, shall to the extent permitted by applicable law contribute to the amount paid or payable by such indemnified
party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the
indemnifying party on the one hand and of the indemnified party on the other in connection with the Violation(s) or Holder Violation(s)
that resulted in such loss, claim, damage or liability, as well as any other relevant equitable considerations. The relative fault of
the indemnifying party and of the indemnified party shall be determined by a court of law by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by
the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission; provided, that in no event shall any contribution by a Holder hereunder
exceed the net proceeds from the offering received by such Holder.

 

(e)
The obligations of the Company and Holders under this Section 2.8 shall survive completion of any offering of Registrable Securities
in a registration statement and, with respect to liability arising from an offering to which this Section 2.8 would apply that is covered
by a registration filed before termination of this Agreement, such termination. No indemnifying party, in the defense of any such claim
or litigation, shall, except with the consent of each indemnified party, consent to entry of any judgment or enter into any settlement
which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release
from all liability in respect to such claim or litigation.

 

2.9
Assignment of Registration Rights. The rights to cause the Company to register Registrable Securities pursuant to this Section 2
may be assigned by a Holder to a transferee or assignee of Registrable Securities (for so long as such shares remain Registrable Securities)
that (a) is a subsidiary, parent, partner, retired partner, member or
retired member, or stockholder of a Holder that is a corporation, partnership or limited liability company, (b) is a Holder’s family
member or trust for the benefit of an individual Holder, or (c) acquires at least twenty percent (20%) of a Holder’s shares of
Registrable Securities; or (d) is an entity affiliated by common control (or other related entity) with such Holder; provided, however,
(i) the transferor shall, within ten (10) days after such transfer, furnish to the Company written notice of the name and address
of such transferee or assignee and the securities with respect to which such registration rights are being assigned and (ii) such transferee
shall agree to be subject to all restrictions set forth in this Agreement.

 

    	 	13	 

     

    

 

2.10
Limitation on Subsequent Registration Rights. Other than as provided in Section 5.10, after the date of this Agreement, the Company
shall not enter into any agreement with any holder or prospective holder of any securities of the Company that would grant such holder
rights to demand the registration of shares of the Company’s capital stock, or to include such shares in a registration statement.

 

2.11
Market Stand-Off Agreement. Each Holder hereby agrees that such Holder shall 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, any
shares of Common Stock (or other securities) of the Company held by such Holder (other than those included in the registration) during
(i) the 180-day period following the effective date of the Initial Offering (or such longer period, not to exceed 34 days after the expiration
of the 180-day period, as the underwriters or the Company shall request in order to facilitate compliance with FINRA Rule 2711 or NYSE
Member Rule 472 or any successor or similar rule or regulation), and (ii) the 90-day period following the effective date of a registration
statement of the Company filed under the Securities Act (or such longer period, not to exceed 34 days after the expiration of the 180-day
period, as the underwriters or the Company shall request in order to facilitate compliance with FINRA Rule 2711 or NYSE Member Rule 472
or any successor or similar rule or regulation); provided, that (i) all officers and directors of the Company and holders of at least
one percent (1%) of the Company’s voting securities are bound by and have entered into similar agreements and (ii) if the Company
or managing underwriters permit any Company stockholder to sell securities in the Initial Offering, all Holders shall receive the same
right. The Company shall require all future holders of any capital stock of the Company, or any securities convertible into such capital
stock, to agree to a market stand-off provision no less restrictive than the foregoing.

 

2.12
Stop Transfer Instructions. In connection with the Initial Offering, each Holder agrees to execute and deliver such other agreements
as may be reasonably requested by the Company or the managing underwriters that are consistent with the Holder’s obligations under
Section 2.11 or that are necessary to give further effect thereto. The obligations described in Section 2.11 and this Section 2.12 shall
not apply to a Special Registration Statement. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions
with respect to such shares of Common Stock (or other securities) until the end of such period. Each Holder agrees that any transferee
of any shares of Registrable Securities shall be bound by Sections 2.11 and 2.12. The underwriters of the Company’s stock are intended
third party beneficiaries of Sections 2.11 and 2.12 and shall have the right, power and authority to enforce the provisions hereof as
though they were a party hereto.

 

2.13
Agreement to Furnish Information. If reasonably requested by the Company or the representative of the underwriters of Common Stock
(or other securities) of the Company, each Holder shall provide such information regarding the Holder and the distribution proposed by
the Holder as may be required by the Company or such representative in connection with the completion of any public offering of the Company’s
securities in which the Holder is participating pursuant to a registration statement filed under the Securities Act referred to in this
Section 2.

 

    	 	14	 

     

    

2.14
Rule 144 Reporting. With a view to making available to the Holders the benefits of certain rules and regulations of the SEC which
may permit the sale of the Registrable Securities to the public without registration, the Company agrees to use its best efforts to:

 

(a)
Make and keep public information available, as those terms are understood and defined in SEC Rule 144 or any similar or analogous
rule promulgated under the Securities Act, at all times after the effective date of the first registration filed by the Company for an
offering of its securities to the general public;

 

(b)
File with the SEC, in a timely manner, all reports and other documents required of the Company under the Exchange Act; and

 

(c)
So long as a Holder owns any Registrable Securities, furnish to such Holder forthwith upon request: a written statement by the Company
as to its compliance with the reporting requirements of said Rule 144 of the Securities Act, and of the Exchange Act (at any time after
it has become subject to such reporting requirements); a copy of the most recent annual or quarterly report of the Company filed with
the Commission; and such other reports and documents as a Holder may reasonably request in connection with availing itself of any rule
or regulation of the SEC allowing it to sell any such securities without registration.

 

2.15
Termination of Registration Rights. The right of any Holder to request registration or inclusion of Registrable Securities in any
registration pursuant to Section 2.2, Section 2.3, or Section 2.4 hereof shall terminate upon the earlier of: (i) the date six (6) years
following an initial firm underwritten public offering that results in the automatic conversion of all outstanding shares of the Company’s
Preferred Stock; or (ii) such time as such Holder, as reflected on the Company’s list of stockholders, holds less than 1% of the
Company’s outstanding Common Stock (treating all shares of Preferred Stock on an as converted basis), the Company has completed
the Initial Offering and all Registrable Securities of the Company issuable or issued upon conversion of the Shares held by and issuable
to such Holder (and its affiliates) may be sold pursuant to Rule 144 during any ninety (90) day period. Upon such termination, such shares
shall cease to be “Registrable Securities” hereunder for all purposes.

 

SECTION
3. COVENANTS OF THE COMPANY.

 

3.1
Basic Financial Information and Reporting.

 

(a)
The Company will maintain true books and records of account in which full and correct entries will be made of all its business transactions
pursuant to a system of accounting established and administered in accordance with generally accepted accounting principles consistently
applied, and will set aside on its books all such proper accruals and reserves as shall be required under generally accepted accounting
principles consistently applied.

 

(b)
The Company will furnish to each Major Investor, as soon as practicable, but in any event within ninety (90) days after the end of
each fiscal year of the Company (i) a balance sheet as of the end of such year, (ii) statements of income and of cash flows for such
year, and a comparison between (x) the actual amounts as of and for such fiscal year and (y) the comparable amounts for the prior year
and as included in the Budget (as defined in Section 3.1(e)) for such year, with an explanation of any material differences between such
amounts and a schedule as to the sources and applications of funds for such year, and (iii) a statement of stockholders’ equity
as of the end of such year, all such financial statements audited and certified by independent public accountants of regionally recognized
standing selected by the Company;

 

    	 	15	 

     

    

 

(c)
The Company will furnish to each Major Investor, as soon as practicable after the end of the first, second and third quarterly accounting
periods in each fiscal year of the Company, and in any event within thirty (30) days thereafter, a balance sheet of the Company and a
statement of stockholders’ equity as of the end of each such quarterly period, and a statement of income and a statement of cash
flows of the Company for such period and for the current fiscal year to date, prepared in accordance with generally accepted accounting
principles consistently applied, with the exception that no notes need be attached to such statements and year-end audit adjustments
may not have been made.

 

(d)
The Company will furnish to each Major Investor, as soon as practicable, but in any event within forty-five (45) days after the end
of each quarter of each fiscal year of the Company, a statement showing the number of shares of each class and series of capital stock
and securities convertible into or exercisable for shares of capital stock outstanding at the end of the period, the Common Stock issuable
upon conversion or exercise of any outstanding securities convertible or exercisable for Common Stock and the exchange ratio or exercise
price applicable thereto, and the number of shares of issued stock options and stock options not yet issued but reserved for issuance,
if any, all in sufficient detail as to permit the Major Investors to calculate their respective percentage equity ownership in the Company.

 

(e)
Additionally, the Company will furnish to each Major Investor (i) by December 31 of each year, an annual budget and business plan
for the next fiscal year (the “Budget”) as approved by the Company’s Board of Directors, including the Series
D Director (as defined in the Voting Agreement) after the Milestone Closing, prepared on a quarterly basis, including balance sheets,
income statements, and statements of cash flow for such months; (ii) a capitalization table upon the closing of the Financing and after
the closing of any subsequent rounds of preferred stock financings; (iii) promptly after prepared, any other budgets or revised budgets
prepared by the Company.

 

(f)
Additionally, the Company will furnish to each Major Investor such other information relating to the financial condition, business,
prospects, or corporate affairs of the Company as any Major Investor may from time to time reasonably request; provided, however,
that the Company shall not be obligated under this Section 3.1 to provide information (i) that the Company reasonably determines in good
faith to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in a form acceptable
to the Company); or (ii) the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel.

 

3.2
Inspection Rights. Each Major Investor shall have the right to visit and inspect any of the properties of the Company or any of its
subsidiaries, and to discuss the affairs, finances and accounts of the Company or any of its subsidiaries with its officers, and to review
such information as is reasonably requested all at such reasonable times and as often as may be reasonably requested; provided, however,
that the Company shall not be obligated under this Section 3.2 with respect to a competitor of the Company or with respect to information
which the Board of Directors determines in good faith is a trade secret or attorney-client privileged and should not, therefore, be disclosed;
provided, however that BSC shall not be deemed a competitor of the Company.

 

    	 	16	 

     

    

 

3.3
Confidentiality of Records. Each Investor agrees to use the same degree of care as such Investor uses to protect its own confidential
information to keep confidential any information furnished to such Investor hereunder that the Company marks as being confidential or
proprietary (so long as such information is not in the public domain), except that such Investor may disclose such proprietary or confidential
information: (i) to any of such Investor’s attorneys, accountants and other advisors, to the extent necessary to obtain their services;
(ii) to any partner, member, affiliate, subsidiary or parent of such Investor as long as such partner, member, affiliate, subsidiary
or parent is obligated to Investor maintain the confidentiality of the same; (iii) at such time as it enters the public domain through
no fault of such Investor; (iv) that is communicated to it free of any obligation of confidentiality; (v) that is developed by Investor
or its agents independently of and without reference to any confidential information communicated by the Company; or (vi) as required
by applicable law.

 

3.4
Reservation of Common Stock. The Company will at all times reserve and keep available, solely for issuance and delivery upon the
conversion of the Preferred Stock, all Common Stock issuable from time to time upon such conversion.

 

3.5
Stock Vesting. Unless otherwise approved by the Board of Directors, including the Required Preferred Approval following the Milestone
Closing, all employees, directors, consultants and other service providers who purchase, receive options to purchase or receive awards
of shares of the Company’s capital stock after the date hereof (including any future option grants to Kamran Najmabadi, Ramtin
Agah and Shaun Bagai) shall be required to execute a restricted stock or option agreement, as applicable, providing for (a) vesting of
shares over a four (4)year period, with the first twenty-five percent (25%) of such stock vesting following one (1) year of continued
employment or service, and the remaining seventy-five percent (75%) of such stock vesting in equal monthly installments over the remaining
three (3) years, subject to such person’s continuous service and (b) a market stand-off provision substantially similar to that
contained in Section 2.11 hereof. In addition, unless otherwise approved by the Board of Directors, including the Required Preferred
Approval following the Milestone Closing, the Company shall retain a “right of first refusal” on employee stock transfers
until the Company’s IPO and shall have the right to repurchase unvested shares at cost upon termination of employment of a holder
of restricted stock.

 

3.6
Director and Officer Insurance and Indemnification. The Company will use its best efforts to obtain and maintain in full force and
effect director and officer liability insurance in an amount satisfactory to the Company’s Board of Directors and shall ensure
that any successors of the Company shall assume the Company’s obligations (whether through contractual agreement and/or the Delaware
General Corporation Law) with respect to indemnification of members of the Company’s Board of Directors. The Company hereby acknowledges
that one (1) or more of the directors nominated to serve on the Board of Directors by the Investors (each an “Investor Director”)
may have certain rights to indemnification, advancement of expenses and/or insurance provided by one or more of the Investors and certain
of their affiliates (collectively, the “Investor Indemnitors”). The Company hereby agrees (a) that it is the indemnitor of
first resort (i.e., its obligations to any such Investor Directors are primary and any obligation of the Investor Indemnitors to advance
expenses or to provide indemnification for the same expenses or liabilities incurred by such Investor Director are secondary), (b) that
it shall be required to advance the full amount of expenses incurred by such Investor Director and shall be liable for the full amount
of all expenses, judgments, penalties, fines and amounts paid in settlement by or on behalf of any such Investor Director to the extent
legally permitted and as required by the Company’s Certificate of Incorporation or Bylaws of the Company (or any agreement between
the Company and such Investor Director), without regard to any rights such Investor Director may have against the Investor Indemnitors,
and, (c) that it irrevocably waives, relinquishes and releases the Investor Indemnitors from any and all claims against the Investor
Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement
or payment by the Investor Indemnitors on behalf of any such Investor Director with respect to any claim for which such Investor Director
has sought indemnification from the Company shall affect the foregoing and the Investor Indemnitors shall have a right of contribution
and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of such Investor Director against
the Company.

 

    	 	17	 

     

    

 

3.7
Board Observer Rights. The Company shall allow (a) an individual designated by Golden Seeds Fund 2 LP (so long as it holds any shares
of Registrable Securities (as adjusted for any stock dividends, combinations, splits, recapitalizations and the like after the date hereof))
(the “Golden Seeds Observer”), (b) an individual designated by Astia Angels RenovoRx, LLC (so long as it holds any shares
of Registrable Securities (as adjusted for any stock dividends, combinations, splits, recapitalizations and the like after the date hereof))
(the “Astia Angels Observer”), (c) either of Kamran Najmabadi or Ramtin Agah (each, a “Founder”), as designated
in writing signed by the Founders, so long as the Founder so designated is (i) providing services to the Company as an employee or pursuant
to written agreements for consulting or advisory services and (ii) not serving as a director on the Company’s Board of Directors
(the “Founder Observer” and collectively with the Golden Seeds Observer and the Astia Angels Observer, the “Board Observers”)
(initially Kamran Najmabadi) and (d) two individuals designated by BSC (so long as it holds any Shares of Registrable Securities (as
adjusted for any stock dividends, combinations, splits, recapitalizations and the like after the date hereof)) (the “BSC Observers”),
provided, however, that upon BSC’s appointment of the Series D Director pursuant to the terms of the Voting Agreement, the
number of BSC Observers shall be reduced from two (2) to one (1), to attend all meetings of the Company’s Board of Directors as
an observer, in a nonvoting capacity, and in connection therewith, the Company shall give such representative copies of all notices,
minutes, consents and other materials, financial or otherwise, which the Company provides to its Board of Directors; provided, however,
that the Company reserves the right to exclude any Board Observer from access to any material or meeting or portion thereof if the Company
believes upon advice of counsel that such exclusion is reasonably necessary to preserve the attorney-client privilege or to protect against
the disclosure of trade secrets.

 

3.8
Proprietary Information and Inventions Agreement. The Company shall require all employees and consultants to execute and deliver
a Proprietary Information and Inventions Agreement substantially in a form approved by the Company’s counsel or Board of Directors.

 

    	 	18	 

     

    

 

3.9
Board Meetings and Committees. The Board of Directors shall have regular meetings, the frequency of which shall be determined by
the Board of Directors before the Milestone Closing (as defined in the Purchase Agreement), and shall be no less than quarterly after
the Milestone Closing. Following the Milestone Closing, the Series D Director shall have the right to sit on each committee. No member
of any committee of the Board of Directors shall have the right to participate in any compensation committee discussions pertaining to
his or her own compensation. The Company hereby agrees to establish an Audit Committee and a Compensation Committee within 30 days after
the First Closing (as defined in the Stock Purchase Agreement), with customary charters, policies and provisions.

 

3.10
Right to Conduct Activities. The Company and each Investor hereby agrees and acknowledges that the Major Investors (and their affiliates)
invest in numerous portfolio companies and conduct certain business activities, some of which are or may be deemed competitive with the
Company’s business. The Company and each Investor hereby agrees that, to the extent permitted under applicable law, the Major Investors
(and their affiliates) shall not be liable to the Company or any other Investor for any claim arising out of, or based upon, (i) the
investment by the Major Investors (or their affiliates) in any entity competitive with the Company, or (ii) actions taken by any partner,
officer or other representative of the Major Investors (or their affiliates) to assist any such competitive company, whether or not such
action was taken as a member of the board of directors of such competitive company or otherwise, and whether or not such action has a
detrimental effect on the Company; provided, however, that the foregoing shall not relieve (x) the Major Investors (and their affiliates)
from liability associated with the unauthorized disclosure of the Company’s confidential information obtained pursuant to this
Agreement, or (y) any director or officer of the Company from any liability associated with his or her fiduciary duties to the Company.

 

3.11
Directors’ Expenses. The Company shall reimburse all reasonable out-of-pocket and travel expenses incurred by any non-employee
director in connection with (i) attendance at Board of Directors meetings (including any meetings of committees thereof) and (ii) the
performance of his or her duties as a director of the Company. Any travel reimbursements shall be consistent with the Company’s
travel policies for its officers and shall be prorated based on expenses incurred by such director on behalf of companies other than
the Company.

 

3.12
Additional Board of Director Approvals. For so long as at least 3,000,000 shares of Registrable Securities are outstanding (as adjusted
for any stock dividends, combinations, splits, recapitalizations and the like after the date hereof), the Company shall obtain approval
of the Board of Directors, including the Required Preferred Approval following the Milestone Closing, for any of the following actions
that:

 

(1)
Results in any spinout, sale or exclusive license of material assets or intellectual property rights of the Company outside the ordinary
course of business, including by means of transfer to a subsidiary or another entity;

 

(2)
Causes the Company to incur or guarantee any aggregate indebtedness in excess of $25,000 that is not already included in the Budget,
other than trade credit incurred in the ordinary course of business;

 

    	 	19	 

     

    

 

(3)
Causes the Company to make any investment inconsistent with an investment policy approved by the Board of Directors;

 

(4)
Causes the Company to hire, terminate, or change the compensation of the executive officers, including approving any option grants
or stock awards to executive officers;

 

(5)
Results in a fundamental change in the nature of the business of the Company, including changing the principal business of the Company,
entering new lines of business, or exiting the current line of business;

 

(6)
Adopts any Company equity incentive plan or authorizes any grants of equity securities under such Company equity incentive plans;

 

(7)
Results in the Company becoming party to any transaction with any director, officer, or employee of the Company or any “associate”
(as defined in Rule 12b- 2 promulgated under the Exchange Act) of any such person, except for transactions contemplated by this Agreement,
the Purchase Agreement, and the Related Agreements (as defined in the Purchase Agreement), or transactions made upon fair and reasonable
terms as determined and approved by a majority of the Board of Directors, including the Required Preferred Approval following the Milestone
Closing;

 

(8)
Increases the number of shares reserved under the Company’s equity incentive plan(s);

 

(9)
Results in a compensation package to any Company employee or consultant in excess of $200,000 per year in cash that is not included
in the Budget; or

 

(10)
Results in the grant or issuance of any capital stock, options, warrants or other equity securities of the Company that exceeds one
percent (1%) of the fully- diluted capitalization of the Company on the date of such grant or issuance.

 

3.13
Option Issuances. Effective as of the date hereof, of the total number of 1,677,193 shares available for issuance under the Company’s
2013 Equity Incentive Plan as of the date hereof, the Company may issue such shares (or options for such shares) only as follows: (a)
an aggregate of 419,298 of such shares shall be reserved for issuance, and may be issued, only to Mutual Directors (as defined in the
Voting Agreement); (b) an aggregate of 419,298 of such shares shall be reserved for issuance, and may be issued, only to employees, consultants
or other services providers hired after the date hereof; and (c) no more than an aggregate of 838,597 of such shares (or options for
such shares) may be issued in such instances and to such individuals or entities as approved by the Board of Directors. Notwithstanding
the foregoing, (x) beginning on July 1, 2019, upon unanimous approval of any directors designated solely by the holders of one or more
series of Preferred Stock as a single class (to the extent there are any), the restrictions set forth in clauses (a)and (b) of the
preceding sentence shall no longer apply; and (y) on July 1, 2020 all restrictions set forth in this Section 3.13 shall automatically
terminate unless prior to July 1, 2020 all directors designated solely by the holders of one or more series of Preferred Stock as a single
class (to the extent there are any) unanimously elect to keep any such restrictions (except for clause (x) which shall operate pursuant
to its terms).

 

    	 	20	 

     

    

 

3.14
Termination of Covenants. All covenants of the Company contained in Section 3 of this Agreement (other than the provisions of Section
3.3 and 3.6 shall expire and terminate as to each Investor upon the earlier of (i) the effective date of the registration statement pertaining
to an Initial Offering or (ii) upon an “Acquisition” as defined in the Company’s Amended and Restated
Certificate of Incorporation as in effect as of the date hereof (the “Restated Certificate”)).

 

SECTION
4. RIGHTS OF FIRST REFUSAL.

 

4.1
Subsequent Offerings. Each Major Investor shall have a right of first refusal to purchase its pro rata share of all Equity
Securities, as defined below, that the Company may, from time to time, propose to sell and issue after the date of this Agreement, other
than the Equity Securities excluded by Section 4.6 hereof. Each Major Investor’s pro rata share is equal to the ratio of
(a) the number of shares of the Company’s Common Stock (including all shares of Common Stock issuable or issued upon conversion
of the Shares or upon the exercise of outstanding warrants or options or other convertible securities) of which such Investor is or is
deemed to be a holder immediately prior to the issuance of such Equity Securities to (b) the total number of shares of the Company’s
outstanding Common Stock (including all shares of Common Stock issued or issuable upon conversion of the Shares or upon the exercise
of any outstanding warrants, options or other convertible securities) held by all Major Investors immediately prior to the issuance of
the Equity Securities. The term “Equity Securities” shall mean (i) any Common Stock, Preferred Stock or other
security of the Company, (ii) any security convertible into or exercisable or exchangeable for, with or without consideration, any Common
Stock, Preferred Stock or other security (including without limitation any option to purchase such a convertible security and any convertible
promissory note), (iii) any security carrying any warrant or right to subscribe to or purchase any Common Stock, Preferred Stock or other
security or (iv) any such warrant or right.

 

4.2
Exercise of Rights. If the Company proposes to issue any Equity Securities, it shall give each Major Investor written notice of its
intention, describing the Equity Securities, the price and the terms and conditions upon which the Company proposes to issue the same.
Each Major Investor shall have twenty (20) days after the receipt of such notice to agree to purchase its pro rata share (or any
portion thereof) of the Equity Securities for the price and upon the terms and conditions specified in the notice by giving written notice
to the Company and stating therein the quantity of Equity Securities to be purchased. Notwithstanding the foregoing, the Company shall
not be required to offer or sell such Equity Securities to any Major Investor who would cause the Company to be in violation of applicable
federal securities laws by virtue of such offer or sale.

 

4.3
Overallotment; Issuance of Equity Securities to Other Persons. If not all of the Major Investors elect to purchase their full pro
rata share of the Equity Securities, then the Company shall promptly notify in writing the Major Investors who do so elect and shall
offer such Major Investors the right to acquire such unsubscribed Equity Securities on a relative pro rata basis. The Major Investors
shall have ten (10) days after receipt of such overallotment notice to notify the Company of its election to purchase all or a portion
thereof of the unsubscribed Equity Securities. The Company shall have until the date that is one hundred twenty (120) days after the
date of the notice provided pursuant to Section 4.2 to sell the remaining unsubscribed Equity Securities in respect of which the Major
Investor’s rights were not exercised, at a price not lower and upon general terms and conditions not more favorable to the purchasers
thereof than specified in the Company’s notice to the Major Investors pursuant to Section 4.2 hereof. If the Company has not sold
such Equity Securities within one hundred twenty (120) days of the notice provided pursuant to Section 4.2, the Company shall not thereafter
issue or sell any Equity Securities, without first offering such securities to the Major Investors in the manner provided above.

 

    	 	21	 

     

    

 

4.4
Termination and Waiver of Rights of First Refusal. The rights of first refusal established by this Section 4 shall not apply to,
and shall terminate upon the earlier of (i) the effective date of the registration statement pertaining to the Company’s Initial
Offering that results in the automatic conversion of all outstanding shares of Preferred Stock or (ii) an Acquisition as defined in the
Restated Certificate.

 

4.5
Assignment of Rights of First Refusal. The rights of first refusal of each Major Investor under this Section 4 may be assigned to
the same parties, subject to the same restrictions as any transfer of registration rights pursuant to Section 2.9.

 

4.6
Excluded Securities. The rights of first refusal established by this Section 4 shall have no application to any Equity Securities
sold pursuant to the Purchase Agreement or that are “Additional Shares of Common Stock” as defined in the Restated Certificate.

 

SECTION
5. MISCELLANEOUS.

 

5.1
Governing Law; Venue. This Agreement shall be governed by and construed under the laws of the State of Delaware in all respects as
such laws are applied to agreements among Delaware residents entered into and to be performed entirely within Delaware, without reference
to conflicts of laws or principles thereof. The parties agree that any action brought by either party under or in relation to this Agreement,
including without limitation to interpret or enforce any provision of this Agreement, shall be brought exclusively in, and each party
agrees to and does hereby submit to the exclusive jurisdiction and venue of, any state or federal court located in Delaware.

 

5.2
Successors and Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of, and be
binding upon, the parties hereto and their respective successors, assigns, heirs, executors, and administrators and shall inure to the
benefit of and be enforceable by each person who shall be a holder of Registrable Securities from time to time.

 

5.3
Entire Agreement. This Agreement, the Exhibits and Schedules hereto, the Purchase Agreement and the other documents delivered pursuant
thereto constitute the full and entire understanding and agreement between the parties with regard to the subjects hereof and no party
shall be liable or bound to any other in any manner by any oral or written representations, warranties, covenants and agreements except
as specifically set forth herein and therein. Each party expressly represents and warrants that it is not relying on any oral or written
representations, warranties, covenants or agreements outside of this Agreement.

 

    	 	22	 

     

    

 

5.4
Severability. In the event one or more of the provisions of this Agreement should, for any reason, be held to be invalid, illegal
or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions of this Agreement,
and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein.

 

5.5
Amendment and Waiver.

 

(a)
Except as otherwise expressly provided, this Agreement may be amended or modified, and the obligations of the Company and the rights
of the Holders under this Agreement may be waived, only upon the written consent of the Company and the holders of at least a majority
of the then-outstanding Registrable Securities; provided that any waiver or amendment of Sections 3.1, 3.2, 3.7 (with respect to the
particular Major Investor entitled to appoint an observer or observers) or Section 4 shall require the further written consent of Major
Investors holding a majority of the Registrable Securities; provided further that this Agreement may not be amended or terminated and
the observance of any term hereof may not be waived with respect to any Investor without the written consent of such Investor, unless
such amendment, termination, or waiver applies to all Investors in the same fashion; and provided further that Section 1.2(f), Section
1.2(k), Section 3.5, and this clause of this Section 5.5 may not be amended without BSC’s consent.

 

(b)
For the purposes of determining the number of Holders or Investors entitled to vote or exercise any rights hereunder, the Company
shall be entitled to reasonably rely on the list of record holders of its stock as maintained by or on behalf of the Company.

 

5.6
Delays or Omissions. It is agreed that no delay or omission to exercise any right, power, or remedy accruing to any party, upon any
breach, default or noncompliance by another party under this Agreement shall impair any such right, power, or remedy, nor shall it be
construed to be a waiver of any such breach, default or noncompliance, or any acquiescence therein, or of any similar breach, default
or noncompliance thereafter occurring. It is further agreed that any waiver, permit, consent, or approval of any kind or character on
any party’s part of any breach, default or noncompliance under the Agreement or any waiver on such party’s part of any provisions
or conditions of this Agreement must be in writing and shall be effective only to the extent specifically set forth in such writing.
All remedies, either under this Agreement, by law, or otherwise afforded to any party, shall be cumulative and not alternative.

 

5.7
Notices. All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon personal
delivery to the party to be notified, (b) upon confirmation of receipt when sent by confirmed electronic mail or facsimile if sent during
normal business hours of the recipient; if not, then on the next business day, (c) five (5) days after having been sent by registered
or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight
courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the party to be notified
at the address as set forth on the signature pages hereof or Exhibit A hereto or at such other address or electronic mail address as
such party may designate by ten (10) days advance written notice to the other parties hereto.

 

    	 	23	 

     

    

 

5.8
Attorneys’ Fees. In the event that any suit or action is instituted under or in relation to this Agreement, including without
limitation to enforce any provision in this Agreement, the prevailing party in such dispute shall be entitled to recover from the losing
party all fees, costs and expenses of enforcing any right of such prevailing party under or with respect to this Agreement, including
without limitation, such reasonable fees and expenses of attorneys and accountants, which shall include, without limitation, all fees,
costs and expenses of appeals.

 

5.9
Titles and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference only and are
not to be considered in construing this Agreement.

 

5.10
Additional Investors. Notwithstanding anything to the contrary contained herein, if the Company shall issue additional shares of
its Preferred Stock pursuant to the Purchase Agreement, any purchaser of such shares of Preferred Stock shall become a party to this
Agreement by executing and delivering an additional counterpart signature page to this Agreement and shall be deemed an “Investor,”
a “Holder” and a party hereunder.

 

5.11
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which
together shall constitute one instrument.

 

5.12
Aggregation of Stock. All shares of Registrable Securities held or acquired by affiliated entities or persons or persons or entities
under common management or control shall be aggregated together for the purpose of determining the availability of any rights under this
Agreement.

 

5.13
Pronouns. All pronouns contained herein, and any variations thereof, shall be deemed to refer to the masculine, feminine or neutral,
singular or plural, as to the identity of the parties hereto may require.

 

[THIS
SPACE INTENTIONALLY LEFT BLANK]

 

    	 	24	 

     

    

 

In
Witness Whereof, the parties hereto have executed
this Amended and Restated Investor Rights Agreement as of the date set forth in
the first paragraph hereof.

 

	COMPANY:	 
	 	 
	RenovoRx,
    Inc.	 
	 	 	 
	Signature:
    	/s/
    Shaun R. Bagai	 
	Print
    Name: 	Shaun
    R. Bagai	 
	Title:
    	Chief
    Executive Officer	 

 

RENOVORX,
INC.

AMENDED
AND RESTATED INVESTOR RIGHTS AGREEMENT

SIGNATURE
PAGE

 

    	 	 	 

     

    

 

In
Witness Whereof, the parties hereto have executed
this Amended and Restated Investor Rights Agreement as of the date set forth in
the first paragraph hereof.

 

	INVESTOR(S):	 
	 	 
	Boston
    Scientific Corporation	 
	 	 	 
	Signature:
    	/s/
    Daniel J. Brennan	 
	Print
    Name: 	Daniel
    J. Brennan	 
	Title:
    	Executive
    Vice President and Chief Financial Officer	 
	 	(if
    applicable)	 

 

RENOVORX,
                                            INC.

AMENDED
AND RESTATED INVESTOR RIGHTS AGREEMENT

SIGNATURE
PAGE

 

    	 	 	 

     

    

 

In
Witness Whereof, the parties hereto have executed
this Amended and Restated Investor Rights Agreement as of the date set forth in
the first paragraph hereof.

 

	INVESTOR(S):	 
	 	 
	B-TO-V
    Partners S.AR.L	 
	 	 	 
	Signature:
    	/s/
    Christian Schuetz	 
	Print
    Name: 	Christian
    Schuetz	 
	Title:
    	Managing
    Director	 
	 	(if
    applicable)	 
	 	 	 
	B-TO-V
    Partners S.AR.L	 
	 	 	 
	Signature:
    	/s/
    Florian Schweitzer	 
	Print
    Name: 	Florian
    Schweitzer	 
	Title:
    	Partner	 
	 	(if
    applicable)	 

 

RENOVORX,
                                            INC.

AMENDED
AND RESTATED INVESTOR RIGHTS AGREEMENT

SIGNATURE
PAGE

 

    	 	 	 

     

    

 

In
Witness Whereof, the parties hereto have executed
this Amended and Restated Investor Rights Agreement as of the date set forth in
the first paragraph hereof.

 

	INVESTOR(S):	 
	 	 
	Acorn
    Campus Taiwan II, L.P.	 
	 	 	 
	Signature:
    	/s/
    chu, chih-Hoa	 
	Print
    Name: 	chu,
    chih-Hoa	 
	Title:
    	General
    Partner	 
	 	(if
    applicable)	 

 

RENOVORX,
                                            INC.

AMENDED
AND RESTATED INVESTOR RIGHTS AGREEMENT

SIGNATURE
PAGE

 

    	 	 	 

     

    

 

In
Witness Whereof, the parties hereto have executed
this Amended and Restated Investor Rights Agreement as of the date set forth in
the first paragraph hereof.

 

	INVESTOR(S):	 
	 	 
	ASTIA
    Angels RenovoRX, LLC	 
	 	 	 
	Signature:
    	/s/
    Sharon J. Vosmek	 
	Print
    Name: 	Sharon
    J. Vosmek	 
	Title:
    	CEO	 
	 	(if
    applicable)	 

 

RENOVORX,
                                            INC.

AMENDED
AND RESTATED INVESTOR RIGHTS AGREEMENT

SIGNATURE
PAGE

 

    	 	 	 

     

    

 

In
Witness Whereof, the parties hereto have executed
this Amended and Restated Investor Rights Agreement as of the date set forth in
the first paragraph hereof.

 

	INVESTOR(S):	 
	 	 
	Family
    Ventures, LLC	 
	 	 	 
	Signature:
    	/s/
    Chandrakant Patel	 
	Print
    Name: 	Chandrakant
    Patel	 
	Title:
    	President	 
	 	(if
    applicable)	 

 

RENOVORX,
                                            INC.

AMENDED
AND RESTATED INVESTOR RIGHTS AGREEMENT

SIGNATURE
PAGE

 

    	 	 	 

     

    

 

In
Witness Whereof, the parties hereto have executed
this Amended and Restated Investor Rights Agreement as of the date set forth in
the first paragraph hereof.

 

	INVESTOR(S):	 
	 	 
	Sattva
    Group LLC	 
	 	 	 
	Signature:
    	/s/
    Viveka Boddipalli	 
	Print
    Name: 	Viveka
    Boddipalli	 
	Title:
    	Manager	 
	 	(if
    applicable)	 

 

RENOVORX,
                                            INC.

AMENDED
AND RESTATED INVESTOR RIGHTS AGREEMENT

SIGNATURE
PAGE

 

    	 	 	 

     

    

 

In
Witness Whereof, the parties hereto have executed
this Amended and Restated Investor Rights Agreement as of the date set forth in
the first paragraph hereof.

 

	INVESTOR(S):	 
	 	 
	Manish
    Menda	 
	 	 	 
	Signature:
    	/s/
    Manish Menda	 
	Print
    Name: 	Manish
    Menda	 
	 	 	 
	Suman
    Menda	 
	 	 	 
	Signature:
    	/s/
    Suman Menda	 
	Print
    Name: 	Suman
    Menda	 

 

RENOVORX,
                                            INC.

AMENDED
AND RESTATED INVESTOR RIGHTS AGREEMENT

SIGNATURE
PAGE

 

    	 	 	 

     

    

 

In
Witness Whereof, the parties hereto have executed
this Amended and Restated Investor Rights Agreement as of the date set forth in
the first paragraph hereof.

 

	INVESTOR(S):	 
	 	 
	The
    Angels’ Forum 103, LLC	 
	 	 	 
	Signature:
    	/s/
    Carol M. Sands	 
	Print
    Name: 	Carol
    M. Sands	 
	Title:
    	Managing
    Member	 
	 	(if
    applicable)	 

 

RENOVORX,
                                            INC.

AMENDED
AND RESTATED INVESTOR RIGHTS AGREEMENT

SIGNATURE
PAGE

 

    	 	 	 

     

    

 

In
Witness Whereof, the parties hereto have executed
this Amended and Restated Investor Rights Agreement as of the date set forth in
the first paragraph hereof.

INVESTOR(S):

 

	William
    Samuel Silva Revocable Trust	 
	 	 
	Signature:
    	/s/
    William Silva	 
	Print
    Name: 	William
    Silva	 
	Title:
    	Trustee	 
	 	(if
    applicable)	 

 

RENOVORX,
                                            INC.

AMENDED
AND RESTATED INVESTOR RIGHTS AGREEMENT

SIGNATURE
PAGE

 

    	 	 	 

     

    

 

In
Witness Whereof, the parties hereto have executed
this Amended and Restated Investor Rights Agreement as of the date set forth in
the first paragraph hereof.

 

	INVESTOR(S):	 
	 	 
	SV
    Tech Fund II, L.P.	 
	 	 	 
	Signature:
    	/s/
    P.R. Yu	 
	Print
    Name: 	P.R.
    Yu	 
	Title:
    	Managing
    Partner	 
	 	(if
    applicable)	 

 

RENOVORX,
                                            INC.

AMENDED
AND RESTATED INVESTOR RIGHTS AGREEMENT

SIGNATURE
PAGE

 

    	 	 	 

     

    

 

In
Witness Whereof, the parties hereto have executed
this Amended and Restated Investor Rights Agreement as of the date set forth in
the first paragraph hereof.

 

	INVESTOR(S):	 
	 	 
	Amit
    Patel	 
	 	 	 
	Signature:
    	/s/
    Amit Patel	 
	Print
    Name: 	Amit
    Patel	 
	Title:
    	 	 
	 	(if
    applicable)	 

 

RENOVORX,
                                            INC.

AMENDED
AND RESTATED INVESTOR RIGHTS AGREEMENT

SIGNATURE
PAGE

 

    	 	 	 

     

    

 

In
Witness Whereof, the parties hereto have executed
this Amended and Restated Investor Rights Agreement as of the date set forth in
the first paragraph hereof.

 

	INVESTOR(S):	 
	 	 
	RMP
    Partners Limited	 
	 	 	 
	Signature:
    	/s/
    Sandra Padmini Reddy	 
	Print
    Name: 	Sandra
    Padmini Reddy	 
	Title:
    	Director	 
	 	(if
    applicable)	 

 

RENOVORX,
                                            INC.

AMENDED
AND RESTATED INVESTOR RIGHTS AGREEMENT

SIGNATURE
PAGE

 

    	 	 	 

     

    

 

In
Witness Whereof, the parties hereto have executed
this Amended and Restated Investor Rights Agreement as of the date set forth in
the first paragraph hereof.

 

	INVESTOR(S):	 
	 	 
	Golden
    Seeds RenovoRx, LLC	 
	 	 	 
	Signature:
    	/s/
    Peggy Wallace	 
	Print
    Name: 	Peggy
    Wallace	 
	Title:
    	Managing
    Director	 
	 	(if
    applicable)	 

 

RENOVORX,
                                            INC.

AMENDED
AND RESTATED INVESTOR RIGHTS AGREEMENT

SIGNATURE
PAGE

 

    	 	 	 

     

    

 

In
Witness Whereof, the parties hereto have executed
this Amended and Restated Investor Rights Agreement as of the date set forth in
the first paragraph hereof.

 

	INVESTOR(S):	 
	 	 
	Jyotsna
    Gai	 
	 	 	 
	Signature:
    	/s/
    Jyotsna Gai	 
	Print
    Name: 	Jyotsna
    Gai	 
	Title:	 	 
	 	(if
    applicable)	 

 

RENOVORX,
                                            INC.

AMENDED
AND RESTATED INVESTOR RIGHTS AGREEMENT

SIGNATURE
PAGE

 

    	 	 	 

     

    

 

In
Witness Whereof, the parties hereto have executed
this Amended and Restated Investor Rights Agreement as of the date set forth in
the first paragraph hereof.

 

	INVESTOR(S):	 
	 	 
	Brush
    Hill Ventures	 
	 	 	 
	Signature:
    	/s/
    Michael O’Toole	 
	Print
    Name: 	Michael
    O’Toole	 
	Title:
    	Managing
    Partner	 
	 	(if
    applicable)	 

 

RENOVORX,
                                            INC.

AMENDED
AND RESTATED INVESTOR RIGHTS AGREEMENT

SIGNATURE
PAGE

 

    	 	 	 

     

    

 

In
Witness Whereof, the parties hereto have executed
this Amended and Restated Investor Rights Agreement as of the date set forth in
the first paragraph hereof.

 

	INVESTOR(S):	 
	 	 
	Kanwar
    Bagai	 
	 	 	 
	Signature:
    	/s/
    Kanwar Bagai	 
	Print
    Name: 	Kanwar
    Bagai	 
	Title:	 	 
	 	(if
    applicable)	 

 

RENOVORX,
                                            INC.

AMENDED
AND RESTATED INVESTOR RIGHTS AGREEMENT

SIGNATURE
PAGE

 

    	 	 	 

     

    

 

In
Witness Whereof, the parties hereto have executed this Amended
and Restated Investor Rights Agreement as of the date set forth in the first paragraph hereof.

 

	INVESTOR(S):	 
	 	 
	Fumiaki
    Ikeno 	 
	 	 
	Signature:
    	/s/
    Fumiaki Ikeno	 
	Print
    Name: 	Fumiaki
    Ikeno	 
	Title:	 	 
	 	(if
    applicable)	 

 

RENOVORX,
                                            INC.

AMENDED
AND RESTATED INVESTOR RIGHTS AGREEMENT

SIGNATURE
PAGE

 

    	 	 	 

     

    

 

In
Witness Whereof, the parties hereto have executed
this Amended and Restated Investor Rights Agreement as of the date set forth in
the first paragraph hereof.

 

	INVESTOR(S):	 
	 	 
	Halo
    Fund III, LP	 
	 	 	 
	Signature:
    	/s/
    Carol M. Sands	 
	Print
    Name: 	Carol
    M. Sands	 
	Title:
    	Managing
    Member	 
	 	(if
    applicable)	 

 

RENOVORX,
                                            INC.

AMENDED
AND RESTATED INVESTOR RIGHTS AGREEMENT

SIGNATURE
PAGE

 

    	 	 	 

     

    

 

In
Witness Whereof, the parties hereto have executed
this Amended and Restated Investor Rights Agreement as of the date set forth in
the first paragraph hereof.

 

	INVESTOR(S):	 
	 	 
	Barry
    & Lynda Family 2003 Revocable Trust	 
	 	 	 
	Signature:
    	/s/
    Barry R. Keller	 
	Print
    Name: 	Barry
    R Keller	 
	Title:
    	Trustee	 
	 	(if
    applicable)	 

 

RENOVORX,
                                            INC.

AMENDED
AND RESTATED INVESTOR RIGHTS AGREEMENT

SIGNATURE
PAGEExhibit
10.2

   

 RENOVORX,
INC. 

 2021
OMNIBUS EQUITY INCENTIVE PLAN 

   

 Section
1. Purpose of Plan. 

   

 The
name of the Plan is the RenovoRx, Inc. 2021 Omnibus Equity Incentive Plan (the “Plan”). The purposes of the Plan are
to (i) provide an additional incentive to selected employees, directors, and independent contractors of the Company or its Affiliates
whose contributions are essential to the growth and success of the Company, (ii) strengthen the commitment of such individuals to the
Company and its Affiliates, (iii) motivate those individuals to faithfully and diligently perform their responsibilities and (iv) attract
and retain competent and dedicated individuals whose efforts will result in the long-term growth and profitability of the Company. To
accomplish these purposes, the Plan provides that the Company may grant Options, Stock Appreciation Rights, Restricted Stock, Restricted
Stock Units, Other Stock-Based Awards or any combination of the foregoing. 

   

 Section
2. Definitions. 

   

 For
purposes of the Plan, the following terms shall be defined as set forth below: 

   

 (a)
“Administrator” means the Board, or, if and to the extent the Board does not administer the Plan, the Committee in
accordance with Section 3 hereof. 

   

 (b)
“Affiliate” means a Person that directly, or indirectly through one or more intermediaries, controls, or is controlled
by, or is under common control with, the Person specified as of any date of determination. 

   

 (c)
“Applicable Laws” means the applicable requirements under U.S. federal and state corporate laws, U.S. federal and
state securities laws, including the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the
applicable laws of any other country or jurisdiction where Awards are granted under the Plan, as are in effect from time to time. 

   

 (d)
“Award” means any Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit or Other Stock-Based Award
granted under the Plan. 

   

 (e)
“Award Agreement” means any written notice, agreement, contract or other instrument or document evidencing an Award,
including through electronic medium, which shall contain such terms and conditions with respect to an Award as the Administrator shall
determine, consistent with the Plan. 

   

 (f)
“Beneficial Owner” (or any variant thereof) has the meaning defined in Rule 13d-3 under the Exchange Act. 

   

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

   

 (h)
“Bylaws” mean the bylaws of the Company, as may be amended and/or restated from time to time. 

   

 (i)
“Cause” has the meaning assigned to such term in any individual service, employment or severance agreement or Award
Agreement with the Participant or, if no such agreement exists or if such agreement does not define “Cause,” then “Cause”
means a Participant’s (i) conviction of a felony or a crime involving fraud or moral turpitude; (ii) theft, material act of dishonesty
or fraud, intentional falsification of any employment or Company records, or commission of any criminal act which impairs Participant’s
ability to perform appropriate employment duties for the Company; (iii) intentional or reckless conduct or gross negligence materially
harmful to the Company or the successor to the Company after a Change in Control, including violation of a non-competition or confidentiality
agreement; (iv) willful failure to follow lawful instructions of the person or body to which Participant reports; or (v) gross negligence
or willful misconduct in the performance of Participant’s assigned duties. Cause shall not include mere unsatisfactory performance
in the achievement of a Participant’s job objectives. Any voluntary termination of employment or service by the Participant in
anticipation of an involuntary termination of the Participant’s employment or service, as applicable, for Cause shall be deemed
to be a termination for Cause. 

   

    	 

     

    

   

 (j)
“Change in Capitalization” means any (i) merger, consolidation, reclassification, recapitalization, spin-off, spin-out,
repurchase or other reorganization or corporate transaction or event, (ii) special or extraordinary dividend or other extraordinary distribution
(whether in the form of cash, Common Stock or other property), stock split, reverse stock split, share subdivision or consolidation,
(iii) combination or exchange of shares or (iv) other change in corporate structure, which, in any such case, the Administrator determines,
in its sole discretion, affects the Shares such that an adjustment pursuant to Section 5 hereof is appropriate. 

   

 (k)
“Change in Control” means the first occurrence of an event set forth in any one of the following paragraphs following
the Effective Date: 

   

 (1)
any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities
Beneficially Owned by such Person which were acquired directly from the Company or any Affiliate thereof) representing more than fifty
percent (50%) of the combined voting power of the Company’s then outstanding securities, excluding any Person who becomes such
a Beneficial Owner in connection with a transaction described in clause (i) of paragraph (3) below; or 

   

 (2)
the date on which individuals who constitute the Board as of the Effective Date and any new director (other than a director whose initial
assumption of office is in connection with an actual or threatened election contest, including, but not limited to, a consent solicitation,
relating to the election of directors of the Company) whose appointment or election by the Board or nomination for election by the Company’s
stockholders was approved or recommended by a vote of at least two-thirds (2/3) of the directors then still in office who either were
directors on the Effective Date or whose appointment, election or nomination for election was previously so approved or recommended cease
for any reason to constitute a majority of the number of directors serving on the Board; or 

   

 (3)
there is consummated a merger or consolidation of the Company or any direct or indirect Subsidiary with any other corporation or other
entity, other than (i) a merger or consolidation (A) which results in the voting securities of the Company outstanding immediately prior
to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities
of the surviving entity or any parent thereof), in combination with the ownership of any trustee or other fiduciary holding securities
under an employee benefit plan of the Company or any Subsidiary, fifty percent (50%) or more of the combined voting power of the securities
of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation and (B) following
which the individuals who comprise the Board immediately prior thereto constitute at least a majority of the board of directors of the
Company, the entity surviving such merger or consolidation or, if the Company or the entity surviving such merger or consolidation is
then a Subsidiary, the ultimate parent thereof, or (ii) a merger or consolidation effected to implement a recapitalization of the Company
(or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company
(not including in the securities Beneficially Owned by such Person any securities acquired directly from the Company or its Affiliates)
representing more than fifty percent (50%) of the combined voting power of the Company’s then outstanding securities; or 

   

 (4)
the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement
for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than (A) a sale or disposition
by the Company of all or substantially all of the Company’s assets to an entity, more than fifty percent (50%) of the combined
voting power of the voting securities of which are owned by stockholders of the Company following the completion of such transaction
in substantially the same proportions as their ownership of the Company immediately prior to such sale or (B) a sale or disposition of
all or substantially all of the Company’s assets immediately following which the individuals who comprise the Board immediately
prior thereto constitute at least a majority of the board of directors of the entity to which such assets are sold or disposed or, if
such entity is a subsidiary, the ultimate parent thereof. 

   

    	 

     

    

   

 Notwithstanding
the foregoing, (i) a Change in Control shall not be deemed to have occurred by virtue of the consummation of any transaction or series
of integrated transactions immediately following which the holders of Common Stock immediately prior to such transaction or series of
transactions continue to have substantially the same proportionate ownership in an entity which owns all or substantially all of the
assets of the Company immediately following such transaction or series of transactions and (ii) to the extent required to avoid accelerated
taxation and/or tax penalties under Section 409A of the Code, a Change in Control shall be deemed to have occurred under the Plan with
respect to any Award that constitutes deferred compensation under Section 409A of the Code only if a change in the ownership or effective
control of the Company or a change in ownership of a substantial portion of the assets of the Company shall also be deemed to have occurred
under Section 409A of the Code. For purposes of this definition of Change in Control, the term “Person” shall not include
(i) the Company or any Subsidiary thereof, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the
Company or any Subsidiary thereof, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, or
(iv) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership
of shares of the Company. 

   

 (l)
“Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto. 

   

 (m)
“Committee” means any committee or subcommittee the Board may appoint to administer the Plan. Subject to the discretion
of the Board, the Committee shall be composed entirely of individuals who meet the qualifications of a “non-employee director”
within the meaning of Rule 16b-3 under the Exchange Act and any other qualifications required by the applicable stock exchange on which
the Common Stock is traded. 

   

 (n)
“Common Stock” means the common stock of the Company, par value $0.0001. 

   

 (o)
“Company” means RenovoRx, Inc., a Delaware corporation (or any successor company, except as the term “Company”
is used in the definition of “Change in Control” above). 

   

 (p)
“Disability” has the meaning assigned to such term in any individual service, employment or severance agreement or
Award Agreement with the Participant or, if no such agreement exists or if such agreement does not define “Disability,” then
“Disability” means that a Participant, as determined by the Administrator in its sole discretion, (i) is unable to engage
in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result
in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) is, by reason of any medically
determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period
of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident
and health plan covering employees of the Company or an Affiliate thereof. 

   

 (q)
“Effective Date” has the meaning set forth in Section 17 hereof. 

   

 (r)
“Eligible Recipient” means an employee, director or independent contractor of the Company or any Affiliate of the
Company who has been selected as an eligible participant by the Administrator; provided, however, to the extent required
to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, an Eligible Recipient of an Option or a Stock Appreciation
Right means an employee, non-employee director or independent contractor of the Company or any Affiliate of the Company with respect
to whom the Company is an “eligible issuer of service recipient stock” within the meaning of Section 409A of the Code. 

   

 (s)
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time. 

   

 (t)
“Exempt Award” shall mean the following: 

   

 (1)
An Award granted in assumption of, or in substitution for, outstanding awards previously granted by a corporation or other entity acquired
by the Company or any of its Subsidiaries or with which the Company or any of its Subsidiaries combines by merger or otherwise. The terms
and conditions of any such Awards may vary from the terms and conditions set forth in the Plan to the extent the Administrator at the
time of grant may deem appropriate, subject to Applicable Laws. 

   

    	 

     

    

   

 (2)
An award that an Eligible Recipient purchases at Fair Market Value (including awards that an Eligible Recipient elects to receive in
lieu of fully vested compensation that is otherwise due) whether or not the Shares are delivered immediately or on a deferred basis. 

   

 (u)
“Exercise Price” means, (i) with respect to any Option, the per share price at which a holder of such Option may purchase
Shares issuable upon exercise of such Award, and (ii) with respect to a Stock Appreciation Right, the base price per share of such Stock
Appreciation Right. 

   

 (v)
“Fair Market Value” of a share of Common Stock or another security as of a particular date shall mean the fair market
value as determined by the Administrator in its sole discretion; provided, that, (i) if the Common Stock or other security is admitted
to trading on a national securities exchange, the fair market value on any date shall be the closing sale price reported on such date,
or if no shares were traded on such date, on the last preceding date for which there was a sale of a share of Common Stock on such exchange,
or (ii) if the Common Stock or other security is then traded in an over-the-counter market, the fair market value on any date shall be
the average of the closing bid and asked prices for such share in such over-the-counter market for the last preceding date on which there
was a sale of such share in such market. 

   

 (w)
“Free Standing Rights” has the meaning set forth in Section 8. 

   

 (x)
“Good Reason” has the meaning assigned to such term in any individual service, employment or severance agreement or
Award Agreement with the Participant or, if no such agreement exists or if such agreement does not define “Good Reason,”
“Good Reason” and any provision of this Plan that refers to “Good Reason” shall not be applicable to such Participant. 

   

 (y)
“Grandfathered Arrangement” means an Award which is provided pursuant to a written binding contract in effect on November
2, 2017, and which was not modified in any material respect on or after November 2, 2017, within the meaning of Section 13601(e)(2) of
P.L. 115.97, as may be amended from time to time (including any rules and regulations promulgated thereunder). 

   

 (z)
“Incentive Compensation” means annual cash bonus and any Award. 

   

 (aa)
“ISO” means an Option intended to be and designated as an “incentive stock option” within the meaning
of Section 422 of the Code. 

   

 (bb)
“Nonqualified Stock Option” shall mean an Option that is not designated as an ISO. 

   

 (cc)
“Option” means an option to purchase shares of Common Stock granted pursuant to Section 7 hereof. The term “Option”
as used in the Plan includes the terms “Nonqualified Stock Option” and “ISO.” 

   

 (dd)
“Other Stock-Based Award” means a right or other interest granted pursuant to Section 10 hereof that may be denominated
or payable in, valued in whole or in part by reference to, or otherwise based on or related to, Common Stock, including, but not limited
to, unrestricted Shares, dividend equivalents or performance units, each of which may be subject to the attainment of performance goals
or a period of continued provision of service or employment or other terms or conditions as permitted under the Plan. 

   

 (ee)
“Participant” means any Eligible Recipient selected by the Administrator, pursuant to the Administrator’s authority
provided for in Section 3 below, to receive grants of Awards, and, upon his or her death, his or her successors, heirs, executors and
administrators, as the case may be. 

   

 (ff)
“Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d)
and 14(d) thereof. 

   

 (gg)
“Plan” means this 2021 Omnibus Equity Incentive Plan, as amended and/or restated from time to time. 

   

    	 

     

    

   

 (hh)
“Prior Plan” means the Company’s Amended and Restated 2013 Equity Incentive Plan, as in effect immediately prior
to the Effective Date. 

   

 (ii)
“Related Rights” has the meaning set forth in Section 8. 

   

 (jj)
“Restricted Period” has the meaning set forth in Section 9. 

   

 (kk)
“Restricted Stock” means a Share granted pursuant to Section 9 below subject to certain restrictions that lapse at
the end of a specified period (or periods) of time and/or upon attainment of specified performance objectives. 

   

 (ll)
“Restricted Stock Unit” means the right granted pursuant to Section 9 hereof to receive a Share at the end of a specified
restricted period (or periods) of time and/or upon attainment of specified performance objectives. 

   

 (mm)
“Rule 16b-3” has the meaning set forth in Section 3. 

   

 (nn)
“Section 16 Officer” means any officer of the Company whom the Board has determined is subject to the reporting requirements
of Section 16 of the Exchange Act, whether or not such individual is a Section 16 Officer at the time the determination to recoup compensation
is made. 

   

 (oo)
“Shares” means Common Stock reserved for issuance under the Plan, as adjusted pursuant to the Plan, and any successor
(pursuant to a merger, consolidation or other reorganization) security. 

   

 (pp)
“Stock Appreciation Right” means a right granted pursuant to Section 8 hereof to receive an amount equal to the excess,
if any, of (i) the aggregate Fair Market Value, as of the date such Award or portion thereof is surrendered, of the Shares covered by
such Award or such portion thereof, over (ii) the aggregate Exercise Price of such Award or such portion thereof. 

   

 (qq)
“Subsidiary” means, with respect to any Person, as of any date of determination, any other Person as to which such
first Person owns or otherwise controls, directly or indirectly, more than 50% of the voting shares or other similar interests or a sole
general partner interest or managing member or similar interest of such other Person. 

   

 (rr)
“Transfer” has the meaning set forth in Section 15. 

   

 Section
3. Administration. 

   

 (a)
The Plan shall be administered by the Administrator and shall be administered, to the extent applicable, in accordance with Rule 16b-3
under the Exchange Act (“Rule 16b-3”). 

   

 (b)
Pursuant to the terms of the Plan, the Administrator, subject, in the case of any Committee, to any restrictions on the authority delegated
to it by the Board, shall have the power and authority, without limitation: 

   

 (1)
to select those Eligible Recipients who shall be Participants; 

   

 (2)
to determine whether and to what extent Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Other Stock-Based
Awards or a combination of any of the foregoing, are to be granted hereunder to Participants; 

   

 (3)
to determine the number of Shares to be covered by each Award granted hereunder; 

   

    	 

     

    

   

 (4)
to determine the terms and conditions, not inconsistent with the terms of the Plan, of each Award granted hereunder (including, but not
limited to, (i) the restrictions applicable to Restricted Stock or Restricted Stock Units and the conditions under which restrictions
applicable to such Restricted Stock or Restricted Stock Units shall lapse, (ii) the performance goals and periods applicable to Awards,
(iii) the Exercise Price of each Option and each Stock Appreciation Right or the purchase price of any other Award, (iv) the vesting
schedule and terms applicable to each Award; provided, however, that at least ninety-five percent (95%) of the Awards under the Plan
shall not vest, in whole or in part, earlier than one (1) year from the date of grant, (v) the number of Shares or amount of cash or
other property subject to each Award and (vi) subject to the requirements of Section 409A of the Code (to the extent applicable) any
amendments to the terms and conditions of outstanding Awards, including, but not limited to, extending the exercise period of such Awards
and accelerating the payment schedules of such Awards and/or accelerating the vesting schedules of such Awards); 

   

 (5)
to determine the terms and conditions, not inconsistent with the terms of the Plan, which shall govern all written instruments evidencing
Awards; 

   

 (6)
to determine the Fair Market Value in accordance with the terms of the Plan; 

   

 (7)
to determine the duration and purpose of leaves of absence which may be granted to a Participant without constituting termination of
the Participant’s service or employment for purposes of Awards granted under the Plan; 

   

 (8)
to adopt, alter and repeal such administrative rules, regulations, guidelines and practices governing the Plan as it shall from time
to time deem advisable; 

   

 (9)
to construe and interpret the terms and provisions of, and supply or correct omissions in, the Plan and any Award issued under the Plan
(and any Award Agreement relating thereto), and to otherwise supervise the administration of the Plan and to exercise all powers and
authorities either specifically granted under the Plan or necessary and advisable in the administration of the Plan; and 

   

 (10)
to prescribe, amend and rescind rules and regulations relating to sub-plans established for the purpose of satisfying applicable non-United
States laws or for qualifying for favorable tax treatment under applicable non-United States laws, which rules and regulations may be
set forth in an appendix or appendixes to the Plan. 

   

 (c)
Subject to Section 5, neither the Board nor the Committee shall have the authority to reprice or cancel and regrant any Award at a lower
exercise, base or purchase price or cancel any Award with an exercise, base or purchase price in exchange for cash, property or other
Awards without first obtaining the approval of the Company’s stockholders. 

   

 (d)
All decisions made by the Administrator pursuant to the provisions of the Plan shall be final, conclusive and binding on all Persons,
including the Company and the Participants. 

   

 (e)
The expenses of administering the Plan shall be borne by the Company and its Affiliates. 

   

 (f)
If at any time or to any extent the Board shall not administer the Plan, then the functions of the Administrator specified in the Plan
shall be exercised by the Committee. Except as otherwise provided in the Articles of Incorporation or Bylaws of the Company, any action
of the Committee with respect to the administration of the Plan shall be taken by a majority vote at a meeting at which a quorum is duly
constituted or unanimous written consent of the Committee’s members. 

   

    	 

     

    

   

 Section
4. Shares Reserved for Issuance Under the Plan. 

   

 (a)
Subject to Section 5 hereof, the number of shares of Common Stock that are reserved and available for issuance pursuant to Awards granted
under the Plan shall be equal to the sum of (i) 2,175,000 shares, plus (ii) the number of shares of Common Stock reserved, but unissued
under the Prior Plan; (iii) the number of shares of Common Stock underlying forfeited awards under the Prior Plan; and (iv) an annual
increase on the first day of each calendar year beginning with the first January 1 following the Effective Date and ending with the last
January 1 during the initial ten-year term of the Plan, equal to the lesser of (A) three percent (3%) of the Shares outstanding (on an
as-converted basis) on the final day of the immediately preceding calendar year and (B) such lesser number of Shares as determined by
the Board; provided, that, shares of Common Stock issued under the Plan with respect to an Exempt Award shall not count
against such share limit. Following the Effective Date, no further awards shall be issued under the Prior Plan, but all awards under
the Prior Plan which are outstanding as of the Effective Date (including any Grandfathered Arrangement) shall continue to be governed
by the terms, conditions and procedures set forth in the Prior Plan and any applicable Award Agreement. 

   

 (b)
Shares issued under the Plan may, in whole or in part, be authorized but unissued Shares or Shares that shall have been or may be reacquired
by the Company in the open market, in private transactions or otherwise. If an Award entitles the Participant to receive or purchase
Shares, the number of Shares covered by such Award or to which such Award relates shall be counted on the date of grant of such Award
against the aggregate number of Shares available for granting Awards under the Plan. If any Shares subject to an Award are forfeited,
cancelled, exchanged or surrendered or if an Award otherwise terminates or expires without a distribution of Shares to the Participant,
the Shares with respect to such Award shall, to the extent of any such forfeiture, cancellation, exchange, surrender, termination or
expiration, again be available for granting Awards under the Plan. Notwithstanding the foregoing, (i) Shares surrendered or withheld
as payment of either the Exercise Price of an Award (including Shares otherwise underlying a Stock Appreciation Right that are retained
by the Company to account for the Exercise Price of such Stock Appreciation Right) and/or withholding taxes in respect of an Award and
(ii) any Shares reacquired by the Company on the open market or otherwise using cash proceeds from the exercise of Options shall no longer
be available for grant under the Plan. In addition, (i) to the extent an Award is denominated in shares of Common Stock, but paid or
settled in cash, the number of shares of Common Stock with respect to which such payment or settlement is made shall again be available
for grants of Awards pursuant to the Plan and (ii) shares of Common Stock underlying Awards that can only be settled in cash shall not
be counted against the aggregate number of shares of Common Stock available for Awards under the Plan. Upon the exercise of any Award
granted in tandem with any other Awards, such related Awards shall be cancelled to the extent of the number of Shares as to which the
Award is exercised and, notwithstanding the foregoing, such number of Shares shall no longer be available for grant under the Plan. 

   

 (c)
No more than 2,175,000 Shares (as increased on an annual basis, on the first day of each calendar year beginning with the first January
1 following the Effective Date and ending with the last January 1 during the initial ten-year term of the Plan, by the lesser of (A)
three percent (3%) of the Shares outstanding (on an as-converted basis) on the final day of the immediately preceding calendar year;
(B) 343,734 Shares; and (C) such lesser number of Shares as determined by the Board) shall be issued pursuant to the exercise of ISOs. 

   

 Section
5. Equitable Adjustments. 

   

 In
the event of any Change in Capitalization, an equitable substitution or proportionate adjustment shall be made in (i) the aggregate number
and kind of securities reserved for issuance under the Plan pursuant to Section 4, (ii) the kind, number of securities subject to, and
the Exercise Price subject to outstanding Options and Stock Appreciation Rights granted under the Plan, (iii) the kind, number and purchase
price of Shares or other securities or the amount of cash or amount or type of other property subject to outstanding Restricted Stock,
Restricted Stock Units or Other Stock-Based Awards granted under the Plan; and/or (iv) the terms and conditions of any outstanding Awards
(including, without limitation, any applicable performance targets or criteria with respect thereto); provided, however,
that any fractional shares resulting from the adjustment shall be eliminated. Such other equitable substitutions or adjustments shall
be made as may be determined by the Administrator, in its sole discretion. Without limiting the generality of the foregoing, in connection
with a Change in Capitalization, the Administrator may provide, in its sole discretion, but subject in all events to the requirements
of Section 409A of the Code, for the cancellation of any outstanding Award granted hereunder in exchange for payment in cash or other
property having an aggregate Fair Market Value equal to the Fair Market Value of the Shares, cash or other property covered by such Award,
reduced by the aggregate Exercise Price or purchase price thereof, if any; provided, however, that if the Exercise Price
or purchase price of any outstanding Award is equal to or greater than the Fair Market Value of the shares of Common Stock, cash or other
property covered by such Award, the Administrator may cancel such Award without the payment of any consideration to the Participant.
Further, without limiting the generality of the foregoing, with respect to Awards subject to foreign laws, adjustments made hereunder
shall be made in compliance with applicable requirements. Except to the extent determined by the Administrator, any adjustments to ISOs
under this Section 5 shall be made only to the extent not constituting a “modification” within the meaning of Section 424(h)(3)
of the Code. The Administrator’s determinations pursuant to this Section 5 shall be final, binding and conclusive. 

   

    	 

     

    

   

 Section
6. Eligibility. 

   

 The
Participants in the Plan shall be selected from time to time by the Administrator, in its sole discretion, from those individuals that
qualify as Eligible Recipients. No Participant who is a director, but is not also an employee or consultant, of the Company shall receive
Awards and be paid cash compensation during any calendar year that exceed, in the aggregate, $300,000 in total value (with cash compensation
measured for this purpose at its value upon payment and any Awards measured for this purpose at their grant date fair value, as determined
for the Company’s financial reporting purposes). 

   

 Section
7. Options. 

   

 (a)
General. Options granted under the Plan shall be designated as Nonqualified Stock Options or ISOs. Each Participant who is granted
an Option shall enter into an Award Agreement with the Company, containing such terms and conditions as the Administrator shall determine,
in its sole discretion, including, among other things, the Exercise Price of the Option, the term of the Option and provisions regarding
exercisability of the Option, and whether the Option is intended to be an ISO or a Nonqualified Stock Option (and in the event the Award
Agreement has no such designation, the Option shall be a Nonqualified Stock Option). The provisions of each Option need not be the same
with respect to each Participant. More than one Option may be granted to the same Participant and be outstanding concurrently hereunder.
Options granted under the Plan shall be subject to the terms and conditions set forth in this Section 7 and shall contain such additional
terms and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable and set forth in the applicable
Award Agreement. 

   

 (b)
Exercise Price. The Exercise Price of Shares purchasable under an Option shall be determined by the Administrator in its sole
discretion at the time of grant, but in no event shall the exercise price of an Option be less than one hundred percent (100%) of the
Fair Market Value of a share of Common Stock on the date of grant. 

   

 (c)
Option Term. The maximum term of each Option shall be fixed by the Administrator, but no Option shall be exercisable more than
ten (10) years after the date such Option is granted. Each Option’s term is subject to earlier expiration pursuant to the applicable
provisions in the Plan and the Award Agreement. Notwithstanding the foregoing, subject to Section 4(d) of the Plan, the Administrator
shall have the authority to accelerate the vesting and/or exercisability of any outstanding Option at such time and under such circumstances
as the Administrator, in its sole discretion, deems appropriate. 

   

 (d)
Exercisability. Each Option shall be exercisable at such time or times and subject to such terms and conditions, including the
attainment of performance goals, as shall be determined by the Administrator in the applicable Award Agreement. The Administrator may
also provide that any Option shall be exercisable only in installments, and the Administrator may waive such installment exercise provisions
at any time, in whole or in part, based on such factors as the Administrator may determine in its sole discretion. 

   

 (e)
Method of Exercise. Options may be exercised in whole or in part by giving written notice of exercise to the Company specifying
the number of whole Shares to be purchased, accompanied by payment in full of the aggregate Exercise Price of the Shares so purchased
in cash or its equivalent, as determined by the Administrator. As determined by the Administrator, in its sole discretion, with respect
to any Option or category of Options, payment in whole or in part may also be made (i) by means of consideration received under any cashless
exercise procedure approved by the Administrator (including the withholding of Shares otherwise issuable upon exercise), (ii) in the
form of unrestricted Shares already owned by the Participant which have a Fair Market Value on the date of surrender equal to the aggregate
exercise price of the Shares as to which such Option shall be exercised, (iii) any other form of consideration approved by the Administrator
and permitted by Applicable Laws or (iv) any combination of the foregoing. 

   

    	 

     

    

   

 (f)
ISOs. The terms and conditions of ISOs granted hereunder shall be subject to the provisions of Section 422 of the Code and the
terms, conditions, limitations and administrative procedures established by the Administrator from time to time in accordance with the
Plan. At the discretion of the Administrator, ISOs may be granted only to an employee of the Company, its “parent corporation”
(as such term is defined in Section 424(e) of the Code) or a Subsidiary of the Company. 

   

 (1)
ISO Grants to 10% Stockholders. Notwithstanding anything to the contrary in the Plan, if an ISO is granted to a Participant who
owns shares representing more than ten percent (10%) of the voting power of all classes of shares of the Company, its “parent corporation”
(as such term is defined in Section 424(e) of the Code) or a Subsidiary of the Company, the term of the ISO shall not exceed five (5)
years from the time of grant of such ISO and the Exercise Price shall be at least one hundred and ten percent (110%) of the Fair Market
Value of the Shares on the date of grant. 

   

 (2)
$100,000 Per Year Limitation For ISOs. To the extent the aggregate Fair Market Value (determined on the date of grant) of the
Shares for which ISOs are exercisable for the first time by any Participant during any calendar year (under all plans of the Company)
exceeds $100,000, such excess ISOs shall be treated as Nonqualified Stock Options. 

   

 (3)
Disqualifying Dispositions. Each Participant awarded an ISO under the Plan shall notify the Company in writing immediately after
the date the Participant makes a “disqualifying disposition” of any Share acquired pursuant to the exercise of such ISO.
A “disqualifying disposition” is any disposition (including any sale) of such Shares before the later of (i) two years after
the date of grant of the ISO and (ii) one year after the date the Participant acquired the Shares by exercising the ISO. The Company
may, if determined by the Administrator and in accordance with procedures established by it, retain possession of any Shares acquired
pursuant to the exercise of an ISO as agent for the applicable Participant until the end of the period described in the preceding sentence,
subject to complying with any instructions from such Participant as to the sale of such Shares. 

   

 (g)
Rights as Stockholder. A Participant shall have no rights to dividends, dividend equivalents or distributions or any other rights
of a stockholder with respect to the Shares subject to an Option until the Participant has given written notice of the exercise thereof,
and has paid in full for such Shares and has satisfied the requirements of Section 15 hereof. 

   

 (h)
Termination of Employment or Service. Treatment of an Option upon termination of employment of a Participant shall be provided
for by the Administrator in the Award Agreement. 

   

 (i)
Other Change in Employment or Service Status. An Option shall be affected, both with regard to vesting schedule and termination,
by leaves of absence, including unpaid and un-protected leaves of absence, changes from full-time to part-time employment, partial Disability
or other changes in the employment status or service status of a Participant, in the discretion of the Administrator. 

   

 Section
8. Stock Appreciation Rights. 

   

 (a)
General. Stock Appreciation Rights may be granted either alone (“Free Standing Rights”) or in conjunction with
all or part of any Option granted under the Plan (“Related Rights”). Related Rights may be granted either at or after
the time of the grant of such Option. The Administrator shall determine the Eligible Recipients to whom, and the time or times at which,
grants of Stock Appreciation Rights shall be made. Each Participant who is granted a Stock Appreciation Right shall enter into an Award
Agreement with the Company, containing such terms and conditions as the Administrator shall determine, in its sole discretion, including,
among other things, the number of Shares to be awarded, the Exercise Price per Share, and all other conditions of Stock Appreciation
Rights. Notwithstanding the foregoing, no Related Right may be granted for more Shares than are subject to the Option to which it relates.
The provisions of Stock Appreciation Rights need not be the same with respect to each Participant. Stock Appreciation Rights granted
under the Plan shall be subject to the following terms and conditions set forth in this Section 8 and shall contain such additional terms
and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable, as set forth in the applicable
Award Agreement. 

   

    	 

     

    

   

 (b)
Awards; Rights as Stockholder. A Participant shall have no rights to dividends or any other rights of a stockholder with respect
to the shares of Common Stock, if any, subject to a Stock Appreciation Right until the Participant has given written notice of the exercise
thereof and has satisfied the requirements of Section 15 hereof. 

   

 (c)
Exercise Price. The Exercise Price of Shares purchasable under a Stock Appreciation Right shall be determined by the Administrator
in its sole discretion at the time of grant, but in no event shall the exercise price of a Stock Appreciation Right be less than one
hundred percent (100%) of the Fair Market Value of a share of Common Stock on the date of grant. 

   

 (d)
Exercisability. 

   

 (1)
Stock Appreciation Rights that are Free Standing Rights shall be exercisable at such time or times and subject to such terms and conditions
as shall be determined by the Administrator in the applicable Award Agreement. 

 (2)
Stock Appreciation Rights that are Related Rights shall be exercisable only at such time or times and to the extent that the Options
to which they relate shall be exercisable in accordance with the provisions of Section 7 hereof and this Section 8 of the Plan. 

   

 (e)
Payment Upon Exercise. 

   

 (1)
Upon the exercise of a Free Standing Right, the Participant shall be entitled to receive up to, but not more than, that number of Shares
equal in value to the excess of the Fair Market Value as of the date of exercise over the Exercise Price per share specified in the Free
Standing Right multiplied by the number of Shares in respect of which the Free Standing Right is being exercised. 

   

 (2)
A Related Right may be exercised by a Participant by surrendering the applicable portion of the related Option. Upon such exercise and
surrender, the Participant shall be entitled to receive up to, but not more than, that number of Shares equal in value to the excess
of the Fair Market Value as of the date of exercise over the Exercise Price specified in the related Option multiplied by the number
of Shares in respect of which the Related Right is being exercised. Options which have been so surrendered, in whole or in part, shall
no longer be exercisable to the extent the Related Rights have been so exercised. 

   

 (3)
Notwithstanding the foregoing, the Administrator may determine to settle the exercise of a Stock Appreciation Right in cash (or in any
combination of Shares and cash). 

   

 (f)
Termination of Employment or Service. Treatment of a Stock Appreciation Right upon termination of employment of a Participant
shall be provided for by the Administrator in the Award Agreement. 

   

 (g)
Term. 

   

 (1)
The term of each Free Standing Right shall be fixed by the Administrator, but no Free Standing Right shall be exercisable more than ten
(10) years after the date such right is granted. 

   

 (2)
The term of each Related Right shall be the term of the Option to which it relates, but no Related Right shall be exercisable more than
ten (10) years after the date such right is granted. 

   

 (h)
Other Change in Employment or Service Status. Stock Appreciation Rights shall be affected, both with regard to vesting schedule
and termination, by leaves of absence, including unpaid and un-protected leaves of absence, changes from full-time to part-time employment,
partial Disability or other changes in the employment or service status of a Participant, in the discretion of the Administrator. 

   

    	 

     

    

   

 Section
9. Restricted Stock and Restricted Stock Units. 

   

 (a)
General. Restricted Stock or Restricted Stock Units may be issued under the Plan. The Administrator shall determine the Eligible
Recipients to whom, and the time or times at which, Restricted Stock or Restricted Stock Units shall be made. Each Participant who is
granted Restricted Stock or Restricted Stock Units shall enter into an Award Agreement with the Company, containing such terms and conditions
as the Administrator shall determine, in its sole discretion, including, among other things, the number of Shares to be awarded; the
price, if any, to be paid by the Participant for the acquisition of Restricted Stock or Restricted Stock Units; the period of time restrictions,
performance goals or other conditions that apply to Transferability, delivery or vesting of such Awards (the “Restricted Period”);
and all other conditions applicable to the Restricted Stock and Restricted Stock Units. If the restrictions, performance goals or conditions
established by the Administrator are not attained, a Participant shall forfeit his or her Restricted Stock or Restricted Stock Units,
in accordance with the terms of the grant. The provisions of the Restricted Stock or Restricted Stock Units need not be the same with
respect to each Participant. 

   

 (b)
Awards and Certificates. Except as otherwise provided below in Section 9(c), (i) each Participant who is granted an Award of Restricted
Stock may, in the Company’s sole discretion, be issued a share certificate in respect of such Restricted Stock; and (ii) any such
certificate so issued shall be registered in the name of the Participant, and shall bear an appropriate legend referring to the terms,
conditions and restrictions applicable to any such Award. The Company may require that the share certificates, if any, evidencing Restricted
Stock granted hereunder be held in the custody of the Company until the restrictions thereon shall have lapsed, and that, as a condition
of any Award of Restricted Stock, the Participant shall have delivered a share transfer form, endorsed in blank, relating to the Shares
covered by such Award. Certificates for shares of unrestricted Common Stock may, in the Company’s sole discretion, be delivered
to the Participant only after the Restricted Period has expired without forfeiture in such Restricted Stock Award. With respect to Restricted
Stock Units to be settled in Shares, at the expiration of the Restricted Period, share certificates in respect of the shares of Common
Stock underlying such Restricted Stock Units may, in the Company’s sole discretion, be delivered to the Participant, or his legal
representative, in a number equal to the number of shares of Common Stock underlying the Restricted Stock Units Award. Notwithstanding
anything in the Plan to the contrary, any Restricted Stock or Restricted Stock Units to be settled in Shares (at the expiration of the
Restricted Period, and whether before or after any vesting conditions have been satisfied) may, in the Company’s sole discretion,
be issued in uncertificated form. Further, notwithstanding anything in the Plan to the contrary, with respect to Restricted Stock Units,
at the expiration of the Restricted Period, Shares, or cash, as applicable, shall promptly be issued (either in certificated or uncertificated
form) to the Participant, unless otherwise deferred in accordance with procedures established by the Company in accordance with Section
409A of the Code, and such issuance or payment shall in any event be made within such period as is required to avoid the imposition of
a tax under Section 409A of the Code. 

   

 (c)
Restrictions and Conditions. The Restricted Stock or Restricted Stock Units granted pursuant to this Section 9 shall be subject
to the following restrictions and conditions and any additional restrictions or conditions as determined by the Administrator at the
time of grant or, subject to Section 409A of the Code where applicable, thereafter: 

   

 (1)
The Administrator may, in its sole discretion, provide for the lapse of restrictions in installments and may accelerate or waive such
restrictions in whole or in part based on such factors and such circumstances as the Administrator may determine, in its sole discretion,
including, but not limited to, the attainment of certain performance goals, the Participant’s termination of employment or service
with the Company or any Affiliate thereof, or the Participant’s death or Disability. Notwithstanding the foregoing, upon a Change
in Control, the outstanding Awards shall be subject to Section 11 hereof. 

   

 (2)
Except as provided in the applicable Award Agreement, the Participant shall generally have the rights of a stockholder of the Company
with respect to Restricted Stock during the Restricted Period; provided, however, that dividends declared during the Restricted
Period with respect to an Award, shall only become payable if (and to the extent) the underlying Restricted Stock vests. Except as provided
in the applicable Award Agreement, the Participant shall generally not have the rights of a stockholder with respect to Shares subject
to Restricted Stock Units during the Restricted Period; provided, however, that, subject to Section 409A of the Code, an
amount equal to dividends declared during the Restricted Period with respect to the number of Shares covered by Restricted Stock Units
shall, unless otherwise set forth in an Award Agreement, be paid to the Participant at the time (and to the extent) Shares in respect
of the related Restricted Stock Units are delivered to the Participant. Certificates for Shares of unrestricted Common Stock may, in
the Company’s sole discretion, be delivered to the Participant only after the Restricted Period has expired without forfeiture
in respect of such Restricted Stock or Restricted Stock Units, except as the Administrator, in its sole discretion, shall otherwise determine. 

   

    	 

     

    

   

 (3)
The rights of Participants granted Restricted Stock or Restricted Stock Units upon termination of employment or service as a director
or independent contractor to the Company or to any Affiliate thereof terminates for any reason during the Restricted Period shall be
set forth in the Award Agreement. 

   

 (d)
Form of Settlement. The Administrator reserves the right in its sole discretion to provide (either at or after the grant thereof)
that any Restricted Stock Unit represents the right to receive the amount of cash per unit that is determined by the Administrator in
connection with the Award. 

   

 Section
10. Other Stock-Based Awards. 

   

 Other
Stock-Based Awards may be issued under the Plan. Subject to the provisions of the Plan, the Administrator shall have sole and complete
authority to determine the individuals to whom and the time or times at which such Other Stock-Based Awards shall be granted. Each Participant
who is granted an Other Stock-Based Award shall enter into an Award Agreement with the Company, containing such terms and conditions
as the Administrator shall determine, in its sole discretion, including, among other things, the number of shares of Common Stock to
be granted pursuant to such Other Stock-Based Awards, or the manner in which such Other Stock-Based Awards shall be settled (e.g., in
shares of Common Stock, cash or other property), or the conditions to the vesting and/or payment or settlement of such Other Stock-Based
Awards (which may include, but not be limited to, achievement of performance criteria) and all other terms and conditions of such Other
Stock-Based Awards. In the event that the Administrator grants a bonus in the form of Shares, the Shares constituting such bonus shall,
as determined by the Administrator, be evidenced in uncertificated form or by a book entry record or a certificate issued in the name
of the Participant to whom such grant was made and delivered to such Participant as soon as practicable after the date on which such
bonus is payable. Notwithstanding anything set forth in the Plan to the contrary, any dividend or dividend equivalent Award issued hereunder
shall be subject to the same restrictions, conditions and risks of forfeiture as apply to the underlying Award. 

   

 Section
11. Change in Control. 

   

 Unless
otherwise determined by the Administrator and evidenced in an Award Agreement, in the event that a Change in Control occurs, the Administrator,
in its sole and absolute discretion, may: 

   

 (a)
provide that any unvested or unexercisable portion of any Award carrying a right to exercise become fully vested and exercisable; and 

   

 (b)
cause the restrictions, deferral limitations, payment conditions and forfeiture conditions applicable to an Award granted under the Plan
to lapse and such Awards shall be deemed fully vested and any performance conditions imposed with respect to such Awards shall be deemed
to be fully achieved at target performance levels. 

   

 If
the Administrator determines in its discretion pursuant to Section 3(b)(4) hereof to accelerate the vesting of Options and/or Share Appreciation
Rights in connection with a Change in Control, the Administrator shall also have discretion in connection with such action to provide
that all Options and/or Stock Appreciation Rights outstanding immediately prior to such Change in Control shall expire on the effective
date of such Change in Control. 

   

 Section
12. Amendment and Termination. 

   

 The
Board may amend, alter or terminate the Plan at any time, but no amendment, alteration or termination shall be made that would impair
the rights of a Participant under any Award theretofore granted without such Participant’s consent. The Board shall obtain approval
of the Company’s stockholders for any amendment that would require such approval in order to satisfy the requirements of any rules
of the stock exchange on which the Common Stock is traded or other Applicable Law. Subject to Section 3(c), the Administrator may amend
the terms of any Award theretofore granted, prospectively or retroactively, but, subject to Section 5 of the Plan and the immediately
preceding sentence, no such amendment shall materially impair the rights of any Participant without his or her consent. 

   

    	 

     

    

   

 Section
13. Unfunded Status of Plan. 

   

 The
Plan is intended to constitute an “unfunded” plan for incentive compensation. With respect to any payments not yet made to
a Participant by the Company, nothing contained herein shall give any such Participant any rights that are greater than those of a general
creditor of the Company. 

   

 Section
14. Withholding Taxes. 

   

 Each
Participant shall, no later than the date as of which the value of an Award first becomes includible in the gross income of such Participant
for purposes of applicable taxes, pay to the Company, or make arrangements satisfactory to the Administrator regarding payment of an
amount up to the maximum statutory tax rates in the Participant’s applicable jurisdiction with respect to the Award, as determined
by the Company. The obligations of the Company under the Plan shall be conditional on the making of such payments or arrangements, and
the Company shall, to the extent permitted by Applicable Laws, have the right to deduct any such taxes from any payment of any kind otherwise
due to such Participant. Whenever cash is to be paid pursuant to an Award, the Company shall have the right to deduct therefrom an amount
sufficient to satisfy any applicable withholding tax requirements related thereto. Whenever Shares or property other than cash are to
be delivered pursuant to an Award, the Company shall have the right to require the Participant to remit to the Company in cash an amount
sufficient to satisfy any related taxes to be withheld and applied to the tax obligations; provided, that, with the approval
of the Administrator, a Participant may satisfy the foregoing requirement by either (i) electing to have the Company withhold from delivery
of Shares or other property, as applicable, or (ii) delivering already owned unrestricted shares of Common Stock, in each case, having
a value not exceeding the applicable taxes to be withheld and applied to the tax obligations. Such already owned and unrestricted shares
of Common Stock shall be valued at their Fair Market Value on the date on which the amount of tax to be withheld is determined and any
fractional share amounts resulting therefrom shall be settled in cash. Such an election may be made with respect to all or any portion
of the Shares to be delivered pursuant to an award. The Company may also use any other method of obtaining the necessary payment or proceeds,
as permitted by Applicable Laws, to satisfy its withholding obligation with respect to any Award. 

   

 Section
15. Transfer of Awards. 

   

 Until
such time as the Awards are fully vested and/or exercisable in accordance with the Plan or an Award Agreement, no purported sale, assignment,
mortgage, hypothecation, transfer, charge, pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or
creation of a security interest in or lien on, any Award or any agreement or commitment to do any of the foregoing (each, a “Transfer”)
by any holder thereof in violation of the provisions of the Plan or an Award Agreement will be valid, except with the prior written consent
of the Administrator, which consent may be granted or withheld in the sole discretion of the Administrator. Any purported Transfer of
an Award or any economic benefit or interest therein in violation of the Plan or an Award Agreement shall be null and void ab initio
and shall not create any obligation or liability of the Company, and any Person purportedly acquiring any Award or any economic benefit
or interest therein transferred in violation of the Plan or an Award Agreement shall not be entitled to be recognized as a holder of
such Shares or other property underlying such Award. Unless otherwise determined by the Administrator in accordance with the provisions
of the immediately preceding sentence, an Option or a Stock Appreciation Right may be exercised, during the lifetime of the Participant,
only by the Participant or, during any period during which the Participant is under a legal Disability, by the Participant’s guardian
or legal representative. 

   

 Section
16. Continued Employment or Service. 

   

 Neither
the adoption of the Plan nor the grant of an Award shall confer upon any Eligible Recipient any right to continued employment or service
with the Company or any Affiliate thereof, as the case may be, nor shall it interfere in any way with the right of the Company or any
Affiliate thereof to terminate the employment or service of any of its Eligible Recipients at any time. 

   

 Section
17. Effective Date. 

   

 The
Plan was initially approved by the Board on July 19, 2021 and was adopted and became effective on the date that it was first approved
by the Company’s stockholders (the “Effective Date”). 

   

    	 

     

    

   

 Section
18. Electronic Signature. 

   

 Participant’s
electronic signature of an Award Agreement shall have the same validity and effect as a signature affixed by hand. 

   

 Section
19. Term of Plan. 

   

 No
Award shall be granted pursuant to the Plan on or after the tenth anniversary of the Effective Date, but Awards theretofore granted may
extend beyond that date, and no ISO may be granted after the tenth anniversary of the earlier of the initial Board adoption of the Plan
or initial shareholder approval of the Plan. 

   

 Section
20. Securities Matters and Regulations. 

   

 (a)
Notwithstanding anything herein to the contrary, the obligation of the Company to sell or deliver Shares with respect to any Award granted
under the Plan shall be subject to all Applicable Laws, rules and regulations, including all applicable federal and state securities
laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Administrator.
The Administrator may require, as a condition of the issuance and delivery of certificates evidencing shares of Common Stock pursuant
to the terms hereof, that the recipient of such shares make such agreements and representations, and that such certificates bear such
legends, as the Administrator, in its sole discretion, deems necessary or advisable. 

   

 (b)
Each Award is subject to the requirement that, if at any time the Administrator determines that the listing, registration or qualification
of Shares is required by any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory
body is necessary or desirable as a condition of, or in connection with, the grant of an Award or the issuance of Shares, no such Award
shall be granted or payment made or Shares issued, in whole or in part, unless listing, registration, qualification, consent or approval
has been effected or obtained free of any conditions not acceptable to the Administrator. 

   

 (c)
In the event that the disposition of Shares acquired pursuant to the Plan is not covered by a then current registration statement under
the Securities Act and is not otherwise exempt from such registration, such Shares shall be restricted against transfer to the extent
required by the Securities Act or regulations thereunder, and the Administrator may require a Participant receiving Common Stock pursuant
to the Plan, as a condition precedent to receipt of such Common Stock, to represent to the Company in writing that the Common Stock acquired
by such Participant is acquired for investment only and not with a view to distribution. 

   

 Section
21. Section 409A of the Code. 

   

 The
Plan as well as payments and benefits under the Plan are intended to be exempt from, or to the extent subject thereto, to comply with
Section 409A of the Code, and, accordingly, to the maximum extent permitted, the Plan shall be interpreted in accordance therewith. Notwithstanding
anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section
409A of the Code, the Participant shall not be considered to have terminated employment or service with the Company for purposes of the
Plan and no payment shall be due to the Participant under the Plan or any Award until the Participant would be considered to have incurred
a “separation from service” from the Company and its Affiliates within the meaning of Section 409A of the Code. Any payments
described in the Plan that are due within the “short term deferral period” as defined in Section 409A of the Code shall not
be treated as deferred compensation unless Applicable Law requires otherwise. Notwithstanding anything to the contrary in the Plan, to
the extent that any Awards (or any other amounts payable under any plan, program or arrangement of the Company or any of its Affiliates)
are payable upon a separation from service and such payment would result in the imposition of any individual tax and penalty interest
charges imposed under Section 409A of the Code, the settlement and payment of such awards (or other amounts) shall instead be made on
the first business day after the date that is six (6) months following such separation from service (or death, if earlier). Each amount
to be paid or benefit to be provided under this Plan shall be construed as a separate identified payment for purposes of Section 409A
of the Code. The Company makes no representation that any or all of the payments or benefits described in this Plan will be exempt from
or comply with Section 409A of the Code and makes no undertaking to preclude Section 409A of the Code from applying to any such payment.
The Participant shall be solely responsible for the payment of any taxes and penalties incurred under Section 409A. 

   

    	 

     

    

   

 Section
22. Notification of Election Under Section 83(b) of the Code. 

   

 If
any Participant shall, in connection with the acquisition of shares of Common Stock under the Plan, make the election permitted under
Section 83(b) of the Code, such Participant shall notify the Company of such election within ten (10) days after filing notice of the
election with the Internal Revenue Service. 

   

 Section
23. No Fractional Shares. 

   

 No
fractional shares of Common Stock shall be issued or delivered pursuant to the Plan. The Administrator shall determine whether cash,
other Awards, or other property shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any rights
thereto shall be forfeited or otherwise eliminated. 

   

 Section
24. Beneficiary. 

   

 A
Participant may file with the Administrator a written designation of a beneficiary on such form as may be prescribed by the Administrator
and may, from time to time, amend or revoke such designation. If no designated beneficiary survives the Participant, the executor or
administrator of the Participant’s estate shall be deemed to be the Participant’s beneficiary. 

   

 Section
25. Paperless Administration. 

   

 In
the event that the Company establishes, for itself or using the services of a third party, an automated system for the documentation,
granting or exercise of Awards, such as a system using an internet website or interactive voice response, then the paperless documentation,
granting or exercise of Awards by a Participant may be permitted through the use of such an automated system. 

   

 Section
26. Severability. 

   

 If
any provision of the Plan is held to be invalid or unenforceable, the other provisions of the Plan shall not be affected but shall be
applied as if the invalid or unenforceable provision had not been included in the Plan. 

   

 Section
27. Clawback. 

   

 (a)
If the Company is required to prepare a financial restatement due to the material non-compliance of the Company with any financial reporting
requirement, then the Committee may require any Section 16 Officer to repay or forfeit to the Company, and each Section 16 Officer agrees
to so repay or forfeit, that part of the Incentive Compensation received by that Section 16 Officer during the three-year period preceding
the publication of the restated financial statement that the Committee determines was in excess of the amount that such Section 16 Officer
would have received had such Incentive Compensation been calculated based on the financial results reported in the restated financial
statement. The Committee may take into account any factors it deems reasonable in determining whether to seek recoupment of previously
paid Incentive Compensation and how much Incentive Compensation to recoup from each Section 16 Officer (which need not be the same amount
or proportion for each Section 16 Officer), including any determination by the Committee that a Section 16 Officer engaged in fraud,
willful misconduct or committed grossly negligent acts or omissions which materially contributed to the events that led to the financial
restatement. The amount and form of the Incentive Compensation to be recouped shall be determined by the Committee in its sole and absolute
discretion, and recoupment of Incentive Compensation may be made, in the Committee’s sole and absolute discretion, through the
cancellation of vested or unvested Awards, cash repayment or both. 

   

    	 

     

    

   

 (b)
Notwithstanding any other provisions in this Plan, any Award which is subject to recovery under any Applicable Laws, government regulation
or stock exchange listing requirement, will be subject to such deductions and clawback as may be required to be made pursuant to such
Applicable Law, government regulation or stock exchange listing requirement (or any policy adopted by the Company pursuant to any such
law, government regulation or stock exchange listing requirement). 

   

 Section
28. Governing Law. 

   

 The
Plan shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to principles of
conflicts of law of such state. 

   

 Section
29. Indemnification. 

   

 To
the extent allowable pursuant to applicable law, each member of the Board and the Administrator and any officer or other employee to
whom authority to administer any component of the Plan is designated shall be indemnified and held harmless by the Company from any loss,
cost, liability, or expense that may be imposed upon or reasonably incurred by such member in connection with or resulting from any claim,
action, suit, or proceeding to which he or she may be a party or in which he or she may be a party or in which he or she may be involved
by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid by him or her in satisfaction
of judgment in such action, suit, or proceeding against him or her; provided, however, that he or she gives the Company an opportunity,
at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing
right of indemnification shall not be exclusive of any other rights of indemnification to which such individuals may be entitled pursuant
to the Company’s Articles of Incorporation or Bylaws, as a matter of law, or otherwise, or any power that the Company may have
to indemnify them or hold them harmless. 

   

 Section
30. Titles and Headings, References to Sections of the Code or Exchange Act. 

   

 The
titles and headings of the sections in the Plan are for convenience of reference only and, in the event of any conflict, the text of
the Plan, rather than such titles or headings, shall control. References to sections of the Code or the Exchange Act shall include any
amendment or successor thereto. 

   

 Section
31. Successors. 

   

 The
obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the merger,
consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all
of the assets and business of the Company. 

   

 Section
32. Relationship to other Benefits. 

   

 No
payment pursuant to the Plan shall be taken into account in determining any benefits under any pension, retirement, savings, profit sharing,
group insurance, welfare, or other benefit plan of the Company or any Affiliate except to the extent otherwise expressly provided in
writing in such other plan or an agreement thereunder. 

   

    	 

     

    

   

RENOVORX,
INC.

STOCK OPTION GRANT NOTICE AND OPTION AGREEMENT

(2021 Omnibus Equity Incentive Plan)

 

As
a key leader in our business, you are in a position to have significant influence on the performance and success of RenovoRx, Inc. (the
“Company”). I am pleased to inform you that, in recognition of the role you play in our collective success, you have
been granted an option to purchase shares of the Company’s Common Stock. This award is subject to the terms and conditions of the
RenovoRx, Inc. 2021 Omnibus Equity Incentive Plan, this Grant Notice, and the following Stock Option Agreement. The details of this award
are indicated below.

 

	Optionee:	[_____]
	Date
    of Grant:	[_____]
	Number
    of Shares subject to the Option:	[_____]
	Exercise
    Price Per Share:	[_____]
	Term
    of Option:	[ISO/Nonqualified
    Stock Option]
	Vesting:	[_____]

 

Name:_______

Title:________

 

Acknowledged
and agreed as of the Date of Grant

________________________

Name:
__________________

 

    	-1-

     

    

 

STOCK
OPTION AGREEMENT

 

THIS
STOCK OPTION AGREEMENT (together with the above grant notice (the “Grant Notice”), the “Agreement”)
is made and entered into as of the date set forth on the Grant Notice by and between RenovoRx, Inc., a Delaware corporation (the “Company”),
and the individual (the “Optionee”) set forth on the Grant Notice.

 

A. Pursuant
to the RenovoRx, Inc. 2021 Omnibus Equity Incentive Plan (the “Plan”), the Administrator has determined that it is
to the advantage and best interest of the Company to grant to the Optionee an option to purchase the number of Shares (the “Shares”)
set forth on the Grant Notice, at the exercise price per Share set forth on the Grant Notice, and in all respects subject to the terms,
definitions and provisions of the Plan, which is incorporated herein by reference, and this Agreement (the “Option”).

 

B. Unless
otherwise defined herein, capitalized terms used in this Agreement shall have the meanings set forth in the Plan. For purposes of this
Agreement, the following definitions shall apply:

 

(i) “Termination”
shall mean the termination of the employment or service of the Optionee with the Company and all Affiliates thereof (including because
of the Optionee’s employer ceasing to be an affiliate of the Company). For purposes of this Agreement, Termination will not occur
when Optionee goes on a military leave, a sick leave or another bona fide leave of absence that was approved by the Company in writing
if the terms of the leave provide for continued service crediting, or when continued service crediting is required by Applicable Laws.
Notwithstanding the foregoing, an approved leave of absence for six months or less, which does not in fact exceed six months, will not
result in Termination for purposes of this Agreement. However, Termination will occur when an approved leave described in this Section
A ends, unless Optionee immediately returns to active work.

 

(ii) “Termination
Date” shall mean the date of the Optionee’s Termination of Service.

 

NOW,
THEREFORE, in consideration of the mutual agreements contained herein, the Optionee and the Company hereby agree as follows:

 

1.
Acceptance of Agreement. Optionee has reviewed all of the provisions of the Plan and this Agreement. Optionee hereby agrees to
accept as binding, conclusive and final all decisions or interpretations of the Administrator on questions relating to the Plan and this
Agreement, and, solely as they relate to this Option, the applicable provisions (if any) contained in a written employment agreement
between the Company or an Affiliate and the Optionee. The Optionee’s electronic signature of this Agreement shall have the same
validity and effect as a signature affixed by hand.

 

2.
Grant and Terms of Stock Option.

 

2.1
Grant of Option. Pursuant to this Agreement, the Company has granted to the Optionee the right and option to purchase, subject
to the terms and conditions set forth in the Plan and this Agreement, all or any part of the number of Shares set forth on the Grant
Notice at a purchase price per Share equal to the exercise price per Share set forth on the Grant Notice. An Option granted pursuant
to the Grant Notice and this Agreement shall be [an ISO/a Nonqualified Stock Option].

 

    	-2-

     

    

 

2.2
Vesting and Term of Option. This Section 2.2 is subject to the provisions of the Plan and the other provisions of this Agreement.

 

2.2.1 This
Option shall vest and become exercisable as described in the Grant Notice.

 

2.2.2 The
“Term” of this Option shall begin on the Date of Grant set forth in the Grant Notice and end on the expiration of
the Term specified in the Grant Notice. No portion of this Option may be exercised after the expiration of the Term.

 

2.2.3 In
the event of Optionee’s Termination for any reason other than death, Disability, or Cause:

 

2.2.3.1 the
portion of this Option that is not vested and exercisable as of the Termination Date shall not continue to vest and shall be immediately
cancelled and terminated; and

 

2.2.3.2 the
portion of this Option that is vested and exercisable as of the Termination Date shall terminate and be cancelled on the earlier of:

 

(a) the
expiration of the Term and

 

(b) ninety
(90) days after such Termination Date.

 

2.2.4 In
the event of Termination due to death or Disability:

 

2.2.4.1 the
portion of this Option that is not vested and exercisable as of the Termination Date shall not continue to vest and shall be immediately
cancelled and terminated; and

 

2.2.4.2 the
portion of this Option that is vested and exercisable as of the Termination Date shall terminate and be cancelled on the earlier of (a)
the expiration of the Term and (b) the date that is twelve (12) months after the Termination Date.

 

2.2.5 In
the event of Optionee’s Termination for Cause, or if, after the Termination, the Administrator determines that Cause existed before
such Termination, this entire Option shall not continue to vest, shall be cancelled and terminated as of the Termination Date, and shall
no longer be exercisable as to any Shares, whether or not previously vested.

 

    	-3-

     

    

 

3. Method
of Exercise.

 

3.1 Method
of Exercise. Each election to exercise the Option shall be subject to the terms and conditions of the Plan and shall be in writing,
signed by the Optionee or by his or her executor, administrator, or permitted transferee (subject to any restrictions provided under
the Plan), made pursuant to and in accordance with the terms and conditions set forth in the Plan and received by the Company at its
principal offices, accompanied by payment in full as provided in the Plan or in this Agreement. Notwithstanding any of the foregoing,
the Administrator shall have the right to specify all conditions of the manner of exercise. Upon the Company’s determination that
the Option has been validly exercised as to any of the Shares, the Company may issue certificates in the Optionee’s name for such
Shares. However, the Company shall not be liable to the Optionee for damages relating to any reasonable delays in issuing the certificates
to the Optionee, any loss of the certificates, or any mistakes or errors in the issuance of the certificates or in the certificates themselves
which it promptly undertakes to correct.

 

3.2
Restrictions on Exercise. No Shares will be issued pursuant to the exercise of this Option unless and until there shall have been
full compliance with all applicable requirements of the Securities Act of 1933 (“Securities Act”), as amended (whether
by registration or satisfaction of exemption conditions), all applicable listing requirements of any national securities exchange or
other market system on which the Common Stock is then listed and all applicable requirements of any Applicable Laws and of any regulatory
bodies having jurisdiction over such issuance. As a condition to the exercise of this Option, the Company may require the Optionee to
make any representation and warranty to the Company as may be necessary or appropriate, in the judgment of the Administrator, to comply
with any Applicable Law. In addition, Optionee shall not sell any Shares acquired upon exercise of this Option at a time when Applicable
Laws, regulations or Company’s or underwriter trading policies prohibit such sale. Any other provision of this Agreement notwithstanding,
the Company shall have the right to designate one or more periods of time, each of which shall not exceed 180 days in length, during
which this Option shall not be exercisable if the Administrator determines (in its sole discretion) that such limitation on exercise
could in any way facilitate a lessening of any restriction on transfer pursuant to the Securities Act or any state securities laws with
respect to any issuance of securities by the Company, facilitate the registration or qualification of any securities by the Company under
the Securities Act or any state securities laws, or facilitate the perfection of any exemption from the registration or qualification
requirements of the Securities Act or any applicable state securities laws for the issuance or transfer of any securities. Such limitation
on exercise shall not alter the vesting schedule set forth in this Agreement other than to limit the periods during which this Option
shall be exercisable.

 

3.3 Method
of Payment. Payment of the exercise price shall be made in full at the time of exercise (a) by the delivery of cash or check acceptable
to the Administrator, including an amount to cover the withholding taxes (as provided in Section 7.11) with respect to such exercise,
or (b) any other method, if any, approved by the Administrator, including (i) by means of consideration received under any cashless exercise
procedure, if any, approved by the Administrator (including the withholding of Shares otherwise issuable upon exercise) or (ii) any other
form of consideration approved by the Administrator and permitted by Applicable Laws.

 

    	-4-

     

    

 

3.4
No Rights as a Shareholder. Until the Shares are issued to the Optionee (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 shareholder
will exist with respect to the Shares, notwithstanding the exercise of the Option.

 

4.
Non-Transferability of Option. Except as provided below, this Option may not be sold, assigned or transferred in any manner, pledged
or otherwise encumbered other than by will or by the laws of descent or distribution or to a beneficiary designated pursuant to the Plan,
and may be exercised during the lifetime of Optionee only by Optionee or the Optionee’s guardian or legal representative. Subject
to all of the other terms and conditions of this Agreement, following the death of Optionee, this Option may, to the extent it is vested
and exercisable by Optionee in accordance with its terms on the Termination Date, be exercised by Optionee’s executor or administrator,
or the person or persons to whom the Optionee’s rights under this Agreement shall pass by will or by the laws of descent and distribution
as the case may be. Any heir or legatee of the Optionee shall take rights herein granted subject to the terms and conditions hereof.

 

5. Restrictions;
Restrictive Legends. Ownership and transfer of Shares issued pursuant to the exercise of this Option will be subject to the provisions
of, including ownership and transfer restrictions contained in, the Company’s Certificate of Incorporation or Bylaws, as amended
from time to time, restrictions imposed by Applicable Laws and restrictions set forth or referenced in legends imprinted on certificates
representing such Shares.

 

6. Dissolution
or Liquidation. In the event of the proposed dissolution or liquidation of the Company, to the extent that this Option had not been
previously exercised, it will terminate immediately prior to the consummation of such proposed dissolution or liquidation. In such instance,
the Administrator may, in the exercise of its sole discretion, declare that this Option will terminate as of a date fixed by the Administrator
and give the Optionee the right to exercise this Option prior to such date as to all or any part of the optioned stock, including Shares
as to which this Option would not otherwise be exercisable.

 

7. General.

 

7.1 Governing
Law. This Agreement shall be governed by and construed under the laws of the State of Delaware applicable to agreements made and
to be performed entirely in Delaware, without regard to the conflicts of law provisions of Delaware or any other jurisdiction.

 

7.2 Community
Property. Without prejudice to the actual rights of the spouses as between each other, for all purposes of this Agreement, the Optionee
shall be treated as agent and attorney-in-fact for that interest held or claimed by his or her spouse with respect to this Option and
the parties hereto shall act in all matters as if the Optionee was the sole owner of this Option. This appointment is coupled with an
interest and is irrevocable.

 

7.3 No
Employment Rights. Nothing herein contained shall be construed as an agreement by the Company or any of its Subsidiaries, express
or implied, to employ the Optionee or contract for the Optionee’s services, to restrict the Company’s or such Subsidiary’s
right to discharge the Optionee or cease contracting for the Optionee’s services or to modify, extend or otherwise affect in any
manner whatsoever the terms of any employment agreement or contract for services which may exist between the Optionee and the Company
or any Affiliate.

 

    	-5-

     

    

 

7.4 Application
to Other Stock. In the event any capital stock of the Company or any other corporation shall be distributed on, with respect to,
or in exchange for Shares as a stock dividend, stock split, reclassification or recapitalization in connection with any merger or reorganization
or otherwise, all restrictions, rights and obligations set forth in this Agreement shall apply with respect to such other capital stock
to the same extent as they are, or would have been applicable, to the Shares on or with respect to which such other capital stock was
distributed, and references to “Company” in respect of such distributed stock shall be deemed to refer to the company to
which such distributed stock relates.

 

7.5
No Third-Party Benefits. Except as otherwise expressly provided in this Agreement, none of the provisions of this Agreement shall
be for the benefit of, or enforceable by, any third-party beneficiary.

 

7.6 Successors
and Assigns. Except as provided herein to the contrary, this Agreement shall be binding upon and inure to the benefit of the parties,
their respective successors and permitted assigns.

 

7.7
No Assignment. Except as otherwise provided in this Agreement, the Optionee may not assign any of his or her rights under this
Agreement without the prior written consent of the Company, which consent may be withheld in its sole discretion. The Company shall be
permitted to assign its rights or obligations under this Agreement so long as such assignee agrees to perform all of the Company’s
obligations hereunder.

 

7.8 Severability.
The validity, legality or enforceability of the remainder of this Agreement shall not be affected even if one or more of the provisions
of this Agreement shall be held to be invalid, illegal or unenforceable in any respect.

 

7.9
Equitable Relief. The Optionee acknowledges that, in the event of a threatened or actual breach of any of the provisions of this
Agreement, damages alone will be an inadequate remedy, and such breach will cause the Company great, immediate and irreparable injury
and damage. Accordingly, the Optionee agrees that the Company shall be entitled to injunctive and other equitable relief, and that such
relief shall be in addition to, and not in lieu of, any remedies it may have at law or under this Agreement.

 

7.10 Jurisdiction.
Any suit, action or proceeding with respect to this Agreement, or any judgment entered by any court in respect of any thereof, shall
be brought in any court of competent jurisdiction in the State of Delaware, and the Company and the Optionee hereby submit to the exclusive
jurisdiction of such courts for the purpose of any such suit, action, proceeding or judgment. The Optionee and the Company hereby irrevocably
waive (i) any objections which it may now or hereafter have to the laying of the venue of any suit, action or proceeding arising out
of or relating to this Agreement brought in any court of competent jurisdiction in the State of Delaware, (ii) any claim that any such
suit, action or proceeding brought in any such court has been brought in any inconvenient forum and (iii) any right to a jury trial.

 

    	-6-

     

    

 

7.11
Taxes. By agreeing to this Agreement, the Optionee represents that he or she has reviewed with his or her own tax advisors the
federal, state, local and foreign tax consequences of the transactions contemplated by this Agreement and that he or she is relying solely
on such advisors and not on any statements or representations of the Company or any of its agents. The Company shall be entitled to require
a cash payment by or on behalf of the Optionee and/or to deduct from the Shares or cash otherwise issuable hereunder or other compensation
payable to the Optionee the minimum amount of any sums required by federal, state or local tax law to be withheld (or other such sums
that will not cause adverse accounting consequences for the Company and is permitted under applicable withholding rules promulgated by
the Internal Revenue Service or another applicable governmental entity) in respect of the Option, its exercise or any payment or transfer
under or with respect to the Option.

 

7.12
Headings. The section headings in this Agreement are inserted only as a matter of convenience, and in no way define, limit, extend
or interpret the scope of this Agreement or of any particular section.

 

7.13 Number
and Gender. Throughout this Agreement, as the context may require, (a) the masculine gender includes the feminine and the neuter
gender includes the masculine and the feminine; (b) the singular tense and number includes the plural, and the plural tense and number
includes the singular; (c) the past tense includes the present, and the present tense includes the past; (d) references to parties, sections,
paragraphs and exhibits mean the parties, sections, paragraphs and exhibits of and to this Agreement; and (e) periods of days, weeks
or months mean calendar days, weeks or months.

 

7.14
Data Privacy. Optionee agrees that all of Optionee’s information that is described or referenced in this Agreement and the
Plan may be used by the Company, its affiliates and the designated broker and its affiliates to administer and manage Optionee’s
participation in the Plan.

 

7.15
Acknowledgments of Optionee. Optionee has reviewed the Plan and this Agreement in their entirety, has had an opportunity to obtain
the advice of counsel prior to executing this Agreement, fully understands all provisions of the Plan and this Agreement and, by accepting
the Notice of Grant, acknowledges and agrees to all of the provisions of the Grant Notice, the Plan and this Agreement.

 

7.16
Complete Agreement. The Grant Notice, this Stock Option Agreement, the Plan, and the applicable provisions (if any) contained
in a written employment agreement between the Company or an Affiliate and the Optionee constitute the parties’ entire agreement
with respect to the subject matter hereof and supersede all agreements, representations, warranties, statements, promises and understandings,
whether oral or written, with respect to the subject matter hereof. In the event of any inconsistency between the Plan and this Agreement,
the terms of the Plan shall control.

 

    	-7-

     

    

 

7.17 Waiver.
The Optionee acknowledges that a waiver by the Company of a breach of any provision of this Agreement shall not operate or be construed
as a waiver of any other provision of this Agreement, or of any subsequent breach by the Optionee.

 

7.18
Signature in Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect
as if the signatures thereto and hereto were upon the same instrument.

 

7.19 Amendments
and Termination. To the extent permitted by the Plan, this Agreement may be wholly or partially amended, altered or terminated at
any time or from time to time by the Administrator or the Board, but no amendment, alteration or termination shall be made that would
materially impair the rights of an Optionee under the Option without such Optionee’s consent. If it is determined that the terms
of this Agreement have been structured in a manner that would result in adverse tax treatment under Section 409A of the Code, the parties
agree to cooperate in taking all reasonable measures to restructure the arrangement to minimize or avoid such adverse tax treatment without
materially impairing Optionee’s economic rights.

 

7.20
Waiver of Jury Trial. TO THE EXTENT EITHER PARTY INITIATES LITIGATION INVOLVING THIS AGREEMENT OR ANY ASPECT OF THE RELATIONSHIP
BETWEEN US (EVEN IF OTHER PARTIES OR OTHER CLAIMS ARE INCLUDED IN SUCH LITIGATION), ALL OF THE PARTIES WAIVE THEIR RIGHT TO A TRIAL BY
JURY. THIS WAIVER WILL APPLY TO ALL CAUSES OF ACTION THAT ARE OR MIGHT BE INCLUDED IN SUCH ACTION, INCLUDING CLAIMS RELATED TO THE ENFORCEMENT
OR INTERPRETATION OF THIS AGREEMENT, ALLEGATIONS OF STATE OR FEDERAL STATUTORY VIOLATIONS, FRAUD, MISREPRESENTATION, OR SIMILAR CAUSES
OF ACTION, AND IN CONNECTION WITH ANY LEGAL ACTION INITIATED FOR THE RECOVERY OF DAMAGES BETWEEN OR AMONG US OR BETWEEN OR AMONG ANY
OF OUR OWNERS, AFFILIATES, OFFICERS, EMPLOYEES OR AGENTS.

 

7.21 Electronic
Delivery and Disclosure. The Company may, in its sole discretion, decide to deliver or disclose, as applicable, any documents
related to this Award granted under the Plan, future awards that may be granted under the Plan, the prospectus related to the Plan, the
Company’s annual reports or proxy statements by electronic means or to request Optionee’s consent to participate in the Plan
by electronic means, including, but not limited to, the Securities and Exchange Commission’s Electronic Data Gathering, Analysis,
and Retrieval system or any successor system (“EDGAR”). Optionee hereby consents to receive such documents delivered
electronically or to retrieve such documents furnished electronically (including on EDGAR), as applicable, and agrees to participate
in the Plan through any online or electronic system established and maintained by the Company or another third party designated by the
Company.

 

7.22
Section 409A. The parties intend for the Option to be exempt from Section 409A of the Code or, if not so exempt, to be treated
in a manner which complies with the requirements of such section, and intend that this Agreement be construed and administered in accordance
with such intention. In the event that the parties determine that the terms of this Agreement or the Option needs to be modified in order
to comply with Section 409A of the Code, the parties shall cooperate reasonably to do so in a manner intended to best preserve the economic
benefits of this Agreement. Any payments that qualify for the “short-term deferral” exception or another exception under
Section 409A of the Code shall be paid under the applicable exception. For purposes of the limitations on nonqualified deferred compensation
under Section 409A of the Code, each payment of compensation under this Agreement shall be treated as a separate payment of compensation.
Notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties
under Section 409A of the Code, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to this
Agreement during the six-month period immediately following the Participant’s separation from service shall instead be paid on
the first business day after the date that is six months following the Participant’s termination date (or death, if earlier).

 

    	-8-

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