Document:

Exhibit 10.11

      

      

      EXECUTIVE VICE PRESIDENT

      EMPLOYMENT, CONFIDENTIALITY

      AND NON-DISCLOSURE AGREEMENT

       

      PART I

       

      PARTIES TO AGREEMENT

       

      Section 1.01 - Parties:  This Employment Agreement (hereinafter referred to as the “Agreement”) is entered into by and between Farmers & Merchants Bank of Central California, a California banking corporation (the “Bank”), and Kyle Koelbel (hereinafter referred to as “Employee”).  The Bank and Employee are sometimes collectively referred to hereinafter as the “Parties” and individually as a “Party.”

       

      PART II

       

      EMPLOYMENT

       

      Section 2.01 - Employment:  The Bank hereby agrees to employ Employee, and Employee hereby accepts such employment with the Bank, in accordance with the terms and conditions set forth herein.

       

      Section 2.02 - Term of Agreement:  This Agreement shall become effective on August 1, 2022.  This Agreement shall terminate on December 31, 2023 unless earlier terminated pursuant to the provisions of Part VII herein.  If this Agreement is not
        terminated pursuant to Part VII, the Agreement shall renew automatically for an additional two year term, and for successive additional two year terms thereafter, unless earlier terminated pursuant to the provisions of Part VI.

       

        

      PART III

       

      DUTIES OF EMPLOYEE

       

      Section 3.01- General Duties:  During the term of this Agreement, Employee shall be employed as the Executive Vice President, Enterprise Risk Officer under the direction of Kent Steinwert, Chairman, President and Chief Executive Officer and
        shall perform and discharge well and faithfully the duties that may be assigned to Employee from time to time by the Chairman, President and Chief Executive Officer in connection with the conduct of the Bank’s business.  Nothing herein shall
        preclude the Bank’s Board of Directors or Chief Executive Officer from changing Employee’s title or duties as long as the resulting title and duties are reasonably commensurate with the education, employment background and qualifications of
        Employee.

      

      

      
        
          

      

      Section 3.02 - Outside Activities:  Employee agrees that, while employed by the Bank, Employee will refrain from any outside activities which actually or potentially are in direct conflict with the essential enterprise-related or reputational
        interest of the Bank, that would cause disruption of the Bank’s operations, or that would be in direct competition with the Bank or assist competitors of the Bank.  It shall not be a violation of this Agreement for Employee (A) to serve on
        corporate, civic or charitable boards or committees, or (B) to deliver lectures or fulfill speaking engagements, so long as such activities do not interfere with the performance of Employee’s responsibilities as an employee of the Bank; provided,
        however, that Employee shall give the Bank’s Chief Executive Officer not less than fourteen (14) days’ notice of any actions contemplated by clauses (A) or (B), and will refrain from any such action to which the Chief Executive Officer in his/her
        sole discretion, objects.  It shall not be a violation of this Agreement for Employee to manage personal investments, so long as such activities do not represent a conflict with the Bank, as described in the Bank’s Employee Code of Conduct, and
        other pertinent policies and agreements.

       

      PART IV

       

      COMPENSATION

       

      Section 4.01 - Salary:  Employee shall be paid an annual base salary of $315,000 per year.  This base salary shall be paid to Employee in such intervals and at such times as other salaried executives of the Bank are paid.  The Bank’s Board of Directors reserves the right to set the timing and level of salary adjustments for all employees and any particular employee at its sole discretion.

       

      Section 4.02 - Incentive and Retention Programs:  Employee shall be eligible for an annual discretionary incentive bonus in 2022 prorated from the start date.  The amount of any incentive bonus shall be
          determined from time to time by the Bank’s Board of Directors annually by January 31st of each following
          year and shall be paid no later than February 28th of each following year.  Any incentive bonus is
        intended for retention purposes, and as a consequence, it will only be paid provided Employee is still employed by Employer on the payment date.  Employee has the bonus potential of $200,000 per year.

       

      Employee shall be entitled to participate in the “Farmers & Merchants Bank of Central California Executive Retirement Plan –
          Equity Component,” starting for the 3rd quarter of 2022.  Employee shall be entitled to an initial contribution to the Executive Retirement Plan – Equity Component
          of $25,000 after 120 days of satisfactory performance.

       

      Section 4.03 - Benefits:  Employee shall be entitled to participate in vacation, medical, dental, pension, sick leave, 401(k), profit sharing, disability insurance or other plans of general application, or other benefits which are in effect as
        to other officers of equivalent title of the Bank, or as may be in effect from time to time, in accordance with the rules established for individual participation in any such plan.

       

      Section 4.04 – Business Related Expense Reimbursement:  The Bank shall reimburse Employee for all appropriate and reasonable expenses incurred in performing Employee’s duties, including providing and paying for the dues and fees of membership in
        local service and civic clubs and/or organizations as the Bank deems appropriate and necessary for enhancement of its presence within the local business community.  In order to be eligible for reimbursement of these expenses, Employee must obtain
        pre-approval for such memberships from the Bank’s Chief Executive Officer and must provide the Bank with receipts and documented evidence of payment as is required by federal and state laws and regulations.

       

      
        
          

      

      Section 4.05 - Directors and Officers Liability Insurance Coverage:  To the extent commercially reasonable to do so under prevailing conditions in the insurance market, the Bank shall provide directors and officers liability insurance coverage
        for the protection of Employee on terms and conditions no less favorable to Employee than are in effect on the date that this Agreement shall become effective. Following any termination of Employee’s employment with the Bank, such coverage shall be
        continued under substantially the same terms and conditions as are in effect immediately prior to such termination of employment at no cost to Employee until all applicable statutes of limitation expire with respect to claims arising prior to such
        termination of employment.  Employee expressly acknowledges, however, that the Bank cannot and shall not guarantee the performance of the insurance company issuing such directors and officers liability insurance coverage pursuant to this Section. 
        In addition to the foregoing, the Bank shall also continue to make indemnification and advancement of litigation expense payments to Employee to the maximum extent and for the maximum period permitted by law; provided, however, that the obligation
        of the Bank to advance litigation expense payments shall be subject to Employee having executed and delivered to the Bank, in a form approved by the Bank, an undertaking to return such payments in the event that a court or other tribunal shall have
        determined that Employee is not entitled to indemnification under the applicable legal standards.

       

      PART V

      

      

      EXPENSES

       

      Section 5.01 - Travel and Entertainment Expenses:  During the term of this Agreement, the Bank shall reimburse Employee for reasonable out of pocket expenses incurred in connection with the Bank’s business, including travel expenses, food and
        lodging while away from Employee’s home, subject to such policies as the Bank may from time to time establish for other officers of equivalent title.  Employee shall keep records of Employee’s travel and entertainment expenses in a form suitable to
        the Internal Revenue Service and the Franchise Tax Board to qualify this reimbursement as a federal and state income tax deduction for the Bank.  In addition, Employee shall provide the Bank with receipts for all expenses for which Employee seeks
        reimbursement.

       

      
        
          

      

      PART VI

       

      TERMINATION OF EMPLOYMENT

       

      Section 6.01 - Termination at Option of the Bank:  The Bank may terminate this Agreement at any time and without “Cause” (as defined below) by giving Employee sixty (60) days written notice of the Bank’s intent to terminate this Agreement.  The
        60th day after Notice of Termination shall be deemed Employee’s Separation Date; unless the Bank in its sole discretion determines that it will pay the employee an amount equal to continued base salary in lieu of some or all of the 60 days notice,
        and this earlier date shall be the Separation Date.  In the event Employee’s employment is terminated by the Bank pursuant to this Section, Employee shall be paid all accrued salary, accrued but unused vacation, and reimbursement expenses for which
        expense reports have been provided to the Bank, or which are provided to the Bank prior to the Separation Date, in accordance with the Bank’s policies and this Agreement.  In addition to the foregoing amounts, if Employee is terminated by the Bank
        pursuant to this Section, and subject to (A) Employee’s continued satisfactory employment through, and termination of employment on, the Separation Date; (B) Employee’s continued loyalty to the Bank, which includes, but is not limited to, Employee
        or any outside third party refraining from any announcements to anyone inside or outside the Bank that Employee is leaving the Bank; and (C) Employee’s execution and non-revocation of a general release of all claims in the form attached hereto as
        Exhibit A (the “Release”), which Release becomes irrevocable within 60 days following the Separation Date or such earlier deadline provided by the Bank, then Employee will be entitled to receipt of the following Severance Package:

       

      	1.	
              A Severance Payment equivalent to six (6) times the highest monthly base salary which Employee has earned during Employee’s employment with the Bank.  The Severance Payment shall be paid out in equal increments on regularly scheduled pay
                days for a period of six months following the Separation Date, provided that any payments delayed pending the effectiveness of the Release shall be accumulated and paid in a lump sum on the next pay day following the effectiveness of the
                Release, with any remaining payments due paid in accordance with the schedule otherwise provided herein.  Such payments will cease, however, if Employee fails to comply with the provisions of Part VII of this Agreement.

            

       

      	2.	
              Payment of all awards of benefit plans and incentive and retention programs in accordance with the terms of those plans and programs, including applicable vesting and forfeiture provisions.  Any such payment or distribution from a
                nonqualified deferred compensation plan shall be governed by the terms of such plan relating to the timing of distributions.

            

       

      Section 6.02 - Termination for Cause:  The Bank may terminate Employee’s employment at any time for “Cause” upon written Notice of Termination to Employee, setting forth in reasonable detail the basis for the determination of “Cause.” 
        Termination for Cause shall be effective immediately upon receipt of the Notice of Termination by Employee, and the date on which the Notice of Termination is received shall be deemed the Separation Date.  If Employee is terminated pursuant to this
        Section 6.02, Employee shall be entitled only to accrued salary, vacation and reimbursement of expenses for which expense reports have been provided to the Bank, or which are provided to the Bank prior to the Separation Date, in accordance with the
        Bank’s policies and this Agreement.  Employee shall be entitled to no further compensation or severance payment of any nature; provided however, that Employee will also be entitled to payment of all awards of benefit plans and incentive and
        retention programs in accordance with the terms of those plans, including any applicable vesting and forfeiture provisions.  Any such payment or distribution from a nonqualified deferred compensation plan shall be governed by the terms of such plan
        relating to the timing of distributions.

       

      “Cause” for purposes of this Agreement shall be defined as follows:

       

      A.          The death of Employee;

       

      
        
          

      

      B.          Conviction of a felony resulting in a material economic adverse effect on the Bank or its affiliates;

       

      C.          Committing acts of dishonesty, theft, embezzlement or other acts of moral turpitude against the Bank or its affiliates;

       

      D.          A material breach of, or intentional failure to perform any of Employee’s duties which is not cured by Employee to the reasonable satisfaction of the Bank’s Chief Executive Officer within thirty (30) days,
        or within a deadline jointly defined by Employee and the Bank’s Chief Executive Officer after written notice is provided by the Bank’s Chief Executive Officer setting forth in reasonable detail the nature of the breach or failure;

       

      E.          An unauthorized, willful, knowing or reckless disclosure of any confidential information concerning the Bank or its affiliates or any of its directors, shareholders, customers or employees; or

       

      F.          Any action that constitutes a material disruption of Bank personnel relationships, that damages the Bank’s reputation or the reputation of any of its directors, shareholders, customers or employees, or that
        materially adversely affects the professional or business operations or practices of the Bank.

       

      Section 6.03 - Termination at Option of Employee:  This Agreement may be terminated by Employee at Employee’s sole discretion by giving ninety (90) days written Notice of Resignation to the Bank.  If Employee terminates his/her employment
        pursuant to this Section 6.03, and subject to Employee’s continued satisfactory performance of such tasks and duties that may be assigned to Employee through the Separation Date, and Employee’s continued loyalty to the Bank through the Separation
        Date (which includes, but is not limited to, refraining from any announcements by Employee or any outside third party to anyone inside or outside the Bank that the Employee is leaving the Bank), Employee shall receive accrued salary and payment for
        accrued but unused vacation through the Separation Date.  Employee shall also be entitled to payment of all awards of benefit plans and incentive and retention programs, in accordance with the terms of those plans, including applicable vesting and
        forfeiture provisions.  Any such payment or distribution from a nonqualified deferred compensation plan shall be governed by the terms of such plan relating to the timing of distributions.  Alternatively, the Bank may, at its option, at any time
        after Employee gives written Notice of Resignation as herein provided, pay Employee’s accrued salary up to and including the effective Separation Date set forth in Employee’s Notice of Resignation, and thereupon immediately release and terminate
        Employee’s employment.  Notwithstanding the foregoing, if the Bank determines at any time during the 90-day notice period that Employee has failed to comply with the provisions of this Section 6.03 and Part VII of this Agreement, the Bank may
        shorten the notice period and accelerate the Separation Date, thereby reducing the compensation otherwise payable to Employee pursuant to this Section.

       

      
        
          

      

      Section 6.04 - Option to Terminate on Permanent Disability of Employee:  The Bank may terminate this Agreement if, during the term of this Agreement, Employee shall become “Permanently Disabled,” as that term is defined herein.  A termination
        pursuant to this Section 6.04 shall be deemed a termination without “Cause,” and shall be governed by the procedures, and shall entitle Employee to the Severance Package specified in Section 6.01. For purposes of this Agreement, Employee shall be
        deemed to have become Permanently Disabled if Employee is unable to engage in any substantial gainful activity, with or without reasonable accommodation, for an aggregate of 120 working days over a six month period, by reason of any medically
        determinable physical or mental impairment.  The Bank may issue its Notice of Termination to Employee on or after the 90th working day of Permanent Disability, as
        defined herein.

       

      The Notice of Termination shall be deemed withdrawn and the Agreement shall remain in effect after a Notice of Termination has been given to Employee under the following circumstances.

       

      	A.	
              Within thirty (30) days of the Notice of Termination being given to Employee, Employee returns to the full performance of Employee’s duties and provides medical certification that Employee can perform the essential functions of
                Employee’s duties with or without reasonable accommodation; or

            

       

      	B.	
              Within thirty (30) days of the Notice of Termination being given to Employee, Employee requests a reasonable accommodation from the Bank which would permit Employee to perform the essential functions of Employee’s duties and such
                reasonable accommodation can be provided by the Bank without an undue hardship.

            

       

      Section 6.05 – Non-Renewal of Agreement.  For the avoidance of doubt, if this Agreement is not renewed automatically, Employee will not be entitled to the Severance Package specified in Section 6.01.

       

      Section 6.06 - Continuation of Medical Benefits:  In the event Employee’s employment is terminated, Employee shall be afforded the right to continue his/her medical benefits to the extent provided in the Consolidated Omnibus Budget
        Reconciliation Act (“COBRA”), at his/her expense.  The Bank shall provide Employee with the appropriate COBRA notification within the time required by law from the Separation Date.

       

      
        
          

      

      PART VII

       

      COVENANTS

       

      Section 7.01 - Confidential Nature of Relationship.  Employee acknowledges (i) the highly competitive nature of the business and the industry in which the Bank competes; (ii) that as a key executive of the Bank he/she has participated in and
        will continue to participate in the service of current Customers and/or the solicitation of Prospective Customers, through which, among other things, Employee has obtained and will continue to obtain knowledge of the “know-how” and business
        practices of the Bank, in which matters the Bank has a substantial proprietary interest; (iii) that his/her employment hereunder renders the performance of services which are special, unique, extraordinary and intellectual in character, and his/her
        position with the Bank placed and places him/her in a position of confidence and trust with the Customers and employees of the Bank; and (iv) that his/her rendering of services to the Customers of the Bank necessarily requires the disclosure to
        Employee of Trade and Business Secrets, Proprietary and Confidential Information, and Bank Materials (as defined in Section 7.03 below) of the Bank.  In the course of Employee’s employment with the Bank, Employee has and will continue to develop a
        personal relationship with the customers and prospective customers (defined for purposes of this Agreement as customers that the Bank is either actively soliciting or in the process of making a proposal for services to as of Employee’s Separation
        Date) of the Bank and a knowledge of those Customers’ and Prospective Customers’ affairs and requirements, and the relationship of the Bank with its established clientele has been, and will continue to be, placed in Employee’s hands in confidence
        and trust.   Employee consequently agrees that it is a legitimate interest of the Bank, and reasonable and necessary for the protection of the confidential information, goodwill and business of the Bank, which is valuable to the Bank, that Employee
        make the covenants contained herein.

       

      Employee Initials ____

       

      Section 7.02 - Restrictions:  Accordingly, Employee agrees, he/she shall not, as an individual, employee, consultant, independent contractor, partner, shareholder, or in association with any other person, business or enterprise, directly or
        indirectly, engage in the following:

       

      	A.	
              Disclosure of Proprietary Information or Materials.  Employee agrees that he/she will not directly or indirectly reveal, report, publish or disclose to any person, firm, or corporation not expressly authorized in writing by the Bank’s
                Board of Directors to receive any Trade and Business Secret, Proprietary and Confidential Information or Bank Materials (as defined in Section 7.03 below).  Employee further agrees that he/she will not use any Trade and Business Secret,
                Proprietary and Confidential Information and/or Bank Materials for any purpose except to perform his/her employment duties for the Bank and such Trade and Business Secret, Proprietary and Confidential Information and/or Bank Materials may
                not be used or disclosed by Employee for his/her own benefit or purpose or for the benefit or purpose of a subsequent employer.  These agreements will continue to apply after Employee is no longer employed by the Bank so long as such Trade
                and Business Secrets, Proprietary and Confidential Information and Bank Materials are not nor have become, by legitimate means, generally known to the public.

            

       

      	B.	
              Solicitation of Employees.  Employee agrees that at all times during his/her employment with the Bank Employee will not, directly or indirectly, solicit or recruit any employee of the Bank or its affiliates for the purpose of being
                employed by, or serving as a consultant or information resource to, Employee, or any competitor of the Bank or its affiliates on whose behalf Employee is acting as an agent, representative.

            

       

      	C.	
              Solicitation of Customers.  During Employee’s employment by the Bank and its affiliates and for a period of twelve (12) months after such employment ceases,  Employee shall not, directly or indirectly (whether as an officer, director,
                owner, employee, partner, consultant or other participant), use any Trade and Business Secret, Proprietary and Confidential information, or Bank Materials to identify, solicit or entice any Customer or Prospective Customer of the Bank or
                its affiliates to make any changes whatsoever in their current or prospective relationships with the Bank or its affiliates, and will not assist any other Person or entity to interfere with or dispute such current or prospective
                relationships.  If Employee leaves the Bank and goes to work for a new employer that is a competitor of the Bank, and if that new employer already has an existing relationship with a Customer or Prospective Customer of the Bank or its
                affiliates, this paragraph does not preclude Employee from making contact with such Customer or Prospective Customer on the new employer’s behalf, so long as such contact otherwise complies with the provisions of this paragraph.

            

       

      
        
          

      

      Employee initials _____

       

      Section 7.03 – Definitions:

       

      A.          TRADE AND BUSINESS SECRETS means information, including a formula, pattern, compilation, program, device, method, technique or process that derives independent economic value, actual or potential, from not being generally known to
        the public or to other persons who can obtain economic value from its disclosure or use, and is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.

       

      B.          PROPRIETARY AND CONFIDENTIAL INFORMATION means trade secrets, computer programs, designs, technology, ideas, know-how, processes, formulas, compositions, data, techniques, improvements, inventions (whether patentable or not), works
        of authorship, or other information concerning the Bank’s:

       

      (i) Business Activities, including but not limited to: actual or anticipated strategic plans and initiatives; marketing plans, advertising and collateral materials; new product development plans; competitor analyses;
        analyses of internal financial performance; financial forecasts and budgets; Customer and Prospective Customer strategies and lists; proprietary designs of facilities and other delivery systems and processes; and any similar information to which
        Employee has access by virtue of performing his/her duties for the Bank.

       

      (ii) Customers, including but not limited to: information about  the Bank’s Customers or Prospective Customers, such as the Customer’s or Prospective Customer’s key decision-makers; Customer preferences; Customer
        strategies; terms of any contractual arrangements with the Bank; business considerations; loan, deposit and other product and service pricing, terms and conditions; repayment structures; fee arrangements; and structure of guarantees from other
        entities; and any similar information to which Employee has access by virtue of performing his/her duties for the Bank.

       

      (iii) Employees, including but not limited to: names of and contact information for the Bank’s employees; their compensation, incentive plans, retirement plans, terms of employment, areas of expertise, projects, and
        experience; and any similar information to which Employee has access by virtue of performing his/her duties for the Bank.

       

      
        
          

      

      “Proprietary and Confidential Information” includes any information, in whatever form or format, including that which has not been memorialized in writing.

       

      C.          BANK MATERIALS means documents or other media or tangible items that contain or embody PROPRIETARY AND CONFIDENTIAL INFORMATION or any other information concerning the business, operations or plans of the Bank and its Customers and
        Prospective Customers, whether such documents have been prepared by Employee or by others.  BANK MATERIALS include, but are not limited to, blueprints, drawings, photographs, charts, graphs, notebooks, customer lists, computer disks, photographs of
        proprietary information or documents on cell phones, iPads or other electronic devices, photocopies of proprietary information or documents, emails, text messages, tapes or printouts, sound recordings and other printed, typewritten, handwritten or
        computer-generated documents, as well as samples, prototypes, product collateral materials, advertising materials, models, products and the like.

       

      Employee Initials ____

       

      Section 7.04 - Return of the Bank’s Property:  Upon termination of his/her employment with the Bank for any reason, Employee will promptly deliver to the Bank, without copying or summarizing, all Trade and Business Secrets, Proprietary and
        Confidential Information, and Bank Materials that are in Employee’s possession or under Employee’s control, including, without limitation, all physical property, keys, documents, lists, electronic storage media, cell phones, iPads, manuals,
        letters, notes, and reports, including all originals, reproductions, recordings, disks, or other media.

       

      Employee acknowledges that Employee has been apprised of the provisions of Labor Code Section 2860 which provides:  “Everything which an Employee acquires by virtue of his employment, except the compensation which is due him from his Employer,
        belongs to the Employer, whether acquired lawfully or unlawfully, or during or after the expiration of the term of his employment.” Employee understands that any work that Employee created or helped create at the request of the Bank, including user
        manuals, training materials, sales materials, Customer and Prospective Customer information and business data, process manuals, and other written and visual works, are works made for hire in which the Bank owns the copyright.  Employee may not
        reproduce or publish these copyrighted works, except in the pursuit of his/her employment duties with the Bank.

       

      Employee Initials ____

       

      Section 7.05 - Separate Covenants:  The covenants of Part VII of this Agreement shall be construed as separate covenants covering their particular subject matter.  In the event that any covenant shall be found to be judicially unenforceable,
        said covenant shall not affect the enforceability or validity of any other part of this Agreement.

       

      Employee Initials ____

       

      Section 7.06 - Continuing Obligation:  Employee’s obligations set forth in Part VII of this Agreement shall expressly continue in effect beyond Employee’s employment period in accordance with their terms, and such obligations shall be binding on
        Employee’s assigns, executors, administrators and other legal representatives.

       

      
        
          

      

      Employee Initials ____

       

      Section 7.07- Remedies for Violation. In view of the nature of Employee’s employment with the Bank, Employee likewise agrees that the Bank and its affiliates would be irreparably harmed by any violation of the terms of this Part VII and that the
        Bank and its affiliates shall therefore be entitled to preliminary and/or permanent injunctive relief prohibiting  Employee from engaging in any activity or threatened activity in violation of the terms of this Section, in addition to any other
        relief, including financial compensation commensurate with damages caused, available to them.

       

      Employee Initials___

       

      PART VIII

       

      TAXES

       

      Section 8.01 - Withholding:  All payments to be made to Employee under this Agreement will be subject to required withholding of federal, state and local income and employment taxes as applicable.

       

      Section 8.02 - Section 409A:

       

      A.          Notwithstanding any provision to the contrary in this Agreement, the Bank shall delay the commencement of payments or benefits coverage to which Employee would otherwise become entitled under the Agreement in connection with
        Employee’s termination of employment until the earlier of (i) the expiration of the six-month period measured from the date of Employee’s “separation from service” with the Bank (as such term is defined in Treasury Regulations issued under Section
        409A of the Code (defined below)) or (ii) the date of Employee’s death, if the Bank in good faith determines that Employee is a “specified employee” within the meaning of that term under Code Section 409A at the time of such separation from service
        and that such delayed commencement is otherwise required in order to avoid a prohibited distribution under Section 409A(a)(2) of the Code.  Upon the expiration of the applicable Code Section 409A(a)(2) deferral period, all payments and benefits
        deferred pursuant to this Section 8.02 (whether they would have otherwise been payable in a single sum or in installments in the absence of such deferral) shall be paid or reimbursed to Employee in a lump sum, and any remaining payments and
        benefits due under the Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

       

      B.          In addition, to the extent the Bank is required pursuant to this Agreement to reimburse expenses incurred by Employee, and such reimbursement obligation is subject to Section 409A of the Code, the Bank shall reimburse any such
        eligible expenses by the end of the calendar year next following the calendar year in which the expense was incurred, subject to any earlier required deadline for payment otherwise applicable under this Agreement; provided, however, that the
        following sentence shall apply to any tax gross-up payment and related expense reimbursement obligation, to the extent subject to Section 409A.  Any such tax gross-up payment will be made by the end of the calendar year next following the calendar
        year in which Employee remits the related taxes.

       

      
        
          

      

      C.          For purposes of the provisions of this Agreement which require commencement of payments or benefits subject to Section 409A upon a termination of employment, the terms “termination of employment” and “Separation Date” shall mean a
        “separation from service” with the Bank (as such term is defined in Treasury Regulations issued under Code Section 409A), notwithstanding anything in this Agreement to the contrary.

       

      D.          In each case where this Agreement provides for the payment to Employee of an amount that constitutes nonqualified deferred compensation under Section 409A and such payment is subject to the execution and non-revocation of a release
        of claims, (1) any payments delayed pending the effectiveness of the release shall be accumulated and paid in a lump sum following the effectiveness of the release, with any remaining payments due paid in accordance with the schedule otherwise
        provided herein, and (2) if the period between the Separation Date and the last day on which the release could become irrevocable assuming Employee’s latest possible execution and delivery of the release spans two calendar years, then such deferred
        payments shall not be made before the second calendar year, even if the release becomes irrevocable in the first calendar year, if such payments constitute nonqualified deferred compensation under Section 409A.

       

      E.          Any series of payments provided under this Agreement (excluding plans or agreements incorporated by reference) shall for all purposes of Code Section 409A be treated as a series of separate payments and not as single payments.

       

      F.          The provisions of this Part VIII are intended to comply with Code Section 409A and shall be interpreted consistent with such section.

       

      PART IX

       

      GENERAL PROVISIONS

       

      Section 9.01 - Notices:  Any notice to be given to the Bank under the terms of this Agreement, and any notice to be given to Employee, shall be addressed to such Party at the mailing address the Party may hereafter designate in writing to the
        other.  Any such notice shall be deemed to have been duly given four days after the same shall be enclosed in a properly sealed and addressed envelope, registered or certified, and deposited (postage or registry or certification fee prepaid) in a
        post office or branch post office regularly maintained by the United States Government or upon actual delivery to the Party by messenger or delivery service, with receipt acknowledged in writing by the Party to whom such notice is addressed.

       

      Section 9.02 - Entire Agreement:  This Agreement and the agreement(s) incorporated by reference herein (“Farmers & Merchants Bank of Central California Executive Retirement Plan”) supersede any and all other agreements or understandings,
        whether oral, implied, or in writing, between the Parties hereto with respect to the subject matter hereof and contain all of the covenants and agreements between the Parties with respect to such matters in their entirety.  Each Party to this
        Agreement acknowledges that no representations, inducements, promises or agreements, orally or otherwise, have been made by any Party, or anyone acting on behalf of any Party, which is not embodied herein, and that no other agreement, statement or
        promise not contained in this Agreement shall be valid or binding.  Any modification(s) to this Agreement will be effective only if in writing and signed by the Parties hereto.

       

      
        
          

      

      Section 9.03 - Notwithstanding any other provision of this Agreement, this Agreement and all rights and obligations of the Parties hereunder shall be subject to the provisions of the Federal Deposit Insurance Act and the regulations adopted
        thereunder, including without limitation 12 Code of Federal Regulations, Part 359.

       

      Section 9.04 - Partial Invalidity:  If any provisions in this Agreement are held by a court of competent jurisdiction or an arbitrator to be invalid, void or unenforceable, the remaining provisions shall nevertheless continue in full force and
        effect without being impaired or invalidated in any way.

       

       Section 9.05 - Continuing Obligations:  The obligations of the covenants contained in this Agreement shall survive the termination of the Agreement and any employment relationship between the Bank and Employee.  Accordingly, neither the Bank
        nor Employee shall be relieved of the continuing obligations of the covenants contained in this Agreement.

       

      Section 9.06 - Employee’s Representations:  Employee represents and warrants that Employee is free to enter into this Agreement and to perform each of the terms and covenants in it.  Employee represents and warrants that Employee is not
        restricted or prohibited, contractually or otherwise, from entering into and performing this Agreement, and that Employee’s execution and performance of this Agreement is not a violation or breach of any other agreement or other legal obligation
        between Employee and any other person or entity.

       

      Section 9.07 - Governing Law:  This Agreement (not including any plans or agreements incorporated by reference) shall be construed and enforced in accordance with, and the rights of the Parties shall be governed by, the laws of the State of
        California.

       

      Section 9.08 - Full Settlement:  The Bank’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be not be affected by any set off, counterclaim, recoupment, defense or other
        claim, right or action which the Bank may have against Employee or others. In no event shall Employee be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to Employee under any of the provisions
        of this Agreement and such amount shall not be reduced whether or not Employee obtains other employment.

       

      Section 9.09 - Successors:  This Agreement shall be binding upon and enforceable against any successors to the Bank. No duties provided for under this Agreement may be delegated by any of the Parties hereto.  The Bank will require any successor
        (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and assets of the Bank to assume expressly and agree to perform this Agreement in the same matter and to the same extent that
        the Bank would be required to perform it if no such succession had taken place. As used herein, the term “Bank” shall mean the Bank as hereinbefore defined and any successor to its business and assets as aforesaid which assumes and agrees to
        perform this Agreement by operation of law or otherwise. This Agreement shall inure to the benefit of and be enforceable by Employee’s legal representatives.

       

      
        
          

      

      Section 9.10 - No Waiver:  The failure of any of the Parties hereto to insist on strict compliance with any provision of this Agreement, or the failure to assert any right of any Party hereto may have hereunder, shall not be deemed to be a
        waiver of such provision or right or of any other provision or right contained in this Agreement.

       

      Section 9.11 – Advice of Counsel:  Employee warrants that he/she has consulted with legal counsel of his/her choice to advise him/her with respect to the terms and conditions of this Agreement.

       

      	
              On behalf of FARMERS & MERCHANTS BANK OF CENTRAL CALIFORNIA

            
	 	 	 	 	 
	
              By:

            	
              /s/ Edward Corum, Jr.

            	 	
              Date:

            	
              July 20, 2022

            
	 	

            	 	 	 
	 	
              Edward Corum, Jr.

            	 	 	 
	 	
              Chairman of the Personnel Committee

            	 	 	 

      

      

      	
              Employee:   

              

            	/s/ Kyle Koelbel	 	
              Date: 

            	
              June 29, 2022

            
	 	 	 	 	 
	 	
              Kyle KoelbelExhibit 4.2

 

REZOLUTE, INC.

2022
EMPLOYEE STOCK PURCHASE PLAN

 

(As Adopted June 16, 2022)

 

1.             General.

 

(a)            Purpose.
The purpose of the Plan is to provide employees of the Company and its Designated Subsidiaries with an opportunity to purchase Common
Stock through accumulated payroll deductions. The Company’s intention is to have the Plan and Offerings thereunder qualify as an
 “employee stock purchase plan” under Section 423 of the Code. The provisions of the Plan, accordingly, will be construed
so as to extend and limit Plan participation in a uniform and nondiscriminatory basis consistent with the requirements of Section 423
of the Code.

 

(b)            Effectiveness.
The first Offering Period under the Plan will commence on the first Trading Day on or after the first Offering Date determined
by the Administrator in its sole discretion, as provided in Section 4.

 

2.            Definitions.

 

(a)           “Administrator”
means the Board or any Committee designated by the Board to administer the Plan pursuant to Section 14.

 

(b)           “Applicable
Laws” means the requirements relating to the administration of equity-based awards under U.S. state corporate laws,
U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or
quoted and the applicable laws of any foreign country or jurisdiction where awards are, or will be, granted under the Plan.

 

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

 

(d)            “Change
in Control” means the occurrence of any of the following events:

 

(i)            Any
 “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial
owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing 50%
or more of the total voting power represented by the Company’s then outstanding voting securities; or

 

(ii)            The
consummation of the sale or disposition by the Company of all or substantially all of the Company’s assets; or

 

(iii)            The
consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would
result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding
or by being converted into voting securities of the surviving entity or its parent) at least 50% of the total voting power represented
by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation; or

 

     

     

    

 

(iv)            A
change in the composition of the Board occurring within a 2 year period, as a result of which less than a majority of the Directors are
Incumbent Directors. “Incumbent Directors” means Directors who either (A) are Directors as of the effective date of
the Plan, or (B) are elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the Directors
at the time of such election or nomination (but will not include an individual whose election or nomination is in connection with an
actual or threatened proxy contest relating to the election of Directors to the Company).

 

(e)            “Code”
means the Internal Revenue Code of 1986, as amended. Any reference to a section of the Code herein will be a reference to any successor
or amended section of the Code.

 

(f)            “Committee”
means a committee of the Board appointed in accordance with Section 14 hereof.

 

(g)            “Common
Stock” means the common stock of the Company.

 

(h)            “Company”
means Rezolute, Inc., a Nevada corporation.

 

(i)            “Compensation”
means an Employee’s base straight time gross earnings and commissions, exclusive of payments for overtime, shift premium, incentive
compensation, incentive payments, bonuses and other compensation.

 

(j)            “Designated
Subsidiary” means any Subsidiary that has been designated by the Administrator from time to time in its sole discretion
as eligible to participate in the Plan or any Offering.

 

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

 

(l)            “Eligible
Employee” means any individual who is a common law employee of an Employer and is customarily employed for at least 20
hours per week. For purposes of the Plan, the employment relationship will be treated as continuing intact while the individual is on
sick leave or other leave of absence that the Employer approves. Where the period of leave exceeds 90 days and the individual’s
right to reemployment is not guaranteed either by statute or by contract, the employment relationship will be deemed to have terminated
on the 91st day of such leave. The Administrator, in its discretion, from time to time may, prior to the Offering Date of an Offering,
determine (on a uniform and nondiscriminatory basis) that the definition of Eligible Employee will or will not include an individual
if they: (i) have not completed a period of time as may be determined by the Administrator in its discretion (but not to exceed
2 years of service since their last hire date), (ii) customarily work not more than 20 hours per week (or such lesser period of
time as may be determined by the Administrator in its discretion), (iii) customarily work not more than 5 months per calendar year
(or such lesser period of time as may be determined by the Administrator in its discretion), or (iv) are a highly compensated employee
under Section 414(q) of the Code with compensation above a certain level or who are Officers or subject to the disclosure requirements
of Section 16(a) of the Exchange Act. Notwithstanding any provision of the Plan, the Administrator may in its sole discretion
prior to the Offering Date of an Offering determine that citizens or residents of a foreign jurisdiction who are employed by the Company
or a Designated Subsidiary shall not be Eligible Employees if, as of the Offering Date of the grant of an Option to citizens or residents
of the foreign jurisdiction is prohibited under the laws of such jurisdiction; or compliance with the laws of the foreign jurisdiction
would cause the Offering to violate the requirements of Code Section 423. For rules regarding participation of foreign Subsidiaries,
Section 27 shall govern.

 

    	 	2	 

     

    

 

(m)            “Employer”
means any one or all of the Company and its Designated Subsidiaries.

 

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

 

(o)            “Exercise
Date” means the last Trading Day of each Purchase Period. Notwithstanding the foregoing, the Administrator, in its discretion,
from time to time may, prior to the Offering Date of an Offering, determine (on a uniform and nondiscriminatory basis) when the Exercise
Dates will occur during a Purchase Period.

 

(p)            “Fair
Market Value” means, with respect to shares of Common Stock, the fair market value of such property determined by such
methods or procedures as shall be established from time to time by the Administrator. Notwithstanding the foregoing, unless otherwise
determined by the Administrator, the Fair Market Value of shares of Common Stock on a given date for purposes of the Plan shall be the
closing sale price of the shares as reported on the NASDAQ Global Market on such date or, if such market is not open for trading on such
date, on the most recent preceding date when such market is open for trading.

 

(q)            “Fiscal
Year” means the fiscal year of the Company.

 

(r)            “New
Exercise Date” means a new Exercise Date set by shortening any Offering Period then in progress.

 

(s)            “Offering”
means the grant of Options to purchase shares of Common Stock under the Plan to Eligible Employees. The terms of each Offering need
not be identical; provided, however, that the rights and privileges established with respect to an Offering will apply in an identical
manner to all employees of the Company and each Designated Subsidiary that are granted Options under the Offering.

 

(t)            “Offering
Date” means the first Trading Day of each Offering Period.

 

(u)            “Offering
Period” means the period of time the Administrator may determine prior to an Offering Date, for Options to be granted on
such Offering Date, during which an Option granted under the Plan may be exercised, not to exceed 27 months. Unless the Administrator
provides otherwise, Offering Periods will have a duration of approximately 6 months (i) commencing on the first Trading Day on or
after January 1 of each year and terminating on the last Trading Day in the period ending the following June 30, approximately
6 months later, and (ii) commencing on the first Trading Day on or after July 1 of each year and terminating on the last Trading
Day in the period ending the following December 31, approximately 6 months later. The duration and timing of Offering Periods may
be changed pursuant to Sections 4, 19 and 20.

 

    	 	3	 

     

    

 

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

 

(w)            “Option”
means an option to purchase shares of Common Stock granted pursuant to the Plan.

 

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

 

(y)            “Participant”
means an Eligible Employee who holds an outstanding Option granted pursuant to the Plan.

 

(z)            “Plan”
means this Rezolute, Inc. 2022 Employee Stock Purchase Plan, as set forth herein and as may be amended from time to time.

 

(aa)          “Purchase
Period” means the period during an Offering Period during which shares of Common Stock may be purchased on a Participant’s
behalf in accordance with the terms of the Plan or Offering. Unless and until the Administrator provides otherwise, the Purchase Period
will have the same duration and coincide with the length of the Offering Period.

 

(bb)         “Purchase
Price” shall be determined by the Administrator (on a uniform and nondiscriminatory basis) prior to an Offering Date for
all Options to be granted on such Offering Date, subject to compliance with Section 423 of the Code and Treasury regulations promulgated
thereunder (or any successor rule or provision or any other Applicable Laws) or pursuant to Section 20. Unless and until the
Administrator provides otherwise with respect to an Offering, the Purchase Price will be equal to 85% of the Fair Market Value of a share
of Common Stock on the Offering Date or the Exercise Date, whichever is lower.

 

(cc)          “Securities
Act” means the Securities Act of 1933, as amended, including the rules and regulations promulgated thereunder.

 

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

 

(ee)          “Trading
Day” means a day on which the national stock exchange upon which the Common Stock is listed is open for trading.

 

    	 	4	 

     

    

 

3.            Eligibility.

 

(a)            Offering
Periods.  Any individual who is an Eligible Employee on a given Offering Date of any Offering Period will be eligible
to participate in the Plan, subject to the requirements of Section 5.

 

(b)            Limitations.  Any
provisions of the Plan to the contrary notwithstanding, no Eligible Employee will be granted an Option under the Plan (i) to the
extent that, immediately after the grant, such Eligible Employee (or any other person whose stock would be attributed to such Eligible
Employee pursuant to Section 424(d) of the Code) would own capital stock of the Company or any Parent or Subsidiary of the
Company and/or hold outstanding options to purchase such stock possessing 5% or more of the total combined voting power or value of all
classes of the capital stock of the Company or of any Parent or Subsidiary of the Company, or (ii) to the extent that their rights
to purchase stock under all employee stock purchase plans (as defined in Section 423 of the Code) of the Company or any Parent or
Subsidiary of the Company accrues at a rate which exceeds $25,000 worth of stock (determined at the Fair Market Value of the stock at
the time such Option is granted) for each calendar year in which such Option is outstanding at any time.

 

4.            Offering
Periods.  The Plan will be implemented by consecutive Offering Periods with a new Offering Period commencing on the
first Trading Day on or after January 1 and July 1 each year, or on such other date as the Administrator will determine, and
continuing thereafter until terminated in accordance with Section 20 hereof. The first Offering Period under the Plan will commence
on the first Trading Day on or after July 1, 2022, and will end on the last Trading Day in the period ending December 31, 2022,
approximately 6 months later. The Administrator will have the power to change the duration of Offering Periods (including the commencement
dates thereof) with respect to future Offerings without stockholder approval if such change is announced prior to the scheduled beginning
of the first Offering Period to be affected thereafter.

 

5.            Participation.  An
Eligible Employee may participate in the Plan pursuant to Section 3 by (a) submitting to the Company’s payroll office
(or its designee), on or before a date prescribed by the Administrator prior to an applicable Offering Date, a properly completed subscription
agreement, substantially in the form of Exhibit A or such other form suggested by the Administrator from time to time, authorizing
payroll deductions in the form provided by the Administrator for such purpose, or (b) following an electronic or other enrollment
procedure prescribed by the Administrator.

 

6.            Payroll
Deductions.

 

(a)            At
the time a Participant enrolls in the Plan pursuant to Section 5, they will elect to have payroll deductions made on each pay day
during the Offering Period in an amount not exceeding 15% of the Compensation which they receives on each pay day during the Offering
Period; provided, however, that should a pay day occur on an Exercise Date, a Participant will have the payroll deductions made on such
day applied to their account under the subsequent Purchase or Offering Period. A Participant’s subscription agreement will remain
in effect for successive Offering Periods unless terminated as provided in Section 10 hereof.

 

    	 	5	 

     

    

 

(b)            Payroll
deductions for a Participant will commence on the first pay day following the Offering Date and will end on the last pay day prior to
the Exercise Date of such Offering Period to which such authorization is applicable, unless sooner terminated by the Participant as provided
in Section 10 hereof.

 

(c)            All
payroll deductions made for a Participant will be credited to their account under the Plan and will be withheld in whole percentages
only. A Participant may not make any additional payments into such account.

 

(d)            A
Participant may discontinue their participation in the Plan as provided in Section 10 by (i) properly completing and submitting
to the Company’s payroll office (or its designee), on or before a date prescribed by the Administrator, the form provided by the
Administrator for such purpose, or (ii) following an electronic or other procedure prescribed by the Administrator. If a Participant
has not followed such procedures, the rate of their payroll deductions will continue at the originally elected rate throughout the Offering
Period and future Offering Periods (unless terminated as provided in Section 10). Unless the Administrator determines otherwise
prior to the beginning of an Offering Period, a Participant may not increase or decrease the rate of their payroll deductions during
the Offering Period, other than a decrease due to a discontinuance of participation. To the extent the Administrator permits changes
in payroll deductions, the Administrator may, in its sole discretion, limit the nature and/or number of payroll deduction rate changes
that may be made by Participants during any Offering Period.

 

(e)            Notwithstanding
the foregoing, to the extent necessary to comply with Section 423(b)(8) of the Code and Section 3(b), or if the Administrator
reasonably anticipates a Participant has contributed a sufficient amount to purchase a number of shares of Common Stock equal to or in
excess of the applicable limit for such Offering Period (as set forth in Section 7 or as established by the Administrator), a Participant’s
payroll deductions may be decreased to 0% at any time during an Offering Period. Subject to Section 423(b)(8) of the Code and
Section 3(b) hereof, or for Participants who have had their contributions reduced due to the applicable limits on the maximum
number of shares that may be purchased in any Offering Period, payroll deductions will recommence at the rate originally elected by the
Participant effective as of the beginning of the first Offering Period which is scheduled to end in the following calendar year, unless
terminated by the Participant as provided in Section 10.

 

(f)            At
the time the Option is exercised, in whole or in part, or at the time some or all of the Common Stock issued under the Plan is disposed
of, the Participant must make adequate provision for the Company’s or Employer’s federal, state, or any other tax liability
payable to any authority, national insurance, Social Security or other tax withholding obligations, if any, which arise upon the exercise
of the Option or the disposition of the Common Stock. At any time, the Company or the Employer may, but will not be obligated to, withhold
from the Participant’s compensation the amount necessary for the Company or the Employer to meet applicable withholding obligations,
including any withholding required to make available to the Company or the Employer any tax deductions or benefits attributable to sale
or early disposition of Common Stock by the Eligible Employee.

 

    	 	6	 

     

    

 

(g)            Notwithstanding
any provision of the Plan, no payroll deductions may commence during an Offering Period unless the shares of Common Stock to be issued
upon exercise of the Options granted in the Offering are covered by an effective registration statement pursuant to the Securities Act.
If on an Offering Date the shares of Common Stock are not so registered, no payroll deductions shall take effect on such Offering Date,
and the Offering Date shall be delayed until the shares of Common Stock are subject to such an effective registration statement.

 

7.            Grant
of Option.  On the Offering Date of each Offering, each Eligible Employee participating in such Offering will be
granted an Option to purchase on each Exercise Date during the applicable Offering Period (at the applicable Purchase Price) up to a
number of shares of Common Stock determined by dividing such Eligible Employee’s payroll deductions accumulated prior to such Exercise
Date and retained in the Eligible Employee’s account as of the Exercise Date by the applicable Purchase Price; provided that in
no event will an Eligible Employee be permitted to purchase during each Offering Period more than 5,000 shares of the Common Stock (subject
to any adjustment made by the Administrator and announced prior to the scheduled beginning of the first Offering Period to be affected
thereafter or pursuant to Section 19), and provided further that such purchase will be subject to the limitations set forth in Sections 3(b) and
13. The Eligible Employee may accept the grant of such Option by electing to participate in the Plan in accordance with the requirements
of Section 5. The Administrator may, for future Offerings, increase or decrease, in its absolute discretion, the maximum number
of shares of Common Stock that an Eligible Employee may purchase during each Purchase Period or Offering Period. Exercise of the Option
will occur as provided in Section 8, unless the Participant has withdrawn pursuant to Section 10. The Option will expire on
the last day of the Offering Period.

 

8.            Exercise
of Option.

 

(a)            Unless
a Participant withdraws from the Plan as provided in Section 10, their Option will be exercised automatically on the Exercise Date,
and the maximum number of full shares subject to the Option will be purchased for such Participant at the applicable Purchase Price with
the accumulated payroll deductions in their account. No fractional shares of Common Stock will be purchased; any payroll deductions accumulated
in a Participant’s account which are not sufficient to purchase a full share will be retained in the Participant’s account
for the subsequent Offering, subject to earlier withdrawal by the Participant as provided in Section 10. Any other funds left over
in a Participant’s account after the Exercise Date will be returned to the Participant. During a Participant’s lifetime,
a Participant’s Option to purchase shares hereunder is exercisable only by them.

 

(b)            Notwithstanding
any contrary Plan provision, if the Administrator determines that, on a given Exercise Date, the number of shares of Common Stock with
respect to which Options are to be exercised may exceed (i) the number of shares of Common Stock that were available for sale under
the Plan on the Offering Date of the applicable Offering Period, or (ii) the number of shares of Common Stock available for sale
under the Plan on such Exercise Date, the Administrator may in its sole discretion provide that the Company will make a pro rata allocation
of the shares of Common Stock available for purchase on such Offering Date or Exercise Date, as applicable, in as uniform a manner as
will be practicable and as it will determine in its sole discretion to be equitable among all Participants exercising Options to purchase
Common Stock on such Exercise Date, and either (A) continue all Offering Periods then in effect or (B) terminate any or all
Offering Periods then in effect pursuant to Section 20. The Company may make a pro rata allocation of the shares available on the
Offering Date of any applicable Offering Period pursuant to the preceding sentence, notwithstanding any authorization of additional shares
for issuance under the Plan by the Company’s stockholders subsequent to such Offering Date.

 

    	 	7	 

     

    

 

9.            Delivery.  As
soon as reasonably practicable after each Exercise Date on which a purchase of shares of Common Stock occurs, the Company will arrange
the delivery to each Participant, as appropriate, of the shares purchased upon exercise of their Option in a form determined by the Administrator
(in its sole discretion) and pursuant to rules established by the Administrator. The Company may permit or require that shares be
deposited directly with a broker designated by the Company or to a designated agent of the Company, and the Company may utilize electronic
or automated methods of share transfer. The Company may require that shares be retained with such broker or agent for a designated period
of time and/or may establish other procedures to permit tracking of disqualifying dispositions of such shares. No Participant will have
any voting, dividend, or other stockholder rights with respect to shares of Common Stock subject to any Option granted under the Plan
until such shares have been purchased and delivered to the Participant as provided in this Section 9.

 

10.            Withdrawal.

 

(a)            Pursuant
to procedures established by the Administrator, a Participant may withdraw all but not less than all of the payroll deductions credited
to their account and not yet used to exercise their Option under the Plan at any time by (i) submitting to the Company’s payroll
office (or its designee) a written notice of withdrawal in the form prescribed by the Administrator for such purpose, or (ii) following
an electronic or other withdrawal procedure prescribed by the Administrator. All of the Participant’s payroll deductions credited
to their account will be paid to such Participant as promptly as practicable after receipt of notice of withdrawal and such Participant’s
Option for the Offering Period will be automatically terminated, and no further payroll deductions for the purchase of shares will be
made for such Offering Period. If a Participant withdraws from an Offering, payroll deductions will not resume at the beginning of the
succeeding Offering Period unless the Participant re-enrolls in the Plan in accordance with the provisions of Section 5 hereof.

 

(b)            A
Participant’s withdrawal from an Offering will not have any effect upon their eligibility to participate in any similar plan which
may hereafter be adopted by the Company or in succeeding Offerings which commence after the termination of the Offering from which the
Participant withdraws.

 

11.            Termination
of Employment.  Upon a Participant’s ceasing to be an Eligible Employee, for any reason, they will be deemed
to have elected to withdraw from the Plan and the payroll deductions credited to such Participant’s account during the Offering
Period but not yet used to purchase shares of Common Stock under the Plan will be returned to such Participant or, in the case of their
death, to the person or persons entitled thereto under Section 15, and such Participant’s Option will be automatically terminated.

 

    	 	8	 

     

    

 

12.            Interest.  No
interest will accrue on the payroll deductions of a Participant in the Plan.

 

13.            Stock.

 

(a)            Subject
to adjustment upon changes in capitalization of the Company as provided in Section 19 hereof, the maximum number of shares of Common
Stock which will be made available for sale under the Plan will be 500,000 shares.

 

(b)            Until
the shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the
Company), a Participant will only have the rights of an unsecured creditor with respect to such shares, and no right to vote or receive
dividends or any other rights as a stockholder will exist with respect to such shares.

 

(c)            Shares
of Common Stock to be delivered to a Participant under the Plan will be registered in the name of the Participant.

 

14.            Administration.  The
Plan will be administered by the Board or a Committee appointed by the Board, which Committee will be constituted to comply with Applicable
Laws. As of the date hereof, the Compensation Committee of the Board is the Administrator of the Plan. The Administrator will have full
and exclusive discretionary authority, subject to, and within the limitations of, the express provisions of the Plan:

 

(a)            To
determine how and when Options to purchase shares of Common Stock shall be granted and the provisions of each Offering of such Options
(which need not be identical);

 

(b)            To
designate from time to time which Subsidiaries of the Company shall be eligible to participate in the Plan as Designated Subsidiaries;

 

(c)            To
construe, interpret and apply the terms of the Plan and, in the exercise of this power, correct any defect, omission or inconsistency
in the Plan, in a manner and to the extent it shall deem necessary or expedient to make the Plan fully effective;

 

(d)            To
determine eligibility and to adjudicate all disputed claims filed under the Plan;

 

(e)            To
adopt rules or procedures relating to the operation and administration of the Plan, including, without limitation, rules and
procedures regarding eligibility to participate in the Plan or any Offering, the definition of Compensation, handling of payroll deductions,
making of contributions to the Plan (including, without limitation, in forms other than payroll deductions), establishment of bank or
trust accounts to hold payroll deductions, payment of interest, conversion of local currency, obligations to pay payroll tax, withholding
procedures and handling of stock certificates which vary with local requirements and such other procedures as are necessary to accommodate
the specific requirements of local laws and procedures for jurisdictions outside of the United States;

 

    	 	9	 

     

    

 

(f)            To
adopt such procedures and sub-plans as are necessary or appropriate to permit participation in the Plan by Employees who are foreign
nationals or employed outside the United States; and

 

(g)            Generally,
to exercise such powers and to perform such acts as it deems necessary or expedient to promote the best interests of the Company and
its Subsidiaries and to carry out the intent that the Plan be treated as a tax-qualified employee stock purchase plan.

 

Every finding,
decision and determination made by the Administrator will, to the full extent permitted by law, be final and binding upon all parties.
The Board may retain the authority to concurrently administer the Plan with the Committee and may, at any time, revert to the Board some
or all of the powers previously delegated. Whether or not the Board has delegated administration of the Plan to a Committee, the Board
shall have the final power to determine all questions of policy and expediency that may arise in the administration of the Plan.

 

15.            Death
of Participant.  In the event of the death of a Participant, the Company shall deliver any remaining cash balance
to the executor or administrator of the estate of the Participant, or if no such executor or administrator has been appointed (to the
knowledge of the Company), the Company, in its discretion, may deliver such cash balance to the spouse or to any one or more dependents
or relatives of the Participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company
may designate. All shares held by a broker or designated agent of the Company shall be delivered to such beneficiary named under the
brokerage or agent account (or if there is no such beneficiary, as provided under the account).

 

16.            Transferability.  Neither
payroll deductions credited to a Participant’s account nor any rights with regard to the exercise of an Option or to receive shares
of Common Stock under the Plan may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws
of descent and distribution or as provided in Section 15 hereof) by the Participant. Any such attempt at assignment, transfer, pledge
or other disposition will be without effect, except that the Company may treat such act as an election to withdraw from an Offering in
accordance with Section 10 hereof.

 

17.            Use
of Funds.  The Company may use all payroll deductions received or held by it under the Plan for any corporate purpose,
and the Company will not be obligated to segregate such payroll deductions. Until shares of Common Stock are issued, Participants will
only have the rights of an unsecured creditor with respect to such shares.

 

18.            Reports.  Individual
bookkeeping accounts will be maintained for each Participant in the Plan. Statements of account will be given to participating Eligible
Employees at least annually, which statements will set forth the amounts of payroll deductions, the Purchase Price, the number of shares
of Common Stock purchased and the remaining cash balance, if any. Notwithstanding the foregoing, all payroll deductions received under
the Plan shall be deposited with the general funds of the Company except where applicable law requires that contributions be deposited
with an independent third party.

 

    	 	10	 

     

    

 

19.            Adjustments,
Dissolution, Liquidation, Merger or Change in Control.

 

(a)            Adjustments.  In
the event that any dividend or other distribution (whether in the form of cash, Common Stock, other securities, or other property), recapitalization,
stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of
Common Stock or other securities of the Company, or other change in the corporate structure of the Company affecting the Common Stock
occurs, the Administrator, in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available
under the Plan, will, in such manner as it may deem equitable, adjust the number and class of Common Stock which may be delivered under
the Plan, the Purchase Price per share and the number of shares of Common Stock covered by each Option under the Plan which has not yet
been exercised, and the numerical limits of Sections 7 and 13 hereof.

 

(b)            Dissolution
or Liquidation.  In the event of the proposed dissolution or liquidation of the Company, any Offering Period then
in progress will be shortened by setting a New Exercise Date, and will terminate immediately prior to the consummation of such proposed
dissolution or liquidation, unless provided otherwise by the Administrator. The New Exercise Date will be before the date of the Company’s
proposed dissolution or liquidation. The Administrator will notify each Participant in writing, at least 10 business days prior to the
New Exercise Date, that the Exercise Date for the Participant’s Option has been changed to the New Exercise Date and that the Participant’s
Option will be exercised automatically on the New Exercise Date, unless prior to such date the Participant has withdrawn from the Offering
Period as provided in Section 10 hereof.

 

(c)            Merger
or Change in Control.  In the event of a merger or Change in Control, each outstanding Option will be assumed or
an equivalent option or right substituted by the successor corporation or a Parent or Subsidiary of the successor corporation (including
a right to acquire the same consideration paid to the stockholders in the merger or Change in Control). In the event that the successor
corporation refuses to assume or substitute for the Option, the Offering Period with respect to which such Option relates will be shortened
by setting a New Exercise Date and will end on the New Exercise Date. The New Exercise Date will occur before the date of the Company’s
proposed merger or Change in Control. The Administrator will notify each Participant in writing prior to the New Exercise Date, that
the Exercise Date for the Participant’s Option has been changed to the New Exercise Date and that the Participant’s Option
will be exercised automatically on the New Exercise Date, unless prior to such date the Participant has withdrawn from the Offering Period
as provided in Section 10 hereof.

 

    	 	11	 

     

    

 

20.            Amendment
or Termination.

 

(a)            The
Administrator, in its sole discretion, may amend, suspend, or terminate the Plan, or any part thereof, at any time and for any reason.
If the Plan is terminated, the Administrator, in its discretion, may elect to terminate all outstanding Offering Periods either immediately
or upon completion of the purchase of shares of Common Stock on the next Exercise Date (which may be sooner than originally scheduled,
if determined by the Administrator in its discretion), or may elect to permit Offering Periods to expire in accordance with their terms
(and subject to any adjustment pursuant to Section 19). If the Offering Periods are terminated prior to expiration, all amounts
then credited to Participants’ accounts which have not been used to purchase shares of Common Stock will be returned to the Participants
(without interest thereon, except as otherwise required under local laws) as soon as administratively practicable.

 

(b)            Without
stockholder consent and without limiting Section 20(a), the Administrator will be entitled to change the Offering Periods, limit
the frequency and/or number of changes in the amount withheld during an Offering Period, establish the exchange ratio applicable to amounts
withheld in a currency other than U.S. dollars, permit payroll withholding in excess of the amount designated by a Participant in
order to adjust for delays or mistakes in the Company’s processing of properly completed withholding elections, establish reasonable
waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common
Stock for each Participant properly correspond with amounts withheld from the Participant’s Compensation, and establish such other
limitations or procedures as the Administrator determines in its sole discretion advisable which are consistent with the Plan.

 

(c)            In
the event the Administrator determines that the ongoing operation of the Plan may result in unfavorable financial accounting consequences,
the Administrator may, in its discretion and, to the extent necessary or desirable, modify, amend or terminate the Plan to reduce or
eliminate such accounting consequence including, but not limited to:

 

(i)             amending
the Plan to conform with the safe harbor definition under FASB ASC ¶ 718-50-25-1, including with respect to an Offering Period
underway at the time;

 

(ii)            altering
the Purchase Price for any Offering Period including an Offering Period underway at the time of the change in Purchase Price;

 

(iii)           shortening
any Offering Period by setting a New Exercise Date or terminating any outstanding Offering Period and returning contributions made through
such date to Participant, including an Offering Period underway at the time of the Administrator action;

 

(iv)           allocating
shares;

 

(v)            reducing
the maximum percentage of Compensation a Participant may elect to set aside as payroll deductions; and

 

(vi)           reducing
the maximum number of shares a Participant may purchase during any Offering Period or Purchase Period.

 

Such modifications
or amendments will not require stockholder approval or the consent of any Plan Participants.

 

    	 	12	 

     

    

 

21.            Notices.  All
notices or other communications by a Participant to the Company under or in connection with the Plan will be deemed to have been duly
given when received in the form and manner specified by the Company at the location, or by the person, designated by the Company for
the receipt thereof.

 

22.            Conditions
Upon Issuance of Shares.  Shares of Common Stock will not be issued with respect to an Option unless the exercise
of such Option and the issuance and delivery of such shares pursuant thereto will comply with all applicable provisions of law, domestic
or foreign, including, without limitation, the Securities Act, the Exchange Act and the requirements of any stock exchange upon which
the shares may then be listed, and will be further subject to the approval of counsel for the Company with respect to such compliance.

 

As a condition to the exercise
of an Option, the Company may require the person exercising such Option to represent and warrant at the time of any such exercise that
the shares are being purchased only for investment and without any present intention to sell or distribute such shares if, in the opinion
of counsel for the Company, such a representation is required by any of the aforementioned applicable provisions of law.

 

23.            Term
of Plan.  The Plan will become effective upon its adoption by the Board, but no Options shall be exercised unless
and until the Plan has been approved by the stockholders of the Company, which approval shall be within 12 months before or after of
its approval by the Board. The Plan will continue in effect until terminated under Section 20 or until no Options are available
for grants hereunder.

 

24.            Stockholder
Approval.  The Plan will be subject to approval by the stockholders of the Company within 12 months after the date
the Plan is adopted by the Board. Such stockholder approval will be obtained in the manner and to the degree required under Applicable
Laws.

 

25.            Covenants
of the Company.  The Company shall seek to obtain from each federal, state, foreign or other regulatory commission
or agency having jurisdiction over the Plan such authority as may be required to issue and sell shares of Common Stock upon exercise
of the Options. If, after commercially reasonable efforts, the Company is unable to obtain from any such regulatory commission or agency
the authority that counsel for the Company deems necessary for the lawful issuance and sale of Common Stock under the Plan, the Company
shall be relieved from any liability for failure to issue and sell Common Stock upon exercise of such Options unless and until such authority
is obtained.

 

26.            Not
a Contract of Employment.  The Plan and Offerings do not constitute an employment contract. Nothing in the Plan or
in any Offering shall in any way alter the at will nature of a Participant’s employment or be deemed to create in any way whatsoever
any obligation on the part of any Participant to continue in the employ of the Company or a Subsidiary, or on the part of the Company
or a Subsidiary to continue the employment of a Participant.

 

    	 	13	 

     

    

 

27.            International
Participants.  The Committee shall have the power and authority to allow any of the Company’s Subsidiaries
other than Designated Subsidiaries to adopt and join in a portion of this Plan for employees of any such Subsidiary who are generally
not subject to income taxation by the United States, and such portion is not intended to comply with Section 423 of the Code (the
 “Non-U.S. Portion”). If the Committee allows any Subsidiary other than a Designated Subsidiary to adopt the
Non-U.S. Portion of the Plan, the Committee may allow certain employees of such Subsidiaries who work or reside outside of the United
States an opportunity to acquire shares of Common Stock in accordance with such special terms and conditions as the Committee may adopt
from time to time, which terms and conditions may modify the terms and conditions set forth elsewhere in this Plan, with respect to such
employees. Without limiting the authority of the Committee, the special terms and conditions that may be adopted with respect to any
foreign country need not be the same for all foreign countries; and may include but are not limited to the right to participate, procedures
for elections to participate, the payment of any interest with respect to amounts received from or credited to accounts held for the
benefit of such employees who elect to participate, the purchase price of any shares of Common Stock to be acquired, the length of any
Offering Period, the maximum amount of contributions, credits or shares that may be acquired by any such participating employees, and
a participating employee’s rights in the event of their death, disability, withdrawal from participation in the purchase of shares
under the Non-U.S. Portion of the Plan, or termination of employment. Any rights granted under the Non-U.S. Portion of the Plan to must
be limited to non-resident alien individuals employed by Subsidiaries that are not Designated Subsidiaries and operate outside the United
States, such that the grant is treated under section 1.409A-1(b)(8) of the Treasury Regulations as not providing deferred compensation
for such individuals.

 

28.            Governing
Law.  The provisions of the Plan shall be governed by the laws of the State of Nevada without resort to that state’s
conflicts of laws rules.

 

    	 	14	 

     

    

 

EXHIBIT A to
2022 Employee Stock Purchase Plan

 

REZOLUTE, INC.

 

2022
EMPLOYEE STOCK PURCHASE PLAN

 

SUBSCRIPTION
AGREEMENT

 

	 ̈	Original Application	Offering Date:	
	 ̈	Change in Payroll Deduction Rate	 

 

1.            I,
_________________________, hereby elect to participate in the Rezolute, Inc. 2022 Employee Stock Purchase Plan (the “Plan”),
and subscribe to purchase shares of the Company’s Common Stock in accordance with this Subscription Agreement and the Plan.

 

2.            I
hereby authorize payroll deductions from each paycheck in the amount of ____% of my Compensation on each payday (from 0% to 15%])
during the Offering Period in accordance with the Plan. (Please note that no fractional percentages are permitted.)

 

3.            I
understand that said payroll deductions will be accumulated for the purchase of shares of Common Stock at the applicable Purchase Price
determined in accordance with the Plan. I understand that if I do not withdraw from an Offering Period, any accumulated payroll deductions
will be used to automatically exercise my option and purchase Common Stock under the Plan.

 

4.            I
have received a copy of the complete Plan and its accompanying prospectus. I understand that my participation in the Plan is in all respects
subject to the terms of the Plan.

 

5.            Shares
of Common Stock purchased for me under the Plan should be issued in my name.

 

6.            I
understand that if I dispose of any shares received by me pursuant to the Employee Stock Purchase Plan within 2 years after the Offering
Date (the first day of the Offering Period during which I purchased such shares) or 1 year after the Exercise Date, I will be treated
for federal income tax purposes as having received ordinary income at the time of such disposition in an amount equal to the excess of
the fair market value of the shares at the time such shares were purchased by me over the price which I paid for the shares. I hereby
agree to notify the Company in writing within 30 days after the date of any disposition of my shares and I will make adequate provision
for Federal, state or other tax withholding obligations, if any, which arise upon the disposition of the Common Stock. The Company
may, but will not be obligated to, withhold from my compensation the amount necessary to meet any applicable withholding obligation including
any withholding necessary to make available to the Company any tax deductions or benefits attributable to sale or early disposition of
Common Stock by me.

 

7.            If
I dispose of such shares at any time after the expiration of the 2-year and 1-year holding periods, I understand that I will be
treated for federal income tax purposes as having received income only at the time of such disposition, and that such income will be
taxed as ordinary income only to the extent of an amount equal to the lesser of (a) the excess of the fair market value of the shares
at the time of such disposition over the purchase price which I paid for the shares, or (b) 15% of the fair market value of the
shares on the first day of the Offering Period. The remainder of the gain, if any, recognized on such disposition will be taxed as capital
gain.

 

     

     

    

 

8.            I
hereby agree to be bound by the terms of the Plan and the applicable Offering document. The effectiveness of this Subscription Agreement
is dependent upon my eligibility to participate in the Plan.

 

I UNDERSTAND THAT THIS SUBSCRIPTION AGREEMENT
WILL REMAIN IN EFFECT THROUGHOUT SUCCESSIVE OFFERING PERIODS UNLESS TERMINATED BY ME.

 

	Dated:	 	 	  
	 	 	Signature of Employee
	 	 	 
	[REMAINDER OF
    THE PAGE INTENTIONALLY LEFT BLANK]

 

    	 	2	 

     

    

 

exhibit
b to 2022 Employee Stock Purchase Plan

 

REZOLUTE, INC.

 

2022
EMPLOYEE STOCK PURCHASE PLAN

 

NOTICE
OF WITHDRAWAL

 

The undersigned Participant
in the Offering Period of the Rezolute, Inc. 2022 Employee Stock Purchase Plan (the “Plan”) that began
on ____________________(the “Offering Date”), hereby notifies the Company that they hereby withdraws from the
Offering Period. They hereby directs the Company to pay to the undersigned as promptly as practicable all of the payroll deductions credited
to their account with respect to such Offering Period. The undersigned understands and agrees that their option for such Offering Period
will be automatically terminated. The undersigned understands further that no further payroll deductions will be made for the purchase
of shares in the current Offering Period and the undersigned will be eligible to participate in succeeding Offering Periods only by delivering
to the Company a new Subscription Agreement.

 

	 	Name:	 
	 	Address:	 
	 	 	 
	 	Signature:	 
	 	Date:

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