Document:

Exhibit 10.6

 

CELCUITY LLC

 

2012 Equity
Incentive Plan

 

Adopted August 10, 2012

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	1.	Purpose of Plan	1
	 	 	 
	2.	Definitions	1
	 	 	 
	3.	Plan Administration	3
	 	3.1	The Committee	3
	 	3.2	Authority of the Committee	3
	 	 	 	 
	4.	Units Available for Issuance	4
	 	4.1	Maximum Number of Units Available	4
	 	4.2	Accounting for Incentive Awards	4
	 	4.3	Adjustments to Units and Incentive Awards	4
	 	 	 	 
	5.	Participation	5
	 	 	 
	6.	Options	5
	 	6.1	Grant	5
	 	6.2	Exercise Price	5
	 	6.3	Exercisability and Duration	5
	 	6.4	Payment of Exercise Price	5
	 	6.5	Manner of Exercise	5
	 	 	 	 
	7.	Restricted Unit Awards	5
	 	7.1	Grant	5
	 	7.2	Rights as a Member; Transferability	6
	 	7.3	Dividends and Distributions	6
	 	7.4	Enforcement of Restrictions	6
	 	 	 	 
	8.	Performance Unit Awards	6
	 	 	 
	9.	Unit Bonuses	7
	 	 	 
	10.	Effect of Termination of Employment or Other Service	7
	 	10.1	Termination Due to Death, Disability or Retirement	7
	 	10.2	Termination for Reasons Other than Death, Disability or Retirement	8
	 	10.3	Modification of Rights Upon Termination	9
	 	10.4	Date of Termination of Employment or Other Service	9
	 	 	 	 
	11.	Payment of Withholding Taxes	9
	 	11.1	General Rules	9
	 	11.2	Special Rules	9
	 	 	 	 
	12.	Change in Control	9
	 	12.1	Change in Control	9
	 	12.2	Action upon Change in Control	10

 

    	 	i 	 

     

    

 

	 	 	 	Page
	 	 	 	 
	13.	Rights of Eligible Recipients and Participants; Transferability	11
	 	13.1	Employment or Service	11
	 	13.2	Rights as a Member	11
	 	13.3	Restrictions on Transfer	11
	 	13.4	Breach of Confidentiality, Assignment of Inventions or Non-Compete Agreements	11
	 	13.5	Non-Exclusivity of the Plan	11
	 	 	 	 
	14.	Member Control Agreement, Securities Law and Other Restrictions	11
	 	14.1	Member Control Agreement	11
	 	14.2	Securities Law and Other Restrictions	12
	 	 	 	 
	15.	Plan Amendment, Modification and Termination	12
	 	 	 
	16.	Effective Date and Duration of the Plan	12
	 	 	 
	17.	Miscellaneous	12
	 	17.1	Governing Law	12
	 	17.2	Successors and Assigns	12

 

    	 	ii 	 

     

    

 

CELCUITY LLC

2012 Equity Incentive Plan

 

1.           Purpose
of Plan.

 

The purpose of the Celcuity LLC 2012 Equity
Incentive Plan (the “Plan”) is to advance the interests of Celcuity LLC (the “Company”) and
its members by enabling the Company and its Subsidiaries to attract and retain persons of skill and ability to perform services
for the Company and its Subsidiaries by providing an incentive to such individuals through equity participation in the Company
and by rewarding such individuals who contribute to the achievement by the Company of its economic objectives.

 

2.           Definitions.

 

The following terms will have the meanings
set forth below, unless the context clearly otherwise requires:

 

2.1.          “Board”
means the Board of Governors of the Company.

 

2.2.          “Cause”
has the meaning set forth in Section 10.2 of the Plan.

 

2.3.          “Change
in Control” means an event described in Section 12.1 of the Plan.

 

2.4.          “Code”
means the Internal Revenue Code of 1986, as amended.

 

2.5.          “Committee”
means the group of individuals administering the Plan, as provided in Section 3 of the Plan.

 

2.6.          “Company”
means Celcuity LLC, a limited liability company organized under and pursuant to Minnesota Statutes, Chapter 322B.

 

2.7.          “Disability”
means the disability of the Participant such as would entitle the Participant to receive disability income benefits pursuant to
the long-term disability plan of the Company or Subsidiary then covering the Participant or, if no such plan exists or is applicable
to the Participant, the permanent and total disability of the Participant within the meaning of Section 22(e)(3) of the Code.

 

2.8.          “Eligible
Recipient” means any employee of the Company or any Subsidiary and any non-employee governor, consultant or independent
contractor of the Company or any Subsidiary.

 

2.9.          “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

2.10.        “Fair
Market Value” means, with respect to the Units, as of any date, such price as the Committee determines in good faith
in the exercise of its reasonable discretion, taking into account all available information material to the value of the Units,
and consistent with the definition of “fair market value” under Section 409A of the Code.

 

    	 	 1	 

     

    

 

2.11.        “Incentive
Award” means an Option, Restricted Unit Award, Performance Unit Award or Unit Bonus granted to an Eligible Recipient
pursuant to the Plan.

 

2.12.        “Member
Control Agreement” means the Member Control Agreement dated November 15, 2011, by and between the Company and the members
of the Company, as amended from time to time.

 

2.13.        “Option”
means a right to purchase Units granted to an Eligible Recipient pursuant to Section 6 of the Plan.

 

2.14.        “Participant”
means an Eligible Recipient who receives one or more Incentive Awards under the Plan.

 

2.15.        “Performance
Unit Award” means a right granted to an Eligible Recipient pursuant to Section 8 of the Plan to receive a payment from
the Company, in the form of Units, cash or a combination of both, upon the achievement of established employment, service, performance
or other goals.

 

2.16.        “Previously
Acquired Units” means Units that are already owned by the Participant or, with respect to any Incentive Award, that are
to be issued upon the grant, exercise or vesting of such Incentive Award.

 

2.17.        “Restricted
Unit Award” means an award of Units granted to an Eligible Recipient pursuant to Section 7 of the Plan that is subject
to the restrictions on transferability and the risk of forfeiture imposed in accordance with the provisions of such Section 7.

 

2.18.        “Retirement”
means termination of employment or service pursuant to and in accordance with the regular (or, if approved by the Board for purposes
of the Plan, early) retirement/pension plan or practice of the Company or Subsidiary then covering the Participant, provided that
if the Participant is not covered by any such plan or practice, the Participant will be deemed to be covered by the Company’s
plan or practice for purposes of this determination.

 

2.19.        “Securities
Act” means the Securities Act of 1933, as amended.

 

2.20.        “Subsidiary”
means any entity that is directly or indirectly controlled by the Company or any entity in which the Company has a significant
equity interest, as determined by the Committee.

 

2.21.        “Unit
Bonus” means an award of Units granted to an Eligible Recipient pursuant to Section 9 of the Plan.

 

2.22.        “Units”
means the units into which a member’s ownership interest in the Company is divided, each Unit consisting of the member’s
Financial Rights and Governance Rights as provided in the Member Control Agreement. “Units” also means the number
and kind of units or other securities into which such Units may be changed in accordance with Section 4.3 of the Plan.

 

    	 	 2	 

     

    

 

3.           Plan
Administration.

 

3.1.          The
Committee. The Plan will be administered by the Board or by a committee of the Board. Such a committee, if established, will
act by majority approval of its members (but may also take action with the written consent of a majority of the members of such
committee), and a majority of the members of such a committee will constitute a quorum. As used in the Plan, “Committee”
will refer to the Board or to such a committee, if established. To the extent consistent with limited liability company law, the
Committee may delegate to any officers of the Company the duties, power and authority of the Committee under the Plan pursuant
to such conditions or limitations as the Committee may establish; provided, however, that only the Committee may
exercise such duties, power and authority with respect to Eligible Recipients who officers or governors of the Company. The Committee
may exercise its duties, power and authority under the Plan in its sole and absolute discretion without the consent of any Participant
or other party, unless the Plan specifically provides otherwise. Each determination, interpretation or other action made or taken
by the Committee pursuant to the provisions of the Plan will be final, conclusive and binding for all purposes and on all persons,
including, without limitation, the Company, the members of the Company, the Participants and their respective successors-in-interest.
No member of the Committee will be liable for any action or determination made in good faith with respect to the Plan or any Incentive
Award granted under the Plan.

 

3.2.          Authority
of the Committee.

 

(a)          In
accordance with and subject to the provisions of the Plan, the Committee will have the authority to determine all provisions of
Incentive Awards as the Committee may deem necessary or desirable and as consistent with the terms of the Plan, including, without
limitation, the following: (i) the Eligible Recipients to be selected as Participants; (ii) the nature and extent of the Incentive
Awards to be made to each Participant (including the number of Units to be subject to each Incentive Award, any exercise price,
the manner in which Incentive Awards will vest or become exercisable and whether Incentive Awards will be granted in tandem with
other Incentive Awards) and the form of written agreement, if any, evidencing such Incentive Award; (iii) the time or times when
Incentive Awards will be granted; (iv) the duration of each Incentive Award; and (v) the restrictions and other conditions to which
the payment or vesting of Incentive Awards may be subject. In addition, the Committee will have the authority under the Plan in
its sole discretion to pay the economic value of any Incentive Award in the form of cash, Units or any combination of both.

 

(b)          The
Committee will have the authority under the Plan to amend or modify the terms of any outstanding Incentive Award in any manner,
including, without limitation, the authority to modify the number of Units or other terms and conditions of an Incentive Award,
extend the term of an Incentive Award, accelerate the exercisability or vesting or otherwise terminate any restrictions relating
to an Incentive Award, accept the surrender of any outstanding Incentive Award or, to the extent not previously exercised or vested,
authorize the grant of new Incentive Awards in substitution for surrendered Incentive Awards; provided, however,
that the amended or modified terms are permitted by the Plan as then in effect, that such amendment
or modification does not cause the Incentive Award to become subject to Section 409A of the Code, and that any Participant
adversely affected by such amended or modified terms has consented to

 

    	 	 3	 

     

    

 

such amendment or modification. No amendment
or modification to an Incentive Award, however, whether pursuant to this Section 3.2 or any other provisions of the Plan, will
be deemed to be a re-grant of such Incentive Award for purposes of the Plan.

 

(c)          In
the event of (i) any reorganization, merger, consolidation, recapitalization, liquidation, reclassification, dividend in Units,
division or combination of Units, rights offering, extraordinary dividend or divestiture (including a spin-off) or any other similar
change in the capital structure or Units, (ii) any purchase, acquisition, sale or disposition of a significant amount of assets
or a significant business, (iii) any change in accounting principles or practices, or (iv) any other similar change, in each case
with respect to the Company or any other entity whose performance is relevant to the grant or vesting of an Incentive Award, the
Committee (or, if the Company is not the surviving entity in any such transaction, the board of governors or board of directors
of the surviving entity) may, without the consent of any affected Participant, amend or modify the vesting criteria of any outstanding
Incentive Award that is based in whole or in part on the financial performance of the Company (or any Subsidiary or division thereof)
or such other entity so as equitably to reflect such event, with the desired result that the criteria for evaluating such financial
performance of the Company or such other entity will be substantially the same (in the sole discretion of the Committee or the
board of governors or board of directors of the surviving entity) following such event as prior to such event; provided,
however, that the amended or modified terms are permitted by the Plan as then in effect.

 

4.           Units
Available for Issuance.

 

4.1.          Maximum
Number of Units Available. Subject to adjustment as provided in Section 4.3 of the Plan or by amendment, the maximum number
of Units that will be available for issuance under the Plan will be Five Million (5,000,000).

 

4.2.          Accounting
for Incentive Awards. Units that are issued under the Plan or that are subject to outstanding Incentive Awards will be applied
to reduce the maximum number of Units remaining available for issuance under the Plan. Any Units that are subject to an Incentive
Award that lapse, expire, are forfeited or for any reason are terminated unexercised or unvested and any Units that are subject
to an Incentive Award that is settled or paid in cash or any form other than Units will automatically again become available for
issuance under the Plan. Any Units that constitute the forfeited portion of a Restricted Unit Award, however, will not become available
for re-issuance under the Plan after they have been so forfeited.

 

4.3.          Adjustments
to Units and Incentive Awards. In the event of any reorganization, merger, consolidation, recapitalization, liquidation, reclassification,
dividend in Units, division or combination of Units, rights offering, extraordinary dividend or divestiture (including a spin-off)
or any other similar change in the capital structure or Units of the Company, the Committee (or, if the Company is not the surviving
entity in any such transaction, the board of governors or board of directors of the surviving entity) will make appropriate adjustment
(which determination will be conclusive) as to the number and kind of securities or other property (including cash) available for
issuance or payment under the Plan and, in order to prevent dilution or enlargement of the rights of Participants, (a) the number
and kind of securities

 

    	 	 4	 

     

    

 

or other property (including cash) subject
to outstanding Incentive Awards, and (b) the exercise price of outstanding Incentive Awards.

 

5.           Participation.

 

Participants in the Plan will be those Eligible
Recipients who, in the judgment of the Committee, have contributed, are contributing or are expected to contribute to the achievement
of economic objectives of the Company or its Subsidiaries. Eligible Recipients may be granted from time to time one or more Incentive
Awards, singly or in combination or in tandem with other Incentive Awards, as may be determined by the Committee in its sole discretion.
Incentive Awards will be deemed to be granted as of the date specified in the grant resolution of the Committee, which date will
be the date of any related agreement with the Participant.

 

6.           Options.

 

6.1.          Grant.
An Eligible Recipient may be granted one or more Options under the Plan, and such Options will be subject to such terms and conditions,
consistent with the other provisions of the Plan, as may be determined by the Committee in its sole discretion.

 

6.2.          Exercise
Price. The per Unit price to be paid by a Participant upon exercise of an Option will be determined by the Committee in its
discretion at the time of the Option grant; provided, however, that such price will not be less than one hundred
percent (100%) of the Fair Market Value of one Unit on the date of grant.

 

6.3.          Exercisability
and Duration. An Option will become exercisable at such times and in such installments as may be determined by the Committee
in its sole discretion at the time of grant; provided, however, that no Option may be exercisable after ten (10)
years from its date of grant.

 

6.4.          Payment
of Exercise Price. The total purchase price of the Units to be purchased upon exercise of an Option will be paid entirely in
cash (including check, bank draft or money order); provided, however, that the Committee, in its sole discretion
and upon terms and conditions established by the Committee, may allow such payments to be made, in whole or in part, by tender
of Previously Acquired Units, a promissory note (on terms acceptable to the Committee in its sole discretion) or a combination
of such methods, or by any other form of payment the Committee may authorize.

 

6.5.          Manner
of Exercise. An Option may be exercised by a Participant in whole or in part from time to time, subject to the conditions contained
in the Plan and in the agreement evidencing such Option, by delivery in person, by facsimile or electronic transmission or through
the mail of written notice of exercise to the Company (Attention: Chief Executive Officer) at its principal executive office, and
by paying in full the total exercise price for the Units to be purchased in accordance with Section 6.4 of the Plan.

 

7.           Restricted
Unit Awards.

 

7.1.          Grant.
An Eligible Recipient may be granted one or more Restricted Unit Awards under the Plan, and such Restricted Unit Awards will be
subject to such terms and

 

    	 	 5	 

     

    

 

conditions, consistent with the other provisions
of the Plan, as may be determined by the Committee in its sole discretion. The Committee may impose such restrictions or conditions,
such as forfeiture or a repurchase option, not inconsistent with the provisions of the Plan, to the vesting of or the lapse of
restrictions or conditions for any such Restricted Unit Awards as it deems appropriate, including, without limitation, that the
Participant remain in the continuous employ or service of the Company or a Subsidiary for a certain period or that the Participant
or the Company (or any Subsidiary or division thereof) satisfy certain performance goals or criteria.

 

7.2.          Rights
as a Member; Transferability. Except as provided in Sections 7.1, 7.3 and 13.3 of the Plan, a Participant will have all voting,
distribution, liquidation and other rights with respect to Units issued to the Participant as a Restricted Unit Award under this
Section 7 upon the Participant becoming the holder of record of such Units as if such Participant were a holder of record of unrestricted
Units.

 

7.3.          Dividends
and Distributions. Unless the Committee determines otherwise in its sole discretion (either in the agreement evidencing the
Restricted Unit Award at the time of grant or at any time after the grant of the Restricted Unit Award), any dividends or distributions
paid with respect to Units subject to the unvested portion of a Restricted Unit Award will be subject to the same restrictions
as the Units to which such dividends or distributions relate. In the event the Committee determines not to pay dividends or distributions
currently, the Committee will determine in its sole discretion whether any interest will be paid on such dividends or distributions.
In addition, the Committee in its sole discretion may require such dividends and distributions to be reinvested (and in such case
the Participant consents to such reinvestment) in Units that will be subject to the same restrictions as the Units to which such
dividends or distributions relate.

 

7.4.          Enforcement
of Restrictions. To enforce the restrictions referred to in this Section 7, the Committee may place a legend on the certificates
representing the Units referring to such restrictions and may require the Participant, until the restrictions have lapsed, to keep
the Unit certificates, together with duly endorsed Assignments Separate from Certificate, in the custody of the Company or its
transfer agent or to maintain evidence of Unit ownership, together with duly endorsed Assignments Separate from Certificate, in
an uncertificated book-entry account with the Company or its transfer agent.

 

8.           Performance
Unit Awards.

 

An Eligible Recipient may be granted one
or more Performance Unit Awards under the Plan, and such Performance Unit Awards will be subject to such terms and conditions,
consistent with the other provisions of the Plan, as may be determined by the Committee in its sole discretion. The Committee may
impose such restrictions or conditions, not inconsistent with the provisions of the Plan, to the vesting of such Performance Unit
Awards as it deems appropriate, including, without limitation, that the Participant remain in the continuous employ or service
of the Company or any Subsidiary for a certain period or that the Participant or the Company (or any Subsidiary or division thereof)
satisfy certain performance goals or criteria. The Committee will have the sole discretion to determine the form in which payment
of the economic value of Performance Unit Awards will be made to a Participant (i.e., cash, Units or any combination thereof) or
to consent to or disapprove the election by a Participant of the form of such payment.

 

    	 	 6	 

     

    

 

9.           Unit
Bonuses.

 

An Eligible Recipient may be granted one
or more Unit Bonuses under the Plan, and such Unit Bonuses will be subject to such terms and conditions, consistent with the other
provisions of the Plan, as may be determined by the Committee. The Participant will have all voting, distribution, liquidation
and other rights with respect to the Units issued to a Participant as a Unit Bonus under this Section 9 upon the Participant becoming
the holder of record of such Units; provided, however, that the Committee may impose such restrictions on the assignment
or transfer of a Unit Bonus as it deems appropriate.

 

10.          Effect
of Termination of Employment or Other Service.

 

10.1.        Termination
Due to Death, Disability or Retirement. Unless otherwise provided by the Committee in its sole discretion in the agreement
evidencing an Incentive Award:

 

(a)          Death
or Disability. In the event a Participant’s employment or other service with the Company and all Subsidiaries is terminated
by reason of death or Disability:

 

(i)          all
outstanding Options then held by the Participant will become immediately exercisable in full and remain exercisable for a period
of six (6) months after such termination (but in no event after the expiration date of any such Option);

 

(ii)         all
Restricted Unit Awards then held by the Participant will become fully vested; and

 

(iii)        all
Performance Unit Awards and Unit Bonuses then held by the Participant will vest and/or continue to vest in the manner determined
by the Committee and set forth in the agreement evidencing such Performance Unit Awards or Unit Bonuses.

 

(b)          Retirement.
In the event a Participant’s employment or other service with the Company and all Subsidiaries is terminated by reason of
Retirement:

 

(i)          all
outstanding Options then held by the Participant will remain exercisable, to the extent exercisable as of the date of such termination,
for a period of six (6) months after such termination (but in no event after the expiration date of any such Option);

 

(ii)         all
Restricted Unit Awards then held by the Participant that have not vested as of such termination will be terminated and forfeited;
and

 

(iii)        all
Performance Unit Awards and Unit Bonuses then held by the Participant will vest and/or continue to vest in the manner determined
by the Committee and set forth in the agreement evidencing such Performance Unit Awards or Unit Bonuses.

 

    	 	 7	 

     

    

 

10.2.        Termination
for Reasons Other than Death, Disability or Retirement. Unless otherwise provided by the Committee in its sole discretion in
the agreement evidencing an Incentive Award:

 

(a)          Voluntary
Termination or Termination for Cause. In the event a Participant’s employment or other service with the Company and all
Subsidiaries is voluntarily terminated by the Participant or is terminated by the Company or any Subsidiary for “Cause,”
all rights of the Participant under the Plan and any agreements evidencing an Incentive Award will immediately terminate without
notice of any kind, and:

 

(i)          no
Options then held by the Participant will thereafter be exercisable,

 

(ii)         all
Restricted Unit Awards then held by the Participant that have not vested as of such termination will be terminated and forfeited;
and

 

(iii)        all
Performance Unit Awards and Unit Bonuses then held by the Participant that have not vested as of such termination will be terminated
and forfeited.

 

(b)          Other
Reasons. In the event a Participant’s employment or other service with the Company and all Subsidiaries is terminated
for any reason other than death, Disability, Retirement, voluntary termination by the Participant or termination by the Company
or any Subsidiary for “Cause,” or if a Participant is in the employ or service of a Subsidiary and the Subsidiary
ceases to be a Subsidiary of the Company (unless the Participant continues in the employ or service of the Company or another Subsidiary),

 

(i)          all
outstanding Options then held by such Participant will remain exercisable, to the extent exercisable as of such termination, for
a period of ninety (90) days after such termination (but in no event after the expiration date of any such Option);

 

(ii)         all
Restricted Unit Awards then held by the Participant that have not vested as of such termination will be terminated and forfeited;
and

 

(iii)        all
Performance Unit Awards and Unit Bonuses then held by the Participant will vest and/or continue to vest in the manner determined
by the Committee and set forth in the agreement evidencing such Performance Unit Awards or Unit Bonuses.

 

(c)          Definition
of “Cause”. For purposes of this Section 10.2, “Cause” (as determined by the Committee) will
be as defined in any employment or other agreement or policy applicable to the Participant or, if no such agreement or policy exists,
will mean (i) dishonesty, fraud, misrepresentation, embezzlement or deliberate injury or attempted injury, in each case related
to the Company or any Subsidiary, (ii) substantial failure on the part of the Participant to perform his or her duties to the Company
or any Subsidiary or gross negligence on the part of the Participant in the performance of such duties, (iii) any unlawful or criminal
activity of a serious nature, or (iv) any material breach of any employment, service, confidentiality or non-compete agreement
entered into with the Company or any Subsidiary.

 

    	 	 8	 

     

    

 

10.3.        Modification
of Rights Upon Termination. Notwithstanding the other provisions of this Section 10, upon a Participant’s termination
of employment or other service with the Company and all Subsidiaries, the Committee may, in its sole discretion (which may be exercised
at any time on or after the date of grant, including following such termination), (a) cause Options (or any part thereof)
then held by such Participant to become or continue to become exercisable and/or remain exercisable following such termination
of employment or service and (b) cause Restricted Unit Awards, Performance Unit Awards and Unit Bonuses then held by such
Participant to vest and/or continue to vest or become free of transfer restrictions, as the case may be, following such termination
of employment or service, in each case in the manner determined by the Committee; provided, however, that no Incentive
Award may remain exercisable or continue to vest beyond its expiration date. Notwithstanding the foregoing, no extension to exercise
will be permitted if such extension would cause the Award to become subject to Section 409A of the Code.

 

10.4.        Date
of Termination of Employment or Other Service. Unless the Committee otherwise determines in its sole discretion, a Participant’s
employment or other service will, for purposes of the Plan, be deemed to have terminated on the date recorded on the personnel
or other records of the Company or the Subsidiary for which the Participant provides employment or other service, as determined
by the Committee in its sole discretion based upon such records.

 

11.         Payment
of Withholding Taxes.

 

11.1.        General
Rules. The Company is entitled to (a) withhold and deduct from future wages of the Participant (or from other amounts that
may be due and owing to the Participant from the Company or a Subsidiary), or make other arrangements for the collection of, all
legally required amounts necessary to satisfy any and all foreign, federal, state and local withholding and employment-related
tax requirements attributable to an Incentive Award, including, without limitation, the grant, exercise or vesting of, or payment
of dividends with respect to, an Incentive Award, or (b) require the Participant promptly to remit the amount of such withholding
to the Company before taking any action, including issuing any Units, with respect to an Incentive Award.

 

11.2.        Special
Rules. The Committee may, in its sole discretion and upon terms and conditions established by the Committee, permit or require
a Participant to satisfy, in whole or in part, any withholding or employment-related tax obligation described in Section 11.1 of
the Plan by electing to tender Previously Acquired Units or a promissory note (on terms acceptable to the Committee in its sole
discretion), or by a combination of such methods.

 

12.         Change
in Control.

 

12.1.        Change
in Control. For purposes of this Section 12, a “Change in Control” of the Company means the occurrence of
any of the following events:

 

(a)          the
sale, lease, exchange or other transfer of all or substantially all of the assets of the Company (in one transaction or in a series
of related transactions) except where such sale, lease, exchange or other transfer is to an entity controlled by the Company;

 

    	 	 9	 

     

    

 

(b)          the
approval by the members of the Company of any plan or proposal for the liquidation or dissolution of the Company; or

 

(c)          any
person becomes after the effective date of the Plan the “beneficial owner” (as defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of fifty percent (50%) or more of the combined voting power of the Company’s outstanding securities
ordinarily having the right to vote at elections of governors; or

 

(d)          a
merger or consolidation to which the Company is a party if the persons who are the members of the Company immediately prior to
effective date of such merger or consolidation have “beneficial ownership” (as defined in Rule l3d-3 under the Exchange
Act), immediately following the effective date of such merger or consolidation, of securities of the surviving entity representing
50% or less of the combined voting power of the surviving entity’s then outstanding securities ordinarily having the right
to vote at elections of governors or directors.

 

12.2.        Action
upon Change in Control. If a Change in Control of the Company occurs or is about to occur, the Committee, in its sole discretion,
may provide for one or more of the following:

 

(a)          the
partial or full acceleration of the exercisability of outstanding Incentive Awards held by some or all Participants, provided
that the Committee, in its sole discretion, may condition such acceleration (or the Participant’s receipt of any securities
or payments with respect to such acceleration) upon the Participant’s continued service to the Company or to the successor
entity in the Change in Control; or

 

(b)          the
complete termination of the Plan and cancellation of outstanding Incentive Awards not exercised prior to a date specified by the
Committee; or

 

(c)          the
continuance of the Plan with respect to outstanding Incentive Awards; or

 

(d)          replacement
or exchange of the Incentive Awards for awards of or options to purchase units, stock or similar securities of the successor entity
in the Change in Control; or

 

(e)          the
substitution for outstanding Incentive Awards of units, stock or similar securities of the person acquiring control of the Company
or a related corporation; or

 

(f)          the
receipt by some or all Participants holding outstanding Incentive Awards with respect to some or all of the Units subject to such
Incentive Awards, as of the effective date of any such Change in Control of the Company, of cash in an amount equal to the excess
of the per Unit price paid in connection with the Change in Control of the Company over the exercise price (if any) per Unit of
such Incentive Awards, multiplied by the number of Units subject to such Incentive Awards.

 

    	 	 10	 

     

    

 

13.         Rights
of Eligible Recipients and Participants; Transferability.

 

13.1.          Employment
or Service. Nothing in the Plan will interfere with or limit in any way the right of the Company or any Subsidiary to terminate
the employment or service of any Eligible Recipient or Participant at any time, nor confer upon any Eligible Recipient or Participant
any right to continue in the employ or service of the Company or any Subsidiary.

 

13.2.          Rights
as a Member. As a holder of Incentive Awards (other than Restricted Unit Awards and Unit Bonuses), a Participant will have
no rights as a member of the Company unless and until such Incentive Awards are exercised for, or paid in the form of, Units and
the Participant becomes the holder of record of such Units. Except as otherwise provided in the Plan, no adjustment will be made
for dividends or distributions with respect to such Incentive Awards as to which there is a record date preceding the date the
Participant becomes the holder of record of such Units, except as the Committee may determine in its discretion.

 

13.3.          Restrictions
on Transfer. Except pursuant to testamentary will or the laws of descent and distribution or as otherwise expressly permitted
by the Plan, unless approved by the Committee in its sole discretion, no right or interest of any Participant in an Incentive Award
prior to the exercise or vesting of such Incentive Award will be assignable or transferable, or subjected to any lien, during the
lifetime of the Participant, either voluntarily or involuntarily, directly or indirectly, by operation of law or otherwise. A Participant
will, however, be entitled to designate a beneficiary to receive an Incentive Award upon such Participant’s death, and in
the event of a Participant’s death, payment of any amounts due under the Plan will be made to, and exercise of any Options
(to the extent permitted pursuant to Section 10 of the Plan) may be made by, the Participant’s legal representatives, heirs
and legatees.

 

13.4.          Breach
of Confidentiality, Assignment of Inventions or Non-Compete Agreements. Notwithstanding anything in the Plan to the contrary,
in the event that a Participant materially breaches the terms of any confidentiality, assignment of inventions or non-compete agreement
entered into with the Company or any Subsidiary, whether such breach occurs before or after termination of such Participant’s
employment or other service with the Company or any Subsidiary, the Committee in its sole discretion may immediately terminate
all rights of the Participant under the Plan and any agreements evidencing an Incentive Award then held by the Participant without
notice of any kind.

 

13.5.          Non-Exclusivity
of the Plan. Nothing contained in the Plan is intended to modify or rescind any previously or subsequently approved compensation
plans or programs of the Company or create any limitations on the power or authority of the Board to adopt such additional or other
compensation arrangements as the Board may deem necessary or desirable.

 

14.         Member
Control Agreement, Securities Law and Other Restrictions.

 

14.1.          Member
Control Agreement. Notwithstanding any other provision of the Plan or any agreements entered into pursuant to the Plan, the
Company will not be required to issue any Units to a Participant under an Incentive Award unless the Participant executes and delivers
to the Company a Consent and Assumption Agreement, in the form attached to the Member Control Agreement as Appendix A, consenting
to be bound by the terms and provisions of the

 

    	 	 11	 

     

    

 

Member Control Agreement, including but not
limited to the terms and provisions restricting the transfer of Units by members of the Company.

 

14.2.          Securities
Law and Other Restrictions. Notwithstanding any other provision of the Plan or any agreements entered into pursuant to the
Plan, the Company will not be required to issue any Units under the Plan, and a Participant may not sell, assign, transfer or otherwise
dispose of Units issued pursuant to Incentive Awards granted under the Plan, unless (a) there is in effect with respect to such
Units a registration statement under the Securities Act and any applicable state or foreign securities laws or an exemption from
such registration under the Securities Act and applicable state or foreign securities laws, and (b) there has been obtained any
other consent, approval or permit from any other regulatory body which the Committee, in its sole discretion, deems necessary or
advisable. The Company may condition such issuance, sale or transfer upon the receipt of any representations or agreements from
the parties involved, and the placement of any legends on certificates representing Units, as may be deemed necessary or advisable
by the Company in order to comply with such securities law or other restrictions.

 

15.         Plan
Amendment, Modification and Termination.

 

The Board may suspend or terminate the Plan
or any portion thereof at any time, and may amend the Plan from time to time in such respects as the Board may deem advisable in
order that Incentive Awards under the Plan will conform to any change in applicable laws or regulations or in any other respect
the Board may deem to be in the best interests of the Company. No termination, suspension or amendment of the Plan may adversely
affect any outstanding Incentive Award without the consent of the affected Participant; provided, however, that this
sentence will not impair the right of the Committee to take whatever action it deems appropriate under Sections 3.2, 4.3 and 12
of the Plan.

 

16.         Effective
Date and Duration of the Plan.

 

The Plan is effective as of August 10, 2012,
the date it was adopted by the Board. The Plan will terminate at midnight on August 9, 2022 and may be terminated prior to such
time by Board action. No Incentive Award may be granted under the Plan after such termination. Incentive Awards outstanding upon
termination of the Plan may continue to be exercised, or become free of restrictions, in accordance with their terms.

 

17.         Miscellaneous.

 

17.1.          Governing
Law. The validity, construction, interpretation, administration and effect of the Plan and any rules, regulations and actions
relating to the Plan will be governed by and construed exclusively in accordance with the laws of the State of Minnesota, notwithstanding
the conflicts of laws principles of any jurisdictions.

 

17.2.          Successors
and Assigns. The Plan will be binding upon and inure to the benefit of the successors and permitted assigns of the Company
and the Participants.

 

* * *

 

    	 	 12	 

     

    

 

 

FIRST AMENDMENT TO THE

CELCUITY LLC 2012 EQUITY INCENTIVE PLAN

 

November 12, 2015

 

RECITALS:

 

A.           The
Celcuity LLC 2012 Equity Incentive Plan (the “Plan”) was adopted by the Board of Governors and approved by the
Members of Celcuity LLC (the “Company”) on August 10, 2012.

 

B.           The
Company desires to amend the Plan to increase the number of Units of membership interest in the Company available for issuance
under the Plan.

 

AMENDMENT:

 

1.           Amendment.
Section 4.1 of the Plan is hereby amended in its entirety to read as follows:

 

“4.1.          Maximum
Number of Units Available. Subject to adjustment as provided in Section 4.3 of the Plan or by amendment, the maximum number
of Units that will be available for issuance under the Plan will be Twenty-Five Million (25,000,000).”

 

2.           Effective
Date. The foregoing amendment shall be effective as of November 12, 2015, and shall be subject to approval by the Members of
the Company at the next Annual or Special Meeting of Members or by written consent.

 

 

    	 	13Exhibit 10.7

 

CELCUITY
LLC

2012 EQUITY INCENTIVE
PLAN

 

UNIT OPTION AGREEMENT

 

THIS UNIT OPTION AGREEMENT (“Option
Agreement”) is entered into as of the “Grant Date” set forth below, by and between Celcuity LLC, a
Minnesota limited liability company (the “Company”) and the person named below (the “Optionee”).
The Option granted hereby is granted under the Celcuity LLC 2012 Equity Incentive Plan (the “Plan”). Unless
otherwise defined herein, terms used in this Option Agreement that are defined in the Plan will have the meanings given to them
in the Plan.

 

1.           Grant
of Option. The Company hereby grants to the Optionee an option (the “Option”) to purchase the number of
units of Membership Interest of the Company (the “Units”) set forth below, at the exercise price per Unit set
forth below (the “Exercise Price”), subject to the terms and conditions of the Plan, which is incorporated herein
by reference. In the event of a conflict between the terms and conditions of the Plan and the terms and conditions of this Option
Agreement, the terms and conditions of the Plan will prevail.

 

	Grant Number:	______________
	 	 
	Optionee:	______________________________________
	 	 
	Grant Date:	_______________, 20__
	 	 
	Vesting Commencement Date:	_______________, 20__
	 	 
	Total Number of Units Subject to the Option:	______________ Units
	 	 
	Exercise Price per Unit:	$_____ per Unit
	 	 
	Total Exercise Price:	$______________
	 	 
	Term/Expiration Date:	_______________, 20__
	 	 
	Earlier Expiration:	See Section 5.

 

2.           Vesting
Schedule. This Option may be exercised, in whole or in part, in accordance with the following schedule:

 

(a)          Time-Based
Vesting. This Option will vest and become exercisable:

 

[insert vesting schedule]

 

provided, however, that if the
Optionee ceases to provide services to the Company before this Option has become exercisable with respect to all of the Units,
no additional Units will vest after the termination of such services. A change in the capacity in which the Optionee renders service
to the Company (for example, if the Optionee ceases to serve as an employee or governor but

 

     

     

    

 

continues to provide services as a consultant
or independent contractor) will not be deemed to be a cessation of service, and will not disrupt the vesting or exercisability
of this Option.

 

(b)          Treatment
Upon a Change in Control. In the event of a Change in Control of the Company, this Option will be subject to the following
terms:

 

(i)          This
Option will become exercisable in its entirety if a Change in Control of the Company occurs on or before the date the Optionee
ceases to provide services to the Company.

 

(ii)         In
the event of a Change in Control, the Committee administering the Plan may take any of the actions described in Section 12.2 of
the Plan with respect to this Option.

 

3.           Exercise
of Option.

 

(a)          Right
to Exercise. This Option will be exercisable during its term in accordance with the vesting schedule set forth in Section 2
of this Option Agreement and with the applicable provisions of the Plan and this Option Agreement. This Option may not be exercised
for a fraction of a unit. No portion of the Option which has not become vested and exercisable at the date of the Optionee’s
termination of service to the Company will thereafter become vested and exercisable, except as may be set forth in a written agreement
between the Company and the Optionee.

 

(b)          Duration
of Exercisability. The installments provided in the vesting schedule set forth in Section 2 of this Option Agreement are cumulative.
Each such installment which becomes vested and exercisable pursuant to the vesting schedule set forth in Section 2 of this Option
Agreement will remain vested and exercisable until this Option expires pursuant Section 5 of this Option Agreement.

 

(c)          Method
of Exercise. This Option will be exercisable by delivery of an exercise notice in the form attached hereto as Exhibit A
(the “Exercise Notice”), stating the election to exercise the Option and the number of Units with respect to
which the Option is being exercised (the “Exercised Units”), and containing such other representations and agreements
as may be required by the Company pursuant to the provisions of the Plan. The Exercise Notice must be accompanied by payment of
the aggregate Exercise Price as to all Exercised Units. The Optionee will also be required to make adequate provision for all withholding
taxes relating to the exercise as a condition to the exercise of the Option. This Option will be deemed to be exercised upon receipt
by the Company of such fully executed Exercise Notice accompanied by the aggregate Exercise Price and arrangement for the adequate
provision for the withholding taxes relating to the exercise.

 

(d)          Issuance
of Units. No Units will be issued pursuant to the exercise of the Option unless such issuance and exercise complies with applicable
laws. Assuming such compliance, for income tax purposes the Units will be considered transferred to the Optionee on the date on
which the Option is exercised with respect to such Exercised Units.

 

    	 	2	 

     

    

 

(e)          Restrictions
on Exercise. This Option may not be exercised if the issuance of Units upon such exercise or the method of payment of consideration
for such Units would constitute a violation of any applicable law.

 

(f)          Investment
Representations. Unless the Units have been registered under the Securities Act at the time this Option is exercised, the Exercise
Notice delivered to the Company by the Optionee will, if required by the Company, contain the investment representations included
in the form of Exercise Notice attached hereto as Exhibit A.

 

4.           Method
of Payment. The aggregate Exercise Price shall be payable in cash (including a personal check or certified or bank cashier’s
check, payable to the order of the Company) or in such other manner as may be approved by the Board or Committee.

 

5.           Expiration
of Option. This Option will expire and may not be exercised to any extent by anyone after the first to occur of the following
events:

 

(a)          Expiration
of Term of Option. The Term/Expiration Date set forth in Section 1 of this Option Agreement;

 

(b)          [Termination
of Service without Cause. The expiration of three months from the date of the Optionee’s voluntary or involuntary termination
of service to the Company, unless the Optionee’s service is terminated for Cause or such termination occurs by reasons of
the Optionee’s death or Disability;]

 

(c)          Termination
of Service for Cause. Except as the Board or Committee may otherwise approve, the date of the Optionee’s termination
of service if the Optionee’s service is terminated for Cause;

 

(d)          Death
or Disability. The expiration of one year from the date of the Optionee’s termination of service by reason of the Optionee’s
death or Disability; or

 

(e)          Cancellation
upon Change in Control. The cancellation of this Option by action of the Committee pursuant to Section 12.2 of the Plan, in
connection with a Change in Control of the Company.

 

6.           Non-Transferability
of Option. This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution
and may be exercised during the lifetime of the Optionee only by the Optionee. The terms of the Plan and this Option Agreement
will be binding upon the executors, administrators, heirs, successors and assigns of the Optionee.

 

7.           Membership
Control Agreement. The Units issuable pursuant to the exercise of the Option will be subject to the terms and conditions of
the Member Control Agreement between the Company and its members. Upon exercise of the Option, the Optionee agrees to become a
party to the Member Control Agreement and be bound by the terms and conditions of the Member Control Agreement. The transfer of
the Units issued upon exercise of this Option

 

    	 	3	 

     

    

 

(including transfer by gift or operation of
law) is subject to certain restrictions set forth in Article 14 of the Member Control Agreement.

 

8.           Withholding
Taxes. The Optionee agrees to make appropriate arrangements with the Company (or the Parent or Subsidiary employing or retaining
the Optionee) for the satisfaction of all Federal, state, local and foreign income and employment tax withholding requirements
applicable to the Option exercise. The Optionee acknowledges and agrees that the Company may refuse to honor the exercise and refuse
to deliver Units if such withholding amounts are not delivered at the time of exercise.

 

9.           NO
GUARANTEE OF CONTINUED SERVICE. THE OPTIONEE ACKNOWLEDGES AND AGREES THAT THE VESTING OF UNITS PURSUANT TO THE VESTING SCHEDULE
HEREOF IS EARNED ONLY BY CONTINUING AS AN EMPLOYEE, GOVERNOR, OR CONSULTANT AT THE WILL OF THE COMPANY (AND NOT THROUGH THE ACT
OF BEING HIRED, BEING GRANTED AN OPTION OR PURCHASING UNITS HEREUNDER). THE OPTIONEE FURTHER ACKNOWLEDGES AND AGREES THAT THIS
AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED
PROMISE OF CONTINUED ENGAGEMENT AS AN EMPLOYEE, GOVERNOR, OR CONSULTANT FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND
WILL NOT INTERFERE WITH THE OPTIONEE’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE THE OPTIONEE’S RELATIONSHIP
(A) AS AN EMPLOYEE AT ANY TIME, WITH OR WITHOUT CAUSE; (B) AS A CONSULTANT PURSUANT TO THE TERMS OF THE OPTIONEE’S AGREEMENT
WITH THE COMPANY OR AN AFFILIATE; OR (C) AS A GOVERNOR PURSUANT TO THE BYLAWS OF THE COMPANY AND ANY APPLICABLE PROVISIONS OF THE
LIMITED LIABILITY COMPANY LAW OF THE STATE OR OTHER JURISDICTION IN WHICH THE COMPANY IS DOMICILED, AS THE CASE MAY BE.

 

10.         Entire
Agreement; Governing Law. The Plan is incorporated herein by reference. The Plan and this Option Agreement constitute the entire
agreement of the parties regarding the acquisition of Units in the Company and supersede in their entirety all prior oral and written
undertakings and agreements of the Company and the Optionee on that subject, with the exception of any other options previously
granted and delivered to the Optionee under the Plan or any similar plan maintained by the Company or its Affiliates. This Option
Agreement may not be modified adversely to the Optionee’s interest except by means of a writing signed by the Company and
the Optionee. This Option Agreement is governed by the internal substantive laws but not the choice of law rules of the State of
Minnesota.

 

    	 	4	 

     

    

 

Signature page to
Unit Option Agreement

 

By the Optionee’s signature and the
signature of the Company’s representative below, the Optionee and the Company agree that this Option is granted under and
governed by the terms and conditions of the Plan and this Option Agreement. The Optionee has reviewed the Plan and this Option
Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Option Agreement and
fully understands all provisions of the Plan and Option Agreement. The Optionee hereby agrees to accept as binding, conclusive
and final all decisions or interpretations of the Board of Governors (or any Committee to whom the Board has delegated administration
of the Plan) upon any questions relating to the Plan and this Option Agreement.

 

The Optionee further agrees to notify the
Company of any change in the Optionee’s residence address indicated below.

 

	OPTIONEE:	 	CELCUITY LLC
	 	 	 	 
	 	 	By:	 
	(Signature)	 	Title:	 
	 	 	 
	 	 	 
	(Print Name)	 	(Print Name)
	 	 	 
	Address:	 	Address:
	 	 	Celcuity LLC
	 	 	 
	 	 	 

 

    	 	5	 

     

    

 

Exhibit A

 

CELCUITY LLC

2012 EQUITY INCENTIVE
PLAN

 

EXERCISE NOTICE

 

[To be completed and signed upon the
exercise of the Option]

 

Celcuity LLC

_______________________

_______________________

 

1.           Exercise
of Option. Effective as of the Exercise Date set forth below, the undersigned (the “Purchaser”) hereby elects
to exercise the Purchaser’s Option to purchase units of Membership Interest (the “Units”) of Celcuity
LLC (the “Company”) under and pursuant to the Celcuity LLC 2012 Equity Incentive Plan (the “Plan”)
and the Unit Option Agreement bearing the Grant Number and Grant Date set forth below (the “Option Agreement”).
The Option is being exercised with respect to the number of Units stated below (the “Exercised Units”).

 

	Exercise Date:	_______________, 20__
	 	 
	Purchaser:	______________________________________
	 	 
	Grant Number:	______________
	 	 
	Grant Date:	_______________, 20__
	 	 
	Number of Exercised Units:	______________ Units
	 	 
	Exercise Price per Unit:	$_____ per Unit
	 	 
	Total Exercise Price:	$______________

 

2.           Delivery
of Payment. The Purchaser herewith delivers to the Company the total Exercise Price for the Units, and any and all withholding
taxes due in connection with the exercise of the Option, in cash (including a personal check or certified or bank cashier’s
check, payable to the order of the Company).

 

3.           Representations
of Purchaser. In connection with the purchase of the Units, the Purchaser represents to the Company as follows:

 

(a)          The
Purchaser (i) acknowledges that the Purchaser has received, read and understood the Plan and the Option Agreement, (ii) agrees
that the Units are being acquired in accordance with and subject to the terms, provisions and conditions of the Plan and the Option
Agreement, and (iii) agrees to abide by and be bound by their terms and conditions.

 

    	 	A-1	 

     

    

 

(b)          The
Purchaser agrees (i) to provide such additional documents as the Company may require pursuant to the terms of the Plan, and (ii)
to provide for the payment by the Purchaser to the Company (in the manner designated by the Company) of the Company’s withholding
obligation, if any, relating to the exercise of the Option.

 

(c)          The
Purchaser is aware of the Company’s business affairs and financial condition and has acquired sufficient information about
the Company to reach an informed and knowledgeable decision to acquire the Units.

 

(d)          The
Purchaser is acquiring these Units for investment for the Purchaser’s own account only and not with a view to, or for resale
in connection with, any “distribution” thereof within the meaning of the Securities Act of 1933, as amended (the “Securities
Act”).

 

(e)          The
Purchaser acknowledges and understands that the Units constitute “restricted securities” under the Securities Act and
have not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon,
among other things, the bona fide nature of the Purchaser’s investment intent as expressed herein. The Purchaser further
understands that the Units must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption
from such registration is available. The Purchaser further acknowledges and understands that the Company is under no obligation
to register the Units.

 

(f)          The
Purchaser understands that the certificate evidencing the Units will be imprinted with a legend that prohibits the transfer of
the Units unless they are registered or such registration is not required in the opinion of counsel satisfactory to the Company
and any other legend required under applicable state securities laws.

 

4.           Rights
as Member. Until the issuance of the Units (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 other distributions or any other rights as
a member of the Company will exist with respect to the units of Membership Interest subject to the Option, notwithstanding the
exercise of the Option. The Units will be issued to the Purchaser as soon as practicable after the Option is exercised in accordance
with the Option Agreement. No adjustment will be made for a dividend or other distribution or other right for which the record
date is prior to the date of issuance of the Units.

 

5.           Company’s
Right of First Refusal. Before any Units held by the Purchaser or any transferee (either being sometimes referred to herein
as the “Holder”) may be sold or otherwise transferred (including transfer by gift or operation of law), the
Company or its assignee(s) will have a right of first refusal to purchase the Units on the terms and conditions set forth in Article
14 of the Company’s Member Control Agreement.

 

6.           Tax
Consultation. The Purchaser understands that the Purchaser’s purchase or disposition of the Units will have certain tax
consequences, some of which may be adverse tax consequences. The Purchaser represents that the Purchaser has consulted with any
tax consultants the Purchaser deems advisable in connection with the purchase or disposition of the Units and that the Purchaser
is not relying on the Company for any tax advice.

 

    	 	A-2	 

     

    

 

7.           Restrictive
Legends and Stop-Transfer Orders.

 

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

 

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

 

THE UNITS REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND A RIGHT OF FIRST REFUSAL HELD BY THE ISSUER OR ITS ASSIGNEE(S)
AS SET FORTH IN THE MEMBER CONTROL AGREEMENT BETWEEN THE ISSUER AND ITS MEMBERS, INCLUDING THE ORIGINAL HOLDER OF THESE UNITS,
A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER RESTRICTIONS AND RIGHT OF FIRST REFUSAL ARE
BINDING ON TRANSFEREES OF THESE UNITS.

 

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

 

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

 

8           Binding Effect. Subject to the
restrictions on transfer herein set forth, this Exercise Notice will inure to the benefit of and be binding upon the Purchaser
and his or her heirs, executors, administrators, successors and assigns.

 

9.           Entire
Agreement; Governing Law. The Plan and Option Agreement are incorporated herein by reference. This Exercise Notice, the Plan
and the Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede
in their entirety all prior undertakings and agreements of the Company and the Purchaser with respect to the subject matter hereof,
and may not be modified adversely to the Purchaser’s interest except by means of a writing signed by the Company and the
Purchaser. This Option Agreement is governed by the internal substantive laws but not the choice of law rules, of the State of
Minnesota.

 

    	 	A-3	 

     

    

 

Signatures to
Exercise Notice

 

[To be signed upon the exercise of the
Option]

 

	Submitted by:	 	Accepted by:
	 	 	 
	PURCHASER:	 	CELCUITY LLC
	 	 	 	 
	 	 	By:	 
	(Signature)	 	Title:	 
	 	 	 
	 	 	 
	(Print Name)	 	(Print Name)
	 	 	 
	Address:	 	Address:
	 	 	Celcuity LLC
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	(Date Received)

 

    	 	A-4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}]]