Document:

Exhibit 10.1

 

CADRENAL THERAPEUTICS, INC.

2022 EQUITY INCENTIVE PLAN

 

Section 1. Purposes; Definitions.

 

The purpose of the Cadrenal Therapeutics, Inc.
2022 Equity Incentive Plan is to enable Cadrenal Therapeutics, Inc. (the “Company”) to offer to those of its employees and
to the employees of its Subsidiaries and other persons who are expected to contribute to the success of the Company, long term performance-based
stock and/or other equity interests in the Company, thereby enhancing their ability to attract, retain and reward such key employees or
other persons, and to increase the mutuality of interests between those employees or other persons and the stockholders of the Company.

 

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

 

(a) “Award”
means an award granted under the Plan including a Stock Option, Stock Appreciation Right, Restricted Stock, or RSUs.

 

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

 

(c) “Cause”
shall have the meaning ascribed thereto in Section 5(a)(ii)(I) below.

 

(d) “Change
of Control” shall have the meaning ascribed thereto in Section 9 below.

 

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

 

(f) “Committee”
means the Compensation Committee of the Board, if established, or any other committee of the Board which the Board may designate, consisting
of two or more members of the Board each of whom shall meet the definition of an “independent director” under the listing
rules of any securities exchange or national securities association on which the Stock is listed for trading  and the requirements
set forth in any other law, rule or regulation applicable to the Plan hereinafter enacted, provided, however, that with respect to any
Award that is intended to satisfy the requirements of Rule 16b-3, such Award shall be granted and administered by a committee of the Board
consisting of at least such number of directors as are required from time to time by Rule 16b-3, and each such committee member shall
meet such qualifications as are required by Rule 16b-3.

 

(g) “Company”
means Cadrenal Therapeutics, Inc., a corporation organized under the laws of the State of Delaware or any successor entity.

 

(h) “Disability”
means the permanent and total disability as defined in Section 22(e)(3) of the Code.

 

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(i) “Early
Retirement” means retirement, with the approval of the Board or the Committee, for purposes of one or more Award(s) hereunder,
from active employment with the Company or any Parent or Subsidiary prior to age 65.

  

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

 

(k) “Fair
Market Value.”

 

(i) If shares
of Stock are listed on a stock exchange, Fair Market Value shall be determined based on the last reported sale price of a share on the
principal exchange on which shares are listed on the date of determination, or if such date is not a trading day, the next trading date.

 

(ii) If
shares of Stock are not so listed, but trades of shares are reported on the Nasdaq National Market, Fair Market Value shall be determined
based on the last quoted sale price of a share on the Nasdaq National Market on the date of determination, or if such date is not a trading
day, the next trading date.

 

(iii) If
shares of Stock are not so listed nor trades of shares so reported, Fair Market Value shall be determined by the Committee in good faith.

 

(l) “409A Change” shall mean:

 

(i) the acquisition by any one person, or more
than one person acting as a group, of Stock that, together with Stock held by such person or group, constitutes more than fifty percent
(50%) of the total fair market value or total voting power of the Stock; (ii) (a) the acquisition by any one person, or more than one
person acting as a group (or the acquisition during the 12-month period ending on the date of the most recent acquisition by such person
or persons) of ownership of Stock possessing fifty percent (50%) or more of the total voting power of the Stock; or (b) a majority of
members of the Board is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of
the members of the Board prior to the date of the appointment or election; or (iii) the acquisition by any one person or more than one
person acting as a group (or the acquisition during the 12-month period ending on the date of the most recent acquisition by such person
or persons) of assets from the Company resulting in a Change of Control and, in any event, that have a total gross fair market value equal
to or more than forty percent (40%) of the total gross fair market value of all of the assets of the Company immediately prior to such
acquisition or acquisitions. The foregoing definition of “409A Change” shall be interpreted consistent with, and shall include
all of the requirements of, Section 409A of the Code and the Treasury regulations issued thereunder, to constitute a change in the ownership
or effective control of the corporation, or in the ownership of a substantial portion of the assets of the corporation as defined therein.

 

(m)
“Incentive Stock Option” means any Stock Option which is intended to be and is designated as an “incentive stock
option” within the meaning of Section 422 of the Code, or any successor thereto. An Incentive Stock Option may only be granted to
an employee of the Company, a Parent or a Subsidiary as set forth in Section 421 and 422 of the Code, as applicable.

 

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(n) “Non-Qualified
Stock Option” means any Stock Option that is not an Incentive Stock Option.

 

(o) “Normal
Retirement” means retirement from active employment with the Company or any Parent or Subsidiary on or after age 65.

 

(p) “Participant”
shall mean any person who has received an award of a Stock Option, SAR, Restricted Stock, or RSU.

 

(q) “Parent”
means any present or future parent of the Company, as such term is defined in Section 424(e) of the Code, or any successor thereto.

 

(r) “Performance-Based
Award” means an Award that vests in whole or in part upon the achievement of one or more specified Performance Goals, as determined
by the Committee

 

(s) “Performance
Goals” means the performance goals established by the Board or Committee, as the case may be, in connection with the grant
of an Award.

 

(t) “Performance
Period” means that period established by the Committee at the time any Performance Award is granted or at any time thereafter
during which any Performance Goals specified by the Committee with respect to such Award are to be measured.

 

(u) “Plan”
means this Cadrenal Therapeutics, Inc. 2022 Equity Incentive Plan, as hereinafter amended from time to time.

 

(v) “Restricted
Stock” means Stock, received under an award made pursuant to Section 6 below that is subject to restrictions imposed pursuant
to said Section 6.

 

(w) “Restricted
Stock Unit” or “RSU” means an award grant pursuant to Section 7 hereof.

 

(x) “Retirement”
means Normal Retirement or Early Retirement.

 

(y) “Rule
16b-3” means Rule 16b-3 of the General Rules and Regulations under the Exchange Act, as in effect from time to time, and any
successor thereto.

  

(z) “Securities
Act” means the Securities Act of 1933, as amended, as in effect from time to time.

 

(aa) “Stock” means the common
stock of the Company.1

 

(bb) “Stock Appreciation Right”
or “SAR” means a stock appreciation right granted under the Plan and described in Section 5(b) hereof.

 

 

	1	Insert class and par value of stock available under the Plan

 

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(cc) “Stock Option” or “Option”
means any option to purchase shares of Stock which is granted pursuant to the Plan.

  

(dd) “Subsidiary” means
any present or future subsidiary corporation of the Company, as such term is defined in Section 424(f) of the Code, or any successor thereto.

 

Section 2. Administration.

 

(a) The
Plan shall be administered by the Board, or, at its discretion, the Committee.

 

(b) The
Board or the Committee, as the case may be, shall have the authority to grant Awards pursuant to the terms of the Plan, to officers and
other employees or other persons eligible under Section 4 below.

 

(c) For
purposes of illustration and not of limitation, the Board or the Committee, as the case may be, shall have the authority (subject to the
express provisions of the Plan):

 

(i)    to
select the officers, other employees of the Company or any Parent or Subsidiary and other persons to whom Stock Options, SARs, Restricted
Stock and/or RSUs may be from time to time granted hereunder;

 

   (ii)   to
determine the Incentive Stock Options, Non-Qualified Stock Options, SARs, Restricted Stock and/or RSUs or any combination thereof, if
any, to be granted hereunder to one or more eligible persons;

 

   (iii)  to
determine the number of shares of Stock to be covered by each Award granted hereunder;

 

   (iv)  to
determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder (including, but not limited
to, share price, any restrictions or limitations, and any vesting acceleration, exercisability and/or forfeiture provisions); and

 

   (v)   to
determine the terms and conditions under which Awards granted hereunder are to operate on a tandem basis and/or in conjunction with or
apart from other awards made by the Company or any Parent or Subsidiary outside of the Plan.

 

(d) Subject
to Section 10 hereof, the Board or the Committee, as the case may be, shall have the authority to (i) adopt, alter and repeal such administrative
rules, guidelines and practices governing the Plan as it shall, from time to time, deem advisable, (ii) interpret the terms and provisions
of the Plan and any Award issued under the Plan (and to determine the form and substance of all agreements relating thereto), and (iii)
to otherwise supervise the administration of the Plan.

  

(e) Subject
to the express provisions of the Plan, all decisions made by the Board or the Committee, as the case may be, pursuant to the provisions
of the Plan shall be made in the Board’s or the Committee’s, as the case may be, sole and absolute discretion and shall be
final and binding upon all persons, including the Company, its Parent and Subsidiaries and the Participants.

 

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(f) Subject
to the provisions of the Plan, the Board or the Committee, as the case may be, may, in its sole discretion, from time to time delegate
to the Chief Executive Officer of the Company (the “CEO”) the authority, subject to such terms as the Board or the Committee,
as the case may be, to determine and designate from time to time the employees or other persons to whom Awards may be granted and to perform
other specified functions under the Plan; provided, however, that at any time that the any securities issued by the Company are covered
by a then-current registration statement under the 1933 Act, the CEO may not grant any Award to, or perform any function related to an
Award to, himself or any individual (i) then subject to Section 15 of the Exchange Act, and any such grant or function relating to such
individuals shall be performed solely by the Board or the Committee, as the case may be, to ensure compliance with the applicable requirements
of the Exchange Act and the Code or (ii) where the grant or performance of such function by the CEO will cause the Plan not to comply
with any applicable regulation of any securities exchange or automated quotation system where the Stock is listed for trading.

  

(g) Any
such delegation of authority by the Board or the Committee, as the case may be, shall be by a resolution adopted by the Board or the Committee,
as the case may be, and shall specify all of the terms and conditions of the delegation. The resolution of the Board or the Committee,
as the case may be, granting such authority may authorize the CEO to grant Awards pursuant to the Plan and may set forth the types of
Awards that may be granted; provided, however, that the resolution shall (i) specify the maximum number of shares of Stock that may be
awarded to any individual Participant and to all Participants during a specified period of time and (ii) specify the exercise price (or
the method for determining the exercise price), if any, of an Award, the vesting schedule, and any other terms, conditions, or restrictions
that may be imposed by the Board or the Committee, as the case may be, in its sole discretion. The resolution of the Board or the Committee,
as the case may be, shall also require the CEO to provide the Board or the Committee, as the case may be, on at least a monthly basis,
a report that identifies the Awards granted, the Awards granted pursuant to the delegated authority and, with respect to each Award: the
name of the Participant, the date of grant of the award, the number of shares of Stock, the exercise price and period, if any, and the
vesting provisions of such Award, the terms of such Awards, in all cases, being subject to the resolutions of the Board or the Committee,
as the case may be, granting such authority.

 

(h) The
Board or the Committee, or the case may be, may also delegate to other officers of the Company, pursuant to a written delegation, the
authority to perform specified functions under the Plan that are not inconsistent with Rule 16b-3 or other rules or regulations applicable
to the Plan. Any actions taken by any officers of the Company pursuant to such written delegation of authority shall be deemed to have
been taken by the Board or the Committee, as the case may be.

 

(i) No member
of the Board or the Committee, and no employee of the Company shall be liable for any act or failure to act with respect to the Plan,
except in circumstances involving his or her bad faith or willful misconduct, or for any act or failure to act hereunder by any other
member of the Board or the Committee or employee or by any agent to whom duties in connection with the administration of the Plan have
been delegated. The Company shall indemnify members of the Committee and the Board and any agent of the Committee or the Board who is
an employee of the Company or a Parent or Subsidiary against any and all liabilities or expenses to which they may be subjected by reason
of any act or failure to act with respect to their duties on behalf of the Plan, except in circumstances involving such person’s
bad faith or willful misconduct.

 

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Section 3. Stock Subject to Plan.

 

(a) Share
Pool. The total number of shares of Stock reserved and available for distribution under the Plan shall be 2,000,000 shares. Such shares
may consist, in whole or in part, of authorized and unissued shares or treasury shares. The maximum number of shares of Stock with respect
to which Incentive Stock Options may be granted under the Plan shall be 2,000,000 shares of Stock. 

 

(b) Automatic
Increases to Share Pool. The aggregate number of Shares reserved for Awards under Section 3(a) of the Plan will automatically increase
on January 1 of each year, for a period of not more than ten (10) years, commencing on July 11, 2023 and ending on (and including) July
11, 2032, to an amount equal to twenty percent (20%) of the total number of shares of Stock outstanding on December 31 of the preceding
calendar year. Notwithstanding the foregoing, the Board or the Committee, as applicable may act prior to January 1 of a given year to
provide that there will be no January 1 increase for such year or that the increase for such year will be a lesser number of Shares than
provided herein.

 

(c) Adjustments
to Share Pool. If any shares of Stock that have been optioned cease to be subject to a Stock Option award for any reason (other than
by issuance of such shares upon exercise of a Stock Option), or if any shares of Stock that are subject to any SAR, Restricted Stock or
RSU award are forfeited or any such award otherwise terminates without the issuance of such shares, such shares shall again be available
for distribution under the Plan. Without limiting the foregoing, (i) any shares of Stock subject to an Award that remain unissued upon
the cancellation, surrender, exchange or termination of such Award without having been exercised or settled, (ii) any shares of Stock
subject to an Award that are retained by the Company as payment of the exercise price or tax withholding obligations with respect to an
Award, and (iii) any shares of Stock equal to the number of previously owned shares of Stock surrendered to the Company as payment of
the exercise price of a Stock Option or to satisfy tax withholding obligations with respect to an Award, shall again be available for
distribution under the Plan.

 

(d) Change
in Capitalization. In the event of any merger, reorganization, consolidation, recapitalization, stock dividend, stock split, extraordinary
distribution with respect to the Stock or other change in corporate structure affecting the Stock, such substitution or adjustments shall
be made in the (A) aggregate number of shares of Stock reserved for issuance under the Plan, (B) number, kind and exercise price of shares
of Stock subject to outstanding Options granted under the Plan, and (C) number, kind, purchase price and/or appreciation base of shares
of Stock subject to other outstanding Awards granted under the Plan, as may be determined to be appropriate by the Board or the Committee,
as the case may be, in order to prevent dilution or enlargement of rights; provided, however, that the number of shares of Stock subject
to any Award shall always be a whole number. Such adjusted exercise price shall also be used to determine the amount which is payable
to the optionee upon the exercise by the Board or the Committee, as the case may be, of the alternative settlement right which is set
forth in Section 5(a)(ii)(K) below.  Any adjustments to outstanding Awards shall be consistent with section 409A or 424 of the Code,
to the extent applicable.

 

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Section 4. Eligibility.

 

(a) Officers
and other employees of the Company or any Parent or Subsidiary (but excluding any person whose eligibility would adversely affect the
compliance of the Plan with the requirements of Rule 16b-3) who are at the time of the grant of an Award under the Plan employed by the
Company or any Parent or Subsidiary and who are responsible for or contribute to the management, growth and/or profitability of the business
of the Company or any Parent or Subsidiary are eligible to be granted Awards under the Plan. In addition, Non-Qualified Stock Options
and other Awards (but not Incentive Stock Options) may be granted under the Plan to any person, including, but not limited to, directors,
independent agents, consultants and attorneys who the Board or the Committee, as the case may be, believes has contributed or will contribute
to the success of the Company. Eligibility under the Plan shall be determined by the Board or the Committee, as the case may be.

 

(b) The
Board or the Committee, as the case may be, may, in its sole discretion, include additional conditions and restrictions in the agreement
entered into in connection with such Awards under the Plan. The grant of an Option or other Award under the Plan, and any determination
made in connection therewith, shall be made on a case by case basis and can differ among optionees and grantees. The grant of an Option
or other Award under the Plan is a privilege and not a right and the determination of the Board or the Committee, as the case may be,
can be applied on a non-uniform (discretionary) basis.

 

Section 5. Stock Options and Stock Appreciation
Rights.

 

(a)  Stock
Options.

 

(i) Grant
and Exercise. Stock Options granted under the Plan may be of two types: (A) Incentive Stock Options and (B) Non-Qualified Stock Options.
Any Stock Option granted under the Plan shall contain such terms as the Board or the Committee, as the case may be, may from time to time
approve. The Board or the Committee, as the case may be, shall have the authority to grant to any optionee Incentive Stock Options, Non-Qualified
Stock Options, or both types of Stock Options, and they may be granted alone or in addition to other awards granted under the Plan. To
the extent that any Stock Option is not designated as an Incentive Stock Option or does not qualify as an Incentive Stock Option, it shall
constitute a Non-Qualified Stock Option. The grant of an Option shall be deemed to have occurred on the date on which the Board or the
Committee, as the case may be, by resolution, designates an individual as a grantee thereof, and determines the number of shares of Stock
subject to, and the terms and conditions of, said Option, including the exercise price.

 

Anything in the Plan to the contrary notwithstanding,
no term of the Plan relating to Incentive Stock Options or any agreement providing for Incentive Stock Options shall be interpreted, amended
or altered, nor shall any discretion or authority granted under the Plan be exercised, so as to disqualify the Plan under Section 422
of the Code, or, without the consent of the optionee(s) affected, to disqualify any Incentive Stock Option under said Section 422.

 

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(ii)  Terms
and Conditions. Stock Options granted under the Plan shall be subject to the following terms and conditions:

 

     (A)
  Option Price. The option price per share of Stock purchasable under a Stock Option shall be determined by the Board
or the Committee, as the case may be, at the time of the grant and shall not be less than 100% (110% in the case of an Incentive Stock
Option granted to an optionee who, at the time of grant, owns Stock possessing more than 10% of the total combined voting power of all
classes of stock of the Company or its Parent, if any, or its Subsidiaries (“10% Stockholder”)) of the Fair Market Value of
the Stock at the time the Stock Option is granted.

 

     (B)   Option
Term. The term of each Stock Option shall be fixed by the Board or the Committee, as the case may be, but no Incentive Stock Option
shall be exercisable more than ten years (five years, in the case of an Incentive Stock Option granted to a 10% Stockholder) after the
date on which the Option is granted.  

  

     (C)  Exercisability.
Stock Options shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Board
or the Committee, as the case may be. If the Board or the Committee, as the case may be, provides, in its discretion, that any Stock Option
is exercisable only in installments, the Board or the Committee, as the case may be, may waive such installment exercise provisions at
any time at or after the time of grant in whole or in part, based upon such factors as the Board or the Committee, as the case may be,
shall determine.

 

     (D)  Method
of Exercise. Subject to whatever installment, exercise and waiting period provisions are applicable in a particular case, Stock Options
may be exercised in whole or in part at any time during the option period by giving written notice of exercise to the Company specifying
the number of shares of Stock to be purchased. Such notice shall be accompanied by payment in full of the exercise price for the Stock
Options exercised, which shall be in cash or, if provided in the Stock Option agreement referred to in Section 5(a)(ii)(L) below or otherwise
provided by the Board, or Committee, as the case may be, either at or after the date of grant of the Stock Option, in whole shares of
Stock which are already owned by the holder of the Option or partly in cash and partly in such Stock. Cash payments shall be made by wire
transfer, certified or bank check or personal check, in each case payable to the order of the Company; provided, however, that the Company
shall not be required to deliver certificates for shares of Stock with respect to which an Option is exercised until the Company has confirmed
the receipt of good and available funds in payment of the purchase price thereof. If permitted, payments of the exercise price and any
tax required to be withheld by the Company in the form of Stock (which shall be valued at the Fair Market Value of a share of Stock on
the date of exercise) shall be made by delivery of stock certificates in negotiable form which are effective to transfer good and valid
title thereto to the Company, free of any liens or encumbrances. In addition to the foregoing, payment of the exercise price may be made
by delivery to the Company by the optionee of an executed exercise form, together with irrevocable instructions to a broker-dealer to
sell or margin a sufficient portion of the shares covered by the option and deliver the sale or margin loan proceeds directly to the Company.
Except as otherwise expressly provided in the Plan or in the Stock Option agreement referred to in Section 5(a)(ii)(L) below or otherwise
provided by the Board or Committee, as the case may be, either at or after the date of grant of the Option, no Option which is granted
to a person who is at the time of grant an employee of the Company or of a Subsidiary or Parent of the Company may be exercised at any
time unless the holder thereof is then an employee of the Company or of a Parent or a Subsidiary. The holder of an Option shall have none
of the rights of a stockholder with respect to the shares subject to the Option until the optionee has given written notice of exercise,
has paid in full for those shares of Stock and, if requested by the Board or Committee, as the case may be, has given the representation
described in Section 12(a) below.

 

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   (E) Transferability;
Exercisability. No Stock Option shall be transferable by the optionee other than by will or by the laws of descent and distribution,
except as may be otherwise provided with respect to a Non-Qualified Option pursuant to the specific provisions of the Stock Option agreement
pursuant to which it was issued as referred to in Section 5(a)(ii)(L) below (which agreement may be amended, from time to time). Except
as otherwise provided in the Stock Option agreement relating to a Non-Qualified Stock Option, all Stock Options shall be exercisable,
during the optionee’s lifetime, only by the optionee or his or her guardian or legal representative.

 

   (F) Termination
by Reason of Death. Subject to Section 5(a)(ii)(J) below, if an optionee’s employment by the Company or any Parent or Subsidiary
terminates by reason of death, any Stock Option held by such optionee may thereafter be exercised, to the extent then exercisable or on
such accelerated basis as the Board or Committee, as the case may be, may determine at or after the time of grant, for a period of one
year (or such other period as the Board or the Committee, as the case may be, may specify at or after the time of grant) from the date
of death or until the expiration of the stated term of such Stock Option, whichever period is the shorter.

 

   (G) Termination
by Reason of Disability. Subject to Section 5(a)(ii)(J) below, if an optionee’s employment by the Company or any Parent or Subsidiary
terminates by reason of Disability, any Stock Option held by such optionee may thereafter be exercised by the optionee, to the extent
it was exercisable at the time of termination or on such accelerated basis as the Board or the Committee, as the case may be, may determine
at or after the time of grant, for a period of one year (or such other period as the Board or the Committee, as the case may be, may specify
at or after the time of grant) from the date of such termination of employment or until the expiration of the stated term of such Stock
Option, whichever period is the shorter; provided, however, that if the optionee dies within such one year period (or such other period
as the Board or the Committee, as the case may be, shall specify at or after the time of grant), any unexercised Stock Option held by
such optionee shall thereafter be exercisable to the extent to which it was exercisable at the time of death for a period of one year
from the date of death or until the expiration of the stated term of such Stock Option, whichever period is the shorter.

  

   (H) Termination
by Reason of Retirement. Subject to Section 5(a)(ii)(J) below, if an optionee’s employment by the Company or any Parent or Subsidiary
terminates by reason of Normal Retirement, any Non-Qualified Stock Option held by such optionee may thereafter be exercised by the optionee,
to the extent it was exercisable at the time of termination or on such accelerated basis as the Board or the Committee, as the case may
be, may determine at or after the time of grant, for a period of one year (or such other period as the Board or the Committee, as the
case may be, may specify at or after the time of grant) from the date of such termination of employment or the expiration of the stated
term of such Stock Option, whichever period is the shorter; provided, however, that if the optionee dies within such one year period (or
such other period as the Board or the Committee, as the case may be, shall specify at or after the date of grant), any unexercised Stock
Option held by such optionee shall thereafter be exercisable to the extent to which it was exercisable at the time of death for a period
of one year from the date of death or until the expiration of the stated term of such Stock Option, whichever period is the shorter. If
an optionee’s employment with the Company or any Parent or Subsidiary terminates by reason of Early Retirement, the Stock Option
shall thereupon terminate; provided, however, that if the Board or the Committee, as the case may be, so approves at the time of Early
Retirement, any Stock Option held by the optionee may thereafter be exercised by the optionee as provided above in connection with termination
of employment by reason of Normal Retirement.

 

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   (I) Other
Termination. Subject to the provisions of Section 12(h) below, and unless otherwise determined by the Board or Committee, as the case
may be, at or after the time of grant, if an optionee’s employment by the Company or any Parent or Subsidiary terminates for any
reason other than death, Disability or, in the case of a Non-Qualified Stock Option, Retirement, the Stock Option shall thereupon automatically
terminate, except that if the optionee is involuntarily terminated by the Company or any Parent or a Subsidiary without Cause (as hereinafter
defined), such Stock Option may be exercised by the optionee, to the extent it was exercisable at the time of termination or on such accelerated
basis as the Board or the Committee, as the case may be, may determine at or after the time of grant, for a period of three months (or
such other period as the Board or the Committee, as the case may be, shall specify at or after the time of grant) from the date of such
termination or until the expiration of the stated term of such Stock Option, whichever period is shorter. For purposes of the Plan, “Cause”
shall mean (1) the conviction of the optionee of a felony under Federal law or the law of the state in which such action occurred, (2)
dishonesty by the optionee in the course of fulfilling his or her employment duties, or (3) the failure on the part of the optionee to
perform his or her employment duties in any material respect. In addition, with respect to an option granted to an employee of the Company,
a Parent or a Subsidiary, for purposes of the Plan, “Cause” shall also include any definition of “Cause” contained
in any employment agreement between the optionee and the Company, Parent or Subsidiary, as the case may be.

 

   (J) Additional
Incentive Stock Option Limitation. In the case of an Incentive Stock Option, the aggregate Fair Market Value of Stock (determined
at the time of grant of the Option) with respect to which Incentive Stock Options are exercisable for the first time by an individual
optionee during any calendar year (under all such plans of optionee’s employer corporation and its Parent and Subsidiaries) shall
not exceed $100,000.

 

   (K) Alternative
Settlement of Option. If provided for, upon the receipt of written notice of exercise or otherwise provided for by the Board or Committee,
as the case may be, either at or after the time of grant of the Stock Option, the Board or the Committee, as the case may be, may elect
to settle all or part of any Stock Option by paying to the optionee an amount, in cash or Stock (valued at Fair Market Value on the date
of exercise), equal to the product of the excess of the Fair Market Value of one share of Stock, on the date of exercise over the Option
exercise price, multiplied by the number of shares of Stock with respect to which the optionee proposes to exercise the Option. Any such
settlements which relate to Options which are held by optionees who are subject to Section 16(b) of the Exchange Act shall comply with
any “window period” provisions of Rule 16b-3, to the extent applicable, and with such other conditions as the Board or Committee,
as the case may be, may impose.

 

   (L) Stock
Option Agreement. Each grant of a Stock Option shall be confirmed by, and shall be subject to the terms of, an agreement executed
by the Company and the Participant.  An Incentive Stock Option granted pursuant to the Plan shall be issued substantially in
the form set forth in Appendix I hereof, which form is hereby incorporated by reference and made a part hereof, and shall contain substantially
the terms and conditions set forth therein. A Non-Qualified Stock Option granted  to an Employee pursuant to
the Plan shall be issued substantially in the form set forth in Appendix II hereof, which form is hereby incorporated by reference and
made a part hereof, and shall contain substantially the terms and conditions set forth therein.  A Non-Qualified Stock Option
granted to a non-employee directors or consultants shall be issued substantially in the form set forth in Appendix III hereof, which form
is hereby incorporated by reference and made a part hereof, and shall contain substantially the terms and conditions set forth therein.
At the time of the grant of a Stock Option, the Board or Committee may, in the Board or Committee’s sole discretion, amend or supplement
any of the option terms contained in Appendix I, II or III hereof for any particular optionee, provided that with respect to an Incentive
Stock Option, the Stock Option satisfies the requirements for an Incentive Stock Option set forth in the Code.

 

    10

     

    

 

(b) SARs.

 

  (i) Nature of Award. Upon the exercise
of a SAR, its holder will be entitled to receive an amount equal to the excess (if any) of: (A) the Fair Market Value of the Shares
as to which the SAR is then being exercised, over (B) the Fair Market Value of those Shares as of the date the SAR was granted. Such
amount may be paid in either cash and/or Shares, as determined by the Board in its discretion.

 

(ii) Terms
and Conditions. The Award Agreement evidencing any SAR will incorporate the following terms and conditions and will contain such additional
terms and conditions, not inconsistent with the terms of the Plan, as the Board deems appropriate in its sole and absolute discretion:

 

(iii) Term
of SAR. Unless otherwise specified in the Award Agreement, the term of a SAR will be ten years.

 

(i) Exercisability.
SARs will vest and become exercisable at such time or times and subject to such terms and conditions as will be determined by the Board
at the time of grant.

 

(ii) Method
of Exercise. Subject to the exercisability and termination provisions set forth herein and in the applicable Award Agreement, SARs
may be exercised in whole or in part from time to time during their term by delivery of written notice to the Company specifying the portion
of the SAR to be exercised.

 

(iii) Termination
of Service. Unless otherwise specified in the Award Agreement, SARs will be subject to the terms similar to the terms applicable to
Options under Section 5(a)(ii) with respect exercise upon termination of service.

 

    (vii) Non-Transferability.
Except as may otherwise be specifically determined by the Board with respect to a particular SAR:

 

     (A)  SARs may not be sold, pledged,
assigned, hypothecated, gifted, transferred or disposed of in any manner either voluntarily or involuntarily by operation of law, other
than by will or by the laws of descent or distribution, and

 

     (B) during the Participant’s
lifetime, SARs will be exercisable only by the Participant (or, in the event of the Participant’s Disability, by his personal representative).

 

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Section 6. Restricted Stock.

  

(a) Grant and Exercise. Shares of Restricted
Stock may be issued either alone or in addition to or in tandem with other awards granted under the Plan. The Board or the Committee,
as the case may be, shall determine the eligible persons to whom, and the time or times at which, grants of Restricted Stock will be made,
the number of shares to be awarded, the price (if any) to be paid by the recipient, the time or times within which such Awards may be
subject to forfeiture (the “Restriction Period”), the vesting schedule and rights to acceleration thereof, and all other terms
and conditions of the Awards. The Board or the Committee, as the case may be, may condition the grant of Restricted Stock upon the attainment
of such factors as the Board or the Committee, as the case may be, may determine.

 

 (b) Terms and Conditions. Each Restricted
Stock award shall be subject to the following terms and conditions:

 

(i)   Restricted
Stock, when issued, shall be represented by a stock certificate or certificates registered in the name of the holder to whom such Restricted
Stock shall have been awarded. During the Restriction Period, any certificates representing the Restricted Stock and any securities constituting
Retained Distributions (as defined below) shall bear a restrictive legend to the effect that ownership of the Restricted Stock (and such
Retained Distributions), and the enjoyment of all rights related thereto, are subject to the restrictions, terms and conditions provided
in the Plan and the Restricted Stock agreement referred to in Section 6(b)(iv) below. Any such certificates shall be deposited by the
holder with the Company, together with stock powers or other instruments of assignment, endorsed in blank, which will permit transfer
to the Company of all or any portion of the Restricted Stock and any securities constituting Retained Distributions that shall be forfeited
or that shall not become vested in accordance with the Plan and the applicable Restricted Stock agreement.

 

(ii) Restricted
Stock shall constitute issued and outstanding shares of Common Stock for all corporate purposes, and the issuance thereof shall be made
for at least the minimum consideration (if any) necessary to permit the shares of Restricted Stock to be deemed to be fully paid and nonassessable.
Unless the Board or the Committee, as the case may be, determines otherwise, the holder will have the right to vote such Restricted Stock,
to receive and retain all regular cash dividends and other cash equivalent distributions as the Board or the Committee, as the case may
be, may, in its sole discretion designate, pay or distribute on such Restricted Stock and to exercise all other rights, powers and privileges
of a holder of Stock with respect to such Restricted Stock, with the exceptions that (A) the holder will not be entitled to delivery of
the stock certificate or certificates representing such Restricted Stock until the Restriction Period shall have expired and unless all
other vesting requirements with respect thereto shall have been fulfilled; (B) the Company will retain custody of the stock certificate
or certificates representing the Restricted Stock during the Restriction Period; (C) other than regular cash dividends and other cash
equivalent distributions as the Board or the Committee, as the case may be, may in its sole discretion designate, pay or distribute, the
Company will retain custody of all distributions (“Retained Distributions”) made or declared with respect to the Restricted
Stock (and such Retained Distributions will be subject to the same restrictions, terms and conditions as are applicable to the Restricted
Stock) until such time, if ever, as the Restricted Stock with respect to which such Retained Distributions shall have been made, paid
or declared shall have become vested and with respect to which the Restriction Period shall have expired; (D) the holder may not sell,
assign, transfer, pledge, exchange, encumber or dispose of the Restricted Stock or any Retained Distributions during the Restriction Period;
and (E) a breach of any of the restrictions, terms or conditions contained in the Plan or the Restricted Stock agreement referred to in
Section 6(b)(iv) below, or otherwise established by the Board or the Committee, as the case may be, with respect to any Restricted Stock
or Retained Distributions will cause a forfeiture of such Restricted Stock and any Retained Distributions with respect thereto.  

  

    12

     

    

 

(iii) Upon
the expiration of the Restriction Period with respect to each award of Restricted Stock and the satisfaction of any other applicable restrictions,
terms and conditions (A) all or part of such Restricted Stock shall become vested in accordance with the terms of the Restricted Stock
agreement referred to in Section 6(b)(iv) below, and (B) any Retained Distributions with respect to such Restricted Stock shall become
vested to the extent that the Restricted Stock related thereto shall have become vested. Any such Restricted Stock and Retained Distributions
that do not vest shall be forfeited to the Company and the holder shall not thereafter have any rights with respect to such Restricted
Stock and Retained Distributions that shall have been so forfeited.

 

(iv) Restricted
Stock Agreement.  Each Restricted Stock award shall be confirmed by, and shall be subject to the terms of, an agreement executed
by the Company and the Participant.  A Restricted Stock award granted pursuant to the Plan shall be issued substantially in
the form set forth in Appendix IV hereof, which form is hereby incorporated by reference and made a part hereof, and shall contain substantially
the terms and conditions set forth therein. At the time of the grant of Restricted Stock, the Board or Committee may, in the Board or
Committee’s sole discretion, amend or supplement any of the terms contained in Appendix IV hereof for any particular Restricted
Stock holder.

 

Section 7. Restricted Stock Units (RSUs).

 

(i)  Restricted
stock units (RSUs) are Awards denominated in Stock that will be settled, subject to the terms and conditions of the RSUs, in an amount
in cash, Stock, or both. The Board or the Committee, as the case may be, shall determine the eligible individuals to whom and the time
or times at which grants of RSUs will be awarded, the number of shares in respect of which any granted RSUs shall relate, the conditions
for vesting, the time or times within which such RSUs may be subject to forfeiture and any other terms and conditions of the RSUs, in
addition to those contained in Section 7(ii).

 

(ii)
RSUs shall be subject to the following terms and conditions and such other terms and conditions as are set forth in the Plan and the applicable
award agreement or other document approved by the Committee: (1) the Board of the Committee, as the case may be, shall, prior to or at
the time of grant, condition (A) the vesting of RSUs upon the continued service of the applicable Participant, or (B) the grant or vesting
of RSUs upon the attainment of Performance Goals or the attainment of Performance Goals and the continued service of the applicable Participant.
The conditions for grant or vesting and the other provisions of RSUs (including without limitation any applicable performance targets)
need not be the same with respect to each recipient. An Award of RSUs shall be settled as and when the RSUs vest, at a later time specified
by the Board of the Committee, as the case may be, in the applicable award agreement, or, if the Board or Committee so permits, in accordance
with an election of the Participant; and (2) subject to the provisions of the Plan and the applicable award agreement, during the period
in which the RSUs are subject to vesting restrictions, if any, set by the Committee, the Participant shall not be permitted to sell, assign,
transfer, pledge or otherwise encumber RSUs.

 

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(iii)
A Participant to whom RSUs are awarded shall have no rights as a stockholder with respect to the Stock represented by the RSUs unless
and until Stock are actually delivered to the Participant in settlement thereof. Subject to Section 12(n), (i) cash dividends on the class
or series of common stock that is the subject of the RSUs shall accrue either in cash or reinvestment in additional RSUs, as determined
by the Board or the Committee, as the case may be, and be paid or delivered only to the extent the underlying RSU vests, and (ii) dividends
payable in common stock shall accrue, assuming reinvestment in the form of additional RSUs, and be delivered only to the extent the underlying
RSU vests. Notwithstanding the immediately preceding sentence, if an adjustment to an Award of RSUs is made pursuant to Section 3 as a
result of any dividend or distribution, no increase to such Award (by means of deemed reinvestment in additional RSUs) shall be made,
and no dividend equivalents shall be paid, as described herein as a result of the same dividend or distribution.

 

(iv)
RSU Agreement.  Each RSU award shall be confirmed by, and shall be subject to the terms of, an agreement executed by the Company
and the Participant.  An RSU award granted pursuant to the Plan shall be issued substantially in the form set forth in Appendix
V hereof, which form is hereby incorporated by reference and made a part hereof, and shall contain substantially the terms and conditions
set forth therein. At the time of the grant of RSUs, the Board or Committee may, in the Board or Committee’s sole discretion, amend
or supplement any of the terms contained in Appendix V hereof for any particular RSU holder.

 

Section 8. Performance-Based Awards.

 

(a)  In
General. Options, Restricted Stock awards and RSU awards may be granted as Performance-Based Awards. The Performance Goals to be achieved
during any Performance Period and the length of the Performance Period shall be determined by the Board or Committee, as the case may
be, at the time grant for each Performance-Based Award. The conditions for grant or vesting and the other provisions of Performance-Based
Awards (including without limitation any applicable Performance Goals) need not be the same with respect to each recipient.

  

(b)  Performance
Goals. The Board or the Committee, as the case may be, may use the following performance measures (either individually or in any combination)
to set performance targets with respect to awards intended to qualify as Performance-Based Awards: revenue; pretax income before allocation
of corporate overhead and bonus; budget; earnings per share; net income; division, group or corporate financial goals; return on stockholders’
equity; return on assets; return on net assets; return on investment capital; gross margin return on investment; gross margin dollars
or percent; payroll as a percentage of revenues; inventory shrink; employee turnover; sales, general and administrative expense; attainment
of strategic and operational initiatives; appreciation in and/or maintenance of the price of Common Stock or any other publicly-traded
securities of the Company, if any; market share; gross profits; earnings before interest and taxes; earnings before interest, taxes, depreciation
and amortization (“EBITDA”); EBITDA adjusted for non-cash or non-recurring items; economic value-added models; comparisons
with various stock market indices; achievement of technological or product development milestones; and/or reductions in costs. The foregoing
criteria shall have any reasonable definitions that the Board or Committee may specify, which may include or exclude any or all of the
following items as the Board or Committee may specify: extraordinary, unusual or non-recurring items; effects of accounting changes; effects
of financing activities; expenses for restructuring or productivity initiatives; other non-operating items; spending for acquisitions;
effects of divestitures; and effects of litigation activities and settlements. Any such performance criterion or combination of such criteria
may apply to the Participant’s award opportunity in its entirety or to any designated portion or portions of the award opportunity,
as the Board or Committee may specify.

 

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Section 9. Change of Control Provisions.

 

(a)  A
“Change of Control” shall be deemed to have occurred when:

 

(i)   any
individual, corporation or other entity or group (as defined in Section 13(d)(3) of the Exchange Act), becomes, directly or indirectly,
the beneficial owner (as defined in the General Rules and Regulations of the Securities and Exchange Commission with respect to Sections
13(d) and 13(g) of the Exchange Act) of more than 50% of the then outstanding shares of the Company’s capital stock entitled to
vote generally in the election of directors of the Company; or

 

(ii)  (A)
the merger or other business combination of the Company with or into another corporation pursuant to which the stockholders of the Company
do not own, immediately after the transaction, more than 50% of the voting power of the corporation that survives, or (B) the sale, exchange
or other disposition of all or substantially all of the assets of the Company, or (C) any plan or proposal for the liquidation or dissolution
of the Company; provided, however, that a “Change of Control” shall not be deemed to have taken place if beneficial ownership
is acquired (A) directly from the Company, other than an acquisition by virtue of the exercise or conversion of another security unless
the security so converted or exercised was itself acquired directly from the Company, or (B) by, or a tender or exchange offer is commenced
or announced by, the Company, any profit-sharing, employee ownership or other employee benefit plan of the Company; or any trustee of
or fiduciary with respect to any such plan when acting in such capacity.

 

(b) In the event of a “Change of Control”
as defined in Section 9(a) above, and unless otherwise provided in a grant agreement, employment agreement or other agreement between
the Company and the Participant, Awards granted under the Plan will be subject to the following provisions, unless the provisions of this
Section 9 are suspended or terminated by an affirmative vote of a majority of the Board prior to the occurrence of such a “Change
of Control”:

 

(i)    all
outstanding Stock Options and SARs which have been outstanding for at least six months  shall become exercisable in full, whether
or not otherwise exercisable at such time, and any such Stock Option and SAR shall remain exercisable in full thereafter until it expires
pursuant to its terms; and

 

(ii)   all
restrictions and deferral limitations contained in Restricted Stock and RSU awards granted under the Plan shall lapse and the shares of
stock subject to such awards shall be distributed to the Participant within thirty (30) days of the “Change of Control.” Notwithstanding
the foregoing to the contrary, all restrictions and deferral limitations with respect to an Award to which Section 409A of the Code applies
shall not lapse and no distribution made under this Section 9(b) unless the “Change of Control” qualifies as a 409A Change
and such lapse and distribution does not cause adverse tax consequences under Section 409A of the Code.

 

    15

     

    

 

(c) Upon the occurrence of a Change of Control,
unless otherwise specifically prohibited under applicable laws or by the rules and regulations of any governing governmental agencies
or national securities exchanges, or unless the Board or Committee shall specify otherwise in the applicable award agreement, the Board
or Committee, as the case may be, is authorized (but not obligated) to make any of the following adjustments (or any combination thereof)
in the terms and conditions of outstanding Awards: (a) continuation or assumption of such outstanding Awards under the Plan by the Company
(if it is the surviving company or corporation) or by the surviving company or corporation or its parent; (b) substitution by the surviving
company or corporation or its parent of equity, equity-based and/or cash awards with substantially the same terms for outstanding Awards
(Subject to Section 9(b) above), including, in the case of Options, substitution by the surviving company or corporation or its parent
of restricted stock or other equity in an amount equal to the intrinsic value of such Options; (c) accelerated exercisability, vesting
and/or lapse of restrictions under outstanding Awards immediately prior to the occurrence of such event; (d) upon written notice, provide
that any outstanding Awards must be exercised, to the extent then exercisable, during a reasonable period of time immediately prior to
the scheduled consummation of the event or such other period as determined by the Committee (contingent upon the consummation of the event),
and at the end of such period, such Awards shall terminate to the extent not so exercised within the relevant period; and (e) cancellation
of all or any portion of outstanding Awards for fair value (in the form of cash, Stock, other property or any combination thereof) as
determined in the sole discretion of the Board or Committee, as the case may be, and which value (for example, in the case of Options
that are not in the money) may be zero; provided, that, in the case of Options, (x) such fair value may equal
the excess, if any, of the value of the consideration to be paid in the Change of Control transaction to holders of the same number of
shares of Stock subject to such Awards (or, if no such consideration is paid, the Fair Market Value of the Stock subject to such outstanding
Awards or portion thereof being canceled) over the aggregate exercise price with respect to such Awards or the portion thereof being canceled
(or if no such excess, zero), and (y) to the extent that the Options are not then vested, such excess may be paid in restricted stock
or other equity, which may be subject to substantially the same vesting and/or forfeiture terms as such Options in an amount equal to
the intrinsic value of such Options.

  

Section 10. Amendments and Termination.

 

The Board may at any time, and from time to time,
amend any of the provisions of the Plan, and may at any time suspend or terminate the Plan. The Board or the Committee, as the case may
be, may amend the terms of any Stock Option or other award theretofore granted under the Plan; provided, however, that subject to Sections
3, 9 and 15 hereof, no such amendment may be made by the Board or the Committee, as the case may be, which in any material respect impairs
the rights of the Participant without the Participant’s consent, except for such amendments which are made to cause the Plan to
qualify for the exemption provided by Rule 16b-3. Moreover, no Stock Option previously granted under the Plan may be amended to reduce
the exercise price of the Stock Option unless such amendment is approved by the Company’s stockholders.

  

Section 11. Unfunded Status of Plan.

 

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

 

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Section 12. General Provisions.

 

(a)  The
Board or the Committee, as the case may be, may require each person acquiring shares of Stock pursuant to an Option, SAR, Restricted Stock,
RSU or other award under the Plan to represent to and agree with the Company in writing, among other things, that the optionee or Participant
is acquiring the shares for investment without a view to distribution thereof.

 

(b)  All
certificates for shares of Stock delivered under the Plan shall be subject to such stop transfer orders and other restrictions as the
Board or the Committee, as the case may be, may deem to be advisable under the rules, regulations, and other requirements of the Securities
and Exchange Commission, any stock exchange or association upon which the Stock is then listed or traded, any applicable Federal or state
securities law, and any applicable corporate law, and the Board or the Committee, as the case may be, may cause a legend or legends to
be put on any such certificates to make appropriate reference to such restrictions.

 

(c)  Nothing
contained in the Plan shall prevent the Board from adopting such other or additional incentive arrangements as it may deem desirable,
including, but not limited to, the granting of stock options and the awarding of stock and cash otherwise than under the Plan; and such
arrangements may be either generally applicable or applicable only in specific cases.

   

(d)  Nothing
contained in the Plan or in any award hereunder shall be deemed to confer upon any employee or other service provider of the Company or
any Parent or Subsidiary any right to continued employment or service with the Company or any Parent or Subsidiary, nor shall it interfere
in any way with the right of the Company or any Parent or Subsidiary to terminate the employment or other service of any of its employees
or other service providers at any time.

 

(e)  No
later than the date as of which an amount first becomes includable in the gross income of the Participant for Federal income tax purposes
with respect to any Option, SAR, Restricted Stock, RSU, or other award under the Plan, the Participant shall pay to the Company, or make
arrangements satisfactory to the Board or the Committee, as the case may be, regarding the payment of, any Federal, state and local taxes
of any kind required by law to be withheld or paid with respect to such amount. If permitted by the Board or the Committee, as the case
may be, tax withholding or payment obligations may be settled with Stock, including Stock that is part of the award that gives rise to
the withholding requirement. The obligations of the Company under the Plan shall be conditional upon such payment or arrangements, and
the Company or the Participant’s employer (if not the Company) shall, to the extent permitted by law, have the right to deduct any
such taxes from any payment of any kind otherwise due to the Participant from the Company or the Participant’s employer (if not
the Company) or any Parent or Subsidiary.

 

(f)  The
Plan and all Awards made and actions taken thereunder shall be governed by and construed in accordance with the laws of the State of Delaware
(without regard to choice of law provisions).

 

 

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(g)  Any
Stock Option, SAR, Restricted Stock, RSU, or other award made under the Plan shall not be deemed compensation for purposes of computing
benefits under any retirement plan of the Company or any Parent or Subsidiary and shall not affect any benefits under any other benefit
plan now or subsequently in effect under which the availability or amount of benefits is related to the level of compensation (unless
required by specific reference in any such other plan to awards under the Plan).

 

(h)  Subject
to the requirements of Section 409A of the Code if applicable, a leave of absence, unless otherwise determined by the Board or the Committee,
as the case may be, prior to the commencement thereof, shall not be considered a termination of employment. Any Stock Option, SAR, Restricted
Stock, or other awards made under the Plan shall not be affected by any change of employment, so long as the holder continues to be an
employee of the Company or any Parent or Subsidiary.

 

(i)  Except
as otherwise expressly provided in the Plan or in any Stock Option agreement, SAR agreement, Restricted Stock agreement, or RSU agreement,
no right or benefit under the Plan may be alienated, sold, assigned, hypothecated, pledged, exchanged, transferred, encumbranced or charged,
and any attempt to alienate, sell, assign, hypothecate, pledge, exchange, transfer, encumber or charge the same shall be void. No right
or benefit hereunder shall in any manner be subject to the debts, contracts or liabilities of the person entitled to such benefit.

 

(j)  The
obligations of the Company with respect to all Stock Options, SARs, Restricted Stock, RSUs, and other awards under the Plan shall be subject
to (A) all applicable laws, rules and regulations, and such approvals by any governmental agencies as may be required, including, without
limitation, the effectiveness of a registration statement under the Securities Act, and (B) the rules and regulations of any securities
exchange or association on which the Stock may be listed or traded.

 

(k)  If
any of the terms or provisions of the Plan conflicts with the requirements of Rule 16b-3 as in effect from time to time, or with the requirements
of any other applicable law, rule or regulation, and with respect to Incentive Stock Options, Section 422 of the Code, then such terms
or provisions shall be deemed inoperative to the extent they so conflict with the requirements of said Rule 16b-3, and with respect to
Incentive Stock Options, Section 422 of the Code. With respect to Incentive Stock Options, if the Plan does not contain any provision
required to be included herein under Section 422 of the Code, such provision shall be deemed to be incorporated herein with the same force
and effect as if such provision had been set out at length herein.

 

(l)  The
Board or the Committee, as the case may be, may terminate any Stock Option, SAR, Restricted Stock, RSU, or other award made under the
Plan if a written agreement relating thereto is not executed and returned to the Company within 30 days after such agreement has been
delivered to the optionee or Participant for his or her execution.

 

(m)  The
grant of awards pursuant to the Plan shall not in any way effect the right or power of the Company to make reclassifications, reorganizations
or other changes of or to its capital or business structure or to merge, consolidate, liquidate, sell or otherwise dispose of all or any
part of its business or assets.

 

(n) Reinvestment of dividends in additional Restricted
Stock at the time of any dividend payment, and the payment of Stock with respect to dividends to Participants holding Awards of RSUs,
or the adjustment of RSUs in respect of such dividends, shall only be permissible if sufficient Stock is available under Section 3 for
such reinvestment or payment or the settlement of such Awards (taking into account then-outstanding Awards).

 

    18

     

    

 

(o) Awards granted hereunder are subject to any
clawback policy that may be adopted by the Company from time to time or any recoupment requirement imposed under applicable laws, rules,
regulations or stock exchange listing standards, including, without limitation, recoupment requirements imposed pursuant to the provisions
of Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Section 304 of the Sarbanes-Oxley Act, or any regulations
promulgated thereunder.

 

(p) The Board may from time to time establish
one or more sub-plans under the Plan for purposes of satisfying applicable blue sky, securities or tax laws of various jurisdictions.
The Board shall establish such sub-plans by adopting supplements to the Plan setting forth (i) such limitations on the Committee’s
discretion under the Plan as the Board deems necessary or desirable and (ii) such additional terms and conditions not otherwise inconsistent
with the Plan as the Board shall deem necessary or desirable. All supplements adopted by the Board shall be deemed to be part of the Plan,
but each supplement shall apply only to Participants within the affected jurisdiction and the Company shall not be required to provide
copies of any supplement to Participants in any jurisdiction that is not affected.

 

Section 13. Effective Date of Plan.

 

The Plan shall be effective on the date of its
approval by the Company’s stockholders. The Plan shall be null and void and of no effect if the foregoing condition is not fulfilled.

 

Section 14. Term of Plan.

 

No Stock Option, SAR, Restricted Stock, or RSU
shall be granted pursuant to the Plan after the tenth anniversary of the effective date of the Plan, but awards granted on or prior to
such tenth anniversary may extend beyond that date.

  

Section 15. Compliance With Section 409A of
the Code.

 

(a) Awards under the Plan are intended either
to be exempt from the rules of Section 409A of the Code or to satisfy those rules and shall be construed accordingly. If intended to satisfy
the applicable requirements of Section 409A of the Code, an Award and the Plan, as applicable, shall be performed and interpreted consistent
with such intent. If the Board or the Committee, as the case may be, determines in good faith that any provision of this Plan does not
satisfy such requirements or could cause any person to recognize additional taxes, penalties or interest under Section 409A of the Code,
the Board or the Committee, as the case may be, is empowered to modify, to the extent practicable, the original intent of the applicable
provision without violation of Section 409A of the Code. In addition, notwithstanding any provision contained herein to the contrary,
the Board or the Committee, as the case may be, shall have broad authority to amend or to modify the Plan, without advance notice to or
consent by any person, to the extent necessary or desirable to ensure compliance with Section 409A of the Code. However, the Company shall
not be liable to any Participant or other holder of an Award with respect to any Award-related adverse tax consequences arising under
Section 409A of the Code or other provision of the Code.

 

    19

     

    

 

(b) If any provision of the Plan or an Award agreement
contravenes any regulations or treasury guidance promulgated under Section 409A of the Code or could cause an Award to be subject to the
interest and penalties under Section 409A of the Code, such provision of the Plan or Award shall be deemed automatically modified to maintain,
to the maximum extent practicable, the original intent of the applicable provision without violating the provisions of Section 409A of
the Code and the Board or the Committee, as the case may be, in its reasonable discretion, may take such actions as it determines to avoid
contravention of Section 409A of the Code. Moreover, any discretionary authority that the Board or the Committee, as the case may be,
may have pursuant to the Plan shall not be applicable to an Award that is subject to Section 409A of the Code to the extent such discretionary
authority will contravene Section 409A of the Code or the treasury regulations or guidance promulgated thereunder.

 

(c) Notwithstanding any provisions of this Plan
or any Award granted hereunder to the contrary, no acceleration shall occur with respect to any Award to the extent such acceleration
would cause the Plan or an Award granted hereunder to fail to comply with Section 409A of the Code.

 

(d) Notwithstanding any provisions of this Plan
or any applicable Award agreement to the contrary, no payment shall be made with respect to any Award granted under this Plan to a “specified
employee” (as such term is defined for purposes of Section 409A of the Code) prior to the first date that is at least six months
after the employee’s separation of service to the extent such six-month delay in payment is required to comply with Section 409A
of the Code. To the extent required to comply with Section 409A of the Code, a termination of employment shall not be deemed to have occurred
for purposes of any payment or distribution upon or following a termination of employment unless such termination is also a “separation
from service” within the meaning of Section 409A of the Code and accordingly, a reference to termination of employment, termination
of service or like terms shall mean a “separation from service” as the context may require.

 

(e) The Board or the Committee, as the case may
be, may adopt rules and procedures subject to the requirements of Section 409A of the Code to permit a Participant to defer the receipt
of any of the cash or Stock to be received pursuant to an Award.

 

(f) In the case of an Award providing for the
payment of deferred compensation subject to Section 409A of the Code, any payment of such deferred compensation by reason of a “change
of control” shall be made only if the “change of control” is (1) one described in Section 9 and (2) one described in
a 409A Change, and shall be paid consistent with the requirements of Section 409A of the Code. If any deferred compensation that would
otherwise be payable by reason of a “change of control” cannot be paid by reason of the immediately preceding sentence, it
shall be paid as soon as practicable thereafter consistent with the requirements of Section 409A of the Code, as determined by the Board
or the Committee, as the case may be.  

 

    20

     

    

 

APPENDIX I

 

INCENTIVE STOCK OPTION

 

	To:	 	 
	 	Name	 
	 	 	 
	 	Address	 

 

Date of Grant:  _____________________

 

You (“Optionee”) are hereby granted
an option, effective as of the date hereof, to purchase __________ shares of common stock (“Common Stock”), of Cadrenal Therapeutics,
Inc., a Delaware corporation (the “Company”), at a price of $ ___ per share pursuant to the Company’s 2022 Equity
Incentive Plan (the “Plan”).

 

This option shall terminate and is not exercisable
after ten years from the date of its grant (the “Scheduled Termination Date”), except if terminated earlier as hereafter provided.

 

Your option may first be exercised on and after
one year from the date of grant, but not before that time.  On and after one year and prior to the last day of the fifth three-month
interval from the date of grant, your option may be exercised for up to _________ % of the total number of shares subject to the
option minus the number of shares previously purchased by exercise of the option (as adjusted for any change in the outstanding shares
of the Common Stock of the Company by reason of a stock dividend, stock split, combination of shares, recapitalization, merger, consolidation,
transfer of assets, reorganization, conversion or what the Board or Committee deems in its sole discretion to be similar circumstances).  Beginning
on the last day each succeeding three month interval from the date of grant, your option may be exercised for up to an additional __________
% of the total number of shares subject to the option minus the number of shares previously purchased by exercise of the option (as adjusted
for any change in the outstanding shares of the Common Stock of the Company by reason of a stock dividend, stock split, combination of
shares, recapitalization, merger, consolidation, transfer of assets, reorganization, conversion or what the Board or Committee deems in
its sole discretion to be similar circumstances).  Thus, this option is fully exercisable on and after _________ years after
the date of grant, except if terminated earlier as provided herein.

 

You may exercise your option by giving written
notice to the Secretary of the Company on forms supplied by the Company at its then principal executive office, accompanied by payment
of the option price for the total number of shares you specify that you wish to purchase.  The payment may be in any of the
following forms: (a) cash, which may be evidenced by a check and includes cash received from a stock brokerage firm in a so-called
“cashless exercise”; (b) (unless prohibited by the Board or Committee) certificates representing shares of Common Stock
of the Company, which will be valued by the Secretary of the Company at the fair market value per share of the Company’s Common
Stock (as determined in accordance with the Plan) on the date of delivery of such certificates to the Company, accompanied by an assignment
of the stock to the Company; or (c) (unless prohibited by the Board or Committee) any combination of cash and Common Stock of the
Company valued as provided in clause (b).  The use of the so-called “attestation procedure”) to exercise a
stock option may be permitted by the Board or Committee. Any assignment of stock shall be in a form and substance satisfactory to the
Secretary of the Company, including guarantees of signature(s) and payment of all transfer taxes if the Secretary deems such guarantees
necessary or desirable.

 

    APPENDIX I - 1

     

    

 

Your option will, to the extent not previously
exercised by you, terminate three months after the date on which your employment by the Company or any Parent or Subsidiary is terminated
other than: (i)  by reason of Disability or death, in which case your option will terminate one year from the date of termination
of employment due to Disability or death (but in no event later than the Scheduled Termination Date) or (ii) for Cause or your resignation,
in which case your option will terminate immediately and you will forfeit any right to exercise the option. After the date your employment
is terminated, as aforesaid (other than for the reasons stated in clause ii), you may exercise this option only for the number of shares
which you had a right to purchase and did not purchase on the date your employment terminated.  If you are employed by any Parent
or Subsidiary, your employment shall be deemed to have terminated on the date your employer ceases to be a Parent or Subsidiary, unless
you are on that date transferred to the Company or another Parent or Subsidiary.  Your employment shall not be deemed to have
terminated if you are transferred from the Company to any Parent or Subsidiary, or vice versa, or from one Subsidiary to another Subsidiary.
 

 

If you die while employed by the Company or any
Parent or Subsidiary, your executor or administrator, as the case may be, may, at any time within one year after the date of your death
(but in no event later than the Scheduled Termination Date), exercise the option as to any shares which you had a right to purchase and
did not purchase during your lifetime.  If your employment with the Company or  any Parent or Subsidiary is terminated
by reason of your Disability, you or your legal guardian or custodian may at any time within one year after the date of such termination
(but in no event later than the Scheduled Termination Date), exercise the option as to any shares which you had a right to purchase and
did not purchase prior to such termination.  Your executor, administrator, guardian or custodian must present proof of his authority
satisfactory to the Company prior to being allowed to exercise this option.

 

Notwithstanding the foregoing, the option, to
the extent then not vested, shall expire and be forfeited immediately without any further action by or the Company upon the termination
of your employment for any reason.

 

In the event of any change in the outstanding
shares of the Common Stock of the Company by reason of a stock dividend, stock split, combination of shares, recapitalization, merger,
consolidation, transfer of assets, reorganization, conversion or what the Board or Committee deems in its sole discretion to be similar
circumstances, the number and kind of shares subject to this option and the option price of such shares shall be appropriately adjusted
in a manner to be determined in the sole discretion of the Board or Committee, whose decision shall be final, binding and conclusive in
the absence of clear and convincing evidence of bad faith.

 

In the event of a Change of Control, the Board
or the Committee, as the case may be, shall have the authority (but not the obligation) to take any of the actions described in Section
9(c) of the Plan in respect of this option.

 

This option is not transferable otherwise than
by will or the laws of descent and distribution, and is exercisable during your lifetime only by you, including, for this purpose, your
legal guardian or custodian in the event of Disability.  Until the option price has been paid in full pursuant to due exercise
of this option and the purchased shares are delivered to you, you do not have any rights as a shareholder of the Company.  The
Company reserves the right not to deliver to you the shares purchased by virtue of the exercise of this option during any period of time
in which the Company deems, in its sole discretion, that such delivery would violate a federal, state, local or securities exchange rule,
regulation or law.

 

    APPENDIX I - 2

     

    

 

Notwithstanding anything to the contrary contained
herein, this option is not exercisable until all the following events occur and during the following periods of time:

 

(a)  Until
the Plan pursuant to which this option is granted is approved by the shareholders of the Company in the manner required by any applicable
provision of the Code and the regulations thereunder and any applicable securities exchange or listing rule or agreement;

 

(b)  Until
this option and the optioned shares are approved, registered and listed with such federal, state, local and foreign regulatory bodies
or agencies and securities exchanges as the Company may deem necessary or desirable, or the Company deems such option or optioned shares
to be exempted therefrom;

 

(c)  During
any period of time in which the Company deems that the exercisability of this option, the offer to sell the shares optioned hereunder,
or the sale thereof, may violate a federal, state, local or foreign law, rule or regulation, or any applicable securities exchange or
listing rule or agreement, or may cause the Company to be legally obligated to issue or sell more shares than the Company is legally entitled
to issue or sell; or

 

(d)  Until
you have paid or made suitable arrangements to pay (which may include payment through the surrender of Common Stock, unless prohibited
by the Board or Committee) (i) all federal, state, local and foreign tax withholding required by the Company in connection with the option
exercise and (ii) the employee’s portion of other federal, state, local and foreign payroll and other taxes due in connection with
the option exercise.  

 

The following two paragraphs shall be applicable
if, on the date of exercise of this option, no registration statement and current prospectus under the Securities Act of 1933 covers the
Common Stock to be purchased pursuant to such exercise, and shall continue to be applicable for so long as such registration has not occurred
and such current prospectus is not available:

 

(a)  You
hereby agree, warrant and represent that you will acquire the Common Stock to be issued hereunder for your own account for investment
purposes only, and not with a view to, or in connection with, any resale or other distribution of any of such shares, except as hereafter
permitted.  You further agree that you will not at any time make any offer, sale, transfer, pledge or other disposition of such
Common Stock to be issued hereunder without an effective registration statement under the Securities Act of 1933, as amended, and under
any applicable state securities laws or an opinion of counsel acceptable to the Company to the effect that the proposed transaction will
be exempt from such registration.  You agree to execute such instruments, representations, acknowledgments and agreements as
the Company may, in its sole discretion, deem advisable to avoid any violation of federal, state, local or foreign law, rule or regulation,
or any securities exchange rule or listing agreement.

 

(b)  The
certificates for the Common Stock to be issued to you hereunder shall bear the following legend:

 

“The shares represented by this
certificate have not been registered under the Securities Act of 1933, as amended, or under applicable state securities laws.  The
shares have been acquired for investment and may not be offered, sold, transferred, pledged or otherwise disposed of without an effective
registration statement under the Securities Act of 1933, as amended, and under any applicable state securities laws or an opinion of counsel
acceptable to the Company that the proposed transaction will be exempt from such registration.”

 

    APPENDIX I - 3

     

    

 

The foregoing legend shall be removed upon registration
of the legended shares under the Securities Act of 1933, as amended, and under any applicable state laws, and the availability of a current
prospectus, or upon receipt of any opinion of counsel acceptable to the Company that such registration and current prospectus are no longer
required.

 

The sole purpose of the agreements, warranties,
representations and legend set forth in the two immediately preceding paragraphs is to prevent violations of the Securities Act of 1933,
as amended, and any applicable state securities laws.

 

It is the intention of the Company and you that
this option shall, if possible, be an “Incentive Stock Option” as that term is used in Section 422(b) of the Code and
the regulations thereunder.  In the event this option is in any way inconsistent with the legal requirements of the Code or
the regulations thereunder for an “Incentive Stock Option,” this option shall be deemed automatically amended as of the date
hereof to conform to such legal requirements, if such conformity may be achieved by amendment.  To the extent that the number
of shares subject to this option which are exercisable for the first time exceed the $100,000 limitation contained in Section 422(d) of
the Code, this option will not be considered an Incentive Stock Option.

 

If shares of Common Stock acquired by exercise
of this option are disposed of within two (2) years following the date of grant or one (1) year following the issuance of the shares to
you (or any situation in which the option will be taxed as a non-qualified option), you shall, immediately prior to such disposition,
notify the Company in writing of the date and terms of such disposition and provide such other information regarding the disposition as
the Company may reasonably require .

 

Nothing herein shall modify your status as
an at-will employee of the Company or any Parent or Subsidiary.  Further, nothing herein guarantees you employment for any specified
period of time.  This means that either you or the Company or any Parent or Subsidiary may terminate your employment at any
time for any reason, with or without cause, or for no reason.  You recognize that, for instance, you may terminate your employment
or the Company or any Parent or Subsidiary may terminate your employment prior to the date on which your option becomes vested or exercisable.
 

 

You understand and agree that the existence of
this option will not affect in any way the right or power of the Company or its shareholders to make or authorize any or all adjustments,
recapitalizations, reorganizations, or other changes in the Company’s capital structure or its business, or any merger or consolidation
of the Company, or any issuance of bonds, debentures, preferred or other stocks with preference ahead of or convertible into, or otherwise
affecting the common shares or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or
any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.

 

Any notice you give to the Company must be in
writing and either hand-delivered or mailed to the office of the Company. If mailed, it should be addressed to  the Chief Financial
Officer of the Company at its then main headquarters. Any notice given to you will be addressed to you at your address as reflected on
the personnel records of the Company. You and the Company may change the address for notice by like notice to the other. Notice will be
deemed to have been duly delivered when hand-delivered or, if mailed, on the day such notice is postmarked.

 

    APPENDIX I - 4

     

    

 

In the event that any question or controversy
shall arise with respect to the nature, scope or extent of any one or more rights conferred by this option, or any provision of this option,
the determination in good faith by the Board of Directors of the Company (as constituted at the time of such determination) of your rights
as the Optionee shall be conclusive, final and binding upon you as the Optionee and upon any other person who shall assert any right pursuant
to this option.

 

This option shall be subject to the terms of the
Plan in effect on the date this option is granted, which terms are hereby incorporated herein by reference and made a part hereof.  Capitalized
terms used herein and not otherwise defined herein shall have the meaning given to such terms in the Plan. In the event of any conflict
between the terms of this option and the terms of the Plan in effect on the date of this option, the terms of the Plan shall govern.  This
option constitutes the entire understanding between the Company and you with respect to the subject matter hereof and no amendment, supplement
or waiver of this option, in whole or in part, shall be binding upon the Company unless in writing and signed by the President of the
Company.  This option and the performances of the parties hereunder shall be construed in accordance with and governed by the
laws of the State of Delaware.

 

Please sign the copy of this option and return
it to the Company’s Secretary, thereby indicating your understanding of and agreement with its terms and conditions.

 

	 	CADRENAL THERAPEUTICS, INC.
	 	 
	 	By: 	                    

 

    APPENDIX I - 5

     

    

 

ACKNOWLEDGMENT

 

I hereby acknowledge receipt of a copy of the
Plan.  I hereby represent that I have read and understood the terms and conditions of the Plan and of this option.  I
hereby signify my understanding of, and my agreement with, the terms and conditions of the Plan and of this option.  I agree
to accept as binding, conclusive, and final all decisions or interpretations of the Board or Committee concerning any questions arising
under the Plan with respect to this option.  I accept this option in full satisfaction of any previous written or verbal promise
made to me by the Company or any Parent or Subsidiary with respect to option or stock grants.

 

	Date:  _____________	 	 
	 	 	Signature of Optionee
	 	 	 
	 	 	 
	 	 	Print Name

 

    APPENDIX I - 6

     

    

 

INCENTIVE STOCK OPTION SUMMARY SHEET

 

Name of Optionee: ______________________________________

 

Date of Grant: __________________________________________

 

Number of Options: _____________________________________

 

Vesting: ___% after the lapse of one year from the Date of Grant, and
then ___% after the lapse of each succeeding quarter until all Options are fully vested. All Options will be fully vested on the ___th
anniversary of the Date of Grant

 

    APPENDIX I - 7

     

    

 

APPENDIX II

 

NON-QUALIFIED STOCK OPTION FOR OFFICERS AND
OTHER

EMPLOYEES

 

	To:	 	 
	 	Name	 
	 	 	 
	 	Address	 

 

 

Date of Grant:  _____________________

 

You (“Optionee”) are hereby granted
an option, effective as of the date hereof, to purchase __________ shares of common stock (“Common Stock”), of  Cadrenal
Therapeutics, a Delaware corporation (the “Company”), at a price of $ ___ per share pursuant to the Company’s  2022
Equity Incentive Plan (the “Plan”).

 

This option shall terminate and is not exercisable
after ten years from the date of its grant (the “Scheduled Termination Date”), except if terminated earlier as hereafter provided.

 

Your option may first be exercised on and after
one year from the date of grant, but not before that time.  On and after one year and prior to the last day of the fifth three-month
interval from the date of grant, your option may be exercised for up to _________ % of the total number of shares subject to the
option minus the number of shares previously purchased by exercise of the option (as adjusted for any change in the outstanding shares
of the Common Stock of the Company by reason of a stock dividend, stock split, combination of shares, recapitalization, merger, consolidation,
transfer of assets, reorganization, conversion or what the Board or Committee deems in its sole discretion to be similar circumstances).  Beginning
on the last day each succeeding three month interval from the date of grant, your option may be exercised for up to an additional __________
% of the total number of shares subject to the option minus the number of shares previously purchased by exercise of the option (as adjusted
for any change in the outstanding shares of the Common Stock of the Company by reason of a stock dividend, stock split, combination of
shares, recapitalization, merger, consolidation, transfer of assets, reorganization, conversion or what the Board or Committee deems in
its sole discretion to be similar circumstances).  Thus, this option is fully exercisable on and after _________ years after
the date of grant, except if terminated earlier as provided herein.

 

You may exercise your option by giving written
notice to the Secretary of the Company on forms supplied by the Company at its then principal executive office, accompanied by payment
of the option price for the total number of shares you specify that you wish to purchase.  The payment may be in any of the
following forms: (a) cash, which may be evidenced by a check and includes cash received from a stock brokerage firm in a so-called
“cashless exercise”; (b) (unless prohibited by the Board or Committee) certificates representing shares of Common Stock
of the Company, which will be valued by the Secretary of the Company at the fair market value per share of the Company’s Common
Stock (as determined in accordance with the Plan) on the date of delivery of such certificates to the Company, accompanied by an assignment
of the stock to the Company; or (c) (unless prohibited by the Board or Committee) any combination of cash and Common Stock of the
Company valued as provided in clause (b).  The use of the so-called “attestation procedure” to exercise a stock
option may be permitted by the Board or Committee. Any assignment of stock shall be in a form and substance satisfactory to the Secretary
of the Company, including guarantees of signature(s) and payment of all transfer taxes if the Secretary deems such guarantees necessary
or desirable.  

  

    APPENDIX II - 1

     

    

 

Your option will, to the extent not previously
exercised by you, terminate three months after the date on which your employment by the Company or  any Parent or Subsidiary
is terminated other than: (i)  by reason of Disability or death, in which case your option will terminate one year from the
date of termination of employment due to Disability or death (but in no event later than the Scheduled Termination Date) or (ii) for Cause
or your resignation, in which case your option will terminate immediately and you will forfeit any right to exercise the option. After
the date your employment is terminated, as aforesaid (other than for the reasons stated in clause ii), you may exercise this option only
for the number of shares which you had a right to purchase and did not purchase on the date your employment terminated.  If
you are employed by any Parent or Subsidiary, your employment shall be deemed to have terminated on the date your employer ceases to be
a Parent or Subsidiary, unless you are on that date transferred to the Company or another Parent or Subsidiary.  Your employment
shall not be deemed to have terminated if you are transferred from the Company to any Parent or Subsidiary, or vice versa, or from one
Subsidiary to another Subsidiary.

 

If you die while employed by the Company or any
Parent or Subsidiary, your executor or administrator, as the case may be, may, at any time within one year after the date of your death
(but in no event later than the Scheduled Termination Date), exercise the option as to any shares which you had a right to purchase and
did not purchase during your lifetime.  If your employment with the Company or any Parent or Subsidiary is terminated by reason
of your Disability, you or your legal guardian or custodian may at any time within one year after the date of such termination (but in
no event later than the Scheduled Termination Date), exercise the option as to any shares which you had a right to purchase and did not
purchase prior to such termination.  Your executor, administrator, guardian or custodian must present proof of his authority
satisfactory to the Company prior to being allowed to exercise this option.

 

Notwithstanding the foregoing, the option, to
the extent then not vested, shall expire and be forfeited immediately without any further action by or the Company upon the termination
of your employment for any reason.

 

In the event of any change in the outstanding
shares of the Common Stock of the Company by reason of a stock dividend, stock split, combination of shares, recapitalization, merger,
consolidation, transfer of assets, reorganization, conversion or what the Board or Committee deems in its sole discretion to be similar
circumstances, the number and kind of shares subject to this option and the option price of such shares shall be appropriately adjusted
in a manner to be determined in the sole discretion of the Board or Committee, whose decision shall be final, binding and conclusive in
the absence of clear and convincing evidence of bad faith.

 

In the event of a Change of Control, the Board
or the Committee, as the case may be, shall have the authority (but not the obligation) to take any of the actions described in Section
9(c) of the Plan in respect of this option.

 

This option is not transferable otherwise than
by will or the laws of descent and distribution, and is exercisable during your lifetime only by you, including, for this purpose, your
legal guardian or custodian in the event of Disability.  Until the option price has been paid in full pursuant to due exercise
of this option and the purchased shares are delivered to you, you do not have any rights as a shareholder of the Company.  The
Company reserves the right not to deliver to you the shares purchased by virtue of the exercise of this option during any period of time
in which the Company deems, in its sole discretion, that such delivery would violate a federal, state, local or securities exchange rule,
regulation or law.

 

    APPENDIX II - 2

     

    

 

Notwithstanding anything to the contrary contained
herein, this option is not exercisable until all the following events occur and during the following periods of time:

 

(a)  Until
the Plan pursuant to which this option is granted is approved by the shareholders of the Company in the manner required by any applicable
provision of the Code and the regulations thereunder and any applicable securities exchange or listing rule or agreement;

 

(b)  Until
this option and the optioned shares are approved, registered and listed with such federal, state, local and foreign regulatory bodies
or agencies and securities exchanges as the Company may deem necessary or desirable, or the Company deems such option or optioned shares
to be exempted therefrom;

 

(c)  During
any period of time in which the Company deems that the exercisability of this option, the offer to sell the shares optioned hereunder,
or the sale thereof, may violate a federal, state, local or foreign law, rule or regulation, or any applicable securities exchange or
listing rule or agreement, or may cause the Company to be legally obligated to issue or sell more shares than the Company is legally entitled
to issue or sell; or  

  

(d)  Until
you have paid or made suitable arrangements to pay (which may include payment through the surrender of Common Stock, unless prohibited
by the Board or Committee) (i) all federal, state, local and foreign tax withholding required by the Company in connection with the option
exercise and (ii) the employee’s portion of other federal, state, local and foreign payroll and other taxes due in connection with
the option exercise.

 

The following two paragraphs shall be applicable
if, on the date of exercise of this option, no registration statement and current prospectus under the Securities Act of 1933 covers the
Common Stock to be purchased pursuant to such exercise, and shall continue to be applicable for so long as such registration has not occurred
and such current prospectus is not available:

 

(a)  You
hereby agree, warrant and represent that you will acquire the Common Stock to be issued hereunder for your own account for investment
purposes only, and not with a view to, or in connection with, any resale or other distribution of any of such shares, except as hereafter
permitted.  You further agree that you will not at any time make any offer, sale, transfer, pledge or other disposition of such
Common Stock to be issued hereunder without an effective registration statement under the Securities Act of 1933, as amended, and under
any applicable state securities laws or an opinion of counsel acceptable to the Company to the effect that the proposed transaction will
be exempt from such registration.  You agree to execute such instruments, representations, acknowledgments and agreements as
the Company may, in its sole discretion, deem advisable to avoid any violation of federal, state, local or foreign law, rule or regulation,
or any securities exchange rule or listing agreement.

 

    APPENDIX II - 3

     

    

 

(b)  The
certificates for the Common Stock to be issued to you hereunder shall bear the following legend:

 

“The shares represented by this
certificate have not been registered under the Securities Act of 1933, as amended, or under applicable state securities laws.  The
shares have been acquired for investment and may not be offered, sold, transferred, pledged or otherwise disposed of without an effective
registration statement under the Securities Act of 1933, as amended, and under any applicable state securities laws or an opinion of counsel
acceptable to the Company that the proposed transaction will be exempt from such registration.”

 

The foregoing legend shall be removed upon registration
of the legended shares under the Securities Act of 1933, as amended, and under any applicable state laws or upon receipt of any opinion
of counsel acceptable to the Company that said registration is no longer required.

 

The sole purpose of the agreements, warranties,
representations and legend set forth in the two immediately preceding paragraphs is to prevent violations of the Securities Act of 1933,
as amended, and any applicable state securities laws.

 

It is the intention of the Company and you that
this option shall not be an “Incentive Stock Option” as that term is used in Section 422(b) of the Code and the regulations
thereunder.

 

Nothing herein shall modify your status as
an at-will employee of the Company or any Parent or Subsidiary.  Further, nothing herein guarantees you employment for any specified
period of time.  This means that either you or the Company or any Parent or Subsidiary may terminate your employment at any
time for any reason, with or without cause, or for no reason.  You recognize that, for instance, you may terminate your employment
or the Company or any Parent or Subsidiary may terminate your employment prior to the date on which your option becomes vested or exercisable.

 

You understand and agree that the existence of
this option will not affect in any way the right or power of the Company or its shareholders to make or authorize any or all adjustments,
recapitalizations, reorganizations, or other changes in the Company’s capital structure or its business, or any merger or consolidation
of the Company, or any issuance of bonds, debentures, preferred or other stocks with preference ahead of or convertible into, or otherwise
affecting the common shares or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or
any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.  

  

Any notice you give to the Company must be in
writing and either hand-delivered or mailed to the office of the Company. If mailed, it should be addressed to the Chief Financial Officer
of the Company at its then main headquarters. Any notice given to you will be addressed to you at your address as reflected on the personnel
records of the Company. You and the Company may change the address for notice by like notice to the other. Notice will be deemed to have
been duly delivered when hand-delivered or, if mailed, on the day such notice is postmarked.

 

In the event that any question or controversy
shall arise with respect to the nature, scope or extent of any one or more rights conferred by this option, or any provision of this option,
the determination in good faith by the Board of Directors of the Company (as constituted at the time of such determination) of your rights
as the Optionee shall be conclusive, final and binding upon you as the Optionee and upon any other person who shall assert any right pursuant
to this option.

 

    APPENDIX II - 4

     

    

 

This option shall be subject to the terms of the
Plan in effect on the date this option is granted, which terms are hereby incorporated herein by reference and made a part hereof.  Capitalized
terms used herein and not otherwise defined herein shall have the meaning given to such terms in the Plan.  In the event of
any conflict between the terms of this option and the terms of the Plan in effect on the date of this option, the terms of the Plan shall
govern.  This option constitutes the entire understanding between the Company and you with respect to the subject matter hereof
and no amendment, supplement or waiver of this option, in whole or in part, shall be binding upon the Company unless in writing and signed
by the President of the Company.  This option and the performances of the parties hereunder shall be construed in accordance
with and governed by the laws of the State of Delaware.

 

Please sign the copy of this option and return
it to the Company’s Secretary, thereby indicating your understanding of and agreement with its terms and conditions.

 

	 	CADRENAL THERAPEUTICS, INC.
	 	 
	 	By:	                    

 

    APPENDIX II - 5

     

    

 

ACKNOWLEDGMENT

 

I hereby acknowledge receipt of a copy of the
Plan.  I hereby represent that I have read and understood the terms and conditions of the Plan and of this option.  I
hereby signify my understanding of, and my agreement with, the terms and conditions of the Plan and of this option.  I agree
to accept as binding, conclusive, and final all decisions or interpretations of the Board or Committee concerning any questions arising
under the Plan with respect to this option.  I accept this option in full satisfaction of any previous written or verbal promise
made to me by the Company or any Parent or Subsidiary with respect to option or stock grants.

 

	Date:  _____________	 	 
	 	 	Signature of Optionee
	 	 	 
	 	 	 
	 	 	Print Name

  

    APPENDIX II - 6

     

    

 

NON-QUALIFIED STOCK OPTION SUMMARY SHEET

 

Name of Optionee: ______________________________________

 

Date of Grant: __________________________________________

 

Number of Options: _____________________________________

 

Vesting: ___% after the lapse of one year from the Date of Grant,
and then ___% after the lapse of each succeeding quarter until all Options are fully vested. All Options will be fully vested on the
___th anniversary of the Date of Grant

 

    APPENDIX II - 7

     

    

 

APPENDIX III

 

NON-QUALIFIED STOCK OPTION FOR DIRECTORS

AND CONSULTANTS

 

	To:	 	 
	 	Name	 
	 	 	 
	 	Address	 

 

Date of Grant:  _____________________

 

You (“Optionee”) are hereby granted
an option, effective as of the date hereof, to purchase __________ shares of common stock (“Common Stock”), of Cadrenal Therapeutics,
Inc., a Delaware corporation (the “Company”), at a price of $ ____ per share pursuant to the Company’s  2022
Equity Incentive Plan (the “Plan”).

 

This option shall terminate and is not exercisable
after ten years from the date of its grant (the “Scheduled Termination Date”), except if terminated earlier as hereafter provided.

 

Your option may first be exercised on and after
one year from the date of grant, but not before that time.  On and after one year and prior to two years from the date of grant,
your option may be exercised for up to _____% of the total number of shares subject to the option minus the number of shares previously
purchased by exercise of the option (as adjusted for any change in the outstanding shares of the Common Stock of the Company by reason
of a stock dividend, stock split, combination of shares, recapitalization, merger, consolidation, transfer of assets, reorganization,
conversion or what the Board or Committee deems in its sole discretion to be similar circumstances).  Each succeeding year thereafter
your option may be exercised for up to an additional ____% of the total number of shares subject to the option minus the number of shares
previously purchased by exercise of the option (as adjusted for any change in the outstanding shares of the Common Stock of the Company
by reason of a stock dividend, stock split, combination of shares, recapitalization, merger, consolidation, transfer of assets, reorganization,
conversion or what the Board or Committee deems in its sole discretion to be similar circumstances).  Thus, this option is fully
exercisable on and after ________ years after the date of grant, except if terminated earlier as provided herein.

 

You may exercise your option by giving written
notice to the Secretary of the Company on forms supplied by the Company at its then principal executive office, accompanied by payment
of the option price for the total number of shares you specify that you wish to purchase.  The payment may be in any of the
following forms: (a) cash, which may be evidenced by a check and includes cash received from a stock brokerage firm in a so-called
“cashless exercise”; (b) (unless prohibited by the Board or Committee) certificates representing shares of Common Stock
of the Company, which will be valued by the Secretary of the Company at the fair market value per share of the Company’s Common
Stock (as determined in accordance with the Plan) on the date of delivery of such certificates to the Company, accompanied by an assignment
of the stock to the Company; or (c) (unless prohibited by the Board or Committee) any combination of cash and Common Stock of the
Company valued as provided in clause (b).  The use of the so-called “attestation procedure” to exercise a stock
option may be permitted by the Board or Committee. Any assignment of stock shall be in a form and substance satisfactory to the Secretary
of the Company, including guarantees of signature(s) and payment of all transfer taxes if the Secretary deems such guarantees necessary
or desirable.

 

    APPENDIX III - 1

     

    

 

Your option will, to the extent not previously
exercised by you, terminate three months after the date on which your directorship or consultancy by the Company or any Parent or Subsidiary
is terminated other than by reason of (i) Disability or death, in which case your option will terminate one year from the date of termination
of directorship or consultancy due to Disability or death (but in no event later than the Scheduled Termination Date) or (ii) for Cause
or your resignation, in which case your option will terminate immediately and you will forfeit any right to exercise the option. After
the date your directorship or consultancy is terminated, as aforesaid (other than for the reasons stated in clause (ii), you may exercise
this option only for the number of shares which you had a right to purchase and did not purchase on the date your directorship or consultancy
terminated. Provided you are willing to continue your directorship or consultancy for the Company or a successor after a Change of Control
at the same compensation you enjoyed immediately prior to such Change of Control, if your directorship or consultancy is involuntarily
terminated without cause after a Change of Control, you may exercise this option for the number of shares you would have had a right to
purchase on the date of such termination of your directorship or consultancy. If you are engaged by any Parent or Subsidiary, your directorship
or consultancy shall be deemed to have terminated on the date such entity ceases to be a Parent or Subsidiary, unless you are on that
date transferred to the Company or another Parent or Subsidiary.  Your directorship or consultancy shall not be deemed to have
terminated if you are transferred from the Company to a Parent or Subsidiary, or vice versa, or from one Subsidiary to another Subsidiary.
 

  

If you die while acting as a director of consultant
of  the Company or any Parent or Subsidiary, your executor or administrator, as the case may be, may, at any time within one
year after the date of your death (but in no event later than the Scheduled Termination Date), exercise the option as to any shares which
you had a right to purchase and did not purchase during your lifetime.  If your directorship or consultancy with the Company
or  any Parent or Subsidiary is terminated by reason of your Disability, you or your legal guardian or custodian may at any
time within one year after the date of such termination (but in no event later than the Scheduled Termination Date), exercise the option
as to any shares which you had a right to purchase and did not purchase prior to such termination.  Your executor, administrator,
guardian or custodian must present proof of his authority satisfactory to the Company prior to being allowed to exercise this option.

 

Notwithstanding the foregoing, the option, to
the extent then not vested, shall expire and be forfeited immediately without any further action by or the Company upon the termination
of your directorship or consultancy with the Company or  any Parent or Subsidiary for any reason.

 

In the event of any change in the outstanding
shares of the Common Stock of the Company by reason of a stock dividend, stock split, combination of shares, recapitalization, merger,
consolidation, transfer of assets, reorganization, conversion or what the Board or Committee deems in its sole discretion to be similar
circumstances, the number and kind of shares subject to this option and the option price of such shares shall be appropriately adjusted
in a manner to be determined in the sole discretion of the Board or Committee, whose decision shall be final, binding and conclusive in
the absence of clear and convincing evidence of bad faith.

 

In the event of a Change of Control, the Board
or the Committee, as the case may be, shall have the authority (but not the obligation) to take any of the actions described in Section
9(c) of the Plan in respect of this option.

 

    APPENDIX III - 2

     

    

 

This option is not transferable otherwise than
by will or the laws of descent and distribution, and is exercisable during your lifetime only by you, including, for this purpose, your
legal guardian or custodian in the event of Disability.  Until the option price has been paid in full pursuant to due exercise
of this option and the purchased shares are delivered to you, you do not have any rights as a shareholder of the Company.  The
Company reserves the right not to deliver to you the shares purchased by virtue of the exercise of this option during any period of time
in which the Company deems, in its sole discretion, that such delivery would violate a federal, state, local or securities exchange rule,
regulation or law.

 

Notwithstanding anything to the contrary contained
herein, this option is not exercisable until all the following events occur and during the following periods of time:

 

(a)  Until
the Plan pursuant to which this option is granted is approved by the shareholders of the Company in the manner required by any applicable
provision of the Code and the regulations thereunder and any applicable securities exchange or listing rule or agreement;

 

(b)  Until
this option and the optioned shares are approved, registered and listed with such federal, state, local and foreign regulatory bodies
or agencies and securities exchanges as the Company may deem necessary or desirable, or the Company deems such option or optioned shares
to be exempted therefrom;

 

(c)  During
any period of time in which the Company deems that the exercisability of this option, the offer to sell the shares optioned hereunder,
or the sale thereof, may violate a federal, state, local or foreign law, rule or regulation, or any applicable securities exchange or
listing rule or agreement, or may cause the Company to be legally obligated to issue or sell more shares than the Company is legally entitled
to issue or sell; or  

  

 (d)  Until
you have paid or made suitable arrangements to pay (which may include payment through the surrender of Common Stock, unless prohibited
by the Board or Committee) (i) all federal, state, local and foreign tax withholding required by the Company in connection with the option
exercise and (ii) the employee’s portion of other federal, state, local and foreign payroll and other taxes due in connection with
the option exercise.

 

The following two paragraphs shall be applicable
if, on the date of exercise of this option, no registration statement and current prospectus under the Securities Act of 1933 covers the
Common Stock to be purchased pursuant to such exercise, and shall continue to be applicable for so long as such registration has not occurred
and such current prospectus is not available:

 

(a)  You
hereby agree, warrant and represent that you will acquire the Common Stock to be issued hereunder for your own account for investment
purposes only, and not with a view to, or in connection with, any resale or other distribution of any of such shares, except as hereafter
permitted.  You further agree that you will not at any time make any offer, sale, transfer, pledge or other disposition of such
Common Stock to be issued hereunder without an effective registration statement under the Securities Act of 1933, as amended, and under
any applicable state securities laws or an opinion of counsel acceptable to the Company to the effect that the proposed transaction will
be exempt from such registration.  You agree to execute such instruments, representations, acknowledgments and agreements as
the Company may, in its sole discretion, deem advisable to avoid any violation of federal, state, local or foreign law, rule or regulation,
or any securities exchange rule or listing agreement.

 

    APPENDIX III - 3

     

    

 

(b)  The
certificates for the Common Stock to be issued to you hereunder shall bear the following legend:

 

“The shares represented by this
certificate have not been registered under the Securities Act of 1933, as amended, or under applicable state securities laws.  The
shares have been acquired for investment and may not be offered, sold, transferred, pledged or otherwise disposed of without an effective
registration statement under the Securities Act of 1933, as amended, and under any applicable state securities laws or an opinion of counsel
acceptable to the Company that the proposed transaction will be exempt from such registration.”

 

The foregoing legend shall be removed upon registration
of the legended shares under the Securities Act of 1933, as amended, and under any applicable state laws or upon receipt of any opinion
of counsel acceptable to the Company that said registration is no longer required.

 

The sole purpose of the agreements, warranties,
representations and legend set forth in the two immediately preceding paragraphs is to prevent violations of the Securities Act of 1933,
as amended, and any applicable state securities laws.

 

It is the intention of the Company and you that
this option shall not be an “Incentive Stock Option” as that term is used in Section 422(b) of the Code and the regulations
thereunder.

 

Nothing herein guarantees your term as a director
of, or consultant to, the Company or any Parent or Subsidiary for any specified period of time.  This means that either you
or the Company or any Parent or Subsidiary may terminate your directorship or consultancy at any time for any reason, with or without
cause, or for no reason.  You recognize that, for instance, the Company or any Parent or Subsidiary may terminate your directorship
or consultancy with the Company or any Parent or Subsidiary prior to the date on which your option becomes vested or exercisable.

 

You understand and agree that the existence of
this option will not affect in any way the right or power of the Company or its shareholders to make or authorize any or all adjustments,
recapitalizations, reorganizations, or other changes in the Company’s capital structure or its business, or any merger or consolidation
of the Company, or any issuance of bonds, debentures, preferred or other stocks with preference ahead of or convertible into, or otherwise
affecting the common shares or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or
any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.  

  

Any notice you give to the Company must be in
writing and either hand-delivered or mailed to the office of the Company. If mailed, it should be addressed to the Chief Financial Officer
of the Company at its then main headquarters. Any notice given to you will be addressed to you at your address as reflected on the records
of the Company. You and the Company may change the address for notice by like notice to the other. Notice will be deemed to have been
duly delivered when hand-delivered or, if mailed, on the day such notice is postmarked.

 

In the event that any question or controversy
shall arise with respect to the nature, scope or extent of any one or more rights conferred by this option, or any provision of this option,
the determination in good faith by the Board of Directors of the Company (as constituted at the time of such determination) of your rights
as the Optionee shall be conclusive, final and binding upon you as the Optionee and upon any other person who shall assert any right pursuant
to this option.

 

    APPENDIX III - 4

     

    

 

This option shall be subject to the terms of the
Plan in effect on the date this option is granted, which terms are hereby incorporated herein by reference and made a part hereof.  Capitalized
terms used herein and not otherwise defined herein shall have the meaning given to such terms in the Plan.  In the event of
any conflict between the terms of this option and the terms of the Plan in effect on the date of this option, the terms of the Plan shall
govern.  This option constitutes the entire understanding between the Company and you with respect to the subject matter hereof
and no amendment, supplement or waiver of this option, in whole or in part, shall be binding upon the Company unless in writing and signed
by the President of the Company.  This option and the performances of the parties hereunder shall be construed in accordance
with and governed by the laws of the State of Delaware.

 

Please sign the copy of this option and return
it to the Company’s Secretary, thereby indicating your understanding of and agreement with its terms and conditions.

 

	 	[●]
	 	 
	 	By:	     

 

    APPENDIX III - 5

     

    

 

ACKNOWLEDGMENT

 

I hereby acknowledge receipt of a copy of the
Plan.  I hereby represent that I have read and understood the terms and conditions of the Plan and of this option.  I
hereby signify my understanding of, and my agreement with, the terms and conditions of the Plan and of this option.  I agree
to accept as binding, conclusive, and final all decisions or interpretations of the Board or Committee concerning any questions arising
under the Plan with respect to this option.  I accept this option in full satisfaction of any previous written or verbal promise
made to me by the Company or any Parent or Subsidiary with respect to option or Stock grants.

 

	Date:  _____________	 	 
	 	 	Signature of Optionee
	 	 	 
	 	 	 
	 	 	Print Name

 

    APPENDIX III - 6

     

    

 

NON-QUALIFIED STOCK OPTION SUMMARY SHEET

 

Name of Optionee: ______________________________________

 

Date of Grant: __________________________________________

 

Number of Options: _____________________________________

 

Vesting: ___% after the lapse of one year from the Date of Grant,
and then ___% after the lapse of each succeeding quarter until all Options are fully vested. All Options will be fully vested on the
___th anniversary of the Date of Grant

 

    APPENDIX III - 7

     

    

 

APPENDIX IV

 

RESTRICTED STOCK AGREEMENT

 

To:

 

Date of Award:

 

You are hereby awarded, effective as of the date hereof (the “Award
Date”), _________ shares (the “Shares”) of common stock (“Common Stock”), of Cadrenal Therapeutics,
Inc., a Delaware corporation (the “Company”), pursuant to the Company’s 2022 Equity Incentive Plan (the “Plan”),
subject to certain restrictions specified below in Restrictions and Forfeiture. (While subject to the Restrictions, this Agreement
refers to the Shares as “Restricted Shares”).

 

During the period commencing on the Award Date and terminating on ________________
(the “Restricted Period”), except as otherwise provided herein, the Shares may not be sold, assigned, transferred, pledged,
or otherwise encumbered and are subject to forfeiture (the “Restrictions”).

 

Except as set forth below, the Restricted Period with respect to the
Shares will lapse in accordance with the vesting schedule set forth below (the “Vesting Schedule”).  Subject to
the restrictions set forth in the Plan, the Board or Committee shall have the authority, in its discretion, to accelerate the time at
which any or all of the Restrictions shall lapse with respect to any Shares subject thereto, or to remove any or all of such Restrictions,
whenever the Board or Committee may determine that such action is appropriate by reason of changes in applicable tax or other laws, or
other changes in circumstances occurring after the commencement of the Restricted Period.

 

In addition to the terms, conditions, and restrictions set forth in
the Plan, the following terms, conditions, and restrictions apply to the Restricted Shares:

 

	Restrictions and Forfeiture	 	You may not sell, assign, pledge, encumber, or otherwise transfer any interest in the Restricted Shares until the dates set forth in the Vesting Schedule, at which point the Restricted Shares will be referred to as “ Vested. “

 

	Vesting Schedule	 	Assuming you provide Continuous Service (as defined herein) as an employee of the Company or any Parent or Subsidiary of the Company, all Restrictions will lapse on the Restricted Shares on the Vesting date or Vesting dates set forth in the schedule below for the applicable grant of Restricted Shares and they will become Vested.

 

	Vesting Schedule	 
	Vesting Date	 	Number of Restricted Shares that Vest	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

    APPENDIX IV - 1

     

    

 

	Continuous Service	 	“Continuous Service,” as used herein, means the absence of any interruption or termination of your service as an employee of the Company or any Parent or Subsidiary.  If you are employed by a Parent or Subsidiary, your employment shall be deemed to have terminated on the date your employer ceases to be a Parent or Subsidiary, unless you are on that date transferred to the Company or another Parent or Subsidiary.  Service shall not be considered interrupted in the case of sick leave, military leave or any other leave of absence approved by the Company or any then Parent or Subsidiary.  Your employment shall not be deemed to have terminated if you are transferred from the Company to any Parent or Subsidiary, or vice versa, or from one Subsidiary to another Subsidiary.

  

	 Share Certificates	 	The Company will issue a certificate (or certificates) in your name with respect to the Shares, and will hold such certificate (or certificates) on deposit for your account until the expiration of the Restricted Period with respect to the Shares represented thereby.  Such certificate (or certificates) will contain the following restrictive legend:
	 	 	 
	 	 	“The transferability of this certificate and the shares of stock represented hereby are subject to the terms and conditions (including forfeiture) contained in the 2022 Equity Incentive Plan of the Company, copies of which are on file in the office of the Secretary of the Company.”
	 	 	 
	
    Additional Conditions

    to Issuance of Stock

    Certificates
	 	You will not receive the certificates representing the Restricted Shares unless and until the Company has received a stock power or stock powers in favor of the Company executed by you.
	 	 	 
	Voting Rights	 	Prior to vesting, you will have no voting rights with respect to any Restricted Shares that have not Vested.
	 	 	 
	Cash Dividends	 	Cash dividends, if any, paid on the Restricted Shares shall be held by the Company for your account and paid to you upon the expiration of the Restricted Period, except as otherwise determined by the Board or Committee.  All such withheld dividends shall not earn interest, except as otherwise determined by the Board or Committee.  You will not receive withheld cash dividends on any Restricted Shares which are forfeited and all such cash dividends shall be forfeited along with the Restricted Shares which are forfeited.
	 	 	 
	Tax Withholding	 	Unless you make an election under Section 83(b) of the Internal Revenue Code of 1986, as amended (the “Code”), and pay taxes in accordance with that election, you will be taxed on the Shares as they become Vested and must arrange to pay the taxes on this income. If the Board or Committee so determines, arrangements for paying the taxes may include your surrendering Shares that otherwise would be released to you upon becoming Vested or your surrendering Shares you already own. The fair market value of the Shares you surrender, determined as of the date when taxes otherwise would have been withheld in cash, will be applied as a credit against the withholding taxes.

 

    APPENDIX IV - 2

     

    

 

	 	 	The Company shall have the right to withhold from your compensation an amount sufficient to fulfill its or its Parent’s or Subsidiary’s obligations for any applicable withholding and employment taxes.  Alternatively, the Company may require you to pay to the Company the amount of any taxes which the Company is required to withhold with respect to the Shares, or, in lieu thereof, to retain or sell without notice a sufficient number of Shares to cover the amount required to be withheld.  The Company may withhold from any cash dividends paid on the Restricted Shares an amount sufficient to cover taxes owed as a result of the dividend payment.  The Company’s method of satisfying its withholding obligations shall be solely in the discretion of the Board or Committee, subject to applicable federal, state, local and foreign laws.  The Company shall have a lien and security interest in the Shares and any accumulated dividends to secure your obligations hereunder.

 

	Tax Representations	 	You hereby represent and warrant to the Company as follows:
	 	 	 
	 	 	(a)  You have reviewed with your own tax advisors the federal, state, local and foreign tax consequences of this investment and the transactions contemplated by this Agreement.  You are relying solely on such advisors and not on any statements or representations of the Company or any of its employees or agents.
	 	 	 
	 	 	(b)  You understand that you (and not the Company) shall be responsible for your own tax liability that may arise as a result of this investment or the transactions contemplated by this Agreement.  You understand that Section 83 of the Code taxes (as ordinary income) the fair market value of the Shares as of the date any “restrictions” on the Shares lapse.  To the extent that an award hereunder is not otherwise an exempt transaction for purposes of Section 16(b) of the Securities Exchange Act of 1934, as amended (the “1934 Act”), with respect to officers, directors and 10% shareholders subject to Section 16 of the 1934 Act, a “restriction” on the Shares includes for these purposes the period after the award of the Shares during which such officers, directors and 10% shareholders could be subject to suit under Section 16(b) of the 1934 Act.  Alternatively, you understand that you may elect to be taxed at the time the Shares are awarded rather than when the restrictions on the Shares lapse, or the Section 16(b) period expires, by filing an election under Section 83(b) of the Code with the Internal Revenue Service within thirty (30) days from the date of the award.

 

	 	 	YOU HEREBY ACKNOWLEDGE THAT IT IS YOUR SOLE RESPONSIBILITY AND NOT THE COMPANY’S TO FILE TIMELY THE ELECTION AVAILABLE TO YOU UNDER SECTION 83(B) OF THE CODE, EVEN IF YOU REQUEST THAT THE COMPANY OR ITS REPRESENTATIVES MAKE THIS FILING ON YOUR BEHALF.
	 	 	 
	Securities Law Representations	 	The following two paragraphs shall be applicable if, on the date of issuance of the Restricted Shares, no registration statement and current prospectus under the Securities Act of 1933, as amended (the “1933 Act”), covers the Shares, and shall continue to be applicable for so long as such registration has not occurred and such current prospectus is not available:

 

	 	 	(a)  You hereby agree, warrant and represent that you will acquire the Shares to be issued hereunder for your own account for investment purposes only, and not with a view to, or in connection with, any resale or other distribution of any of such shares, except as hereafter permitted.  You further agree that you will not at any time make any offer, sale, transfer, pledge or other disposition of such Shares to be issued hereunder without an effective registration statement under the 1933 Act, and under any applicable state securities laws or an opinion of counsel acceptable to the Company to the effect that the proposed transaction will be exempt from such registration.  You agree to execute such instruments, representations, acknowledgments and agreements as the Company may, in its sole discretion, deem advisable to avoid any violation of federal, state, local or foreign law, rule or regulation, or any securities exchange rule or listing agreement.

 

    APPENDIX IV - 3

     

    

 

	 	 	(b)  The certificates for Shares to be issued to you hereunder shall bear the following legend:
	 	 	 
	 	 	“The shares represented by this certificate have not been registered under the Securities Act of 1933, as amended, or under applicable state securities laws.  The shares have been acquired for investment and may not be offered, sold, transferred, pledged or otherwise disposed of without an effective registration statement under the Securities Act of 1933, as amended, and under any applicable state securities laws or an opinion of counsel acceptable to the Company that the proposed transaction will be exempt from such registration.”

 

	
    Stock Dividend, Stock

    Split and Similar

    Capital Changes
	 	In the event of any change in the outstanding shares of the Common Stock of the Company by reason of a stock dividend, stock split, combination of shares, recapitalization, merger, consolidation, transfer of assets, reorganization, conversion or what the Board or Committee deems in its sole discretion to be similar circumstances, the number and kind of shares subject to this Agreement shall be appropriately adjusted in a manner to be determined in the sole discretion of the Board or Committee, whose decision shall be final, binding and conclusive in the absence of clear and convincing evidence of bad faith.  Any shares of Common Stock or other securities received, as a result of the foregoing, by you with respect to the Restricted Shares shall be subject to the same restrictions as the Restricted Shares, the certificate or other instruments evidencing such shares of Common Stock or other securities shall be legended and deposited with the Company as provided above with respect to the Restricted Shares, and any cash dividends received with respect to such shares of Common Stock or other securities shall be accumulated as provided above with respect to the Restricted Shares.
	 	 	 
	Non-Transferability	 	Restricted Shares are not transferable.

 

    APPENDIX IV - 4

     

    

 

	
    No Effect on

    Employment
	 	Except as otherwise provided in your Employment Agreement [IF APPLICABLE], dated _____________________, nothing herein shall modify your status as an at-will employee of the Company or any Parent or Subsidiary.  Further, nothing herein guarantees you employment for any specified period of time.  This means that, except as provided in the Employment Agreement, either you or the Company or any Parent or Subsidiary may terminate your employment at any time for any reason, with or without cause, or for no reason.  You recognize that, for instance, you may terminate your employment or the Company or any Parent or Subsidiary may terminate your employment prior to the date on which your Shares become vested.
	 	 	 
	
    No Effect on Corporate

    Authority
	 	You understand and agree that the existence of this Agreement will not affect in any way the right or power of the Company or its shareholders to make or authorize any or all adjustments, recapitalizations, reorganizations, or other changes in the Company’s capital structure or its business, or any merger or consolidation of the Company, or any issuance of bonds, debentures, preferred or other stocks with preferences ahead of or convertible into, or otherwise affecting the common shares or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.
	 	 	 
	
    Questions or

    Controversies
	 	In the event that any question or controversy shall arise with respect to the nature, scope or extent of any one or more rights conferred by this Agreement, or any provision of this Agreement, the determination in good faith by the Board or the Committee (as constituted at the time of such determination) of your rights under this Agreement shall be conclusive, final and binding upon you and upon any other person who shall assert any right pursuant to this Agreement.
	 	 	 
	Governing Law	 	The laws of the State of Delaware will govern all matters relating to this Agreement, without regard to the principles of conflict of laws.
	 	 	 
	Notices	 	Any notice you give to the Company must be in writing and either hand-delivered or mailed to the office of the Chief Financial Officer of the Company. If mailed, it should be addressed to the Chief Financial Officer   of the Company at its then main headquarters. Any notice given to you will be addressed to you at your address as reflected on the personnel records of the Company. You and the Company may change the address for notice by like notice to the other. Notice will be deemed to have been duly delivered when hand-delivered or, if mailed, on the day such notice is postmarked.

 

    APPENDIX IV - 5

     

    

  

	
    Agreement Subject to

    Plan; Entire Agreement
	 	This Agreement shall be subject to the terms of the Plan in effect on the date hereof, which terms are hereby incorporated herein by reference and made a part hereof.  Capitalized terms used herein and not otherwise defined herein shall have the meaning given to such terms in the Plan. This Agreement constitutes the entire understanding between the Company and you with respect to the subject matter hereof and no amendment, supplement or waiver of this Agreement, in whole or in part, shall be binding upon the Company unless in writing and signed by the Chief Executive Officer of the Company
	 	 	 
	Conflicting Terms	 	Wherever a conflict may arise between the terms of this Agreement and the terms of the Plan in effect on the date hereof, the terms of the Plan will control.

 

Please sign the copy of this Restricted Stock Agreement and return
it to the Chief Financial Officer, thereby indicating your understanding of, and agreement with, its terms and conditions.

 

	 	[●]
	 	 
	 	By:	    

 

    APPENDIX IV - 6

     

    

 

ACKNOWLEDGMENT

 

I hereby acknowledge receipt of a copy of the Plan.  I hereby
represent that I have read and understood the terms and conditions of the Plan and of the Restricted Stock Agreement.  I hereby
signify my understanding of, and my agreement with, the terms and conditions of the Plan and of the Restricted Stock Agreement.  I
agree to accept as binding, conclusive, and final all decisions or interpretations of the Board or Committee concerning any questions
arising under the Plan with respect to this Restricted Stock Agreement.  I accept this Restricted Stock Agreement in full satisfaction
of any previous written or oral promise made to me by the Company or any Parent or Subsidiary with respect to option or stock grants.

 

Date:  ____________________

	 	 
	 	 
	 	 
	 	ADDRESS

 

 

    APPENDIX IV - 7

     

    

 

RESTRICTED STOCK GRANT SUMMARY SHEET

 

Name of Participant: ______________________________________

 

Date of Grant: __________________________________________

 

Number of Shares of Restricted Stock: _____________________________________

 

Vesting:  [●]

 

    APPENDIX IV - 8

     

    

 

APPENDIX V

 

RESTRICTED STOCK UNIT AGREEMENT

 

To:

 

Date of Award:

 

You are hereby awarded, effective as of the date hereof (the “Award
Date”), _________ Restricted Stock Units (the “RSUs”) with respect to shares of the common stock (“Common
Stock”) of Cadrenal Therapeutics, Inc., a Delaware corporation (the “Company”), pursuant to the Company’s 2022
Equity Incentive Plan (the “Plan”), subject to certain restrictions specified below in Restrictions and Forfeiture.

 

Each RSU represents the right to receive one share of Common Stock
to be issued and delivered when the underlying RSU vests. Except as set forth below, the RSUs will vest in accordance with the vesting
schedule set forth below (the “Vesting Schedule”).  Subject to the restrictions set forth in the Plan, the Board
or Committee shall have the authority, in its discretion, to accelerate the time at which any or all of the RSUs shall vest whenever the
Board or Committee may determine that such action is appropriate by reason of changes in applicable tax or other laws, or other changes
in circumstances occurring after the Award Date.

 

In addition to the terms, conditions, and restrictions set forth in
the Plan, the following terms, conditions, and restrictions apply to the Restricted Shares:

 

	Delivery Date	 	Vested RSUs will be settled by delivery of shares of Common Stock. As soon as practicable after vesting (but in no event later than 75 days thereafter), the number of shares of Common Stock underlying the vested RSUs (minus any withholding for taxes) shall be delivered to you. If you die before any payment due hereunder is made, such delivery shall be made to your beneficiary. Once delivery of a share of Common Stock has been made with respect to an RSU, the RSU shall be canceled.

 

	Vesting Schedule	 	Assuming you provide Continuous Service (as defined herein) as an employee of the Company or any Parent or Subsidiary of the Company through the applicable vesting date, the RSUs shall vest as set forth in the schedule below.

 

	Vesting Schedule	 
	Vesting Date	 	Number of Restricted Stock Units that Vest	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

	Continuous Service	 	“Continuous Service,” as used herein, means the absence of any interruption or termination of your service as an employee of the Company or any Parent or Subsidiary.  If you are employed by a Parent or Subsidiary, your employment shall be deemed to have terminated on the date your employer ceases to be a Parent or Subsidiary, unless you are on that date transferred to the Company or another Parent or Subsidiary.  Service shall not be considered interrupted in the case of sick leave, military leave or any other leave of absence approved by the Company or any then Parent or Subsidiary.  Your employment shall not be deemed to have terminated if you are transferred from the Company to any Parent or Subsidiary, or vice versa, or from one Subsidiary to another Subsidiary.

  

    APPENDIX V - 1

     

    

 

	 Share Certificates	 	The Company will issue a certificate (or certificates) in your name with respect to the shares of Common Stock delivered in settlement of RSUs hereunder.  Such certificate (or certificates) will contain the following restrictive legend:
	 	 	 
	 	 	“The transferability of this certificate and the shares of stock represented hereby are subject to the terms and conditions (including forfeiture) contained in the 2022 Equity Incentive Plan of the Company, copies of which are on file in the office of the Secretary of the Company.”
	 	 	 
	
    Additional Conditions

    to Issuance of Stock

    Certificates
	 	You will not receive the certificates representing the settled RSUs unless and until the Company has received a stock power or stock powers in favor of the Company executed by you.
	 	 	 
	Stockholder Rights	 	Neither you nor any person claiming under or through you shall have any of the rights or privileges of a stockholder of the Company in respect of any shares of Common Stock deliverable hereunder unless and until certificates representing such shares have been issued and recorded on the books and records of the Company or its transfer agents or registrars, and delivered to you (including through electronic delivery to a brokerage account). After such issuance, recordation and delivery, you shall have all the rights of a stockholder of the Company, including with respect to the right to vote the shares and the right to receive any cash or share dividends or other distributions paid to or made with respect to such shares.  
	 	 	 
	Cash Dividends	 	Cash dividends, if any, paid on the shares of Common Stock underlying RSUs shall be held by the Company for your account and paid to you upon vesting of the underlying RSU, except as otherwise determined by the Board or Committee.  All such withheld dividends shall not earn interest, except as otherwise determined by the Board or Committee.  You will not receive withheld cash dividends on any shares of Common Stock underlying RSUs that are forfeited and all such cash dividends shall be forfeited along with the RSUs that are forfeited.
	 	 	 
	Tax Withholding	 	You will be taxed on the shares of Common Stock underlying RSUs as the RSUs become vested and you must arrange to pay the taxes on this income. If the Board or Committee so determines, arrangements for paying the taxes may include your surrendering shares of Common Stock that otherwise would be delivered to you upon vesting of the underlying RSUs or your surrendering shares of Common Stock you already own. The fair market value of the shares of Common Stock you surrender, determined as of the date when taxes otherwise would have been withheld in cash, will be applied as a credit against the withholding taxes.

 

    APPENDIX V - 2

     

    

 

	 	 	The Company shall have the right to withhold from your compensation an amount sufficient to fulfill its or its Parent’s or Subsidiary’s obligations for any applicable withholding and employment taxes.  Alternatively, the Company may require you to pay to the Company the amount of any taxes which the Company is required to withhold with respect to the shares of Common Stock deliverable in respect of vested RSUs or, in lieu thereof, to retain or sell without notice a sufficient number of shares of Common Stock underlying vested RSUs to cover the amount required to be withheld.  The Company may withhold from any cash dividends paid on the shares of Common Stock underlying vested RSUs an amount sufficient to cover taxes owed as a result of the dividend payment.  The Company’s method of satisfying its withholding obligations shall be solely in the discretion of the Board or Committee, subject to applicable federal, state, local and foreign laws.  The Company shall have a lien and security interest in the shares of Common Stock underlying RSUs and any accumulated dividends to secure your obligations hereunder.

 

	Tax Representations	 	You hereby represent and warrant to the Company as follows:
	 	 	 
	 	 	(a)  You have reviewed with your own tax advisors the federal, state, local and foreign tax consequences of this investment and the transactions contemplated by this Agreement.  You are relying solely on such advisors and not on any statements or representations of the Company or any of its employees or agents.
	 	 	 
	 	 	(b)  You understand that you (and not the Company) shall be responsible for your own tax liability that may arise as a result of this investment or the transactions contemplated by this Agreement.  

 

	Securities Law Representations	 	The following two paragraphs shall be applicable if, on the date of delivery of the shares of Common Stock, no registration statement and current prospectus under the Securities Act of 1933, as amended (the “1933 Act”), covers the Shares, and shall continue to be applicable for so long as such registration has not occurred and such current prospectus is not available:
	 	 	 
	 	 	(a)  You hereby agree, warrant and represent that you will acquire the shares of Common Stock to be issued hereunder for your own account for investment purposes only, and not with a view to, or in connection with, any resale or other distribution of any of such shares, except as hereafter permitted.  You further agree that you will not at any time make any offer, sale, transfer, pledge or other disposition of such shares to be issued hereunder without an effective registration statement under the 1933 Act, and under any applicable state securities laws or an opinion of counsel acceptable to the Company to the effect that the proposed transaction will be exempt from such registration.  You agree to execute such instruments, representations, acknowledgments and agreements as the Company may, in its sole discretion, deem advisable to avoid any violation of federal, state, local or foreign law, rule or regulation, or any securities exchange rule or listing agreement.
	 	 	 
	 	 	(b)  The certificates for shares of Common Stock to be delivered to you hereunder shall bear the following legend:
	 	 	 
	 	 	“The shares represented by this certificate have not been registered under the Securities Act of 1933, as amended, or under applicable state securities laws.  The shares have been acquired for investment and may not be offered, sold, transferred, pledged or otherwise disposed of without an effective registration statement under the Securities Act of 1933, as amended, and under any applicable state securities laws or an opinion of counsel acceptable to the Company that the proposed transaction will be exempt from such registration.”

 

    APPENDIX V - 3

     

    

 

	
    Stock Dividend, Stock

    Split and Similar

    Capital Changes
	 	In the event of any change in the outstanding shares of the Common Stock of the Company by reason of a stock dividend, stock split, combination of shares, recapitalization, merger, consolidation, transfer of assets, reorganization, conversion or what the Board or Committee deems in its sole discretion to be similar circumstances, the number and kind of shares subject to this Agreement shall be appropriately adjusted in a manner to be determined in the sole discretion of the Board or Committee, whose decision shall be final, binding and conclusive in the absence of clear and convincing evidence of bad faith.  Any shares of Common Stock or other securities received, as a result of the foregoing, by you with respect to the RSUs shall be subject to the same restrictions as the RSUs, the certificate or other instruments evidencing such shares of Common Stock or other securities shall be legended and deposited with the Company as provided above with respect to the RSUs, and any cash dividends received with respect to such shares of Common Stock or other securities shall be accumulated as provided above with respect to the RSUs.
	 	 	 
	Change of Control	 	In the event of a Change of Control, the Board or the Committee, as the case may be, shall have the authority (but not the obligation) to take any of the actions described in Section 9(c) of the Plan in respect of the RSUs.
	 	 	 
	Non-Transferability	 	RSUs are not transferable.
	 	 	 
	
    No Effect on

    Employment
	 	Except as otherwise provided in your Employment Agreement [IF APPLICABLE], dated _____________________, nothing herein shall modify your status as an at-will employee of the Company or any Parent or Subsidiary.  Further, nothing herein guarantees you employment for any specified period of time.  This means that, except as provided in the Employment Agreement, either you or the Company or any Parent or Subsidiary may terminate your employment at any time for any reason, with or without cause, or for no reason.  You recognize that, for instance, you may terminate your employment or the Company or any Parent or Subsidiary may terminate your employment prior to the date on which your Shares become vested.
	 	 	 
	
    No Effect on Corporate

    Authority
	 	You understand and agree that the existence of this Agreement will not affect in any way the right or power of the Company or its shareholders to make or authorize any or all adjustments, recapitalizations, reorganizations, or other changes in the Company’s capital structure or its business, or any merger or consolidation of the Company, or any issuance of bonds, debentures, preferred or other stocks with preferences ahead of or convertible into, or otherwise affecting the common shares or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.
	 	 	 
	
    Questions or

    Controversies
	 	In the event that any question or controversy shall arise with respect to the nature, scope or extent of any one or more rights conferred by this Agreement, or any provision of this Agreement, the determination in good faith by the Board or the Committee (as constituted at the time of such determination) of your rights under this Agreement shall be conclusive, final and binding upon you and upon any other person who shall assert any right pursuant to this Agreement.
	 	 	 
	Governing Law	 	The laws of the State of Delaware will govern all matters relating to this Agreement, without regard to the principles of conflict of laws.
	 	 	 
	Notices	 	Any notice you give to the Company must be in writing and either hand-delivered or mailed to the office of the Chief Financial Officer of the Company. If mailed, it should be addressed to the Chief Financial Officer   of the Company at its then main headquarters. Any notice given to you will be addressed to you at your address as reflected on the personnel records of the Company. You and the Company may change the address for notice by like notice to the other. Notice will be deemed to have been duly delivered when hand-delivered or, if mailed, on the day such notice is postmarked.

  

    APPENDIX V - 4

     

    

 

	
    Agreement Subject to

    Plan; Entire Agreement
	 	This Agreement shall be subject to the terms of the Plan in effect on the date hereof, which terms are hereby incorporated herein by reference and made a part hereof.  Capitalized terms used herein and not otherwise defined herein shall have the meaning given to such terms in the Plan. This Agreement constitutes the entire understanding between the Company and you with respect to the subject matter hereof and no amendment, supplement or waiver of this Agreement, in whole or in part, shall be binding upon the Company unless in writing and signed by the Chief Executive Officer of the Company
	 	 	 
	Conflicting Terms	 	Wherever a conflict may arise between the terms of this Agreement and the terms of the Plan in effect on the date hereof, the terms of the Plan will control.

 

Please sign the copy of this Restricted Stock Unit Agreement and return
it to the Chief Financial Officer, thereby indicating your understanding of, and agreement with, its terms and conditions.

 

	 	[●]
	 	 
	 	By:	    

 

    APPENDIX V - 5

     

    

 

ACKNOWLEDGMENT

 

I hereby acknowledge receipt of a copy of the Plan.  I hereby
represent that I have read and understood the terms and conditions of the Plan and of the Restricted Stock Unit Agreement.  I
hereby signify my understanding of, and my agreement with, the terms and conditions of the Plan and of the Restricted Stock Unit Agreement.  I
agree to accept as binding, conclusive, and final all decisions or interpretations of the Board or Committee concerning any questions
arising under the Plan with respect to this Restricted Stock Unit Agreement.  I accept this Restricted Stock Unit Agreement
in full satisfaction of any previous written or oral promise made to me by the Company or any Parent or Subsidiary with respect to option
or stock grants.

 

Date:  ____________________

	 	 
	 	 
	 	 
	 	ADDRESS

 

    APPENDIX V - 6

     

    

 

RESTRICTED STOCK UNIT GRANT SUMMARY SHEET

 

Name of Participant: ______________________________________

 

Date of Grant: __________________________________________

 

Number of Restricted Stock Units: _____________________________________

 

Vesting:  [●]

 

 

APPENDIX V - 7Exhibit 10.7

 

 

 

 

ASSET PURCHASE AGREEMENT

 

By And Between

 

HESP LLC

 

as Seller, and

 

CADRENAL THERAPEUTICS
INC.

 

as Purchaser

 

 

Dated
April 1, 2022

 

 

 

 

     

     

    

 

Table
of Contents

 

			Page
	 	 	 
	ARTICLE 1 PURCHASE AND SALE OF ASSETS;
    ASSUMPTION OF LIABILITIES
	 	 	 
	1.1	Purchase and Sale of Assets	1
	1.2	Assumption of Liabilities	2
	1.3	Excluded Liabilities	2
	1.4	No Obligations to Third Parties	2
	1.5	“As Is” Transaction	2
	 	 	 
	ARTICLE 2 CONSIDERATION
	 	 	 
	2.1	Consideration	3
	2.2	Delayed Transfer of Assets	3
	 	 	 
	ARTICLE 3 CLOSING AND TERMINATION	 
	 	 	 
	3.1	Closing	4
	3.2	Closing Deliveries by Seller	4
	3.3	Closing Deliveries by Purchaser	5
	 	 	 
	ARTICLE 4 REPRESENTATIONS AND WARRANTIES
    OF SELLER	 
	 	 	 
	4.1	Corporate Organization	5
	4.2	Authority Relative to This Agreement	5
	4.3	Conflicts; Consents of Third Parties	6
	4.4	Litigation	6
	4.5	Permits	6
	4.6	Title to Assets	7
	4.7	Assignee	7
	4.8	Intellectual Property	7
	4.9	Compliance With Law	8
	4.10	No Other Representations or Warranties	8
	 	 	 
	ARTICLE 5 REPRESENTATIONS AND WARRANTIES
    OF PURCHASER	 
	 	 	 
	5.1	Organization	9
	5.2	Authority Relative to This Agreement	9
	5.3	Consents and Approvals; No Violation	9
	5.4	Independent Investigation	9
	5.5	“AS IS, WHERE IS”	9
	 	 	 
	ARTICLE 6 COVENANTS AND AGREEMENTS	 
	 	 	 
	6.1	Further Agreements	10
	6.2	Preservation of Records; Post-Closing Access to Information	10
	6.3	Further Assurances	10

 

    i

     

    

 

	ARTICLE 7	 
	 	 	 
	7.1	Conditions to the Seller’s Obligations	11
	7.2	Conditions to Purchaser’s Obligations	11
	 	 	 
	ARTICLE 8 DEFINITIONS	 
	 	 	 
	8.1	Certain Definitions	11
	8.2	Additional Defined Terms	16
	 	 	 
	ARTICLE 9 TAXES	 
	 	 	 
	9.1	Additional Tax Matters	16
	 	 	 
	ARTICLE 10 SURVIVAL OF WARRANTIES AND INDEMNIFICATION	 
	 	 	 
	10.1	No Survival	17
	10.2	No Indemnification by Seller	17
	 	 	 
	ARTICLE 11 MISCELLANEOUS	 
	 	 	 
	11.1	Payment of Expenses	17
	11.2	[Reserved]	17
	11.3	Entire Agreement; Amendments and Waivers	17
	11.4	Counterparts	17
	11.5	Governing Law	17
	11.6	Jurisdiction, Waiver of Jury Trial	18
	11.7	Notices	18
	11.8	Binding Effect; Assignment	19
	11.9	Severability	19
	11.10	Injunctive Relief	19
	11.11	Third Party Beneficiaries	19
	11.12	Certain Interpretations	20
	11.13	Non-Recourse	20
	11.14	Limitation of Remedy in Favor of Purchaser	 

 

    ii

     

    

 

Exhibits and Schedules:

 

	Exhibit A: Bill of Sale
	Exhibit B: FIRPTA Certificate
	Exhibit C: Patent Assignment Agreement
	Exhibit D: Trademark Assignment Agreement

 

	Ancillary Schedule:
	 	 	Section 1.1 (a) – Purchased Assets
	 	 	Section 1.1(b) – Excluded Assets
	 	 	Section 1.2 – Assumed Liabilities
	 	 	Section 1.3 – Excluded Liabilities
	Disclosure Schedule:
	 	 	Section 4.4 – Current Litigation
	 	 	Section 4.5(a) – Permits
	Schedule 9.1:	Allocation Schedule	 

 

    iii

     

    

 

ASSET PURCHASE AGREEMENT

 

This ASSET PURCHASE AGREEMENT (as amended, supplemented
or otherwise modified from time to time, this “Agreement”), dated as of April 1 , 2022, by and between
HESP LLC, a Delaware limited liability company (“Seller”) and Cadrenal Therapeutics Inc., a Delaware corporation
(“Purchaser”). Article 8 contains definitions of certain capitalized terms used herein and also provides
cross-references to certain capitalized terms defined elsewhere in this Agreement.

 

RECITALS

 

A. 
Purchaser is seeking to acquire substantially all of the Purchased Assets as defined in Section 1.1 of this Agreement.

 

B. 
Seller desires to sell to Purchaser, and Purchaser desires to purchase from Seller, the Purchased Assets, on the terms and conditions
set forth in this Agreement.

 

NOW, THEREFORE,
in consideration of the foregoing and the mutual representations, warranties, covenants and agreements set forth herein, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby,
Seller and the Purchaser hereby agree as follows:

 

ARTICLE 1

 

PURCHASE AND SALE OF ASSETS;
ASSUMPTION OF LIABILITIES

 

1.1
Purchase and Sale of Assets.

 

(a) 
Purchased Assets. Pursuant to the terms and subject to the conditions set forth in this Agreement, at the Closing, Purchaser
shall purchase, acquire and accept from Seller, and Seller shall sell, transfer, assign, convey and deliver to Purchaser, on the Closing
Date (as defined in Section 3.1 of this Agreement), all of Seller’s rights, title and interests in, to and under, the Assets,
including, without limitation those assets set forth on Schedule 1.1(a), but excluding those assets identified as “Excluded Assets”
in Section 1.1(b) (the “Purchased Assets”); provided that Purchaser may, in its sole discretion and at
its sole option, exclude any such Assets from the Purchased Assets prior to Closing by adding such Assets to Schedule 1.1(b). The
Purchased Assets will be sold, assigned, transferred and conveyed to Purchaser on the Closing Date on an “AS IS” and “WHERE
IS” basis, with no representations or warranties other than those specifically set forth below, and subject to any and all existing
Encumbrances. To the extent that the assignment of any of the Purchased Assets, including any Contracts, require third-party consent,
Seller will cooperate with Purchaser for a period of six (6) months commencing on the Closing Date to assist Purchaser with its efforts
to obtain such third-party consents.

 

     

     

    

 

(b)  Excluded
Assets. Notwithstanding anything to the contrary in this Agreement or any of the Ancillary Agreements, in no event shall Seller
be deemed to sell, transfer, assign or convey, and Seller shall retain all of their respective rights, title and interests to, in
and under, all of their respective assets, properties, rights and interests set forth on Schedule 1.1(b) (collectively, the
“Excluded Assets”). For the avoidance of doubt, these Excluded Assets shall include all cash and cash equivalents
that are currently in the possession of the Seller as of the Closing.

 

1.2 
Assumption of Liabilities. On the terms and subject to the conditions set forth in this Agreement, effective as of the Closing,
Purchaser shall assume and discharge when due those Liabilities set forth on Schedule 1.2 (collectively, but in all cases excluding the
Excluded Liabilities, the “Assumed Liabilities”).

 

1.3 
Excluded Liabilities. Except for the Assumed Liabilities set forth in Section 1.2 (which shall, in no event, be Excluded
Liabilities), Purchaser shall not assume, or become liable for the payment or performance of, any Liabilities of Seller (collectively,
the “Excluded Liabilities”), including the Liabilities set forth on Schedule 1.3, all of which shall remain Liabilities
of Seller.

 

1.4 
No Obligations to Third Parties. The execution and delivery of this Agreement shall not be deemed to confer any rights upon
any person or entity other than the parties hereto, or make any person or entity a third party beneficiary of this Agreement, or to obligate
either party to any person or entity other than the parties to this Agreement. The assumption by Purchaser of any liabilities or obligations
under Section 1.2 shall in no way expand the rights or remedies of third parties against Purchaser as compared to the rights and
remedies such parties would have against Seller if the Closing was not consummated.

 

1.5 
 “As Is” Transaction. PURCHASER HEREBY ACKNOWLEDGES AND AGREES THAT, EXCEPT AS OTHERWISE EXPRESSLY PROVIDED
IN Article 4 OF THIS AGREEMENT SELLER MAKES NO REPRESENTATIONS OR WARRANTIES WHATSOEVER, EXPRESS OR IMPLIED, EITHER WRITTEN OR
ORAL, WITH RESPECT TO SELLER, THE BUSINESS, THE PURCHASED ASSETS, THE ASSUMED LIABILITIES OR ANY OTHER MATTER. WITHOUT IN ANY WAY LIMITING
THE FOREGOING, SELLER HEREBY DISCLAIM ANY WARRANTY, EXPRESS OR IMPLIED, OF MERCHANTABILITY, FITNESS, OR USABILITY FOR ANY PARTICULAR PURPOSE
AS TO ANY PORTION OF THE PURCHASED ASSETS. ACCORDINGLY, EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN Article 4 OF THIS AGREEMENT PURCHASER
WILL ACCEPT THE PURCHASED ASSETS AT THE CLOSING “AS IS,” “WHERE IS,” AND “WITH ALL FAULTS.”

 

    2

     

    

 

ARTICLE
2

 

CONSIDERATION

 

2.1 
Consideration. The consideration payable by Purchaser to Seller for the Purchased Assets shall be as follows:

 

(9)
On the Closing Date, One Hundred Thousand Dollars ($100,000) payable by wire transfer of immediately available funds to an account designated
by Sellers in writing. Within 60 days, an additional One Hundred Thousand Dollars ($100,000) will be payable by wire transfer.

 

(b) As additional
consideration for the purchase of the Purchased Assets, Purchaser shall provide Seller with written notice of the first occurrence of
each development milestone event set forth below within forty-five (45) days after such occurrence. Within sixty (60) days of the first
occurrence of each of the milestone events set forth below the Purchaser shall make the following payments to the Seller:

 

	Development Milestones	 	Milestone

 Payments	 
	Completion of enrollment of Lee’s Pharma Phase 3 clinical trial	 	$	250,000	 
	First MAA submitted in the People’s Republic of China	 	$	350,000	 
	First Commercial Sale to a Third Party	 	$	1,200,000	 

 

I As
additional consideration for the purchase of the Purchased Assets, Purchaser shall provide Seller with written notice of the first occurrence
of each financing milestone event set forth below within forty-five (45) days after such occurrence. Within sixty (60) days of the first
occurrence of each of the financing milestone events set forth below the Purchaser shall make the following payments to the Seller; provided
however, that the maximum aggregate amount of payments to be paid to Seller under this paragraph I and paragraph (b) above shall not exceed
$2,000,000;

 

(i)
35% of any proceeds received from any licensing or partnering revenue; and

 

(ii)
IPO proceeds

 

For clarity, if the total
payments are made to Seller pursuant to paragraph (b) above then the only payments to be paid to Seller under this paragraph (c)
shall be $75,000. If the aggregate payments under this paragraph (c) equal $2,000,000 prior to any milestones set forth in paragraph
(b) above being met, then no payments shall be due under paragraph (b) above.

 

2.2
Delayed Transfer of Assets.

 

(a)
If following the Closing, Seller receives or become aware that they hold any asset, property or right which constitutes a Purchased Asset,
then Seller shall transfer such asset, property or right to the Purchaser as promptly as practicable for no additional consideration.

 

    3

     

    

 

(b) 
If following the Closing, Purchaser receives or becomes aware that it holds any asset, property or right which constitutes an Excluded
Asset, then Purchaser shall transfer such asset, property or right to the Seller as promptly as practicable for no additional consideration.

 

ARTICLE
3

 

CLOSING AND TERMINATION

 

3.1 
Closing. The closing of the Contemplated Transactions (the “Closing”) shall take place remotely via the
electronic exchange of the applicable documents and signatures (or at such other place as the parties may mutually designate in writing)
(i) within ten (10) business days after the date on which the conditions to the obligations of the parties set forth in Article 7
are satisfied or waived in writing by the party entitled to make such waiver (other than those conditions that by their nature are to
be satisfied by the delivery of documents or taking of actions at the Closing, but subject to the satisfaction or waiver of such conditions
at the Closing), or (ii) on such later date as the Purchaser and Seller agrees to in writing (the date on which the Closing occurs, “Closing
Date”).

 

3.2 
Closing Deliveries by Seller. At the Closing, Seller shall deliver or cause to be delivered:

 

(a)
to Purchaser, a duly executed Bill of Sale;

 

(b) 
to Purchaser, a certificate executed by Seller in accordance with Treasury Regulation Section 1.1445-2(b)(ii) to the effect that
Seller is not a “foreign person” within the meaning of the Code section 1445 or successor statute, substantially in the form
annexed as Exhibit B to this Agreement;

 

(c)
to Purchaser, a duly executed Patent Assignment Agreement;

 

(d)
to Purchaser, a duly executed Trademark Assignment Agreement; and

 

(e) 
to Purchaser, any additional documents and/or materials that Purchaser reasonably requests in connection with the Contemplated
Transactions, including (i) any transfer letters to the U.S. Food & Drug Administration and any other documents and/or materials required
to transfer to Purchaser new drug applications, investigational new drug applications, or other regulatory approvals for Tecarfarin ,
and all related data in Seller’s possession (ii) any assignment documentation with respect to Contracts included in the Purchased
Assets.

 

    4

     

    

 

3.3 
Closing Deliveries by Purchaser. At the Closing, Purchaser shall deliver or cause to be delivered:

 

(a)
to Seller, a duly executed acknowledgment of Bill of Sale;

 

(b)
to Seller, a duly executed Patent Assignment Agreement;

 

(c)
to Seller, a duly executed Trademark Assignment Agreement; and

 

(d) 
to Seller, any additional documents and/or materials that Seller reasonably requests in connection with the Contemplated Transactions,
with any out of pocket legal or filing expenses to be paid by Buyer .

 

ARTICLE
4

 

REPRESENTATIONS AND WARRANTIES OF SELLER

 

Except as set forth in the Seller’s
Disclosure Schedules, Seller hereby makes the representations and warranties in this Article 4 to the Purchaser as of the Closing
Date.

 

4.1 
Corporate Organization. Seller is a limited liability company, duly organized, validly existing and in good standing under
the Laws of its state of formation. Seller has all requisite power and authority to own, assign and convey the Purchased Assets. Seller
is duly licensed or qualified and in good standing to do business in the State of Delaware.

 

4.2 
Authority Relative to This Agreement. Seller has all requisite corporate power, authority and legal capacity to (a) execute
and deliver this Agreement, (b) execute and deliver the Seller’s Ancillary Agreements to which it is a party, and (c) perform its
obligations hereunder and under each of the Seller’s Ancillary Agreements to which it is a party, and to consummate the Contemplated
Transactions. The execution and delivery of this Agreement and each of the Seller’s Ancillary Agreements, and the consummation of
the Contemplated Transactions, have been duly authorized by all requisite action on the part of Seller. This Agreement and the Seller’s
Ancillary Agreement have been duly and validly executed and delivered by Seller, and this Agreement constitutes, and the Seller’s
Ancillary Agreements, when so executed and delivered, will constitute, legal, valid and binding obligations of Seller, enforceable against
Seller in accordance with its respective terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and similar laws
affecting creditors’ rights and remedies generally, and subject, as to enforceability, to general principles of equity, including
principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law
or in equity).

 

    5

     

    

 

4.3
Conflicts; Consents of Third Parties.

 

(a)  Neither
the execution and delivery of this Agreement or any of the Ancillary Agreements by Seller, nor the consummation of the Contemplated
Transactions, nor compliance by Seller with any of the terms or provisions hereof or thereof, will (i) conflict with or result in a
breach of any provision of the charter documents, operating agreement or other governing document of Seller, (ii) to Seller’s
Knowledge, conflict with or result in a breach of any Law applicable to Seller, or (iii) to Seller’s Knowledge, result in any
Encumbrance (other than Permitted Encumbrances) on any of the Purchased Assets, except in each case clauses (i) through
(iii)  above, as would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

 

(b) 
To Seller’s Knowledge, no consent, approval, license, permit, order, qualification or authorization of, or registration,
declaration, notice or filing with, any Governmental Body or any other Person is required for or in connection with the execution and
delivery by Seller of this Agreement and each Ancillary Agreement, and the consummation by Seller of the Contemplated Transactions.

 

4.4 
Litigation. To Seller’s Knowledge, there is no Action pending or, to Seller’s Knowledge, threatened, against
Seller that might prevent the sale of the Purchased Assets or the Contemplated Transactions, nor is Seller aware or has grounds to know
of any reasonable basis therefor, except for those matters listed in Section 4.4 of the Seller’s Disclosure Schedules. To the best
of Seller’s Knowledge, no Governmental Order exists against Seller affecting the Purchased Assets.

 

4.5
Permits.

 

(a) 
To the Knowledge of Seller, all of the permits, registrations, clearances applications, submissions that are (i) required for the
ownership or use of the Purchased Assets, and (ii) for the operation of the Business (collectively, the “Permits”)
are in full force and effect. Each such material Permit is listed in Section 4.5(a) of the Seller’s Disclosure Schedules. Seller
has timely filed all material regulatory reports, schedules, statements, documents, filings, submissions, forms, registrations, notices
and other documents, together with any amendments required to be made with respect thereto, that each was required to file with any Regulatory
Authority related to the Purchased Assets, and has timely paid all taxes, fees and assessments due and payable in connection therewith

 

(b) 
To the Knowledge of Seller, no condition exists that with notice or lapse of time or both would constitute a default under, or
a violation of, any Permit.

 

(c)  There
is no pending, or to the Knowledge of Seller threatened, action, investigation or proceeding with respect to revocation,
cancellation, suspension or nonrenewal of any such Permit. Seller has not received any written notice from any Governmental Body (x)
asserting the violation of the terms of any such Permit, (y) threatening to revoke, cancel, suspend or not renew the terms of any
such Permit, or (z) seeking to impose fines, penalties or other sanctions for violation of the terms of any such Permit, except in
each case of clauses (x) through (y) above, as would not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect.

 

    6

     

    

 

4.6 
Title to Assets. To Seller’s Knowledge, including, competent assessment of the applicable Uniform Commercial Code
lien search in the State of Delaware, Seller possesses good and marketable title to all of the Purchased Assets. The sale, assignment,
transfer and conveyance of the Purchased Assets to Purchaser on an “AS IS” and “WHERE IS” basis, with no representations
or warranties as to merchantability, fitness or use, and the Purchased Assets shall be subject to any and all existing Encumbrances. Seller
has no Knowledge of any Encumbrance on any of the Purchased Assets.

 

4.7 
Assignee. Seller will at Closing sell, assign, and transfer all of its rights, title and interests in and to the Purchased
Assets to Purchaser.

 

4.8
Intellectual Property. To Seller’s Knowledge,

 

		(9)	Seller owns all right, title and interest in and to, or is licensed
or otherwise possesses a valid and enforceable right to use, all of the Proprietary Rights related to Tecarfarin free and clear of all
Encumbrances, and no claim to the contrary by any other person to the rights of Seller with respect to the foregoing is pending or, to
Seller’s Knowledge, threatened in writing.

 

		(9)	There is no unauthorized use, disclosure, infringement or misappropriation
of Seller’s Proprietary Rights by any third party, other than any such unauthorized use, disclosure, infringement or misappropriation
that would not have a Material Adverse Effect. No third party has made any claim or allegation to Seller or its Affiliates, and Seller
and its Affiliates are not aware of any claim by a third party, that such third party has any right or interest in or to the patents
being acquired. The commercialization of the Purchased Assets will not infringe, violate or conflict with any third party intellectual
property.

 

		(9)	€Exhibit A attached hereto lists all patents and
patent applications and all registered trademarks, service marks and copyrights included as part of the Purchased Assets (“Registered
Proprietary Rights”). Except as set forth on Schedule 1.1 (a), Seller owns exclusively all such Registered Proprietary
Rights.

 

		(9)	Seller has no present or known future obligation or requirement
to compensate any person with respect to the Purchased Assets, whether by the payment of royalties or not, or whether by reason of the
ownership, use, license, lease, sale or any commercial use or any disposition whatsoever of Tecarfarin or the Proprietary Rights;

 

    7

     

    

 

		(9)	€None of the present or former employees of Seller own
directly or indirectly, or has any other right or interest in, in whole or in part, Tecarfarin, or the Proprietary Rights or has made
any inventorship challenge, opposition or interference proceeding and Seller has secured valid written present assignments from all consultants
and employees who contributed to the creation or development of any acquired intellectual property and has signed a valid and binding
agreement confirming that Seller owns such owned acquired intellectual property;

 

		(9)	Seller has not granted any rights or interest in the Purchased
Assets to any third party and shall not during the term of this Agreement grant, any right, license, covenant, consent or privilege to
any third party with respect to the patents to be acquired by Purchaser, or otherwise undertake any action, which would conflict in any
respect with the rights granted to Purchaser set forth in this Agreement;

 

(g)

 

4.9 
(h) Compliance With Law. To Seller’s Knowledge, Seller is not in violation in any material respect of any laws, governmental
orders, rules or regulations to which the Purchased Assets or Seller’s business related to the Assets are subject. To Seller’s
Knowledge, Buyer has been provided copies of all regulatory filings.

 

4.10 
No Other Representations or Warranties. Except for the representations and warranties contained in this Article 4,
neither Seller, nor any other Person on behalf of Seller makes any express or implied representation or warranty with respect to any of
the Purchased Assets or with respect to any other information provided to Purchaser in connection with the Contemplated Transactions,
including, without limitation, as to the probable success or profitability of the ownership, use or operation of the Business, and the
Purchased Assets following the Closing. Seller shall not have or be subject to any liability to Purchaser resulting from the distribution
to Purchaser, or Purchaser’s use of, any such information, including any information, documents, projections, forecasts or other
materials made available to Purchaser in expectation of the Contemplated Transactions, unless any such information is expressly included
in a representation or warranty contained in this Article 4.

 

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ARTICLE 5

 

REPRESENTATIONS AND WARRANTIES
OF PURCHASER

 

Purchaser hereby makes the representations
and warranties in this Article 5 to Seller as of the Closing Date.

 

5.1 
Organization. Purchaser is a corporation or limited liability company, duly organized, validly existing and in good standing
under the Laws of its State of incorporation or formation.

 

5.2 
Authority Relative to This Agreement. Purchaser has all requisite corporate power, authority and legal capacity to (a) execute
and deliver this Agreement, (b) execute and deliver the Ancillary Agreements to which it is a party, and (c) perform its obligations hereunder
and under each of the Ancillary Agreements to which it is a party, and to consummate the Contemplated Transactions. The execution and
delivery of this Agreement and each of such Ancillary Agreements, and the consummation of the Contemplated Transactions, have been duly
authorized by all requisite action on the part of the Purchaser party thereto. This Agreement and each of such Ancillary Agreements have
been duly and validly executed and delivered by the Purchaser party thereto, and this Agreement constitutes, and each of such Ancillary
Agreements when so executed and delivered will constitute, legal, valid and binding obligations of the Purchaser, enforceable against
the Purchaser in accordance with its respective terms.

 

5.3 
Consents and Approvals; No Violation. Neither the execution and delivery of this Agreement or any of the Ancillary Agreements
by the Purchaser party thereto, nor the consummation of the Contemplated Transactions, nor compliance by the Purchaser with any of the
terms or provisions hereof or thereof, will (i) conflict with or result in a breach of any provision of the certificate of formation,
limited liability company agreement/certificate of incorporation, bylaws or other governing documents of the Purchaser, (ii) conflict
with or result in a breach of any Law applicable to the Purchaser, or (iii) conflict with, violate, result in the breach or default under
any contract to which the Purchaser is a party.

 

5.4  Independent
Investigation. Purchaser has conducted its own independent investigation, review and analysis of the Business, the Purchased
Assets and the Assumed Liabilities, and acknowledges that it has been provided adequate access to the personnel, properties, assets,
premises, books and records, and other documents and data of the Seller for such purpose. Purchaser acknowledges and agrees that:
(a) in making its decision to enter into this Agreement and to consummate the transactions contemplated hereby, Purchaser has relied
solely upon its own investigation and the express representations and warranties of the Seller set forth in Article 4 of this
Agreement; and (b) neither the Seller nor any other Person has made any representation or warranty as to the Seller, the Business,
the Purchased Assets, the Assumed Liabilities or this Agreement, except as expressly set forth in Article 4 of this Agreement
(as qualified by the Seller’s Disclosure Schedules). SUCH REPRESENTATIONS AND WARRANTIES MADE BY THE SELLER IN Article
4 CONSTITUTE THE SOLE AND EXCLUSIVE REPRESENTATIONS AND WARRANTIES OF THE SELLER TO PURCHASER IN CONNECTION WITH THE
TRANSACTIONS CONTEMPLATED HEREBY, AND PURCHASER UNDERSTANDS, ACKNOWLEDGES AND AGREES THAT, EXCEPT FOR THE REPRESENTATIONS AND
WARRANTIES SET FORTH IN Article 4 OF THIS AGREEMENT, ALL OTHER REPRESENTATIONS AND WARRANTIES OF ANY KIND OR NATURE EXPRESS
OR IMPLIED, WRITTEN OR ORAL (INCLUDING ANY REPRESENTATION OR WARRANTY AS TO THE ACCURACY OR COMPLETENESS OF ANY INFORMATION
REGARDING THE SELLER, ANY AFFILIATES OF THE SELLER, THE BUSINESS, THE PURCHASED ASSETS OR THE ASSUMED LIABILITIES FURNISHED OR MADE
AVAILABLE TO PURCHASER AND ITS REPRESENTATIVES AND ANY INFORMATION, DOCUMENTS OR MATERIAL MADE AVAILABLE TO PURCHASER, MANAGEMENT
PRESENTATIONS OR IN ANY OTHER FORM IN EXPECTATION OF THE TRANSACTIONS CONTEMPLATED HEREBY OR AS TO THE FUTURE REVENUE, PROFITABILITY
OR SUCCESS OF THE BUSINESS, OR ANY REPRESENTATION OR WARRANTY ARISING FROM STATUTE OR OTHERWISE IN LAW OR RELATING TO
MERCHANTABILITY OR FITNESS FOR USE) ARE SPECIFICALLY DISCLAIMED BY THE SELLER.

 

5.5
“AS IS, WHERE IS”.

 

(a) 
Purchaser acknowledges and agrees that upon the Closing, Seller shall sell and convey to Purchaser, and Purchaser shall accept
the Purchased Assets “AS IS, WHERE IS, WITH ALL FAULTS,” except for the representations specifically made herein by
Seller. Purchaser has not relied upon and will not rely on, and Seller is not liable for or bound by, any express or implied warranties,
guarantees, statements, representations or information pertaining to the Purchased Assets or relating thereto made or furnished by Seller
or its representatives to whomever made or given, directly or indirectly, orally or in writing, except as expressly stated herein. Purchaser
also acknowledges that the Purchase Price reflects and takes into account that the Purchased Assets are being sold “AS IS, WHERE
IS, WITH ALL FAULTS,” except for the representations specifically made herein by Seller. Purchaser acknowledges that Seller
acquired the assets in connection with recovering a debt investment made to a former owner of the Purchased Assets and Seller was never
actively engaged in the development of the Purchased Assets. In addition, principals of the Purchaser have, at times worked on the development
of the Purchased Assets and have significant knowledge of the Purchased Assets.

 

(b) 
Purchaser acknowledges that some of the Purchased Assets described in Section 1.1(a) of the Seller’s Disclosure Schedules
may contain third-party Intellectual Property that may have been licensed by the Seller or otherwise acquired by the Seller. Purchaser
understands that Seller is unable to transfer Intellectual Property belonging to a third-party without the express written consent of
that third-party, which will not be obtained or sought by Seller as a part of, or condition to, this agreement. Purchaser shall accept
full responsibility for communicating with any such third-parties whose Intellectual Property may be included in the Purchased Assets
transferred hereby and shall pay any and all licensing or other fees, costs, expenses or charges that may be associated with using any
such Purchased Assets.

 

    9

     

    

 

ARTICLE
6

 

COVENANTS AND AGREEMENTS

 

6.1 
Further Agreements. After the Closing, Seller shall promptly (i) deliver to the Purchaser any mail or other communication
received by Seller and relating to the Purchased Assets, the Assumed Liabilities or the Business and (ii) forward to the Purchaser any
checks or other instruments of payment that it receives to the extent that such checks or other instruments are Purchased Assets. After
the Closing, the Purchaser shall promptly (i) deliver to the Seller any mail or other communication received by the Purchaser and relating
to the Excluded Assets or the Excluded Liabilities, (ii) wire transfer in immediately available funds to Seller, any cash, electronic
credits or deposits received by the Purchaser to the extent that such cash, electronic credits or deposits are Excluded Assets, and (iii)
forward to the Seller any checks or other instruments of payment that it receives to the extent that such checks or other instruments
are Excluded Assets. From and after the Closing Date, Seller shall refer all inquiries with respect to the Business, the Purchased Assets
and the Assumed Liabilities to Purchaser, and the Purchaser shall refer all inquiries with respect to the Excluded Assets and the Excluded
Liabilities to the Seller.

 

6.2
Preservation of Records; Post-Closing Access to Information.

 

(a) 
The Seller and Purchaser agree that each of them shall preserve and keep the records held by them or their Affiliates relating
to the Business, the Purchased Assets and the Assumed Liabilities in no event later than two (2) years after the Closing Date except,
in the case of Tax matters, until thirty (30) days following the expiration of the period of any applicable statute of limitations and
shall make such records available during such time period to the other party as may be reasonably required by such other party in connection
with, among other things, any insurance claims by, Actions or tax audits against or governmental investigations of Seller or Purchaser
or any of their respective Affiliates, or in order to enable the Seller or Purchaser to comply with their respective obligations under
this Agreement or any of the Ancillary Agreements and each other agreement, document or instrument contemplated hereby or thereby.

 

(b) 
Purchaser shall give the Seller and Representatives of Seller reasonable access, during normal business hours, upon reasonable
advance written notice (which notice shall specify the intended use or purpose of such access) and in a manner as would not be unreasonably
disruptive to the business or operations of Purchaser or any of its subsidiaries, to Purchaser’s books and records that were included
in the Purchased Assets pertaining to the conduct of the Business or ownership of the Purchased Assets prior to the Closing Date. Purchaser
shall, at Seller’s expense, use commercially reasonable efforts to cause Purchaser’s Representatives to furnish to Seller
such books and records pertaining to the conduct of the Business or ownership of the Purchased Assets prior to the Closing Date as Seller
shall from time to time reasonably request in a written notice (which notice shall specify the intended use or purpose of any such information).
Notwithstanding the foregoing, Purchaser shall not be required to provide any such access, or cause its Representatives to furnish any
such information, to the extent that doing so, in the reasonable judgment of Purchaser, would constitute a waiver of the attorney-client
privilege.

 

6.3 
 Further Assurances. Subject to the terms and conditions of this Agreement, at and following the Closing, each of the parties
shall execute, acknowledge and deliver all such further conveyances, notices, assumptions, releases and acquaintances and such other instruments,
and cooperate and take such further actions, as may be reasonably necessary or appropriate to transfer and assign fully to Purchaser and
its successors and assigns, all of the Purchased Assets and for Purchaser and its successors and assigns to assume the Assumed Liabilities,
and to otherwise make effective the Contemplated Transactions. Nothing in this Section 6.3 shall obligate any party hereto to waive
any right or condition under this Agreement.

 

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ARTICLE
7

 

CONDITIONS TO CLOSING

 

7.1
Conditions to the Seller’s Obligations.

 

The obligation
of the Seller to consummate the Contemplated Transactions are subject to the satisfaction of each of the following conditions (any or
all of which may, if permitted by applicable Law, be waived in whole or in part by the Seller in writing) as of the Closing:

 

(a) 
Absence of Litigation. No Action will be pending or threatened in writing which seeks a Governmental Order, nor will there
be any Governmental Order in effect, (i) which would prevent consummation of any of the Contemplated Transactions or (ii) which would
result in any of the Contemplated Transactions being rescinded following consummation.

 

7.2
Conditions to Purchaser’s Obligations.

 

The obligation
of Purchaser to consummate the Contemplated Transactions are subject to the satisfaction of each of the following conditions (any or all
of which may be waived in whole or in part by Purchaser in writing) as of the Closing:

 

(a) 
Absence of Litigation. No Action will be pending or threatened in writing which seeks a Governmental Order, nor will there
be any Governmental Order in effect, (i) which would prevent consummation of any of the Contemplated Transactions or (ii) which would
result in any of the Contemplated Transactions being rescinded following consummation.

 

(b) 
Closing Deliverables. Purchaser shall have received the deliverables required to be delivered by Seller pursuant to Section
3.2.

 

ARTICLE
8

 

DEFINITIONS

 

8.1
Certain Definitions. As used herein:

 

(a) 
“Action” means any claim, controversy, action, cause of action, charge, suit, litigation, arbitration, mediation,
investigation, examination, proceeding, opposition, interference, audit, assessment, hearing, complaint, demand, dispute or other legal
proceeding (whether sounding in contract, tort or otherwise, whether civil or criminal and whether brought at law or in equity) that is
commenced, brought, conducted, tried or heard by or before, or otherwise involving, any Governmental Body.

 

(b)  “Affiliate”
means, with respect to any Person, any other Person that, directly or indirectly through one or more intermediaries, controls, or is
controlled by, or is under common control with, such Person, and the term “control” (including the terms
“controlled by” and “under common control with”) means the possession, directly or indirectly, of the power
to direct or cause the direction of the management and policies of such Person, whether through ownership of voting securities, by
contract or otherwise.

 

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(c) 
“Ancillary Agreements” means, collectively, the Seller’s Ancillary Agreements and each agreement required
pursuant to Sections 3.2 and 3.3 hereto.

 

(d) 
“Bill of Sale” means that certain Bill of Sale by and between Seller and Purchaser substantially in the form
annexed as Exhibit A to this Agreement.

 

(e) 
“Books and Records” means all documents used by Seller in connection with, or relating to, the Purchased Assets,
the Assumed Liabilities, or the Business, including all files, data, reports, plans, mailing lists, supplier lists, customer lists, price
lists, marketing information and procedures, advertising and promotional materials, equipment records, warranty information, records of
operations, standard forms of documents, manuals of operations or business procedures and other similar procedures (including all discs,
tapes and other media- storage data containing such information) with respect to the Business.

 

(f) 
“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks in Wilmington,
Delaware are authorized or required by Law to be closed.

 

(g) 
“Business” means the business which Seller has conducted on a day-to-day basis related to the Purchased Assets.

 

(h)
“Code” means the Internal Revenue Code of 1986, as amended.

 

 

(i) 
“Contemplated Transactions” means the transactions contemplated by this Agreement and the Ancillary Agreements.

 

(j) 
“Contract” means any written or oral contract, indenture, note, bond, lease, license, commitment or instrument
or other agreement or arrangement primarily related to the operation of any of the Business or affecting or related to any of the Purchased
Assets or the Assumed Liabilities or by which Seller is bound or by which any property of Seller is Encumbered.

 

(k)  “Encumbrances”
means any charge, claim, community or other marital property interest, equitable or ownership interest, lien, option, pledge,
security interest, mortgage, deed of trust, right of way, easement, encroachment, servitude, right of first offer or first refusal,
buy/sell agreement and any other restriction or covenant with respect to, or condition governing the use, construction, transfer,
receipt of income or exercise of any other attribute of ownership (other than, in the case of a security, any restriction on the
transfer of such security arising solely under federal and state securities laws).

 

(l) 
“Equipment” means all equipment, machinery, furniture, fixtures and other tangible personal property of every
kind and description and improvements and tooling owned by or primarily used, or held for use, in connection with the operation of any
of the Business, wherever located.

 

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(m) 
“Governmental Body” means any government, quasi-governmental entity, or other governmental or regulatory body,
agency or political subdivision thereof of any nature or any self-regulatory agency, whether foreign, federal, state or local, or any
agency, branch, department, official, entity, instrumentality or authority thereof, or any court or arbitrator (public or private).

 

(n) 
“Government Order” means any order, writ, judgment, injunction, decree, stipulation, ruling, decision, verdict,
determination or award made, issued or entered by or with any Governmental Body.

 

(o) 
“Intellectual Property” means all intellectual property of any kind used, or held for use, in connection with
the operation of the Business, including the following:

 

(9)
trademarks, service marks, trade names, slogans, logos, trade dress, internet domain names, brand names, and other similar designations
of source or origin, together with all goodwill, registrations and applications related to the foregoing; (ii) patents, utility models
and industrial design registrations (and all continuations, divisionals, continuations in part, provisionals, renewals, reissues, re-examinations
and applications for any of the foregoing); (iii) copyrights and copyrightable subject matter (including, without limitation, any registrations
and applications for any of the foregoing); (iv) trade secrets, proprietary processes, formulae, algorithms, models, and methodologies;
and (v) computer software, computer programs, and databases (whether in source code, object code or other form).

 

(p) 
“Knowledge of Seller” or “Seller’s Knowledge” means the actual knowledge, as of the
Closing Date, of the Seller.

 

(q) 
“Laws” means all federal, state, local or foreign laws, statutes, common law, rules, codes, regulations or ordinances
issued, promulgated, enforced or entered by, any and all Governmental Bodies, or other requirement or rule of law.

 

(r) 
“Leased Real Property” means any of the real property leased or subleased by Seller or utilized in the Business.

 

(s) 
“Liability” means, as to any Person, any debt, adverse claim, liability, obligation, commitment, assessment,
cost, expense, loss, charge, fee, penalty, fine, contribution or premium of any kind or nature whatsoever, whether known or unknown, asserted
or unasserted, absolute or contingent, direct or indirect, accrued or unaccrued, liquidated or unliquidated, or due or to become due,
including all costs and expenses relating thereto.

 

    13

     

    

 

(t)   “Material
Adverse Effect” means any effect, change, condition, circumstance, development or event that, individually or in the
aggregate with all other effects, changes, conditions, circumstances, developments or events has had, or would reasonably be
expected to have, a material adverse effect on the business, assets, operation, condition (financial or otherwise) or results of
operation of the Business or the Purchased Assets (excluding the Excluded Assets and the Excluded Liabilities), taken as a whole,
other than any effect, change, condition, circumstance, development or event arising from or related to: (i) general business or
economic conditions in any of the geographical areas in which the Business operates; (ii) national or international political or
social conditions, including the engagement by any country in hostilities, whether commenced before or after the date hereof and
whether or not pursuant to the declaration of a national emergency or war, or the occurrence of any military or terrorist attack;
(iii)  financial, banking, or securities markets (including any
disruption thereof or any decline in the price of securities generally or any market or index); (iv) the occurrence of any act of
God or natural disaster, including any fire, flood, hurricane, tornado, or other weather event; (v) changes in Law or accounting
rules; (vi) the taking of any action expressly contemplated by this Agreement or any Ancillary Agreement or taken with the prior
written consent of Purchaser; (vii) any effects or changes arising from or related to the breach of the Agreement by Purchaser; or
(viii) any strike or labor dispute; provided, however, that in the case of the foregoing clauses through (v), such effects, changes,
conditions, circumstances, developments or events shall be taken into account in determining whether any material adverse effect has
occurred to the extent that any such effects, changes, conditions, circumstances, developments or events have, or would reasonably
be expected to have, a disproportionate effect on any of the Business (excluding the Excluded Assets and the Excluded Liabilities)
or the Purchased Assets relative to other participants operating in the industry in which Seller operates.

 

(9)
“Patent Assignment Agreement” means that certain Patent Assignment Agreement by and between Seller and Purchaser substantially
in the form annexed as Exhibit C to this Agreement.

 

(9)
“Permitted Encumbrance” means (i) easements, rights of way, restrictive covenants, encroachments and similar
non-monetary encumbrances or non-monetary impediments against any of the Purchased Assets which do not, individually or in the
aggregate, materially adversely affect the operation of the Business; (ii) applicable zoning Laws, building codes, land use
restrictions and other similar restrictions imposed by Law (but not restrictions arising from a violation of any such Law); (iii)
materialman’s, mechanic’s, artisan’s, shipper’s, warehouseman’s or other similar common law or
statutory liens incurred in the ordinary course of business for sums not yet due and payable and that do not result from a breach,
default or violation by any Seller of any Contract or Law; (iv) statutory liens for current Taxes, assessments or other governmental
charges not yet due and payable or the amount or validity of which is being contested in good faith by appropriate proceedings or
the making of appropriate demands, notices or filings; (v) easements, covenants, conditions, restrictions and other similar matters
affecting title to real property and other encroachments and title and survey defects with respect to any real property that do not
or would not reasonably be expected to adversely affect the current occupancy or use of such real property in any material respect;
(vi) matters that would be disclosed on an accurate survey of the real property that do not or would not reasonably be expected to
adversely affect the current occupancy or use of such real property in any material respect; (vii) any liens shown in any title
commitment, report or policy, or otherwise of record that do not or would not reasonably be expected to adversely affect the current
occupancy or use of the real property in any material respect; (viii) Encumbrances that will be and are discharged or released
either prior to, or simultaneously with the Closing; (ix) such other Encumbrances, title exceptions or imperfections of title as
Purchaser may approve in writing in its sole discretion; and (x) the Encumbrances held by Purchaser or its Affiliates.

 

(9)
“Person” means an individual, corporation, partnership, limited liability company, joint venture, association, trust,
unincorporated organization, labor union, estate, Governmental Body or other entity or group.

 

(x)  “Proprietary
Rights” means all intellectual property of any kind and nature including (i) all patents, patent rights, copyrights,
trademarks, trademark rights, tradenames, tradename rights and patent, copyright or trademark applications exclusively respecting
Tecarfarin and related intellectual property or that are necessary to practice the Drug Candidate listed on Schedule 1.1 (a) hereto;
(ii) all reissues, reexaminations, extensions, continuations, continuations- in-part, continuing prosecution applications, requests
for continuing examinations, divisions and registrations of any item in any of the foregoing categories; (iii) foreign counterparts
of any of the foregoing; (iv) all patent and patent applications claiming any right of priority to or through the patent
applications of the patents listed on Schedule 1.1 (a) hereto; (v) all rights to apply in all countries of the world for patents
certificates of invention, utility models, industrial design protections, design patent protections, or other governmental grants or
issuances of any type related to any item in any of the foregoing categories (i) through (v), including, without limitation, under
the Paris Convention for the Protection of Industrial Property, the International Patent Cooperation Treaty, or any other
convention, treaty, agreement, or understanding; (vi) all invention, invention disclosures and discoveries described in any of the
patents listed on Schedule 1.1 (a) hereto that are included in any claim in such patents, and/or are subject matter capable of being
reduced to a patent claim in a reissue or reexamination proceeding brought on any of the patents; (vii) all causes of action
(whether known or unknown, or whether currently pending, filed or otherwise) and other enforcement rights under, or on account of,
any of the patents and/or rights (as described on Schedule 1.1 (a)); (viii) all rights to collect royalties and other payments under
or on account of the patents or any item in any categories (i) through (vii); (ix) all ideas, know how, trade secrets, inventions,
invention disclosures, discoveries, technology, designs and any other proprietary rights which Seller owns, in each case with
respect to any of the above, pertaining exclusively to Tecarfarin.

 

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(y) 
 “Regulatory Authority” means any governmental agency or authority responsible for granting Regulatory Approvals
for Tecarfarin, including the United States Food and Drug Administration and the European Medicines Agency, and any corresponding national
or regional regulatory authorities.

 

 

(z) 
“Representatives” means, as to any Person, the directors, officers, employees, counsel, professionals, advisors,
accountants, agents, contractors and other representatives.

 

(9)
“Seller Ancillary Agreements” means, collectively, each certificate, agreement or document (other than this Agreement)
delivered by Seller in connection with this Agreement.

 

(9)
“Seller’s Disclosure Schedules” means the disclosure schedules which are attached hereto and delivered by Seller.
The disclosures in the Seller’s Disclosure Schedules shall modify and relate to the representations and warranties in the corresponding
section or subsection of Article 4 to which they refer and are intended to qualify such representations and warranties. The information
set forth in one section or subsection of the Seller’s Disclosure Schedules that is specifically referred to in another section
or subsection of the Seller’s Disclosure Schedules by appropriate cross-reference shall also be deemed to qualify such other section
or subsection of Article 4, and the information set forth in one section or subsection of the Seller’s Disclosure Schedules
shall also be deemed to qualify each other section or subsection of Article 4 to the extent that the relevance of a disclosure
in one section or subsection of the Seller’s Disclosure Schedules to another section or subsection of Article 4 is reasonably
apparent on its face.

 

(cc) “Tax”
and “Taxes” mean (i) any and all federal, state, local or foreign taxes, charges, fees, imposts, levies or other assessments,
including all income, gross income, gross receipts, capital, sales, use, ad valorem, value added, transfer, franchise, profits, inventory,
capital stock, license, production, premium, disability, worker’s compensation, utility, windfall profit, environmental, registration,
alternative, add-on minimum, withholding, payroll, employment, social security, unemployment, excise, severance, stamp, occupation, property,
sales, use and estimated taxes, customs duties, fees, assessments and charges of any kind whatsoever, in each case imposed by any Governmental
Body; (ii) all interest, penalties, fines, additions to tax or additional amounts imposed by any Governmental Body in connection with
any item described in clause (i); and (iii) any Liability in respect of any items described in clauses (i) and/or (ii)
payable by reason of contract, assumption, transferee liability, operation of Law, Treasury Regulation Section 1.1502-6(a) (or any predecessor
or successor thereof or any analogous or similar provision under Law) or otherwise.

 

    15

     

    

 

(dd) “Tax
Return” means any return, report, information return, declaration, claim for refund or other document (including any schedule
or related or supporting information) supplied or required to be supplied to any Governmental Body with respect to Taxes, including amendments
thereto.

 

(ee) “Trademark
Assignment Agreement” means that certain Trademark Assignment Agreement by and between Seller and Purchaser substantially in
the form annexed as Exhibit D to this Agreement.

 

8.2 Additional
Defined Terms. The following terms have the meanings set forth in the Sections set forth below:

 

	Defined Term		Location
	Agreement	 	Preamble
	Assumed Liabilities	 	Section 1.2
	Business	 	Recitals
	Closing	 	Section 3.1
	Closing Date	 	Section 3.1
	Excluded Assets	 	Section 1.1(b)
	Excluded Liabilities	 	Section 1.3
	Permits	 	Section 4.5(a)
	Purchase Price	 	Section 2.1
	Purchased Assets	 	Section 1.1(a)
	Purchaser	 	Preamble
	Seller	 	Preamble
	Transfer Taxes	 	Section 9.1(a)

 

ARTICLE 9

 

TAXES

9.1
Additional Tax Matters.

 

(a) 
Any sales, use, purchase, transfer, franchise, deed, fixed asset, stamp, documentary stamp, use or other Taxes and recording charges
which may be payable by reason of the sale of the Purchased Assets or the assumption of the Assumed Liabilities under this Agreement or
the Contemplated Transactions, including any real property transfer taxes (all of the foregoing, “Transfer Taxes”)
shall be borne and paid by Purchaser; provided that, for the avoidance of doubt, this definition of Transfer Taxes will exclude any income
Taxes or similar Taxes. Purchaser shall file all Tax Returns related to the Transfer Taxes, and the Seller shall use commercially reasonable
efforts to cooperate in connection with reducing the amount of Transfer Taxes.

 

(b)  With
respect to any non-income Tax liability for a taxable period beginning on or before the Closing Date and ending after the Closing
Date, such Taxes will be prorated based on the number of days in each of the pre-Closing Tax period and the post-Closing Tax period.
To the extent that actual Tax bills are not available prior to Closing, Taxes will be prorated at Closing utilizing the most recent
ascertainable Tax bills. Seller and Purchaser will re-prorate the Taxes at issue upon the Purchaser’s receipt of the actual
Tax bill for the Tax year in question, if any.

 

    16

     

    
 

(c) Purchase
Price Allocation. For applicable Tax purposes, the Seller, Purchaser and each of their respective Affiliates shall (i) allocate
the purchase price (and any applicable Assumed Liabilities) among the Purchased Assets in accordance with Section 1060 of the Code
and pursuant the methodology set forth on Schedule 9.1 (the “Allocation Schedule”) and (ii) file all tax
returns in accordance with the Allocation Schedule unless otherwise required in connection with the settlement of any audit or other
proceeding with a taxing authority.

 

ARTICLE 10

 

SURVIVAL OF WARRANTIES AND INDEMNIFICATION

 

10.1 No
Survival. All representations and warranties made by Purchaser and Seller herein, or in any certificate, schedule or exhibit delivered
pursuant hereto, shall terminate effective as of the Closing.

 

10.2 No
Indemnification by Seller. Seller is selling to Purchaser the Purchased Assets defined in this Agreement on an “AS IS”
and “WHERE IS” basis, with no representations or warranties as to merchantability, fitness or usability or in any other regard
(except for the representations and warranties specifically set forth in Article 4 above) and Seller does not agree to defend,
indemnify or hold harmless Purchaser, any Affiliate of Purchaser or any director, officer, employee, stockholder, agent or attorney of
Purchaser or of any parent, subsidiary or affiliate of Purchaser from and against and in respect of any loss which arises out of or results
from the transactions described herein.

 

10.3

 

ARTICLE
11

 

MISCELLANEOUS

 

11.1 Payment
of Expenses. Except as otherwise provided in this Agreement, each party hereto shall bear its own costs and expenses (including investment
advisory and legal fees and expenses) incurred in connection with this Agreement and the Contemplated Transactions; provided,
however, that all Transfer Taxes (as well as the costs and expenses incurred in connection with the preparation and filing
of all Tax Returns with respect thereto) shall be borne by Purchaser.

 

11.2
[Reserved].

 

11.3 Entire
Agreement; Amendments and Waivers. This Agreement (including the Schedules hereto) and the Ancillary Agreements represent the entire
understanding and agreement between the parties hereto with respect to the subject matter hereof. Any provision of this Agreement may
be amended or waived if, and only if, such amendment or waiver is in writing and signed, in the case of an amendment, by each party hereto,
or in the case of a waiver, by the party against whom the waiver is to be effective. No action taken pursuant to this Agreement, including,
without limitation, any investigation by or on behalf of any party shall be deemed to constitute a waiver by the party taking such action
of compliance with any representation, warranty, covenant or agreement contained herein. The waiver by any party hereto of a breach of
any provision of this Agreement shall not operate or be construed as a further or continuing waiver of such breach or as a waiver of any
other or subsequent breach. No failure on the part of any party to exercise, and no delay in exercising, any right, power or remedy hereunder
shall operate as a waiver thereof nor shall any single or partial exercise of such right, power or remedy by such party preclude any other
or further exercise thereof or the exercise of any other right, power or remedy.

 

11.4 Counterparts.
For the convenience of the parties hereto, this Agreement may be executed and delivered (by facsimile or PDF signature) in any number
of counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts shall together constitute
the same agreement.

 

11.5 Governing
Law. THIS AGREEMENT IS TO BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE WITHOUT GIVING EFFECT
TO CONFLICT OF LAW PRINCIPLES THEREOF, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE.

 

    17

     

    

 

11.6
Jurisdiction, Waiver of Jury Trial.

 

(a) THE
COURTS OF THE STATE OF DELAWARE AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE DISTRICT OF DELAWARE WILL HAVE SOLE
JURISDICTION OVER ANY AND ALL DISPUTES BETWEEN OR AMONG THE PARTIES, WHETHER IN LAW OR EQUITY, ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR ANY AGREEMENT CONTEMPLATED HEREBY.

 

(b) EACH
OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO
THIS AGREEMENT OR THE CONTEMPLATED TRANSACTIONS.

 

11.7 Notices.
Unless otherwise set forth herein, any notice, request, instruction or other document to be given, provided or furnished hereunder
by any party to the other parties shall be in writing and shall be deemed duly given, provided or furnished (i) upon delivery, when
delivered personally, (ii) one (1) Business Day after being sent by overnight courier or when sent by facsimile or e-mail
transmission (with confirmation of transmission), and (iii) two (2) Business Days after being sent by registered or certified mail,
postage prepaid, as follows:

 

If to Seller:

 

HESP LLC

c/o Horizon Technology Finance Corporation

 

If to Purchaser:

 

Cadrenal Therapeutics Inc.

830 A1A North #196

Ponte Vedra, Florida 32082

Attention: Quang Pham

Email: 

 

with a copy (which shall not constitute notice) to:

 

Blank Rome LLP

1271 Avenue of the Americas

New York, New York 10020

Attention: 

Facsimile: 

Email: 

 

or to such other Persons, addresses or
facsimile numbers as may be designated in writing by the party to receive such notice.

 

    18

     

    

 

11.8 Binding
Effect; Assignment. This Agreement shall be binding upon Purchaser and Seller, and inure to the benefit of the parties and their respective
successors and permitted assigns. No assignment of this Agreement or of any rights or obligations hereunder may be made by Seller or Purchaser
(by operation of Law or otherwise) without the prior written consent of the other parties hereto and any attempted assignment without
the required consents shall be void, provided, however, that without the necessity of consent from Seller, Purchaser may
assign its rights under this Agreement, with Purchaser remaining liable for all its obligations hereunder; provided further, that
upon written instruction from Purchaser, Seller shall execute and deliver multiple Bills of Sale under Section 3.2(a) above to
such assignees of Purchaser with respect to identified portions of the Purchased Assets.

 

11.9 Severability.
If any term, condition or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of Law or public
policy, all other terms, conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the
economic or legal substance of the Contemplated Transactions is not affected in a manner adverse to any party. Upon such determination
that any term, condition or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in
good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner
to the end that the Contemplated Transactions are fulfilled to the fullest extent possible.

 

11.10 Third
Party Beneficiaries. This Agreement is for the sole benefit of the parties hereto and their permitted assigns and nothing herein express
or implied shall give or be construed to give to any Person, other than the parties hereto and such permitted assigns, any legal or equitable
rights hereunder.

 

11.11
Certain Interpretations.

 

(a) Unless
otherwise expressly provided, for purposes of this Agreement, the following rules of interpretation shall apply:

 

(i) All
references in this Agreement to Articles, Sections, clauses, parts and Schedules shall be deemed to refer to Articles, Sections, clauses,
parts and Schedules to this Agreement unless otherwise specified. All Schedules annexed hereto or referred to herein are hereby incorporated
in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Schedule but not otherwise defined
therein shall be defined as set forth in this Agreement.

 

(ii) The
Article, Section and paragraph captions herein are for convenience of reference only, do not constitute part of this Agreement and shall
not be deemed to limit or otherwise affect any of the provisions hereof.

 

    19

     

    

 

(iii) The
words “include,” includes” and “including,” when used herein shall be deemed in each case to be followed
by the words “without limitation” (regardless of whether such words or similar words actually appear).

 

(iv) When
calculating the period of time before which, within which or following which any act is to be done or step taken pursuant to this Agreement,
the date that is the reference date in calculating such period shall be excluded. If the last day of such period is not a Business Day,
the period in question shall end on the next succeeding Business Day.

 

(v)
Any reference in this Agreement to “$” or “dollars” shall mean U.S. dollars.

 

(vi) Any
reference in this Agreement to gender shall include all genders, and words imparting the singular number only shall include the plural
and vice versa.

 

(vii) The
words such as “herein,” “hereinafter,” “hereof” and “hereunder” refer to this Agreement
as a whole and not merely to a subdivision in which such words appear unless the context otherwise requires.

 

(b) The
parties hereto agree that they have been represented by legal counsel during the negotiation and execution of this Agreement and, therefore,
waive the application of any Law, regulation, holding or rule of construction providing that ambiguities in an agreement or other document
shall be construed against the party drafting such agreement or document.

 

11.12 Non-Recourse.
No past, present or future director, officer, employee, incorporator, member, partner or equity holder of the parties to this Agreement
will have any liability for any obligations or liabilities of Seller or Purchaser, as applicable, under this Agreement, or any agreement
entered into in connection herewith of or for any claim based on, in respect of, or by reason of, the Contemplated Transactions. Any claim
or cause of action based upon, arising out of, or related to this Agreement or any agreement, document or instrument contemplated hereby
may only be brought against Persons that are expressly named as parties hereto or thereto, and then only with respect to the specific
obligations set forth herein or therein. Other than the parties hereto, no party shall have any liability or obligation for any of the
representations, warranties, covenants, agreements, obligations or liabilities of any party under this Agreement or the agreements, documents
or instruments contemplated hereby or of or for any action or proceeding based on, in respect of, or by reason of, the Contemplated Transactions
(including breach, termination or failure to consummate such transactions), in each case whether based on contract, tort, fraud, strict
liability, other Laws or otherwise and whether by piercing the corporate veil, by a claim by or on behalf of a party hereto or another
Person or otherwise. In no event shall any Person be liable to another Person for any punitive damages with respect to the Contemplated
Transactions.

 

11.13 Limitation
of Remedy in Favor of Purchaser. PURCHASER HEREBY AGREES THAT ITS SOLE REMEDY RESULTING FROM ANY BREACH OF ANY REPRESENTATION(S) OR
WARRANTY(IES) PROVIDED BY SELLER HEREIN IS TO ASSERT A GENERAL UNSECURED CLAIM AGAINST SELLER FOR DAMAGES INCURRED BY PURCHASER AS A RESULT
OF SUCH BREACH, WITH ANY SUCH CLAIM. PURCHASER HEREBY FURTHER AGREES THAT UNDER NO CIRCUMSTANCE MAY ANY SUCH CLAIM(S) ASSERTED BY PURCHASER
EXCEED, IN THE AGGREGATE, THE AMOUNT OF THE PURCHASE PRICE ACTUALLY RECEIVED BY SELLER.

 

[Signature Page Follows]

 

    20

     

    

 

IN WITNESS WHEREOF, the parties
hereto have duly executed this Agreement the day and date first above written.

 

	 	CADRENAL THERAPEUTICS INC.
	 	 	 
	 	By:	/s/ Quang Pham
	 	Name:	Quang Pham
	 	Title: 	Chief Executive Officer
	 	 	 
	 	HESP LLC
	 	 
	 	By: Horizon Technology Finance

 Corporation, its sole member
	 	 	 
	 	By:	
	 	Name:  	
	 	Title:	President

 

Signature page to Asset Purchase
Agreement

 

     

     

    

 

ANCILLARY SCHEDULES

 

Section 1.1(a) – Purchased Assets

 

Section 1.1(b) – Excluded Assets

 

Section 1.2 – Assumed Liabilities

 

Section 1.3 – Excluded Liabilities

 

     

     

    

 

Schedule 1.1(a)

Purchased Assets

 

The Purchased Assets
shall include all right, title, interest, claims and demands of Seller in and to all personal property of the Seller at the time of the
Closing, including without limitation, all of the following (but excluding the Excluded Assets):

 

(a) All
goods (and embedded computer programs and supporting information included within the definition of “goods” under the Uniform
Commercial Code as adopted and in effect in the State of Delaware, as amended from time to time (the “Code”); provided
that if by reason of mandatory provisions of law, the creation and/or perfection or the effect of perfection or nonperfection of the
Secured Lenders’ security interest in any Purchased Assets is governed by the Uniform Commercial Code as in effect in a jurisdiction
other than the State of Delaware, the term “Code” shall also mean the Uniform Commercial Code as in effect from time to time
in such jurisdiction for purposes of the provisions hereof relating to such creation, perfection or effect of perfection or non-perfection)
and equipment, including all laboratory equipment, computer equipment, office equipment, machinery, fixtures, vehicles (including motor
vehicles and trailers), and any interest in any of the foregoing, and all attachments, accessories, accessions, replacements, substitutions,
additions, and improvements to any of the foregoing, wherever located, including the furniture and equipment listed on Schedule 1.1(a)-A
attached hereto;

 

(b) All
inventory, including all merchandise, raw materials, parts, supplies, packing and shipping materials, marketing materials, work in process
and finished products, including such inventory as is temporarily out of custody or possession or in transit and including any returns
upon any accounts or other proceeds, including insurance proceeds, resulting from the sale or disposition of any of the foregoing and
any documents of title representing any of the above, and all books relating to any of the foregoing, including lab specimens and biological
retains;

 

(c) All
Contract rights and general intangibles (including Intellectual Property), including goodwill, license agreements, franchise agreements,
blueprints, drawings, purchase orders, customer lists, route lists, infringements, claims, software, computer programs, computer disks,
computer tapes, literature, reports, catalogs, design rights, income tax refunds, payment intangibles, commercial tort claims, payments
of insurance and rights to payment of any kind, technical and non-technical information, data, and databases (including clinical data,
safety information and adverse event reports, development reports, medical information, and correspondence with regulatory authorities),
product registrations, regulatory approvals, and internet domain names, websites, and social media accounts, including the Intellectual
Property, Contract rights, and general intangibles listed on Schedule 1.1(a)-B attached hereto;

 

(d) All
accounts, contract rights, royalties, license rights, license fees and all other forms of obligations owing to Seller arising out of the
sale or lease of goods, the licensing of technology or the rendering of services, whether or not earned by performance, and any and all
credit insurance, guaranties, and other security therefor, as well as all returned or reclaimed merchandise and all books relating to
any of the foregoing;

 

(e) All
documents, letters of credit and letters of credit rights (whether or not the letter of credit is evidenced by a writing) and other supporting
obligations, certificates of deposit, instruments, promissory notes, chattel paper (whether tangible or electronic) and investment property,
including all securities, whether certificated or uncertificated, security entitlements, securities accounts, commodity contracts and
commodity accounts, and all financial assets held in any securities account or otherwise, wherever located, and all books relating to
the foregoing; and

 

(f) To
the extent not covered by clauses (a) through I, all other personal property of Seller, whether tangible or intangible, and any and all
rights and interests in any of the above and the foregoing and, any and all claims, rights and interests in any of the above and all substitutions
for, additions and accessions to and proceeds thereof, including insurance, condemnation, requisition or similar payments and proceeds
of the sale or licensing of Intellectual Property.

 

“Intellectual
Property” means, with respect to any person or entity, all of such person’s or entity’s right, title and interest
in and to patents, patent rights (and applications and registrations therefor and divisions, continuations, renewals, reissues, extensions
and continuations-in-part of the same), trademarks and service marks (and applications and registrations therefor and the goodwill associated
therewith), whether registered or not, inventions, copyrights (including applications and registrations therefor and like protections
in each work or authorship and derivative work thereof), whether published or unpublished, mask works (and applications and registrations
therefor), trade names, trade styles, software and computer programs, source code, object code, trade secrets, licenses, methods, processes,
know how, drawings, specifications, descriptions, and all memoranda, notes, and records with respect to any research and development,
all whether now owned or subsequently acquired or developed by such person or entity and whether in tangible or intangible form or contained
on magnetic media readable by machine together with all such magnetic media (but not including embedded computer programs and supporting
information included within the definition of “goods” under the Code).

 

     

     

    

 

Schedule 1.1(a)-A

 

The Purchased Assets shall include the following furniture
and equipment:

 

     

     

    

 

Schedule 1.1(a)-B

 

The Purchased Assets shall include the
following Intellectual Property, Contract rights, and other General Intangibles.

 

Intellectual Property, Contract Rights
and Other General Intangibles

 

		1.	All Intellectual Property and other rights related to Tecarfarin

 

		2.	The Tecarfarin Investigational New Drug Application (IND) 77041.

 

		3.	The trademarks (together with goodwill) and patents listed below.

 

4. All
rights under the License, Development and Commercialization Agreement, dated as of September 16, 2015, by and between Espero BioPharma
(f/k/a Armetheon, Inc.) and China Cardiovascular Focus Ltd. Relating to Tercarfarin (the “Tercarfarin License”)

 

5. The
following URLs: esperopharma.com, esperobio.com, jaxpharma.com, and cadrenal.com.

 

Trademarks

 

Patents

 

	Country	Application #	Owner	Application Date
	U.S.A.	62/323,904	Espero Pharmaceuticals, Inc.	04/18/2016
	U.S.A.	PCT/US2017/027887	Espero Pharmaceuticals, Inc.	04/17/2017
	U.S.A.	15/131,446	Espero Pharmaceuticals, Inc.	04/18/2016
	U.S.A.	
    PCT /US2017

    /027883
	Espero Pharmaceuticals, Inc.	04/18/2017
	U.S.A.	15/131,478	Espero Pharmaceuticals, Inc.	04/18/2016
	U.S.A.	PCT/US2017/027886	Espero Pharmaceuticals, Inc.	04/17/2017
	Country	Registration #	Owner	Registration Date
	Tecarfarin
	U.S.A.	7666902	Espero BioPharma, Inc.	02/23/2010
	U.S.A.	7145020	Espero BioPharma, Inc.	12/05/2006
	Country	Application #	Owner	Application Date
	U.S.A.	7932405	Espero BioPharma, Inc.	04/26/2011
	U.S.A.	7253208	Espero BioPharma, Inc.	08/07/2007
	U.S.A.	7285671	Espero BioPharma, Inc.	10/23/2007
	Australia	2005233614	Espero BioPharma, Inc.	7/12/2012
	Austria	1735296	Espero BioPharma, Inc.	12/9/2009
	Belgium	1735296	Espero BioPharma, Inc.	12/9/2009

 

     

     

    

 

	Belgium	2161261	Espero BioPharma, Inc.	8/28/2013
	Brazil	PI0508392-3	Espero BioPharma, Inc.	 
	Canada	2559568	Espero BioPharma, Inc.	5/28/2013
	China	200580012074.6	Espero BioPharma, Inc.	6/1/2011
	Cyprus	1735296	Espero BioPharma, Inc.	12/9/2009
	Denmark	1735296	Espero BioPharma, Inc.	12/9/2009
	Denmark	2161261	Espero BioPharma, Inc.	8/28/2013
	Europe	05733799.0	Espero BioPharma, Inc.	12/9/2009
	Europe	09175606.4	Espero BioPharma, Inc.	8/28/2013
	Finland	1735296	Espero BioPharma, Inc.	12/9/2009
	Finland	2161261	Espero BioPharma, Inc.	8/28/2013
	France	1735296	Espero BioPharma, Inc.	12/9/2009
	France	2161261	Espero BioPharma, Inc.	8/28/2013
	Germany	602005018181.4	Espero BioPharma, Inc.	12/9/2009
	Germany	602005041073.2	Espero BioPharma, Inc.	8/28/2013
	Great Britain	1735296	Espero BioPharma, Inc.	12/9/2009
	Great Britain	2161261	Espero BioPharma, Inc.	8/28/2013
	Greece	3071104	Espero BioPharma, Inc.	12/9/2009
	Hong Kong	1105200	Espero BioPharma, Inc.	3/9/2012
	Hong Kong	1138265	Espero BioPharma, Inc.	5/23/2014
	India	250594	Espero BioPharma, Inc.	1/11/2012
	Ireland	1735296	Espero BioPharma, Inc.	12/9/2009
	Ireland	2161261	Espero BioPharma, Inc.	8/28/2013
	Israel	178122	Espero BioPharma, Inc.	5/4/2013
	Israel	DIVOF178122	Espero BioPharma, Inc.	 
	Italy	502010901815570	Espero BioPharma, Inc.	12/9/2009
	Italy	502013902212109	Espero BioPharma, Inc.	8/28/2013
	Japan	5036532	Espero BioPharma, Inc.	7/13/2012
	Luxembourg	1735296	Espero BioPharma, Inc.	12/9/2009
	Luxembourg	2161261	Espero BioPharma, Inc.	8/28/2013
	Mexico	274321	Espero BioPharma, Inc.	5/3/2010
	Monaco	1735296	Espero BioPharma, Inc.	12/9/2009
	Monaco	2161261	Espero BioPharma, Inc.	8/28/2013
	Netherlands	1735296	Espero BioPharma, Inc.	12/9/2009
	Netherlands	2161261	Espero BioPharma, Inc.	8/28/2013
	Norway	338837	Espero BioPharma, Inc.	10/24/2016
	Philippines	1-2006-501866	Espero BioPharma, Inc.	11/19/2010
	Portugal	1735296	Espero BioPharma, Inc.	12/9/2009

 

     

     

    

 

	Country	Application #	Owner	Application Date
	Russia	2335501	
    Espero BioPharma,

    Inc.
	10/10/2008
	Russia	2006/07667	
    Espero BioPharma,

    Inc.
	10/10/2013
	South Africa	2006/07667	
    Espero BioPharma,

    Inc.
	11/28/2007
	South Korea	1203124	
    Espero BioPharma,

    Inc.
	11/14/2012
	Spain	05733799.0	
    Espero BioPharma,

    Inc.
	12/9/2009
	Spain	09175606.4	
    Espero BioPharma,

    Inc.
	8/28/2013
	Sweden	05733799.0	
    Espero BioPharma,

    Inc.
	12/9/2009
	Sweden	09175606.4	
    Espero BioPharma,

    Inc.
	8/28/2013
	Switzerland	1735296	
    Espero BioPharma,

    Inc.
	12/9/2009
	Switzerland	2161261	
    Espero BioPharma,

    Inc.

    
	8/28/2013

 

     

     

    

 

Schedule 1.1(b)

 

Excluded Assets

 

1. Cash and cash equivalents in the possession of the Seller
at the time of Closing.

 

     

     

    

 

Schedule 1.2

 

Assumed Liabilities

 

1. Any liabilities
or obligations related to or arising from the Purchaser’s ownership of the Purchased Assets, solely to the extent arising after
the Closing (provided, that Purchaser shall not assume any liabilities or obligations with respect to any Contracts other than the Tercarfarin
License).

 

     

     

    

 

Schedule 1.3

 

Excluded Liabilities

 

The Excluded Liabilities include the
following, whether incurred or accrued before or after the Closing:

 

1. Any
Liabilities arising from or relating to the Purchased Assets or the business of the Seller

 

2.
Any Liabilities for taxes of the Seller.

 

3. Any
Liabilities relating to legal services, accounting services, financial advisory services, investment banking services or any other professional
services performed in connection with the APA and any of the Contemplated Transactions.

 

4. Any
Liabilities with respect to employees (including Liabilities under or relating to any employee benefit plans).

 

5.
Any expenses of administration of the Seller.

 

6.
Any accounts payable (or other amounts payable).

 

7. Any
Liabilities under Contracts, including any Liabilities arising from or related to the leases for the Leased Real Property.

 

8.
Any Liabilities arising from or relating to actions or omissions of Seller.

 

9. Any
Liabilities arising from or relating to actions or notifications by regulatory authorities, including the U.S. Food & Drug Administration.

 

SELLER DISCLOSURE SCHEDULES

 

Section 4.4 – Current Litigation

 

Section 4.5(a) –
Permits

 

     

     

    

 

Schedule 4.4

 

Current Litigation

 

None.

 

     

     

    

 

Schedule 4.5(a)

 

Permits

 

None.

 

     

     

    

 

SCHEDULE 9.1

 

Purchase Price Allocation (Post-Closing
Schedule)

 

To include standard allocation methodology
in accordance with Section 1060 of the Code, i.e., allocation of purchase price for tax purposes among each of the six classes of assets.

 

     

     

    

 

EXHIBIT A

 

BILL OF SALE

 

     

     

    

 

EXHIBIT B

 

FIRPTA CARTIFICATE

 

     

     

    

 

EXHIBIT C

 

PATENT ASSIGNMENT AGREEMENT

 

     

     

    

 

EXHIBIT D

 

TRADEMARK ASSIGNMENT AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}]]