Document:

Exhibit 10.1

 

REGISTRATION RIGHTS AND LOCK-UP AGREEMENT

 

THIS REGISTRATION RIGHTS
AND LOCK-UP AGREEMENT (this “Agreement”), dated as of April 5, 2022, is made and entered into by and among (i)
Ondas Holdings Inc., a Nevada corporation (the “Company”), (ii) each of the Persons listed on Schedule A attached
hereto (the “Schedule of Holders”) as of the date hereof, and (iii) each of the other Persons set forth from time to
time on the Schedule of Holders who, at any time, own securities of the Company and enter into a joinder to this Agreement agreeing to
be bound by the terms hereof (each Person identified in the foregoing (ii) and (iii), a “Holder” and, collectively,
the “Holders”).

 

RECITALS

 

WHEREAS, the Company,
as the purchaser, has entered into an Asset Purchase Agreement, dated March 20, 2022 (the “Asset Purchase Agreement”), by
and among the Company, Bihrle Applied Research, Inc., a Virginia corporation, and Ardenna, Inc., a Virginia corporation (“Seller”),
setting forth the terms of an acquisition (“Acquisition”); and

 

WHEREAS, in connection
with the Asset Purchase Agreement, the Seller shall receive shares of Common Stock, pursuant to the terms of the Asset Purchase Agreement.

 

NOW, THEREFORE,
in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

1. Resale
Shelf Registration Rights.

 

(a) Registration Statement
Covering Resale of Registrable Securities. The Company shall prepare and file or cause to be prepared and filed with the Commission,
no later than ninety (90) days following the closing of the Acquisition (the “Filing Deadline”), a Registration Statement
for an offering to be made on a continuous basis pursuant to Rule 415 of the Securities Act registering the resale from time to time by
the holders of all of the Registrable Securities held by the Holders (the “Resale Shelf Registration Statement”). The
Resale Shelf Registration Statement shall be on Form S-3 (“Form S-3”) or such other appropriate form permitting Registration
of such Registrable Securities for resale by such Holders. The Company shall use commercially reasonable efforts to cause the Resale Shelf
Registration Statement to be declared effective as soon as possible after filing, but in no event later than the earlier of (i) sixty
(60) days following the Filing Deadline or (ii) ten (10) Business Days after the Commission notifies the Company that it will not review
the Resale Shelf Registration Statement, if applicable (the “Effectiveness Deadline”); provided, that the Effectiveness
Deadline shall be extended by no more than ninety (90) days after the Filing Deadline if the Registration Statement is reviewed by, and
receives comments from, the Commission. Once the Resale Shelf Registration Statement is effective (the “Effective Date”),
the Company shall use commercially reasonable efforts to keep the Resale Shelf Registration Statement continuously effective and shall
cause the Resale Shelf Registration Statement to be supplemented and amended to the extent necessary to ensure that such Registration
Statement is available or, if not available, to ensure that another Registration Statement is available, under the Securities Act at all
times until such date that the Holders may sell all of the Registrable Securities owned by such Holder pursuant to Rule 144 of the Securities
Act without any restrictions as to volume or manner of sale or otherwise (the “Effectiveness Period”). The Resale Shelf
Registration Statement shall contain a Prospectus in such form as to permit any Holder to sell such Registrable Securities pursuant to
Rule 415 under the Securities Act (or any successor or similar provision adopted by the Commission then in effect) at any time beginning
on the effective date for such Registration Statement (subject to lock-up restrictions provided in this Agreement), and shall provide
that such Registrable Securities may be sold pursuant to any method or combination of methods legally available to, and requested by,
the Holders.

  

     

     

    

 

(b) Notification and
Distribution of Materials. The Company shall notify the Holders in writing of the effectiveness of the Resale Shelf Registration Statement
as soon as practicable, and in any event within two (2) Business Day after the Resale Shelf Registration Statement becomes effective,
and shall furnish to them, without charge, such number of copies of the Resale Shelf Registration Statement (including any amendments,
supplements and exhibits), the Prospectus contained therein (including each preliminary prospectus and all related amendments and supplements)
and any documents incorporated by reference in the Resale Shelf Registration Statement or such other documents as the Holders may reasonably
request in order to facilitate the sale of the Registrable Securities in the manner described in the Resale Shelf Registration Statement.

 

(c) Amendments and Supplements.
Subject to the provisions of Section 1(a) above, the Company shall promptly prepare and file with the Commission from time to time
such amendments and supplements to the Resale Shelf Registration Statement and Prospectus used in connection therewith as may be necessary
to keep the Resale Shelf Registration Statement effective and to comply with the provisions of the Securities Act with respect to the
disposition of all the Registrable Securities during the Effectiveness Period. If any Resale Shelf Registration Statement filed pursuant
to Section 1(a) is filed on Form S-3 and thereafter the Company becomes ineligible to use Form S-3 for secondary sales, the Company
shall promptly notify the Holders of such ineligibility and shall file a shelf registration on Form S-1 or other appropriate form as promptly
as practicable to replace the shelf registration statement on Form S-3 and use its commercially reasonable efforts to have such replacement
Resale Shelf Registration Statement declared effective as promptly as practicable and to cause such replacement Resale Shelf Registration
Statement to remain effective, and shall cause the Resale Shelf Registration Statement to be supplemented and amended to the extent necessary
to ensure that such Resale Shelf Registration Statement is available or, if not available, that another Resale Shelf Registration Statement
is available, for the resale of all the Registrable Securities held by the Holders until all such Registrable Securities have ceased to
be Registrable Securities; provided, however, that at any time the Company once again becomes eligible to use Form S-3, the Company
shall cause such replacement Resale Shelf Registration Statement to be amended, or shall file a new replacement Resale Shelf Registration
Statement, such that the Resale Shelf Registration Statement is once again on Form S-3.

 

(d) Notwithstanding the
registration obligations set forth in this Section 1, in the event the Commission informs the Company that all of the Registrable
Securities cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering on a single registration
statement, the Company agrees to promptly (i) inform each of the Holders thereof and shall file amendments to the Resale Shelf Registration
Statement as required by the Commission and/or (ii) withdraw the Resale Shelf Registration Statement and file a new registration statement
(a “New Registration Statement”), on Form S-3, or if Form S-3 is not then available to the Company for such registration
statement, on such other form available to register for resale the Registrable Securities as a secondary offering; provided, however,
that prior to filing such amendment or New Registration Statement, the Company shall advocate with the Commission for the registration
of all of the Registrable Securities in accordance with any publicly-available written or oral guidance, comments, requirements or requests
of the Commission staff (the “SEC Guidance”), including without limitation, the Manual of Publicly Available Telephone
Interpretations D.29. Notwithstanding any other provision of this Agreement, if any SEC Guidance sets forth a limitation of the number
of Registrable Securities permitted to be registered on a particular Registration Statement as a secondary offering (and notwithstanding
that the Company used diligent efforts to advocate with the Commission for the registration of all or a greater number of Registrable
Securities), unless otherwise directed in writing by a Holder as to its Registrable Securities, the number of Registrable Securities to
be registered on such Registration Statement will be reduced on a pro rata basis based on the total number of Registrable Securities held
by the Holders, subject to a determination by the Commission that certain Holders must be reduced first based on the number of Registrable
Securities held by such Holders. In the event the Company amends the Resale Shelf Registration Statement or files a New Registration Statement,
as the case may be, under clauses (i) or (ii) above, the Company shall file with the Commission, as promptly as allowed by Commission
or SEC Guidance provided to the Company or to registrants of securities in general, one or more registration statements on Form S-3 or
such other form available to register for resale those Registrable Securities that were not registered for resale on the Resale Shelf
Registration Statement, as amended, or the New Registration Statement.

 

2. Piggyback
Registrations.

 

(a) Right to Piggyback.
If, at any time on or after the date the Company consummates the Acquisition, Form S-3 is not available to the Company for the Resale
Shelf Registration Statement and the Company proposes to register any of its securities under the Securities Act (other than (i) pursuant
to the Resale Shelf Registration Statement, (ii) in connection with registrations on Form S-4 or S-8 promulgated by the Commission or
any successor forms, (iii) a registration relating solely to employment benefit plans, (iv) in connection with a registration the primary
purpose of which is to register debt securities, or (v) a registration on any form that does not include substantially the same information
as would be required to be included in a registration statement covering the sale of Registrable Securities) and the registration form
to be used may be used for the registration of Registrable Securities (a “Piggyback Registration”), the Company shall
give prompt written notice to all holders of Registrable Securities of its intention to effect such a Piggyback Registration and, subject
to the terms of Sections 2(c) and 2(d) hereof, shall include in such Piggyback Registration (and in all related
registrations or qualifications under blue sky laws or in compliance with other registration requirements and in any related underwriting)
all Registrable Securities with respect to which the Company has received written requests for inclusion therein within 10 business days
after the delivery of the Company’s notice; provided that any such other holder may withdraw its request for inclusion at any time
prior to executing the underwriting agreement or, if none, prior to the applicable registration statement becoming effective.

 

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(b) Piggyback Expenses.
The Registration Expenses of the holders of Registrable Securities shall be paid by the Company in all Piggyback Registrations, whether
or not any such registration became effective.

 

(c) Priority on Primary
Registrations. If a Piggyback Registration is an underwritten primary registration on behalf of the Company, and the managing underwriters
advise the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the
number of securities which can be sold in such offering without adversely affecting the marketability, proposed offering price, timing
or method of distribution of the offering, the Company shall include in such registration (i) first, the securities the Company proposes
to sell, (ii) second, the registrable securities as defined in the Lock-Up and Registration Rights Agreement, dated May 17, 2021 by and
among the Company and the persons set forth on Schedule A thereto (the “American Robotics Agreement”), requested to be included
in such registration by such holders (the “American Robotics Holders”), which, in the opinion of such underwriters, can be
sold, without any such adverse effect (pro rata among the American Robotics Holders of such registrable securities on the basis of the
number of registrable securities owned by each such American Robotics Holder), (iii) third, the Registrable Securities requested to be
included in such registration by the Holders which, in the opinion of such underwriters, can be sold, without any such adverse effect
(pro rata among the holders of such Registrable Securities on the basis of the number of Registrable Securities owned by each such holder),
and (iv) fourth, other securities requested to be included in such registration which, in the opinion of such underwriters, can be sold,
without any such adverse effect.

 

(d) Priority on Secondary
Registrations. If a Piggyback Registration is an underwritten secondary registration on behalf of holders of the Company’s securities
other than holders of Registrable Securities, and the managing underwriters advise the Company in writing that in their opinion the number
of securities requested to be included in such registration exceeds the number of securities which can be sold in such offering without
adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, the Company shall include
in such registration (i) first, the securities requested to be included therein by the holders initially requesting such registration,
(ii) second, the registrable securities as defined in the American Robotics Agreement requested to be included in such registration by
the American Robotics Holders, which, in the opinion of such underwriters, can be sold, without any such adverse effect (pro rata among
the American Robotics Holders of such registrable securities on the basis of the number of registrable securities owned by each such American
Robotics Holder), (iii) third, the Registrable Securities requested to be included in such registration by the Holders which, in the opinion
of such underwriters, can be sold, without any such adverse effect (pro rata among the holders of such Registrable Securities on the basis
of the number of Registrable Securities owned by each such holder), and (iv) fourth, other securities requested to be included in such
registration which, in the opinion of such underwriters, can be sold, without any such adverse effect.

 

(e) Other Registrations.
If the Company has previously filed a registration statement with respect to Registrable Securities pursuant to this Section 2,
and if such previous registration has not been withdrawn or abandoned, then the Company shall not be required to file or cause to be effected
any other registration of any of its equity securities or securities convertible or exchangeable into or exercisable for its equity securities
under the Securities Act (except on Form S-8 or any successor form) at the request of any holder or holders of such securities until a
period of at least 90 days has elapsed from the effective date of such previous registration.

 

(f) Right to Terminate
Registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this Section
2 whether or not any holder of Registrable Securities has elected to include securities in such registration. The Registration
Expenses of such withdrawn registration shall be borne by the Company in accordance with Section 6.

 

3. Agreements
of Holders.

 

(a) If required by the
Applicable Approving Party or the managing underwriter, in connection with any underwritten Public Offering on or after the date hereof,
each holder of 1% or more of the outstanding Registrable Securities shall enter into lock-up agreements with the managing underwriter(s)
of such underwritten Public Offering in such form as agreed to by the Applicable Approving Party; provided that the applicable
lock-up period shall not exceed 90 days and shall be applicable to the holders of Registrable Securities only if all officers and directors
of the Company and all stockholders owning more than 10% of the Company’s outstanding Common Stock are subject to the same restrictions.

 

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(b) The holders of Registrable
Securities shall use commercially reasonable efforts to provide such information as may reasonably be requested by the Company, or the
managing underwriter, if any, in connection with the preparation of any Registration Statement, including amendments and supplements thereto,
in order to effect the Registration Statement, including amendments and supplements thereto, in order to effect the Registration of any
Registrable Securities under the Securities Act pursuant to Section 3 and in connection with the Company’s obligation to comply
with federal and applicable state securities laws.

 

4. Registration
Procedures. In connection with the Registration to be effected pursuant to the Resale Shelf Registration Statement, and whenever the
holders of Registrable Securities have requested that any Registrable Securities be registered pursuant to this Agreement, the Company
shall use its commercially reasonable efforts to effect the registration and the sale of such Registrable Securities in accordance with
the intended method of disposition thereof, and pursuant thereto the Company shall as expeditiously as reasonably possible:

 

(a) prepare in accordance
with the Securities Act and all applicable rules and regulations promulgated thereunder and file with the Commission a registration statement,
and all amendments and supplements thereto and related prospectuses as may be necessary to comply with applicable securities laws, with
respect to such Registrable Securities and use commercially reasonable efforts to cause such registration statement to become effective
(provided that at least five (5) Business Days before filing a registration statement or prospectus or any amendments or supplements thereto,
the Company shall furnish to counsel selected by the Applicable Approving Party copies of all such documents proposed to be filed, which
documents shall be subject to the review and comment of such counsel); 

 

(b) notify each holder
of Registrable Securities of (A) the issuance by the Commission of any stop order suspending the effectiveness of any registration statement
or the initiation of any proceedings for that purpose, (B) the receipt by the Company or its counsel of any notification with respect
to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of
any proceeding for such purpose, and (C) the effectiveness of each registration statement filed hereunder;

 

(c) prepare and file with
the Commission such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be
necessary to keep such registration statement effective for a period ending when all of the securities covered by such registration statement
have been disposed of in accordance with the intended methods of distribution by the sellers thereof set forth in such registration statement
(but not in any event before the expiration of any longer period required under the Securities Act or, if such registration statement
relates to an underwritten Public Offering, such longer period as in the opinion of counsel for the underwriters a prospectus is required
by law to be delivered in connection with sale of Registrable Securities by an underwriter or dealer) and comply with the provisions of
the Securities Act with respect to the disposition of all securities covered by such registration statement during such period in accordance
with the intended methods of disposition by the sellers thereof set forth in such registration statement;

 

(d) furnish to each seller
of Registrable Securities thereunder such number of copies of such registration statement, each amendment and supplement thereto, the
prospectus included in such registration statement (including each preliminary prospectus), each Free-Writing Prospectus and such other
documents as such seller may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such seller;

 

(e) during any period in
which a prospectus is required to be delivered under the Securities Act, promptly file all documents required to be filed with the Commission,
including pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities Act;

 

(f) use its commercially
reasonable efforts to register or qualify such Registrable Securities under such other securities or blue sky laws of such jurisdictions
as the lead underwriter or the Applicable Approving Party reasonably requests and do any and all other acts and things which may be reasonably
necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable Securities owned by
such seller (provided that the Company shall not be required to (i) qualify generally to do business in any jurisdiction where it would
not otherwise be required to qualify but for this Section 3(f), (ii) consent to general service of process in any such jurisdiction,
or (iii) subject itself to taxation in any such jurisdiction);

 

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(g) promptly notify in
writing each seller of such Registrable Securities (i) after it receives notice thereof, of the date and time when such registration statement
and each post-effective amendment thereto has become effective or a prospectus or supplement to any prospectus relating to a registration
statement has been filed and when any registration or qualification has become effective under a state securities or blue sky law or any
exemption thereunder has been obtained, (ii) after receipt thereof, of any request by the Commission for the amendment or supplementing
of such registration statement or prospectus or for additional information, and (iii) at any time when a prospectus relating thereto is
required to be delivered under the Securities Act, of the happening of any event as a result of which the prospectus included in such
registration statement contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not
misleading, and, at the request of any such seller, the Company promptly shall prepare, file with the Commission and furnish to each such
seller a reasonable number of copies of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers
of such Registrable Securities, such prospectus shall not contain an untrue statement of a material fact or omit to state any fact necessary
to make the statements therein not misleading; 

 

(h) cause all such Registrable
Securities to be listed on each securities exchange on which similar securities issued by the Company are then listed and, if not so listed,
to be listed on a securities exchange and, without limiting the generality of the foregoing, to arrange for at least two market makers
to register as such with respect to such Registrable Securities with FINRA;

 

(i) provide a transfer
agent and registrar for all such Registrable Securities not later than the effective date of such registration statement;

 

(j) enter into and perform
such customary agreements (including underwriting agreements in customary form) and take all such other actions as the Applicable Approving
Party or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities
(including, without limitation, effecting a stock split or a combination of shares and preparing for and participating in such number
of “road shows”, investor presentations and marketing events as the underwriters managing such offering may reasonably request);

 

(k) make available for
inspection by any seller of Registrable Securities, any underwriter participating in any disposition pursuant to such registration statement
and any attorney, accountant or other agent retained by any such seller or underwriter, all financial and other records, pertinent corporate
and business documents and properties of the Company as shall be necessary to enable them to exercise their due diligence responsibility,
and cause the Company’s officers, managers, directors, employees, agents, representatives and independent accountants to supply
all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such registration
statement;

  

(l) take all reasonable
actions to ensure that any Free-Writing Prospectus utilized in connection with any Piggyback Registration hereunder complies in all material
respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is retained in accordance
with the Securities Act to the extent required thereby and, when taken together with the related prospectus, shall not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading;

 

(m) otherwise use its commercially
reasonable efforts to comply with all applicable rules and regulations of the Commission;

 

(n) permit any holder of
Registrable Securities who, in its good faith judgment (based on the advice of counsel), could reasonably be expected to be deemed to
be an underwriter or a controlling Person of the Company to participate in the preparation of such registration or comparable statement
and to require the insertion therein of material furnished to the Company in writing, which in the reasonable judgment of such holder
and its counsel should be included;

 

(o) in the event of the
issuance of any stop order suspending the effectiveness of a registration statement, or of any order suspending or preventing the use
of any related prospectus or suspending the qualification of any Common Stock included in such registration statement for sale in any
jurisdiction, the Company shall use its commercially reasonable efforts promptly to obtain the withdrawal of such order; 

 

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(p) use its commercially
reasonable efforts to cause such Registrable Securities covered by such registration statement to be registered with or approved by such
other governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate the disposition of such Registrable
Securities;

 

(q) cooperate with the
holders of Registrable Securities covered by the Registration Statement and the managing underwriter or agent, if any, to facilitate the
timely preparation and delivery of certificates (not bearing any restrictive legends) representing securities to be sold under the Registration
Statement and enable such securities to be in such denominations and registered in such names as the managing underwriter, or agent, if
any, or such holders may request;

 

(r) cooperate with each
holder of Registrable Securities covered by the Registration Statement and each underwriter or agent participating in the disposition
of such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA;

 

(s) if such Registration
includes an underwritten Public Offering, use its commercially reasonable efforts to obtain a cold comfort letter from the Company’s
independent public accountants and addressed to the underwriters, in customary form and covering such matters of the type customarily
covered by cold comfort letters as the underwriters in such Registration reasonably request;

 

(t) provide a legal opinion
of the Company’s outside counsel, dated the effective date of such Registration Statement (and, if such Registration includes an
underwritten Public Offering, dated the date of the closing under the underwriting agreement), with respect to the Registration Statement,
each amendment and supplement thereto, the prospectus included therein (including the preliminary prospectus) and such other documents
relating thereto in customary form and covering such matters of the type customarily covered by legal opinions of such nature, which opinion
shall be addressed to the underwriters; and

  

(u) if the Company does
not pay the filing fee covering the Registrable Securities at the time an automatic shelf registration Statement is filed, pay such fee
at such time or times as the Registrable Securities are to be sold.

 

5. Termination
of Rights. Notwithstanding anything contained herein to the contrary, the right of any Holder to include Registrable Securities in
any Piggyback Registration shall terminate on such date that such Holder may sell all of the Registrable Securities owned by such Holder
pursuant to Rule 144 of the Securities Act without any restrictions as to volume or manner of sale or otherwise.

 

6. Registration
Expenses.

 

(a) All expenses incident
to the Company’s performance of or compliance with this Agreement, including, without limitation, all registration, qualification
and filing fees, listing fees, fees and expenses of compliance with securities or blue sky laws, stock exchange rules and filings, printing
expenses, messenger and delivery expenses, fees and disbursements of custodians, and fees and disbursements of counsel for the Company
and all independent certified public accountants, underwriters (excluding underwriting discounts and commissions) and other Persons retained
by the Company (all such expenses being herein called “Registration Expenses”), shall be borne by the Company as provided
in this Agreement and, for the avoidance of doubt, the Company also shall pay all of its internal expenses (including, without limitation,
all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit or quarterly
review, and the expenses and fees for listing the securities to be registered on each securities exchange on which similar securities
issued by the Company are then listed. Each Person that sells securities pursuant to a Piggyback Registration hereunder shall bear and
pay all underwriting discounts and commissions and transfer taxes applicable to the securities sold for such Person’s account.

  

(b) The Company shall reimburse
the holders of Registrable Securities included in such registration for the reasonable fees and disbursements, not to exceed $15,000 with
respect to any such Registration, of one counsel and one local counsel (if necessary) chosen by the Applicable Approving Party for purpose
of rendering a legal opinion on behalf of such holders in connection with any Piggyback Registration.

 

(c) To the extent
Registration Expenses are not required to be paid by the Company, each holder of securities included in any registration hereunder
shall pay those Registration Expenses allocable to the registration of such holder’s securities so included, and any
Registration Expenses not so allocable shall be borne by all sellers of securities included in such registration in proportion to
the aggregate selling price of the securities to be so registered.

 

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(d) The
obligations to pay expenses provided for in this Section 6 shall survive the transfer of Registrable Securities and the termination or
expiration of this Agreement

 

7. Indemnification.

 

(a) The Company agrees
to (i) indemnify and hold harmless, to the fullest extent permitted by law, each Holder and their respective officers, directors, members,
partners, agents, affiliates and employees and each Person who controls such Holder (within the meaning of the Securities Act or the Exchange
Act) against all losses, claims, actions, damages, liabilities and expenses caused by (A) any untrue or alleged untrue statement of material
fact contained in any registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any
omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading,
or (B) any violation or alleged violation by the Company of the Securities Act or any other similar federal or state securities laws or
any rule or regulation promulgated thereunder applicable to the Company and relating to action or inaction required of the Company in
connection with any such registration, qualification or compliance, and (ii) pay to each Holder and their respective officers, directors,
members, partners, agents, affiliates and employees and each Person who controls such Holder (within the meaning of the Securities Act
or the Exchange Act), as incurred, any legal and any other expenses reasonably incurred in connection with investigating, preparing or
defending any such claim, loss, damage, liability or action, except insofar as the same are caused by or contained in any information
furnished in writing to the Company or any managing underwriter by such Holder expressly for use therein; provided, however, that
the indemnity agreement contained in this Section 7 shall not apply to amounts paid in settlement of any such claim, loss, damage,
liability or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld,
conditioned or delayed), nor shall the Company be liable in any such case for any such claim, loss, damage, liability or action to the
extent that it solely arises out of or is based upon an untrue statement of any material fact contained in the registration statement
or omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading,
in each case to the extent that such untrue statement or alleged untrue statement or omission or alleged omission was made in the registration
statement, in reliance solely upon and in conformity with written information furnished by such Holder expressly for use in connection
with such registration statement. In connection with an underwritten offering, the Company shall indemnify any underwriters or deemed
underwriters, their officers and directors and each Person who controls such underwriters (within the meaning of the Securities Act or
the Exchange Act) to the same extent as provided above with respect to the indemnification of the holders of Registrable Securities. 

 

(b) In connection with
any registration statement in which a holder of Registrable Securities is participating, each such holder shall furnish to the Company
in writing such information as the Company reasonably requests for use in connection with any such registration statement or prospectus
and, to the extent permitted by law, shall indemnify the Company, its officers, directors, employees, agents and representatives and each
Person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses
resulting from any untrue or alleged untrue statement of material fact contained in the registration statement, prospectus or preliminary
prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated
therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained
in any information so furnished in writing by such holder; provided that the obligation to indemnify shall be individual, not joint and
several, for each holder and shall be limited to the net amount of proceeds actually received by such holder from the sale of Registrable
Securities pursuant to such registration statement.

 

(c) Any Person entitled
to indemnification hereunder shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks
indemnification (provided that the failure to give prompt notice shall not impair any Person’s right to indemnification hereunder
to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless in such indemnified party’s reasonable
judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying
party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the
indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent (but such
consent shall not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled to, or elects not to, assume
the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel (as well as one local counsel) for
all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party
a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim.
In such instance, the conflicted indemnified parties shall have a right to retain one separate counsel, chosen by the holders of a majority
of the Registrable Securities included in the registration, at the expense of the indemnifying party. No indemnifying party, in the defense
of such claim or litigation, shall, except with the consent of each indemnified party, consent to the entry of any judgment or enter into
any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party
of a release from all liability in respect to such claim or litigation.

 

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(d) Each party hereto agrees
that, if for any reason the indemnification provisions contemplated by Sections 7(a) or Section 7(b) are unavailable to
or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities or expenses (or actions in
respect thereof) referred to therein, then each indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to
the amount paid or payable by such indemnified party as a result of such losses, claims, damages, liabilities or expenses (or actions
in respect thereof) in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party
in connection with the actions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant
equitable considerations. The relative fault of such indemnifying party and indemnified party shall be determined by reference to, among
other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged
omission to state a material fact, relates to information supplied by such indemnifying party or indemnified party, and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto
agree that it would not be just or equitable if contribution pursuant to this Section 7(d) were determined by pro rata allocation
(even if the holders or any underwriters or all of them were treated as one entity for such purpose) or by any other method of allocation
which does not take account of the equitable considerations referred to in this Section 7(d). The amount paid or payable by an
indemnified party as a result of the losses, claims, damages, liabilities or expenses (or actions in respect thereof) referred to above
shall be deemed to include any legal or other fees or expenses reasonably incurred by such indemnified party in connection with investigating
or, except as provided in Section 7(c), defending any such action or claim. No Person guilty of fraudulent misrepresentation (within
the meaning of Section 10(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation. The sellers’ obligations in this Section 7(d) to contribute shall be several in proportion
to the amount of securities registered by them and not joint and shall be limited to an amount equal to the net proceeds actually received
by such seller from the sale of Registrable Securities effected pursuant to such registration.

 

(e) The indemnification
and contribution provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on
behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and shall survive the transfer
of Registrable Securities and the termination or expiration of this Agreement.

 

8. Participation
in Underwritten Registrations. No Person may participate in any registration hereunder which is underwritten unless such Person (a)
agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Person or Persons
entitled hereunder to approve such arrangements (including, without limitation, pursuant to any over-allotment or “green shoe”
option requested by the underwriters; provided that no holder of Registrable Securities shall be required to sell more than the number
of Registrable Securities such holder has requested to include) and (b) completes and executes all questionnaires, powers of attorney,
custody agreements, stock powers, indemnities, underwriting agreements and other documents required under the terms of such underwriting
arrangements; provided that no holder of Registrable Securities included in any underwritten registration shall be required to make any
representations or warranties to the Company or the underwriters (other than representations and warranties regarding such holder, such
holder’s title to the securities, such Person’s authority to sell such securities and such holder’s intended method
of distribution) or to undertake any indemnification obligations to the Company or the underwriters with respect thereto that are materially
more burdensome than those provided in Section 7. Each holder of Registrable Securities shall execute and deliver such other agreements
as may be reasonably requested by the Company and the lead managing underwriter(s) that are consistent with such holder’s obligations
under Section 3, Section 4 and this Section 8 or that are necessary to give further effect thereto. To the extent
that any such agreement is entered into pursuant to, and consistent with, Section 3 and this Section 8, the respective rights
and obligations created under such agreement shall supersede the respective rights and obligations of the holders, the Company and the
underwriters created pursuant to this Section 8.

 

    8

     

    

 

9. Other
Agreements; Certain Limitations on Registration Rights. The Company shall file all reports required to be filed by it under the Securities
Act and the Exchange Act and the rules and regulations adopted by the Commission thereunder and shall take such further action as the
Holders may reasonably request, all to the extent required to enable such Persons to sell securities pursuant to (a) Rule 144 adopted
by the Commission under the Securities Act (as such rule may be amended from time to time) or any similar rule or regulation hereafter
adopted by the Commission or (b) a registration statement on Form S-3 or any similar registration form hereafter adopted by the Commission.
Upon request, the Company shall deliver to the Holders a written statement as to whether it has complied with such requirements. The Company
shall at all times use its commercially reasonable efforts to cause the securities so registered to continue to be listed on one or more
of the New York Stock Exchange, the New York Stock Exchange American and the Nasdaq Stock Market. The Company shall use its best efforts
to facilitate and expedite transfers of Registrable Securities pursuant to Rule 144, which efforts shall include timely notice to its
transfer agent to expedite such transfers of Registrable Securities and delivery of any opinions requested by the transfer agent. 

 

10. Lock-Up
Provisions.

 

(a) Each Lock-Up Holder
agrees that it, he or she shall not Transfer any Common Stock until 180 days after the completion of the Acquisition (the “Lock-Up
Period”).

 

(b) Notwithstanding the
provisions set forth in Section 10(a), Transfers of shares of Common Stock (collectively, “Restricted Securities”)
that are held by the Lock-Up Holders or any of their Permitted Transferees (that have complied with this Section 10), are permitted
(i) to the Company’s officers or directors, any affiliate or family member of any of the Company’s officers or directors,
any affiliate of such Lock-Up Holder or any member of such Lock-Up Holder; (ii) in the case of an individual, by gift to a member of such
individual’s immediate family or to a trust, the beneficiary of which is a member of such individual’s immediate family, an
affiliate of such individual or to a charitable organization; (iii) in the case of an individual, by virtue of laws of descent and distribution
upon death of such individual; (iv) in the case of an individual, pursuant to a qualified domestic relations order; or (v) by virtue of
the laws of the State of Nevada or a Lock-Up Holder’s organizational documents upon dissolution of such Lock-Up Holder (each such
transferee, a “Permitted Transferee”); provided, however, that, in each case, any such Permitted Transferees
must enter into a written agreement with the Company agreeing to be bound by the transfer restrictions herein in this Section 10(b)
and the other restrictions contained in this Agreement.

 

(c) If any Transfer not
permitted under this Section 10 is made or attempted contrary to the provisions of this Agreement, such purported prohibited Transfer
shall be null and void ab initio, and the Company shall refuse to recognize any such purported transferee as one of its equity
holders for any purpose. In order to enforce this Section 10(c), the Company may impose stop-transfer instructions with respect
to the Restricted Securities of a Holder (and Permitted Transferees and assigns thereof) until the end of the applicable Lock-Up Period.

 

(d) During the Lock-Up
Period, each certificate or book-entry position evidencing any Restricted Securities held by a Lock-Up Holder shall be marked with a legend
in substantially the following form, in addition to any other applicable legends:

 

“THE SECURITIES REPRESENTED HEREBY ARE SUBJECT
TO RESTRICTIONS ON TRANSFER SET FORTH IN A REGISTRATION RIGHTS AND LOCK-UP AGREEMENT, DATED AS OF APRIL 5, 2021, BY AND AMONG THE ISSUER
OF SUCH SECURITIES AND THE REGISTERED HOLDER OF THE SHARES. A COPY OF SUCH AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE ISSUER TO
THE HOLDER HEREOF UPON WRITTEN REQUEST.” 

 

(e) For the avoidance of
doubt, each Lock-Up Holder shall retain all of its rights as a stockholder of the Company with respect to the Restricted Securities it
holds during the Lock-Up Period, including the right to vote any such Restricted Securities that are entitled to vote. The Company agrees
to (i) instruct its transfer agent to remove the lock-up legend in Section 10(d) upon the expiration of the applicable Lock-Up
Period and (ii) cause its legal counsel, at the Company’s expense, to deliver the necessary legal opinions, if any, to the transfer
agent in connection with the instruction under this Section 10(e).

  

11. Definitions.

 

(a) “Applicable
Approving Party” means the holders of a majority of the Registrable Securities participating in the applicable offering.

 

    9

     

    

 

(b) “Business
Day” means any day of the year on which national banking institutions in the City of New York are open to the public for conducting
business and are not required or authorized to close.

 

(c) “Commission”
means the U.S. Securities and Exchange Commission.

 

(d) “Common Stock”
means the Common Stock of the Company, par value $0.0001 per share.

 

(e) “Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor federal law then in force, together
with all rules and regulations promulgated thereunder.

 

(f) “FINRA”
means the Financial Industry Regulatory Authority.

 

(g) “Free-Writing
Prospectus” means a free-writing prospectus, as defined in Rule 405 of the Securities Act.

 

(h) “Lock-Up Holders”
means those Holders set forth on Schedule B hereto.

 

(i) “Person”
means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint
venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.

 

(j) “Prospectus”
means the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended by any
and all post-effective amendments and including all material incorporated by reference in such prospectus. 

 

(k) “Public Offering”
means any sale or distribution by the Company and/or holders of Registrable Securities to the public of Common Stock pursuant to an offering
registered under the Securities Act.

 

(l) “Register,”
“Registered” and “Registration” mean a registration effected by preparing and filing a Registration
Statement or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated
thereunder, and such Registration Statement becoming effective.

 

(m) “Registrable
Securities” means (i) any outstanding share of Common Stock (including the shares of Common Stock issued or issuable upon the
exercise or conversion of any other equity security) of the Company held by a Holder as of the date of this Agreement or (ii) any Common
Stock issued or issuable with respect to the securities referred to in the preceding clause (i) by way of a stock dividend or stock split
or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization. As to any particular Registrable
Securities, such securities shall cease to be Registrable Securities on such date that such Holder may sell all of the Registrable Securities
owned by such Holder pursuant to Rule 144 of the Securities Act without any restrictions as to volume or manner of sale or otherwise and
without the requirement for the Company to be in compliance with the current public information requirement under Rule 144(c)(1).

 

(n) “Registration
Statement” means any registration statement filed by the Company with the Commission in compliance with the Securities Act and
the rules and regulations promulgated thereunder for a public offering and sale of Common Stock or Registrable Securities, including the
Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such registration
statement, and all exhibits to and all material incorporated by reference in such registration statement (other than a registration statement
on Form S-4 or Form S-8, or their successors).

 

(o) “Rule 144”,
“Rule 405”, and “Rule 415” mean, in each case, such rule promulgated under the Securities Act (or
any successor provision) by the Commission, as the same shall be amended from time to time, or any successor rule then in force.

 

(p) “Securities
Act” means the Securities Act of 1933, as amended from time to time, or any successor federal law then in force, together with
all rules and regulations promulgated thereunder.

 

(q) “Transfer”
means the (i) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise
dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation
with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act, and the rules and regulations
of the Commission promulgated thereunder with respect to, any security, (ii) entry into any swap or other arrangement that transfers to
another, in whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is to be settled
by delivery of such securities, in cash or otherwise, or (iii) public announcement of any intention to effect any transaction specified
in clause (i) or (ii). 

  

    10

     

    

 

12. Miscellaneous.

 

(a) No Inconsistent
Agreements. The Company shall not hereafter enter into any agreement with respect to its securities which is inconsistent with or
violates or in any way impairs the rights granted to the Holders in this Agreement.

 

(b) Entire Agreement.
This Agreement constitutes the entire agreement of the parties hereto with respect to the subject matter hereof and supersedes all prior
agreements, understandings, negotiations and discussions among the parties hereto, written or oral, with respect to the subject matter
hereof.

 

(c) Remedies. Any
Person having rights under any provision of this Agreement shall be entitled to enforce such rights specifically (without posting a bond
or other security), to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other rights
granted by law. The parties hereto agree and acknowledge that money damages would not be an adequate remedy for any breach of the provisions
of this Agreement and that, in addition to any other rights and remedies existing in its favor, any party shall be entitled to specific
performance and/or other injunctive relief from any court of law or equity of competent jurisdiction (without posting any bond or other
security) in order to enforce or prevent violation of the provisions of this Agreement.

 

(d) Other Registration
Rights. Other than as set forth in the Company’s filings with the Commission, the Company represents and warrants that no Person,
other than a holder of Registrable Securities pursuant to this Agreement, has any right to require the Company to register any securities
of the Company for sale or to include such securities of the Company in any Registration Statement filed by the Company for the sale of
securities for its own account or for the account of any other person. Further, the Company represents and warrants that this Agreement
supersedes any other registration rights agreement or agreement with similar terms and conditions and in the event of a conflict between
any such agreement or agreements and this Agreement, the terms of this Agreement shall prevail.

  

(e) Amendments and Waivers.
Compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or any of such provisions,
covenants or conditions may be amended or modified, with the written consent of the Company and (i) in the case of the provisions, covenants
and conditions set forth in Section 10, the consent of Holders holding at least a majority in interest of the outstanding shares
of Common Stock then held by the Lock-Up Holders or (ii) in the case of any other provision, covenant or condition, the Holders of at
least a majority in interest of the Registrable Securities at the time in question; provided, however, that notwithstanding the
foregoing, any amendment hereto or waiver hereof that adversely affects one Holder, solely in its capacity as a holder of the shares of
capital stock of the Company, in a manner that is materially different from the other Holders (in such capacity) shall require the consent
of the Holder so affected. Any amendment or waiver effected in accordance with this Section 12(e) shall be binding upon each Holder
and the Company. No course of dealing between any Holder or the Company and any other party hereto or any failure or delay on the part
of a Holder or the Company in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights or remedies
of any Holder or the Company. No single or partial exercise of any rights or remedies under this Agreement by a party shall operate as
a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party.

 

(f) Successors and Assigns;
No Third-Party Beneficiaries. This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or
delegated by the Company in whole or in part. A Holder may assign or delegate such Holder’s rights, duties or obligations under
this Agreement, in whole or in part, to (a) a Permitted Transferee of such Holder or (b) any Person with the prior written consent of
the Company. This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and
their respective successors and permitted assigns. This Agreement shall not confer any rights or benefits on any Persons that are not
parties hereto, other than as expressly set forth in this Agreement. No assignment by any party hereto of such party’s rights, duties
and obligations hereunder shall be binding upon or obligate the Company unless and until the Company shall have received (i) written notice
of such assignment as provided in Section 12(l) and (ii) the written agreement of the assignee, in a form reasonably acceptable
to the Company, to be bound by the terms and provisions of this Agreement. Any transfer or assignment made other than as provided in this
Section 12(f) shall be null and void.

 

    11

     

    

 

(g) All covenants and agreements
in this Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors and assigns
of the parties hereto whether so expressed or not. In addition, whether or not any express assignment has been made, the provisions of
this Agreement which are for the benefit of purchasers or holders of Registrable Securities are also for the benefit of, and enforceable
by, any subsequent holder of Registrable Securities.

 

(h) Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be prohibited by or invalid, illegal or unenforceable in any respect under any
applicable law, such provision shall be ineffective only to the extent of such prohibition, invalidity, illegality or unenforceability,
without invalidating the remainder of this Agreement. 

 

(i) Counterparts.
This Agreement may be executed simultaneously in counterparts, any one of which need not contain the signatures of more than one party,
but all such counterparts taken together shall constitute one and the same Agreement. Counterparts may be delivered via facsimile, electronic
mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic
Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered
shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

(j) Descriptive Headings;
Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of this
Agreement. The use of the word “including” herein shall mean “including without limitation.”

 

(k) Governing Law.
All issues and questions concerning the construction, validity, enforcement and interpretation of this Agreement and the exhibits and
schedules hereto shall be governed by, and construed in accordance with, the laws of the State of Nevada, without giving effect to any
choice of law or conflict of law rules or provisions (whether of the State of Nevada or any other jurisdiction) that would cause the application
of the laws of any jurisdiction other than the State of Nevada.

 

(l) Notices. All
notices, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing
and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by telecopy or email or by registered
or certified mail (postage prepaid, return receipt requested) to each Holder at the address indicated on the Schedule of Holders attached
hereto as Schedule A and to the Company at the address indicated below (or at such other address for a party as shall be specified
in a notice given in accordance with this Section 12(l)):

 

if to the Company: 

 

Ondas Holdings Inc.

411 Waverly Oaks Road

Waltham, MA 02452

Attention: Eric Brock

Email: eric.brock@ondas.com

 

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

 

Akerman LLP

201 E. Las Olas Suite 1800

Fort Lauderdale, Florida 33301

Attention: Martin Burkett; Christina Russo

Email: martin.burkett@akerman.com; christina.russo@akerman.com

 

(m) Mutual Waiver of
Jury Trial. As a specifically bargained inducement for each of the parties to enter into this Agreement (with each party having had
opportunity to consult counsel), each party hereto expressly and irrevocably waives the right to trial by jury in any lawsuit or legal
proceeding relating to or arising in any way from this Agreement or the transactions contemplated herein, and any lawsuit or legal proceeding
relating to or arising in any way to this Agreement or the transactions contemplated herein shall be tried in a court of competent jurisdiction
by a judge sitting without a jury.

 

(n) No Strict Construction.
The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question
of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption
or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.

 

signature pages follow

 

    12

     

    

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement
as of the date first written above.

 

	 	ONDAS HOLDINGS INC.
	 	 	 
	 	By: 	/s/ Eric Brock
	 	Name:  	Eric Brock
	 	Title:	Chief Executive Officer

 

[Signature Page to Registration Rights and Lock-Up Agreement]

 

     

     

    

 

Complete the following as appropriate:

 

	INDIVIDUAL HOLDER

If you are an individual, print your name and sign below

	 	ENTITY HOLDER

If you are signing on behalf of an entity, please print the name of the entity, sign below, and indicate your name and title

	 	 	 
	 	 	BAR Holdings, Inc.
	Name of Individual (Please print)	 	Name of Entity (Please print)
	 	 	 
	 	 	By: 	    
	Signature	 	 	Name:	 
	 	 	 	Title:	 

 

	Holder Address for Notices:	 
	 	 
	 	 
	 	 
	Facsimile:	 	 
	Attention: 	 	 

 

[Signature Page to Registration Rights and Lock-Up Agreement]

 

     

     

    

 

Schedule A

 

Schedule of Holders

 

BAR Holdings, Inc. (f/k/a Ardenna, Inc.)

 

     

     

    

 

Schedule B

 

Lock-Up Holders

 

BAR Holdings, Inc. (f/k/a Ardenna, Inc.)Exhibit 10.3

 

CERBERUS
CYBER SENTINEL CORPORATION

2019
EQUITY INCENTIVE PLAN

 

(As
of [●], 2022)

 

1.
PURPOSES. The purposes of the Plan are to (a) attract and retain for the Company and its Affiliates the best available
personnel, (b) provide additional incentive to Employees, Directors and Consultants and to increase their interest in the Company’s
welfare, and (c) promote the success of the business of the Company and its Affiliates.

 

2.
DEFINITIONS. As used herein, unless the context requires otherwise, the following terms shall have the meanings indicated
below:

 

(a)
“Affiliate” means (i) any corporation, partnership or other entity which owns, directly or indirectly, a majority
of the voting equity securities of the Company, (ii) any corporation, partnership or other entity of which a majority of the voting equity
securities or equity interest is owned, directly or indirectly, by the Company, and (iii) with respect to an Option that is intended
to be an Incentive Stock Option, (A) any “parent corporation” of the Company, as defined in Section 424(e) of the Code or
(B) any “subsidiary corporation” of the Company as defined in Section 424(f) of the Code, any other entity that is taxed
as a corporation under Section 7701(a)(3) of the Code and is a member of the “affiliated group” as defined in Section 1504(a)
of the Code of which the Company is the common parent, and any other entity as may be permitted from time to time by the Code or by the
Internal Revenue Service to be an employer of Employees to whom Incentive Stock Options may be granted; provided, however,
that in each case the Affiliate must be consolidated in the Company’s financial statements.

 

(b)
“Award” means any right granted under the Plan, whether granted singly or in combination, to a Grantee pursuant to
the terms, conditions and limitations that the Committee may establish.

 

(c)
“Award Agreement” means a written agreement with a Grantee with respect to any Award, including any amendments thereto.

 

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

 

(e)
“Bonus Stock Agreement” means a written agreement with a Grantee with respect to a Bonus Stock Award, including any
amendments thereto.

 

(f)
“Bonus Stock Award” means an Award granted under Section 8 of the Plan.

 

    	 

    	 

    

 

(g)
“Change in Control” of the Company means the occurrence of any of the following events: (i) any “person”
(as such term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in
Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50 percent or more of the combined
voting power of the Company’s then outstanding securities, except any such person who is a beneficial owner of securities in excess
of such amount as of the date of adoption of the Plan; (ii) as a result of, or in connection with, any tender offer or exchange offer,
merger, or other business combination (a “Transaction”), the persons who were directors of the Company immediately
before the Transaction shall cease to constitute a majority of the Board of Directors of the Company or any successor to the Company;
(iii) the Company is merged or consolidated with another entity and as a result of the merger or consolidation less than 50 percent of
the voting power of the outstanding voting securities of the surviving or resulting corporation shall then be owned in the aggregate
by the former shareholders of the Company; (iv) a tender offer or exchange offer is made and consummated for the ownership of securities
of the Company representing 50 percent or more of the combined voting power of the Company’s then outstanding voting securities;
or (v) the Company transfers substantially all of its assets to another entity which is not controlled by the Company.

 

(h)
“Code “means the Internal Revenue Code of 1986, as amended, and any successor statute. Reference in the Plan to any
section of the Code shall be deemed to include any amendments or successor provisions to such section and any Treasury regulations promulgated
under such section.

 

(i)
“Committee” means the committee (or committees), as constituted from time to time, of the Board that is appointed
by the Board to administer the Plan, or if no such committee is appointed (or no such committee shall be in existence at any relevant
time), the term “Committee” for purposes of the Plan shall mean the Board. Within the scope of such authority, the Board
or the Committee may (i) delegate to a committee of one or more members of the Board who are not Outside Directors the authority to grant
Awards to eligible persons who are either (A) not then Covered Employees and are not expected to be Covered Employees at the time of
recognition of income resulting from such Awards, or (B) not persons with respect to whom the Company wishes to comply with Section 162(m)
of the Code, and/or (ii) delegate to a committee of one or more members of the Board who are not Non-Employee Directors the authority
to grant Awards to eligible persons who are not then subject to Section 16 of the Exchange Act. The Board may assume any or all of the
powers and responsibilities prescribed for the Committee, and to the extent it does so, the term “Committee” as used herein
shall also be applicable to the Board.

 

(j)
“Common Stock” means the Common Stock, $0.0001 par value per share, of the Company or the common stock that the Company
may in the future be authorized to issue (as long as the common stock varies from that currently authorized, if at all, only in amount
of par value) in replacement or substitution thereof.

 

(k)
“Company” means Cerberus Cyber Sentinel Corporation, a Delaware corporation.

 

(l)
“Consultant” means any person (other than an Employee or a Director, solely with respect to rendering services in
such person’s capacity as a Director) who is engaged by the Company or any Affiliate to render consulting or advisory services
to the Company or such Affiliate and who is a “consultant or advisor” within the meaning of Rule 701 promulgated under the
Securities Act or Form S-8 promulgated under the Securities Act, including any foreign national who, but for the laws of his country,
would be an employee of the Company or an Affiliate.

 

    	Cerberus Cyber Sentinel Corporation
2019 Equity Incentive Plan
	 	
Page 2

     

    

 

(m)
“Continuous Service” means that the provision of services to the Company or an Affiliate in any capacity of Employee,
Director or Consultant is not interrupted or terminated. Except as otherwise provided in the Award Agreement, service shall not be considered
interrupted or terminated for this purpose in the case of (i) any approved leave of absence, (ii) transfers among the Company, any Affiliate,
or any successor, in any capacity of Employee, Director or Consultant, or (iii) any change in status as long as the individual remains
in the service of the Company or an Affiliate in any capacity of Employee, Director or Consultant. An approved leave of absence shall
include sick leave, military leave, or any other authorized personal leave. For purposes of each Incentive Stock Option, if such leave
exceeds ninety (90) days, and re-employment upon expiration of such leave is not guaranteed by statute or contract, then the Incentive
Stock Option shall be treated as a Non-Qualified Stock Option on the day that is three (3) months and one (1) day following the expiration
of such ninety (90)-day period.

 

(n)
“Covered Employee” means the chief executive officer and the other most highly compensated officers of the Company
for whom total compensation is required to be reported to shareholders under Regulation S-K, as determined for purposes of Section 162(m)
of the Code.

 

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

 

(p)
“Disability” means the “disability” of a person (i) as defined in a then effective written employment
agreement between a person and the Company, or (ii) if such person is not covered by a written employment agreement with the Company,
as defined in a then effective long-term disability plan maintained by the Company that covers such person, or (iii) if neither a written
employment agreement or a plan exists at any relevant time, “Disability” means the permanent and total disability of a person
within the meaning of Section 22(e)(3) of the Code. For purposes of determining the time during which an Incentive Stock Option may be
exercised under the terms of an Option Agreement, “Disability” means the permanent and total disability of a person within
the meaning of Section 22(e)(3) of the Code. Section 22(e)(3) of the Code provides that an individual is totally and permanently disabled
if he is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which
can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than twelve (12)
months.

 

(q)
“Employee” means any person, including an Officer or Director, who is employed, within the meaning of Section 3401
of the Code, by the Company or an Affiliate. The provision of compensation by the Company or an Affiliate to a Director solely with respect
to such individual rendering services in the capacity of a Director, however, shall not be sufficient to constitute “employment”
by the Company or that Affiliate.

 

(r)
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor statute. Reference in the
Plan to any section of the Exchange Act shall be deemed to include any amendments or successor provisions to such section and any rules
and regulations relating to such section.

 

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(s)
“Fair Market Value” means, as of any date, the value of the Common Stock determined as follows:

 

(i)
If the Common Stock is listed on any established stock exchange, the Fair Market Value of a share of Common Stock shall be the closing
sales price for such a share of Common Stock (or the closing bid, if no sales were reported) as quoted on such exchange (or if the Common
Stock is listed or traded on more than one exchange, the exchange with the greatest volume of trading in the Common Stock) on the day
of determination (or if no such price or bid is reported on that day, on the last market trading day prior to the day of determination),
as reported by the applicable exchange or such other source as the Committee deems reliable. If the relevant date does not fall on a
day on which the Common Stock has traded on such securities exchange, the date on which the Fair Market Value shall be established shall
be the last day on which the Common Stock was so traded prior to the relevant date, or such other appropriate day as shall be determined
by the Board, in its sole discretion consistent with Section 409A of the Code.

 

(ii)
If the Common Stock is quoted on the OTC Markets, Fair Market Value of a share of Common Stock shall be the last trade reported on the
OTC Markets on the day of determination (or if no such trade is reported on that day, on the last market day prior to the day of determination).

 

(iii)
In the absence of any such established market for the Common Stock, the Fair Market Value shall be determined in good faith by the reasonable
application by the Committee of a reasonable valuation method in accordance with Section 409A of the Code.

 

(t)
“Grantee” means an Employee, Director or Consultant to whom an Award has been granted under the Plan.

 

(u)
“Incentive Stock Option” means an Option granted to an Employee under the Plan that meets the requirements of Section
422 of the Code.

 

(v)
“Non-Employee Director” means a Director of the Company who either (i) is not an Employee or Officer, does not receive
compensation (directly or indirectly) from the Company or an Affiliate in any capacity other than as a Director (except for an amount
as to which disclosure would not be required under Item 404(a) of Regulation S-K), does not possess an interest in any other transaction
as to which disclosure would be required under Item 404(a) of Regulation S-K and is not engaged in a business relationship as to which
disclosure would be required under Item 404(b) of Regulation S-K or (ii) is otherwise considered a “non-employee director”
for purposes of Rule 16b-3.

 

(w)
“Non-Qualified Stock Option” means an Option granted under the Plan that is not intended to be an Incentive Stock
Option.

 

(x)
“Officer” means a person who is an “officer” of the Company or any Affiliate within the meaning of Section
16 of the Exchange Act (whether or not the Company is subject to the requirements of the Exchange Act).

 

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(y)
“Option” means an Award in the form of a stock option granted pursuant to Section 7 of the Plan to purchase a specified
number of shares of Common Stock, whether granted as an Incentive Stock Option or as a Non-Qualified Stock Option.

 

(z)
“Option Agreement” means the written agreement evidencing the grant of an Option executed by the Company and the Optionee,
including any amendments thereto.

 

(aa)
“Optionee” means an individual to whom an Option has been granted under the Plan.

 

(bb)
“OTC Markets” means any tier of quotation service operated by the OTC Markets Group, Inc.

 

(cc)
“Outside Director” means a Director who either (i) is not a current employee of the Company or an “affiliated
corporation” (within the meaning of the Treasury regulations promulgated under Section 162(m) of the Code), is not a former employee
of the Company or an “affiliated corporation” receiving compensation for prior services (other than benefits under a tax
qualified pension plan), has not been an officer of the Company or an “affiliated corporation” at any time and is not currently
receiving (within the meaning of the Treasury regulations promulgated under Section 162(m) of the Code) direct or indirect remuneration
from the Company or an “affiliated corporation” for services in any capacity other than as a Director, or (ii) is otherwise
considered an “outside director” for purposes of Section 162(m) of the Code.

 

(dd)
“Plan” means this Cerberus Cyber Sentinel Corporation 2019 Equity Incentive Plan, as effective June 6, 2019, as set
forth herein and as it may be amended from time to time.

 

(ee)
“Qualifying Shares” means shares of Common Stock which either (i) have been owned by the Optionee and have been “paid
for” for more than six (6) months within the meaning of Rule 144 promulgated under the Securities Act, or (ii) were obtained by
the Optionee in the public market.

 

(ff)
“Regulation S-K” means Regulation S-K promulgated under the Securities Act, as it may be amended from time to time,
and any successor to Regulation S-K. Reference in the Plan to any item of Regulation S-K shall be deemed to include any amendments or
successor provisions to such item.

 

(gg)
“Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act, as it may be amended from time to time, and any
successor to Rule 16b-3.

 

(hh)
“Section” means a section of the Plan unless otherwise stated or the context otherwise requires.

 

(ii)
“Securities Act” means the Securities Act of 1933, as amended, and any successor statute. Reference in the Plan to
any section of the Securities Act shall be deemed to include any amendments or successor provisions to such section and any rules and
regulations relating to such section.

 

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(jj)
“Ten Percent Shareholder” means a person who owns (or is deemed to own pursuant to Section 424(d) of the Code) at
the time an Option is granted stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock
of the Company or of any of its Affiliates.

 

3.
TYPES OF AWARDS AVAILABLE UNDER THE PLAN. Awards granted under this Plan may be (a) Incentive Stock Options, (b) Non-Qualified
Stock Options, and (c) Bonus Stock Awards, as designated at the time of grant. The shares of stock that may be purchased upon exercise
of Options granted under this Plan or that may be awarded under a Bonus Stock Award under this Plan are shares of Common Stock.

 

4.
SHARES SUBJECT TO PLAN. Subject to adjustment pursuant to Section 12(a) hereof, the aggregate number of shares of Common
Stock that may be issued pursuant to Options granted under this Plan or Bonus Stock Awards under this Plan shall not exceed 60,000,000
shares. At all times during the term of the Plan, the Company shall reserve and keep available such number of shares of Common Stock
as will be required to satisfy the requirements of outstanding Awards under the Plan. The number of shares reserved for issuance under
the Plan shall be reduced only to the extent that shares of Common Stock are actually issued in connection with the exercise or settlement
of an Award. Any shares of Common Stock covered by an Award (or a portion of an Award) that is forfeited or canceled or that expires
shall be deemed not to have been issued for purposes of determining the maximum aggregate number of shares of Common Stock which may
be issued under the Plan and shall again be available for Awards under the Plan. Nothing in this Section 4 shall impair the right of
the Company to reduce the number of outstanding shares of Common Stock pursuant to repurchases, redemptions, or otherwise; provided,
however, that no reduction in the number of outstanding shares of Common Stock shall (a) impair the validity of any outstanding
Award, whether or not that Award is fully vested or exercisable, or (b) impair the status of any shares of Common Stock previously issued
pursuant to an Award as duly authorized, validly issued, fully paid, and nonassessable. The shares to be delivered under the Plan shall
be made available from (a) authorized but unissued shares of Common Stock, (b) Common Stock held in the treasury of the Company, or (c)
previously issued shares of Common Stock reacquired by the Company, including shares purchased on the open market, in each situation
as the Committee may determine from time to time in its sole discretion.

 

5.
ELIGIBILITY. Awards other than Incentive Stock Options may be granted to Employees, Officers, Directors, and Consultants.
Incentive Stock Options may be granted only to Employees (including Officers and Directors who are also Employees), as limited by clause
(iii) of Section 2(a). The Committee in its sole discretion shall select the recipients of Awards. A Grantee may be granted more than
one Award under the Plan, and Awards may be granted at any time or times during the term of the Plan. The grant of an Award to an Employee,
Officer, Director or Consultant shall not be deemed either to entitle that individual to, or to disqualify that individual from, participation
in any other grant of Awards under the Plan.

 

6.
Limitation on Individual AWARDS. Any and all shares available for Awards
under the Plan may be granted by way of Incentive Stock Options, Non-Qualified Stock Options, or Bonus Stock Awards to any one person.
To the extent consistent with applicable law, compensation generated under the Plan is intended to constitute “performance-based”
compensation for purposes of Section 162(m) of the Code.

 

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7.
OPTIONS.

 

(a)
Grant of Options. An Option is a right to purchase shares of Common Stock during the option period for a specified exercise price.
The Committee shall determine (i) whether each Option shall be granted as an Incentive Stock Option or as a Non-Qualified Stock Option
and (ii) the provisions, terms, and conditions of each Option including, but not limited to, the vesting schedule, the number of shares
of Common Stock subject to the Option, the exercise price of the Option, the period during which the Option may be exercised, forfeiture
provisions, methods of payment, and all other terms and conditions of the Option.

 

(b)
Limitations on Incentive Stock Options. The aggregate Fair Market Value (determined as of the date of grant of an Option) of Common
Stock which any Employee is first eligible to purchase during any calendar year by exercise of Incentive Stock Options granted under
the Plan and by exercise of incentive stock options (within the meaning of Section 422 of the Code) granted under any other incentive
stock option plan of the Company or an Affiliate shall not exceed $100,000. If the Fair Market Value of stock with respect to which all
incentive stock options described in the preceding sentence held by any one Optionee are exercisable for the first time by such Optionee
during any calendar year exceeds $100,000, the Options (that are intended to be Incentive Stock Options on the date of grant thereof)
for the first $100,000 worth of shares of Common Stock to become exercisable in such year shall be deemed to constitute incentive stock
options within the meaning of Section 422 of the Code and the Options (that are intended to be Incentive Stock Options on the date of
grant thereof) for the shares of Common Stock in the amount in excess of $100,000 that become exercisable in that calendar year shall
be treated as Non-Qualified Stock Options. If the Code or the Treasury regulations promulgated thereunder are amended after the effective
date of the Plan to provide for a different limit than the one described in this Section 7(b), such different limit shall be incorporated
herein and shall apply to any Options granted after the effective date of such amendment.

 

(c)
Acquisitions and Other Transactions. Notwithstanding the provisions of Section 9(g), in the case of an Option issued or assumed
pursuant to Section 9(g), the exercise price and number of shares for the Option shall be determined in accordance with the principles
of Sections 409A and 424(a) of the Code and the Treasury regulations promulgated thereunder. The Committee may, from time to time, assume
outstanding options granted by another entity, whether in connection with an acquisition of such other entity or otherwise, by either
(i) granting an Option under the Plan in replacement of or in substitution for the option assumed by the Company, or (ii) treating the
assumed option as if it had been granted under the Plan if the terms of such assumed option could be applied to an Option granted under
the Plan. Such assumption shall be permissible if the holder of the assumed option would have been eligible to be granted an Option hereunder
if the other entity had applied the rules of the Plan to such grant. The Committee also may grant Options under the Plan in settlement
of, or substitution for, outstanding options or obligations to grant future options in connection with the Company or an Affiliate acquiring
another entity, an interest in another entity or an additional interest in an Affiliate whether by merger, stock purchase, asset purchase
or other form of transaction.

 

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(d)
Payment or Exercise. Payment for the shares of Common Stock to be purchased upon exercise of an Option may be made in cash (by
check or electronic funds transfer) or, if elected by the Optionee in one or more of the following methods stated in the Option Agreement
(at the date of grant with respect to any Option granted as an Incentive Stock Option) and where permitted by law: (i) if a public market
for the Common Stock exists, through a “same day sale” arrangement between the Optionee and a broker-dealer that is a member
of the Financial Industry Regulatory Authority (a “FINRA Dealer”) whereby the Optionee irrevocably elects to exercise
the Option and to sell a portion of the shares of Common Stock so purchased to pay for the exercise price and whereby the FINRA Dealer
irrevocably commits upon receipt of such shares of Common Stock to forward the exercise price directly to the Company; (ii) if a public
market for the Common Stock exists, through a “margin” commitment from the Optionee and a FINRA Dealer whereby the Optionee
irrevocably elects to exercise the Option and to pledge the shares of Common Stock so purchased to the FINRA Dealer in a margin account
as security for a loan from the FINRA Dealer in the amount of the exercise price, and whereby the FINRA Dealer irrevocably commits upon
receipt of such shares of Common Stock to forward the exercise price directly to the Company; or (iii) by surrender to the Company of
Qualifying Shares at the Fair Market Value per share at the time of exercise (provided that such surrender does not result in an accounting
charge for the Company). No shares of Common Stock may be issued until full payment of the purchase price therefor has been made.

 

(e)
Modification, Extension and Renewal of Options. The Committee shall have the power to modify, cancel, extend or renew outstanding
Options and to authorize the grant of new Options and/or Bonus Stock Awards in substitution therefor (regardless of whether any such
action would be treated as a repricing for financial accounting or other purposes), provided that (except as permitted by Section 12(a)
of the Plan) any such action may not, without the written consent of any Optionee, (i) impair any rights under any Option previously
granted to such Optionee, (ii) cause the Option or the Plan to become subject to Section 409A of the Code, or (iii) cause any Option
to lose its status as “performance-based” compensation under Section 162(m) of the Code. Any outstanding Incentive Stock
Option that is modified, extended, renewed or otherwise altered will be treated in accordance with Section 424(h) of the Code.

 

8.
BONUS STOCK AWARDS.

 

(a)
Bonus Stock Awards. A Bonus Stock Award is a grant of shares of Common Stock for such consideration, if any, and subject to such
restrictions on transfer, rights of first refusal, repurchase provisions, forfeiture provisions and other terms and conditions as are
established by the Committee. Each Bonus Stock Award shall be in such form and shall contain such terms and conditions as the Committee
shall deem appropriate. The terms and conditions of such Bonus Stock Agreement may change from time to time, and the terms and conditions
of separate Bonus Stock Agreements need not be identical, but each such Bonus Stock Agreement shall be subject to the conditions of this
Section 8.

 

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(b)
Forfeiture Restrictions. Shares of Common Stock that are the subject of a Bonus Stock Award may be subject to restrictions on
disposition by the Grantee and to an obligation of the Grantee to forfeit and surrender the shares to the Company under certain circumstances
(the “Forfeiture Restrictions”). The Forfeiture Restrictions shall be determined by the Committee in its sole discretion,
and the Committee may provide that the Forfeiture Restrictions shall lapse on the passage of time, the attainment of one or more performance
targets established by the Committee, or the occurrence of such other event or events determined to be appropriate by the Committee.
The Forfeiture Restrictions, if any, applicable to a particular Bonus Stock Award (which may differ from any other such Bonus Stock Award)
shall be stated in the Bonus Stock Agreement.

 

(c)
Rights as Shareholder. Shares of Common Stock awarded pursuant to a Bonus Stock Award shall be represented by a stock certificate
registered in the name of the Grantee of such Bonus Stock Award, or by a book-entry account with the Company’s transfer agent.
The Grantee shall have the right to receive dividends with respect to the shares of Common Stock subject to a Bonus Stock Award, to vote
the shares of Common Stock subject thereto and to enjoy all other shareholder rights with respect to the shares of Common Stock subject
thereto, except that, unless provided otherwise in this Plan, or in the Bonus Stock Agreement, (i) the Grantee shall not be entitled
to delivery of the shares of Common Stock except as the Forfeiture Restrictions expire, (ii) the Company or an escrow agent shall retain
custody of the shares of Common Stock until the Forfeiture Restrictions expire, or the Company shall cause its transfer agent to place
restrictions on any such shares in such book-entry account, (iii) the Grantee may not sell, transfer, pledge, exchange, hypothecate or
otherwise dispose of the shares of Common Stock until the Forfeiture Restrictions expire, and (iv) a breach of the terms and conditions
established by the Committee pursuant to the Bonus Stock Agreement shall cause a forfeiture of the Restricted Stock Award. At the time
of such Award, the Committee may, in its sole discretion, prescribe additional terms, conditions or restrictions relating to Bonus Stock
Awards, including rules pertaining to the termination of the Grantee’s Continuous Service (by retirement, Disability, death or
otherwise) prior to expiration of the Forfeiture Restrictions. Such additional terms, conditions or restrictions shall also be set forth
in a Bonus Stock Agreement made in connection with the Bonus Stock Award.

 

(d)
Stock Delivery. One or more stock certificates representing shares of Common Stock, free of Forfeiture Restrictions, shall be
delivered to the Grantee promptly after, and only after, the Forfeiture Restrictions have expired, or the Company shall cause the records
of the Company’s transfer agent to reflect the same, if such shares are reflected by book-entry account. The Grantee, by his acceptance
of the Bonus Stock Award, irrevocably grants to the Company a power of attorney to transfer any shares so forfeited to the Company, agrees
to execute any documents requested by the Company in connection with such forfeiture and transfer, and agrees that such provisions regarding
transfers of forfeited shares shall be specifically performable by the Company in a court of equity or law.

 

(e)
Payment for Bonus Stock. The Committee shall determine the amount and form of any payment for shares of Common Stock received
pursuant to a Bonus Stock Award. In the absence of such a determination, the Grantee shall not be required to make any payment for shares
of Common Stock received pursuant to a Bonus Stock Award, except to the extent otherwise required by law.

 

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(f)
Forfeiture of Bonus Stock. Unless otherwise provided in a Bonus Stock Agreement, on termination of the Grantee’s Continuous
Service prior to lapse of the Forfeiture Restrictions, the shares of Common Stock which are still subject to the Forfeiture Restrictions
under Bonus Stock Award shall be forfeited by the Grantee. Upon any forfeiture, all rights of the Grantee with respect to the forfeited
shares of the Common Stock subject to the Bonus Stock Award shall cease and terminate, without any further obligation on the part of
the Company except to repay any purchase price per share paid by the Grantee for the shares forfeited. The Committee will have discretion
to determine whether the Continuous Service of a Grantee has terminated and the date on which such Continuous Service terminates and
whether the Grantee’s Continuous Service terminated as a result of the Disability of the Grantee.

 

(g)
Lapse of Forfeiture Restrictions in Certain Events; Committee’s Discretion. Notwithstanding the provisions of Section 8(f)
or any other provision in the Plan to the contrary, the Committee may, in its discretion and as of a date determined by the Committee,
fully vest any or all Common Stock awarded to the Grantee pursuant to a Bonus Stock Award, and upon such vesting, all Forfeiture Restrictions
applicable to such Bonus Stock Award shall lapse or terminate. Any action by the Committee pursuant to this Section 8(g) may vary among
individual Grantees and may vary among the Bonus Stock Awards held by any individual Grantee. Notwithstanding the preceding provisions
of this Section 8(g), the Committee may not take any action described in this Section 8(g) with respect to a Bonus Stock Award that has
been granted to a Covered Employee if such Award has been designed to meet the exception for performance-based compensation under Section
162(m) of the Code.

 

(h)
Notice of Election Under 83(b). Each Grantee making an election under Section 83(b) of the Code shall provide a copy thereof to
the Company within thirty (30) days of the filing of such election with the Internal Revenue Service.

 

9.
GENERAL PROVISIONS REGARDING AWARDS.

 

(a)
Form of Award Agreement. Each Award granted under the Plan shall be evidenced by a written Award Agreement in such form (which
need not be the same for each Grantee) as the Committee from time to time approves, but which is not inconsistent with the Plan, including
any provisions that may be necessary to assure that any Option that is intended to be an Incentive Stock Option will comply with Section
422 of the Code.

 

(b)
Awards Criteria. In determining the amount and value of Awards to be granted, the Committee may take into account the responsibility
level, performance, potential, other Awards and such other considerations with respect to a Grantee as it deems appropriate. The terms
of an Award Agreement may provide that the amount payable as an Award may be adjusted for dividends or dividend equivalent.

 

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(c)
Date of Grant. The date of grant of an Award will be the date specified by the Committee as the effective date of the grant of
an Award or, if the Committee does not so specify, will be the date on which the Committee makes the determination to grant such Award.
The Award Agreement evidencing the Award will be delivered to the Grantee with a copy of the Plan and other relevant Award documents
within a reasonable time after the date of grant.

 

(d)
Stock Price. The exercise price or other measurement of stock value relative to any Award shall be the price determined by the
Committee (but, if required by applicable law, shall be not less than the par value of the shares of Common Stock on the date of grant
of the Award). Unless otherwise determined by the Committee, the exercise price of any Option shall not be less than 100% of the Fair
Market Value of the shares of Common Stock for the date of grant of the Option; provided, however, the exercise price of
any Incentive Stock Option granted to a Ten Percent Shareholder shall not be less than 110% of the Fair Market Value of the shares of
Common Stock for the date of grant of the Option.

 

(e)
Period of Award. Awards shall be exercisable or payable within the time or times or upon the event or events determined by the
Committee and set forth in the Award Agreement. Unless otherwise provided in an Option Agreement, Options shall terminate on (and no
longer be exercisable or payable after) the earlier of: (i) ten (10) years from the date of grant of the Option; (ii) for an Incentive
Stock Option granted to a Ten Percent Shareholder, five (5) years from the date of grant of the Option; (iii) three (3) months after
the Optionee is no longer serving in any capacity as an Employee, Consultant or Director of the Company for a reason other than the death
or Disability of the Optionee; (iv) one (1) year after death of the Optionee; or (v) one (1) year after Disability of the Optionee.

 

(f)
Transferability of Awards. Awards granted under the Plan, and any interest therein, shall not be transferable or assignable by
the Grantee, and may not be made subject to execution, attachment or similar process, otherwise than by will or by the laws of descent
and distribution, and shall be exercisable or payable during the lifetime of the Grantee only by the Grantee; provided, that the
Grantee may designate persons who or which may exercise or receive his Awards following his death. Notwithstanding the preceding sentence,
Awards other than Incentive Stock Options may be transferred to such family members, family member trusts, family limited partnerships
and other family member entities as the Committee, in its sole discretion, may approve prior to any such transfer. No such transfer will
be approved by the Committee if the Common Stock issuable under such transferred Award would not be eligible to be registered on Form
S-8 promulgated under the Securities Act.

 

(g)
Acquisitions and Other Transactions. The Committee may, from time to time, approve the assumption of outstanding awards granted
by another entity, whether in connection with an acquisition of such other entity or otherwise, by either (i) granting an Award under
the Plan in replacement of or in substitution for the awards assumed by the Company, or (ii) treating the assumed award as if it had
been granted under the Plan if the terms of such assumed award could be applied to an Award granted under the Plan. Such assumption shall
be permissible if the holder of the assumed award would have been eligible to be granted an Award hereunder if the other entity had applied
the rules of this Plan to such grant.

 

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(h)
Notice. If an Award involves an exercise, it may be exercised only by delivery to the Company of a written exercise agreement
approved by the Committee (which need not be the same for each Grantee), stating the number of shares of Common Stock being purchased,
the method of payment, and such other matters as may be deemed appropriate by the Company in connection with the issuance of shares upon
exercise of the Award, together with payment in full of any exercise price for any shares of Common Stock being purchased. Such exercise
agreement may be part of a Grantee’s Award Agreement.

 

(i)
Withholding Taxes. The Committee may establish such rules and procedures as it considers desirable in order to satisfy any obligation
of the Company to withhold the statutory prescribed minimum amount of federal or state income taxes or other taxes with respect to the
grant, exercise or payment of any Award under the Plan, including procedures for a Grantee to have shares of Common Stock withheld from
the total number of shares of Common Stock to be issued or purchased upon grant or exercise of an Award. Prior to issuance of any shares
of Common Stock, the Grantee shall pay or make adequate provision acceptable to the Committee for the satisfaction of the statutory minimum
prescribed amount of any federal or state income or other tax withholding obligations of the Company, if applicable. Upon grant, exercise
or payment of an Award, the Company shall withhold or collect from the Grantee an amount sufficient to satisfy such tax withholding obligations.

 

(j)
Exercise of Award Following Termination of Continuous Service.

 

(i)
An Award may not be exercised after the expiration date of such Award set forth in the Award Agreement and may be exercised following
the termination of a Grantee’s Continuous Service only to the extent provided in the Award Agreement.

 

(ii)
Where the Award Agreement permits a Grantee to exercise an Award following the termination of the Grantee’s Continuous Service
for a specified period, the Award shall terminate to the extent not exercised on the last day of the specified period or the last day
of the original term of the Award, whichever occurs first.

 

(iii)
Any Option designated as an Incentive Stock Option, to the extent not exercised within the time permitted by law for the exercise of
Incentive Stock Options following the termination of an Optionee’s Continuous Service, shall convert automatically to a Non-Qualified
Stock Option and thereafter shall be exercisable as such to the extent exercisable by its terms for the period specified in the Option
Agreement.

 

(iv)
The Committee shall have discretion to determine whether the Continuous Service of a Grantee has terminated and the effective date on
which such Continuous Service terminates and whether the Grantee’s Continuous Service terminated as a result of the Disability
of the Grantee.

 

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(k)
Limitations on Exercise.

 

(i)
The Committee may specify a reasonable minimum number of shares of Common Stock or a percentage of the shares subject to an Award that
may be purchased on any exercise of an Award; provided, that such minimum number will not prevent a Grantee from exercising the
full number of shares of Common Stock as to which the Award is then exercisable.

 

(ii)
The obligation of the Company to issue any shares of Common Stock pursuant to the exercise of any Award or otherwise make payments hereunder
shall be subject to the condition that such exercise and the issuance and delivery of such shares and other actions pursuant thereto
comply with Section 409A of the Code, the Securities Act, all applicable state securities and other laws and the requirements of any
stock exchange or national market system upon which the shares of Common Stock may then be listed or quoted, as in effect on the date
of exercise. The Company shall be under no obligation to register the shares of Common Stock with the Securities and Exchange Commission
or to effect compliance with the registration, qualification or listing requirements of any state securities laws or stock exchange or
quotation service, and the Company shall have no liability for any inability or failure to do so.

 

(iii)
As a condition to the exercise of an Award, the Company may require the person exercising such Award to represent and warrant at the
time of any such exercise that the shares of Common Stock are being purchased only for investment and without any present intention to
sell or distribute such shares of Common Stock if, in the opinion of counsel for the Company, such a representation is required by any
securities or other applicable laws.

 

(l)
Performance-Based Compensation. The Committee may designate any Award as “qualified performance-based compensation”
for purposes of Section 162(m) of the Code. Any Awards designated as “qualified performance-based compensation” shall be
conditioned on the achievement of any one or more performance criteria, and the measurement may be stated in absolute terms or relative
to individual performances, comparable companies, peer or industry groups or other standard indexes, and in terms of Company-wide objectives
or in terms of absolute or comparative objectives that relate to the performance of divisions, affiliates, departments or functions within
the Company or an Affiliate. Notwithstanding any other provision of the Plan, the Committee may grant an Award that is not contingent
on performance goals or is contingent on performance goals other than the performance criteria, so long as the Committee has determined
that such Award is not intended to satisfy the requirements for “qualified performance-based compensation” within the meaning
of Section 162(m) of the Code.

 

10.
PRIVILEGES OF STOCK OWNERSHIP. Except as provided in the Plan with respect to Bonus Stock Awards, no Grantee will have
any of the rights of a shareholder with respect to any shares of Common Stock subject to an Award until such Award is properly exercised
and the purchased or awarded shares are issued and delivered to the Grantee, as evidenced by an appropriate entry on the books of the
Company or of a duly authorized transfer agent of the Company. No adjustment shall be made for dividends or distributions or other rights
for which the record date is prior to such date of issuance and delivery, except as provided in the Plan.

 

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11.
BREACH; ADDITIONAL TERMS. A breach of the terms and conditions of this Plan or established by the Committee pursuant to
the Award Agreement shall cause a forfeiture of the Award. At the time of such Award, the Committee may, in its sole discretion, prescribe
additional terms, conditions or restrictions relating to the Award, including provisions pertaining to the termination of the Grantee’s
employment (by retirement, Disability, death or otherwise) prior to expiration of Forfeiture Restrictions or other vesting provisions.
Without limitation of the foregoing, the Committee has discretion to suspend vesting during a leave of absence. Absent action by the
Committee or to the extent otherwise required by law, vesting will be suspended during an unpaid leave of absence. Such additional terms,
conditions or restrictions shall also be set forth in an Award Agreement made in connection with the Award.

 

12.
ADJUSTMENT UPON CHANGES IN CAPITALIZATION AND CORPORATE EVENTS.

 

(a)
Capital Adjustments. The number of shares of Common Stock (i) covered by each outstanding Award granted under the Plan, the exercise,
target or purchase price of each such outstanding Award, and any other terms of the Award that the Committee determines requires adjustment
and (ii) available for issuance under Section 4 shall be adjusted to reflect, as deemed appropriate by the Committee, any increase or
decrease in the number of shares of Common Stock resulting from a stock dividend, stock split, reverse stock split, combination, reclassification
or similar change in the capital structure of the Company without receipt of consideration, subject to any required action by the Board
or the shareholders of the Company and compliance with applicable securities laws; provided, however, that a fractional
share will not be issued upon exercise of any Award, and either (i) the value of any fraction of a share of Common Stock that would have
resulted will be cashed out at Fair Market Value and applied toward the payment of the exercise price pursuant to Section 7(d) or, if
applicable, toward the withholding due under Section 9(i), or (ii) the number of shares of Common Stock issuable under the Award will
be rounded up to the nearest whole number, as determined by the Committee; and provided further that the exercise, target or purchase
price may not be decreased to below the par value, if any, for the shares of Common Stock as adjusted pursuant to this Section 12(a).
Except as the Committee determines, no issuance by the Company of shares of capital stock of any class, or securities convertible into
shares of capital stock of any class, shall affect, and no adjustment by reason hereof shall be made with respect to, the number or price
of shares of Common Stock subject to an Award. Notwithstanding the foregoing provisions of this Section 12(a), no adjustment may be made
by the Committee with respect to an outstanding Award that would cause such Award and/or the Plan to become subject to Section 409A of
the Code.

 

(b)
Dissolution or Liquidation. The Committee shall notify the Grantee at least twenty (20) days prior to any proposed dissolution
or liquidation of the Company. Unless specifically provided otherwise in an individual Award or Award Agreement or in a then-effective
written employment agreement between the Grantee and the Company or an Affiliate, to the extent that an Award has not been previously
exercised, if applicable, such Award shall terminate immediately prior to consummation of such dissolution or liquidation.

 

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(c)
Change in Control. Unless specifically provided otherwise with respect to Change in Control events in an individual Award or Award
Agreement or in a then-effective written employment agreement between the Grantee and the Company or an Affiliate, if, during the effectiveness
of the Plan, a Change in Control occurs, the surviving entity or purchaser described in Section 2(g), the “Purchaser”,
shall either assume the obligations of the Company under the outstanding Awards or convert the outstanding Awards into awards of at least
equal value as to capital stock of the Purchaser. In the event such Purchaser refuses to assume or substitute Awards pursuant to a Change
in Control, each Award which is at the time outstanding under the Plan shall (i) except as provided otherwise in an individual Award
or Award Agreement, automatically become, subject to all other terms of the Award or Award Agreement, fully vested and exercisable or
payable, as appropriate, and be released from any repurchase or forfeiture provisions, immediately prior to the specified effective date
of such Change in Control, for all of the shares of Common Stock at the time represented by such Award, (ii) the Forfeiture Restrictions
applicable to all outstanding Bonus Stock Awards shall lapse and shares of Common Stock subject to such Bonus Stock Awards shall be released
from escrow, if applicable, and delivered to the Grantees of the Awards free of any Forfeiture Restriction, and (iii) notwithstanding
any contrary terms in the Award or Award Agreement, expire on a date at least twenty (20) days after the Committee gives written notice
to Grantees specifying the terms and conditions of such termination.

 

To
the extent that a Grantee exercises an Award before or on the effective date of the Change in Control, the Company shall issue all Common
Stock purchased by exercise of that Award (subject to the Grantee’s satisfaction of the requirements of Section 9(i)), and those
shares of Common Stock shall be treated as issued and outstanding for purposes of the Change in Control. Upon a Change in Control, when
the outstanding Awards are not assumed by the Purchaser, the Plan shall terminate and any unexercised Awards outstanding under the Plan
at that date shall terminate.

 

13.
SHAREHOLDER APPROVAL. The Company shall obtain the approval of the Plan by the Company’s shareholders to the extent
required to satisfy Sections 162(m) or 422 of the Code or to satisfy or comply with any applicable laws or the rules of any stock exchange
or quotation service on which the Common Stock may be listed or quoted. No Award that is granted as a result of any increase in the number
of shares of Common Stock authorized to be issued under the Plan may be exercised or forfeiture restrictions lapse prior to the time
such increase has been approved by the shareholders of the Company.

 

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14.
ADMINISTRATION. The Plan shall be administered by the Committee. The Committee shall interpret the Plan and any Awards
granted pursuant to the Plan and shall prescribe such rules and regulations in connection with the operation of the Plan as it determines
to be advisable for the administration of the Plan. The Committee may rescind and amend its rules and regulations from time to time.
The interpretation by the Committee of any of the provisions of the Plan or any Award granted under the Plan shall be final and binding
upon the Company and all persons having an interest in any Award or any shares of Common Stock purchased or other payments received pursuant
to an Award. Notwithstanding the authority hereby delegated to the Committee to grant Awards to Employees, Directors and Consultants
under the Plan, the Board shall have full authority, subject to the express provisions of the Plan, to grant Awards to Employees, Directors
and Consultants under the Plan, to interpret the Plan, to provide, modify and rescind rules and regulations relating to it, to determine
the terms and provision of Awards granted to Employees, Directors and Consultants under the Plan and to make all other determinations
and perform such actions as the Board deems necessary or advisable to administer the Plan. No member of the Committee or the Board shall
be liable for any action taken or determination made in good faith with respect to the Plan or any Award granted hereunder.

 

15.
EFFECT OF PLAN. Neither the adoption of the Plan nor any action of the Board or the Committee shall be deemed to give any
Employee, Director or Consultant any right to be granted an Award or any other rights except as may be evidenced by the Award Agreement,
or any amendment thereto, duly authorized by the Committee and executed on behalf of the Company, and then only to the extent and on
the terms and conditions expressly set forth therein. The existence of the Plan and the Awards granted hereunder shall not affect in
any way the right of the Board, the Committee or the shareholders of the Company to make or authorize any adjustment, recapitalization,
reorganization or other change in the Company’s capital structure or its business, any merger or consolidation or other transaction
involving the Company, any issue of bonds, debentures, or shares of preferred stock ranking prior to or affecting the Common Stock or
the rights thereof, the dissolution or liquidation of the Company or any sale or transfer of all or any part of the Company’s assets
or business, or any other corporate act or proceeding by or for the Company. Nothing contained in the Plan or in any Award Agreement
or in other related documents shall confer upon any Employee, Director or Consultant any right with respect to such person’s Continuous
Service or interfere or affect in any way with the right of the Company or an Affiliate to terminate such person’s Continuous Service
at any time, with or without cause.

 

16.
NO EFFECT ON RETIREMENT AND OTHER BENEFIT PLANS. Except as specifically provided in a retirement or other benefit plan
of the Company or an Affiliate, Awards shall not be deemed compensation for purposes of computing benefits or contributions under any
retirement plan of the Company or an Affiliate, and shall not affect any benefits under any other benefit plan of any kind or any benefit
plan subsequently instituted under which the availability or amount of benefits is related to level of compensation. The Plan is not
a “Retirement Plan” or “Welfare Plan” under the Employee Retirement Income Security Act of 1974, as amended.

 

17.
AMENDMENT OR TERMINATION OF PLAN. The Committee in its discretion may, at any time or from time to time after the date
of adoption of the Plan, terminate or amend the Plan in any respect, including amendment of any form of Award Agreement, exercise agreement,
or instrument to be executed pursuant to the Plan; provided, however, to the extent necessary to comply with the Code,
including Sections 162(m) and 422 of the Code, other applicable laws, or the applicable requirements of any stock exchange or quotation
service, the Company shall obtain shareholder approval of any Plan amendment in such manner and to such a degree as required. No Award
may be granted after termination of the Plan. Any amendment or termination of the Plan shall not affect Awards previously granted, and
such Awards shall otherwise remain in full force and effect as if the Plan had not been amended or terminated, unless mutually agreed
otherwise in a writing (including an Award Agreement) signed by the Grantee and the Company.

 

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18.
EFFECTIVE DATE AND TERM OF PLAN. The Plan shall become effective June 6, 2019, which is the date of adoption of the Plan
by the Board. The Plan shall continue in effect for a term of ten (10) years from June 6, 2019 and terminate on June 5, 2029, unless
sooner terminated by action of the Board.

 

19.
SEVERABILITY AND REFORMATION. The Company intends all provisions of the Plan to be enforced to the fullest extent permitted
by law. Accordingly, should a court of competent jurisdiction determine that the scope of any provision of the Plan is too broad to be
enforced as written, the court should reform the provision to such narrower scope as it determines to be enforceable. If, however, any
provision of the Plan is held to be wholly illegal, invalid, or unenforceable under present or future law, such provision shall be fully
severable and severed, and the Plan shall be construed and enforced as if such illegal, invalid, or unenforceable provision were never
a part hereof, and the remaining provisions of the Plan shall remain in full force and effect and shall not be affected by the illegal,
invalid, or unenforceable provision or by its severance.

 

20.
GOVERNING LAW. The Plan and all issues or matters relating to the Plan shall be governed by, determined and enforced under,
and construed and interpreted in accordance with the laws of the State of Delaware, without giving effect to the conflict of law principles
thereof.

 

21.
INTERPRETIVE MATTERS. Whenever required by the context, pronouns and any variation thereof shall be deemed to refer to
the masculine, feminine, or neuter, and the singular shall include the plural, and visa versa. The term “include” or “including”
does not denote or imply any limitation. The captions and headings used in the Plan are inserted for convenience and shall not be deemed
a part of the Plan for construction or interpretation.

 

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