Document:

Exhibit 10.1

 

Proteon
Therapeutics, Inc.

 

Amended
and Restated 2014 Equity Incentive Plan

 

		1.	Purpose

 

This Plan is intended to provide incentives
that will attract, retain and motivate highly competent officers, directors, employees, consultants and advisors to promote the
success of the Company’s business and align employees’ interests with stockholders’ interests. The Plan is intended
to be an incentive stock option plan within the meaning of Section 422 of the Code, but not all Awards are required to be
Incentive Options. The Plan was first effective on August 21, 2014, and is being amended as of the Restatement Effective Date
to (i) increase the number of shares of Stock available for issuance under the Plan and (ii) make conforming changes
to updates to Section 162(m) of the Code.

 

		2.	Definitions

 

As used in this Plan, the following terms
shall have the respective meanings set out below, unless the context clearly requires otherwise:

 

2.1.         Accelerate,
Accelerated, and Acceleration, means: (a) when used with respect to an Option or Stock Appreciation Right, that
as of the time of reference such Option or Stock Appreciation Right will become exercisable with respect to some or all of the
shares of Stock for which it was not then otherwise exercisable by its terms; (b) when used with respect to Restricted Stock
or Restricted Stock Units, that the Risk of Forfeiture otherwise applicable to such Restricted Stock or Restricted Stock Units
shall expire with respect to some or all of such shares of Restricted Stock or such Restricted Stock Units then still otherwise
subject to the Risk of Forfeiture; and (c) when used with respect to Performance Units, that the applicable Performance Goals
or other business objectives shall be deemed to have been met as to some or all of such Performance Units.

 

2.2.         Affiliate
means any corporation, partnership, limited liability company, business trust, or other entity controlling, controlled by or under
common control with the Company.

 

2.3.         Award
means any grant or sale pursuant to the Plan of Options, Stock Appreciation Rights, Performance Units, Restricted Stock, Restricted
Stock Units, Stock Grants or any of the foregoing intended to constitute Performance-Based Awards.

 

2.4.         Award
Agreement means an agreement between the Company and the recipient of an Award, or other notice of grant of an Award, setting
forth the terms and conditions of the Award.

 

2.5.         Board
means the Company’s Board of Directors.

 

2.6.         Change
of Control means the occurrence of any of the following after the date of the approval of the Plan by the Board:

 

(a)       a
Transaction (as defined in Section 8.4), unless securities possessing more than 50% of the total combined voting power of
the survivor’s or acquiror’s outstanding securities (or the securities of any parent thereof) are held by a person
or persons who held securities possessing more than 50% of the total combined voting power of the Company’s outstanding securities
immediately prior to that Transaction, or

 

(b)       any
person or group of persons (within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended and
in effect from time to time) that, directly or indirectly, acquires, including but not limited to by means of a merger or consolidation,
beneficial ownership (determined pursuant to Securities and Exchange Commission Rule 13d-3 promulgated under the said Exchange
Act) of securities possessing more than 50% of the total combined voting power of the Company’s outstanding securities unless
pursuant to a tender or exchange offer made directly to the Company’s stockholders that the Board recommends such stockholders
accept, other than (i) the Company or any of its Affiliates, (ii) an employee benefit plan of the Company or any of its
Affiliates, (iii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of
its Affiliates, or (iv) an underwriter temporarily holding securities pursuant to an offering of such securities, or

 

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(c)       over
a period of thirty-six (36) consecutive months or less, there is a change in the composition of the Board such that a majority
of the Board members (rounded up to the next whole number, if a fraction) ceases, by reason of one or more proxy contests for the
election of Board members, to be composed of individuals who either (i) have been Board members continuously since the beginning
of that period, or (ii) have been elected or nominated for election as Board members during such period by at least a majority
of the Board members described in the preceding clause (i) who were still in office at the time that election or nomination
was approved by the Board; or

 

(d)       a
majority of the Board votes in favor of a decision that a Change of Control has occurred, which vote may adopted by the Board with
the intention that such vote become effective subject to and contingent upon the occurrence of certain events, in which case such
Change of Control shall not be deemed to have occurred unless and until such vote becomes effective in accordance with its terms.

 

2.7.         Code
means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto, and any regulations issued
from time to time thereunder.

 

2.8.         Committee
means the Compensation Committee of the Board, which in general is responsible for the administration of the Plan, as provided
in Section 5 of this Plan. For any period during which no such committee is in existence “Committee” shall mean
the Board and all authority and responsibility assigned to the Committee under the Plan shall be exercised, if at all, by the Board.

 

2.9.         Company
means Proteon Therapeutics, Inc., a corporation organized under the laws of the State of Delaware.

 

2.10.       Convertible
Security means any security that the Company may issue that is convertible into or exchangeable for Stock, including, but not
limited to, preferred stock or warrants.

 

2.11.       Effective
Date means August 21, 2014.

 

2.12.       Forfeiture,
forfeit, and derivations thereof, when used in respect of Restricted Stock purchased by a Participant, includes the Company’s
repurchase of such Restricted Stock at less than its then Market Value as a means intended to effect a forfeiture of value.

 

2.13.       Grant
Date means the date as of which an Option is granted, as determined under Section 7.1(a).

 

2.14.       Incentive
Option means an Option which by its terms is to be treated as an “incentive stock option” within the meaning of
Section 422 of the Code.

 

2.15.       Market
Value means the value of a share of Stock on a particular date determined by such methods or procedures as may be established
by the Committee. Unless otherwise determined by the Committee, the Market Value of Stock as of any date is the closing price for
the Stock as reported on the New York Stock Exchange (or on any other national securities exchange on which the Stock is then listed)
for that date or, if no closing price is reported for that date, the closing price on the first following date for which a closing
price is reported. For purposes of Awards effective as of the effective date of the Company’s initial public offering, Market
Value of Stock shall be the price at which the Company’s Stock is offered to the public in its initial public offering.

 

2.16.       Nonstatutory
Option means any Option that is not an Incentive Option.

 

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2.17.       Option
means an option to purchase shares of Stock.

 

2.18.       Optionee
means an eligible individual to whom an Option shall have been granted under the Plan.

 

2.19.       Participant
means any holder of an outstanding Award under the Plan.

 

2.20.       Performance-Based
Awards means Awards granted to a Participant under Section 7.7, to receive cash, Stock or other Awards, the payment of which
is contingent on achieving Performance Goals or other business objectives established by the Committee.

 

2.21.       Performance
Criteria and Performance Goals have the meanings given such terms in Section 7.7(f).

 

2.22.       Performance
Period means the one or more periods of time, which may be of varying and overlapping durations, selected by the Committee,
over which the attainment of one or more Performance Goals or other business objectives will be measured for purposes of determining
a Participant’s right to, and the payment of, an Award.

 

2.23.       Performance
Unit means a right granted to a Participant under Section 7.5, to receive cash, Stock or other Awards, the payment of
which is contingent on achieving Performance Goals or other business objectives established by the Committee.

 

2.24.       Plan
means this 2014 Equity Incentive Plan of the Company, as amended from time to time, and including any attachments or addenda hereto.

 

2.25.       Restatement
Effective Date means January 1, 2020.

 

2.26.       Restricted
Stock means a grant or sale of shares of Stock to a Participant subject to a Risk of Forfeiture.

 

2.27.       Restricted
Stock Units means rights to receive shares of Stock at the close of a Restriction Period, subject to a Risk of Forfeiture.

 

2.28.       Restriction
Period means the period of time, established by the Committee in connection with an Award of Restricted Stock or Restricted
Stock Units, during which the shares of Restricted Stock or Restricted Stock Units are subject to a Risk of Forfeiture described
in the applicable Award Agreement.

 

2.29.       Risk
of Forfeiture means a limitation on the right of the Participant to retain Restricted Stock or Restricted Stock Units, including
a right of the Company to reacquire shares of Restricted Stock at less than their then Market Value, arising because of the occurrence
or non-occurrence of specified events or conditions.

 

2.30.       Stock
means common stock, par value $0.001 per share, of the Company, and such other securities as may be substituted for such common
stock pursuant to Section 8.

 

2.31.       Stock
Appreciation Right means a right to receive any excess in the Market Value of shares of Stock (except as otherwise provided
in Section 7.2(c)) over a specified exercise price.

 

2.32.       Stock
Grant means the grant of shares of Stock not subject to restrictions or other forfeiture conditions.

 

2.33.       Stockholders’
Agreement means any agreement by and among the holders of at least a majority of the outstanding voting securities of the Company
and setting forth, among other provisions, restrictions upon the transfer of shares of Stock or on the exercise of rights appurtenant
thereto (including but not limited to voting rights).

 

2.34.       Ten
Percent Owner means a person who owns, or is deemed within the meaning of Section 422(b)(6) of the Code to own, stock
possessing more than 10% of the total combined voting power of all classes of stock of the Company (or any parent or subsidiary
corporations of the Company, as defined in Sections 424(e) and (f), respectively, of the Code). Whether a person is a Ten
Percent Owner shall be determined with respect to an Option based on the facts existing immediately prior to the Grant Date of
the Option.

 

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		3.	Term of the Plan

 

Unless the Plan shall have been earlier
terminated by the Board, Awards may be granted under this Plan at any time in the period commencing on the date of approval of
the Plan by the Board and ending immediately prior to the tenth anniversary of the earlier of the adoption of the Plan by the Board
and approval of the Plan by the Company’s stockholders. Awards granted pursuant to the Plan within that period shall not
expire solely by reason of the termination of the Plan. Awards of Incentive Options granted prior to stockholder approval of the
Plan are expressly conditioned upon such approval, but in the event of the failure of the stockholders to approve the Plan shall
thereafter and for all purposes be deemed to constitute Nonstatutory Options.

 

		4.	Stock Subject to the Plan

 

4.1.         Plan Share Limitations.

 

(a)       Limitation. At no time
shall the number of shares of Stock issued pursuant to or subject to outstanding Awards granted under the Plan (including pursuant
to Incentive Options), nor the number of shares of Stock issued pursuant to Incentive Options, exceed 42,975,344 shares of Stock
provided, however, that beginning on January 1, 2015, the number of shares of Stock authorized under this Section 4.1(a)
of the Plan will be increased each January 1 by an amount equal to four percent (4%) of outstanding Stock as of the end of
the immediately preceding fiscal year. Notwithstanding the foregoing, the Board may act prior to January 1 of a given year
to provide that there will be no such January 1 increase in the number of shares of Stock authorized under this Section 4.1(a)
of the Plan for such year or that the increase in the number of shares of Stock authorized under this Section 4.1(a) of the
Plan for such year will be a lesser number than would otherwise occur pursuant to the preceding sentence. Notwithstanding the preceding
sentences, in no event shall the number of shares available for issuance pursuant to Incentive Options exceed 214,876,720 shares
of Stock. For purposes of this Section 4.1(a), “Stock” shall be deemed to include the number of shares of Stock
that may be issued upon conversion of any outstanding Convertible Securities at each January 1.

 

(b)       Application. For purposes
of applying the foregoing limitation of Section 4.1(a), (i) if any Option or Stock Appreciation Right expires, terminates,
or is cancelled for any reason without having been exercised in full, or if any other Award is forfeited, the shares of Stock not
purchased by the holder or which are forfeited, as the case may be, shall again be available for Awards to be granted under the
Plan, (ii) if any Option is exercised by delivering previously owned shares of Stock in payment of the exercise price therefor,
only the net number of shares, that is, the number of shares of Stock issued minus the number received by the Company in payment
of the exercise price, shall be considered to have been issued pursuant to an Award granted under the Plan, and (iii) any
shares of Stock either delivered to or withheld by the Company in satisfaction of tax withholding obligations of the Company or
an Affiliate with respect to an Award shall again be available for Awards to be granted under the Plan. In addition, settlement
of any Award shall not count against the foregoing limitations except to the extent settled in the form of Stock. Shares of Stock
issued pursuant to the Plan may be either authorized but unissued shares or shares held by the Company in its treasury.

 

4.2.         Adjustment of Limitations. Each
of the share limitations of this Section 4 shall be subject to adjustment pursuant to Section 8 of the Plan.

 

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		5.	Administration

 

The Plan shall be administered by the Committee;
provided, however, that at any time and on any one or more occasions the Board may itself exercise any of the powers and
responsibilities assigned the Committee under the Plan and when so acting shall have the benefit of all of the provisions of the
Plan pertaining to the Committee’s exercise of its authorities hereunder; and provided further, however, that the
Committee may delegate to an executive officer or officers the authority to grant Awards hereunder to employees who are not officers,
and to consultants, up to such maximum number and in accordance with such other guidelines as the Committee shall specify by resolution
at any time or from time to time. Any such delegation may not include the authority to grant Restricted Stock, unless the delegate
is a committee of the Board, including a committee consisting solely of an executive officer who is a Board member. Subject to
the provisions of the Plan, the Committee shall have complete authority, in its discretion, to make or to select the manner of
making all determinations with respect to each Award to be granted by the Company under the Plan including the officer, employee,
consultant, advisor or director to receive the Award and the form of Award. In making such determinations, the Committee may take
into account the nature of the services rendered by the respective officers, employees, consultants, advisors and directors, their
present and potential contributions to the success of the Company and its Affiliates, and such other factors as the Committee in
its discretion shall deem relevant. Subject to the provisions of the Plan, the Committee shall also have complete authority to
interpret the Plan, to prescribe, amend and rescind rules and regulations relating to it, to determine the terms and provisions
of the respective Award Agreements (which need not be identical), and to make all other determinations necessary or advisable for
the administration of the Plan. The Committee’s determinations made in good faith on matters referred to in the Plan shall
be final, binding and conclusive on all participants, beneficiaries, heirs, assigns or other persons having or claiming any interest
under the Plan or an Award made pursuant hereto.

 

		6.	Authorization of Grants

 

6.1.         Eligibility. The Committee may
grant from time to time and at any time prior to the termination of the Plan one or more Awards, either alone or in combination
with any other Awards, to any officer or employee of or consultant or advisor to one or more of the Company and its Affiliates
or to any non-employee member of the Board or of any board of directors (or similar governing authority) of any Affiliate. However,
only employees of the Company, and of any parent or subsidiary corporations of the Company, as defined in Sections 424(e)
and (f), respectively, of the Code, shall be eligible for the grant of an Incentive Option.

 

6.2.         General Terms of Awards. Each
grant of an Award shall be subject to all applicable terms and conditions of the Plan (including but not limited to any specific
terms and conditions applicable to that type of Award set out in the following Section), and such other terms and conditions,
not inconsistent with the terms of the Plan, as the Committee may prescribe. No prospective Participant shall have any rights
with respect to an Award, unless and until such Participant shall have complied with the applicable terms and conditions of such
Award (including if applicable delivering a fully executed copy of any agreement evidencing an Award to the Company).

 

6.3.         Effect of Termination of Employment,
Etc. Unless the Committee shall provide otherwise with respect to any Award (including, but not limited to, in a Participant’s
Award Agreement), if the Participant’s employment or other association with the Company and its Affiliates ends for any
reason, including because of the Participant’s employer ceasing to be an Affiliate, (a) any outstanding Option or Stock
Appreciation Right of the Participant shall cease to be exercisable in any respect not later than ninety (90) days following
that event and, for the period it remains exercisable following that event, shall be exercisable only to the extent exercisable
at the date of that event, and (b) any other outstanding Award of the Participant to the extent that it is then still subject
to Risk of Forfeiture shall be forfeited or otherwise subject to return to or repurchase by the Company on the terms specified
in the applicable Award Agreement. Cessation of the performance of services in one capacity, for example, as an employee, shall
not result in termination of an Award while the Participant continues to perform services in another capacity, for example as
a director. Military or sick leave or other bona fide leave shall not be deemed a termination of employment or other association,
provided that it does not exceed the longer of ninety (90) days or the period during which the absent Participant’s
reemployment rights, if any, are guaranteed by statute or by contract. To the extent consistent with applicable law, the Committee
may provide that Awards continue to vest for some or all of the period of any such leave, or that their vesting shall be tolled
during any such leave and only recommence upon the Participant’s return from leave, if ever.

 

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6.4.         Non-Transferability of Awards.
Except as otherwise provided in this Section 6.4, Awards shall not be transferable, and no Award or interest therein may
be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent
and distribution. The provisions of the immediately preceding sentence shall not be applicable to Stock Grants which shall not
be subject to any transfer restrictions under this Section 6.4. All of a Participant’s rights in any Award may be exercised
during the life of the Participant only by the Participant or the Participant’s legal representative. However, the Committee
may, at or after the grant of an Award of a Nonstatutory Option, or shares of Restricted Stock, provide that such Award may be
transferred by the recipient to a family member; provided, however, that any such transfer is without payment of any consideration
whatsoever and that no transfer shall be valid unless first approved by the Committee, acting in its sole discretion. For this
purpose, “family member” means any child, stepchild, grandchild, parent, grandparent, stepparent, spouse, former spouse,
sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including
adoptive relationships, any person sharing the employee’s household (other than a tenant or employee), a trust in which
the foregoing persons have more than fifty (50) percent of the beneficial interests, a foundation in which the foregoing
persons (or the Participant) control the management of assets, and any other entity in which these persons (or the Participant)
own more than fifty (50) percent of the voting interests.

 

		7.	Specific Terms of Awards

 

7.1.         Options.

 

(a)       Date of Grant. The
granting of an Option shall take place at the time specified in the Award Agreement.

 

(b)       Exercise Price. The
price at which shares of Stock may be acquired under each Incentive Option shall be not less than 100% of the Market Value of
Stock on the Grant Date, or not less than 110% of the Market Value of Stock on the Grant Date if the Optionee is a Ten Percent
Owner. The price at which shares of Stock may be acquired under each Nonstatutory Option shall not be so limited solely by reason
of this Section.

 

(c)       Option Period. No Incentive
Option may be exercised on or after the tenth anniversary of the Grant Date, or on or after the fifth anniversary of the Grant
Date if the Optionee is a Ten Percent Owner. The Option period under each Nonstatutory Option shall not be so limited solely by
reason of this Section.

 

(d)       Exercisability. An
Option may be immediately exercisable or become exercisable in such installments, cumulative or non-cumulative, as the Committee
may determine. In the case of an Option not otherwise immediately exercisable in full, the Committee may Accelerate such Option
in whole or in part at any time; provided, however, that in the case of an Incentive Option, any such Acceleration of the
Option would not cause the Option to fail to comply with the provisions of Section 422 of the Code or the Optionee consents
to the Acceleration.

 

(e)       Method of Exercise.
An Option may be exercised by the Optionee giving written notice, in the manner provided in Section 17, specifying the number
of shares of Stock with respect to which the Option is then being exercised. The notice shall be accompanied by payment in the
form of cash or check payable to the order of the Company in an amount equal to the exercise price of the shares of Stock to be
purchased or, subject in each instance to the Committee’s approval, acting in its sole discretion, and to such conditions,
if any, as the Committee may deem necessary to avoid adverse accounting effects to the Company,

 

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(i)         by
delivery to the Company of shares of Stock having a Market Value equal to the exercise price of the shares to be purchased, or

 

(ii)        by
surrender of the Option as to all or part of the shares of Stock for which the Option is then exercisable in exchange for shares
of Stock having an aggregate Market Value equal to the difference between (1) the aggregate Market Value of the surrendered
portion of the Option, and (2) the aggregate exercise price under the Option for the surrendered portion of the Option,
or

 

(iii)       unless
prohibited by applicable law, by delivery to the Company of the Optionee’s executed promissory note in the principal amount
equal to the exercise price of the shares of Stock to be purchased and otherwise in such form as the Committee shall have approved.

 

If the Stock is traded on an established market, payment
of any exercise price may also be made through and under the terms and conditions of any formal cashless exercise program authorized
by the Company entailing the sale of the Stock subject to an Option in a brokered transaction (other than to the Company). Receipt
by the Company of such notice and payment in any authorized or combination of authorized means shall constitute the exercise of
the Option. Within thirty (30) days thereafter but subject to the remaining provisions of the Plan, the Company shall deliver
or cause to be delivered to the Optionee or his agent a certificate or certificates or shall cause the Stock to be held in book-entry
position through the direct registration system of the Company’s transfer agent for the number of shares then being purchased.
Such shares of Stock shall be fully paid and nonassessable.

 

(f)       Limit on Incentive Option
Characterization. An Incentive Option shall be considered to be an Incentive Option only to the extent that the number of
shares of Stock for which the Option first becomes exercisable in a calendar year do not have an aggregate Market Value (as of
the date of the grant of the Option) in excess of the “current limit”. The current limit for any Optionee for any
calendar year shall be $100,000 minus the aggregate Market Value at the date of grant of the number of shares of Stock
available for purchase for the first time in the same year under each other Incentive Option previously granted to the Optionee
under the Plan, and under each other incentive stock option previously granted to the Optionee under any other incentive stock
option plan of the Company and its Affiliates, after December 31, 1986. Any shares of Stock which would cause the foregoing
limit to be violated shall be deemed to have been granted under a separate Nonstatutory Option, otherwise identical in its terms
to those of the Incentive Option.

 

(g)       Notification of Disposition.
Each person exercising any Incentive Option granted under the Plan shall be deemed to have covenanted with the Company to report
to the Company any disposition of the shares of Stock issued upon such exercise prior to the expiration of the holding periods
specified by Section 422(a)(1) of the Code and, if and to the extent that the realization of income in such a disposition
imposes upon the Company federal, state, local or other withholding tax requirements, or any such withholding is required to secure
for the Company an otherwise available tax deduction, to remit to the Company an amount in cash sufficient to satisfy those requirements.

 

7.2.         Stock Appreciation Rights.

 

(a)       Tandem or Stand-Alone.
Stock Appreciation Rights may be granted in tandem with an Option (at or, in the case of a Nonstatutory Option, after, the award
of the Option), or alone and unrelated to an Option. Stock Appreciation Rights in tandem with an Option shall terminate to the
extent that the related Option is exercised, and the related Option shall terminate to the extent that the tandem Stock Appreciation
Rights are exercised.

 

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(b)       Exercise Price. Stock
Appreciation Rights shall have an exercise price of not less than one hundred percent (100%) of the Market Value of the Stock on
the date of award, or in the case of Stock Appreciation Rights in tandem with Options, the exercise price of the related Option.

 

(c)       Other Terms. Except
as the Committee may deem inappropriate or inapplicable in the circumstances, Stock Appreciation Rights shall be subject to terms
and conditions substantially similar to those applicable to a Nonstatutory Option. In addition, a Stock Appreciation Right related
to an Option which can only be exercised during limited periods following a Change of Control may entitle the Participant to receive
an amount based upon the highest price paid or offered for Stock in any transaction relating to the Change of Control or paid
during the thirty (30) day period immediately preceding the occurrence of the Change of Control in any transaction reported
in the stock market in which the Stock is normally traded.

 

7.3.         Restricted Stock.

 

(a)       Purchase Price. Shares
of Restricted Stock shall be issued under the Plan for such consideration, if any, in cash, other property or services, or any
combination thereof, as is determined by the Committee.

 

(b)       Issuance of Stock.
Each Participant receiving a Restricted Stock Award, subject to subsection (c) below, shall be issued a stock certificate
in respect of such shares of Restricted Stock or the shares shall be held in book-entry position through the direct registration
system of the Company’s transfer agent. If a certificate is issued, such certificate shall be registered in the name of such
Participant, and, if applicable, shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable
to such Award substantially in the following form:

 

The shares evidenced by this certificate are subject
to the terms and conditions of Proteon Therapeutics, Inc.’s 2014 Equity Incentive Plan and an Award Agreement entered
into by the registered owner and Proteon Therapeutics, Inc., copies of which will be furnished by the Company to the holder
of the shares evidenced by this certificate upon written request and without charge.

 

If the Stock is in book-entry position through the
direct registration system of the Company’s transfer agent, the restrictions will be appropriately noted.

 

(c)       Escrow of Shares. The
Committee may require that any stock certificates evidencing shares of Restricted Stock be held in custody by a designated escrow
agent (which may but need not be the Company) until the restrictions thereon shall have lapsed, and that the Participant deliver
a stock power, endorsed in blank, relating to the Stock covered by such Award.

 

(d)       Restrictions and Restriction
Period. During the Restriction Period applicable to shares of Restricted Stock, such shares shall be subject to limitations
on transferability and a Risk of Forfeiture arising on the basis of such conditions related to the performance of services, Company
or Affiliate performance or otherwise as the Committee may determine and provide for in the applicable Award Agreement. Any such
Risk of Forfeiture may be waived or terminated, or the Restriction Period shortened, at any time by the Committee on such basis
as it deems appropriate.

 

(e)       Rights Pending Lapse of
Risk of Forfeiture or Forfeiture of Award. Except as otherwise provided in the Plan or the applicable Award Agreement, the
Participant shall have all of the rights of a stockholder of the Company with respect to any outstanding shares of Restricted
Stock, including the right to vote, and the right to receive any dividends with respect to, the shares of Restricted Stock (but
any dividends or other distributions payable in shares of Stock or other securities of the Company shall constitute additional
Restricted Stock, subject to the same Risk of Forfeiture as the shares of Restricted Stock in respect of which such shares of
Stock or other securities are paid). The Committee, as determined at the time of Award, may permit or require the payment of cash
dividends to be deferred and, if the Committee so determines, reinvested in additional Restricted Stock to the extent shares of
Stock are available under Section 4.

 

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(f)        Lapse of Restrictions.
If and when the Restriction Period expires without a prior forfeiture, any certificates for such shares shall be delivered
to the Participant promptly if not theretofore so delivered.

 

7.4.         Restricted Stock Units.

 

(a)       Character. Each Restricted
Stock Unit shall entitle the recipient to a share of Stock at a close of such Restriction Period as the Committee may establish
and subject to a Risk of Forfeiture arising on the basis of such conditions relating to the performance of services, Company or
Affiliate performance or otherwise as the Committee may determine and provide for in the applicable Award Agreement. Any such
Risk of Forfeiture may be waived or terminated, or the Restriction Period shortened, at any time by the Committee on such basis
as it deems appropriate.

 

(b)       Form and Timing of Payment.
Payment of earned Restricted Stock Units shall be made promptly following the close of the applicable Restriction Period. At the
discretion of the Committee, Participants may be entitled to receive payments equivalent to any dividends declared with respect
to Stock referenced in grants of Restricted Stock Units but only following the close of the applicable Restriction Period and then
only if the underlying Stock shall have been earned. Unless the Committee shall provide otherwise, any such dividend equivalents
shall be paid, if at all, without interest or other earnings.

 

7.5.         Performance Units.

 

(a)       Character. Each Performance
Unit shall entitle the recipient to the value of a specified number of shares of Stock, over the initial value for such number
of shares, if any, established by the Committee at the time of grant, at the close of a specified Performance Period to the extent
specified business objectives, including but not limited to Performance Goals, shall have been achieved.

 

(b)       Earning of Performance
Units. The Committee shall set Performance Goals or other business objectives in its discretion which, depending on the extent
to which they are met within the applicable Performance Period, will determine the number and value of Performance Units that
will be paid out to the Participant. After the applicable Performance Period has ended, the holder of Performance Units shall
be entitled to receive payout on the number and value of Performance Units earned by the Participant over the Performance Period,
to be determined as a function of the extent to which the corresponding Performance Goals or other business objectives have been
achieved.

 

(c)       Form and Timing of Payment.
Payment of earned Performance Units shall be made in a single lump sum following the close of the applicable Performance Period.
At the discretion of the Committee, Participants may be entitled to receive any dividends declared with respect to Stock which
have been earned in connection with grants of Performance Units which have been earned, but not yet distributed to Participants.
The Committee may permit or, if it so provides at grant require, a Participant to defer such Participant’s receipt of the
payment of cash or the delivery of Stock that would otherwise be due to such Participant by virtue of the satisfaction of any requirements
or goals with respect to Performance Units. If any such deferral election is required or permitted, the Committee shall establish
rules and procedures for such payment deferrals.

 

7.6.         Stock Grants. Stock Grants shall
be awarded solely in recognition of significant prior or expected contributions to the success of the Company or its Affiliates,
as an inducement to employment, in lieu of compensation otherwise already due and in such other limited circumstances as the Committee
deems appropriate. Stock Grants shall be made without forfeiture conditions of any kind.

 

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7.7.         Performance-Based Awards.

 

(a)       Discretion of Committee
with Respect to Performance-Based Awards. Any form of Award permitted under the Plan, other than a Stock Grant, may be granted
as a Performance-Based Award. Options and Stock Appreciation Rights may be granted as Performance-Based Awards in accordance with
Section 7.1 and 7.2, respectively, except that the exercise price of any Option or Stock Appreciation Right intended to qualify
as a Performance-Based Award shall in no event be less that the Market Value of the Stock on the date of grant, and may become
exercisable based on continued service, on satisfaction of Performance Goals or other business objectives, or on a combination
thereof. Each other Award intended to qualify as a Performance-Based Award, such as Restricted Stock, Restricted Stock Units,
or Performance Units, shall be subject to satisfaction of one or more Performance Goals except as otherwise provided in this Section 7.7.
The Committee will have full discretion to select the length of any applicable Restriction Period or Performance Period, the kind
and/or level of the applicable Performance Goal, and whether the Performance Goal is to apply to the Company, a subsidiary of
the Company or any division or business unit or to the individual. Any Performance Goal or Goals applicable to Performance-Based
Awards shall be objective, shall be established not later than ninety (90) days after the beginning of any applicable Performance
Period.

 

(b)       Payment of Performance-Based
Awards. A Participant will be eligible to receive payment under a Performance-Based Award which is subject to achievement
of a Performance Goal or Goals only if the applicable Performance Goal or Goals are achieved within the applicable Performance
Period, as determined by the Committee, provided, that a Performance-Based Award may be deemed earned as a result of death,
becoming disabled, or in connection with a change of control if otherwise provided in the Plan or the applicable Award Agreement.
In determining the actual size of an individual Performance-Based Award, the Committee may reduce or eliminate the amount of the
Performance-Based Award earned for the Performance Period, if in its sole and absolute discretion, such reduction or elimination
is appropriate.

 

(c)       Adjustments for Certain
Events. The Committee retains the discretion to adjust or eliminate the compensation or economic benefit due upon attainment
of Performance Goals and to define the manner of calculating the Performance Criteria it selects to use for a Performance Period.
Partial achievement of the specified criteria may result in the payment or vesting corresponding to the degree of achievement
..

 

(d)       Definitions. For purposes
of the Plan

 

(i)         Performance
Criteria means the criteria that the Committee selects for purposes of establishing the Performance Goal or Performance Goals
for a Participant for a Performance Period. The Performance Criteria used to establish Performance Goals are limited to: (i) net
earnings (either before or after one or more of (A) interest, (B) taxes, (C) depreciation and (D) amortization),
(ii) gross or net sales or revenue, (iii) net income (either before or after taxes), (iv) adjusted net income, (v) operating
earnings or profit, (vi) cash flow (including, but not limited to, operating cash flow and free cash flow, (vii) return
on assets, (viii) return on capital, (ix) return on stockholders’ equity, (x) total stockholder return, (xi) return
on sales, (xii) gross or net profit or operating margin, (xiii) costs, (xiv) expenses, (xv) working capital,
(xvi) earnings per share, (xvii) adjusted earnings per share, (xviii) price per share, (xix) regulatory body
approval for commercialization of a product, (xx) implementation, completion or attainment of objectives relating to research,
development, regulatory, commercial, or strategic milestones or developments; (xxi) market share, (xxii) economic value,
(xxiii) revenue, (xxiv) revenue growth and (xxv) operational and organizational metrics.

 

    	 	10 	 

     

    

 

(ii)        Performance
Goals means, for a Performance Period, the written goal or goals established by the Committee for the Performance Period based
upon one or more of the Performance Criteria. The Performance Goals may be expressed in terms of overall Company performance or
the performance of a division, business unit, subsidiary, or an individual, either individually, alternatively or in any combination,
applied to either the Company as a whole or to a business unit or Affiliate, either individually, alternatively or in any combination,
and measured either quarterly, annually or cumulatively over a period of years, on an absolute basis or relative to a pre-established
target, to previous years’ results or to a designated comparison group, in each case as specified by the Committee. The Committee
will objectively define the manner of calculating the Performance Goal or Goals it selects to use for such Performance Period for
such Participant, including whether or to what extent there shall not be taken into account any of the following events that occurs
during a Performance Period: (i) asset write-downs, (ii) litigation, claims, judgments or settlements, (iii) the
effect of changes in tax law, accounting principles or other such laws or provisions affecting reported results, (iv) accruals
for reorganization and restructuring programs and (v) any extraordinary, unusual, non-recurring or non-comparable items (A)
as described in Accounting Standard Codification Section 225-20, (B) as described in management’s discussion and
analysis of financial condition and results of operations appearing in the Company’s Annual Report to stockholders for the
applicable year, or (C) publicly announced by the Company in a press release or conference call relating to the Company’s
results of operations or financial condition for a completed quarterly or annual fiscal period.

 

7.8.         Awards to Participants Outside the
United States. The Committee may modify the terms of any Award under the Plan granted to a Participant who is, at the time
of grant or during the term of the Award, resident or primarily employed outside of the United States in any manner deemed by the
Committee to be necessary or appropriate in order that the Award shall conform to laws, regulations, procedures, and customs of
the country in which the Participant is then resident or primarily employed, or so that the value and other benefits of the Award
to the Participant, as affected by foreign tax laws and other restrictions applicable as a result of the Participant’s residence
or employment abroad, shall be as comparable as practicable to the value of such an Award to a Participant who is resident or primarily
employed in the United States. The Committee may establish supplements or sub-plans to, or amendments, restatements, or alternative
versions of, the Plan for the purpose of granting and administrating any such modified Award. No such modification, supplement,
sub-plan, amendment, restatement or alternative version may increase the share limit of Section 4.

 

		8.	Adjustment Provisions

 

8.1.         Adjustment for Corporate Actions.
All of the share numbers set forth in the Plan reflect the capital structure of the Company as of October 3, 2014. If subsequent
to that date the outstanding shares of Stock (or any other securities covered by the Plan by reason of the prior application of
this Section) are increased, decreased, or exchanged for a different number or kind of shares or other securities, or if additional
shares or new or different shares or other securities are distributed with respect to shares of Stock, as a result of a reorganization,
recapitalization, reclassification, stock dividend, stock split, reverse stock split, or other similar distribution with respect
to such shares of Stock, an appropriate and proportionate adjustment will be made in (i) the maximum numbers and kinds of
shares provided in Section 4, (ii) the numbers and kinds of shares or other securities subject to the then outstanding
Awards, (iii) the exercise price for each share or other unit of any other securities subject to then outstanding Options
and Stock Appreciation Rights (without change in the aggregate purchase price as to which such Options or Rights remain exercisable),
and (iv) the repurchase price of each share of Restricted Stock then subject to a Risk of Forfeiture in the form of a Company
repurchase right.

 

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8.2.         Adjustment of Awards Upon the Occurrence
of Certain Unusual or Nonrecurring Events. In the event of any corporate action not specifically covered by the preceding
Section, including but not limited to an extraordinary cash distribution on Stock, a corporate separation or other reorganization
or liquidation, the Committee may make such adjustment of outstanding Awards and their terms, if any, as it, in its sole discretion,
may deem equitable and appropriate in the circumstances. The Committee may make adjustments in the terms and conditions of, and
the criteria included in, Awards in recognition of unusual or nonrecurring events (including, without limitation, the events described
in this Section) affecting the Company or the financial statements of the Company or of changes in applicable laws, regulations,
or accounting principles, whenever the Committee determines that such adjustments are appropriate in order to prevent dilution
or enlargement of the benefits or potential benefits intended to be made available under the Plan.

 

8.3.         Related Matters. Any adjustment
in Awards made pursuant to Section 8.1 or 8.2 shall be determined and made, if at all, by the Committee, acting in its sole
discretion, and shall include any correlative modification of terms, including of Option exercise prices, rates of vesting or
exercisability, Risks of Forfeiture, applicable repurchase prices for Restricted Stock, and Performance Goals and other business
objectives which the Committee may deem necessary or appropriate so as to ensure the rights of the Participants in their respective
Awards are not substantially diminished nor enlarged as a result of the adjustment and corporate action other than as expressly
contemplated in this Section 8. The Committee, in its discretion, may determine that no fraction of a share of Stock shall
be purchasable or deliverable upon exercise, and in that event if any adjustment hereunder of the number of shares of Stock covered
by an Award would cause such number to include a fraction of a share of Stock, such number of shares of Stock shall be adjusted
to the nearest smaller whole number of shares. No adjustment of an Option exercise price per share pursuant to Sections 8.1
or 8.2 shall result in an exercise price which is less than the par value of the Stock.

 

8.4.         Transactions.

 

(a)       Definition of Transaction.
In this Section 8.4, “Transaction” means (1) any merger or consolidation of the Company with
or into another entity as a result of which the Stock of the Company is converted into or exchanged for the right to receive cash,
securities or other property or is cancelled, (2) any sale or exchange of all or substantially all of the outstanding Stock
of the Company for cash, securities or other property, (3) any sale, transfer, or other disposition of all or substantially
all of the Company’s assets to one or more other persons in a single transaction or series of related transactions or (4) any
liquidation or dissolution of the Company.

 

(b)       Treatment of Awards.
In a Transaction, the Committee may take any one or more of the following actions as to all or any (or any portion of) outstanding
Awards, subject to the provisions of Section 9 of this Plan.

 

(1)        Provide
that any Awards shall be assumed, or substantially equivalent rights shall be provided in substitution therefor, by the acquiring
or succeeding entity (or an affiliate thereof).

 

(2)        Upon
written notice to the holders, provide that all or any of the holders’ unexercised outstanding Options and Stock Appreciation
Rights (collectively, “Rights”) will terminate immediately prior to the consummation of such Transaction unless
exercised within a specified period following the date of such notice.

 

(3)        Provide
that all or any Awards that are subject to Risk of Forfeiture will terminate immediately prior to the consummation of such Transaction.

 

(4)        Provide
that all or any outstanding Rights shall Accelerate so as to become exercisable prior to or upon such Transaction with respect
to some or all of the shares of Stock for which any such Rights would not then otherwise be exercisable by their terms.

 

    	 	12 	 

     

    

 

(5)        Provide
that outstanding all or any Awards that are subject to Risk of Forfeiture shall Accelerate so that the Risk of Forfeiture otherwise
applicable to such Awards shall expire prior to or upon such Transaction with respect to any such Awards that would then still
otherwise be subject to the Risk of Forfeiture.

 

(6)        Provide
for cash payments, net of applicable tax withholdings, to be made to holders equal to the excess, if any, of (A) the acquisition
price times the number of shares of Stock subject to an Option (to the extent the exercise price does not exceed the acquisition
price) over (B) the aggregate exercise price for all such shares of Stock subject to the Option, in exchange for the termination
of such Option; provided, that if the acquisition price does not exceed the exercise price of any such Option, the Committee may
cancel that Option without the payment of any consideration therefore prior to or upon the Transaction. For purposes of this paragraph 6
and paragraph 7 below, “acquisition price” means the amount of cash, and market value of any other consideration,
received in payment for a share of Stock surrendered in a Transaction but need not take into account any deferred consideration
unless and until received.

 

(7)        Provide
for cash payments, net of applicable tax withholdings, to be made to holder or holders of all or any Awards (other than Options)
equal to the acquisition price times the number of shares of Stock subject to any such Awards, in exchange for the termination
of any such Awards; provided, that the Committee may cancel, pursuant to paragraph 3 above, any such Award that is subject
to a Risk of Forfeiture at the time of the consummation of such Transaction without the payment of any consideration therefor prior
to or upon the Transaction.

 

(8)        Provide
that, in connection with a liquidation or dissolution of the Company, all or any Awards (other than Restricted Stock or Stock Grants)
shall convert into the right to receive liquidation proceeds net of the exercise price thereof and any applicable tax withholdings.

 

(9)        Any
combination of the foregoing.

 

In the event that the Committee determines in its
discretion to take the actions contemplated under paragraph (1) above of this Section 8.4(b) with respect to all or any
Awards, the Committee shall ensure that, upon consummation of the Transaction, any such Awards are assumed and/or exchanged or
replaced with another similar award issued by the acquiring or succeeding entity (or an affiliate thereof) and that, as a result
of such assumption and/or exchange or replacement, the holder of such assumed Award and/or such exchanged or replaced similar award
has the right to purchase or receive the value of, for each share of Stock subject to such Award immediately prior to the consummation
of the Transaction, the consideration (whether cash, securities or other property) received as a result of the Transaction by holders
of Stock for each share of Stock held immediately prior to the consummation of the Transaction (and if holders were offered a choice
of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares of Stock); provided,
however, that if such consideration received as a result of the Transaction is not solely common stock (or its equivalent)
of the acquiring or succeeding entity (or an affiliate thereof), the Committee may, with the consent of the acquiring or succeeding
entity (or an affiliate thereof), provide for the consideration to be received with respect to such assumed Award and/or such exchanged
or replaced similar award to consist of or be based solely on common stock (or its equivalent) of the acquiring or succeeding entity
(or an affiliate thereof) equivalent in value to the per share consideration received by holders of outstanding shares of Stock
as a result of the Transaction; and provided, further, that if such Award is an Option, the holder of such Option
must exercise the Option and make payment of the applicable exercise price in connection therewith in order to receive such consideration.

 

    	 	13 	 

     

    

 

(c)       Treatment of Other Awards.
Upon the occurrence of a Transaction other than a liquidation or dissolution of the Company which is not part of another form
of Transaction, then, subject to the provisions of Section 9 below, with respect to all outstanding Awards (other than Options
and Share Appreciation Rights) that are not terminated prior to or upon such Transaction, the repurchase and other rights of the
Company under each such Award shall inure to the benefit of the Company’s successor and shall, unless the Committee determines
otherwise, apply to the cash, securities or other property which the Stock was converted into or exchanged for pursuant to such
Transaction in the same manner and to the same extent as they applied to the Award.

 

(d)       Related Matters. In
taking any of the actions permitted under this Section 8.4, the Committee shall not be obligated to treat all Awards, all
Awards held by a Participant, or all Awards of the same type, identically. Any determinations required to carry out the foregoing
provisions of this Section 8.4, including but not limited to the market value of other consideration received by holders
of Stock in a Transaction and whether substantially equivalent Rights have been substituted, shall be made by the Committee acting
in its sole discretion. In connection with any action or actions taken by the Committee in respect of Awards and in connection
with a Transaction, the Committee may require such acknowledgements of satisfaction and releases from Participants as it may determine.

 

		9.	Change of Control

 

Except as otherwise provided below, upon
the occurrence of a Change of Control, to the extent that the surviving entity declines to continue, convert, assume or replace
outstanding Awards, then, notwithstanding anything express or implied to the contrary in Section 8.4 above:

 

(a)       any
and all Options and Stock Appreciation Rights not already exercisable in full shall Accelerate with respect to 100% of the shares
for which such Options or Stock Appreciation Rights are not then exercisable;

 

(b)       any
Risk of Forfeiture applicable to Restricted Stock and Restricted Stock Units which is not based on achievement of Performance Goals
or other business objectives shall lapse with respect to 100% of the Restricted Stock and Restricted Stock Units still subject
to such Risk of Forfeiture immediately prior to the Change of Control; and

 

(c)       all
outstanding Awards of Restricted Stock and Restricted Stock Units conditioned on the achievement of Performance Goals or other
business objectives and the payouts attainable under outstanding Performance Units shall be deemed to have been satisfied as of
the effective date of the Change of Control, except if and to the extent otherwise determined by the Committee in its sole discretion
at any time prior to, or upon, such Change of Control.

 

All such Awards of Performance Units and Restricted Stock Units
shall be paid to the extent earned to Participants in accordance with their terms within thirty (30) days following the effective
date of the Change of Control. None of the foregoing shall apply, however, (i) in the case of any Award pursuant to an Award
Agreement requiring other or additional terms upon a Change of Control (or similar event), (ii) if specifically prohibited
under applicable laws, or by the rules and regulations of any governing governmental agencies or national securities exchanges,
or (iii) as otherwise provided in Section 7.7, concerning Performance-Based Awards.

 

		10.	Settlement of Awards

 

10.1.       In General. Options and Restricted
Stock shall be settled in accordance with their terms. All other Awards may be settled in cash, Stock, or other Awards, or a combination
thereof, as determined by the Committee at or after grant and subject to any contrary Award Agreement. The Committee may not require
settlement of any Award in Stock pursuant to the immediately preceding sentence to the extent issuance of such Stock would be prohibited
or unreasonably delayed by reason of any other provision of the Plan.

 

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10.2.       Violation of Law. Notwithstanding
any other provision of the Plan or the relevant Award Agreement, if, at any time, in the reasonable opinion of the Company, the
issuance of shares of Stock covered by an Award may constitute a violation of law, then the Company may delay such issuance until
(i) approval shall have been obtained from such governmental agencies, other than the Securities and Exchange Commission,
as may be required under any applicable law, rule, or regulation and (ii) in the case where such issuance would constitute
a violation of a law administered by or a regulation of the Securities and Exchange Commission, one of the following conditions
shall have been satisfied:

 

(a)       the
shares of Stock are at the time of the issue of such shares effectively registered under the Securities Act of 1933, as amended;
or

 

(b)       the
Company shall have determined, on such basis as it deems appropriate (including an opinion of counsel in form and substance satisfactory
to the Company) that the sale, transfer, assignment, pledge, encumbrance or other disposition of such shares does not require registration
under the Securities Act of 1933, as amended or any applicable State securities laws.

 

Furthermore, the inability of the Company to obtain or maintain,
or the impracticability of it obtaining or maintaining, authority from any governmental agency having jurisdiction, which authority
is deemed by the Company’s counsel to be necessary to the lawful issuance of any Stock hereunder, shall relieve the Company
of any liability in respect of the failure to issue such Stock as to which such requisite authority shall not have been obtained,
and shall constitute circumstances in which the Committee may determine to amend or cancel Awards pertaining to such Stock, with
or without consideration to the affected Participants.

 

10.3.       Corporate Restrictions on Rights
in Stock. Any Stock to be issued pursuant to Awards granted under the Plan shall be subject to all restrictions upon the transfer
thereof which may be now or hereafter imposed by the charter, certificate or articles, and by-laws, of the Company. Whenever Stock
is to be issued pursuant to an Award, if the Committee so directs at or after grant, the Company shall be under no obligation
to issue such shares until such time, if ever, as the recipient of the Award (and any person who exercises any Option, in whole
or in part), shall have become a party to and bound by the Stockholders’ Agreement, if any.

 

10.4.       Investment Representations.
The Company shall be under no obligation to issue any shares of Stock covered by any Award unless the shares to be issued pursuant
to Awards granted under the Plan have been effectively registered under the Securities Act of 1933, as amended, or the Participant
shall have made such written representations to the Company (upon which the Company believes it may reasonably rely) as the Company
may deem necessary or appropriate for purposes of confirming that the issuance of such shares will be exempt from the registration
requirements of that Act and any applicable state securities laws and otherwise in compliance with all applicable laws, rules
and regulations of any jurisdiction in which Participants may reside or primarily work, including but not limited to that the
Participant is acquiring the shares for his or her own account for the purpose of investment and not with a view to, or for sale
in connection with, the distribution of any such shares.

 

10.5.       Registration. If the Company
shall deem it necessary or desirable to register under the Securities Act of 1933, as amended, or other applicable statutes any
shares of Stock issued or to be issued pursuant to Awards granted under the Plan, or to qualify any such shares of Stock for exemption
from the Securities Act of 1933, as amended or other applicable statutes, then the Company shall take such action at its own expense.
The Company may require from each recipient of an Award, or each holder of shares of Stock acquired pursuant to the Plan, such
information in writing for use in any registration statement, prospectus, preliminary prospectus or offering circular as is reasonably
necessary for that purpose and may require reasonable indemnity to the Company and its officers and directors from that holder
against all losses, claims, damage and liabilities arising from use of the information so furnished and caused by any untrue statement
of any material fact therein or caused by the omission to state a material fact required to be stated therein or necessary to make
the statements therein not misleading in the light of the circumstances under which they were made. In addition, the Company may
require of any such person that he or she agree that, without the prior written consent of the Company or the managing underwriter
in any public offering of shares of Stock, he or she will not sell, make any short sale of, loan, grant any option for the purchase
of, pledge or otherwise encumber, or otherwise dispose of, any shares of Stock during the 180 day period commencing on the
effective date of the registration statement relating to the underwritten public offering of securities (or during such shorter
or longer period of time as the Committee shall determine in its sole discretion, which period of time shall commence from and
after such effective date of such registration statement). Without limiting the generality of the foregoing provisions of this
Section 10.5, if in connection with any underwritten public offering of securities of the Company the managing underwriter
of such offering requires that the Company’s directors and officers enter into a lock-up agreement containing provisions
that are more restrictive than the provisions set forth in the preceding sentence, then (a) each holder of shares of Stock
acquired pursuant to the Plan (regardless of whether such person has complied or complies with the provisions of clause (b)
below) shall be bound by, and shall be deemed to have agreed to, the same lock-up terms as those to which the Company’s directors
and officers are required to adhere; and (b) at the request of the Company or such managing underwriter, each such person
shall execute and deliver a lock-up agreement in form and substance equivalent to that which is required to be executed by the
Company’s directors and officers.

 

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10.6.       Placement of Legends; Stop Orders;
etc. Each share of Stock to be issued pursuant to Awards granted under the Plan may bear a reference to the investment representations
made in accordance with Section 10.4 in addition to any other applicable restrictions under the Plan, and the terms of the
Award and under the Stockholders’ Agreement and, if applicable, to the fact that no registration statement has been filed
with the Securities and Exchange Commission in respect to such shares of Stock. All shares of Stock or other securities issued
under the Plan shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under
the rules, regulations, and other requirements of any stock exchange upon which the Stock is then listed, and any applicable federal
or state securities law, and the Committee may cause a legend or legends to be placed on any such certificates to make appropriate
reference to such restrictions, or, if the Stock will be held in book-entry position through the direct registration system of
the Company’s transfer agent, the restrictions will be appropriately noted.

 

10.7.       Tax Withholding. Whenever shares
of Stock are issued or to be issued pursuant to Awards granted under the Plan, the Company shall have the right to require the
recipient to remit to the Company an amount sufficient to satisfy federal, state, local, foreign or other withholding tax requirements
if, when, and to the extent required by law (whether so required to secure for the Company an otherwise available tax deduction
or otherwise) prior to the delivery of any certificate or certificates, held in book-entry position through the direct registration
system of the Company’s transfer agent, for such shares. The obligations of the Company under the Plan shall be conditional
on satisfaction of all such withholding obligations and the Company shall, to the extent permitted by law, have the right to deduct
any such taxes from any payment of any kind otherwise due to a Participant or to utilize any other withholding method prescribed
by the Committee from time to time. However, in such cases Participants may elect, subject to the approval of the Committee, acting
in its sole discretion, to satisfy an applicable withholding requirement, in whole or in part, by having the Company withhold shares
of Stock to satisfy their tax obligations. All elections shall be irrevocable, made in writing, signed by the Participant, and
shall be subject to any restrictions or limitations that the Committee deems appropriate. If shares of Stock are withheld to satisfy
an applicable withholding requirement, the shares of Stock withheld shall have a Market Value on the date the tax is to be determined
equal to the minimum statutory total tax which could be imposed on the transaction, provided, however, if shares
of Stock are withheld to satisfy a withholding requirement imposed by a country other than the United States, the amount withheld
may exceed such minimum, provided that it is not in excess of the actual amount required to be withheld with respect to the Participant
under applicable tax law or regulations.

 

    	 	16 	 

     

    

 

10.8.       Company Charter and By-Laws; Other
Company Policies. This Plan and all Awards granted hereunder are subject to the charter and By-Laws of the Company, as they
may be amended from time to time, and all other Company policies duly adopted by the Board, the Committee or any other committee
of the Board and as in effect from time to time regarding the acquisition, ownership or sale of Stock by officers, employees, directors,
consultants, advisors and other service providers, including, without limitation, policies intended to limit the potential for
insider trading and to avoid or recover compensation payable or paid on the basis of inaccurate financial results or statements,
employee conduct, and other similar events.

 

		11.	Reservation of Stock

 

The Company shall at all times during the
term of the Plan and any outstanding Awards granted hereunder reserve or otherwise keep available such number of shares of Stock
as will be sufficient to satisfy the requirements of the Plan (if then in effect) and the Awards and shall pay all fees and expenses
necessarily incurred by the Company in connection therewith.

 

		12.	Limitation of Rights in Stock; No Special Service Rights

 

A Participant shall not be deemed for any
purpose to be a stockholder of the Company with respect to any of the shares of Stock subject to an Award, unless and until a certificate
shall have been issued therefor and delivered to the Participant or his agent, or the Stock shall be issued through the direct
registration system of the Company’s transfer agent. Any Stock to be issued pursuant to Awards granted under the Plan shall
be subject to all restrictions upon the transfer thereof which may be now or hereafter imposed by the certificate or articles of
incorporation and the by-laws of the Company. Nothing contained in the Plan or in any Award Agreement shall confer upon any recipient
of an Award any right with respect to the continuation of his or her employment or other association with the Company (or any Affiliate),
or interfere in any way with the right of the Company (or any Affiliate), subject to the terms of any separate employment or consulting
agreement or provision of law or corporate articles or by-laws to the contrary, at any time to terminate such employment or consulting
agreement or to increase or decrease, or otherwise adjust, the other terms and conditions of the recipient’s employment or
other association with the Company and its Affiliates.

 

		13.	Unfunded Status of Plan

 

The Plan is intended to constitute an “unfunded”
plan for incentive compensation, and the Plan is not intended to constitute a plan subject to the provisions of the Employee Retirement
Income Security Act of 1974, as amended. With respect to any payments not yet made to a Participant by the Company, nothing contained
herein shall give any such Participant any rights that are greater than those of a general creditor of the Company. In its sole
discretion, the Committee may authorize the creation of trusts or other arrangements to meet the obligations created under the
Plan to deliver Stock or payments with respect to Awards hereunder, provided, however, that the existence of such trusts
or other arrangements is consistent with the unfunded status of the Plan.

 

		14.	Nonexclusivity of the Plan

 

Neither the adoption of the Plan by the
Board nor any action taken in connection with the adoption or operation of the Plan shall be construed as creating any limitations
on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including without limitation, the
granting of stock options and restricted stock other than under the Plan, and such arrangements may be either applicable generally
or only in specific cases.

 

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		15.	No Guarantee of Tax Consequences

 

It is intended that all Awards shall be
granted and maintained on a basis which ensures they are exempt from, or otherwise compliant with, the requirements of Section 409A
of the Code, pertaining non-qualified plans of deferred compensation, and the Plan shall be governed, interpreted and enforced
consistent with such intent. However, neither the Company nor any Affiliate, nor any director, officer, agent, representative or
employee of either, guarantees to the Participant or any other person any particular tax consequences as a result of the grant
of, exercise of rights under, or payment in respect of an Award, including but not limited to that an Option granted as an Incentive
Option has or will qualify as an “incentive stock option” within the meaning of Section 422 of the Code or that
the provisions and penalties of Section 409A of the Code will or will not apply and no person shall have any liability to
a Participant or any other party if a payment under an Award that is intended to benefit from favorable tax treatment or avoid
adverse tax treatment fails to realize such intention or for any action taken by the Board or the Committee with respect to the
Award.

 

		16.	Termination and Amendment of the Plan

 

16.1.       Termination or Amendment of the
Plan. Subject to the limitations contained in Section 16.3 below, including specifically the requirement of stockholder
approval, if applicable, the Board may at any time suspend or terminate the Plan or make such modifications of the Plan as it
shall deem advisable. Unless the Board otherwise expressly provides, no amendment of the Plan shall affect the terms of any Award
outstanding on the date of such amendment.

 

16.2.       Termination or Amendment of Outstanding
Awards; Assumptions. Subject to the limitations contained in Section 16.3 below, including specifically the requirement
of stockholder approval, if applicable, the Committee may at any time:

 

(a)       amend
the terms of any Award theretofore granted, prospectively or retroactively, provided that the Award as amended is consistent with
the terms of the Plan;

 

(b)       within
the limitations of the Plan, modify, extend or assume outstanding Awards or accept the cancellation of outstanding Awards or of
outstanding stock options or other equity-based compensation awards granted by another issuer in return for the grant of new Awards
for the same or a different number of shares of Stock and on the same or different terms and conditions (including but not limited
to the exercise price of any Option); and

 

(c)       offer
to buy out for a payment in cash or cash equivalents an Award previously granted or authorize the recipient of an Award to elect
to cash out an Award previously granted, in either case at such time and based upon such terms and conditions as the Committee
shall establish.

 

16.3.       Limitations on Amendments, Etc.

 

(a)       Without
the approval of the Company’s stockholders, no amendment or modification of the Plan by the Board may (i) increase the
number of shares of Stock which may be issued under the Plan, (ii) change the description of the persons eligible for Awards,
or (iii) effect any other change for which stockholder approval is required by law or the rules of any relevant stock exchange.

 

(b)       No
action by the Board or the Committee pursuant to this Section 16 shall impair the rights of the recipient of any Award outstanding
on the date of such amendment or modification of such Award, as the case may be, without the Participant’s consent; provided,
however, that no such consent shall be required (A) in the case of any amendment or termination of any outstanding Award
that is permitted by any provision of this Plan that is set forth in Section 16.4 below, Section 8, Section 9 or
in any other section of this Plan that is not Section 16.2 or (B) if the Board or Committee, as the case may be, (i) determines
in its sole discretion and prior to the date of any Change of Control that such amendment or alteration either is required or advisable
in order for the Company, the Plan or the Award to satisfy any law or regulation, including without limitation the provisions of
Section 409A of the Code, or to meet the requirements of or avoid adverse financial accounting consequences under any accounting
standard, (ii) determines in its sole discretion and prior to the date of any Change of Control that such amendment or alteration
is not reasonably likely to significantly diminish the benefits provided under the Award, or that any such diminution has been
adequately compensated, or (iii) reasonably determines on or after the date of Change of Control that such amendment or alteration
either is required or advisable in order for the Company, the Plan or the Award to satisfy any law or regulation, including without
limitation the provisions of Section 409A of the Code.

 

    	 	18 	 

     

    

 

16.4        Option Repricing. Notwithstanding
anything in Section 16.3 express or implied to the contrary, the Committee is expressly authorized to amend any or all outstanding
Options at any time and from time to time to effect a repricing thereof by lowering the exercise price applicable to the shares
of Stock subject to such Option or Options without the consent or approval of the stockholders of the Company or the holder or
holders of such Option or Options, and, in connection with such repricing, to amend or modify any of the other terms of the Option
or Options so repriced, including, without limitation, for purposes of reducing the number of shares subject to such Option or
Options or for purposes of adversely affecting the provisions applicable to such Option or Options that relate to the vesting or
exercisability thereof, in each case without the approval or consent of stockholders of the Company or the holder or holders of
such Option or Options.

 

		17.	Notices and Other Communications

 

Any communication or notice required or
permitted to be given under the Plan shall be in such form as the Committee may determine from time to time. If a notice, demand,
request or other communication is required or permitted to be given in writing, then any such notice, demand, request or other
communication hereunder to any party shall be deemed to be sufficient if contained in a written instrument delivered in person
or duly sent by first class registered, certified or overnight mail, postage prepaid, or telecopied with a confirmation copy by
regular, certified or overnight mail, addressed or telecopied, as the case may be, (i) if to the recipient of an Award, at
his or her residence address last filed with the Company and (ii) if to the Company, at its principal place of business, addressed
to the attention of its Treasurer, or to such other address or telecopier number, as the case may be, as the addressee may have
designated by notice to the addressor. All such notices, requests, demands and other communications shall be deemed to have been
received: (i) in the case of personal delivery, on the date of such delivery; (ii) in the case of mailing, when received
by the addressee; and (iii) in the case of facsimile transmission, when confirmed by facsimile machine report.

 

		18.	Governing Law

 

The Plan and all Award Agreements and actions
taken hereunder and thereunder shall be governed, interpreted and enforced in accordance with the laws of the Commonwealth of Massachusetts,
without regard to the conflict of laws principles thereof.

 

    	 	19Exhibit 10.2

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS EXECUTIVE EMPLOYMENT
AGREEMENT (this “Agreement”) is entered into by and between ArTara Therapeutics, Inc. (the “Company”),
and Jesse Shefferman (“Executive”) (collectively referred to as the “Parties” or individually
referred to as a “Party”).

 

R E C I T A L S

 

WHEREAS, the Company,
Proteon Therapeutics, Inc., and REM 1 Acquisition, Inc. have entered into that certain Agreement and Plan of Merger and Reorganization
(as amended, modified, or supplemented from time to time in accordance with its terms, the “Merger Agreement”).
The effective date of this Agreement will be the date upon which the Parties fully execute this Agreement (the “Effective
Date”). If the anticipated transactions contemplated in the Merger Agreement are not consummated, then this Agreement
will have no effect, will not be binding on the Company (or any of its affiliates) or on Executive, shall terminate as of the termination
of the Merger Agreement, and neither Executive nor the Company (or any of its affiliates) shall have rights or obligations hereunder;

 

WHEREAS, subject to
the foregoing, the Company desires to employ Executive as its Chief Executive Officer, and to enter into an agreement embodying
the terms of such employment; the Company desires for Executive to serve as a member of its Board of Directors during the Employment
Term; and Executive desires to accept such employment and enter into such an agreement.

 

A G R E E M E N T

 

NOW, THEREFORE, in
consideration of the premises and mutual covenants herein and for other good and valuable consideration, the Parties agree as follows:

 

1.            Duties
and Scope of Employment.

 

(a) Positions and
Duties. As of the Effective Date, Executive will serve as Chief Executive Officer of the Company. Executive will render such
business and professional services in the performance of Executive’s duties, consistent with Executive's position within
the Company, as shall reasonably be assigned to Executive by the Company’s Board of Directors (the “Board”).
The period of Executive’s at-will employment under the terms of this Agreement is referred to herein as the “Employment
Term.”

 

(b) Board Membership.
During the Employment Term, Executive will serve as a member of the Board, subject to any required Board and/or stockholder approval.

 

(c) Obligations.
During the Employment Term, Executive will perform Executive’s duties faithfully and to the best of Executive’s ability
and will devote Executive’s full business efforts and time to the Company. For the duration of the Employment Term, Executive
agrees not to actively engage in any other employment, occupation or consulting activity for any direct or indirect remuneration
without the prior approval of the Company’s Board.

 

2.            At-Will Employment. Subject to Sections 7, 8, and 9 below, the parties agree that Executive's employment with the Company will be “at-will”
employment and may be terminated at any time with or without cause or notice, for any reason or no reason. Executive understands
and agrees that neither Executive’s job performance nor promotions, commendations, bonuses or the like from the Company give
rise to or in any way serve as the basis for modification, amendment, or extension, by implication or otherwise, of Executive’s
employment with the Company.

 

     

     

    

 

3.            Compensation.

 

(a) Base Salary.
During the Employment Term prior to the Closing (as defined in the Merger Agreement), the Company will pay Executive as compensation
for Executive’s services a base salary at a rate of $365,000 per year, as modified from time to time at the discretion of
the Board or a duly constituted committee of the Board (the “Base Salary”). During the Employment Term on and
after the Closing Date, the Base Salary will increase to a rate of $510,000 per year, as modified from time to time at the discretion
of the Board or a duly constituted committee of the Board (the “Base Salary”). The Base Salary will be paid
in regular installments in accordance with the Company’s normal payroll practices (subject to required withholding). Any
increase in Base Salary (together with the then existing Base Salary) shall serve as the “Base Salary” for future
employment under this Agreement. The first and last payment will be adjusted, if necessary, to reflect a commencement or termination
date other than the first or last working day of a pay period.

 

(b)
Annual Bonus. During the Employment Term prior to the Closing (as defined in the Merger Agreement), Executive will be eligible
to earn an annual discretionary bonus with a target amount equal to 35% of the Base Salary. During the Employment Term on and
after the Closing Date, the target amount will increase to 50% of the Base Salary. The amount of this bonus, if any, will be determined
in the sole discretion of the Board and based on the performance of the Company during the calendar year. The Company will pay
Executive this bonus, if any, on or about February 1st of the following calendar year. The bonus is not earned until
paid and no pro-rated amount will be paid if Executive’s employment terminates for any reason prior to the payment date.

 

(c) Special Bonus:
Pursuant to terms agreed to by the Board of Directors at the March 5, 2019 Board meeting, Executive will receive a special bonus
of $100,000.00, less applicable withholdings, upon successful close of a capital raise totaling $20,000,000 in new capital in ArTara

 

(d) Equity. As
of the Closing Date, it will be recommended to the Board that the Company grants Executive an option to purchase the greater of
222,500 shares or the number of shares equal to 9.0% of the Company’s fully-diluted, pro-forma shares on an as-converted
basis giving consideration to the anticipated reverse split and adjustments to exchange ratio and closing cash, of the Company’s
common stock at the fair market value as determined by the Board as of the date of grant (the “Option”). To
be eligible, Executive must still be employed by the Company when the Board grants the Option. It is intended that the Option
shall, to the extent it so qualifies, be an incentive stock option as defined in Section 422 of the Internal Revenue Code of 1986,
as amended (the “Code”) and any regulations promulgated thereunder. Subject to the accelerated vesting provisions
set forth herein, the Option will vest as to 25% of the shares subject to the Option one year after the date of grant, and as
to 1/48th of the shares subject to the Option monthly thereafter, so that the Option will be fully vested and exercisable four
(4) years from the date of grant, subject to Executive’s Continuous Service Status (as defined in the Plan) to the Company
through the relevant vesting dates. The Option will be subject to the terms, definitions and provisions of the Proteon Therapeutics,
Inc. Amended and Restated 2014 Equity Incentive Plan or any successor plan of the Company (the “Option Plan”)
and the stock option agreement by and between Executive and the Company (the “Option Agreement”), both of which
documents are incorporated herein by reference.

 

(i)       Executive will
be eligible to receive awards of stock options, restricted stock or other equity awards pursuant to any plans or arrangements the
Company may have in effect from time to time. The Board or a committee of the Board shall determine in its discretion whether Executive
shall be granted any such equity awards and the terms of any such award in accordance with the terms of any applicable plan or
arrangement that may be in effect from time to time.

 

4.            Employee Benefits.
During the Employment Term, Executive will be eligible to participate in the employee benefit plans currently and hereafter maintained
by the Company of general applicability to other senior executives of the Company, including, without limitation, the Company’s
group medical, dental, vision, disability, life insurance, and flexible-spending account plans.
The Company reserves the right to cancel or change the benefit plans and programs it offers to its employees at any time.

 

    	 	-2-	 

     

    

 

5.            Business Expenses. During the Employment Term, the Company will reimburse Executive for reasonable business travel, entertainment
or other business expenses incurred by Executive in the furtherance of or in connection with the performance of Executive’s
duties hereunder, in accordance with the Company’s expense reimbursement policy as in effect from time to time.

 

 6.            Termination on Death or Disability.

 

(a) Effectiveness.
Executive’s employment will terminate automatically upon Executive’s Death or, upon fourteen (14) days prior written
notice from the Company, in the event of Disability.

 

(b) Effect of Termination.
Upon any termination for death or Disability, Executive or his dependents shall be entitled to: (i) Executive’s Base Salary
through the effective date of termination; (ii) the right to continue health care benefits under Title X of the Consolidated Budget
Reconciliation Act of 1985, as amended (“COBRA”), at the Company’s expense for a period of six (6) months
(for the benefit of his estate to obtain alternative benefits coverage and to the extent required and available by law); (iii)
reimbursement of expenses for which Executive is entitled to be reimbursed pursuant to Section 5 above, but for which Executive
has not yet been reimbursed; and (iv) no other severance or benefits of any kind, unless required by law or pursuant to any other
written Company plans or policies, as then in effect.

 

7.            Involuntary
Termination for Cause; Resignation Without Good Reason.

 

(a) Effectiveness.
Notwithstanding any other provision of this Agreement, the Company may terminate Executive’s employment at any time for Cause
or Executive may resign from Executive’s employment with the Company at any time without Good Reason. Termination for Cause,
or Executive’s resignation without Good Reason, shall be effective on the date either Party gives notice to the other Party
of such termination in accordance with this Agreement unless otherwise agreed by the Parties. In the event that the Company accelerates
the effective date of a resignation, such acceleration shall not be construed as a termination of Executives employment by the
Company or deemed Good Reason for such resignation.

 

(b) Effect of Termination.
In the case of the Company’s termination of Executive’s employment for Cause, or Executive’s resignation without
Good Reason, Executive shall be entitled to receive: (i) Base Salary through the effective date of the termination or resignation,
as applicable; (ii) reimbursement of all business expenses for which Executive is entitled to be reimbursed pursuant to Section
5 above, but for which Executive has not yet been reimbursed; (iii) the right to continue health care benefits under COBRA, at
Executive’s cost, to the extent required and available by law; and (iv) no other severance or benefits of any kind, unless
required by law or pursuant to any other written Company plans or policies, as then in effect.

 

8.            Involuntary
Termination Without Cause; Resignation for Good Reason.

 

(a) Effect of Termination.
The Company shall be entitled to terminate Executive with or without Cause at any time, subject to the following:

 

(i) If
Executive is terminated by the Company involuntarily without Cause (excluding any termination due to death or Disability) or
Executive resigns for Good Reason, then, subject to the limitations of Sections 8(b) and 25 below, Executive shall be
entitled to receive: (A) Executive’s Base Salary through the effective date of the termination or resignation; (B) a
lump sum severance pay equal to eighteen (18) months of Executive’s Base Salary; (C) a lump sum payment equal to 12
months of Executive’s bonus at 100% of target (D) reimbursement of all business expenses for which Executive is
entitled to be reimbursed pursuant to Section 5 above, but for which Executive has not
yet been reimbursed; (E) reimbursement of COBRA premium costs paid by the Company for the same level of coverage Executive had
during employment for twelve (12) months; (F) pro-rata vesting of any outstanding equity awards to the extent that Executive is
not employed through the one-year anniversary of the applicable grant date of such outstanding equity awards; (G) any unused and
accrued vacation; and (H) no other severance or benefits of any kind, unless required by law or pursuant to any written Company
plans or policies, as then in effect.

 

    	 	-3-	 

     

    

  

(b) Conditions Precedent.
Any severance payments contemplated by Section 8(a) above are conditional on Executive: (i) continuing to comply with the terms
of this Agreement and the Confidential Information Agreement; and (ii) signing and not revoking a separation agreement and release
of known and unknown claims in the form provided by the Company (including nondisparagement and no cooperation provisions) (the
 “Release”) and provided that such Release becomes effective and irrevocable no later than sixty (60) days following
the termination date or such earlier date required by the release (such deadline, the “Release Deadline”). If
the Release does not become effective by the Release Deadline, Executive will forfeit any rights to severance or benefits under
this Section 8 or elsewhere in this Agreement. Any severance payments or other benefits under this Agreement that would be considered
Deferred Compensation Separation Benefits (as defined in Section 25) will be paid on, or, in the case of installments, will not
commence until, the sixtieth (60th) day following Executive’s separation from service, or, if later, such time as required
by Section 25(b). Except as required by Section 25(b), any installment payments that would have been made to Employee during the
sixty (60) day period immediately following Executive’s separation from service but for the preceding sentence will be paid
to Executive on the sixtieth (60th) day following Executive’s separation from service and the remaining payments will be
made as provided in this Agreement, unless subject to the 6-month payment delay described herein. Any severance payments under
this Agreement that would not be considered Deferred Compensation Separation Benefits will be paid on, or, in the case of installments,
will not commence until, the first payroll date that occurs on or after the date the Release becomes effective and any installment
payments that would have been made to Executive during the period prior to the date the Release becomes effective following Executive’s
separation from service but for the preceding sentence will be paid to Executive on the first payroll date that occurs on or after
the date the Release becomes effective. Notwithstanding the foregoing, this Section 8(b) shall not limit Executive’s ability
to obtain expense reimbursements under Section 5 or any other compensation or benefits otherwise required by law or in accordance
with written Company plans or policies, as then in effect.

 

9.            Definitions.

 

(a) Cause. For
purposes of this Agreement, “Cause” shall mean: (i) Executive’s willful and continued failure to substantially
perform the material duties and obligations under this Agreement (for reasons other than death or Disability), which failure, if
curable within the discretion of the Company, is not cured to the reasonable satisfaction of the Company within thirty (30) days
after receipt of written notice from the Company of such failure; (ii) Executive’s failure or refusal to comply with the
policies, standards and regulations established by the Company from time to time which results in a material loss, damage or injury
directly to the Company, and, if curable in the discretion of the Company, is not cured to the reasonable satisfaction of the Company
within thirty (30) days after receipt of written notice of such failure from the Company; (iii) any act of personal dishonesty,
fraud, embezzlement, misrepresentation, or other unlawful act committed by Executive that benefits Executive at the expense of
the Company; (iv) the Executive’s violation of a federal or state law or regulation applicable to the Company’s business;
(v) the Executive’s violation of, or a plea of nolo contendre or guilty to, a felony under the laws of the United States
or any state; or (vi) the Executive’s material breach of the terms of this Agreement or the Confidential Information Agreement
(defined below).

 

(b) Change in Control.
For purposes of this Agreement, “Change in Control” shall have the meaning attributed to such term in the Option Plan
but shall not include the transaction contemplated by the Merger Agreement.

 

    	 	-4-	 

     

    

 

(c) Disability.
For purposes of this Agreement, “Disability” means that Executive, at the time notice is given, has been unable
to substantially perform Executive’s duties under this Agreement for not less than one-hundred and twenty (120) work days
within a twelve (12) consecutive month period as a result of Executive’s incapacity due to a physical or mental condition
and, if reasonable accommodation is required by law, after any reasonable accommodation.

 

(d) Good Reason.
For purposes of this Agreement, “Good Reason” means Executive’s written notice of Executive’s intent
to resign for Good Reason with a reasonable description of the grounds therefor within 10 days after the occurrence of one or more
of the following without Executive’s consent, and subsequent resignation within 30 days following the expiration of any Company
cure period (discussed below): (i) a material reduction of Executive’s duties, position or responsibilities; (ii) a material
reduction in Executive’s Base Salary (other than a reduction of not more than 10% that is applicable to similarly situated
executives of the Company); (iii) a material breach of this Agreement by the Company; or (iv) a material change in the geographic
location of Executive’s primary work facility or location; provided, that a relocation of less than 50 miles from Executive’s
then present location will not be considered a material change in geographic location. Executive will not resign for Good Reason
without first providing the Company with written notice of the acts or omissions constituting the grounds for “Good Reason”
within 30 days of the initial existence of the grounds for “Good Reason” and a reasonable cure period of not less than
30 days following the date of such notice if such act or omission is capable of cure.

 

10.           Acceleration of Options; Change in Control. If within twelve (12) months following a Change in Control (as defined
above) the Company or the successor corporation terminates Executive’s employment with the Company or successor corporation
for other than Cause, death or Disability, then Executive shall be entitled to acceleration of 100% of Executive’s then-unvested
and outstanding equity awards.

 

 11.          Company Matters.

 

(a) Proprietary Information
and Inventions. In connection with Executive’s employment with the Company, Executive will receive and have access to
Company confidential information and trade secrets. Accordingly, enclosed with this Agreement is an Employee Confidential Information
and Inventions Assignment Agreement (the “Confidential Information Agreement”) which contains restrictive covenants
and prohibits unauthorized use or disclosure of the Company’s confidential information and trade secrets, among other obligations.
Executive agrees to review the Confidential Information Agreement and only sign it after careful consideration.

 

(b) Resignation on
Termination. On termination of Executive’s employment, regardless of the reason for such termination, Executive shall
immediately (and with contemporaneous effect) resign any directorships, offices or other positions that Executive may hold in the
Company or any affiliate, unless otherwise agreed in writing by the Parties.

 

(c) Notification of
New Employer. In the event that Executive leaves the employ of the Company, Executive grants consent to notification by the
Company to Executive’s new employer about Executive’s rights and obligations under this Agreement and the Confidential
Information Agreement.

  

    	 	-5-	 

     

    

 

12.          Arbitration.
To ensure the timely and economical resolution of disputes that may arise in connection with Executive’s employment
with the Company, Executive and the Company agree that any and all disputes, claims, or causes of action arising from or
relating to the enforcement, breach, performance, negotiation, execution, or interpretation of this Agreement, Confidential
Information Agreement, or Executive’s employment, or the termination of Executive’s employment, including but not
limited to all statutory claims, will be resolved pursuant to the Federal Arbitration Act, 9 U.S.C. §1-16, and to the
fullest extent permitted by law, by final, binding and confidential arbitration by a single arbitrator conducted in New
York, New York by Judicial Arbitration and Mediation Services Inc. (“JAMS”) under the then
applicable JAMS rules (at the following web address: https://www.jamsadr.com/rules-employment-arbitration/); provided,
however, this arbitration provision shall not apply to sexual harassment claims to the extent prohibited by applicable law. A
hard copy of the rules will be provided to Executive upon request. A hard copy of the rules will be provided to Executive
upon request. By agreeing to this arbitration procedure, both Executive and the Company waive the right to resolve any
such dispute through a trial by jury or judge or administrative proceeding. In addition, all claims, disputes, or causes
of action under this Section, whether by Executive or the Company, must be brought in an individual capacity, and shall not
be brought as a plaintiff (or claimant) or class member in any purported class or representative proceeding, nor joined or
consolidated with the claims of any other person or entity. The Arbitrator may not consolidate the claims of more than one
person or entity, and may not preside over any form of representative or class proceeding. To the extent that the preceding
sentences regarding class claims or proceedings are found to violate applicable law or are otherwise found unenforceable, any
claim(s) alleged or brought on behalf of a class shall proceed in a court of law rather than by arbitration. The Company
acknowledges that Executive will have the right to be represented by legal counsel at any arbitration proceeding. Questions
of whether a claim is subject to arbitration under this Agreement) shall be decided by the arbitrator. Likewise, procedural
questions which grow out of the dispute and bear on the final disposition are also matters for the arbitrator. The arbitrator
shall: (a) have the authority to compel adequate discovery for the resolution of the dispute and to award such relief as
would otherwise be permitted by law; (b) issue a written arbitration decision, to include the arbitrator’s essential
findings and conclusions and a statement of the award; and (c) be authorized to award any or all remedies that Executive or
the Company would be entitled to seek in a court of law. Executive and the Company shall equally share all JAMS’
arbitration fees. Except as modified in the Confidential Information Agreement, each party is responsible for its own
attorneys’ fees. Nothing in this Agreement is intended to prevent either Executive or the Company from obtaining
injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration. Any awards or orders
in such arbitrations may be entered and enforced as judgments in the federal and state courts of any competent jurisdiction.
To the extent applicable law prohibits mandatory arbitration of sexual harassment claims, in the event Executive intend to
bring multiple claims, including a sexual harassment claim, the sexual harassment may be publicly filed with a court, while
any other claims will remain subject to mandatory arbitration.

 

13.           Assignment.
This Agreement will be binding upon and inure to the benefit of (a) the heirs, executors and legal representatives of Executive
upon Executive's death and (b) any successor of the Company. Any such successor of the Company will be deemed substituted for the
Company under the terms of this Agreement for all purposes. For this purpose, “successor” means any person, firm, corporation
or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially
all of the assets or business of the Company. None of the rights of Executive to receive any form of compensation payable pursuant
to this Agreement may be assigned or transferred except by will or the laws of descent and distribution. Any other attempted assignment,
transfer, conveyance or other disposition of Executive’s right to compensation or other benefits will be null and void.

 

14.           Notices.
All notices, requests, demands and other communications called for under this Agreement shall be in writing and shall be
delivered via e-mail, personally by hand or by courier, mailed by United States first-class mail, postage prepaid, or sent by
facsimile directed to the Party to be notified at the address or facsimile number indicated for such Party on the signature
page to this Agreement, or at such other address or facsimile number as such Party may designate by ten (10) days’
advance written notice to the other Parties hereto. All such notices and other communications shall be deemed given upon
personal delivery, three (3) days after the date of mailing, or upon confirmation of facsimile transfer or e- mail. Notices
sent via e-mail under this Section shall be sent to either the e-mail address in this Agreement, or for e-mails sent by the
Company to Executive, to the last e-mail address on file with the Company.

 

    	 	-6-	 

     

    

 

15.           Severability. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal,
unenforceable or void, this Agreement will continue in full force and effect without said provision.

 

16.           Integration. This Agreement, together with the Option Plan, Option Agreement, and the Confidential Information Agreement
represents the entire agreement and understanding between the parties as to the subject matter herein and supersedes all prior
or contemporaneous agreements whether written or oral. No waiver, alteration, or modification of any of the provisions of this
Agreement will be binding unless in writing and signed by duly authorized representatives of the parties hereto.

 

17.           Tax Withholding. All payments made pursuant to this Agreement will be subject to withholding of applicable taxes.

 

18.           Waiver. No Party shall be deemed to have waived any right, power or privilege under this Agreement or any provisions hereof
unless such waiver shall have been duly executed in writing and acknowledged by the Party to be charged with such waiver. The failure
of any Party at any time to insist on performance of any of the provisions of this Agreement shall in no way be construed to be
a waiver of such provisions, nor in any way to affect the validity of this Agreement or any part hereof. No waiver of any breach
of this Agreement shall be held to be a waiver of any other subsequent breach

 

19.           Governing Law. This Agreement will be governed by the laws of the State of New York (with the exception of its conflict
of laws provisions).

 

20.           Acknowledgment. Executive acknowledges that Executive has had the opportunity to discuss this matter with and obtain advice
from Executive’s legal counsel, has had sufficient time to, and has carefully read and fully understands all the provisions
of this Agreement, and is knowingly and voluntarily entering into this Agreement.

 

21.           Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed to be an original,
and all such counterparts shall constitute but one instrument.

 

22.           Effect of Headings. The section and subsection headings contained herein are for convenience only and shall not affect the
construction hereof.

 

23.           Construction of Agreement. This Agreement has been negotiated by the respective Parties, and the language shall not be construed
for or against either Party.

 

24.           Parachute Payments. If any payment or benefit Executive would receive from the Company or otherwise in connection with a
Change in Control or other similar transaction (a “280G Payment”) would (i) constitute a “parachute payment”
within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section
4999 of the Code (the “Excise Tax”), then any such 280G Payment (a “Payment”) shall be equal
to the Reduced Amount. The “Reduced Amount” shall be either (x) the largest portion of the Payment that would
result in no portion of the Payment (after reduction) being subject to the Excise Tax or (y) the largest portion, up to and including
the total, of the Payment, whichever amount (i.e., the amount determined by clause (x) or by clause (y)), after taking into account
all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable
marginal rate), results in Executive’s receipt, on an after-tax basis, of the greater economic benefit notwithstanding that
all or some portion of the Payment may be subject to the Excise Tax. If a reduction in a Payment is required pursuant to the preceding
sentence and the Reduced Amount is determined pursuant to clause (x) of the preceding sentence, the reduction shall occur in the
manner (the “Reduction Method”) that results in the greatest economic benefit for Executive. If more than one
method of reduction will result in the same economic benefit, the items so reduced will be reduced pro rata (the “Pro
Rata Reduction Method”). Notwithstanding the foregoing, if the Reduction Method or the Pro Rata Reduction Method would
result in any portion of the Payment being subject to taxes pursuant to Section 409A of the Code that would not otherwise be subject
to taxes pursuant to Section 409A of the Code, then the Reduction Method and/or the Pro Rata Reduction Method, as the case may
be, shall be modified so as to avoid the imposition of taxes pursuant to Section 409A of the Code as follows: (A) as a first priority,
the modification shall preserve to the greatest extent possible, the greatest economic benefit for Executive as determined on an
after-tax basis; (B) as a second priority, Payments that are contingent on future events (e.g., being terminated without cause),
shall be reduced (or eliminated) before Payments that are not contingent on future events; and (C) as a third priority, Payments
that are “deferred compensation” within the meaning of Section 409A of the Code shall be reduced (or eliminated) before
Payments that are not deferred compensation within the meaning of Section 409A of the Code.

 

    	 	-7-	 

     

    

  

(a) Unless Executive
and the Company agree on an alternative accounting firm, the accounting firm engaged by the Company for general tax compliance
purposes as of the day prior to the effective date of the Change in Control transaction triggering the Payment shall perform the
foregoing calculations. If the accounting firm so engaged by the Company is serving as accountant or auditor for the individual,
entity or group effecting the Change in Control transaction, the Company shall appoint a nationally recognized accounting firm
to make the determinations required hereunder. The Company shall bear all expenses with respect to the determinations by such accounting
firm required to be made hereunder. The Company shall use commercially reasonable efforts to cause the accounting firm engaged
to make the determinations hereunder to provide its calculations, together with detailed supporting documentation, to Executive
and the Company within 15 calendar days after the date on which Executive’s right to a 280G Payment becomes reasonably likely
to occur (if requested at that time by Executive or the Company) or such other time as requested by Executive or the Company.

 

(b) If Executive receive
a Payment for which the Reduced Amount was determined pursuant to clause (x) of the first paragraph of this Section and the Internal
Revenue Service determines thereafter that some portion of the Payment is subject to the Excise Tax, Executive shall promptly return
to the Company a sufficient amount of the Payment (after reduction pursuant to clause (x) of the first paragraph of this Section
so that no portion of the remaining Payment is subject to the Excise Tax. For the avoidance of doubt, if the Reduced Amount was
determined pursuant to clause (y) in the first paragraph of this Section, Executive shall have no obligation to return any portion
of the Payment pursuant to the preceding sentence.

 

25.          Section
409A.

 

(a) Notwithstanding anything
to the contrary in this Agreement, no severance pay or benefits to be paid or provided to Executive, if any, pursuant to this Agreement,
when considered together with any other severance payments or separation benefits that are considered deferred compensation under
Section 409A (together, the “Deferred Compensation Separation Benefits”) will be paid or otherwise provided
until Executive has a “separation from service” within the meaning of Section 409A.

 

(b) Notwithstanding anything
to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of Section 409A at the
time of Executive’s termination (other than due to death), then the Deferred Compensation Separation Benefits that are payable
within the first six (6) months following Executive’s separation from service, will become payable on the first payroll date
that occurs on or after the date six (6) months and one (1) day following the date of Executive’s separation from service.
All subsequent Deferred Compensation Separation Benefits, if any, will be payable in accordance with the payment schedule applicable
to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive dies following Executive’s separation
from service, but prior to the six (6) month anniversary of the separation from service, then any payments delayed in accordance
with this paragraph will be payable in a lump sum as soon as administratively practicable after the date of Executive’s death
and all other Deferred Compensation Separation Benefits will be payable in accordance with the payment schedule applicable to each
payment or benefit. Each payment and benefit payable under this
Agreement is intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations.

 

    	 	-8-	 

     

    

  

(c) Any amount paid under
this Agreement that satisfies the requirements of the “short-term deferral” rule set forth in Section 1.409A-1(b)(4)
of the Treasury Regulations will not constitute Deferred Compensation Separation Benefits for purposes of clause (a) above.

 

(d) Any amount
paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from service pursuant to
Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit will not constitute
Deferred Compensation Separation Benefits for purposes of clause (a) above. For purposes of this Agreement, “Section
409A Limit” will mean the lesser of two (2) times: (i) Executive’s annualized compensation based upon the
annual rate of pay paid to Executive during the Executive’s taxable year preceding Executive’s taxable year of
Executive’s termination of employment as determined under Treasury Regulation Section 1.409A-1(b)(9)(iii)(A)(1) and any
Internal Revenue Service guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account
under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which Executive’s employment is
terminated.

 

(e) The foregoing provisions
are intended to comply with the requirements of Section 409A so that none of the severance payments and benefits to be provided
hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so
comply. The Company and Executive agree to work together in good faith to consider amendments to this Agreement and to take such
reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition
prior to actual payment to Executive under Section 409A.

 

[Remainder of page is intentionally blank; Signature
page follows]

 

    	 	-9-	 

     

    

 

IN WITNESS WHEREOF, each of the Parties
has executed this Agreement as of the day and year first above written.

 

  

	 	“COMPANY”
	 	 	 
	 	ArTara Therapeutics, Inc.
	 	 	 
	 	By:	 /s/ Luke Beshar
	 	 	 
	 	Title:	 ArTara Chairperson
	 	 	 
	 	 	 
	 	“EXECUTIVE”
	 	 	 
	 	Jesse Shefferman
	 	 	 
	 	/s/ Jesse Shefferman
	 	Executive Name

 

Enclosures

Duplicate Executive Employment Agreement

Employee Confidential Information and Inventions Assignment
Agreement

New York Wage Notice Form (LS 59)

New York City Pregnancy Notice

New York City Earned Safe and Sick Time Act – Notice of
Rights

New York City Notice Regarding Sexual Harassment

 

 

ARTARA THERAPEUTICS,
INC.

EXECUTIVE EMPLOYMENT AGREEMENT

SIGNATURE PAGE

 

    	 	-10-	 

     

    

 

ARTARA THERAPEUTICS, INC.

 

 

December 4, 2019

 

 

Jesse Shefferman

c/o ArTara Therapeutics, Inc.

1 Little West 12th
Street

New York, NY 10014

 

Re: Amendment to Employment Agreement

 

Dear Jesse:

 

Reference
is hereby made to the Executive Employment Agreement (the “Agreement”), dated November 5, 2019, by and
between you and ArTara Therapeutics, Inc. (the “Company”). The purpose of this letter is to clarify the
intent of certain sections of the Agreement.

 

Section 3(c) of the Agreement is hereby
deleted and replaced with the following:

 

“(c) Special
Bonus. Pursuant to terms agreed to by the Board of Directors at its March 5, 2019 Board meeting, Executive shall be
entitled to receive a special bonus of $100,000.00, less applicable withholdings, upon successful close of a capital
raise totaling $20,000,000.00 in new capital in the Company (which, for clarity, shall include both the pre-Merger Company
and the surviving corporation in the Merger).”

 

The
first sentence of Section 3(d) of the Agreement is hereby deleted and replaced with the following:

 

“(d)
Equity. As of the Closing (as defined in the Merger Agreement), it will be recommended to the Board of Directors of the
Company (which, for clarity, shall be the surviving corporation in the Merger) that the Company grant to Executive an option to
purchase a number of shares of the Company’s (which, for clarity, shall be the surviving corporation in the Merger) Common
Stock equal to the greater of (x) 222,500 shares or (y) such number of shares of Common Stock, such that, following the grant,
Executive shall hold an aggregate number of shares (directly or indirectly, and including shares subject to outstanding stock options
and other equity compensation awards then outstanding) equal to 9.0% of the Company’s fully-diluted shares, measured as of
immediately following the Closing and after giving consideration to any stock splits and adjustments made in connection with the
Merger, in either case, at the fair market value as determined by the Board as of the date of grant (the “Option”).”

 

     

     

    

 

Except
as otherwise set forth in this letter, the Agreement shall remain in full force and effect in accordance with its terms and conditions.
This letter constitutes the entire agreement between you and the Company regarding the subject matter hereof and supersedes all
prior negotiations, representations or agreements, whether written or oral, concerning the clarification of the Agreement described
herein.

 

     

     

    

 

Please execute this letter where indicated
below to confirm such amendment to and clarification of the Agreement as described in this letter.

 

 

	 	Best regards,
	 	 	 
	 	ARTARA THERAPEUTICS, INC.
	 	 	 
	 	 	 
	 	By:	/s/ Luke Beshar
		 	Name: Luke Beshar
	 	 	Title: Director

 

 

	Agreed and Accepted:	 
	 	 
	 	 
	/s/ Jesse Shefferman	 
	Jesse Shefferman	 
	 	 
	 	 
	December 4, 2019	 
	Date:

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