Document:

Exhibit 10.11

 

Akari Therapeutics, Plc

 

Executive Employment Agreement

 

This Employment Agreement
(the “Agreement”) is made and entered into as of 28th February 2022, by and between Rachelle Jacques (the
 “Executive”) and Akari Therapeutics, Plc a public limited company formed under the laws of the United Kingdom (the
 “Company”).

 

WHEREAS, the Company desires
to employ the Executive on the terms and conditions set forth herein; and

 

WHEREAS, the Executive desires
to be employed by the Company on such terms and conditions.

 

NOW, THEREFORE, in consideration
of the mutual covenants, promises, and obligations set forth herein, the parties agree as follows:

 

1.                 
Commencement. Executive shall, subject to the terms and conditions herein, have commenced her position with the Company
on or before March 28, 2022 (the “Target Start Period”). If Executive does not commence employment with the Company
within the Target Start Period, the offer pursuant to this agreement shall be valid and binding, subject to the provisions of Section
4.3, thereafter until May 28, 2022 (the “Post-Target Period”), after which it shall become null and void. The term
during which the Executive is thereafter employed shall be defined as the “Employment Term” and the date on which her
employment commences as the “Start Date”.

 

2.                 
Position and Duties.

 

2.1             
Position. During the Employment Term, the Executive shall serve as the President and Chief Executive Officer of the Company,
reporting to the Executive Chairman of the Board of Directors. The Executive shall additionally be appointed to serve as a member of the
Board of Directors, and be nominated by the Company to serve in such role for so long as she remains in the position of Chief Executive
Officer. In such position, the Executive shall have such duties, authority, and responsibilities as are consistent with the Executive’s
position.

 

2.2             
Duties. During the Employment Term, the Executive shall devote substantially all of the Executive’s business time
and attention to the performance of the Executive’s duties hereunder and will not engage in any other business, profession, or occupation
for compensation or otherwise which would conflict or interfere with the performance of such services either directly or indirectly without
the prior written consent of the Board. Notwithstanding the foregoing, it is agreed and acknowledged that Executive serves in the following
capacity at two present organizations, which positions shall not be deemed to conflict with her duties as Executive so long as such service
does not interfere with meeting her duties and responsibilities under this Agreement: (a) Independent Director at Corbus Pharmaceuticals
Holdings Inc. (NASDAQ: CRBP), and _Independent Director at uniQure N.V. (NASDAQ: QURE).

 

     

     

    

 

3.                  Place
of Performance. The principal place of Executive’s employment shall be in Boston, Massachusetts; provided that, the
Executive may be required to travel on Company business during the Employment Term. The Executive may work remotely from her primary
residence, so long as doing so does not interfere with the Executive’s responsibilities under this Agreement; provided, that,
subject to any health or safety concerns related to the COVID-19 pandemic or other similar extraordinary circumstances, the
Executive shall be required to spend, on average, of Forty to Fifty (40-50) days per annum in the London office, and at such time as
a Boston office may be established, Executive shall expect to work regularly therefrom.

 

4.                 
Compensation.

 

4.1             
Base Salary. The Company shall pay the Executive an annual rate of base salary of Six Hundred Thousand Dollars ($600,000)
in periodic installments in accordance with the Company’s customary payroll practices and applicable wage payment laws. The Executive’s
base salary shall be reviewed at least annually by the Board and the Board may, but shall not be required to, increase the Executive’s
base salary during the Employment Term. The Executive’s annual base salary, as in effect from time to time, is hereinafter referred
to as “Base Salary.”

 

4.2             
Annual Bonus.

 

(a)              
For each complete fiscal year of the Employment Term, the Executive shall be eligible to receive an annual performance bonus (the
 “Annual Bonus”). As of the Start Date, the Executive’s annual target bonus opportunity shall be equal to Fifty
Percent (50%) of Base Salary (the “Target Bonus”), based on the achievement of performance goals established by the
Executive Chairman of the Board of Directors and the Board of Directors, in consultation with Executive. The Annual Bonus for the 2022
fiscal year shall be pro-rated based on the number of days employed during the year.

 

(b)              
The Annual Bonus, if any, is scheduled to be paid within two and a half (2 1/2) months after the end of the applicable fiscal year.

 

(c)              
Except as otherwise provided in Section 5, in order to be eligible to receive an Annual Bonus, the Executive must be employed by
the Company on the date that Annual Bonuses are paid.

 

4.3             
Signing Bonus. If Executive’s Start Date is within the Target Start Period, the following bonuses including Sections
4.3(a)-(c) shall be paid. If Executive’s Start Date is within the Post-Target Period, the provisions of Section 4.3(a) and Section
4.3(b)(i) shall not apply.

 

(a)               Cash
Bonus. The Company shall pay the Executive a lump sum cash signing bonus of Six Hundred Fifty Thousand Dollars ($650,000) (the
 “Signing Bonus”) payable on the first payroll date following the Start Date, subject to all applicable tax
reporting and withholding requirements; provided that, (a) the Executive shall repay Fifty Percent (50%) of the Signing Bonus if,
prior to the first anniversary of the Start Date, the Executive terminates the Executive’s employment without Good Reason (as
defined below) or is terminated by the Company for Cause (as defined below); and (b) the Executive shall repay Thirty-Three and
One-Third Percent (33.33%) of the Signing Bonus if, after the first anniversary but before the second anniversary of the Start Date,
the Executive voluntarily terminates the Executive’s employment without Good Reason or is involuntarily terminated by the
Company for Cause.

 

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(b)              
RSU Bonus.

 

(i)                
Additionally, within 75 days of the Start Date, the Company will grant Executive Restricted Stock Units (“RSUs”)
having a face value of $262,000 (the “Sign-On Grant”), such Sign-On Grant to vest as to 50% on the first anniversary
of the Start Date, and the remaining 50% vesting monthly thereafter for the following year, such that the Sign-On Grant will be fully
vested on the second anniversary of the Start Date, subject to full acceleration in the event of a Change in Control or involuntary termination
without Cause, resignation for Good Reason or due to death or disability. RSUs will be settled in ordinary shares of the Company within
15 days following vesting (or, if applicable, on the date of a Change in Control), net of withholding taxes.

 

(ii)             
On the first anniversary of on the Start Date, the Company will grant Executive RSUs having a value, on the basis of the last closing
price of the Company’s American Depositary Shares (each representing 100 ordinary shares) (“ADSs”) on Nasdaq
before that anniversary, of $446,000 (the “Incremental RSU Grant 1”), such Incremental RSU Grant 1 to vest as to 50%
on the second anniversary of the Start Date, and the remaining 50% vesting monthly thereafter for the following year, such that the Incremental
RSU Grant 1 will be fully vested on the third anniversary of the Start Date, subject to full acceleration in the event of a Change in
Control or involuntary termination without Cause, resignation for Good Reason or due to death or disability. RSUs will be settled in ordinary
shares of the Company within 15 days following vesting (or, if applicable, on the date of a Change in Control), net of withholding taxes.

 

(iii)           
On the second anniversary of on the Start Date, the Company will grant Executive RSUs having a value, on the basis of the last
closing price of an ADS on Nasdaq before that anniversary, of $446,000, (the “Incremental RSU Grant 2”), such Incremental
RSU Grant 2 to vest as to 50% on the third anniversary of the Start Date, and the remaining 50% vesting monthly thereafter for the following
year, such that the Incremental RSU Grant 2 will be fully vested on the fourth anniversary of the Start Date, subject to full acceleration
in the event of a Change in Control or involuntary termination without Cause, resignation for Good Reason or due to death or disability.
RSUs will be settled in ordinary shares of the Company within 15 days following vesting (or, if applicable, on the date of a Change in
Control), net of withholding taxes.

 

(iv)             Each
of the above RSU grants will be made from a shareholder-approved Company equity grant plan or, if not, so as to qualify as
inducement grants under NASDAQ rules together with filing of an applicable registration statement with the SEC (S-8 or otherwise).
In order to comply with English company law, the Executive will pay the Company within 10 days of each vesting date an issue price
for the ordinary shares to be issued pursuant to the vested RSUs equal to their nominal value (currently $0.0001 per ordinary
share).

 

(v)              
In the event of any Change in Control or involuntary termination without Cause, resignation for Good Reason or due to death or
disability, occurring prior to the granting of the Incremental RSU Grant 1 or Incremental RSU Grant 2, the Company will pay Executive
a cash lump sum equal to the above-referenced ungranted RSU grant face value.

 

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(c)              
Sign-On Option. The Company will grant the Executive an option (vesting ratably on a semiannual basis over four years from
the Start Date, so that it will be fully vested on the fourth anniversary of the Start Date) to purchase 237,396,700 ordinary shares in
the Company (which may be acquired through ADSs) (the “Option”) in the form and on the terms attached hereto as Exhibit
A, which Option shall be made from a shareholder-approved Company equity grant plan or, if not, so as to qualify as an inducement
grant under applicable stock exchange rules together with filing of an applicable registration statement with the SEC.

 

4.4             
Equity Awards. Commencing with annual long-term incentive awards to senior executives in 2023, in addition to the sign-on
RSUs and Option set forth above, the Executive will be eligible to receive awards under the Company’s equity incentive plan not
less frequently than annually, such awards having a target grant value (Black Scholes value in the case of stock options) of not less
than 100% of Executive’s Base Salary for the fiscal year 2023 only, and thereafter otherwise commensurate with awards to executives
in similarly situated companies as recommended by a reputable compensation consultant engaged by the Board. Executive shall work with
Company in structuring revisions to its long-term incentive program.

 

4.5             
Fringe Benefits and Perquisites. During the Employment Term, the Executive shall be entitled to fringe benefits and perquisites
consistent with those provided to similarly situated executives of the Company.

 

4.6             
Employee Benefits. During the Employment Term, the Executive shall be entitled to participate in all employee benefit plans,
practices, and programs maintained by the Company, as in effect from time to time (collectively, “Employee Benefit Plans”),
on a basis which is no less favorable than is provided to other similarly situated executives of the Company, to the extent consistent
with applicable law and the terms of the applicable Employee Benefit Plans. The Company shall use its reasonable best efforts to provide
coverage at a comparable level to Executive’s coverage in effect immediately prior to the Start Date, provided, however, that for
clarity, Executive shall participate in existing Company-sponsored Employee Benefit Plans on the terms provided to similarly situated
executives (including, without limitation, the level of employee contribution for plan premiums and other payments required thereunder).
The Company reserves the right to amend or terminate any Employee Benefit Plans at any time in its sole discretion, subject to the terms
of such Employee Benefit Plan and applicable law.

 

4.7              Vacation;
Paid Time Off. During the Employment Term, the Executive shall be entitled to Twenty (20) paid vacation days per calendar year
(prorated for partial years) in accordance with the Company’s vacation policies, as in effect from time to time. The Executive
shall receive other paid time off in accordance with the Company’s policies for executive officers as such policies may exist
from time to time and as required by applicable law.

 

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4.8             
Business Expenses. The Executive shall be entitled to reimbursement for all reasonable and necessary out-of-pocket business,
entertainment, and travel expenses incurred by the Executive in connection with the performance of the Executive’s duties hereunder
in accordance with the Company’s expense reimbursement policies and procedures. Executive business air travel will be business class.
Outstanding expenses shall be reimbursed within a maximum of Sixty (60) days.

 

4.9             
Indemnification. The Company shall indemnify and hold the Executive harmless to the maximum extent permitted under applicable
law and the Company’s articles of association for acts and omissions in the Executive’s capacity as an officer, director,
or employee of the Company. Executive will be covered as an insured under any contract of directors’ and officers’ liability
insurance that covers the Board. Executive’s rights of indemnification and coverage under applicable directors’ and officers’
liability insurance will survive a termination of Executive’s employment and service as a director.

 

4.10         
Clawback Provisions. Any amounts payable under this Agreement are subject to any policy (whether in existence as of the
Start Date or later adopted) established by the Company providing for clawback or recovery of amounts that were paid to the Executive.
The Company will make any determination for clawback or recovery in its sole discretion and in accordance with any applicable law or regulation.

 

5.                 
Termination of Employment. The Employment Term and the Executive’s employment hereunder may be terminated by either
the Company or the Executive at any time and for any reason or for no particular reason; provided that, unless otherwise provided herein,
either party shall be required to give the other party at least Thirty (30) days advance written notice of any termination of the Executive’s
employment. Upon termination of the Executive’s employment during the Employment Term, the Executive shall be entitled to the compensation
and benefits described in this Section 5 and shall have no further rights to any compensation or any other benefits from the Company or
any of its affiliates.

 

5.1             
For Cause, or Without Good Reason.

 

(a)              
The Executive’s employment hereunder may be terminated by the Company for Cause, or by the Executive without Good Reason
and the Executive shall be entitled to receive:

 

(i)                
any accrued but unpaid Base Salary and accrued but unused paid time off which shall be paid on the pay date immediately following
the date of the Executive’s termination in accordance with the Company’s customary payroll procedures;

 

(ii)             
any earned but unpaid Annual Bonus with respect to any completed fiscal year immediately preceding the date of the Executive’s
termination, which shall be paid on the otherwise applicable payment date except to the extent payment is otherwise deferred pursuant
to any applicable deferred compensation arrangement; provided that, if the Executive’s employment is terminated by the Company
for Cause or the Executive resigns without Good Reason, then any such earned but unpaid Annual Bonus shall be forfeited;

 

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(iii)           
reimbursement for unreimbursed business expenses properly incurred by the Executive, which shall be subject to and paid in accordance
with the Company’s expense reimbursement policy; and

 

(iv)            
such employee benefits (including equity compensation), if any, to which the Executive may be entitled under the Company’s
employee benefit plans as of the date of the Executive’s termination; provided that, in no event shall the Executive be entitled
to any payments in the nature of severance or termination payments except as specifically provided herein.

 

Items 5.1(a)(i) through
5.1(a)(iv) are referred to herein collectively as the “Accrued Amounts.”

 

(b)              
For purposes of this Agreement, “Cause” shall mean:

 

(i)                
the Executive’s material failure to perform the Executive’s duties (other than any such failure resulting from incapacity
due to physical or mental illness);

 

(ii)             
the Executive’s failure to comply with any valid and legal directive of the Executive Chairman of the Board of Directors;

 

(iii)           
the Executive’s engagement in dishonesty, illegal conduct, or misconduct, which is, in each case, injurious to the Company
or its affiliates;

 

(iv)            
the Executive’s embezzlement, misappropriation, or fraud, whether or not related to the Executive’s employment with
the Company;

 

(v)              
the Executive’s conviction of or plea of guilty or nolo contendere to a crime that constitutes a felony (or state law equivalent)
or a crime that constitutes a misdemeanor involving moral turpitude;

 

(vi)            
the Executive’s violation of the Company’s written policies or codes of conduct, including written policies related
to discrimination, harassment, performance of illegal or unethical activities, and ethical misconduct;

 

(vii)         
the Executive’s material breach of any obligation under this Agreement or any other written agreement between the Executive
and the Company; or

 

(viii)       
the Executive’s engagement in conduct that brings or is reasonably likely to bring the Company negative publicity or into
public disgrace, embarrassment, or disrepute.

 

Except for a
failure, breach, or refusal which, by its nature, cannot reasonably be expected to be cured, the Executive shall have Thirty (30)
business days from the delivery of written notice by the Company within which to cure any acts constituting Cause.

 

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(c)              
For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following, in each case
during the Employment Term without the Executive’s prior written consent:

 

(i)                
a material reduction in the Executive’s Base Salary other than a general reduction in Base Salary that affects all similarly
situated executives in substantially the same proportions or to except to the extent the Executive consents in writing to any reduction,
deferral or waiver of compensation;

 

(ii)             
a material diminution of Executive’s title, authority, duties, and responsibilities (including, without limitation, a change
in the chain of reporting) (other than temporarily while the Executive is physically or mentally incapacitated or as required by applicable
law);

 

(iii)           
a relocation of the Executive’s principal place of employment by more than Fifty (50) miles;

 

(iv)            
any material breach by the Company of any material provision of this Agreement; or

 

(v)              
the Company’s failure to nominate the Executive for election to the Board and to use its best efforts to have her elected.

 

To terminate the
Executive’s employment for Good Reason, the Executive must provide written notice to the Company of the existence of the circumstances
providing grounds for termination for Good Reason within Thirty (30) days of the initial existence of such grounds and the Company must
have at least Thirty (30) days from the date on which such notice is provided to cure such circumstances. If the Executive does not terminate
the Executive’s employment for Good Reason within Ninety (90) days after the first occurrence of the applicable grounds, then the
Executive will be deemed to have waived the Executive’s right to terminate for Good Reason with respect to such grounds.

 

5.2             
Termination Without Cause or for Good Reason. The Employment Term and the Executive’s employment hereunder may be
terminated by the Executive for Good Reason or by the Company without Cause. In the event of such termination, the Executive shall be
entitled to receive the Accrued Amounts and subject to the Executive’s compliance with Section 7 of this Agreement and the agreements
referenced therein and the Executive’s execution, within 21 days following receipt, of a release of claims in favor of the Company,
its affiliates and their respective officers and directors in a form provided by the Company (the “Release”) (such
21-day period, the “Release Execution Period”), and the Release becoming effective according to its terms, the Executive
shall be entitled to receive the following:

 

(a)               a
lump sum payment equal to one (1) times the sum of the Executive’s Base Salary plus eligible Target Bonus for the year
in which the date of the Executive’s termination occurs, which shall be paid within Sixty (60) days following the date of the
Executive’s termination; provided that, if the Release Execution Period begins in one taxable year and ends in another taxable
year, payment shall not be made until the beginning of the second taxable year;

 

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(b)              
payment of any earned but as yet unpaid annual bonus for a previously completed fiscal year, paid when bonuses for such year are
paid to other senior executives of the Company;

 

(c)              
a payment equal to the product of (i) the Annual Bonus, if any, that the Executive otherwise would have earned for the fiscal year
that includes the date of the Executive’s termination had no termination occurred, based on achievement of the applicable performance
goals for such year and (ii) a fraction, the numerator of which is the number of days the Executive was employed by the Company during
the year of termination and the denominator of which is the number of days in such year (the “Pro Rata Bonus”). This
amount shall be paid on the date that annual bonuses are paid to similarly situated executives;

 

(d)              
If the Executive timely and properly elects health continuation coverage under the Consolidated Omnibus Budget Reconciliation Act
of 1985 (“COBRA”), the Company shall reimburse the Executive for the monthly COBRA premium paid by the Executive for
the Executive and the Executive’s dependents. Such reimbursement shall be paid to the Executive in the standard payroll cycle of
the month immediately following the month in which the Executive timely remits the premium payment. The Executive shall be eligible to
receive such reimbursement until the earliest of: (i) the twelve (12)-month anniversary of the date of the Executive’s termination;
(ii) the date the Executive is no longer eligible to receive COBRA continuation coverage; and (iii) the date on which the Executive becomes
eligible to receive substantially similar coverage from another employer or other source. Notwithstanding the foregoing, if the Company’s
making payments under this Section 5.2(d) would violate the nondiscrimination rules applicable to non-grandfathered, insured group health
plans under the Affordable Care Act (the “ACA”), or result in the imposition of penalties under the ACA and the related
regulations and guidance promulgated thereunder, the parties agree to reform this Section 5.2(d) in a manner as is necessary to comply
with the ACA.

 

(e)              
Notwithstanding the terms of the Company’s 2014 Equity Incentive Plan or any applicable award agreements, if the Executive
agrees in writing during the Release Execution Period that the non-competition restrictions in Section 8.2 shall continue to apply following
an employment termination described in this Section 5.2:

 

(i)                
all outstanding equity-based compensation awards that do not vest based on the attainment of performance goals shall become fully
vested and the restrictions thereon shall lapse; provided that, any delays in the settlement or payment of such awards that are set forth
in the applicable award agreement and that are required under Section 409A (“Section 409A”) of the Internal Revenue
Code of 1986, as amended (the “Code”) shall remain in effect; and

 

(ii)             
 all outstanding equity-based compensation awards that vest based on the attainment of performance goals, to the extent granted,
shall remain outstanding and shall vest or be forfeited in accordance with the terms of the applicable award agreements, if the applicable
performance goals are satisfied.

 

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5.3             
Death or Disability.

 

(a)              
The Executive’s employment hereunder shall terminate automatically upon the Executive’s death during the Employment
Term, and the Company may terminate the Executive’s employment on account of the Executive’s Disability.

 

(b)              
If the Executive’s employment is terminated during the Employment Term on account of the Executive’s death or Disability,
the Executive (or the Executive’s estate and/or beneficiaries, as the case may be) shall be entitled to receive the following:

 

(i)                
the Accrued Amounts; and

 

(ii)             
a lump sum payment equal to the Pro Rata Bonus, if any, that the Executive would have earned for the fiscal year that includes
the date of the Executive’s termination based on the achievement of applicable performance goals for such year, which shall be payable
on the date that annual bonuses are paid to the Company’s similarly situated executives, but in no event later than two-and-a-half
(2 1/2) months following the end of the fiscal year that includes the date of the Executive’s termination.

 

Notwithstanding any
other provision contained herein, all payments made in connection with the Executive’s Disability shall be provided in a manner
which is consistent with federal and state law.

 

(c)              
For purposes of this Agreement, “Disability” shall mean the inability of the Executive to engage in any substantial
gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can
be expected to last for a continuous period of not less than 12 months. Any question as to the existence of the Executive’s Disability
as to which the Executive and the Company cannot agree shall be determined in writing by a qualified independent physician mutually acceptable
to the Executive and the Company. The determination of Disability made in writing to the Company and the Executive shall be final and
conclusive for all purposes of this Agreement.

 

5.4             
Change in Control Termination.

 

(a)               Notwithstanding
any other provision contained herein, if the Executive’s employment hereunder (i) is terminated by the Executive for Good
Reason or by the Company without Cause (other than on account of the Executive’s death or Disability), and (ii) is terminated,
in each case, within eighteen (18) months following a Change in Control, the Executive shall be entitled to receive the Accrued
Amounts and subject to the Executive’s compliance with Section 6, Section 7, Section 8 and Section 9 of this Agreement and the
Executive’s execution of a Release which becomes effective within Fourteen (14) days following the Termination Date (as
defined in Section 5.5), the Executive shall be entitled to receive the following:

 

(i)                
a lump sum payment equal to one (1) times the sum of the Executive’s Base Salary and Target Bonus for the year in which the
Termination Date occurs (or if greater, the year immediately preceding the year in which the Change in Control occurs), which shall be
paid within Thirty (30) days following the Termination Date; provided that, if the Release Execution Period begins in one taxable year
and ends in another taxable year, payment shall not be made until the beginning of the second taxable year;

 

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(ii)             
a lump sum payment equal to the Executive’s Target Bonus for the fiscal year in which the Termination Date (as determined
in accordance with Section 5.5) occurs (or if greater, the year in which the Change in Control occurs), which shall be paid within Sixty
(60) days following the Termination Date; provided that, if the Release Execution Period begins in one taxable year and ends in another
taxable year, payment shall not be made until the beginning of the second taxable year; and

 

(iii)           
reimbursement of the Executive for the monthly COBRA premium paid, if COBRA coverage is elected, by the Executive for the Executive
and the Executive’s dependents until the earliest of: (i) the twelve (12)-month anniversary of the date of the Executive’s
termination pursuant to the Change in Control; (ii) the date the Executive is no longer eligible to receive COBRA continuation coverage;
and (iii) the date on which the Executive becomes eligible to receive substantially similar coverage from another employer or other source.
Notwithstanding the foregoing, if the Company’s making payments under this Section 5.4(a) would violate the nondiscrimination
rules applicable to non-grandfathered, insured group health plans under the ACA, or result in the imposition of penalties under the ACA
and the related regulations and guidance promulgated thereunder, the parties agree to reform this Section 5.4(a) in a manner as
is necessary to comply with the ACA.

 

(b)              
Notwithstanding the terms of any equity incentive plan or award agreements, as applicable, if the Executive agrees in writing during
the Release Execution Period that the non-competition restrictions in Section 8.2 below shall continue to apply after an employment termination
described in this Section 5.4:

 

(i)                
all outstanding unvested stock options granted to the Executive during the Employment Term shall become fully vested and exercisable
for the remainder of their full term; and

 

(ii)              all
outstanding equity-based compensation awards other than stock options (including RSUs) that do not vest based on the attainment of
performance goals shall become fully vested and the restrictions thereon shall lapse; provided that, any delays in the settlement or
payment of such awards that are set forth in the applicable award agreement and that are required under Section 409A shall remain in
effect.

 

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For purposes of this Agreement, “Change
in Control” shall mean any (i) Corporate Transaction as such term is defined in the Company’s 2014 Equity Incentive Plan
or (ii) acquisition by one person (or more than one person acting as a group) of shares in the Company that, together with the shares
held by such person or group, constitutes more than fifty percent (50%) of the total fair market value or total voting rights in the Company.
Notwithstanding the foregoing, a Change in Control shall not occur unless such transaction constitutes a change in the ownership of the
Company, a change in effective control of the Company, or a change in the ownership of a substantial portion of the Company’s assets
under Section 409A.

 

5.5             
Notice of Termination. Any termination of the Executive’s employment hereunder by the Company or by the Executive
during the Employment Term (other than termination pursuant to Section 5.3(a) on account of the Executive’s death) shall be communicated
by written notice of termination (“Notice of Termination”) to the other party hereto in accordance with Section 20.
The Notice of Termination shall specify:

 

(a)              
the termination provision of this Agreement relied upon;

 

(b)              
to the extent applicable, the facts and circumstances claimed to provide a basis for termination of the Executive’s employment
under the provision so indicated; and

 

(c)              
the applicable date of termination (in each case, the “Termination Date”), which shall be no less than Thirty
(30) days following the date on which the Notice of Termination is delivered if the Company terminates the Executive’s employment
without Cause, or no less than Thirty (30) days following the date on which the Notice of Termination is delivered if the Executive terminates
the Executive’s employment with or without Good Reason; provided that, the Company shall have the option to provide the Executive
with a lump sum payment in lieu of such notice. In the event of the Executive’s termination without Cause after the Company enters
into a definitive sale agreement for a transaction that, upon consummation, would be a Change of Control and that transaction is in fact
consummated after the termination, the Executive will be treated as if not terminated until the day after consummation of such Change
in Control transaction (and, for the avoidance of doubt, such respective amounts and benefits as are due to the Executive pursuant to
Section 5.4, as exceed such respective amounts and benefits as due under Section 5.2, shall become due and payable on the date of consummation
of such Change in Control transaction).

 

5.6             
Resignation of All Other Positions. Upon termination of the Executive’s employment hereunder for any reason, the Executive
shall be deemed to have resigned from all positions that the Executive holds as an officer or member of the Board (or a committee thereof)
of the Company or any of its affiliates.

 

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5.7             
Section 280G.

 

(a)              
 If any of the payments or benefits received or to be received by the Executive (including, without limitation, any payment or
benefits received in connection with a Change in Control or the Executive’s termination of employment, whether pursuant to the terms
of this Agreement or any other plan, arrangement or agreement, or otherwise) (all such payments collectively referred to herein as the
 “280G Payments”) constitute “parachute payments” within the meaning of Section 280G of the Code and would,
but for this Section 5.7, be subject to the excise tax imposed under Section 4999 of the Code (the “Excise Tax”), then
prior to making the 280G Payments, a calculation shall be made comparing (i) the Net Benefit (as defined below) to the Executive of the
280G Payments after payment of the Excise Tax to (ii) the Net Benefit to the Executive if the 280G Payments are limited to the extent
necessary to avoid being subject to the Excise Tax. Only if the amount calculated under (i) above is less than the amount under (ii) above
will the 280G Payments be reduced to the minimum extent necessary to ensure that no portion of the 280G Payments is subject to the Excise
Tax. “Net Benefit” shall mean the present value of the 280G Payments net of all federal, state, local, foreign income,
employment, and excise taxes. Any reduction made pursuant to this Section 5.7 shall be made in a manner determined by the Company that
is consistent with the requirements of Section 409A.

 

(b)              
All calculations and determinations under this Section 5.7 shall be made by an independent accounting firm or independent tax counsel
appointed by the Company (the “Tax Counsel”) whose determinations shall be conclusive and binding on the Company and
the Executive for all purposes. For purposes of making the calculations and determinations required by this Section 5.7, the Tax Counsel
may rely on reasonable, good faith assumptions and approximations concerning the application of Section 280G and Section 4999 of the Code.
The Company and the Executive shall furnish the Tax Counsel with such information and documents as the Tax Counsel may reasonably request
in order to make its determinations under this Section 5.7. The Company shall bear all costs the Tax Counsel may reasonably incur in connection
with its services.

 

6.                 
Cooperation. The parties agree that certain matters in which the Executive will be involved during the Employment Term may
necessitate the Executive’s cooperation in the future. Accordingly, following the termination of the Executive’s employment
for any reason, to the extent reasonably requested by the Board, the Executive shall cooperate with the Company in connection with matters
arising out of the Executive’s service to the Company; provided that, the Company shall make reasonable efforts to minimize disruption
of the Executive’s other activities. The Company shall reimburse the Executive for reasonable expenses incurred in connection with
such cooperation and, to the extent that the Executive is required to spend substantial time on such matters, the Company shall compensate
the Executive at an hourly rate based on the Executive’s Base Salary on the Termination Date.

 

    12

     

    

 

7.                 
Confidential Information. The Executive understands and acknowledges that during the Employment Term, the Executive will
have access to and learn about Confidential Information, as defined below.

 

7.1             
Confidential Information Defined.

 

(a)              
Definition.

 

For purposes of this
Agreement, “Confidential Information” includes, but is not limited to, all information not generally known to the public,
in spoken, printed, electronic or any other form or medium, relating directly or indirectly to: business processes, practices, methods,
policies, plans, publications, documents, research, operations, services, strategies, techniques, agreements, contracts, terms of agreements,
transactions, potential transactions, negotiations, pending negotiations, know-how, trade secrets, computer software, applications, operating
systems, work-in-process, databases, embedded data, compilations, metadata, technologies, manuals, records, articles, systems, material,
sources of material, supplier information, vendor information, financial information, results, accounting information, accounting records,
legal information, marketing information, advertising information, pricing information, credit information, design information, payroll
information, staffing information, personnel information, employee lists, supplier lists, vendor lists, developments, reports, internal
controls, security procedures, drawings, sketches, market studies, sales information, revenue, costs, formulae, notes, communications,
algorithms, product plans, designs, styles, models, ideas, inventions, unpublished patent applications, original works of authorship,
discoveries, experimental processes, experimental results, specifications, customer information, customer lists, client information, client
lists, manufacturing information, patient lists, factory lists, distributor lists, and buyer lists of the Company or its businesses or
any existing or prospective customer, supplier, investor or other associated third party, or of any other person or entity that has entrusted
information to the Company in confidence.

 

The Executive understands
that the above list is not exhaustive, and that Confidential Information also includes other information that is marked or otherwise identified
as confidential or proprietary, or that would otherwise appear to a reasonable person to be confidential or proprietary in the context
and circumstances in which the information is known or used.

 

The Executive understands
and agrees that Confidential Information includes information developed by Executive in the course of employment by the Company as if
the Company furnished the same Confidential Information to the Executive in the first instance. Confidential Information shall not include
information that is generally available to and known by the public at the time of disclosure to the Executive; provided that, such disclosure
is through no direct or indirect fault of the Executive or person(s) acting on the Executive’s behalf.

 

(b)              
Company Creation and Use of Confidential Information.

 

The Executive understands
and acknowledges that the Company has invested, and continues to invest, substantial time, money, and specialized knowledge into developing
its resources, research, drug development, training its employees, and improving its offerings in the field of biopharmaceuticals. The
Executive understands and acknowledges that as a result of these efforts, the Company has created, and continues to use and create Confidential
Information. This Confidential Information provides the Company with a competitive advantage over others in the marketplace.

 

    13

     

    

 

(c)              
Disclosure and Use Restrictions.

 

The Executive agrees
and covenants: (i) to treat all Confidential Information as strictly confidential; (ii) not to directly or indirectly disclose, publish,
communicate, or make available Confidential Information, or allow it to be disclosed, published, communicated, or made available, in whole
or part, to any entity or person whatsoever (including other employees of the Company) not having a need to know and authority to know
and use the Confidential Information in connection with the business of the Company and, in any event, not to anyone outside of the direct
employ of the Company except as required in the performance of the Executive’s authorized employment duties to the Company or with
the prior consent of the Executive Chairman of the Board of Directors acting on behalf of the Company in each instance (and then, such
disclosure shall be made only within the limits and to the extent of such duties or consent); and (iii) not to access or use any Confidential
Information, and not to copy any documents, records, files, media, or other resources containing any Confidential Information, or remove
any such documents, records, files, media, or other resources from the premises or control of the Company, except as required in the performance
of the Executive’s authorized employment duties to the Company or with the prior consent of the Executive Chairman of the Board
of Directors acting on behalf of the Company in each instance (and then, such disclosure shall be made only within the limits and to the
extent of such duties or consent). The Executive understands that notwithstanding any other provision of this Agreement, nothing contained
in this Agreement limits her ability to file a charge or complaint with the Equal Employment Opportunity Commission, the Securities and
Exchange Commission or any other federal, state or local governmental agency or commission (collectively, “Government Agencies”),
or prevents the Executive from providing truthful testimony in response to a lawfully issued subpoena or court order. Further, nothing
in this Agreement shall (1) prohibit the Executive from making reports of possible violations of federal law or regulation to any Government
Agencies, including but not limited to the Securities and Exchange Commission, in accordance with the provisions of and rules promulgated
under Section 21F of the Securities Exchange Act of 1934, as amended, or Section 806 of the Sarbanes-Oxley Act of 2002, or of any other
whistleblower protection provisions of federal law or regulation, or (2) require notification or prior approval by the Company of any
such report; provided that the Executive is not authorized to disclose communications with counsel that were made for the purpose of receiving
legal advice or that contain legal advice or that are protected by the attorney work product or similar privilege. Further, this Agreement
does not limit the Executive’s ability to communicate with any Government Agencies or otherwise participate in any investigation
or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the
Company. This Agreement does not limit the Executive’s right to seek an award pursuant to Section 21F of the Securities Exchange
Act of 1934. In addition, for the avoidance of doubt, pursuant to the federal Defend Trade Secrets Act of 2016, the Executive shall not
be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (x) is made
(i) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney and (ii) solely for
the purpose of reporting or investigating a suspected violation of law; or (y) is made in a complaint or other document filed in a lawsuit
or other proceeding, if such filing is made under seal.

 

(d)              
 Permitted disclosures. Nothing herein shall be construed to prevent disclosure of Confidential Information as may be required
by applicable law or regulation, or pursuant to the valid order of a court of competent jurisdiction or an authorized government agency,
provided that the disclosure does not exceed the extent of disclosure required by such law, regulation, or order. The Executive shall
promptly provide written notice of any such order to Executive Chairman of the Board of Directors.

 

    14

     

    

 

8.                 
Restrictive Covenants.

 

8.1             
Acknowledgement. The Executive understands that the nature of the Executive’s position gives the Executive access
to and knowledge of Confidential Information and places the Executive in a position of trust and confidence with the Company.

 

The Executive further
understands and acknowledges that the Company’s ability to reserve these for the exclusive knowledge and use of the Company is of
great competitive importance and commercial value to the Company, and that improper use or disclosure by the Executive is likely to result
in unfair or unlawful competitive activity.

 

8.2             
Non-Competition. Because of the Company’s legitimate business interest as described herein and the good and valuable
consideration offered to the Executive, during the Employment Term and for the Twelve (12) months, to run consecutively, beginning on
the last day of the Executive’s employment with the Company, regardless of the reason for the termination and whether employment
is terminated at the option of the Executive or the Company, the Executive agrees and covenants not to engage in Prohibited Activity within
the biopharmaceutical industry specific to companies engaged in complement inhibitor and leukotriene inhibitor objectives. Notwithstanding
the foregoing, the non-competition restrictions shall not apply if the Company terminates Executive’s employment without cause (within
the meaning of Mass. Gen. Laws Chapter 149, Sec 24L (c)) except as provided in either Section 5.2 or Section 5.4.

 

For purposes of this
Section 8, “Prohibited Activity” is activity in which the Executive contributes the Executive’s knowledge, directly
or indirectly, in whole or in part, as an employee, employer, owner, operator, manager, advisor, consultant, agent, employee, partner,
director, stockholder, officer, volunteer, intern, or any other similar capacity to an entity engaged in the same or similar business
as the Company, including those engaged in the business of biopharmaceutical development. Prohibited Activity also includes activity that
may require or inevitably requires disclosure of trade secrets, proprietary information, or Confidential Information.

 

Nothing herein shall
prohibit the Executive from purchasing or owning less than five percent (5%) of the publicly traded securities of any corporation, provided
that such ownership represents a passive investment and that the Executive is not a controlling person of, or a member of a group that
controls, such corporation.

 

    15

     

    

 

The
restrictions set forth in this Section 8.2 shall in no event take effect until ten (10) business days after the Start Date (the
 “Noncompete Effective Date”). Executive acknowledges and agrees that the Company provided Executive with notice of the
restrictions set forth in Section 8.2 at least ten (10) business days before the Noncompete Effective Date. The Executive also
acknowledges that Executive was informed, pursuant to Mass. Gen. L. c. 149, 24L (the “Act”), that Executive has the
right to consult with an attorney before signing this Agreement. As consideration for the covenants set forth in this Section 8.1,
the Company has committed to grant the Executive the bonuses described in Section 4.3 of this Agreement, which the parties hereto
agree is mutually-agreed upon consideration as defined in the Act.

 

This Section 8 does
not, in any way, restrict or impede the Executive from exercising protected rights to the extent that such rights cannot be waived by
agreement or from complying with any applicable law or regulation or a valid order of a court of competent jurisdiction or an authorized
government agency, provided that such compliance does not exceed that required by the law, regulation, or order. The Executive shall promptly
provide written notice of any such order to the Executive Chairman of the Board of Directors.

 

8.3             
Non-Solicitation of Employees. The Executive agrees and covenants not to directly or indirectly solicit, hire, recruit,
attempt to hire or recruit, or induce the termination of employment of any employee of the Company, or attempt to do so, during Twelve
(12) months, to run consecutively, beginning on the last day of the Executive’s employment with the Company.

 

8.4             
Non-Solicitation of Customers. The Executive understands and acknowledges that because of the Executive’s experience
with and relationship to the Company, the Executive will have access to and learn about much or all of the Company’s customer information.
 “Customer Information” includes, but is not limited to, names, phone numbers, addresses, email addresses, order history,
order preferences, chain of command, decisionmakers, pricing information, and other information identifying facts and circumstances specific
to the customer and relevant to sales and/or services offered by the Company.

 

The Executive understands
and acknowledges that loss of this customer relationship and/or goodwill will cause significant and irreparable harm.

 

The Executive agrees
and covenants, during Twelve (12) months, to run consecutively, beginning on the last day of the Executive’s employment with the
Company, not to directly or indirectly solicit, contact (including but not limited to email, regular mail, express mail, telephone, fax,
instant message, or social media), attempt to contact, or meet with the Company’s current, former or prospective customers for purposes
of offering or accepting goods or services similar to or competitive with those offered by the Company.

 

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9.                 
Proprietary Rights.

 

9.1              Work
Product. The Executive acknowledges and agrees that all right, title, and interest in and to all writings, works of authorship,
technology, inventions, discoveries, processes, techniques, methods, ideas, concepts, research, proposals, materials, and all other
work product of any nature whatsoever, that are created, prepared, produced, authored, edited, amended, conceived, or reduced to
practice by the Executive individually or jointly with others during the Employment Term and relate in any way to the business or
contemplated business, products, activities, research, or development of the Company or result from any work performed by the
Executive for the Company (in each case, regardless of when or where prepared or whose equipment or other resources is used in
preparing the same), all rights and claims related to the foregoing, and all printed, physical and electronic copies, and other
tangible embodiments thereof (collectively, “Work Product”), as well as any and all rights in and to US and
foreign (a) patents, patent disclosures and inventions (whether patentable or not), (b) trademarks, service marks, trade dress,
trade names, logos, corporate names, and domain names, and other similar designations of source or origin, together with the
goodwill symbolized by any of the foregoing, (c) copyrights and copyrightable works (including computer programs), and rights in
data and databases, (d) trade secrets, know-how, and other confidential information, and (e) all other intellectual property rights,
in each case whether registered or unregistered and including all registrations and applications for, and renewals and extensions
of, such rights, all improvements thereto and all similar or equivalent rights or forms of protection in any part of the world
(collectively, “Intellectual Property Rights”), shall be the sole and exclusive property of the Company.

 

For purposes of this
Agreement, Work Product includes, but is not limited to, Company information, including plans, publications, research, strategies, techniques,
agreements, documents, contracts, terms of agreements, negotiations, know-how, computer programs, computer applications, software design,
work in process, databases, manuals, results, developments, reports, graphics, drawings, sketches, market studies, formulae, notes, communications,
algorithms, product plans, product designs, models, inventions, unpublished patent applications, original works of authorship, discoveries,
experimental processes, experimental results, specifications, customer information, client information, customer lists, client lists,
manufacturing information, marketing information, advertising information, clinical trial information, and sales information.

 

9.2             
Work Made for Hire; Assignment. The Executive acknowledges that, by reason of being employed by the Company at the relevant
times, to the extent permitted by law, all of the Work Product consisting of copyrightable subject matter is “work made for hire”
as defined in 17 U.S.C. § 101 and such copyrights are therefore owned by the Company. To the extent that the foregoing does not apply,
the Executive hereby irrevocably assigns to the Company, for no additional consideration, the Executive’s entire right, title, and
interest in and to all Work Product and Intellectual Property Rights therein, including the right to sue, counterclaim, and recover for
all past, present, and future infringement, misappropriation, or dilution thereof, and all rights corresponding thereto throughout the
world. Nothing contained in this Agreement shall be construed to reduce or limit the Company’s rights, title, or interest in any
Work Product or Intellectual Property Rights so as to be less in any respect than that the Company would have had in the absence of this
Agreement.

 

9.3              Further
Assurances; Power of Attorney. During and after the Employment Term, the Executive agrees to reasonably cooperate with the
Company to (a) apply for, obtain, perfect, and transfer to the Company the Work Product as well as any and all Intellectual Property
Rights in the Work Product in any jurisdiction in the world; and (b) maintain, protect and enforce the same, including, without
limitation, giving testimony and executing and delivering to the Company any and all applications, oaths, declarations, affidavits,
waivers, assignments, and other documents and instruments as shall be requested by the Company. The Executive hereby irrevocably
grants the Company power of attorney to execute and deliver any such documents on the Executive’s behalf in the
Executive’s name and to do all other lawfully permitted acts to transfer the Work Product to the Company and further the
transfer, prosecution, issuance, and maintenance of all Intellectual Property Rights therein, to the full extent permitted by law,
if the Executive does not promptly cooperate with the Company’s request (without limiting the rights the Company shall have in
such circumstances by operation of law). The power of attorney is coupled with an interest and shall not be affected by the
Executive’s subsequent incapacity.

 

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9.4             
No License. The Executive understands that this Agreement does not, and shall not be construed to, grant the Executive any
license or right of any nature with respect to any Work Product or Intellectual Property Rights or any Confidential Information, materials,
software, or other tools made available to the Executive by the Company.

 

10.             
Security.

 

10.1         
Security and Access. The Executive agrees and covenants (a) to comply with all Company security policies and procedures
as in force from time to time including without limitation those regarding computer equipment, telephone systems, facilities access, monitoring,
key cards, access codes, Company intranet, databases, internet, social media and instant messaging systems, computer systems, email systems,
computer networks, document storage systems, software, data security, encryption, firewalls, passwords and any and all other Company facilities,
IT resources and communication technologies (“Facilities and Information Technology Resources”); (b) not to access
or use any Facilities and Information Technology Resources except as authorized by the Company; and (iii) not to access or use any Facilities
and Information Technology Resources in any manner after the termination of the Executive’s employment by the Company, whether termination
is voluntary or involuntary. The Executive agrees to notify the Company promptly in the event the Executive learns of any violation of
the foregoing by others, or of any other misappropriation or unauthorized access, use, reproduction, or reverse engineering of, or tampering
with any Facilities and Information Technology Resources or other Company property or materials by others.

 

10.2         
Exit Obligations. Upon (a) voluntary or involuntary termination of the Executive’s employment or (b) the Company’s
request at any time during the Executive’s employment, the Executive shall (i) provide or return to the Company any and all Company
property, including keys, key cards, access cards, identification cards, security devices, employer credit cards, network access devices,
computers, cell phones, smartphones, PDAs, pagers, fax machines, equipment, speakers, webcams, manuals, reports, files, books, compilations,
work product, email messages, recordings, tapes, disks, thumb drives or other removable information storage devices, hard drives, and
data and all Company documents and materials belonging to the Company and stored in any fashion, including but not limited to those that
constitute or contain any Confidential Information or Work Product, that are in the possession or control of the Executive, whether they
were provided to the Executive by the Company or any of its business associates or created by the Executive in connection with the Executive’s
employment by the Company; and (ii) delete or destroy all copies of any such documents and materials not returned to the Company that
remain in the Executive’s possession or control, including those stored on any non-Company devices, networks, storage locations,
and media in the Executive’s possession or control.

 

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11.             
Non-Disparagement.

 

11.1         
 The Executive agrees and covenants that the Executive will not at any time make, publish, or communicate to any person or entity
or in any public forum any defamatory or disparaging remarks, comments, or statements concerning the Company or its businesses, or any
of its employees, officers, and existing and prospective customers, suppliers, investors and other associated third parties.

 

This Section 11.1
does not, in any way, restrict or impede the Executive from exercising protected rights to the extent that such rights cannot be waived
by agreement or from complying with any applicable law or regulation or a valid order of a court of competent jurisdiction or an authorized
government agency, provided that such compliance does not exceed that required by the law, regulation, or order. The Executive shall promptly
provide written notice of any such order to the Executive Chairman of the Board of Directors.

 

11.2         
The Company agrees and covenants that the Company will not at any time make, publish, or communicate to any person or entity or
in any public forum any defamatory or disparaging remarks, comments, or statements concerning the Executive.

 

This Section 11.2
does not, in any way, restrict or impede the Company from exercising protected rights to the extent that such rights cannot be waived
by agreement or from complying with any applicable law or regulation or a valid order of a court of competent jurisdiction or an authorized
government agency, provided that such compliance does not exceed that required by the law, regulation, or order. The Company shall promptly
provide written notice of any such order to the Executive.

 

12.             
Governing Law, Jurisdiction, and Venue. This Agreement, for all purposes, shall be construed in accordance with the laws
of the state of Delaware without regard to conflicts of law principles. The parties hereby irrevocably submit to the exclusive jurisdiction
of such courts and waive the defense of inconvenient forum to the maintenance of any such action or proceeding in such venue.

 

13.             
Entire Agreement. Unless specifically provided herein, this Agreement contains all of the understandings and representations
between the Executive and the Company pertaining to the subject matter hereof and supersedes all prior and contemporaneous understandings,
agreements, representations and warranties, both written and oral, with respect to such subject matter.

 

14.             
Modification and Waiver. No provision of this Agreement may be amended or modified unless such amendment or modification
is agreed to in writing and signed by the Executive and by the Executive Chairman of the Board of Directors of the Company. No waiver
by either of the parties of any breach by the other party hereto of any condition or provision of this Agreement to be performed by the
other party hereto shall be deemed a waiver of any similar or dissimilar provision or condition at the same or any prior or subsequent
time.

 

15.             
Severability. Should any provisions of this Agreement be held to be invalid, illegal, or unenforceable in any respect, such
invalidity, illegality, or unenforceability shall not affect any other provisions hereof, and if such provision or provisions are not
modified as provided above, this Agreement shall be construed as if such invalid, illegal, or unenforceable provisions had not been set
forth herein.

 

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16.             
 Captions. Captions and headings of the sections and paragraphs of this Agreement are intended solely for convenience and
no provision of this Agreement is to be construed by reference to the caption or heading of any section or paragraph.

 

17.             
Counterparts. This Agreement may be executed in separate counterparts, each of which shall be deemed an original, but all
of which taken together shall constitute one and the same instrument.

 

18.             
Section 409A.

 

18.1         
General Compliance. This Agreement is intended to comply with Section 409A or an exemption thereunder and shall be construed
and administered in accordance with such intent. Notwithstanding any other provision of this Agreement, payments provided under this Agreement
may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Any nonqualified deferred compensation
payments under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation from service
or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A, each installment
payment provided under this Agreement shall be treated as a separate payment. Any payments to be made under this Agreement upon a termination
of employment shall only be made upon a “separation from service” under Section 409A. Notwithstanding the foregoing, the Company
makes no representations that the payments and benefits provided under this Agreement comply with Section 409A, and in no event shall
the Company be liable for all or any portion of any taxes, penalties, interest, or other expenses that may be incurred by the Executive
on account of non-compliance with Section 409A.

 

18.2         
Specified Employees. Notwithstanding any other provision of this Agreement, if any payment or benefit provided to the Executive
in connection with the Executive’s termination of employment is determined to constitute “nonqualified deferred compensation”
within the meaning of Section 409A and the Executive is determined to be a “specified employee” as defined in Section 409A(a)(2)(b)(i),
then such payment or benefit shall not be paid until the first payroll date to occur following the six-month anniversary of the date of
the Executive’s termination or, if earlier, on the Executive’s death (the “Specified Employee Payment Date”).
The aggregate of any payments that would otherwise have been paid before the Specified Employee Payment Date shall be paid to the Executive
in a lump sum on the Specified Employee Payment Date and thereafter, any remaining payments shall be paid without delay in accordance
with their original schedule.

 

18.3         
Reimbursements. To the extent required by Section 409A, each reimbursement or in-kind benefit provided under this Agreement
shall be provided in accordance with the following:

 

(a)              
the amount of expenses eligible for reimbursement, or in-kind benefits provided, during each calendar year cannot affect the expenses
eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year;

 

(b)              
any reimbursement of an eligible expense shall be paid to the Executive on or before the last day of the calendar year following
the calendar year in which the expense was incurred; and

 

(c)              
 any right to reimbursements or in-kind benefits under this Agreement shall not be subject to liquidation or exchange for another
benefit.

 

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19.             
Successors and Assigns. This Agreement is personal to the Executive and shall not be assigned by the Executive. Any purported
assignment by the Executive shall be null and void from the initial date of the purported assignment. The Company may assign this Agreement
to any successor or assign (whether direct or indirect, by purchase, merger, consolidation, or otherwise) to all or substantially all
of the business or assets of the Company. This Agreement shall inure to the benefit of the Company and permitted successors and assigns.

 

20.             
Notice. Notices and all other communications provided for in this Agreement shall be given in writing by personal delivery,
electronic delivery, or by registered mail to the parties at the addresses set forth below (or such other addresses as specified by the
parties by like notice):

 

If to the Company:

 

Akari Therapeutics, Plc

75-76 Wimpole Street

London W1G 9RT, United Kingdom

Attn: Executive Chairman of the Board
of Directors

 

If to the Executive:

 

Address shown on the payroll records
of the Company

 

21.             
Representations of the Executive. The Executive represents and warrants to the Company that:

 

The Executive’s acceptance
of employment with the Company and the performance of the Executive’s duties hereunder will not conflict with or result in a violation
of, a breach of, or a default under any contract, agreement, or understanding to which the Executive is a party or is otherwise bound.

 

The Executive’s acceptance
of employment with the Company and the performance of the Executive’s duties hereunder will not violate any non-solicitation, non-competition,
or other similar covenant or agreement of a prior employer or third-party.

 

22.             
Withholding; Tax Equalization. The Company shall have the right to withhold from any amount payable hereunder any Federal,
state, and local taxes in order for the Company to satisfy any withholding tax obligation it may have under any applicable law or regulation.

 

To the extent that any income for Executive’s
services (including for service as a member of the Board of Directors) is subject to income or employee-paid social insurance taxes in
the United Kingdom, the Company will pay Executive such amount of Executive’s income and employee-based social insurance taxes (including
a full gross-up) as would be necessary such that the aggregate net income and social insurance tax paid by Executive is not greater than
the amount incurred if services were taxed only in the United States.

 

    21

     

    

 

23.             
 Survival. Upon the expiration or other termination of this Agreement, the respective rights and obligations of the parties
hereto shall survive such expiration or other termination to the extent necessary to carry out the intentions of the parties under this
Agreement.

 

24.             
Acknowledgement of Full Understanding. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT THE EXECUTIVE HAS FULLY READ, UNDERSTANDS
AND VOLUNTARILY ENTERS INTO THIS AGREEMENT. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT THE EXECUTIVE HAS HAD AN OPPORTUNITY TO ASK QUESTIONS
AND CONSULT WITH AN ATTORNEY OF THE EXECUTIVE’S CHOICE BEFORE SIGNING THIS AGREEMENT.

 

[SIGNATURE PAGE FOLLOWS]

 

    22

     

    

 

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

 

	 	AKARI
    THERAPEUTICS, PLC
	 	 
	 	By: 	/s/ Ray Prudo
	 	Name:  	Ray Prudo
	 	Title:	 Chairman

 

	EXECUTIVE	 
	 	 
	Signature:  	/s/ Rachelle Jacques	 
	Print
    Name: Rachelle Jacques	 

 

    23

     

    

 

EXHIBIT A

 

    24

     

    

 

STOCK OPTION AGREEMENT

 

United States Participants (ISO/NSO)

 

AGREEMENT made as of the date
of the grant set forth in Exhibit A (the “Effective Date”) by and between Akari Therapeutics, Plc, a company
formed under the laws of England and Wales, and having a place of business at 1460 Broadway, 16th Floor, New York, NY 10036
(the “Company”) and the individual whose name and address appears under his or her signature below (the “Participant”).

 

WHEREAS, the Company desires
to grant to the Participant an Incentive Stock Option (“Option”) within the meaning of Section 422 of the Internal
Revenue Code of 1986, as amended (the “Code”) to purchase ordinary shares, $0.0001 par value per share (the “Shares”),
under and for the purposes set forth in and subject to the terms of the Company’s 2014 Equity Incentive Plan, including any amendments
thereto (the “Plan”) which is attached hereto as Exhibit C; and

 

WHEREAS, the Company and the
Participant understand and agree that any terms used and not defined herein have the same meanings as set forth in the Plan;

 

NOW, THEREFORE, in consideration
of the mutual covenants hereinafter set forth and for other good and valuable consideration, the parties hereto agree as follows:

 

		1.	GRANT OF OPTION.

 

The Company hereby grants to the Participant,
as of the Effective Date, the right and option to purchase all or any part of an aggregate of the number of Shares set forth in Exhibit
A, on the terms and conditions and subject to all the limitations set forth herein, under United States securities and tax laws, and in
the Plan.

 

If “ISO” is selected
on Exhibit A hereto, this Option is intended to qualify as an Incentive Stock Option (“ISO”) as defined in Section
422 of the Code. Nevertheless, to the extent that any such ISO exceeds the $100,000 rule of Code Section 422(d), the number of shares
subject to this Option in excess of such amount shall be treated as a Non-statutory Stock Option (“NSO”) pursuant to
Section 6.2 of the Plan and the tax rules applicable to ISOs.

 

		2.	EXERCISE PRICE.

 

The exercise price of the Shares shall
be the price set forth in Exhibit A, subject to adjustment, as provided in the Plan, in the event of a stock split, reverse stock split
or other events affecting the holders of Shares after the date hereof (the “Exercise Price”).

 

		3.	EXERCISABILITY OF OPTION; ACCELERATION.

 

		(a)	This Option shall become exercisable (and the Shares issued upon exercise shall be vested) as set forth
in Exhibit A, provided the Participant is an Employee, director or Consultant of the Company or of an Affiliate on the applicable vesting
date.

 

    1

     

    

 

		(b)	Anything in this Agreement to the contrary notwithstanding, any unvested portion of the Option shall become
fully vested and exercisable if (i) the Participant’s employment pursuant to that certain Executive Employment Agreement by and
between the Company and Participant dated as of February 28, 2022 (the “Executive Employment Agreement”) is terminated
by the Participant for Good Reason or by the Company without Cause, or terminates due to the Participant’s death or Disability or
(ii) there occurs a Change in Control of the Company (prior to any termination of the Participant’s employment ).

 

For purposes of this Agreement, “Change
in Control”, “Cause”, “Good Reason” and “Disability” shall have the
meanings ascribed to each such term in the Executive Employment Agreement.

 

		4.	TERM OF OPTION.

 

		(a)	This Option shall terminate on the date set forth in Exhibit A (the “Option Expiration Date”)
but shall be subject to earlier termination as provided herein or in the Plan.

 

		(b)	If the Participant ceases to be an Employee, director or Consultant of the Company or of an Affiliate
for any reason other than the death or Disability of the Participant, or termination of the Participant for Cause (the “Termination
Date”), the Option to the extent then vested and exercisable pursuant to Section 3 hereof as of the Termination Date, and not
previously terminated in accordance with this Agreement, may be exercised within twelve (12) months after the Termination Date, or on
or prior to the Option Expiration Date, whichever is earlier, but may not be exercised thereafter except as set forth below. In such event,
the unvested portion of the Option shall not be exercisable and shall expire and be cancelled on the Termination Date.

 

		(c)	Notwithstanding the foregoing, in the event of the Participant’s Disability or death within three
months after the Termination Date, the Participant or the Participant’s Survivors may exercise the Option within one year after
the Termination Date, but in no event after the Option Expiration Date.

 

		(d)	In the event the Participant’s service is terminated by the Company or an Affiliate for Cause, the
Participant’s right to exercise any unexercised portion of this Option even if vested shall cease immediately as of the time the
Participant is notified his or her service is terminated for Cause, and this Option shall thereupon terminate. Notwithstanding anything
herein to the contrary, if subsequent to the Participant’s termination, but prior to the exercise of the Option, the Participant
breaches in any material respect any agreement between Participant and the Company (including, but not limited to, any assignment of intellectual
property, confidentiality, non- disclosure, non-competition or non-solicitation agreement(s)), then the Participant shall immediately
cease to have any rights to exercise this Option and this Option shall thereupon terminate. The Company agrees that in the event of conflict
between this Agreement and Section 13.d of the Plan, this Agreement shall control with respect to any determination made subsequent to
termination.

 

    2

     

    

 

		(e)	In the event of the Disability of the Participant, as determined in accordance with the Plan, the Option
shall be exercisable within one year after the Participant’s termination of service due to Disability or, if earlier, on or prior
to the Option Expiration Date. In such event, the Option shall be exercisable:

 

		(i)	to the extent that the Option has become exercisable but has not been exercised as of the date of the
Participant’s termination of service due to Disability; and

 

		(ii)	in the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion through
the date of the Participant’s termination of service due to Disability of any additional vesting rights that would have accrued
on the next vesting date had the Participant not become Disabled. The proration shall be based upon the number of days accrued in the
current vesting period prior to the date of the Participant’s termination of service due to Disability.

 

		(f)	In the event of the death of the Participant while an Employee, director or Consultant of the Company
or of an Affiliate, the Option shall be exercisable by the Participant’s Survivors within one year after the date of death of the
Participant or, if earlier, on or prior to the Option Expiration Date. In such event, the Option shall be exercisable:

 

		(i)	to the extent that the Option has become exercisable but has not been exercised as of the date of death;
and

 

		(ii)	in the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion through
the date of death of any additional vesting rights that would have accrued on the next vesting date had the Participant not died. The
proration shall be based upon the number of days accrued in the current vesting period prior to the Participant’s date of death.

 

		5.	METHOD OF EXERCISING OPTION.

 

		(a)	Subject to the terms and conditions of this Agreement, the Option may be exercised by written notice to
the Company or its designee, in substantially the form of Exhibit B attached hereto (or in such other form acceptable to the Company,
which may include electronic notice). Such notice shall state the number of Shares with respect to which the Option is being exercised
and shall be signed by the person exercising the Option (which signature may be provided electronically in a form acceptable to the Company).

 

		(b)	Payment of the Exercise Price for such Shares shall be made in accordance with Paragraph 9 of the Plan.

 

		(c)	The Company shall deliver such Shares as soon as practicable after the notice shall be received, provided,
however, that the Company may delay issuance of such Shares until completion of any action or obtaining of any consent, which the Company
deems necessary under any applicable law (including, without limitation, state securities or “blue sky” laws).

 

    3

     

    

 

		(d)	The Shares as to which the Option shall have been so exercised shall be registered in the Company’s
share register in the name of the person so exercising the Option (or, if the Option shall be exercised by the Participant and if the
Participant shall so request in the notice exercising the Option, shall be registered in the Company’s share register in the name
of the Participant and another person jointly, with right of survivorship) and shall be delivered as provided above to or upon the written
order of the person exercising the Option.

 

		(e)	In the event the Option shall be exercised, pursuant to Section 4 hereof, by any person other than the
Participant, such notice shall be accompanied by appropriate proof of the right of such person to exercise the Option.

 

		(f)	All Shares that shall be purchased upon the exercise of the Option as provided herein shall be fully paid
and nonassessable.

 

		6.	PARTIAL EXERCISE.

 

Exercise of this Option to the extent
above stated may be made in part at any time and from time to time within the above limits, except that no fractional share shall be issued
pursuant to this Option.

 

		7.	NON-ASSIGNABILITY.

 

		(a)	The Option shall not be transferable by the Participant otherwise than by will or by the laws of descent
and distribution; or, if this Option is an NSO, then it may also be transferred pursuant to a qualified domestic relations order as defined
by the Code or Title I of the Employee Retirement Income Security Act or the rules thereunder and may be exercised only by Optionee or
his permitted assigns. The terms of the Plan and this Option Agreement shall be binding upon the executors, administrators, heirs of Optionee.

 

		(b)	Except as provided above in Section 7(a), the Option shall be exercisable, during the Participant’s
lifetime, only by the Participant (or, in the event of legal incapacity or incompetency, by the Participant’s guardian or representative)
and shall not be assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to execution,
attachment or similar process.

 

		(c)	Any attempted transfer, assignment, pledge, hypothecation or other disposition of the Option or of any
rights granted hereunder contrary to the provisions of this Section 7, or the levy of any attachment or similar process upon the Option
shall be null and void.

 

		8.	NO RIGHTS AS STOCKHOLDER UNTIL EXERCISE.

 

The Participant shall have no
rights as a stockholder with respect to Shares subject to this Agreement until registration of the Shares in the Company’s
share register in the name of the Participant. Except as is expressly provided in the Plan with respect to certain changes in the
capitalization of the Company, no adjustment shall be made for dividends or similar rights for which the record date is prior to the
date of such registration.

 

    4

     

    

 

		9.	ADJUSTMENTS.

 

The Plan contains provisions covering
the treatment of Options in a number of contingencies such as stock splits and mergers. Provisions in the Plan for adjustment with respect
to stock subject to Options and the related provisions with respect to successors to the business of the Company are hereby made applicable
hereunder and are incorporated herein by reference.

 

		10.	TAXES.

 

		(a)	The Participant acknowledges that any income or other taxes due from him or her with respect to this Option
or the Shares issuable pursuant to this Option shall be the Participant’s responsibility.

 

		(b)	The Participant acknowledges and agrees that:

 

		(i)	the Participant was free to use professional advisors of his or her choice in connection with this Agreement,
has received advice from his or her professional advisors in connection with this Agreement, understands its meaning and import, and is
entering into this Agreement freely and without coercion or duress;

 

		(ii)	the Participant has not received and is not relying upon any advice, representations or assurances made
by or on behalf of the Company or any Affiliate or any employee of or counsel to the Company or any Affiliate regarding any tax or other
effects or implications of the Option, the Shares or other matters contemplated by this Agreement; and

 

		(iii)	neither the Administrator, the Company, its Affiliates, nor any of its officers or directors, shall be
held liable for any applicable costs, taxes, or penalties associated with the Option if, in fact, the Internal Revenue Service were to
determine that the Option constitutes deferred compensation under Section 409A of the Code.

 

		(c)	The Participant agrees that the Company may withhold from the Participant’s remuneration, if any,
the minimum statutory amount of federal, state and local withholding taxes attributable to such amount that is considered compensation
includable in such person’s gross income. At the Company’s discretion, the amount required to be withheld may be withheld
in cash from such remuneration, or in kind from the Shares otherwise deliverable to the Participant on exercise of the Option. The Participant
further agrees that, if the Company does not withhold an amount from the Participant’s remuneration sufficient to satisfy the Company’s
income tax withholding obligation, the Participant will reimburse the Company on demand, in cash, for the amount under-withheld.

 

		(d)	If the Option granted to Optionee herein is an ISO, and if Optionee sells or otherwise disposes of any
of the Shares acquired pursuant to the ISO on or before the later of (i) the date two (2)
years after the Date of Grant, or (ii) the date one (1) year after the date of exercise, the Optionee shall immediately notify the Company
in writing of such disposition (“Notice of Disqualifying Disposition of ISO Shares”). Optionee agrees that Optionee
may be subject to income tax withholding by the Company on the compensation income recognized by the Optionee.

 

    5

     

    

 

		11.	PURCHASE FOR INVESTMENT.

 

		(a)	Unless the offering and sale of the Shares to be issued upon the particular exercise of the Option shall
have been effectively registered under the Securities Act, the Company shall be under no obligation to issue the Shares covered by such
exercise unless the Company has determined that such exercise and issuance would be exempt from the registration requirements of the Securities
Act and until the following conditions have been fulfilled:

 

		(i)	The person(s) who exercise the Option shall warrant to the Company, at the time of such exercise, that
such person(s) are acquiring such Shares for their own respective accounts, for investment, and not with a view to, or for sale in connection
with, the distribution of any such Shares, in which event the person(s) acquiring such Shares shall be bound by the provisions of the
following legend which shall be endorsed upon any certificate(s) evidencing the Shares issued pursuant to such exercise:

 

“The shares represented by
this certificate have been taken for investment and they may not be sold or otherwise transferred by any person, including a pledgee,
unless (1) either (a) a Registration Statement with respect to such shares shall be effective under the Securities Act of 1933, as amended,
or (b) the Company shall have received an opinion of counsel satisfactory to it that an exemption from registration under such Act is
then available, and (2) there shall have been compliance with all applicable state securities laws;” and

 

		(ii)	If the Company so requires, the Company shall have received an opinion of its counsel that the Shares
may be issued upon such particular exercise in compliance with the Securities Act without registration thereunder. Without limiting the
generality of the foregoing, the Company may delay issuance of the Shares until completion of any action or obtaining of any consent,
which the Company deems necessary under any applicable law (including without limitation state securities or “blue sky” laws).

 

    6

     

    

 

		12.	RESTRICTIONS ON TRANSFER OF SHARES.

 

		(a)	The Participant agrees that in the event the Company proposes to offer for sale to the public any of its
equity securities and such Participant is requested by the Company and any underwriter engaged by the Company in connection with such
offering to sign an agreement restricting the sale or other transfer of Shares, then it will promptly sign such agreement and will not
transfer, whether in privately negotiated transactions
or to the public in open market transactions or otherwise, any Shares or other securities of the Company held by him or her during such
period as is determined by the Company and the underwriters, not to exceed 180 days following the closing of the offering, plus such additional
period of time as may be required to comply with Marketplace Rule 2711 of the National Association of Securities Dealers, Inc. or similar
rules thereto (such period, the “Lock-Up Period”).

 

		(i)	Such agreement shall be in writing and in form and substance reasonably satisfactory to the Company and
such underwriter and pursuant to customary and prevailing terms and conditions.

 

		(ii)	Notwithstanding whether the Participant has signed such an agreement, the Company may impose stop-transfer
instructions with respect to the Shares or other securities of the Company subject to the foregoing restrictions until the end of the
Lock-Up Period.

 

		(b)	The Participant acknowledges and agrees that neither the Company, its shareholders nor its directors and
officers, has any duty or obligation to disclose to the Participant any material information regarding the business of the Company or
affecting the value of the Shares before, at the time of, or following a termination of the service of the Participant by the Company,
including, without limitation, any information concerning plans for the Company to make a public offering of its securities or to be acquired
by or merged with or into another firm or entity.

 

		13.	NO OBLIGATION TO MAINTAIN RELATIONSHIP.

 

		(a)	The Participant acknowledges that:

 

		(i)	the Company is not by the Plan or this Option obligated to continue the Participant as an employee, director
or Consultant of the Company or an Affiliate;

 

		(ii)	the Plan is discretionary in nature and may be suspended or terminated by the Company at any time;

 

		(iii)	the grant of the Option is a one-time benefit which does not create any contractual or other right to
receive future grants of options, or benefits in lieu of options;

 

		(iv)	all determinations with respect to any such future grants, including, but not limited to, the times when
options shall be granted, the number of shares subject to each option, the option price, and the time or times when each option shall
be exercisable, will be at the sole discretion of the Company;

 

		(v)	the Participant’s participation in the Plan is voluntary;

 

		(vi)	the value of the Option is an extraordinary item of compensation which is outside the scope of the Participant’s
employment or consulting contract, if any; and

 

		(vii)	the Option is not part of normal or expected compensation for purposes of calculating any severance, resignation,
redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments.

 

    7

     

    

 

		14.	NOTICES.

 

		(a)	Any notices required or permitted by the terms of this Agreement or the Plan shall be given by recognized
courier service, facsimile, registered or certified mail, return receipt requested, addressed as follows:

 

		(i)	If to the Company:

 

Akari Therapeutics, PLC

1460 Broadway, 16th Floor

New York, NY 10036

Attention: Chief Executive Officer

 

		(ii)	If to the Participant, at the address set forth below;

 

or to such other address or addresses
of which notice in the same manner has previously been given.

 

		(b)	Any such notice shall be deemed to have been given upon the earlier of receipt, one business day following
delivery to a recognized courier service or three business days following mailing by registered or certified mail.

 

		15.	GOVERNING LAW.

 

This Agreement shall be governed by
and construed in accordance with the laws of England and Wales, without giving effect to the conflict of law principles thereof. For the
purpose of litigating any dispute that arises under this Agreement, the parties hereby consent to exclusive jurisdiction in New York and
agree that such litigation shall be conducted in the state courts of New York, New York or the federal courts of the United States for
the District of New York.

 

		16.	BENEFIT OF AGREEMENT.

 

Subject to the provisions of the Plan
and the other provisions hereof, this Agreement shall be for the benefit of and shall be binding upon the heirs, executors, administrators,
successors and assigns of the parties hereto.

 

		17.	ENTIRE AGREEMENT.

 

		(a)	This Agreement, including Exhibit A, which is expressly incorporated herein and made a part hereof, embodies
the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and supersedes all prior oral
or written agreements and understandings relating to the subject matter hereof.

 

		(b)	No statement, representation, warranty, covenant or agreement not expressly set forth in this Agreement
shall affect or be used to interpret, change or restrict, the express terms and provisions
of this Agreement, provided, however, in any event, this Agreement shall be subject to and governed by the Plan.

 

    8

     

    

 

		18.	MODIFICATIONS AND AMENDMENTS.

 

The terms and provisions of this Agreement
may be modified or amended as provided in the Plan.

 

		19.	WAIVERS AND CONSENTS.

 

Except as provided in the Plan, the
terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by written document executed
by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to be or shall constitute
a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not similar. Each such waiver or consent
shall be effective only in the specific instance and for the purpose for which it was given, and shall not constitute a continuing waiver
or consent.

 

		20.	RECOUPMENT OF AWARD.

 

If the Option or any cash or share payment
the Participant receives pursuant to this Agreement are subject to recovery under any law, government regulation or stock exchange listing
requirement, the Option, and the cash or share payment, shall be subject to such deductions and clawback as may be required to be made
pursuant to such law, government regulation or stock exchange listing requirement (or any policy adopted by the Company pursuant to any
such law, government regulation or stock exchange listing requirement) and the Board of Directors in its reasonable good faith discretion
consistent with any such requirement, may require that you reimburse the Company all or part of any payment or transfer related to this
Award, the Option and any cash or share payment.

 

		21.	DATA PRIVACY.

 

By entering into this Agreement, the
Participant:

 

		(i)	authorizes the Company and each Affiliate, and any agent of the Company or any Affiliate administering
the Plan or providing Plan recordkeeping services, to disclose to the Company or any of its Affiliates such information and data as the
Company or any such Affiliate shall request in order to facilitate the grant of options and the administration of the Plan; and

 

		(ii)	authorizes the Company and each Affiliate to store and transmit such information in electronic form for
the purposes set forth in this Agreement.

 

    9

     

    

 

IN WITNESS WHEREOF, THE PARTIES HERETO HAVE
CAUSED THIS AGREEMENT TO BE EXECUTED AS OF THE EFFECTIVE DATE. 

 

	PARTICIPANT  	 	AKARI THERAPEUTICS, PLC  
  
	 	 	 
	/s/ Rachelle Jacques	 	 
	Signature	 	Signature
	 	 	 
	Name: 	Rachelle Jacques	 	Name: 	            
	Address:	 	Title:

 

    10

     

    

 

Exhibit A

 

Terms of Option Grant

 

	1.	Date of Grant:	 	______________2022
	 	 	 	 
	2.	Maximum Number of Shares for which this Option is exercisable:	 	[●]
	 	 	 	 
	3.	Exercise price per Share:	 	[market price (higher of Start Date & grant)]
	 	 	 	 
	4.	Option Expiration Date:	 	[10th anniversary of Start Date]
	 	 	 	 
	5.	Vesting Start Date:	 	[Start Date]
	 	 	 	 
	6.	Type of Option:	 	 
	 	 	 	 
	 	x	Incentive Stock Option (“ISO”)
	 	 	 
	 	 ̈	Non-Statutory Stock Option (“NSO”)
	 	 	 
	7.	Vesting Schedule:	 	 
	 	 	 	 	 

This Option shall vest ratably on a
semiannual basis and become exercisable over 4 years (and the Shares issued upon exercise shall be vested) provided the Participant is
an Employee, director or Consultant of the Company or of an Affiliate on the applicable vesting date, except as otherwise set forth in
Section 3(b) of the Stock Option Agreement.

 

    11

     

    

 

Exhibit B

 

NOTICE OF EXERCISE OF STOCK OPTION

 

[Form for Shares registered in the
United States]

 

To:Akari Therapeutics, Plc

 

IMPORTANT NOTICE: This
form of Notice of Exercise may only be used at such time as the Company has filed a Registration Statement with the Securities and Exchange
Commission under which the issuance of the Shares for which this exercise is being made is registered and such Registration Statement
remains effective.

 

Ladies and Gentlemen:

 

I hereby exercise my Stock
Option to purchase ________ shares (the “Shares”) of the ordinary shares, $0.0001 par value per share, of Akari Therapeutics,
Plc (the “Company”), at the exercise price of $ per share, pursuant to and subject to the terms of the Stock
Option Agreement dated ___________, 20___.

 

I understand the nature of
the investment I am making and the financial risks thereof. I am aware that it is my responsibility to have consulted with competent tax
and legal advisors about the relevant national, state and local income tax and securities laws affecting the exercise of the Option and
the purchase and subsequent sale of the Shares.

 

I am paying the option exercise
price for the Shares as follows:

 

 

 

Please issue the Shares (check one):

 

 ̈
to me; or

 

 ̈ to
me and ________________________, as joint tenants with right of

survivorship,

 

	at
    the following address:	 
	 	 
	 	 
	 	 
	 	 

 

    12

     

    

 

My mailing address for shareholder
communications, if different from the address listed above, is:

 

	 	 
	 	 
	 	 

 

	 	Very
    truly yours,
	 	 
	 	 
	 	Participant
    (signature)
	 	 
	 	 
	 	Print
    Name
	 	 
	 	 
	 	Date

 

    13

     

    

 

Exhibit C

 

AKARI THERAPEUTICS, PLC

 

2014 EQUITY INCENTIVE PLAN

 

(See attached)

 

    14Exhibit 10.12

 

STOCK OPTION AGREEMENT

 

United States Participants (ISO/NSO)

 

AGREEMENT made as of the date
of the grant set forth in Exhibit A (the “Effective Date”) by and between Akari Therapeutics, Plc, a company
formed under the laws of England and Wales, and having a place of business at 1460 Broadway, 16th Floor, New York, NY 10036
(the “Company”) and the individual whose name and address appears under his or her signature below (the “Participant”).

 

WHEREAS, the Company desires
to grant to the Participant an Incentive Stock Option (“Option”) within the meaning of Section 422 of the Internal
Revenue Code of 1986, as amended (the “Code”) to purchase ordinary shares, $0.0001 par value per share (the “Shares”),
under and for the purposes set forth in and subject to the terms of the Company’s 2014 Equity Incentive Plan, including any amendments
thereto (the “Plan”) which is attached hereto as Exhibit C; and

 

WHEREAS, the Company and the
Participant understand and agree that any terms used and not defined herein have the same meanings as set forth in the Plan;

 

NOW, THEREFORE, in consideration
of the mutual covenants hereinafter set forth and for other good and valuable consideration, the parties hereto agree as follows:

 

		1.	GRANT OF OPTION.

 

The Company hereby grants to the Participant,
as of the Effective Date, the right and option to purchase all or any part of an aggregate of the number of Shares set forth in Exhibit
A, on the terms and conditions and subject to all the limitations set forth herein, under United States securities and tax laws, and in
the Plan.

 

If “ISO” is selected
on Exhibit A hereto, this Option is intended to qualify as an Incentive Stock Option (“ISO”) as defined in Section
422 of the Code. Nevertheless, to the extent that any such ISO exceeds the $100,000 rule of Code Section 422(d), the number of shares
subject to this Option in excess of such amount shall be treated as a Non-statutory Stock Option (“NSO”) pursuant to
Section 6.2 of the Plan and the tax rules applicable to ISOs.

 

		2.	EXERCISE PRICE.

 

The exercise price of the Shares shall
be the price set forth in Exhibit A, subject to adjustment, as provided in the Plan, in the event of a stock split, reverse stock split
or other events affecting the holders of Shares after the date hereof (the “Exercise Price”).

 

		3.	EXERCISABILITY OF OPTION; ACCELERATION.

 

		(a)	This Option shall become exercisable (and the Shares issued upon exercise shall be vested) as set forth
in Exhibit A, provided the Participant is an Employee, director or Consultant of the Company or of an Affiliate on the applicable vesting
date.

 

    1

     

    

 

		(b)	Anything in this Agreement to the contrary notwithstanding, any unvested portion of the Option shall become
fully vested and exercisable if (i) the Participant’s employment pursuant to that certain Executive Employment Agreement by and
between the Company and Participant dated as of February 28, 2022 (the “Executive Employment Agreement”) is terminated
by the Participant for Good Reason or by the Company without Cause, or terminates due to the Participant’s death or Disability or
(ii) there occurs a Change in Control of the Company (prior to any termination of the Participant’s employment ).

 

For purposes of this Agreement, “Change
in Control”, “Cause”, “Good Reason” and “Disability” shall have the
meanings ascribed to each such term in the Executive Employment Agreement.

 

		4.	TERM OF OPTION.

 

		(a)	This Option shall terminate on the date set forth in Exhibit A (the “Option Expiration Date”)
but shall be subject to earlier termination as provided herein or in the Plan.

 

		(b)	If the Participant ceases to be an Employee, director or Consultant of the Company or of an Affiliate
for any reason other than the death or Disability of the Participant, or termination of the Participant for Cause (the “Termination
Date”), the Option to the extent then vested and exercisable pursuant to Section 3 hereof as of the Termination Date, and not
previously terminated in accordance with this Agreement, may be exercised within twelve (12) months after the Termination Date, or on
or prior to the Option Expiration Date, whichever is earlier, but may not be exercised thereafter except as set forth below. In such event,
the unvested portion of the Option shall not be exercisable and shall expire and be cancelled on the Termination Date.

 

		(c)	Notwithstanding the foregoing, in the event of the Participant’s Disability or death within three
months after the Termination Date, the Participant or the Participant’s Survivors may exercise the Option within one year after
the Termination Date, but in no event after the Option Expiration Date.

 

		(d)	In the event the Participant’s service is terminated by the Company or an Affiliate for Cause, the
Participant’s right to exercise any unexercised portion of this Option even if vested shall cease immediately as of the time the
Participant is notified his or her service is terminated for Cause, and this Option shall thereupon terminate. Notwithstanding anything
herein to the contrary, if subsequent to the Participant’s termination, but prior to the exercise of the Option, the Participant
breaches in any material respect any agreement between Participant and the Company (including, but not limited to, any assignment of intellectual
property, confidentiality, non- disclosure, non-competition or non-solicitation agreement(s)), then the Participant shall immediately
cease to have any rights to exercise this Option and this Option shall thereupon terminate. The Company agrees that in the event of conflict
between this Agreement and Section 13.d of the Plan, this Agreement shall control with respect to any determination made subsequent to
termination.

 

    2

     

    

 

		(e)	In the event of the Disability of the Participant, as determined in accordance with the Plan, the Option
shall be exercisable within one year after the Participant’s termination of service due to Disability or, if earlier, on or prior
to the Option Expiration Date. In such event, the Option shall be exercisable:

 

		(i)	to the extent that the Option has become exercisable but has not been exercised as of the date of the
Participant’s termination of service due to Disability; and

 

		(ii)	in the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion through
the date of the Participant’s termination of service due to Disability of any additional vesting rights that would have accrued
on the next vesting date had the Participant not become Disabled. The proration shall be based upon the number of days accrued in the
current vesting period prior to the date of the Participant’s termination of service due to Disability.

 

		(f)	In the event of the death of the Participant while an Employee, director or Consultant of the Company
or of an Affiliate, the Option shall be exercisable by the Participant’s Survivors within one year after the date of death of the
Participant or, if earlier, on or prior to the Option Expiration Date. In such event, the Option shall be exercisable:

 

		(i)	to the extent that the Option has become exercisable but has not been exercised as of the date of death;
and

 

		(ii)	in the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion through
the date of death of any additional vesting rights that would have accrued on the next vesting date had the Participant not died. The
proration shall be based upon the number of days accrued in the current vesting period prior to the Participant’s date of death.

 

		5.	METHOD OF EXERCISING OPTION.

 

		(a)	Subject to the terms and conditions of this Agreement, the Option may be exercised by written notice to
the Company or its designee, in substantially the form of Exhibit B attached hereto (or in such other form acceptable to the Company,
which may include electronic notice). Such notice shall state the number of Shares with respect to which the Option is being exercised
and shall be signed by the person exercising the Option (which signature may be provided electronically in a form acceptable to the Company).

 

		(b)	Payment of the Exercise Price for such Shares shall be made in accordance with Paragraph 9 of the Plan.

 

		(c)	The Company shall deliver such Shares as soon as practicable after the notice shall be received, provided,
however, that the Company may delay issuance of such Shares until completion of any action or obtaining of any consent, which the Company
deems necessary under any applicable law (including, without limitation, state securities or “blue sky” laws).

 

    3

     

    

 

		(d)	The Shares as to which the Option shall have been so exercised shall be registered in the Company’s
share register in the name of the person so exercising the Option (or, if the Option shall be exercised by the Participant and if the
Participant shall so request in the notice exercising the Option, shall be registered in the Company’s share register in the name
of the Participant and another person jointly, with right of survivorship) and shall be delivered as provided above to or upon the written
order of the person exercising the Option.

 

		(e)	In the event the Option shall be exercised, pursuant to Section 4 hereof, by any person other than the
Participant, such notice shall be accompanied by appropriate proof of the right of such person to exercise the Option.

 

		(f)	All Shares that shall be purchased upon the exercise of the Option as provided herein shall be fully paid
and nonassessable.

 

		6.	PARTIAL EXERCISE.

 

Exercise of this Option to the extent
above stated may be made in part at any time and from time to time within the above limits, except that no fractional share shall be issued
pursuant to this Option.

 

		7.	NON-ASSIGNABILITY.

 

		(a)	The Option shall not be transferable by the Participant otherwise than by will or by the laws of descent
and distribution; or, if this Option is an NSO, then it may also be transferred pursuant to a qualified domestic relations order as defined
by the Code or Title I of the Employee Retirement Income Security Act or the rules thereunder and may be exercised only by Optionee or
his permitted assigns. The terms of the Plan and this Option Agreement shall be binding upon the executors, administrators, heirs of Optionee.

 

		(b)	Except as provided above in Section 7(a), the Option shall be exercisable, during the Participant’s
lifetime, only by the Participant (or, in the event of legal incapacity or incompetency, by the Participant’s guardian or representative)
and shall not be assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to execution,
attachment or similar process.

 

		(c)	Any attempted transfer, assignment, pledge, hypothecation or other disposition of the Option or of any
rights granted hereunder contrary to the provisions of this Section 7, or the levy of any attachment or similar process upon the Option
shall be null and void.

 

		8.	NO RIGHTS AS STOCKHOLDER UNTIL EXERCISE.

 

The Participant shall have no
rights as a stockholder with respect to Shares subject to this Agreement until registration of the Shares in the Company’s
share register in the name of the Participant. Except as is expressly provided in the Plan with respect to certain changes in the
capitalization of the Company, no adjustment shall be made for dividends or similar rights for which the record date is prior to the
date of such registration.

 

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		9.	ADJUSTMENTS.

 

The Plan contains provisions covering
the treatment of Options in a number of contingencies such as stock splits and mergers. Provisions in the Plan for adjustment with respect
to stock subject to Options and the related provisions with respect to successors to the business of the Company are hereby made applicable
hereunder and are incorporated herein by reference.

 

		10.	TAXES.

 

		(a)	The Participant acknowledges that any income or other taxes due from him or her with respect to this Option
or the Shares issuable pursuant to this Option shall be the Participant’s responsibility.

 

		(b)	The Participant acknowledges and agrees that:

 

		(i)	the Participant was free to use professional advisors of his or her choice in connection with this Agreement,
has received advice from his or her professional advisors in connection with this Agreement, understands its meaning and import, and is
entering into this Agreement freely and without coercion or duress;

 

		(ii)	the Participant has not received and is not relying upon any advice, representations or assurances made
by or on behalf of the Company or any Affiliate or any employee of or counsel to the Company or any Affiliate regarding any tax or other
effects or implications of the Option, the Shares or other matters contemplated by this Agreement; and

 

		(iii)	neither the Administrator, the Company, its Affiliates, nor any of its officers or directors, shall be
held liable for any applicable costs, taxes, or penalties associated with the Option if, in fact, the Internal Revenue Service were to
determine that the Option constitutes deferred compensation under Section 409A of the Code.

 

		(c)	The Participant agrees that the Company may withhold from the Participant’s remuneration, if any,
the minimum statutory amount of federal, state and local withholding taxes attributable to such amount that is considered compensation
includable in such person’s gross income. At the Company’s discretion, the amount required to be withheld may be withheld
in cash from such remuneration, or in kind from the Shares otherwise deliverable to the Participant on exercise of the Option. The Participant
further agrees that, if the Company does not withhold an amount from the Participant’s remuneration sufficient to satisfy the Company’s
income tax withholding obligation, the Participant will reimburse the Company on demand, in cash, for the amount under-withheld.

 

		(d)	If the Option granted to Optionee herein is an ISO, and if Optionee sells or otherwise disposes of any
of the Shares acquired pursuant to the ISO on or before the later of (i) the date two (2)
years after the Date of Grant, or (ii) the date one (1) year after the date of exercise, the Optionee shall immediately notify the Company
in writing of such disposition (“Notice of Disqualifying Disposition of ISO Shares”). Optionee agrees that Optionee
may be subject to income tax withholding by the Company on the compensation income recognized by the Optionee.

 

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		11.	PURCHASE FOR INVESTMENT.

 

		(a)	Unless the offering and sale of the Shares to be issued upon the particular exercise of the Option shall
have been effectively registered under the Securities Act, the Company shall be under no obligation to issue the Shares covered by such
exercise unless the Company has determined that such exercise and issuance would be exempt from the registration requirements of the Securities
Act and until the following conditions have been fulfilled:

 

		(i)	The person(s) who exercise the Option shall warrant to the Company, at the time of such exercise, that
such person(s) are acquiring such Shares for their own respective accounts, for investment, and not with a view to, or for sale in connection
with, the distribution of any such Shares, in which event the person(s) acquiring such Shares shall be bound by the provisions of the
following legend which shall be endorsed upon any certificate(s) evidencing the Shares issued pursuant to such exercise:

 

“The shares represented by
this certificate have been taken for investment and they may not be sold or otherwise transferred by any person, including a pledgee,
unless (1) either (a) a Registration Statement with respect to such shares shall be effective under the Securities Act of 1933, as amended,
or (b) the Company shall have received an opinion of counsel satisfactory to it that an exemption from registration under such Act is
then available, and (2) there shall have been compliance with all applicable state securities laws;” and

 

		(ii)	If the Company so requires, the Company shall have received an opinion of its counsel that the Shares
may be issued upon such particular exercise in compliance with the Securities Act without registration thereunder. Without limiting the
generality of the foregoing, the Company may delay issuance of the Shares until completion of any action or obtaining of any consent,
which the Company deems necessary under any applicable law (including without limitation state securities or “blue sky” laws).

 

		12.	RESTRICTIONS ON TRANSFER OF SHARES.

 

		(a)	The Participant agrees that in the event the Company proposes to offer for sale to the public any of its
equity securities and such Participant is requested by the Company and any underwriter engaged by the Company in connection with such
offering to sign an agreement restricting the sale or other transfer of Shares, then it will promptly sign such agreement and will not
transfer, whether in privately negotiated transactions
or to the public in open market transactions or otherwise, any Shares or other securities of the Company held by him or her during such
period as is determined by the Company and the underwriters, not to exceed 180 days following the closing of the offering, plus such additional
period of time as may be required to comply with Marketplace Rule 2711 of the National Association of Securities Dealers, Inc. or similar
rules thereto (such period, the “Lock-Up Period”).

 

		(i)	Such agreement shall be in writing and in form and substance reasonably satisfactory to the Company and
such underwriter and pursuant to customary and prevailing terms and conditions.

 

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		(ii)	Notwithstanding whether the Participant has signed such an agreement, the Company may impose stop-transfer
instructions with respect to the Shares or other securities of the Company subject to the foregoing restrictions until the end of the
Lock-Up Period.

 

		(b)	The Participant acknowledges and agrees that neither the Company, its shareholders nor its directors and
officers, has any duty or obligation to disclose to the Participant any material information regarding the business of the Company or
affecting the value of the Shares before, at the time of, or following a termination of the service of the Participant by the Company,
including, without limitation, any information concerning plans for the Company to make a public offering of its securities or to be acquired
by or merged with or into another firm or entity.

 

		13.	NO OBLIGATION TO MAINTAIN RELATIONSHIP.

 

		(a)	The Participant acknowledges that:

 

		(i)	the Company is not by the Plan or this Option obligated to continue the Participant as an employee, director
or Consultant of the Company or an Affiliate;

 

		(ii)	the Plan is discretionary in nature and may be suspended or terminated by the Company at any time;

 

		(iii)	the grant of the Option is a one-time benefit which does not create any contractual or other right to
receive future grants of options, or benefits in lieu of options;

 

		(iv)	all determinations with respect to any such future grants, including, but not limited to, the times when
options shall be granted, the number of shares subject to each option, the option price, and the time or times when each option shall
be exercisable, will be at the sole discretion of the Company;

 

		(v)	the Participant’s participation in the Plan is voluntary;

 

		(vi)	the value of the Option is an extraordinary item of compensation which is outside the scope of the Participant’s
employment or consulting contract, if any; and

 

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		(vii)	the Option is not part of normal or expected compensation for purposes of calculating any severance, resignation,
redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments.

 

		14.	NOTICES.

 

		(a)	Any notices required or permitted by the terms of this Agreement or the Plan shall be given by recognized
courier service, facsimile, registered or certified mail, return receipt requested, addressed as follows:

 

		(i)	If to the Company:

 

Akari Therapeutics, PLC

1460 Broadway, 16th Floor

New York, NY 10036

Attention: Chief Executive Officer

 

		(ii)	If to the Participant, at the address set forth below;

 

or to such other address or addresses
of which notice in the same manner has previously been given.

 

		(b)	Any such notice shall be deemed to have been given upon the earlier of receipt, one business day following
delivery to a recognized courier service or three business days following mailing by registered or certified mail.

 

		15.	GOVERNING LAW.

 

This Agreement shall be governed by
and construed in accordance with the laws of England and Wales, without giving effect to the conflict of law principles thereof. For the
purpose of litigating any dispute that arises under this Agreement, the parties hereby consent to exclusive jurisdiction in New York and
agree that such litigation shall be conducted in the state courts of New York, New York or the federal courts of the United States for
the District of New York.

 

		16.	BENEFIT OF AGREEMENT.

 

Subject to the provisions of the Plan
and the other provisions hereof, this Agreement shall be for the benefit of and shall be binding upon the heirs, executors, administrators,
successors and assigns of the parties hereto.

 

		17.	ENTIRE AGREEMENT.

 

		(a)	This Agreement, including Exhibit A, which is expressly incorporated herein and made a part hereof, embodies
the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and supersedes all prior oral
or written agreements and understandings relating to the subject matter hereof.

 

		(b)	No statement, representation, warranty, covenant or agreement not expressly set forth in this Agreement
shall affect or be used to interpret, change or restrict, the express terms and provisions
of this Agreement, provided, however, in any event, this Agreement shall be subject to and governed by the Plan.

 

    8

     

    

 

		18.	MODIFICATIONS AND AMENDMENTS.

 

The terms and provisions of this Agreement
may be modified or amended as provided in the Plan.

 

		19.	WAIVERS AND CONSENTS.

 

Except as provided in the Plan, the
terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by written document executed
by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to be or shall constitute
a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not similar. Each such waiver or consent
shall be effective only in the specific instance and for the purpose for which it was given, and shall not constitute a continuing waiver
or consent.

 

		20.	RECOUPMENT OF AWARD.

 

If the Option or any cash or share payment
the Participant receives pursuant to this Agreement are subject to recovery under any law, government regulation or stock exchange listing
requirement, the Option, and the cash or share payment, shall be subject to such deductions and clawback as may be required to be made
pursuant to such law, government regulation or stock exchange listing requirement (or any policy adopted by the Company pursuant to any
such law, government regulation or stock exchange listing requirement) and the Board of Directors in its reasonable good faith discretion
consistent with any such requirement, may require that you reimburse the Company all or part of any payment or transfer related to this
Award, the Option and any cash or share payment.

 

		21.	DATA PRIVACY.

 

By entering into this Agreement, the
Participant:

 

		(i)	authorizes the Company and each Affiliate, and any agent of the Company or any Affiliate administering
the Plan or providing Plan recordkeeping services, to disclose to the Company or any of its Affiliates such information and data as the
Company or any such Affiliate shall request in order to facilitate the grant of options and the administration of the Plan; and

 

		(ii)	authorizes the Company and each Affiliate to store and transmit such information in electronic form for
the purposes set forth in this Agreement.

 

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IN WITNESS WHEREOF THE PARTIES
HERETO HAVE CAUSED THIS AGREEMENT TO BE EXECUTED AS OF THE EFFECTIVE DATE.

 

	PARTICIPANT	 	AKARI THERAPEUTICS, PLC
	 	 	 
	/s/ Rachelle Jacques	 	/s/ Ray Prudo
	Signature	 	Signature
	 	 	 
	Name: Rachelle Jacques	 	Name: Ray Prudo
	 	 	 
	Address:
     on file with the company	 	Title:
     Chairman

 

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Exhibit A

 

Terms of Option Grant

 

	1.	Date of Grant:	 	1 June 2022
	 	 	 	 
	2.	Maximum Number of Shares for which this Option is exercisable:	 	207,634,400  
	 	 	 	 
	3.	Exercise price per Share:	 	$0.0124
	 	 	 	 
	4.	Option Expiration Date:	 	28 March 2032
	 	 	 	 
	5.	Vesting Start Date:	 	28 March 2022
	 	 	 	 
	6.	Type of Option:	 	 
	 	 	 	 
	 	x	Incentive Stock Option (“ISO”)
	 	 	 
	 	 ̈	Non-Statutory Stock Option (“NSO”)
	 	 	 
	7.	Vesting Schedule:	 	 
	 	 	 	 	 

This Option shall vest ratably on a
semiannual basis and become exercisable over 4 years (and the Shares issued upon exercise shall be vested) provided the Participant is
an Employee, director or Consultant of the Company or of an Affiliate on the applicable vesting date, except as otherwise set forth in
Section 3(b) of the Stock Option Agreement.

 

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Exhibit B

 

NOTICE OF EXERCISE OF STOCK OPTION

 

[Form for Shares registered in the
United States]

 

	To:	Akari Therapeutics, Plc

 

IMPORTANT NOTICE: This
form of Notice of Exercise may only be used at such time as the Company has filed a Registration Statement with the Securities and Exchange
Commission under which the issuance of the Shares for which this exercise is being made is registered and such Registration Statement
remains effective.

 

Ladies and Gentlemen:

 

I hereby exercise my Stock
Option to purchase ________ shares (the “Shares”) of the ordinary shares, $0.0001 par value per share, of Akari Therapeutics,
Plc (the “Company”), at the exercise price of $________ per share, pursuant to and subject to the terms of the Stock
Option Agreement dated ___________, 20___.

 

I understand the nature of
the investment I am making and the financial risks thereof. I am aware that it is my responsibility to have consulted with competent tax
and legal advisors about the relevant national, state and local income tax and securities laws affecting the exercise of the Option and
the purchase and subsequent sale of the Shares.

 

I am paying the option exercise price
for the Shares as follows:

 

____________________________________________________________

 

Please issue the Shares (check one):

 

 ̈
to me; or

 

 ̈
to me and _________________________, as joint tenants with right of

survivorship,

 

at the following address:

 

 

_________________________________________

_________________________________________

_________________________________________

 

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My mailing address for shareholder
communications, if different from the address listed above, is:

 

 

_________________________________________

_________________________________________

_________________________________________

 

 

	 	Very truly yours,
	 	 
	 	 
	 	 
	 	Participant (signature)
	 	 
	 	 
	 	 
	 	Print Name
	 	 
	 	 
	 	 
	 	Date

 

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Exhibit C

 

AKARI THERAPEUTICS, PLC

 

2014 EQUITY INCENTIVE PLAN

 

(See attached)

 

    14

     

    

 

AKARI THERAPEUTICS, PLC

 

2014 EQUITY INCENTIVE PLAN

(as at May 2022, incorporating amendments to 30 June 2021)

 

		1.	DEFINITIONS.

 

Unless otherwise specified or unless
the context otherwise requires, the following terms, as used in this Akari Therapeutics, Plc 2014 Equity Incentive Plan, have the following
meanings:

 

		a.	Administrator means the committee to which the Board of Directors has delegated the authority to
grant equity under the Plan, which shall initially be the Compensation Committee.

 

		b.	Affiliate means a corporation which, is a parent or subsidiary of the Company, direct or indirect,
in an unbroken chain of corporations if, each of the corporations (except for the ultimate parent corporation) owns stock possessing 50
percent or more of the total combined voting power of all classes of stock in one of the other corporations in such chain.

 

		c.	Agreement means an agreement between the Company and a Participant delivered pursuant to the Plan,
in such form as the Administrator shall approve.

 

		d.	Applicable Law means the requirements relating to (a) the adoption and administration of equity
plans under United Kingdom corporate laws, (b) the offer and issuance of equity under United States federal securities laws and regulations
and any applicable securities laws of any other jurisdiction, (c) the Code, (d) any stock exchange or quotation system on which the Common
Stock is then listed or traded, and (e) any other the applicable laws or regulations.

 

		e.	Board of Directors means the Board of Directors of the Company.

 

		f.	Cause means, with respect to a Participant (a) dishonesty with respect to the Company or any
                                                               Affiliate or commission of any act of theft or fraud, each involving the property or affairs of the Company or an Affiliate, (b)
                                                               insubordination, substantial malfeasance or non-feasance of duty or the Participant’s breach of fiduciary duty, (c)
                                                               unauthorized disclosure of confidential information, (d) breach by a Participant of any provision of any employment, consulting,
                                                               advisory, nondisclosure, non-competition or similar agreement between the Participant and the Company or any Affiliate, (e) material
                                                               breach of any agreement with the Company or any Affiliate or a material violation of the Company’s or a Affiliate’s code
                                                               of conduct or other written policy; (f) conviction of, or plea of guilty or nolo contendere to, any misdemeanor involving moral
                                                               turpitude or any felony, other than a traffic violation; (g) willful or prolonged absence from work (other than by reason of
                                                               Disability or serious medical condition of the Participant) or the Participant’s deliberate refusal or repeated failure to
                                                               perform the Participant’s duties as reasonably directed by the Company; or (h) gross negligence or willful misconduct in the
                                                               performance of the Participant’s service to the Company or an Affiliate; provided, however, that any provision in an agreement between a
Participant and the Company or an Affiliate, which contains a conflicting definition of Cause for termination and which is in effect at
the time of such termination, shall supersede this definition with respect to that Participant. The determination of the Administrator
as to the existence of Cause will be conclusive on the Participant and the Company.

 

    

     

    

 

		g.	Code means the United States Internal Revenue Code of 1986, as amended, including any successor
statute, regulation and guidance thereto.

 

		h.	Common Stock means ordinary shares of the Company, par value $0.0001 per share.

 

		i.	Company means Akari Therapeutics, Plc, a company formed under the laws of England and Wales.

 

		j.	Consultant means any natural person who is an advisor or consultant that provides bona fide services
to the Company or its Affiliates, provided that such services are not in connection with the offer or sale of securities in a capital
raising transaction, and do not directly or indirectly promote or maintain a market for the Company’s or its Affiliates’ securities.

 

		k.	Disability or Disabled means the inability of a Participant to perform each of the essential
duties of such Participant’s position by reason of a medically determinable physical or mental impairment which is potentially permanent
in character or which can be expected to last for a continuous period of not less than twelve (12) months; provided that, with respect
to rules regarding expiration of an Incentive Stock Option following termination of a Participant’s Service, Disability shall mean
the inability of such Participant to engage in any substantial gainful activity by reason of a medically determinable physical or mental
impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less
than twelve (12) months.

 

		l.	Director means a member of the Board of Directors.

 

		m.	Employee means any employee of the Company or of an Affiliate (including, without limitation, an
employee who is also serving as an officer or Director of the Company or of an Affiliate), designated by the Administrator to be eligible
to be granted one or more Stock Rights under the Plan.

 

		n.	Exchange Act means the United States of America’s Securities Exchange Act of 1934, as amended,
as now in effect or as hereafter amended, and any successor thereto.

 

		o.	Fair Market Value of a Share of Common Stock means:

 

		i.	If the Common Stock is listed on a national securities exchange or traded in the over-the-counter market
and sales prices are regularly reported for the Common Stock, the closing or, if not applicable, the last price of the Common Stock on
the composite tape or other comparable reporting system for the trading day on the applicable date and if such applicable date is not
a trading day, the last market trading day prior to such date;

 

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		ii.	If the Common Stock is not traded on a national securities exchange but is traded on the over-the-counter
market, if sales prices are not regularly reported for the Common Stock for the trading day referred to in clause (1), and if bid and
asked prices for the Common Stock are regularly reported, the mean between the bid and the asked price for the Common Stock at the close
of trading in the over-the-counter market for the trading day on which Common Stock was traded on the applicable date and if such applicable
date is not a trading day, the last market trading day prior to such date; and

 

		iii.	If the Common Stock is neither listed on a national securities exchange nor traded in the over-the-counter
market, such value as the Administrator, in good faith, shall determine in compliance with Applicable Laws.

 

		p.	ISO means an option intended to qualify as an incentive stock option under Section 422 of the Code.

 

		q.	Non-Qualified Option means an option which is not intended to qualify as an ISO.

 

		r.	Option means an ISO or Non-Qualified Option granted under the Plan.

 

		s.	Participant means an Employee, Director, or Consultant of the Company or an Affiliate to whom one
or more Stock Rights are granted under the Plan. As used herein, “Participant” shall include “Participant’s Survivors”
where the context requires.

 

		t.	Plan means this Akari Therapeutics PLC 2014 Equity Incentive Plan.

 

		u.	Securities Act means the Securities Act of 1933, as amended.

 

		v.	Shares means shares of the Common Stock as to which Stock Rights have been or may be granted under
the Plan or any shares of capital stock into which the Shares are changed or for which they are exchanged within the provisions of Paragraph
3 of the Plan. The Shares issued under the Plan may be authorized and unissued shares or shares held by the Company in its treasury, or
both.

 

		w.	Stock-Based Award means a grant by the Company under the Plan of an equity award or equity based
award which is not an Option or Stock Grant.

 

		x.	Stock Grant means a grant by the Company of Shares under the Plan.

 

		y.	Stock Right means a right to Shares or the value of Shares of the Company granted pursuant to the
Plan, including an ISO, a Non-Qualified Option, a Stock Grant or a Stock-Based Award.

 

		z.	Survivor means a deceased Participant’s legal representatives and/or any person or persons
who acquired the Participant’s rights to a Stock Right by will or by the laws of descent and distribution.

 

		2.	PURPOSES OF THE PLAN.

 

The Plan is intended to encourage
ownership of Shares by Employees, Directors of and certain Consultants to the Company and its Affiliates in order to attract and
retain such people, to induce them to work for the benefit of the Company or of an Affiliate and to provide additional incentive for
them to promote the success of the Company or of an Affiliate. The Plan provides for the granting of ISOs, Non-Qualified Options,
Stock Grants and Stock-Based Awards.

 

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		3.	SHARES SUBJECT TO THE PLAN.

 

The number of Shares as to which Stock
Rights (including ISOs) may be issued from time to time pursuant to this Plan shall be 400,000,000 shares of Common Stock, or the equivalent
of such number of Shares after the Administrator, in its sole discretion, has interpreted the effect of any stock split, stock dividend,
combination, recapitalization or similar transaction in accordance with Paragraph 22 of this Plan.

 

If an Option ceases to be outstanding,
in whole or in part (other than by exercise), or if the Company shall reacquire (at not more than its original issuance price) any Shares
issued pursuant to a Stock Grant or Stock-Based Award, or if any Stock Right expires or is forfeited, cancelled, or otherwise terminated
or results in any Shares not being issued, the unissued or reacquired Shares which were subject to such Stock Right shall again be available
for issuance from time to time pursuant to this Plan. Notwithstanding the foregoing, if a Stock Right is exercised, in whole or in part,
by tender of Shares or if the Company or an Affiliate’s tax withholding obligation is satisfied by withholding Shares, the number
of Shares deemed to have been issued under the Plan for purposes of the limitation set forth in Section 3(a) above shall be the number
of Shares that were subject to the Stock Right or portion thereof, and not the net number of Shares actually issued.

 

		4.	ADMINISTRATION OF THE PLAN.

 

Subject to the provisions of the Plan,
the Administrator is authorized to:

 

		a.	Interpret the provisions of the Plan and all Stock Rights and to make all rules and determinations which
it deems necessary or advisable for the administration of the Plan;

 

		b.	Determine which Employees, Directors and Consultants shall be granted Stock Rights;

 

		c.	Determine the number of Shares for which a Stock Right or Stock Rights shall be granted; provided however
that in no event shall Stock Rights with respect to more than 1,000,000 Shares be granted to any Participant in any fiscal year;

 

		d.	Specify the terms and conditions upon which a Stock Right or Stock Rights may be granted;

 

		e.	Amend any term or condition of any outstanding Stock Right, other than reducing the exercise price or
purchase price, provided that (i) such term or condition as amended is not prohibited by the Plan; (ii) any such amendment shall not impair
the rights of a Participant under any Stock Right previously granted without such Participant’s consent or in the event of death
of the Participant the Participant’s Survivors; and (iii) any such amendment shall be made only after the Administrator determines whether such
amendment would cause any adverse tax consequences to the Participant, including, but not limited to, the annual vesting limitation contained
in Section 422(d) of the Code and described in Paragraph 6(B)(iv) below with respect to ISOs and pursuant to Section 409A of the Code;
and

 

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		f.	Adopt any sub-plans applicable to residents of any specified jurisdiction as it deems necessary or appropriate
in order to comply with or take advantage of any tax or other laws applicable to the Company or to Participants or to otherwise facilitate
the administration of the Plan, which sub-plans may include additional restrictions or conditions applicable to Stock Rights or Shares
issuable pursuant to a Stock Right;

 

provided, however, that all such interpretations,
rules, determinations, terms and conditions shall be made and prescribed in the context of not causing any adverse tax consequences under
Section 409A of the Code and preserving the tax status under Section 422 of the Code of those Options which are designated as ISOs. Subject
to the foregoing, the interpretation and construction by the Administrator of any provisions of the Plan or of any Stock Right granted
under it shall be final, unless otherwise determined by the Board of Directors. In addition, the Board of Directors may take any action
under the Plan that would otherwise be the responsibility of the Administrator.

 

To the extent permitted under Applicable
Law, the Board of Directors or the Administrator may allocate all or any portion of its responsibilities and powers to any one or more
of its members and may delegate all or any portion of its responsibilities and powers to any other person selected by it. The Board of
Directors or the Administrator may revoke any such allocation or delegation at any time.

 

		5.	ELIGIBILITY FOR PARTICIPATION.

 

The Administrator will, in its sole
discretion, name the Participants in the Plan, provided, however, that each Participant must be an Employee, Director or Consultant of
the Company or of an Affiliate at the time a Stock Right is granted. Notwithstanding the foregoing, the Administrator may authorize the
grant of a Stock Right to a person not then an Employee, Director or Consultant of the Company or of an Affiliate. The actual grant of
such Stock Right shall be conditioned upon such person becoming eligible to become a Participant at or prior to the time of the execution
of the Agreement evidencing such Stock Right. ISOs may be granted only to Employees who are deemed to be residents of the United States
for tax purposes. Non-Qualified Options, Stock Grants and Stock-Based Awards may be granted to any Employee, Director or Consultant of
the Company or an Affiliate. The granting of any Stock Right to any individual shall neither entitle that individual to, nor disqualify
him or her from, participation in any other grant of Stock Rights or any grant under any other benefit plan established by the Company
or any Affiliate for Employees, Directors or Consultants.

 

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		6.	TERMS AND CONDITIONS OF OPTIONS.

 

Each Option shall be set forth in
writing in an Option Agreement, duly executed by the Company and, to the extent required by law or requested by the Company, by the
Participant. The Administrator may provide that Options be granted subject to such terms and conditions, consistent with the terms
and conditions specifically required under this Plan, as the Administrator may deem appropriate including, without limitation,
subsequent approval by the shareholders of the Company of this Plan or any amendments thereto. The Option Agreements shall be
subject to at least the following terms and conditions:

 

		A.	Generally: Each Option granted under the Plan shall terminate, and all rights to purchase shares
of Shares thereunder shall cease, on the day before the tenth (10th) anniversary of the date of grant of such Option, or under such circumstances
and on such date prior thereto as is set forth in the Plan or as may be fixed by the Board and stated in the Agreement relating to such
Option; provided, that in the event that the Participant is a Ten Percent Stockholder, an Option granted to such Participant that is intended
to be an Incentive Stock Option shall not be exercisable after the day before the fifth (5th) anniversary of the date of grant of such
Option; provided, further, that, to the extent deemed necessary or appropriate by the Board to reflect differences in local law, tax policy,
or custom, with respect to any Option granted to a Participant who is a foreign national or is a natural person who is employed outside
the United States, such Option may terminate, and all rights to purchase shares of Stock thereunder may cease, upon the expiration of
such period longer than ten (10) years from the date of grant of such Option as the Board shall determine.

 

		B.	Non-Qualified Options: Each Option intended to be a Non-Qualified Option shall be subject to the
terms and conditions which the Administrator determines to be appropriate and in the best interest of the Company, subject to the following
minimum standards for any such Non-Qualified Option:

 

		i.	Exercise Price: Each Option Agreement shall state the exercise price per share of the Shares covered
by each Option, which exercise price shall be determined by the Administrator and shall be at least equal to the greater of the par value
or the Fair Market Value per share of Common Stock on the date of grant of the Option.

 

		ii.	Number of Shares: Each Option Agreement shall state the number of Shares to which it pertains.

 

		iii.	Vesting: Each Option Agreement shall state the date or dates on which it first is exercisable and
the date after which it may no longer be exercised, and may provide that the Option rights accrue or become exercisable in installments
over a period of months or years, or upon the occurrence of certain performance conditions or the attainment of stated goals or events.

 

		iv.	Additional Conditions: Exercise of any Option may be conditioned upon the Participant’s execution
of a Share purchase agreement in form satisfactory to the Administrator providing for certain protections for the Company and its other
shareholders, including requirements that:

 

		a.	The Participant’s or the Participant’s Survivors’ right to sell or transfer the Shares
may be restricted; and

 

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		b.	The Participant or the Participant’s Survivors may be required to execute letters of investment
intent and must also acknowledge that the Shares will bear legends noting any applicable restrictions.

 

		v.	Term of Option: Each Option shall terminate not more than ten years from the date of the grant
or at such earlier time as the Option Agreement may provide.

 

		C.	ISOs: Each Option intended to be an ISO shall be issued only to an Employee who is deemed to be
a resident of the United States for tax purposes, and shall be subject to the following terms and conditions, with such additional restrictions
or changes as the Administrator determines are appropriate but not in conflict with Section 422 of the Code and relevant regulations and
rulings of the Internal Revenue Service:

 

		i.	Minimum standards: The ISO shall meet the minimum standards required of Non-Qualified Options,
as described in Paragraph 6(A) above, except clause (i) and (v) thereunder.

 

		ii.	Exercise Price: Immediately before the ISO is granted, if the Participant owns, directly or by
reason of the applicable attribution rules in Section 424(d) of the Code:

 

		a.	10% or less of the total combined voting power of all classes of stock of the Company or an Affiliate,
the exercise price per share of the Shares covered by each ISO shall not be less than 100% of the Fair Market Value per share of the Common
Stock on the date of grant of the Option; or

 

		b.	More than 10% of the total combined voting power of all classes of stock of the Company or an Affiliate,
the exercise price per share of the Shares covered by each ISO shall not be less than 110% of the Fair Market Value per share of the Common
Stock on the date of grant of the Option.

 

		iii.	Term of Option: For Participants who own:

 

		a.	10% or less of the total combined voting power of all classes of stock of the Company or an Affiliate,
each ISO shall terminate not more than ten years from the date of the grant or at such earlier time as the Option Agreement may provide;
or

 

		b.	More than 10% of the total combined voting power of all classes of stock of the Company or an Affiliate,
each ISO shall terminate not more than five years from the date of the grant or at such earlier time as the Option Agreement may provide.

 

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		iv.	Limitation on Yearly Exercise: The Option Agreements shall restrict the amount of ISOs which may
become exercisable in any calendar year (under this or any other ISO plan of the Company or an Affiliate) so that the aggregate Fair Market
Value (determined on the date each ISO is granted) of the stock with respect to which ISOs are exercisable for the first time by the Participant
in any calendar year does not exceed $100,000. Except to the extent provided in the regulations under Code Section 422, this limitation
shall be applied by taking Options into account in the order in which they were granted.

 

		7.	TERMS AND CONDITIONS OF STOCK GRANTS.

 

Each Stock Grant to a Participant shall
state the principal terms in an Agreement, duly executed by the Company and, to the extent required by law or requested by the Company,
by the Participant. The Agreement shall be in a form approved by the Administrator and shall contain terms and conditions which the Administrator
determines to be appropriate and in the best interest of the Company, subject to the following minimum standards:

 

		a.	Each Agreement shall state the purchase price per share, if any, of the Shares covered by each Stock Grant,
which purchase price shall be determined by the Administrator but shall not be less than the minimum consideration required by Applicable
Law on the date of the grant of the Stock Grant;

 

		b.	Each Agreement shall state the number of Shares to which the Stock Grant pertains; and

 

		c.	Each Agreement shall include the terms of any right of the Company to restrict or reacquire the Shares
subject to the Stock Grant and the purchase price therefor, if any, including the time period or performance conditions or the attainment
of stated goals or events upon which such rights shall accrue.

 

		8.	TERMS AND CONDITIONS OF OTHER STOCK-BASED AWARDS.

 

The Administrator shall have the right
to grant other Stock-Based Awards based upon the Common Stock having such terms and conditions as the Administrator may determine, including,
without limitation, the grant of Shares based upon certain conditions, the grant of securities convertible into Shares and the grant of
stock appreciation rights, phantom stock awards or stock units. The principal terms of each Stock-Based Award shall be set forth in an
Agreement, duly executed by the Company and, to the extent required by law or requested by the Company, by the Participant. The Agreement
shall be in a form approved by the Administrator and shall contain terms and conditions which the Administrator determines to be appropriate
and in the best interest of the Company. Each Agreement shall include the terms of any right of the Company to terminate the Stock- Based
Award without the issuance of Shares, including time- based or performance-based vesting conditions or the attainment of stated goals
or events upon which Shares shall be issued.

 

To the extent a Stock-Based Award is
subject to Section 409A of the Code, such Stock Based Award shall be paid as provided in the Agreement on the earliest to occur of:

 

		·	death,

 

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		·	disability within the meaning of Section 409A of the Code,

 

		·	separation from service with the Company and all of its Affiliates or, in the case of a Specified Employee
(which for these purposes is a key employee of the Company or an Affiliate as defined in Section 416(i) of the Code without regard to
paragraph (5) thereof), 6 months after a separation from service with the Company and all of its Affiliates,

 

		·	a “change in control event” within the meaning of Section 409A of the Code, or

 

		·	a fixed date as specified by the Administrator in the applicable Agreement.

 

Payment of a Stock-Based Award subject
to Section 409A of the Code shall not be accelerated, except as provided in regulations issued by the Secretary of the Treasury under
Section 409A of the Code.

 

The Company intends that the Plan and
any Stock-Based Awards granted hereunder to a United States taxpayer be exempt from the application of Section 409A of the Code, or meet
the requirements of paragraphs (2), (3) and (4) of subsection (a) of Section 409A of the Code, and be operated in accordance with Section
409A of the Code, so that any compensation deferred under any Stock-Based Award (and applicable investment earnings) shall not be included
in income under Section 409A of the Code. Any ambiguities in the Plan shall be construed to effect the intent as described in this Paragraph
8.

 

		9.	EXERCISE OF OPTIONS AND ISSUE OF SHARES.

 

An Option (or any part or
installment thereof) shall be exercised by giving written notice to the Company or its designee (in a form acceptable to the
Administrator, which may include electronic notice), together with provision for payment of the aggregate exercise price in
accordance with this Paragraph for the Shares as to which the Option is being exercised, and upon compliance with any other
condition(s) set forth in the Option Agreement. Such notice shall be signed by the person exercising the Option (which signature may
be provided electronically in a form acceptable to the Administrator), shall state the number of Shares with respect to which the
Option is being exercised and shall contain any representation required by the Plan or the Option Agreement. Payment of the exercise
price for the Shares as to which such Option is being exercised shall be made (a) in United States dollars in cash or such other
currencies as may be determined by the Administrator; or (b) at the discretion of the Administrator, through delivery of shares of
Common Stock held for at least six months (if required to avoid negative accounting treatment) having a Fair Market Value equal as
of the date of the exercise to the aggregate cash exercise price for the number of Shares as to which the Option is being exercised;
or (c) at the discretion of the Administrator, by having the Company retain from the Shares otherwise issuable upon exercise of the
Option, a number of Shares having a Fair Market Value equal as of the date of exercise to the aggregate exercise price for the
number of Shares as to which the Option is being exercised; or (d) at the discretion of the Administrator, in accordance with a
cashless exercise program established with a securities brokerage firm, and approved by the Administrator; or (e) at the discretion
of the Administrator, by any combination of (a), (b), (c) and (d) above; or (e) at the discretion of the Administrator, payment of
such other lawful consideration as the Administrator may determine. Notwithstanding the foregoing, the Administrator shall accept
only such payment on exercise of an ISO as is permitted by Section 422 of the Code.

 

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Upon confirmation of the exercise of
the Option by the Company, the Company shall then reasonably promptly deliver the Shares as to which such Option was exercised to the
Participant (or to the Participant’s Survivors, as the case may be). In determining what constitutes “reasonably promptly,”
it is expressly understood that the issuance and delivery of the Shares may be delayed by the Company in order to comply with any law
or regulation (including, without limitation, state securities or “blue sky” laws) which requires the Company to take any
action with respect to the Shares prior to their issuance. The Shares shall, upon delivery, be fully paid, non-assessable Shares.

 

		10.	PAYMENT IN CONNECTION WITH THE ISSUANCE OF STOCK GRANTS AND STOCK-BASED AWARDS AND ISSUE OF SHARES.

 

Any Stock Grant or Stock-Based Award
requiring payment of a purchase price for the Shares as to which such Stock Grant or Stock-Based Award is being granted shall be made
(a) in United States dollars in cash or such other currencies as may be determined by the Administrator; or (b) at the discretion of the
Administrator, through delivery of shares of Common Stock held for at least six months (if required to avoid negative accounting treatment)
and having a Fair Market Value equal as of the date of payment to the purchase price of the Stock Grant or Stock-Based Award; or (c) at
the discretion of the Administrator, by any combination of (a) and (b) above; or (d) at the discretion of the Administrator, by payment
of such other lawful consideration as the Administrator may determine.

 

The Company shall when required pursuant
to the applicable Agreement, reasonably promptly deliver the Shares as to which such Stock Grant or Stock-Based Award was made to the
Participant (or to the Participant’s Survivors, as the case may be), subject to any escrow provision set forth in the applicable
Agreement. In determining what constitutes “reasonably promptly,” it is expressly understood that the issuance and delivery
of the Shares may be delayed by the Company in order to comply with any law or regulation (including, without limitation, state securities
or “blue sky” laws) which requires the Company to take any action with respect to the Shares prior to their issuance.

 

		11.	RIGHTS AS A SHAREHOLDER.

 

No Participant to whom a Stock Right
has been granted shall have rights as a shareholder (for example, the right to receive cash or dividend payments or distributions attributable
to the Shares subject to such Stock Rights, to direct the voting of the Shares subject to such Stock Rights, or to receive notice of any
meeting of the Company’s stockholders) with respect to any Shares covered by such Stock Right, except after due exercise of an Option
or issuance of Shares as set forth in any Agreement, tender of the aggregate exercise or full purchase price, if any, for the Shares being
purchased and registration of the Shares in the Company’s share register in the name of the Participant.

 

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		12.	ASSIGNABILITY AND TRANSFERABILITY OF STOCK RIGHTS.

 

By its terms, a Stock Right granted
to a Participant shall not be transferable by the Participant other than (i) by will or by the laws of descent and distribution, or (ii)
as approved by the Administrator in its discretion and set forth in the applicable Agreement, and no Stock Right may be transferred by
a Participant for value. Notwithstanding the foregoing, an ISO transferred except in compliance with clause (i) above shall no longer
qualify as an ISO. The designation of a beneficiary of a Stock Right by a Participant, with the prior approval of the Administrator and
in such form as the Administrator shall prescribe, shall not be deemed a transfer prohibited by this Paragraph. Except as provided above
during the Participant’s lifetime, a Stock Right shall only be exercisable by or issued to such Participant (or his or her legal
representative) and shall not be assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not
be subject to execution, attachment or similar process. Any attempted transfer, assignment, pledge, hypothecation or other disposition
of any Stock Right or of any rights granted thereunder contrary to the provisions of this Plan, or the levy of any attachment or similar
process upon a Stock Right, shall be null and void.

 

		13.	EFFECT ON OPTIONS OF TERMINATION OF SERVICE OTHER THAN “FOR CAUSE” OR DEATH OR DISABILITY.

 

Except as otherwise provided in a Participant’s
Option Agreement, in the event of a termination of service (whether as an Employee, Director or Consultant) with the Company or an Affiliate
before the Participant has exercised an Option, the following rules apply:

 

		a.	A Participant who ceases to be an Employee, Director or Consultant of the Company or of an Affiliate (for
any reason other than termination for Cause, Disability, or death for which events there are special rules in Paragraphs 14, 15, and 16,
respectively), may exercise any Option granted to him or her to the extent that the Option is exercisable on the date of such termination
of service, but only within such term as the Administrator has designated in a Participant’s Option Agreement.

 

		b.	Except as provided in Subparagraph (c) below, or Paragraph 15 or 16, in no event may an Option intended
to be an ISO, be exercised later than three months after the Participant’s termination of employment.

 

		c.	The provisions of this Paragraph, and not the provisions of Paragraph 15 or 16, shall apply to a Participant
who subsequently becomes Disabled or dies after the termination of employment, Director status or consultancy; provided, however, in the
case of a Participant’s Disability or death within three months after the termination of employment, Director status or consultancy,
the Participant or the Participant’s Survivors may exercise the Option within one year after the date of the Participant’s
termination of service, but in no event after the date of expiration of the term of the Option.

 

		d.	Notwithstanding anything herein to the contrary, if subsequent to a Participant’s termination
                                                               of employment, termination of Director status or termination of consultancy, but prior to the exercise of an Option, the
                                                               Administrator determines that, either prior or subsequent to
the Participant’s termination, the Participant engaged in conduct which would constitute Cause, then such Participant shall forthwith
cease to have any right to exercise any Option.

 

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		e.	A Participant to whom an Option has been granted under the Plan who is absent from the Company or an Affiliate
because of temporary disability (any disability other than a Disability as defined in Paragraph 1 hereof), or who is on leave of absence
for any purpose, shall not, during the period of any such absence, be deemed, by virtue of such absence alone, to have terminated such
Participant’s employment, Director status or consultancy with the Company or with an Affiliate, except as the Administrator may
otherwise expressly provide; provided, however, that, for ISOs, any leave of absence granted by the Administrator of greater than ninety
days, unless pursuant to a contract or statute that guarantees the right to reemployment, shall cause such ISO to become a Non-Qualified
Option on the 181st day following such leave of absence.

 

		f.	Except as required by law or as set forth in a Participant’s Option Agreement, Options granted under
the Plan shall not be affected by any change of a Participant’s status within or among the Company and any Affiliates and the Participant
continues to be an Employee, Director or Consultant of the Company or any Affiliate; provided, however, if a Participant’s employment
by either the Company or an Affiliate shall cease (other than to become an employee of an Affiliate or the Company) or the entity that
employees the Participant is no longer deemed an Affiliate, such termination shall affect the Participant’s rights under any Option
granted to such Participant in accordance with the terms of the Plan and the Participant’s Option Agreement.

 

		14.	EFFECT ON OPTIONS OF TERMINATION OF SERVICE FOR CAUSE.

 

Except as otherwise provided in a Participant’s
Option Agreement, the following rules apply if the Participant’s service (whether as an Employee, Director or Consultant) with the
Company or an Affiliate is terminated for Cause prior to the time that all his or her outstanding Options have been exercised:

 

		a.	All outstanding and unexercised Options as of the time the Participant is notified his or her service
is terminated for Cause will immediately be forfeited.

 

		b.	Cause is not limited to events which have occurred prior to a Participant’s termination of service,
nor is it necessary that the Administrator’s finding of Cause occur prior to termination. If the Administrator determines, subsequent
to a Participant’s termination of service but prior to the exercise of an Option, that either prior or subsequent to the Participant’s
termination the Participant engaged in conduct which would constitute Cause, then the right to exercise any Option is forfeited.

 

		15.	EFFECT ON OPTIONS OF TERMINATION OF SERVICE FOR DISABILITY.

 

Except as otherwise provided in a
Participant’s Option Agreement, a Participant who ceases to be an Employee, Director or Consultant of the Company or of an
Affiliate by reason of Disability may exercise any Option granted to such Participant to the extent that the Option has become
exercisable but has not been exercised on the date of the Participant’s termination of service due to Disability. A Disabled
Participant may exercise the Option only within the period ending one year after the date of the Participant’s termination of
service due to Disability, notwithstanding that the Participant might have been able to exercise the Option as to some or all of the
Shares on a later date if the Participant had not been terminated due to Disability and had continued to be an Employee, Director or
Consultant or, if earlier, within the originally prescribed term of the Option.

 

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The Administrator shall make the determination
both of whether Disability has occurred and the date of its occurrence (unless a procedure for such determination is set forth in another
agreement between the Company and such Participant, in which case such procedure shall be used for such determination). If requested,
the Participant shall be examined by a physician selected or approved by the Administrator, the cost of which examination shall be paid
for by the Company.

 

		16.	EFFECT ON OPTIONS OF DEATH WHILE AN EMPLOYEE, DIRECTOR OR CONSULTANT.

 

Except as otherwise provided in a Participant’s
Option Agreement, in the event of the death of a Participant while the Participant is an Employee, Director or Consultant of the Company
or of an Affiliate, such Option may be exercised by the Participant’s Survivors to the extent that the Option has become exercisable
but has not been exercised on the date of death. If the Participant’s Survivors wish to exercise the Option, they must take all
necessary steps to exercise the Option within one year after the date of death of such Participant, notwithstanding that the decedent
might have been able to exercise the Option as to some or all of the Shares on a later date if he or she had not died and had continued
to be an Employee, Director or Consultant or, if earlier, within the originally prescribed term of the Option.

 

		17.	EFFECT OF TERMINATION OF SERVICE ON STOCK GRANTS AND STOCKBASED AWARDS.

 

In the event of a termination of service
(whether as an Employee, Director or Consultant) with the Company or an Affiliate for any reason before the Participant has accepted a
Stock Grant or a Stock-Based Award and paid the purchase price, if required, such grant shall terminate.

 

For purposes of this Paragraph 17 and
Paragraph 18 below, a Participant to whom a Stock Grant or a Stock-Based Award has been issued under the Plan who is absent from work
with the Company or with an Affiliate because of temporary disability (any disability other than a Disability as defined in Paragraph
1 hereof), or who is on leave of absence for any purpose, shall not, during the period of any such absence, be deemed, by virtue of such
absence alone, to have terminated such Participant’s employment, Director status or consultancy with the Company or with an Affiliate,
except as the Administrator may otherwise expressly provide.

 

In addition, for purposes of this Paragraph
17 and Paragraph 18 below, any change of employment or other service within or among the Company and any Affiliates shall not be treated
as a termination of employment, Director status or consultancy so long as the Participant continues to be an Employee, Director or Consultant
of the Company or any Affiliate.

 

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		18.	EFFECT ON STOCK GRANTS AND STOCK_BASED AWARDS OF TERMINATION OF SERVICE OTHER THAN FOR CAUSE.

 

Except as otherwise provided in a Participant’s
Agreement, in the event of a termination of service for any reason (whether as an Employee, Director or Consultant), other than for Cause
for which event there are special rules in Paragraph 19 below, before all forfeiture provisions or Company rights of repurchase shall
have lapsed, then the Company shall have the right to cancel or repurchase that number of Shares subject to a Stock Grant or Stock-Based
Award as to which the Company’s forfeiture or repurchase rights have not lapsed.

 

With respect to a termination for a
Disability, the Administrator shall make the determination both as to whether Disability has occurred and the date of its occurrence (unless
a procedure for such determination is set forth in another agreement between the Company and such Participant, in which case such procedure
shall be used for such determination). If requested, the Participant shall be examined by a physician selected or approved by the Administrator,
the cost of which examination shall be paid for by the Company.

 

		19.	EFFECT ON STOCK GRANTS OR STOCK BASED-AWARDS OF TERMINATION OF SERVICE FOR CAUSE.

 

Except as otherwise provided in a Participant’s
Agreement, the following rules apply if the Participant’s service (whether as an Employee, Director or Consultant) with the Company
or an Affiliate is terminated for Cause:

 

		a.	All Shares subject to any Stock Grant or Stock Based-Award that remain subject to forfeiture provisions
or as to which the Company shall have a repurchase right shall be immediately forfeited to the Company as of the time the Participant
is notified his or her service is terminated for Cause.

 

		b.	Cause is not limited to events which have occurred prior to a Participant’s termination of service,
nor is it necessary that the Administrator’s finding of Cause occur prior to termination. If the Administrator determines, subsequent
to a Participant’s termination of service, that either prior or subsequent to the Participant’s termination the Participant
engaged in conduct which would constitute Cause, then all Shares subject to any Stock Grant or Stock Based Award that remained subject
to forfeiture provisions or as to which the Company had a repurchase right on the date of termination shall be immediately forfeited to
the Company.

 

		20.	PURCHASE FOR INVESTMENT.

 

Unless the offering and sale of the
Shares shall have been effectively registered under the Securities Act, the Company shall be under no obligation to issue Shares under
the Plan unless and until the following conditions have been fulfilled:

 

		a.	The person(s) who receives a Stock Right shall warrant to the Company, prior to the receipt of Shares,
that such person is acquiring such Shares for his or her own account, for investment, and not with a view to, or for sale in connection
with, the distribution of any such Shares, in which event the person acquiring such Shares shall be bound by the provisions of
the following legend (or a legend in substantially similar form) which shall be endorsed upon the certificate(s) evidencing the Shares
issued pursuant to such exercise or such grant:

 

“The shares represented by this
certificate have been taken for investment and they may not be sold or otherwise transferred by any person, including a pledgee, unless
(1) either (a) a Registration Statement with respect to such shares shall be effective under the Securities Act of 1933, as amended, or
(b) the Company shall have received an opinion of counsel satisfactory to it that an exemption from registration under such Act is then
available, and (2) there shall have been compliance with all applicable state securities laws.”

 

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		b.	At the discretion of the Administrator, the Company shall have received an opinion of its U.S. counsel
that the Shares may be issued in compliance with the Securities Act without registration thereunder.

 

The Company may delay issuance of the
Shares until completion of any action or obtaining of any consent which the Company deems necessary under any Applicable Law.

 

		21.	DISSOLUTION OR LIQUIDATION OF THE COMPANY.

 

Upon the dissolution or liquidation
of the Company, all Options granted under this Plan which as of such date shall not have been exercised and all Stock Grants and Stock-Based
Awards which have not been accepted, to the extent required under the applicable Agreement, will terminate and become null and void; provided,
however, that if the rights of a Participant or a Participant’s Survivors have not otherwise terminated and expired, the Participant
or the Participant’s Survivors will have the right immediately prior to such dissolution or liquidation to exercise or accept any
Stock Right to the extent that the Stock Right is exercisable or subject to acceptance as of the date immediately prior to such dissolution
or liquidation. Upon the dissolution or liquidation of the Company, any outstanding Stock-Based Awards shall immediately terminate unless
otherwise determined by the Administrator or specifically provided in the applicable Agreement.

 

		22.	ADJUSTMENTS.

 

Upon the occurrence of any of the following
events, a Participant’s rights with respect to any outstanding Stock Right granted to him or her hereunder shall be adjusted as
hereinafter provided, unless otherwise specifically provided in a Participant’s Agreement:

 

		A.	Stock Dividends and Stock Splits. If (i) the shares of Common Stock shall be subdivided or combined
into a greater or smaller number of shares or if the Company shall issue any shares of Common Stock as a stock dividend on its outstanding
Common Stock, or (ii) additional shares or new or different shares or other securities of the Company or other noncash assets are distributed
with respect to such shares of Common Stock, each Stock Right and the number of shares of Common Stock deliverable thereunder shall be
appropriately increased or decreased proportionately, and appropriate adjustments shall be made including, in the exercise or purchase
price per share, to reflect such events. The number of Shares subject to the limitations in Paragraphs 3 and 4(c) shall also be proportionately
adjusted upon the occurrence of such events.

 

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		B.	Corporate Transactions. If the Company is to be consolidated with or acquired by another entity
in a merger, sale of all or substantially all of the Company’s assets other than a transaction to merely change the state of incorporation
or other internal reorganization of the Company (a “Corporate Transaction”), the Administrator or the board of directors of
any entity assuming the obligations of the Company hereunder (the “Successor Board”), shall, as to outstanding Options, either
(i) make appropriate provision for the continuation of such Options by substituting on an equitable basis for the Shares then subject
to such Options either the consideration payable with respect to the outstanding shares of Common Stock in connection with the Corporate
Transaction or securities of any successor or acquiring entity; or (ii) upon written notice to the Participants, provide that such Options
must be exercised (either (a) to the extent then exercisable or, (b) at the discretion of the Administrator, any such Options being made
partially or fully exercisable for purposes of this Subparagraph), within a specified number of days of the date of such notice, at the
end of which period such Options which have not been exercised shall terminate; or (iii) terminate such Options in exchange for payment
of an amount equal to the consideration payable upon consummation of such Corporate Transaction to a holder of the number of shares of
Common Stock into which such Option would have been exercisable (either (A) to the extent then exercisable or, (B) at the discretion of
the Administrator, any such Options being made partially or fully exercisable for purposes of this Subparagraph) less the aggregate
exercise price thereof. For purposes of determining the payments to be made pursuant to Subclause (iii) above, in the case of a Corporate
Transaction the consideration for which, in whole or in part, is other than cash, the consideration other than cash shall be valued at
the fair value thereof as determined in good faith by the Board of Directors.

 

With respect to outstanding Stock Grants,
the Administrator or the Successor Board, shall make appropriate provision for the continuation of such Stock Grants on the same terms
and conditions by substituting on an equitable basis for the Shares then subject to such Stock Grants either the consideration payable
with respect to the outstanding Shares of Common Stock in connection with the Corporate Transaction or securities of any successor or
acquiring entity. In lieu of the foregoing, in connection with any Corporate Transaction, the Administrator may provide that, upon consummation
of the Corporate Transaction, each outstanding Stock Grant shall be terminated in exchange for payment of an amount equal to the consideration
payable upon consummation of such Corporate Transaction to a holder of the number of shares of Common Stock comprising such Stock Grant
(to the extent such Stock Grant is no longer subject to any forfeiture or repurchase rights then in effect or, at the discretion of the
Administrator, all forfeiture and repurchase rights being waived upon such Corporate Transaction).

 

In taking any of the actions
permitted under this Paragraph 22B, the Administrator shall not be obligated by the Plan to treat all Stock Rights, all Stock Rights
held by a Participant, or all Stock Rights of the same type, identically.

 

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		C.	Recapitalization or Reorganization. In the event of a recapitalization or reorganization of the
Company, other than a Corporate Transaction pursuant to which securities of the Company or of another corporation are issued with respect
to the outstanding shares of Common Stock, a Participant upon exercising an Option or accepting a Stock Grant after the recapitalization
or reorganization shall be entitled to receive for the price paid upon such exercise or acceptance, if any, the number of replacement
securities which would have been received if such Option had been exercised or Stock Grant accepted prior to such recapitalization or
reorganization.

 

		D.	Adjustments to Stock-Based Awards. Upon the happening of any of the events described in Subparagraphs
A, B or C above, any outstanding Stock-Based Award shall be appropriately adjusted to reflect the events described in such Subparagraphs.
The Administrator or the Successor Board shall determine the specific adjustments to be made under this Paragraph 22, including, but not
limited to the effect of any Corporate Transaction, and, subject to Paragraph 4, its determination shall be conclusive.

 

		E.	Modification of Options. Notwithstanding the foregoing, any adjustments made pursuant to Subparagraph
A, B or C above with respect to Options shall be made only after the Administrator determines whether such adjustments would (i) constitute
a “modification” of any ISOs (as that term is defined in Section 424(h) of the Code) or (ii) cause any adverse tax consequences
for the holders of Options, including, but not limited to, pursuant to Section 409A of the Code. If the Administrator determines that
such adjustments made with respect to Options would constitute a modification or other adverse tax consequence, it may refrain from making
such adjustments, unless the holder of an Option specifically agrees in writing that such adjustment be made and such writing indicates
that the holder has full knowledge of the consequences of such “modification” on his or her income tax treatment with respect
to the Option. This paragraph shall not apply to the acceleration of the vesting of any ISO that would cause any portion of the ISO to
violate the annual vesting limitation contained in Section 422(d) of the Code, as described in Paragraph 6(B)(iv).

 

		23.	ISSUANCES OF SECURITIES.

 

Except as expressly provided herein,
no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect,
and no adjustment by reason thereof shall be made with respect to, the number or price of shares subject to Stock Rights. Except as expressly
provided herein, no adjustments shall be made for dividends paid in cash or in property (including without limitation, securities) of
the Company prior to any issuance of Shares pursuant to a Stock Right.

 

		24.	FRACTIONAL SHARES.

 

No fractional shares shall be
issued under the Plan and the person exercising a Stock Right shall receive from the Company cash in lieu of such fractional shares
equal to the Fair Market Value thereof.

 

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		25.	CONVERSION OF ISOs INTO NON-QUALIFIED OPTIONS; TERMINATION OF ISOs.

 

The Administrator, at the written request
of any Participant, may in its discretion take such actions as may be necessary to convert such Participant’s ISOs (or any portions
thereof) that have not been exercised on the date of conversion into Non-Qualified Options at any time prior to the expiration of such
ISOs, regardless of whether the Participant is an Employee of the Company or an Affiliate at the time of such conversion. At the time
of such conversion, the Administrator (with the consent of the Participant) may impose such conditions on the exercise of the resulting
Non-Qualified Options as the Administrator in its discretion may determine, provided that such conditions shall not be inconsistent with
this Plan. Nothing in the Plan shall be deemed to give any Participant the right to have such Participant’s ISOs converted into
Non-Qualified Options, and no such conversion shall occur until and unless the Administrator takes appropriate action. The Administrator,
with the consent of the Participant, may also terminate any portion of any ISO that has not been exercised at the time of such conversion.

 

		26.	WITHHOLDING.

 

In the event that any U.S. federal,
other country, state, or local income taxes, employment taxes, Federal Insurance Contributions Act (“F.I.C.A.”) withholdings
or other amounts are required by Applicable Law to be withheld from the Participant’s salary, wages or other remuneration in connection
with the issuance of a Stock Right or Shares under the Plan or for any other reason required by Applicable Law, the Company may withhold
from the Participant’s compensation, if any, or may require that the Participant advance in cash to the Company, or to any Affiliate
of the Company which employs or employed the Participant, the statutory minimum amount of such withholdings unless a different withholding
arrangement, including the use of shares of the Company’s Common Stock or a promissory note, is authorized by the Administrator
(and permitted by law). For purposes hereof, the fair market value of the shares withheld for purposes of payroll withholding shall be
determined in the manner set forth under the definition of Fair Market Value provided in Paragraph 1 above, as of the most recent practicable
date prior to the date of exercise. If the Fair Market Value of the shares withheld is less than the amount of payroll withholdings required,
the Participant may be required to advance the difference in cash to the Company or the Affiliate employer. The Administrator in its discretion
may condition the exercise of an Option for less than the then Fair Market Value on the Participant’s payment of such additional
withholding.

 

		27.	NOTICE TO COMPANY OF DISQUALIFYING DISPOSITION.

 

Each Employee who receives an ISO
must agree to notify the Company in writing immediately after the Employee makes a Disqualifying Disposition of any Shares acquired
pursuant to the exercise of an ISO. A Disqualifying Disposition is defined in Section 424(c) of the Code and includes any
disposition (including any sale or gift) of such Shares before the later of (a) two years after the date the Employee was granted
the ISO, or (b) one year after the date the Employee acquired Shares by exercising the ISO, except as otherwise provided in Section
424(c) of the Code. If the Employee has died before such Shares are sold, these holding period requirements do not apply and no
Disqualifying Disposition can occur thereafter.

 

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		28.	TERMINATION OF THE PLAN.

 

The Plan will terminate on April 30,
2024, the date which is ten years from the earlier of the date of its adoption by the Board of Directors and the date of its approval
by the shareholders of the Company. The Plan may be terminated at an earlier date by vote of the shareholders or the Board of Directors
of the Company; provided, however, that any such earlier termination shall not affect any Agreements executed prior to the effective date
of such termination. Termination of the Plan shall not affect any Stock Rights theretofore granted. No Stock Rights shall be granted after
such termination of the Plan.

 

		29.	AMENDMENT OF THE PLAN AND AGREEMENTS.

 

The Plan may be amended by the shareholders
of the Company. The Plan may also be amended by the Administrator, including, without limitation, to the extent necessary to qualify any
or all outstanding Stock Rights granted under the Plan or Stock Rights to be granted under the Plan for favorable federal income tax treatment
(including deferral of taxation upon exercise) as may be afforded incentive stock options under Section 422 of the Code or any other tax
regulation of any applicable jurisdiction, and to the extent necessary to qualify the Shares issuable under the Plan for listing on any
national securities exchange or quotation in any national automated quotation system of securities dealers or other exchange. Any amendment
approved by the Administrator which the Administrator determines is of a scope that requires shareholder approval shall be subject to
obtaining such shareholder approval. Other than as set forth in Paragraph 22 of the Plan, the exercise price of an Option may not be reduced
without stockholder approval.

 

Any modification or amendment of the
Plan shall not, without the consent of a Participant, adversely affect his or her rights under a Stock Right previously granted to him
or her. With the consent of the Participant affected, the Administrator may amend outstanding Agreements in a manner which may be adverse
to the Participant but which is not inconsistent with the Plan. In the discretion of the Administrator, outstanding Agreements may be
amended by the Administrator in a manner which is not adverse to the Participant.

 

		30.	EMPLOYMENT OR OTHER RELATIONSHIP.

 

Nothing in this Plan or any Agreement
shall be deemed to prevent the Company or an Affiliate from terminating the employment, consultancy or Director status of a Participant,
nor to prevent a Participant from terminating his or her own employment, consultancy or Director status or to give any Participant a right
to be retained in employment or other service by the Company or any Affiliate for any period of time.

 

		31.	GOVERNING LAW.

 

This Plan shall be construed and enforced
in accordance with the laws of the United States of America.

 

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