Document:

Exhibit 10.1

 

ASP
Isotopes Inc.

2021 Stock Incentive Plan

 

(Adopted on October 3, 2021)

 

1.
General.

 

(a) Available Awards. This
2021 Stock Incentive Plan (the “Plan”) of ASP Isotopes Inc., a Delaware corporation (the “Company”),
provides for the grant of the following types of awards (each, an “Award”): (i) Incentive Stock Options, (ii) Nonstatutory
Stock Options, (iii) Restricted Stock, (iv) Restricted Stock Units, (v) Stock Appreciation Rights, (vi) Stock Awards, (vii) Dividend
Equivalents and (viii) Other Stock-Based Awards.

 

(b) Eligible Award Recipients.
The persons eligible to receive Awards (“Eligible Persons”) are Employees, Directors and Consultants.

 

(c) General Purpose. The
Company, by means of the Plan, seeks to secure and retain the services of Eligible Persons, to provide incentives for Eligible Persons
to exert maximum efforts for the success of the Company and the Affiliates and to provide a means by which Eligible Persons may be given
an opportunity to benefit from increases in value of the Common Stock through the granting of Awards.

 

2.
Definitions.

 

As used in the Plan, the definitions
contained in this Section 2 shall apply to the capitalized terms indicated below:

 

(a) “Affiliate”
means any corporation, partnership, limited liability company, limited liability partnership, association, trust or other organization
which, directly or indirectly, controls, is controlled by, or is under common control with, the Company. For purposes of the preceding
sentence, “control” (including, with correlative meanings, the terms “controlled by” and “under common control
with”), as used with respect to any entity or organization, shall mean the possession, directly or indirectly, of the power (i)
to vote more than 50% of the securities having ordinary voting power for the election of the members of the board of directors (or similar
governing body) of the controlled entity or organization, or (ii) to direct or cause the direction of the management and policies of the
controlled entity or organization, whether through the ownership of voting securities, by contract, or otherwise.

 

(b) “Award Agreement”
means a written or electronic document or agreement setting forth the terms and conditions of a specific Award. An Award Agreement may
be in the form of an agreement to be executed by both the Participant and the Company (or an authorized representative of the Company)
or certificates, notices or similar instruments as approved by the Committee.

 

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

 

     

     

    

 

(d) “Cause,”
with respect to a Participant means, unless otherwise provided in an Award Agreement, (i) “Cause” as defined in any employment,
consulting or similar agreement with the Company or an Affiliate to which the Participant is a party (an “Individual Agreement”),
or (ii) if there is no such Individual Agreement or if it does not define Cause: (A) the Participant’s plea of guilty or nolo contendere
to, or conviction for, the commission of a felony or a crime of moral turpitude; (B) the Participant’s willful fraud, misappropriation,
embezzlement, or material breach of a fiduciary duty owed to the Company or an Affiliate; (C) the Participant’s violation of a written
policy of the Company or an Affiliate, which violation causes material harm to the Company’s or Affiliate’s business interests,
reputation or goodwill; (D) the Participant’s willful misconduct or gross or willful neglect in the performance of his or her duties
on behalf of the Company or an Affiliate (other than as a result of the Participant’s incapacity due to physical or mental illness
or injury); (E) the Participant’s material breach of any written agreement between the Participant and the Company or any Affiliate;
(F) the Participant’s breach of any nondisclosure, non-solicitation or noncompetition obligation owed to the Company or any Affiliate;
(G) the Participant’s refusal or willful failure to substantially perform his or her duties on behalf of the Company and the
Affiliates; or (H) any other action by the Participant that materially harms the business interests, reputation, or goodwill of the Company
or any Affiliate. The determination by the Committee as to whether “Cause” exists shall be final, conclusive and binding
on the Participant.

 

(e) “Change in
Control” means the occurrence of any of the following events:

 

(i) Any “person”
(as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule
13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the total
voting power represented by the Company’s then outstanding voting securities, except that the following shall be deemed not to be
a Change in Control: (A) any change in the beneficial ownership of the securities of the Company as a result of a transaction or series
of related transactions undertaken primarily for capital-raising purposes and that is approved by the Board, or (B) a transaction the
sole purpose of which is to change the state of the Company’s incorporation or create a holding company that shall be owned in substantially
the same proportions by the persons who owned the Company’s securities immediately before such transaction;

 

(ii) The consummation of a merger
or consolidation of the Company with or into another entity or any other corporate reorganization, if, as a result of such merger, consolidation
or reorganization, more than fifty percent (50%) of the combined voting power of the continuing or surviving entity’s securities
outstanding immediately after such merger, consolidation or other reorganization is owned by persons who were not stockholders of the
Company immediately prior to such merger, consolidation or other reorganization; or

 

(iii) The consummation of a
sale, transfer or other disposition of all or substantially all the assets of the Company and its consolidated subsidiaries to an entity
of which more than fifty percent (50%) of the combined voting power of its outstanding securities is owned by persons who are not stockholders
of the Company at the effective time of such sale, transfer or disposition.

 

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Notwithstanding the foregoing,
for purposes of an Award that provides for a deferral of compensation under Section 409A, to the extent the impact of a Change in Control
on such Award would subject a Participant to additional taxes under Section 409A, a Change in Control for purposes of such Award will
mean both a Change in Control and a “change in the ownership of a corporation,” “change in the effective control of
a corporation,” or a “change in the ownership of a substantial portion of a corporation’s assets” within the meaning
of Section 409A as applied to the Company.

 

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

 

(g) “Committee”
means a committee of Directors appointed by the Board to administer the Plan or, if no such committee has been appointed by the Board,
the Board. At such time as the Common Stock is publicly traded, in the sole discretion of the Board, the Committee may consist solely
of two or more Non-Employee Directors, in accordance with Rule 16b-3.

 

(h) “Common Stock”
means the common stock, par value $0.01 per share, of the Company.

 

(i) “Consultant”
means any person, including an advisor, engaged by the Company or an Affiliate to sell or market the Company’s products and services
or to render consulting or advisory services and who is compensated for such services.

 

(j) “Continuous
Service” means that the Participant’s service with the Company or an Affiliate, whether as an Employee, Director or
Consultant, is not interrupted or terminated. The Participant’s Continuous Service shall not be deemed to have terminated merely
because of a change in the capacity in which the Participant renders service to the Company or an Affiliate as an Employee, Consultant
or Director or a change in the entity for which the Participant renders such service, provided that there is no interruption or termination
of the Participant’s service. For example, a change in status from an Employee of the Company to a Consultant of an Affiliate or
a Director will not constitute an interruption of Continuous Service. The Committee or the chief executive officer of the Company, in
that party’s sole discretion, may determine whether Continuous Service shall be considered interrupted in the case of any leave
of absence approved by that party, including sick leave, military leave or any other personal leave.

 

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

 

(l) “Disability”
means permanent and total disability as determined under the Company’s or Affiliate’s long-term disability plan applicable
to the Participant, or if there is no such plan applicable to the Participant, the Participant’s permanent and total disability
within the meaning of Section 22(e)(3) of the Code.

 

(m) “Dividend
Equivalent” means a right, granted to a Participant under Section 11, to receive cash, Common Stock, other Awards
or other property equal in value to dividends paid with respect to a specified number of shares of Common Stock, or other periodic payments.

 

(n) “Effective
Date” means October 3, 2021, the date on which the Plan was approved by the Board.

 

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(o) “Employee”
means any person employed by the Company or an Affiliate. Mere service as a Director or payment of a director’s fee by the Company
or an Affiliate shall not be sufficient to constitute “employment” by the Company or an Affiliate.

 

(p) “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

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

 

(i) If the Common Stock is listed
on any established stock exchange or traded in any established market, the Fair Market Value of a share of Common Stock shall be the closing
sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or market (or the exchange or market
with the greatest volume of trading in the Common Stock) on the date of determination, as reported in The Wall Street Journal or
such other source as the Committee deems reliable. Unless otherwise provided by the Committee, if there is no closing sales price and
no closing bid for the Common Stock on the date of determination, then the Fair Market Value shall be the closing sales price for the
Common Stock (or the closing bid, if no sales were reported) on the last preceding date for which such quotation exists.

 

(ii) If the Common Stock is
not listed on any established stock exchange or traded in any established market, the Fair Market Value shall be the amount determined
by the Committee in its discretion in such manner as it deems appropriate, taking into account all factors the Committee deems appropriate,
including Section 409A.

 

Notwithstanding this definition
of Fair Market Value, with respect to one or more Awards types, or for any other purpose for which the Committee must determine the Fair
Market Value under the Plan, the Committee may choose a different measurement date or methodology for determining Fair Market Value so
long as the determination is consistent with Section 409A and all other applicable laws and regulations.

 

(r) “Incentive
Stock Option” means an Option that is intended to be, and qualifies as, an “incentive stock option” within the
meaning of Section 422 of the Code and the regulations promulgated thereunder.

 

(s) “Listing Date”
means the first date upon which any security of the Company is listed (or approved for listing) upon notice of issuance on any securities
exchange or designated (or approved for designation) upon notice of issuance as a national market security on an interdealer quotation
system.

 

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

 

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(u) “Nonstatutory
Stock Option” means an Option not intended to qualify as an Incentive Stock Option.

 

(v) “Officer”
means (i) before the Listing Date, any person designated by the Company as an officer of the Company and (ii) on and after the Listing
Date, a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations
promulgated thereunder.

 

(w) “Option”
means an option, granted to a Participant under Section 6, to acquire shares of Common Stock.

 

(x) “Optionholder”
means an Eligible Person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding
Option.

 

(y) “Other Stock-Based
Award” means an Award granted to a Participant under Section 12.

 

(z) “Participant”
means an Eligible Person to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding
Award.

 

(aa) “Restricted
Stock” means Common Stock, granted to a Participant under Section 8, that is subject to certain restrictions
and to a risk of forfeiture.

 

(bb) “Restricted
Stock Unit” means a right, granted to Participant under Section 9, to receive Common Stock, cash or a combination
thereof at the end of a specified deferral period.

 

(cc) “Rule 16b-3”
means Rule 16b-3 promulgated by the Securities and Exchange Commission under the Exchange Act, or any successor to Rule 16b-3, as in effect
from time to time.

 

(dd) “Section
409A” means Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder,
including without limitation any such regulations or other guidance that may be issued or amended after the Effective Date.

 

(ee) “Securities
Act” means the Securities Act of 1933, as amended.

 

(ff) “Stock Appreciation
Right Award” or “SAR” means an Award granted to a Participant under Section 7.

 

(gg) “Stock Award”
means unrestricted shares of Common Stock granted to a Participant under Section 10.

 

(hh) “Ten Percent
Shareholder” means a person who owns (or is deemed to own pursuant to Section 424(d) of the Code) stock possessing more
than ten percent (10%) of the total combined voting power of all classes of stock of the Company or a parent or subsidiary corporation
(within the meaning of sections 424(e) and (f) of the Code).

 

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3.
Administration.

 

(a) Administration by the
Committee. The Committee shall administer the Plan.

 

(b) Powers of the Committee.
The Committee shall have the power, subject to, and within the limitations of, the express provisions of the Plan:

 

(i) To determine from time to
time (A) which Eligible Persons shall be granted Awards; (B) when and how each Award shall be granted; (C) what type or combination of
types of Award shall be granted; (D) the provisions of each Award granted (which need not be identical), including the time or times when
a person shall be permitted to receive Common Stock pursuant to an Award; and (E) the number of shares of Common Stock with respect to
which an Award shall be granted to each such person.

 

(ii) To construe and interpret
the Plan and Award Agreements, and Awards granted thereunder, and to establish, amend and revoke rules and regulations for their administration.
The Committee, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan or in any Award Agreement,
in a manner and to the extent it shall deem necessary or expedient to make the Plan or any Award fully effective.

 

(iii) To settle all controversies
regarding the Plan or any Award Agreement, or any Awards granted thereunder.

 

(iv) To accelerate the time
at which an Option may first be exercised or the time during which any Award, or any portion thereof, will vest in accordance with the
Plan, notwithstanding the provisions in the applicable Award Agreement stating the time at which it may first be exercised or the time
during which it will vest.

 

(v) To approve forms of Award
Agreements for use under the Plan and to amend the terms of any one or more Awards or Award Agreements in any respect the Committee deems
necessary or advisable, as provided in Section 17.

 

(vi) To effect, at any time
and from time to time, with the consent of any adversely affected Optionholder, (A) the reduction of the exercise price of any outstanding
Option under the Plan, (B) the cancellation of any outstanding Option under the Plan and the grant in substitution thereof of (1) a new
Option under the Plan (or another equity plan of the Company) covering the same or a different number of shares of Common Stock, (2) any
other type of Award, (3) cash and/or (4) any other valuable consideration (as determined by the Committee in its sole discretion) or (C)
any other action that is treated as a repricing under generally accepted accounting principles.

 

(vii) To appoint agents to assist
it in administering the Plan that are Employees (whether or not Officers) of the Company, provided that such individuals may not be delegated
the authority to grant or modify any Awards that will, or may, be settled in Common Stock, unless specifically authorized pursuant to
Section 3(c)(ii).

 

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(viii) Generally, to exercise
such powers and to perform such acts as the Committee deems necessary or expedient to promote the best interests of the Company and that
are not in conflict with the provisions of the Plan or any Awards.

 

(c) Delegation of Authority
to Officer. The Committee may delegate to one or more Officers the authority to do one or both of the following: (i) designate Employees
who are not Officers to be recipients of Options (and, to the extent permitted by applicable law, other Award Awards) and the terms thereof,
and (ii) determine the number of shares of Common Stock to be subject to such Awards granted to such Employees; provided, however,
that the Committee resolutions regarding such delegation shall specify the total number of shares of Common Stock that may be subject
to Awards granted by such Officer and that such Officer may not grant an Award to himself or herself. Notwithstanding anything to the
contrary in this Section 3(d), the Committee may not delegate to an Officer the authority to determine the Fair Market Value of
Common Stock pursuant to the Plan.

 

(d) Effect of the Committee’s
Decision. All determinations, interpretations and constructions of the Plan made by the Committee in good faith shall not be subject
to review by any person and shall be final, binding and conclusive on all persons.

 

(e) Limitation of Liability.
The Committee and each member thereof shall be entitled to, in good faith, rely or act upon any report or other information furnished
to him or her by any officer or employee of the Company or any of the Affiliates, the Company’s legal counsel, independent auditors,
consultants or any other agents assisting in the administration of this Plan. Members of the Committee and any Officer or Employee of
the Company or any of its subsidiaries acting at the direction or on behalf of the Committee shall not be personally liable for any action
or determination taken or made in good faith with respect to this Plan, and shall, to the fullest extent permitted by law, be indemnified
and held harmless by the Company with respect to any such action or determination.

 

4.
Shares Subject to the Plan.

 

(a) Limitation on Aggregate
Number of Shares Issued Pursuant to the Plan. Subject to the provisions of Section 15(a) relating to capitalization adjustments,
the total number of shares of Common Stock reserved and available for issuance in connection with Awards under this Plan shall be 6,000,000
shares. For clarity, the foregoing limitation does not limit the number of shares of Common Stock that may be subject to Awards that are
granted pursuant to the Plan, but only the number of shares of Common Stock actually issued pursuant thereto. Following the Listing Date,
shares of Common Stock may be issued in connection with a merger or acquisition as permitted by applicable law and the rules of any exchange
on which the Common Stock is then listed, and such issuance shall not reduce the number of shares of Common Stock available for issuance
under the Plan.

 

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(b) Reversion of Shares.
If any (i) Option shall for any reason expire or otherwise terminate (including in accordance with the cancellation and regrant provisions
of Section 3(b)(vi)), in whole or in part, without having been exercised in full, (ii) Option is settled for cash (i.e., the Optionholder
receives cash rather than stock upon the exercise thereof), (iii) shares of Common Stock issuable upon the exercise of an Option are not
delivered to a Participant because such shares are withheld for the payment of taxes or all or any portion of the aggregate exercise price
therefor (i.e., “net exercised”) or (iv) shares of Common Stock issued to a Participant pursuant to an Award are forfeited
back to or repurchased by the Company because of the failure to meet a contingency or condition required for the vesting of such shares,
then the shares of Common Stock issuable but not issued and delivered under such Option, or forfeited to or repurchased by the Company,
shall remain available for issuance under the Plan and such expiration, termination, cancellation, settlement, withholding, forfeiture
or repurchase shall not reduce (or otherwise offset) the number of shares of Common Stock that may be issued pursuant to the Plan. If
the exercise price of any Option is satisfied by tendering shares of Common Stock held by the Participant (either by actual delivery or
attestation), then the number of shares so tendered shall be treated as having been withheld from the number of shares issuable upon the
exercise of the Option pursuant to clause (iii) of the preceding sentence and the number of shares deemed to have been so withheld shall
remain available for issuance under the Plan and such withholding shall not reduce (or otherwise offset) the number of shares of Common
Stock that may be issued pursuant to the Plan. If any shares of Common Stock delivered to a Participant upon the exercise of an Option,
or any shares of Common Stock issued to a Participant pursuant to any other Award, shall for any reason be repurchased by the Company
under a repurchase option provided under the Plan or any Award Agreement, the shares of Common Stock repurchased by the Company under
such repurchase option shall not revert to or otherwise become available for issuance again under the Plan.

 

(c) Incentive Stock Option
Limit. Subject to the provisions of Section 15(a) relating to capitalization adjustments, the aggregate maximum number of shares
of Common Stock that may be issued pursuant to the exercise of Incentive Stock Options shall be 6,000,000 shares; provided, that the Company’s
stockholders approve this Plan within twelve (12) months of the Effective Date.

 

(d) Source of Shares. The
stock issuable under the Plan shall be shares of authorized but unissued Common Stock, or reacquired Common Stock (including shares repurchased
by the Company on the open market or otherwise).

 

5.
Eligibility.

 

(a) Eligibility for Specific
Awards. Incentive Stock Options may be granted to only Employees who are employed by the Company or a parent or subsidiary corporation
(within the meaning of sections 424(e) and (f) of the Code) of the Company. Awards other than Incentive Stock Options may be granted to
Employees, Directors and Consultants.

 

(b) Consultants.

 

(i) Prior to the Listing Date,
a Consultant shall not be eligible for the grant of an Award if, at the time of grant, either the offer or the sale of the Company’s
securities to such Consultant is not exempt under Rule 701 of the Securities Act (“Rule 701”) because of the nature
of the services that the Consultant is providing to the Company, or because the Consultant is not a natural person, or as otherwise provided
by Rule 701, unless the Company determines that such grant need not comply with the requirements of Rule 701 and will satisfy another
exemption under the Securities Act as well as comply with the securities laws of all other relevant jurisdictions.

 

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(ii) From and after the Listing
Date, a Consultant shall be eligible for the grant of an Award only if, at the time of grant, a Form S-8 Registration Statement under
the Securities Act (“Form S-8”) is available to register the offer or the sale of the Company’s securities to
such Consultant, unless the Company determines both (A) that such grant (1) shall be registered in another manner under the Securities
Act (e.g., on a Form S-3 Registration Statement) or (2) does not require registration under the Securities Act in order to comply with
the requirements of the Securities Act, if applicable, and (B) that such grant complies with the securities laws of all other relevant
jurisdictions.

 

(iii) Rule 701 and Form S-8
generally are available to consultants and advisors only if (A) they are natural persons; (B) they provide bona fide services to the issuer,
its parents, its majority-owned subsidiaries or majority-owned subsidiaries of the issuer’s parent and (C) the 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 issuer’s securities.

 

6.
Option Provisions.

 

Each Award Agreement evidencing
an Option shall be in such form and shall contain such terms and conditions as the Committee shall deem appropriate. All Options shall
be separately designated Incentive Stock Options or Nonstatutory Stock Options at the time of grant, and a separate certificate or certificates
shall be issued for shares purchased on exercise of each type of Option. If an Option is not specifically designated as an Incentive Stock
Option, then the Option shall be a Nonstatutory Stock Option. The provisions of separate Options need not be identical, but each Award
Agreement shall comply with or include (through incorporation of provisions hereof by reference in such Award Agreement or otherwise)
the substance of each of the following provisions:

 

(a) Term. No Option
shall be exercisable after the expiration of ten (10) years from the date it was granted and no Incentive Stock Option granted to a Ten
Percent Shareholder shall be exercisable after the expiration of five (5) years from the date it was granted.

 

(b) Exercise Price. The
exercise price of each Option shall be not less than one hundred percent (100%) of the Fair Market Value on the date the Option is granted
and the exercise price of each Incentive Stock Option granted to a Ten Percent Shareholder shall be not less than one hundred ten percent
(110%) of the Fair Market Value on the date the Option is granted. Notwithstanding the foregoing, an Option may be granted with an exercise
price lower than one hundred percent (100%) of the Fair Market Value if such Option is granted pursuant to an assumption or substitution
for another option in a manner consistent with the provisions of Section 424(a) of the Code (whether or not such Options are Incentive
Stock Options).

 

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(c) Consideration. The
purchase price of Common Stock acquired pursuant to the exercise of an Option shall be paid to the Company in cash (including by wire
transfer of immediately available funds or by check, bank draft or money order payable to the Company) or, to the extent permitted by
applicable law and as determined by the Committee in its sole discretion, by any of the alternative methods of payment set forth below,
or any combination of the foregoing. The Committee shall have the authority to grant Options that do not permit any or all of the following
alternative methods of payment (or otherwise restrict the ability to use certain methods) and to grant Options that require the consent
of the Company to utilize a particular method of payment. The alternative methods of payment permitted by this Section 6(c) are:

 

(i) through a “cashless
exercise” pursuant to a program developed under Regulation T (promulgated by the Federal Reserve Board) that, prior to the issuance
of the Common Stock issuable upon exercise of the Option, results in either the receipt of cash (or check) by the Company or the receipt
of irrevocable instructions to pay the aggregate exercise price to the Company from the sales proceeds;

 

(ii) by delivery to the Company
(either by actual delivery or attestation) of shares of Common Stock;

 

(iii) by a “net exercise”
arrangement pursuant to which the Company will reduce the number of shares of Common Stock issuable upon exercise of the Option by the
largest whole number of shares with a Fair Market Value that does not exceed the aggregate exercise price; provided, however,
that the Company shall accept a cash or other payment from the Participant to the extent of any remaining balance of the aggregate exercise
price not satisfied by such reduction in the number of whole shares to be issued; and provided, further, that shares of
Common Stock will no longer be subject to an Option and will not be exercisable thereafter to the extent that (A) shares issuable upon
exercise are reduced to pay the exercise price pursuant to the “net exercise,” (B) shares are delivered to the Participant
as a result of such exercise and/or (C) shares are withheld to satisfy tax withholding obligations; or

 

(iv) in any other form of legal
consideration that may be acceptable to the Committee in its sole discretion and permissible under applicable law.

 

The Committee may permit the payment of all or
any portion of the purchase price of Common Stock acquired pursuant to the exercise of an Option according to a deferred payment arrangement
with the Participant; provided, however, that payment of the Common Stock’s “par value,” as defined in
the Delaware General Corporation Law, shall not be made by deferred payment. In the case of any deferred payment arrangement, interest
shall be compounded at least annually and shall be charged at the minimum rate of interest necessary to avoid the treatment as interest,
under any applicable provisions of the Code, of any amounts other than amounts stated to be interest under the deferred payment arrangement.

 

(d) Transferability of
Options. The Committee may, in its sole discretion, impose such limitations on the transferability of Options as the Committee shall
determine. In the absence of such a determination by the Committee to the contrary, the following restrictions on the transferability
shall apply to each Option:

 

(i) Transfers During Lifetime.
During the lifetime of the Optionholder, an Option shall not be transferable and shall be exercisable by only the Optionholder; provided,
however, that the Committee may, in its sole discretion, permit transfer of the Option in a manner that is not prohibited by applicable
tax and/or securities laws upon the Optionholder’s request. Notwithstanding the foregoing, an Option may be transferred pursuant
to a domestic relations order; provided, however, that if an Option is an Incentive Stock Option, such Option may be deemed
to be a Nonstatutory Stock Option as a result of such transfer.

 

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(ii) Transfers Upon Death.
The Optionholder may, by delivering written notice to the Company (in a form provided by or otherwise satisfactory to the Company),
designate a third party who, in the event of the death of the Optionholder, shall thereafter have the sole right to exercise an Option
and receive the Common Stock or other consideration resulting from the exercise thereof. In the absence of such a designation, the Option
shall be transferable upon the Optionholder’s death only by will or by the laws of descent and distribution.

 

(e) Vesting. The total
number of shares of Common Stock subject to an Option may vest and therefore become exercisable in periodic installments that may or may
not be equal. The Option may be subject to such other terms and conditions on the time or times when it may or may not be exercised (which
may be based on performance or other criteria) as the Committee may deem appropriate. The vesting provisions of individual Options may
vary. The provisions of this Section 6(e) are subject to any Option provisions governing the minimum number of shares as to which
an Option may be exercised.

 

(f) Exercisability and
Termination.

 

(i) Termination of Continuous
Service. In the event that an Optionholder’s Continuous Service terminates (other than for Cause or upon the Optionholder’s
death or Disability), the Optionholder may exercise his or her Option (to the extent that the Optionholder was entitled to exercise such
Option as of the date of such termination of Continuous Service) but only within such period of time ending on the earlier of (A) thirty
(30) days following the termination of the Optionholder’s Continuous Service (or such longer or shorter period specified in the
Award Agreement, that, for Options granted prior to the Listing Date, shall not be less than thirty (30) days), or (B) the expiration
of the term of the Option as set forth in the Award Agreement. If, after such termination of Continuous Service, the Optionholder does
not exercise his or her Option within the time specified in the Award Agreement, the Option shall terminate.

 

(ii) Termination for Cause.
In the event that an Optionholder’s Continuous Service is terminated for Cause by the Company or any Affiliate, the Option shall
no longer be exercisable and shall terminate immediately.

 

(iii) Disability of Optionholder.
In the event that an Optionholder’s Continuous Service terminates as a result of the Optionholder’s Disability, the Optionholder
may exercise his or her Option (to the extent that the Optionholder was entitled to exercise such Option as of the date of such termination
of Continuous Service), but only within such period of time ending on the earlier of (A) the date three (3) months following such termination
of Continuous Service (or such longer or shorter period specified in the Award Agreement) or (B) the expiration of the term of the
Option as set forth in the Award Agreement. If, after such termination of Continuous Service, the Optionholder does not exercise his or
her Option within the time specified herein, the Option shall terminate.

 

    - 11 -

     

    

 

(iv) Death of Optionholder.
In the event that (A) an Optionholder’s Continuous Service terminates as a result of the Optionholder’s death or (B) the
Optionholder dies within the period (if any) specified in the Award Agreement after the termination of the Optionholder’s Continuous
Service for a reason other than death, then the Option may be exercised (to the extent the Optionholder was entitled to exercise such
Option as of the date of death) by the Optionholder’s estate, by a person who acquired the right to exercise the Option by bequest
or inheritance or, if applicable, by a person designated to exercise the option upon the Optionholder’s death pursuant to Section
6(d)(ii), but only within the period ending on the earlier of (1) the date eleven (11) months following the date of death (or such
longer or shorter period specified in the Award Agreement, that, for Options granted prior to the Listing Date, shall not be less than
six (6) months) or (2) the expiration of the term of such Option as set forth in the Award Agreement. If, after the Optionholder’s
death, the Option is not exercised within the time specified herein, the Option shall terminate.

 

(v) Extension of Termination
Date. An Award Agreement may provide that if the exercise of the Option following the termination of the Optionholder’s Continuous
Service (other than for Cause) would be prohibited at any time solely because the issuance of shares would violate the registration requirements
under the Securities Act, then the period during which the Optionholder is prevented from exercising the Option solely by the operation
of such prohibition shall not be counted for purposes of calculating the time period following the termination of the Optionholder’s
Continuous Service during which the Option may be exercised. In no event, however, shall the Option be exercisable after the expiration
of the term of the Option.

 

(g) Restrictions on Transfer
of Shares. Any shares issued upon exercise of an Option shall be subject to such special forfeiture conditions, rights of repurchase,
rights of first refusal, bring-along rights and other transfer restrictions as the Committee may determine. Such restrictions shall be
set forth in the applicable Award Agreement and shall apply in addition to any restrictions that may apply to holders of shares of Common
Stock generally.

 

7.
Stock Appreciation Right Provisions.

 

Each Award Agreement evidencing
an Award of SARs shall be in such form and shall contain such terms and conditions as the Committee shall deem appropriate. The terms
and conditions of such Award Agreements may change from time to time, and the terms and conditions of separate Award Agreements need not
be identical, but each Award Agreement evidencing an SAR shall comply with or include (through incorporation of provisions hereof by reference
in the agreement or otherwise) the substance of each of the following provisions:

 

(a) Right to Payment. An
SAR shall confer on the Participant to whom it is granted a right to receive, upon exercise thereof, the excess of (i) the Fair Market
Value of one share of Stock on the date of exercise over (i) the grant price of the SAR as determined by the Committee.

 

(b) Grant Price. Each
Award Agreement evidencing an SAR shall state the grant price per share of Common Stock; provided, however, that the grant
price per share of Common Stock subject to an SAR shall not be less than the greater of (i) the par value per share of the Common Stock
or (ii) 100% of the Fair Market Value per share of the Common Stock as of the date of grant of the SAR (the “Minimum Grant Price”).
In the event an SAR is granted with a grant price less than the Minimum Grant Price, the grant price of such SAR shall be deemed to be
the Minimum Grant Price.

 

    - 12 -

     

    

 

(c) Time and Method of
Exercise. Except as otherwise provided herein, the Committee shall determine, at the date of grant or thereafter, the number of shares
of Common Stock to which the SAR relates, the time or times at which and the circumstances under which an SAR may be vested and/or exercised
in whole or in part (including based on achievement of performance goals and/or future service requirements), the method of exercise,
method of settlement, form of consideration payable upon settlement, method by or forms in which Common Stock (if any) will be delivered
to Participants, and any other terms and conditions of any SAR. SARs may be either free-standing or in tandem with other Awards. No SAR
may be exercisable for a period of more than ten (10) years following the date of grant of the SAR.

 

(d) Termination for Cause.
In the event that a Participant’s Continuous Service is terminated for Cause by the Company or any Affiliate, such Participant’s
SARs shall no longer be exercisable and shall terminate immediately.

 

(e) Rights Related to Options.
An SAR granted in connection with an Option shall entitle a Participant, upon exercise, to surrender that Option or any portion thereof,
to the extent unexercised, and to receive payment of an amount determined by multiplying (i) the difference obtained by subtracting
the exercise price with respect to a share of Common Stock specified in the related Option from the Fair Market Value of a share of Common
Stock on the date of exercise of the SAR, by (ii) the number of shares as to which that SAR has been exercised. The Option shall then
cease to be exercisable to the extent surrendered. SARs granted in connection with an Option shall be subject to the terms and conditions
of the Award Agreement governing the Option, which shall provide that the SAR is exercisable only at such time or times and only to the
extent that the related Option is exercisable and shall not be transferable except to the extent that the related Option is transferrable.

 

8.
Restricted Stock Provisions.

 

Each Award Agreement evidencing
Restricted Stock shall be in such form and shall contain such terms and conditions as the Committee shall deem appropriate. The terms
and conditions of such Award Agreements may change from time to time, and the terms and conditions of separate Award Agreements need not
be identical, but each Award Agreement evidencing Restricted Stock shall comply with or include (through incorporation of provisions hereof
by reference in the agreement or otherwise) the substance of each of the following provisions:

 

(a) Vesting. Shares
of Restricted Stock shall be subject to a vesting schedule or performance vesting conditions to be determined by the Committee and set
forth in the applicable Restricted Stock Agreement. The vesting provisions of individual Restricted Stock Awards may vary.

 

    - 13 -

     

    

 

(b) Termination of Participant’s
Continuous Service. Except as otherwise provided in a Restricted Stock Award Agreement, if the recipient’s Continuous Service
terminates (with or without Cause), all of the shares of Restricted Stock issued pursuant to such Restricted Stock Award that have not
vested as of the date of termination shall be immediately forfeited to and reacquired by the Company.

 

(c) Restrictions on Transfer
of Shares. Shares of Restricted Stock shall be subject to such special forfeiture conditions, rights of repurchase, rights of first
refusal, bring-along rights and other transfer restrictions as the Committee may determine. Such restrictions shall be set forth in the
applicable Restricted Stock Award Agreement and shall apply in addition to any restrictions that may apply to holders of shares of Common
Stock generally.

 

9.
Restricted Stock Unit Provisions.

 

Each Award Agreement evidencing
Restricted Stock Units shall be in such form and shall contain such terms and conditions as the Committee shall deem appropriate. The
terms and conditions of such Award Agreements may change from time to time, and the terms and conditions of separate Award Agreements
need not be identical, but each Award Agreement evidencing Restricted Stock Units shall comply with or include (through incorporation
of provisions hereof by reference in the agreement or otherwise) the substance of each of the following provisions:

 

(a) Award and Restrictions.
Restricted Stock Units shall be subject to such restrictions (which may include a risk of forfeiture) as the Committee may impose,
if any, which restrictions may lapse at the expiration of the deferral period or at earlier specified times (including based on achievement
of performance goals and/or future service requirements), separately or in combination, in installments or otherwise, as the Committee
may determine.

 

(b) Settlement. Settlement
of Restricted Stock Units shall occur upon expiration of the deferral period specified for such Restricted Stock Unit by the Committee
(or, if permitted by the Committee, as elected by the Participant). Restricted Stock Units shall be satisfied by the delivery of (i) a
number of shares of Common Stock equal to the number of RSUs vesting on such date, or (ii) cash in an amount equal to the Fair Market
Value of the specified number of shares of Common Stock covered by the vesting Restricted Stock Units, or a combination thereof, as determined
by the Committee at the date of grant or thereafter.

 

10.
Stock Awards. The Committee is authorized to grant a Stock Award
under the Plan to any eligible person as a bonus, as additional compensation, or in lieu of cash compensation the individual is otherwise
entitled to receive, in such amounts and subject to such other terms as the Committee in its discretion determines to be appropriate.

 

    - 14 -

     

    

 

11.
Dividend Equivalents. The Committee is authorized to grant Dividend
Equivalents to an eligible person, entitling the eligible person to receive cash, Common Stock, other Awards, or other property equal
in value to dividends paid with respect to a specified number of shares of Common Stock, or other periodic payments. Dividend Equivalents
may be awarded on a free-standing basis or in connection with another Award (other than an Award of Options, Restricted Stock or a Stock
Award). The Committee may provide that Dividend Equivalents shall be paid or distributed when accrued or at a later specified date, and
if distributed at a later date may be deemed to have been reinvested in additional Common Stock, Awards, or other investment vehicles
or accrued in a bookkeeping account without interest, and subject to such restrictions on transferability and risks of forfeiture, as
the Committee may specify. With respect to Dividend Equivalents granted in connection with another Award, absent a contrary provision
in the Award Agreement, such Dividend Equivalents shall be subject to the same restrictions and risk of forfeiture as the Award with respect
to which the dividends accrue and shall not be paid unless and until such Award has vested and been earned. Notwithstanding the foregoing,
Dividend Equivalents shall only be paid in a manner that is either exempt from or in compliance with Section 409A.

 

12.
Other Stock-Based Awards. The Committee is authorized, subject
to limitations under applicable law, to grant to eligible persons such other Awards that may be denominated or payable in, valued in whole
or in part by reference to, or otherwise based on, or related to, Common Stock, as deemed by the Committee to be consistent with the purposes
of this Plan, including without limitation convertible or exchangeable debt securities, other rights convertible or exchangeable into
Common Stock, purchase rights for Common Stock, Awards with value and payment contingent upon performance of the Company or any other
factors designated by the Committee, and Awards valued by reference to the book value of Common Stock or the value of securities of or
the performance of specified subsidiaries of the Company. The Committee shall determine the terms and conditions of such Other Stock-Based
Awards. Common Stock delivered pursuant to an Other-Stock Based Award in the nature of a purchase right granted under this Section
12 shall be purchased for such consideration, paid for at such times, by such methods, and in such forms, including, without limitation,
cash, Common Stock, other Awards, or other property, as the Committee shall determine.

 

13.
Securities Law Compliance. The Company shall seek to obtain from each
regulatory commission or agency having jurisdiction over the Plan such authority as may be required to grant Awards and to issue and sell
shares of Common Stock pursuant to such Awards (including upon the exercise of Options); provided, however, that this undertaking shall
not require the Company to register, under the Securities Act or any state securities laws, the Plan, any Award or any Common Stock issued
or issuable pursuant to any Award. If, after reasonable efforts, the Company is unable to obtain from any such regulatory commission or
agency the authority that counsel for the Company deems necessary for the lawful grant of such Awards and the lawful issuance and sale
of shares of Common Stock pursuant to such Awards (including upon the exercise of Options), the Company shall be relieved from any liability
for failure to grant such Awards or to issue and sell such shares of Common Stock unless and until such authority is obtained.

 

14.
Miscellaneous.

 

(a) Use of Proceeds from
Awards. Proceeds from the issuance and sale of Common Stock pursuant to Awards shall constitute general funds of the Company.

 

(b) Shareholder Rights.
No Participant shall be deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares of Common
Stock covered by or subject to an Award unless and until such Participant is duly issued or transferred such shares of Common Stock in
accordance with the terms of the Award.

 

    - 15 -

     

    

 

(c) No Employment or other
Service Rights. Nothing in the Plan, any Award Agreement or any other instrument executed or Award granted pursuant thereto shall
confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time the Award
was granted, or in any other capacity, or shall affect the right of the Company or an Affiliate to terminate (i) the employment of an
Employee with or without notice and with or without Cause, (ii) the service of a Consultant pursuant to the terms of such Consultant’s
agreement with the Company or an Affiliate or (iii) the service of a Director pursuant to the Bylaws of the Company and any applicable
provisions of the Delaware General Corporation Law.

 

(d) Incentive Stock Option
$100,000 Limitation. To the extent that the aggregate Fair Market Value (determined at the time of grant) of the Common Stock with
respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar year (under all plans
of the Company and the Affiliates) exceeds one hundred thousand dollars ($100,000), the Options or portions thereof that exceed such limit
(according to the order in which they were granted) shall be treated as Nonstatutory Stock Options.

 

(e) Investment Assurances.
The Company may require a Participant, as a condition of being issued an Award or any shares of Common Stock pursuant thereto, to
give written assurances satisfactory to the Company (i) as to the Participant’s knowledge and experience in financial and business
matters (and/or that the Participant will employ a purchaser representative reasonably satisfactory to the Company who is knowledgeable
and experienced in financial and business matters), (ii) that the Participant is capable of evaluating, alone or together with a purchaser
representative, the merits and risks of making an investment in the Common Stock and (iii) that the Participant is acquiring the Award
and the Common Stock issued or issuable pursuant thereto for the Participant’s own account and not with any present intention of
selling or otherwise distributing the Award or any such Common Stock. The foregoing requirements, and any assurances given pursuant to
such requirements, shall be inoperative (A) if the issuance of Common Stock has been registered under a then currently effective registration
statement under the Securities Act or (B) as to any particular requirement, to the extent that a determination is made by counsel to the
Company that such requirement need not be met in the circumstances under the securities laws then applicable. The Company may, upon advice
of counsel to the Company, place legends on stock certificates issued under any Award as such counsel may deem necessary or appropriate
in order to comply with applicable securities laws, including, but not limited to, legends restricting the transfer of the stock represented
thereby.

 

(f) Withholding Obligations.
The Company and the Affiliates are authorized to withhold from any Award granted, or any payment relating to an Award, including from
a distribution of Common Stock, taxes due or potentially payable in connection with any transaction involving an Award, and to take such
other action as the Committee may deem advisable to enable the Company, the Affiliates and Participants to satisfy the payment of withholding
taxes and other tax obligations relating to any Award in such amounts as may be determined by the Company. The Committee shall determine,
in its sole discretion, the form of payment acceptable for such tax withholding obligations, including the delivery of cash or cash equivalents,
Common Stock (including previously owned shares, net settlement, a broker-assisted sale, or other cashless withholding or reduction of
the amount of shares otherwise issuable or delivered pursuant to the Award), other property, or any other legal consideration the Committee
deems appropriate. If such tax withholding amounts are satisfied through net settlement or previously owned shares, the maximum number
of shares of Common Stock that may be so withheld (or surrendered) shall be the number of shares of Stock that have an aggregate Fair
Market Value on the date of withholding or repurchase equal to the aggregate amount of such tax liabilities determined based on the greatest
withholding rates permitted by applicable law for federal, state, foreign and/or local tax purposes, including payroll taxes, that may
be utilized without creating adverse accounting treatment for the Company with respect to such Award, as determined by the Committee.

 

    - 16 -

     

    

 

(g) Clawback/Recovery.
All Awards granted under the Plan will be subject to recoupment in accordance with any clawback policy that the Company is required to
adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s securities are
listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable laws. In addition,
the Committee may impose such other clawback, recovery or recoupment provisions on an Award as the Committee determines necessary or appropriate,
including, but not limited to, a reacquisition right in respect of previously issued shares of Common Stock upon a Participant’s
termination for Cause.

 

15.
Adjustments upon Changes in Stock.

 

(a) Capitalization Adjustments.
If any change is made in the Common Stock without the receipt of consideration by the Company (through merger, consolidation, reorganization,
recapitalization, reincorporation, stock dividend, dividend in property other than cash, stock split, liquidating dividend, combination
of shares, exchange of shares, change in corporate structure or other transaction not involving the receipt of consideration by the Company),
(i) the Plan will be appropriately adjusted in the class(es) and maximum number of securities subject to the Plan pursuant to Section
4(a) and the maximum number of shares of Common Stock that may be issued pursuant to the exercise of Incentive Stock Options pursuant
to Section 4(c), and (ii) the outstanding Options will be appropriately adjusted in the class(es) and number of securities and
the exercise price per share of stock subject to such Options. The Board, the determination of which shall be final, binding and conclusive,
shall make such adjustments. (The conversion of any convertible securities of the Company shall not be treated as a transaction “without
receipt of consideration” by the Company.) If, as a result of any such adjustment, one or more classes of stock other than Common
Stock are issuable pursuant to Awards, then each reference in the Plan to “Common Stock” shall also be deemed to refer to
such other classes of stock.

 

(b) Dissolution or Liquidation.
In the event of a dissolution or liquidation of the Company, all outstanding Awards (whether or not then vested) shall be terminated
if not exercised or settled in connection with or prior to such event.

 

    - 17 -

     

    

 

16.
Change in Control and Other Events.

 

(a) Change in Control.
Notwithstanding any other provisions of the Plan or an Award Agreement to the contrary, upon a Change in Control or changes in the
outstanding Common Stock by reason of a recapitalization, reorganization, merger, consolidation, combination, exchange or other relevant
change in capitalization occurring after the date of the grant of any Award and not otherwise provided for in Section 15(a), the
Committee, acting in its sole discretion without the consent or approval of any holder, may effect one or more of the following alternatives,
which may vary among individual holders and which may vary among Options, SARs or other Awards held by any individual holder: (i) remove
any applicable forfeiture restrictions on any Award; (ii) accelerate the time of exercisability of an Award so that such Award may be
exercised in full or in part for a limited period of time on or before a date specified by the Committee, before or after such Change
in Control, after which specified date all unexercised Awards and all rights of holders thereunder shall terminate; (iii) provide
for a cash payment with respect to outstanding Awards by requiring the mandatory surrender to the Company by selected holders of some
or all of the outstanding Awards held by such holders (irrespective of whether such Awards are then vested or exercisable pursuant to
the Plan) as of a date, before or after such Change in Control, specified by the Committee, in which event the Committee shall thereupon
cancel such Awards (with respect to all shares subject to such Awards) and pay to each holder an amount of cash (or other consideration
including securities or other property) per Award (other than a Dividend Equivalent) equal to the Change in Control Price (as defined
below), less the exercise price with respect to an Option or SAR, as applicable to such Awards; provided, however, that
to the extent the exercise price of an Option or an SAR exceeds the Change in Control Price, such award may be canceled for no consideration;
(iv) cancel Awards that are unexercisable or remain subject to a restricted period as of the date of a Change in Control without payment
of any consideration to the Participant for such Awards; or (v) make such adjustments to Awards then outstanding as the Committee deems
appropriate to reflect such Change in Control (including, but not limited to, (x) the substitution, assumption, or continuation of Awards
by the successor company or a parent or subsidiary thereof for new awards, and (y) the adjustment as to the number and price of shares
of Common Stock or other consideration subject to such Awards); provided, however, that the Committee may determine in its
sole discretion that no adjustment is necessary to Awards then outstanding.

 

(b) Change in Control Price.
The “Change in Control Price” shall equal the amount determined in the following clause (i), (ii), (iii), (iv)
or (v), whichever is applicable, as follows: (i) the price per share offered to holders of Common Stock in any merger or consolidation,
(ii) the per share Fair Market Value of the Common Stock immediately before the Change in Control without regard to assets sold in
the Change in Control and assuming the Company has received the consideration paid for the assets in the case of a sale of the assets,
(iii) the amount distributed per share of Common Stock in a dissolution transaction, (iv) the price per share offered to holders of Common
Stock in any tender offer or exchange offer whereby a Change in Control takes place, or (v) if such Change in Control occurs other than
pursuant to a transaction described in clauses (i), (ii), (iii), or (iv) of this Section 16(b), the Fair Market Value per share
of the Common Stock that may otherwise be obtained with respect to such Awards or to which such Awards track, as determined by the Committee
as of the date determined by the Committee to be the date of cancellation and surrender of such Awards. In the event that the consideration
offered to stockholders of the Company in any transaction described in this Section 16(b) or in Section 16(a) consists of
anything other than cash, the Committee shall determine the fair cash equivalent of the portion of the consideration offered which is
other than cash and such determination shall be binding on all affected Participants to the extent applicable to Awards held by such Participants.

 

    - 18 -

     

    

 

17.
Amendment of the Plan and Stock Awards.

 

(a) Amendment of Plan.
The Board at any time, and from time to time, may amend the Plan, including without limitation in relation to Incentive Stock Options
and certain nonqualified deferred compensation under Section 409A and/or to bring the Plan or Awards granted under the Plan into compliance
therewith, subject to the limitations, if any, of applicable law. Except as provided above, no Participant’s rights under any Award
granted before any amendment of the Plan may be impaired by any such amendment unless (i) the Company requests the consent of the
affected Participant to such amendment and (ii) such Participant consents thereto in writing.

 

(b) Stockholder Approval.
Except as provided in Section 15(a) relating to capitalization adjustments, no amendment shall be effective unless approved
by the stockholders of the Company to the extent stockholder approval is necessary to satisfy the requirements of any applicable law or
any applicable listing requirement.

 

(c) Amendment of Awards.
The Committee at any time, and from time to time, may amend the terms of any one or more Awards (or the Award Agreements relating
thereto), including without limitation to amendments to provide terms more favorable to the applicable Participant than previously provided
in the Award Agreement, subject to any specified limitations in the Plan that are not subject to Committee discretion; provided,
however, that no Participant’s rights under any Award may be impaired by any such amendment unless (i) the Company requests
the consent of the affected Participant to such amendment and (ii) such Participant consents thereto in writing. Notwithstanding the foregoing,
subject to the limitations of applicable law, if any, the Committee may amend the terms of any one or more Awards without the affected
Participants’ consent if necessary to maintain the qualified status of such Awards as Incentive Stock Options or to bring such Awards
into compliance with Section 409A.

 

18.
Termination or Suspension of the Plan.

 

(a) Plan Term. The
Plan shall be of unlimited duration; provided, however, that (i) no Incentive Stock Option shall be granted under the Plan
after the ten (10) year anniversary of the effective date of the Plan, and (ii) the Board may suspend or terminate the Plan at any time.
No Awards may be granted under the Plan while the Plan is suspended or after it is terminated, however any Award granted prior to such
termination, and the authority of the Board or Committee to amend, alter, adjust, suspend, discontinue, or terminate any such Award or
to waive any conditions or rights under such Award in accordance with the terms of this Plan, shall extend beyond such termination date
until the final disposition of such Award.

 

(b) No Impairment of Rights.
Suspension or termination of the Plan shall not impair rights and obligations under any Award granted while the Plan is in effect
except with the written consent of the affected Participant.

 

    - 19 -

     

    

 

19.
Effective Date of Plan.

 

The Plan shall become effective
as determined by the Board, but no Option shall be exercised, and no Award shall be granted, unless and until the Plan has been approved
by the stockholders of the Company, which approval shall be within twelve (12) months before or after the date the Plan is adopted by
the Board.

 

20.
Compliance with Section 409A.

 

To the extent that the Committee
determines that any Award granted under the Plan is subject to Section 409A, the Award Agreement evidencing such Award shall incorporate
the terms and conditions necessary to avoid the consequences described in Section 409A(a)(1) of the Code. To the extent applicable, the
Plan and all Award Agreements shall be interpreted in accordance with Section 409A. Notwithstanding any provision of the Plan to the contrary,
in the event that the Committee determines that any Award may be subject to Section 409A, the Committee may adopt such amendments to the
Plan and the applicable Award Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive
effect), or take any other actions, that the Committee determines are necessary or appropriate to (a) exempt the Award from Section 409A
and/or preserve the intended tax treatment of the benefits provided with respect to the Award or (b) comply with the requirements of Section
409A.

 

21.
Choice of Law.

 

The law of the State of Delaware
shall govern all questions concerning the construction, validity and interpretation of the Plan, without regard to such state’s
conflict of laws rules.

 

    - 20 -

     

    

 

ASP
Isotopes Inc.

2021 Stock Incentive Plan

 

STOCK
OPTION AGREEMENT

(Incentive Stock Option)

 

Pursuant to the Company’s
2021 Stock Incentive Plan (the “Plan”), the Company has granted to the Optionholder an option (the “Option”)
to purchase the number of shares of the common stock, par value $0.01 per share, of the Company (“Common Stock”), set
forth in that certain Stock Option Grant Notice (the “Grant Notice”) executed by the Company and the Optionholder as
of the Grant Date. Capitalized terms used but not otherwise defined in this Agreement shall have the meanings set forth in the Plan and
the Grant Notice, each of which is attached hereto and incorporated herein in their entirety.

 

The Option is subject to all
of the terms and conditions set forth in this Agreement and in each of the Plan, the Grant Notice and the Notice of Exercise attached
to the Grant Notice.

 

1.
Number of Shares Subject to the Option.

 

The number of shares of Common
Stock subject to the Option (the “Subject Shares”) as of the Grant Date is set forth in the Grant Notice. The number
of Subject Shares will be reduced following the Grant Date by the number of shares of Common Stock for which the Option is exercised by
the Optionholder. In addition, the number of Subject Shares will be adjusted from time to time upon the occurrence of certain capitalization
changes affecting the Common Stock, as provided in Section 15(a) of the Plan.

 

2.
Exercise Price.

 

The exercise price per share
of Common Stock to be paid by the Optionholder upon the exercise of the Option (the “Exercise Price”) is set forth
in the Grant Notice. The Exercise Price will be adjusted from time to time upon the occurrence of certain capitalization changes affecting
the Common Stock, as provided in Section 15(a) of the Plan.

 

3.
Vesting of the Option.

 

The Optionholder may exercise
the Option with respect to only Subject Shares that have vested in accordance with the vesting schedule set forth in the Grant Notice.
The Option may not be exercised with respect to Subject Shares that have not vested. The vesting of Subject Shares will cease immediately
upon the termination of the Optionholder’s Continuous Service for any reason. No Subject Shares will vest in respect of any period
between the date of termination of the Optionholder’s Continuous Service and the immediately preceding vesting date.

 

4.
Term of the Option.

 

The Optionholder may exercise
the Option only during the term of the Option. The term of the Option begins on the Grant Date and ends on the first to occur of the following
dates:

 

(a) the date on which the
Optionholder’s Continuous Service is terminated for Cause;

 

     

     

    

 

(b) subject to extension pursuant
to Section 4(d) and/or Section 5 below, the date that is thirty (30) days after the Optionholder’s Continuous Service
is terminated (whether by the Optionholder or by the Company or its Affiliates) other than for Cause or due to the death or Disability
of the Optionholder;

 

(c) subject to extension pursuant
to Section 4(d) and/or Section 5 below, the date that is three (3) months after the Optionholder’s Continuous Service
is terminated due to the Disability of the Optionholder;

 

(d) subject to extension pursuant
to Section 5 below, the date that is eleven (11) months after the Optionholder’s death if (i) the Optionholder’s Continuous
Service is terminated due to the death of the Optionholder or (ii) the Optionholder dies during the thirty (30) day period provided in
Section 4(b) above or the three (3) month period provided in Section 4(c) above, as applicable;

 

(e) the date on which the
Optionholder transfers or purports to transfer the Option (in whole or in part) in violation of Section 8 below;

 

(f) the date on which the
Optionholder transfers or purports to transfer any shares of Common Stock issued upon exercise of the Option, or any beneficial interest
therein, in violation of Section 9 below;

 

(g) the effective date of
a Change in Control if the surviving corporation or acquiring corporation does not assume the Option or substitute similar options for
the Option, as further provided in Section 15 below;

 

(h) the Expiration Date indicated
in the Grant Notice; or

 

(i) the ten (10) year anniversary
of the Grant Date.

 

5.
Securities Law Compliance.

 

Notwithstanding anything to
the contrary contained herein or in the Grant Notice, the Optionholder may not exercise the Option unless the shares issuable upon such
exercise are then registered under the Securities Act and any applicable state securities or “blue sky” laws or, if such shares
are not then so registered, the Company has determined that such exercise and issuance would be exempt from the registration requirements
of the Securities Act and such state laws. The exercise of the Option must also comply with other applicable laws and regulations governing
the Company, the Option and the Common Stock, and the Optionholder may not exercise the Option if the Company determines that such exercise
would not be in material compliance with such laws and regulations. If the Optionholder is prevented from exercising the Option solely
by the operation of this Section 5 during the thirty (30) day period provided in Section 4(b) above, the three (3) month
period provided in Section 4(c) above or the eleven (11) month period provided in Section 4(d) above, as applicable, then
the period during which the Optionholder is prevented from exercising the Option solely by the operation of this Section 5 shall
not be counted for purposes of calculating the time periods set forth in such Section 4(b), Section 4(c) or Section 4(d).

 

    - 2 -

     

    

 

6.
Manner of Exercise of the Option.

 

To exercise the Option (when
and to the extent exercisable), the Optionholder must deliver to the Secretary of the Company (or to such other person as the Company
may designate), during the Company’s regular business hours, (a) a properly completed and duly executed Notice of Exercise (in the
form attached to the Grant Notice or as otherwise designated by the Company), (b) an amount equal to the Exercise Price multiplied by
the number of Subject Shares for which the Option is exercised, delivered in accordance with Section 7 below, and (c) such
additional documents as the Company may then require. The Option may be exercised for only whole shares of Common Stock.

 

7.
Method of Payment.

 

The aggregate Exercise Price
payable upon any exercise of the Option shall be payable to the Company in cash (including by wire transfer of immediately available funds
or by check, bank draft or money order payable to the Company) or in any other manner permitted by the Plan and acceptable to the Committee,
in its sole discretion, at the time of exercise. Such other manner of payment may include one of the following:

 

(a) through a “net exercise”
arrangement pursuant to which the Company will reduce the number of shares of Common Stock issuable upon exercise of the Option by the
largest whole number of shares with a Fair Market Value that does not exceed the aggregate Exercise Price; provided, however,
that the Company shall accept a cash or other payment from the Optionholder to the extent of any remaining balance of the aggregate Exercise
Price not satisfied by such reduction in the number of whole shares to be issued; and provided, further, that the number
of Subject Shares for which the Option may thereafter be exercised shall be reduced to the extent that (i) the shares issuable upon exercise
are reduced to pay the exercise price pursuant to the “net exercise,” (ii) shares are delivered to the Optionholder as a result
of such exercise and/or (iii) shares are withheld to satisfy tax withholding obligations;

 

(b) if the Common Stock is,
at the time of exercise, publicly traded and quoted regularly in The Wall Street Journal, through a “cashless exercise”
pursuant to a program developed under Regulation T (promulgated by the Federal Reserve Board) that, prior to the issuance of Common Stock
issuable upon such exercise of the Option, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable
instructions to pay the aggregate exercise price to the Company from the sales proceeds; or

 

(c) if the Common Stock is,
at the time of exercise, publicly traded and quoted regularly in The Wall Street Journal, by Delivery of shares of Common Stock
that (i) are already owned by the Optionholder, (ii) either (A) have been held by the Optionholder for the period required to avoid a
charge to the Company’s reported earnings (generally six months) or (B) were not acquired by the Optionholder, directly or
indirectly, from the Company, (iii) are owned by the Optionholder free and clear of any liens, claims, encumbrances or security interests
and (iv) are valued at Fair Market Value on the date of such exercise. “Delivery” for these purposes, in the sole discretion
of the Company at the time of such exercise, shall include delivery to the Company of the Optionholder’s attestation of ownership
of such shares of Common Stock in a form approved by the Company. Notwithstanding the foregoing, the aggregate Exercise Price payable
upon any exercise of the Option shall not be payable by tender to the Company of Common Stock to the extent such tender would constitute
a violation of the provisions of any law, regulation or agreement restricting the redemption or repurchase by the Company of its capital
stock.

 

    - 3 -

     

    

 

8.
Transferability of the Option.

 

(a) Transfer During Lifetime.
During the lifetime of the Optionholder, the Optionholder may not sell, gift, transfer, assign, hypothecate, pledge, encumber, abandon,
contribute, distribute, exchange or otherwise dispose of, whether by contract, operation of law or otherwise (collectively, “transfer”),
the Option (in whole or in part) and the Option shall be exercisable by only the Optionholder, except that the Option may be transferred
pursuant to a domestic relations order.

 

(b) Transfer Following
Death. The Optionholder may, by delivering written notice to the Company (in a form provided by or otherwise satisfactory to the Company),
designate a third party who, in the event of the death of the Optionholder, shall thereafter have the sole right to exercise the Option
and receive the Common Stock or other consideration resulting from the exercise thereof. In the absence of such a designation, the Option
shall be transferable upon the Optionholder’s death only by will or by the laws of descent and distribution.

 

9.
Transferability of Common Stock.

 

A holder of shares of Common
Stock issued upon exercise of the Option (the “Issued Shares”), or any beneficial interest therein (a “Holder”),
may not transfer any Issued Shares, or any beneficial interest therein, unless:

 

(a) the Issued Shares subject
to the transfer are then registered under the Securities Act and any applicable state securities or “blue sky” laws or, if
such Issued Shares are not then so registered, the Company has determined that such transfer would be exempt from the registration requirements
of the Securities Act and such state laws;

 

(b) such transfer complies
with all other applicable laws and regulations and contractual obligations applicable to or binding on the Company, the Common Stock or
the Holder;

 

(c) the transferee (if other
than the Company) agrees in writing (in such form as the Company may require) to be bound by the provisions of this Section 9
and of Section 10 through Section 14 below with respect to such Issued Shares, or interest therein, and any subsequent transfer
thereof; and

 

(d) such transfer satisfies
one or more of the following conditions:

 

(i) such transfer is approved
in advance by the Board in writing;

 

    - 4 -

     

    

 

(ii) such transfer is made to
the Company;

 

(iii) such transfer is made
to (A) any member of the Holder’s immediate family (i.e., spouse, lineal descendant, father, mother, brother or sister), (B) any
custodian or trustee for the Holder’s account and/or the account of one or more members of the Holder’s immediate family or
(C) any limited partnership of which all of the general partners and limited partners consist of (1) the Holder, (2) one or more members
of the Holder’s immediate family and/or (3) any trust of which only the Holder or one or more members of the Holder’s
immediate family are the beneficiaries (such family members, custodians, trustees and limited partnerships are referred to collectively
as “Related Persons”);

 

(iv) such transfer is made following
the death of the Holder by will or pursuant to the laws of descent and distribution; or

 

(v) the Holder provides the
Company with a Notice of Offer (as defined in Section 10(a) below) and such transfer is permitted by Section 10(e) below.

 

Any transfer or purported transfer
by a Holder of any Issued Shares, or any beneficial interest therein, that is not permitted by this Section 9 shall be null and
void, and such Issued Shares (together with any other Issued Shares held by such Holder) shall thereupon become subject to the Company’s
right of repurchase pursuant to Section 11 below.

 

10.
Right of First Refusal.

 

(a) Notice of Offer.
A Holder may at any time, and from time to time, provide the Company with a written notice (a “Notice of Offer”) that
the Holder desires to transfer all of any portion of the Issued Shares to a third party pursuant to a bona fide written offer (the
“Offer”), a copy of which shall be enclosed with the Notice of Offer. The Notice of Offer shall set forth the number
of Issued Shares that the Holder desires to sell (the “Offered Shares”), the name of the person to whom the Holder
desires to make such sale (the “Transferee”), the form and amount of consideration that has been offered in connection
with the Offer and the other material terms and conditions of the Offer. The Notice of Offer shall also set forth the Holder’s irrevocable
offer to sell the Offered Shares to the Company for the lesser of (i) the aggregate purchase price set forth in the Offer or (ii) the
aggregate Fair Market Value of the Offered Shares as of the date of the Notice of Offer (such lesser amount, the “Offer Price”),
in accordance with this Section 10.

 

(b) Company Right of Purchase.
Upon receipt of a Notice of Offer, the Company shall have the right and option (but not the obligation) to purchase all (but not less
than all) of the Offered Shares for the Offer Price in accordance with this Section 10. The Company will be entitled to exercise
this right at any time during the period (the “Offer Period”) beginning on the date the Notice of Offer is delivered
to the Secretary of the Company and ending on the thirtieth (30th) day thereafter; provided, however, that if
non-cash consideration is specified in the Offer, the end of the Offer Period will be tolled until such later date that is ten (10) days
after the final determination of the fair market value of such non-cash consideration pursuant to Section 10(f) below.

 

    - 5 -

     

    

 

(c) Exercise of Purchase
Right. To exercise such purchase right, the Company must provide the Holder with a notice of exercise (an “Exercise
Notice”) during the Offer Period. The Exercise Notice shall state that the Company is exercising its right and option to purchase
from the Holder all (but not less than all) of the Offered Shares for the Offer Price. The Exercise Notice shall also set forth the Fair
Market Value of the Offered Shares as of the date of the Notice of Offer (determined in accordance with the Plan), the Offer Price and
the date on which the purchase of the Offered Shares will be settled (which date shall be no later than ten (10) days after the Exercise
Notice is delivered to the Holder).

 

(d) Closing of Purchase.
The settlement of the Company’s purchase of the Offered Shares will be effected by the Holder’s delivery to the Company of
the certificate(s) representing the Offered Shares (properly endorsed for transfer), free and clear of all liens and encumbrances, and
such other instruments of transfer as the Company may reasonably request, against payment by the Company to the Holder of the Offer Price
in cash (by check or such other means as the Company and the Holder may agree) or by cancellation of indebtedness owed by the Holder to
the Company.

 

(e) Conditions of Permitted
Transfer. If the Company does not provide the Holder with an Exercise Notice during the Offer Period pursuant to Section 10(c)
above (or if the Company timely provides the Holder with an Exercise Notice but does not timely consummate the purchase of the Offered
Shares pursuant to Section 10(d) above), the Holder may sell the Offered Shares to the Transferee during the sixty (60) day period
commencing on the expiration of the Offer Period on the terms and conditions specified in the Offer.

 

(f) Valuation of Non-Cash
Consideration. If the consideration that has been offered in connection with the Offer includes any non-cash consideration, the dollar
value of such non-cash consideration for purposes of calculating the Offer Price will be its fair market value, as reasonably determined
by the Board in good faith as soon as practicable following the Company’s receipt of the Notice of Offer.

 

11.
Rights of Repurchase.

 

(a)
Triggering Events. The Company shall have the right and option (but not the obligation) to purchase all (or any lesser portion
that the Company may elect) of the Issued Shares held by a Holder from such Holder in any of the following circumstances:

 

(i) if the Holder is the Optionholder
(or a Related Person of the Optionholder), upon the termination of the Continuous Service of the Optionholder for Cause;

 

(ii) if the Holder is the Optionholder
(or a Related Person of the Optionholder), upon the termination of the Continuous Service of the Optionholder for any reason other than
for Cause (which is covered by clause (i) above) or due to the death of the Optionholder (which is covered by clause (v) below);

 

(iii) if the Holder is the Optionholder
(or a Related Person of the Optionholder), upon the transfer or purported transfer of the Option (in whole or in part) by the Optionholder
in violation of Section 8;

 

    - 6 -

     

    

 

(iv) upon the transfer or purported
transfer of any Issued Shares, or any beneficial interest therein, by the Holder (or a Related Person of the Holder) in violation of Section
9; or

 

(v) upon any involuntary transfer
of any Issued Shares, or any beneficial interest therein, by the Holder (whether upon the death, divorce or bankruptcy of the Holder or
for any other reason), other than a transfer made upon the death of the Holder by will or pursuant to the laws of descent and distribution
if such transfer satisfies the conditions set forth in Section 9; provided, however, that rights of repurchase pursuant
to this clause (v) shall extend to only the Issued Shares that are subject to such involuntary transfer (and not to any other Issued Shares
of the Holder).

 

(b) Exercise of Repurchase
Right. The Company will be entitled to exercise a repurchase right pursuant to Section 11(a) at any time prior to the date
that is twelve (12) months after the later of (i) the date on which the Company receives notice of (or the President or the Secretary
of the Company otherwise has actual knowledge of) the events giving rise to such repurchase right or (ii) the latest date on which the
Option is exercised for any of the shares of Common Stock that are subject to such repurchase right (the “Repurchase Period”).

 

(c) Purchase Price Determination.
The purchase price payable by the Company for each Issued Share for which it exercises a repurchase right pursuant to this Section
11 shall be as follows:

 

(i) if the repurchase right
arises under Section 11(a)(i), Section 11(a)(iii) or Section 11(a)(iv), the purchase price shall be the lesser of
(A) the Exercise Price, as adjusted pursuant to Section 15(a) of the Plan, and (B) the Fair Market Value (determined in accordance with
the Plan) as of the date of the event giving rise to the Company’s repurchase right; and

 

(ii) if the repurchase right
arises under Section 11(a)(ii) or Section 11(a)(v), the purchase price shall be the Fair Market Value (determined in accordance
with the Plan) as of the date of the event giving rise to the Company’s repurchase right.

 

(d) Exercise of Repurchase
Right. To exercise such repurchase right, the Company must provide the Holder with a notice of exercise (a “Repurchase Notice”)
during the Repurchase Period. The Repurchase Notice shall state that the Company is exercising its repurchase right, the number of Issued
Shares for which the Company is exercising its repurchase right, the purchase price payable by the Company for such shares (determined
in accordance with Section 11(c)) and the date on which the repurchase of such shares will be settled (which date shall be no later
than thirty (30) days after the Repurchase Notice is delivered to the Holder).

 

(e) Closing of Repurchase.
The settlement of the Company’s repurchase of such Issued Shares will be effected by the Holder’s delivery to the Company
of the certificate(s) representing such shares (properly endorsed for transfer), free and clear of all liens and encumbrances, and such
other instruments of transfer as the Company may reasonably request, against payment by the Company to the Holder of the purchase price
in cash (by check or such other means as the Company and the Holder may agree) or by cancellation of indebtedness owed by the Holder to
the Company.

 

    - 7 -

     

    

 

12.
Bring Along Rights.

 

(a)
Approved Sale Covenants. If the Company provides written notice to a Holder that a Sale of the Company (as defined below) has been
approved by a majority of the Board (an “Approved Sale”), each Holder shall (i) vote for such Approved Sale at any
meeting of the stockholders of the Company or execute a written consent in lieu of such meeting to consent to and approve such Approved
Sale (to the extent any such vote or consent is required to effect the Approved Sale or is otherwise desired by the Company), (ii) waive
any dissenters’ rights, appraisal rights and other similar rights with respect to the Approved Sale and otherwise raise no objections
against such Approved Sale or the process by which it was arranged, (iii) cooperate fully with the Company (and the purchasers) to effectuate
the Approved Sale and (iv) execute and deliver such documents and instruments, and take such other actions, as the Company (and
the purchasers) may reasonably request to effect the Approved Sale, including, without limitation, the execution of any merger, sale,
redemption or other similar agreement and the making of customary representations, warranties and indemnifications (including participating
in any escrow arrangements and similar arrangements). As used herein, “Sale of the Business” shall mean any transaction
or series of related transactions (whether structured as a stock sale, recapitalization, merger, consolidation, reorganization, asset
sale, joint venture or otherwise) negotiated on an arm’s-length basis that results, directly or indirectly, in the sale or transfer
of all or substantially all of the assets of the Company or eighty percent (80%) of more of the shares of capital stock of the Company
to an unaffiliated third party.

 

(b)
Allocation of Liability. In connection with an Approved Sale, each Holder agrees to be severally liable (on the basis of
such Holder’s pro rata share of the proceeds from the Approved Sale) for any indemnification or other obligations of the
stockholders of the Company (through an acquisition agreement, contribution agreement or as otherwise requested by the Company), except
that (i) the Holder shall not be liable for any obligations that relate specifically to another stockholder (such as indemnification
with respect to representations and warranties given by such other stockholder regarding such other stockholder’s title to and ownership
of capital stock) and (ii) the Holder may be solely liable for any obligations that relate specifically to such Holder.

 

(c)
Conditions to Covenants. The covenants and obligations of a Holder with respect to an Approved Sale are subject to the conditions
that (i) the consideration payable in connection with the Approved Sale and available for distribution to the stockholders of the Company
must be allocated among such stockholders in accordance with the liquidation priorities set forth in the Certificate of Incorporation
of the Company (as it may be amended and in effect from time to time) and (ii) each holder of a particular class or series of capital
stock of the Company receives the same form and amount of consideration per share (and if any holder of a particular class or series of
capital stock is given an option as to the form or amount of consideration to be received, all holders of such class or series must be
given the same option).

 

    - 8 -

     

    

 

(d) Purchaser Representative.
If the Company enters into any negotiation or transaction for which Rule 506 promulgated by the Securities and Exchange Commission (the
“SEC”) or any similar rule then in effect may be available, the Holder (if not then an “accredited investor”
within the meaning of Rule 501(a) promulgated by the SEC) will, at the request of the Company, appoint a purchaser representative (as
such term is defined in Rule 501 promulgated by the SEC) approved by the Company and the Company will pay the fees of such purchaser representative.
If the Holder declines to appoint the purchaser representative approved by the Company, the Holder must appoint another purchaser representative
and will be solely responsible for the fees of the purchaser representative so appointed.

 

(e) Sale Expenses.
The Holder will bear his, her or its pro rata share (on the basis of such Holder’s pro rata share of the proceeds
from the Approved Sale) of the reasonable costs of any Approved Sale (but only if the Approved Sale is actually consummated).

 

(f) Proxy Granted.
For the purpose of enforcing the Holder’s obligations pursuant to this Section 12, each Holder hereby grants to the President
of the Company, with respect to all of such Holder’s shares of capital stock of the Company entitled to vote, an irrevocable proxy
(which is coupled with an interest) for the term of this Section 12 to act in such Holder’s name, place and stead, as such
Holder’s true and lawful proxy and attorney-in-fact, to (i) vote such shares of capital stock at any annual, special or other meeting
of the stockholders of the Company and at any adjournment thereof or pursuant to any consent in lieu of a meeting, or otherwise, in favor
of an Approved Sale and (ii) execute such documents and instruments, and take such other actions, as the Company may deem necessary or
advisable to consummate an Approved Sale and to effect the distribution of the net proceeds thereof, all with the full power and authority
to do and perform everything proper and necessary or advisable to carry out and execute this proxy and power of attorney to the same extent
as such Holder could do if personally present and acting in the premises.

 

13.
Termination of Rights; Legends.

 

(a) Termination of Certain
Provisions upon IPO. Section 9, Section 10, Section 11 and Section 12 shall terminate immediately upon
the closing of, and shall not be applicable to, the Company’s first firm commitment underwritten public offering of its Common Stock
pursuant to a registration statement under the Securities Act (excluding registration statements relating to employee benefit plans or
with respect to corporate reorganizations or other transactions under Rule 145 of the Securities Act) in which the gross public offering
proceeds to the Company are not less than twenty-five million dollars ($25,000,000).

 

(b) Required Certificate
Legends. Each certificate representing Issued Shares shall bear on its face the following legend so long as Section 9, Section
10, Section 11 and Section 12 remain in effect:

 

The
shares of Stock represented by this certificate have not been registered under the Securities Act of 1933, as amended (the “Securities
Act”), or under the securities laws of any state or any other jurisdiction, and may not be offered for sale, sold or otherwise transferred
except pursuant to an effective registration statement under the Securities Act and applicable state securities laws, or pursuant to an
exemption from registration thereunder, the availability of which is to be established to the satisfaction of the corporation.

 

    - 9 -

     

    

 

The
shares of stock represented by this certificate are subject to certain restrictions on transfer and to certain agreements relating to
the voting and disposition of such shares pursuant to the terms of a Stock Option Agreement between the issuer of such shares and the
initial holder of such shares. A copy of such restrictions and agreements will be furnished by the issuer to the record holder of this
certificate without charge upon written request to the issuer at its principal place of business or registered office.

 

14.
Market Stand Off.

 

Each Holder agrees that the
Company (or a representative of the underwriters) may, in connection with the first underwritten registration of the offering of any securities
of the Company under the Securities Act, require that such Holder not sell, dispose of, transfer, make any short sale of, grant any option
for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale with respect to, any shares
of Common Stock or other securities of the Company held by such Holder, for a period of time specified by the underwriter(s) (not to exceed
one hundred eighty (180) days) following the effective date of the registration statement of the Company filed under the Securities Act.
Each such Holder further agrees to execute and deliver such other agreements as may be reasonably requested by the Company and/or the
underwriter(s) that are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing
covenants, the Company may impose stop-transfer instructions with respect to each such Holder’s Common Stock or other securities
of the Company until the end of such period.

 

15.
Change in Control.

 

In connection with any Change
in Control, the surviving corporation or acquiring corporation may assume the Option or substitute similar options for the Option (including
options to acquire the consideration that would have been received by the Optionholder had he or she exercised the Option immediately
prior to the consummation of such Change in Control transaction). If such surviving corporation or acquiring corporation does not assume
the Option or substitute similar options for the Option, then (a) if the Optionholder’s Continuous Service has not terminated prior
to the effective time of the Change in Control, the vesting of the Option shall be accelerated in full and the Option may be exercised
in connection with the Change in Control transaction and (b) the Option, if not exercised prior to or in connection with the Change in
Control transaction, shall terminate.

 

16.
Incentive Stock Option Provisions.

 

As provided in the Plan, to
the extent that the aggregate Fair Market Value (determined at the time of grant) of stock with respect to which the Option, plus all
other Incentive Stock Options held by the Optionholder, are exercisable for the first time by the Optionholder during any calendar year
(under all plans of the Company and its Affiliates) exceeds One Hundred Thousand Dollars ($100,000), the options or portions thereof that
exceed such limit (according to the order in which they were granted) shall be treated as Nonstatutory Stock Options. By exercising the
Option, the Optionholder agrees that he or she will notify the Company in writing within fifteen (15) days after the date of any disposition
of any of the shares of the Common Stock issued upon exercise of the Option that occurs within two (2) years after the Grant Date or within
one (1) year after such shares of Common Stock are issued upon exercise of the Option.

 

    - 10 -

     

    

 

17.
Not an Employment or Service Contract.

 

This Agreement is not an employment
or service contract. Nothing in this Agreement shall be deemed to create any obligation of the Optionholder to continue in the employ
or service of the Company (or an Affiliate) or any obligation of the Company (or an Affiliate) to continue the Optionholder’s employment
or engagement.

 

18.
Withholding Obligations.

 

The
Optionholder hereby authorizes the Company to withhold from payroll and any other amounts payable to the Optionholder, and otherwise agrees
to make adequate provision for and pay, any sums required to satisfy any federal, state, local and foreign tax withholding obligations
of the Company that arise in connection with the Option and the Issued Shares, including, without limitation, obligations arising upon
(a) the exercise of the Option and issuance of the Issued Shares, (b) the lapse of any substantial risk of forfeiture to which
the Subject Shares are subject, (c) the transfer (as permitted by this Agreement), in whole or in part, of the Option or any Issued Shares
or (d) the operation of any law or regulation providing for the imputation of interest. The Company may, in its sole discretion, permit
the Optionholder to enter into alternative arrangements to provide for the payment of such withholding obligations, including by means
of a “cashless exercise” pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board.

 

19.
Notices.

 

Any notices provided for in
this Agreement or the Plan shall be given in writing and shall be deemed effectively given upon receipt or, in the case of notices delivered
by the Company to any Holder, five (5) days after deposit in the United States mail, postage prepaid, addressed to such Holder at the
last address provided to the Company.

 

20.
Governing Plan Document.

 

The Option is subject to all
of the provisions of the Plan and is further subject to all interpretations, amendments, rules and regulations that may from time to time
be promulgated and adopted pursuant to the Plan. In the event of any conflict between the provisions of this Agreement and those of the
Plan, the provisions of the Plan shall control.

 

By signing the Grant Notice
or otherwise accepting the Option and any shares of Common Stock issuable upon exercise of the Option, the Optionholder agrees to be bound
by terms of the Agreement and the Plan.

 

    - 11 -

     

    

 

Asp
isotopes inc.

2021 stock incentive plan

 

Stock
option agreement

(Nonqualified Stock Option)

 

Pursuant to the Company’s
2021 Stock Incentive Plan (the “Plan”), the Company has granted to the Optionholder an option (the “Option”)
to purchase the number of shares of the common stock, par value $0.01 per share, of the Company (“Common Stock”), set
forth in that certain Stock Option Grant Notice (the “Grant Notice”) executed by the Company and the Optionholder as
of the Grant Date. Capitalized terms used but not otherwise defined in this Agreement shall have the meanings set forth in the Plan and
the Grant Notice, each of which is attached hereto and incorporated herein in their entirety.

 

The Option is subject to all
of the terms and conditions set forth in this Agreement and in each of the Plan, the Grant Notice and the Notice of Exercise attached
to the Grant Notice.

 

1.
Number of Shares Subject to the Option.

 

The number of shares of Common
Stock subject to the Option (the “Subject Shares”) as of the Grant Date is set forth in the Grant Notice. The number
of Subject Shares will be reduced following the Grant Date by the number of shares of Common Stock for which the Option is exercised by
the Optionholder. In addition, the number of Subject Shares will be adjusted from time to time upon the occurrence of certain capitalization
changes affecting the Common Stock, as provided in Section 15(a) of the Plan.

 

2.
Exercise Price.

 

The exercise price per share
of Common Stock to be paid by the Optionholder upon the exercise of the Option (the “Exercise Price”) is set forth
in the Grant Notice. The Exercise Price will be adjusted from time to time upon the occurrence of certain capitalization changes affecting
the Common Stock, as provided in Section 15(a) of the Plan.

 

3.
Vesting of the Option.

 

The Optionholder may exercise
the Option with respect to only Subject Shares that have vested in accordance with the vesting schedule set forth in the Grant Notice.
The Option may not be exercised with respect to Subject Shares that have not vested. The vesting of Subject Shares will cease immediately
upon the termination of the Optionholder’s Continuous Service for any reason. No Subject Shares will vest in respect of any period
between the date of termination of the Optionholder’s Continuous Service and the immediately preceding vesting date.

 

4.
Term of the Option.

 

The Optionholder may exercise
the Option only during the term of the Option. The term of the Option begins on the Grant Date and ends on the first to occur of the following
dates:

 

(a) the date on which the
Optionholder’s Continuous Service is terminated for Cause;

 

     

     

    

 

(b) subject to extension pursuant
to Section 4(d) and/or Section 5 below, the date that is ninety (90) days after the Optionholder’s Continuous Service
is terminated (whether by the Optionholder or by the Company or its Affiliates) other than for Cause or due to the death or Disability
of the Optionholder;

 

(c) subject to extension pursuant
to Section 4(d) and/or Section 5 below, the date that is twelve (12) months after the Optionholder’s Continuous Service
is terminated due to the Disability of the Optionholder;

 

(d) subject to extension pursuant
to Section 5 below, the date that is twelve (12) months after the Optionholder’s death if (i) the Optionholder’s Continuous
Service is terminated due to the death of the Optionholder or (ii) the Optionholder dies during the ninety (90) day period provided in
Section 4(b) above;

 

(e) the date on which the
Optionholder transfers or purports to transfer the Option (in whole or in part) in violation of Section 8 below;

 

(f) the date on which the
Optionholder transfers or purports to transfer any shares of Common Stock issued upon exercise of the Option, or any beneficial interest
therein, in violation of Section 9 below;

 

(g) the effective date of
a Change in Control if the surviving corporation or acquiring corporation does not assume the Option or substitute similar options for
the Option, as further provided in Section 15 below;

 

(h) the Expiration Date indicated
in the Grant Notice; or

 

(i) the ten (10) year anniversary
of the Grant Date.

 

5.
Securities Law Compliance.

 

Notwithstanding anything to
the contrary contained herein or in the Grant Notice, the Optionholder may not exercise the Option unless the shares issuable upon such
exercise are then registered under the Securities Act and any applicable state securities or “blue sky” laws or, if such shares
are not then so registered, the Company has determined that such exercise and issuance would be exempt from the registration requirements
of the Securities Act and such state laws. The exercise of the Option must also comply with other applicable laws and regulations governing
the Company, the Option and the Common Stock, and the Optionholder may not exercise the Option if the Company determines that such exercise
would not be in material compliance with such laws and regulations. If the Optionholder is prevented from exercising the Option solely
by the operation of this Section 5 during the thirty (30) day period provided in Section 4(b) above, the three (3) month
period provided in Section 4(c) above or the eleven (11) month period provided in Section 4(d) above, as applicable, then
the period during which the Optionholder is prevented from exercising the Option solely by the operation of this Section 5 shall
not be counted for purposes of calculating the time periods set forth in such Section 4(b), Section 4(c) or Section 4(d).

 

    - 2 -

     

    

 

6.
Manner of Exercise of the Option.

 

To exercise the Option (when
and to the extent exercisable), the Optionholder must deliver to the Secretary of the Company (or to such other person as the Company
may designate), during the Company’s regular business hours, (a) a properly completed and duly executed Notice of Exercise (in the
form attached to the Grant Notice or as otherwise designated by the Company), (b) an amount equal to the Exercise Price multiplied by
the number of Subject Shares for which the Option is exercised, delivered in accordance with Section 7 below, and (c) such
additional documents as the Company may then require. The Option may be exercised for only whole shares of Common Stock.

 

7.
Method of Payment.

 

The aggregate Exercise Price
payable upon any exercise of the Option shall be payable to the Company in cash (including by wire transfer of immediately available funds
or by check, bank draft or money order payable to the Company) or in any other manner permitted by the Plan and acceptable to the Committee,
in its sole discretion, at the time of exercise. Such other manner of payment may include one of the following:

 

(a) through a “net exercise”
arrangement pursuant to which the Company will reduce the number of shares of Common Stock issuable upon exercise of the Option by the
largest whole number of shares with a Fair Market Value that does not exceed the aggregate Exercise Price; provided, however,
that the Company shall accept a cash or other payment from the Optionholder to the extent of any remaining balance of the aggregate Exercise
Price not satisfied by such reduction in the number of whole shares to be issued; and provided, further, that the number
of Subject Shares for which the Option may thereafter be exercised shall be reduced to the extent that (i) the shares issuable upon exercise
are reduced to pay the exercise price pursuant to the “net exercise,” (ii) shares are delivered to the Optionholder as a result
of such exercise and/or (iii) shares are withheld to satisfy tax withholding obligations;

 

(b) if the Common Stock is,
at the time of exercise, publicly traded and quoted regularly in The Wall Street Journal, through a “cashless exercise”
pursuant to a program developed under Regulation T (promulgated by the Federal Reserve Board) that, prior to the issuance of Common Stock
issuable upon such exercise of the Option, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable
instructions to pay the aggregate exercise price to the Company from the sales proceeds; or

 

(c) if the Common Stock is,
at the time of exercise, publicly traded and quoted regularly in The Wall Street Journal, by Delivery of shares of Common Stock
that (i) are already owned by the Optionholder, (ii) either (A) have been held by the Optionholder for the period required to avoid a
charge to the Company’s reported earnings (generally six months) or (B) were not acquired by the Optionholder, directly or
indirectly, from the Company, (iii) are owned by the Optionholder free and clear of any liens, claims, encumbrances or security interests
and (iv) are valued at Fair Market Value on the date of such exercise. “Delivery” for these purposes, in the sole discretion
of the Company at the time of such exercise, shall include delivery to the Company of the Optionholder’s attestation of ownership
of such shares of Common Stock in a form approved by the Company. Notwithstanding the foregoing, the aggregate Exercise Price payable
upon any exercise of the Option shall not be payable by tender to the Company of Common Stock to the extent such tender would constitute
a violation of the provisions of any law, regulation or agreement restricting the redemption or repurchase by the Company of its capital
stock.

 

    - 3 -

     

    

 

8.
Transferability of the Option.

 

(a) Transfer During Lifetime.
During the lifetime of the Optionholder, the Optionholder may not sell, gift, transfer, assign, hypothecate, pledge, encumber, abandon,
contribute, distribute, exchange or otherwise dispose of, whether by contract, operation of law or otherwise (collectively, “transfer”),
the Option (in whole or in part) and the Option shall be exercisable by only the Optionholder, except that the Option may be transferred
pursuant to a domestic relations order.

 

(b) Transfer Following
Death. The Optionholder may, by delivering written notice to the Company (in a form provided by or otherwise satisfactory to the Company),
designate a third party who, in the event of the death of the Optionholder, shall thereafter have the sole right to exercise the Option
and receive the Common Stock or other consideration resulting from the exercise thereof. In the absence of such a designation, the Option
shall be transferable upon the Optionholder’s death only by will or by the laws of descent and distribution.

 

9.
Transferability of Common Stock.

 

A holder of shares of Common
Stock issued upon exercise of the Option (the “Issued Shares”), or any beneficial interest therein (a “Holder”),
may not transfer any Issued Shares, or any beneficial interest therein, unless:

 

(a) the Issued Shares subject
to the transfer are then registered under the Securities Act and any applicable state securities or “blue sky” laws or, if
such Issued Shares are not then so registered, the Company has determined that such transfer would be exempt from the registration requirements
of the Securities Act and such state laws;

 

(b) such transfer complies
with all other applicable laws and regulations and contractual obligations applicable to or binding on the Company, the Common Stock or
the Holder;

 

(c) the transferee (if other
than the Company) agrees in writing (in such form as the Company may require) to be bound by the provisions of this Section 9 and
of Section 10 through Section 14 below with respect to such Issued Shares, or interest therein, and any subsequent transfer
thereof; and

 

(d) such transfer satisfies
one or more of the following conditions:

 

(i) such transfer is approved
in advance by the Board in writing;

 

(ii) such transfer is made to
the Company;

 

    - 4 -

     

    

 

(iii) such transfer is made
to (A) any member of the Holder’s immediate family (i.e., spouse, lineal descendant, father, mother, brother or sister), (B) any
custodian or trustee for the Holder’s account and/or the account of one or more members of the Holder’s immediate family or
(C) any limited partnership of which all of the general partners and limited partners consist of (1) the Holder, (2) one or more members
of the Holder’s immediate family and/or (3) any trust of which only the Holder or one or more members of the Holder’s
immediate family are the beneficiaries (such family members, custodians, trustees and limited partnerships are referred to collectively
as “Related Persons”);

 

(iv) such transfer is made following
the death of the Holder by will or pursuant to the laws of descent and distribution; or

 

(v) the Holder provides the
Company with a Notice of Offer (as defined in Section 10(a) below) and such transfer is permitted by Section 10(e) below.

 

Any transfer or purported transfer
by a Holder of any Issued Shares, or any beneficial interest therein, that is not permitted by this Section 9 shall be null and
void, and such Issued Shares (together with any other Issued Shares held by such Holder) shall thereupon become subject to the Company’s
right of repurchase pursuant to Section 11 below.

 

10.
Right of First Refusal.

 

(a) Notice of Offer.
A Holder may at any time, and from time to time, provide the Company with a written notice (a “Notice of Offer”) that
the Holder desires to transfer all of any portion of the Issued Shares to a third party pursuant to a bona fide written offer (the
“Offer”), a copy of which shall be enclosed with the Notice of Offer. The Notice of Offer shall set forth the number
of Issued Shares that the Holder desires to sell (the “Offered Shares”), the name of the person to whom the Holder
desires to make such sale (the “Transferee”), the form and amount of consideration that has been offered in connection
with the Offer and the other material terms and conditions of the Offer. The Notice of Offer shall also set forth the Holder’s irrevocable
offer to sell the Offered Shares to the Company for the lesser of (i) the aggregate purchase price set forth in the Offer or (ii) the
aggregate Fair Market Value of the Offered Shares as of the date of the Notice of Offer (such lesser amount, the “Offer Price”),
in accordance with this Section 10.

 

(b) Company Right of Purchase.
Upon receipt of a Notice of Offer, the Company shall have the right and option (but not the obligation) to purchase all (but not less
than all) of the Offered Shares for the Offer Price in accordance with this Section 10. The Company will be entitled to exercise
this right at any time during the period (the “Offer Period”) beginning on the date the Notice of Offer is delivered
to the Secretary of the Company and ending on the thirtieth (30th) day thereafter; provided, however, that if
non-cash consideration is specified in the Offer, the end of the Offer Period will be tolled until such later date that is ten (10) days
after the final determination of the fair market value of such non-cash consideration pursuant to Section 10(f) below.

 

(c) Exercise of Purchase
Right. To exercise such purchase right, the Company must provide the Holder with a notice of exercise (an “Exercise
Notice”) during the Offer Period. The Exercise Notice shall state that the Company is exercising its right and option to purchase
from the Holder all (but not less than all) of the Offered Shares for the Offer Price. The Exercise Notice shall also set forth the Fair
Market Value of the Offered Shares as of the date of the Notice of Offer (determined in accordance with the Plan), the Offer Price and
the date on which the purchase of the Offered Shares will be settled (which date shall be no later than ten (10) days after the Exercise
Notice is delivered to the Holder).

 

    - 5 -

     

    

 

(d) Closing of Purchase.
The settlement of the Company’s purchase of the Offered Shares will be effected by the Holder’s delivery to the Company of
the certificate(s) representing the Offered Shares (properly endorsed for transfer), free and clear of all liens and encumbrances, and
such other instruments of transfer as the Company may reasonably request, against payment by the Company to the Holder of the Offer Price
in cash (by check or such other means as the Company and the Holder may agree) or by cancellation of indebtedness owed by the Holder to
the Company.

 

(e) Conditions of Permitted
Transfer. If the Company does not provide the Holder with an Exercise Notice during the Offer Period pursuant to Section 10(c)
above (or if the Company timely provides the Holder with an Exercise Notice but does not timely consummate the purchase of the Offered
Shares pursuant to Section 10(d) above), the Holder may sell the Offered Shares to the Transferee during the sixty (60) day period
commencing on the expiration of the Offer Period on the terms and conditions specified in the Offer.

 

(f) Valuation of Non-Cash
Consideration. If the consideration that has been offered in connection with the Offer includes any non-cash consideration, the dollar
value of such non-cash consideration for purposes of calculating the Offer Price will be its fair market value, as reasonably determined
by the Board in good faith as soon as practicable following the Company’s receipt of the Notice of Offer.

 

11.
Rights of Repurchase.

 

(a)
Triggering Events. The Company shall have the right and option (but not the obligation) to purchase all (or any lesser portion
that the Company may elect) of the Issued Shares held by a Holder from such Holder in any of the following circumstances:

 

(i) if the Holder is the Optionholder
(or a Related Person of the Optionholder), upon the termination of the Continuous Service of the Optionholder for Cause;

 

(ii) if the Holder is the Optionholder
(or a Related Person of the Optionholder), upon the termination of the Continuous Service of the Optionholder for any reason other than
for Cause (which is covered by clause (i) above) or due to the death of the Optionholder (which is covered by clause (v) below);

 

(iii) if the Holder is the Optionholder
(or a Related Person of the Optionholder), upon the transfer or purported transfer of the Option (in whole or in part) by the Optionholder
in violation of Section 8;

 

(iv) upon the transfer or purported
transfer of any Issued Shares, or any beneficial interest therein, by the Holder (or a Related Person of the Holder) in violation of Section
9; or

 

    - 6 -

     

    

 

(v) upon any involuntary transfer
of any Issued Shares, or any beneficial interest therein, by the Holder (whether upon the death, divorce or bankruptcy of the Holder or
for any other reason), other than a transfer made upon the death of the Holder by will or pursuant to the laws of descent and distribution
if such transfer satisfies the conditions set forth in Section 9; provided, however, that rights of repurchase pursuant
to this clause (v) shall extend to only the Issued Shares that are subject to such involuntary transfer (and not to any other Issued Shares
of the Holder).

 

(b) Exercise of Repurchase
Right. The Company will be entitled to exercise a repurchase right pursuant to Section 11(a) at any time prior to the date
that is twelve (12) months after the later of (i) the date on which the Company receives notice of (or the President or the Secretary
of the Company otherwise has actual knowledge of) the events giving rise to such repurchase right or (ii) the latest date on which the
Option is exercised for any of the shares of Common Stock that are subject to such repurchase right (the “Repurchase Period”).

 

(c) Purchase Price Determination.
The purchase price payable by the Company for each Issued Share for which it exercises a repurchase right pursuant to this Section
11 shall be as follows:

 

(i) if the repurchase right
arises under Section 11(a)(i), Section 11(a)(iii) or Section 11(a)(iv), the purchase price shall be the lesser of
(A) the Exercise Price, as adjusted pursuant to Section 15(a) of the Plan, and (B) the Fair Market Value (determined in accordance with
the Plan) as of the date of the event giving rise to the Company’s repurchase right; and

 

(ii) if the repurchase right
arises under Section 11(a)(ii) or Section 11(a)(v), the purchase price shall be the Fair Market Value (determined in accordance
with the Plan) as of the date of the event giving rise to the Company’s repurchase right.

 

(d) Exercise of Repurchase
Right. To exercise such repurchase right, the Company must provide the Holder with a notice of exercise (a “Repurchase Notice”)
during the Repurchase Period. The Repurchase Notice shall state that the Company is exercising its repurchase right, the number of Issued
Shares for which the Company is exercising its repurchase right, the purchase price payable by the Company for such shares (determined
in accordance with Section 11(c)) and the date on which the repurchase of such shares will be settled (which date shall be no later
than thirty (30) days after the Repurchase Notice is delivered to the Holder).

 

(e) Closing of Repurchase.
The settlement of the Company’s repurchase of such Issued Shares will be effected by the Holder’s delivery to the Company
of the certificate(s) representing such shares (properly endorsed for transfer), free and clear of all liens and encumbrances, and such
other instruments of transfer as the Company may reasonably request, against payment by the Company to the Holder of the purchase price
in cash (by check or such other means as the Company and the Holder may agree) or by cancellation of indebtedness owed by the Holder to
the Company.

 

    - 7 -

     

    

 

12.
Bring Along Rights.

 

(a)
Approved Sale Covenants. If the Company provides written notice to a Holder that a Sale of the Company (as defined below) has been
approved by a majority of the Board (an “Approved Sale”), each Holder shall (i) vote for such Approved Sale at any
meeting of the stockholders of the Company or execute a written consent in lieu of such meeting to consent to and approve such Approved
Sale (to the extent any such vote or consent is required to effect the Approved Sale or is otherwise desired by the Company), (ii) waive
any dissenters’ rights, appraisal rights and other similar rights with respect to the Approved Sale and otherwise raise no objections
against such Approved Sale or the process by which it was arranged, (iii) cooperate fully with the Company (and the purchasers) to effectuate
the Approved Sale and (iv) execute and deliver such documents and instruments, and take such other actions, as the Company (and
the purchasers) may reasonably request to effect the Approved Sale, including, without limitation, the execution of any merger, sale,
redemption or other similar agreement and the making of customary representations, warranties and indemnifications (including participating
in any escrow arrangements and similar arrangements). As used herein, “Sale of the Business” shall mean any transaction
or series of related transactions (whether structured as a stock sale, recapitalization, merger, consolidation, reorganization, asset
sale, joint venture or otherwise) negotiated on an arm’s-length basis that results, directly or indirectly, in the sale or transfer
of all or substantially all of the assets of the Company or eighty percent (80%) of more of the shares of capital stock of the Company
to an unaffiliated third party.

 

(b)
Allocation of Liability. In connection with an Approved Sale, each Holder agrees to be severally liable (on the basis of
such Holder’s pro rata share of the proceeds from the Approved Sale) for any indemnification or other obligations of the
stockholders of the Company (through an acquisition agreement, contribution agreement or as otherwise requested by the Company), except
that (i) the Holder shall not be liable for any obligations that relate specifically to another stockholder (such as indemnification
with respect to representations and warranties given by such other stockholder regarding such other stockholder’s title to and ownership
of capital stock) and (ii) the Holder may be solely liable for any obligations that relate specifically to such Holder.

 

(c)
Conditions to Covenants. The covenants and obligations of a Holder with respect to an Approved Sale are subject to the conditions
that (i) the consideration payable in connection with the Approved Sale and available for distribution to the stockholders of the Company
must be allocated among such stockholders in accordance with the liquidation priorities set forth in the Certificate of Incorporation
of the Company (as it may be amended and in effect from time to time) and (ii) each holder of a particular class or series of capital
stock of the Company receives the same form and amount of consideration per share (and if any holder of a particular class or series of
capital stock is given an option as to the form or amount of consideration to be received, all holders of such class or series must be
given the same option).

 

    - 8 -

     

    

 

(d) Purchaser Representative.
If the Company enters into any negotiation or transaction for which Rule 506 promulgated by the Securities and Exchange Commission (the
“SEC”) or any similar rule then in effect may be available, the Holder (if not then an “accredited investor”
within the meaning of Rule 501(a) promulgated by the SEC) will, at the request of the Company, appoint a purchaser representative (as
such term is defined in Rule 501 promulgated by the SEC) approved by the Company and the Company will pay the fees of such purchaser representative.
If the Holder declines to appoint the purchaser representative approved by the Company, the Holder must appoint another purchaser representative
and will be solely responsible for the fees of the purchaser representative so appointed.

 

(e) Sale Expenses.
The Holder will bear his, her or its pro rata share (on the basis of such Holder’s pro rata share of the proceeds
from the Approved Sale) of the reasonable costs of any Approved Sale (but only if the Approved Sale is actually consummated).

 

(f) Proxy Granted.
For the purpose of enforcing the Holder’s obligations pursuant to this Section 12, each Holder hereby grants to the President
of the Company, with respect to all of such Holder’s shares of capital stock of the Company entitled to vote, an irrevocable proxy
(which is coupled with an interest) for the term of this Section 12 to act in such Holder’s name, place and stead, as such
Holder’s true and lawful proxy and attorney-in-fact, to (i) vote such shares of capital stock at any annual, special or other meeting
of the stockholders of the Company and at any adjournment thereof or pursuant to any consent in lieu of a meeting, or otherwise, in favor
of an Approved Sale and (ii) execute such documents and instruments, and take such other actions, as the Company may deem necessary or
advisable to consummate an Approved Sale and to effect the distribution of the net proceeds thereof, all with the full power and authority
to do and perform everything proper and necessary or advisable to carry out and execute this proxy and power of attorney to the same extent
as such Holder could do if personally present and acting in the premises.

 

13.
Termination of Rights; Legends.

 

(a) Termination of Certain
Provisions upon IPO. Section 9, Section 10, Section 11 and Section 12 shall terminate immediately upon
the closing of, and shall not be applicable to, the Company’s first firm commitment underwritten public offering of its Common Stock
pursuant to a registration statement under the Securities Act (excluding registration statements relating to employee benefit plans or
with respect to corporate reorganizations or other transactions under Rule 145 of the Securities Act) in which the gross public offering
proceeds to the Company are not less than twenty-five million dollars ($25,000,000).

 

(b) Required Certificate
Legends. Each certificate representing Issued Shares shall bear on its face the following legend so long as Section 9, Section
10, Section 11 and Section 12 remain in effect:

 

The
shares of Stock represented by this certificate have not been registered under the Securities Act of 1933, as amended (the “Securities
Act”), or under the securities laws of any state or any other jurisdiction, and may not be offered for sale, sold or otherwise transferred
except pursuant to an effective registration statement under the Securities Act and applicable state securities laws, or pursuant to an
exemption from registration thereunder, the availability of which is to be established to the satisfaction of the corporation.

 

The
shares of stock represented by this certificate are subject to certain restrictions on transfer and to certain agreements relating to
the voting and disposition of such shares pursuant to the terms of a Stock Option Agreement between the issuer of such shares and the
initial holder of such shares. A copy of such restrictions and agreements will be furnished by the issuer to the record holder of this
certificate without charge upon written request to the issuer at its principal place of business or registered office.

 

    - 9 -

     

    

 

14.
Market Stand Off.

 

Each Holder agrees that the
Company (or a representative of the underwriters) may, in connection with the first underwritten registration of the offering of any securities
of the Company under the Securities Act, require that such Holder not sell, dispose of, transfer, make any short sale of, grant any option
for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale with respect to, any shares
of Common Stock or other securities of the Company held by such Holder, for a period of time specified by the underwriter(s) (not to exceed
one hundred eighty (180) days) following the effective date of the registration statement of the Company filed under the Securities Act.
Each such Holder further agrees to execute and deliver such other agreements as may be reasonably requested by the Company and/or the
underwriter(s) that are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing
covenants, the Company may impose stop-transfer instructions with respect to each such Holder’s Common Stock or other securities
of the Company until the end of such period.

 

15.
Change in Control.

 

In connection with any Change
in Control, the surviving corporation or acquiring corporation may assume the Option or substitute similar options for the Option (including
options to acquire the consideration that would have been received by the Optionholder had he or she exercised the Option immediately
prior to the consummation of such Change in Control transaction). If such surviving corporation or acquiring corporation does not assume
the Option or substitute similar options for the Option, then (a) if the Optionholder’s Continuous Service has not terminated prior
to the effective time of the Change in Control, the vesting of the Option shall be accelerated in full and the Option may be exercised
in connection with the Change in Control transaction and (b) the Option, if not exercised prior to or in connection with the Change in
Control transaction, shall terminate.

 

16.
Not an Employment or Service Contract.

 

This Agreement is not an employment
or service contract. Nothing in this Agreement shall be deemed to create any obligation of the Optionholder to continue in the employ
or service of the Company (or an Affiliate) or any obligation of the Company (or an Affiliate) to continue the Optionholder’s employment
or engagement.

 

    - 10 -

     

    

 

17.
Withholding Obligations.

 

The
Optionholder hereby authorizes the Company to withhold from payroll and any other amounts payable to the Optionholder, and otherwise agrees
to make adequate provision for and pay, any sums required to satisfy any federal, state, local and foreign tax withholding obligations
of the Company that arise in connection with the Option and the Issued Shares, including, without limitation, obligations arising upon
(a) the exercise of the Option and issuance of the Issued Shares, (b) the lapse of any substantial risk of forfeiture to which
the Subject Shares are subject, (c) the transfer (as permitted by this Agreement), in whole or in part, of the Option or any Issued Shares
or (d) the operation of any law or regulation providing for the imputation of interest. The Company may, in its sole discretion, permit
the Optionholder to enter into alternative arrangements to provide for the payment of such withholding obligations, including by means
of a “cashless exercise” pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board.

 

18.
Notices.

 

Any notices provided for in
this Agreement or the Plan shall be given in writing and shall be deemed effectively given upon receipt or, in the case of notices delivered
by the Company to any Holder, five (5) days after deposit in the United States mail, postage prepaid, addressed to such Holder at the
last address provided to the Company.

 

19.
Governing Plan Document.

 

The Option is subject to all
of the provisions of the Plan and is further subject to all interpretations, amendments, rules and regulations that may from time to time
be promulgated and adopted pursuant to the Plan. In the event of any conflict between the provisions of this Agreement and those of the
Plan, the provisions of the Plan shall control.

 

By signing the Grant Notice
or otherwise accepting the Option and any shares of Common Stock issuable upon exercise of the Option, the Optionholder agrees to be bound
by terms of the Agreement and the Plan.

 

    - 11 -

     

    

 

First Amendment

To

ASP Isotopes Inc.

2021 Stock Incentive Plan

 

		1.	The first sentence of Section 4(a) of the ASP Isotopes Inc. 2021 Stock Incentive Plan (the “Plan”) shall be deleted
in its entirety and replaced with the following:

 

    “(a)    Limitation
on Aggregate Number of Shares Issued Pursuant to the Plan. Subject to the provisions of Section 15(a) relating to capitalization
adjustments, the total number of shares of Common Stock reserved and available for issuance in connection with Awards under this Plan
shall be 7,000,000 shares.”

 

		2.	Except as set forth in this amendment, the Plan shall be unaffected hereby and shall remain in full force and effect.

 

     

     

    

 

ASP Isotopes
Inc.

2021
Stock Incentive Plan

 

STOCK OPTION GRANT NOTICE

 

ASP Isotopes Inc., a Delaware
corporation (the “Company”), hereby grants to ________________________, a resident of the State of ____________ (the
“Optionholder”), the option (the “Option”) to purchase shares of the Common Stock, par value $0.01
per share, of the Company (“Common Stock”), pursuant to the Company’s 2021 Stock Incentive Plan (the “Plan”).

 

Subject
Shares:

 

The number of shares of Common
Stock subject to the Option is _______________ (the ”Subject Shares”).

 

Date
of Grant:

 

The date of grant of the Option
is _______________, 20___ (the “Grant Date”).

 

Type
of Grant (check one):

 

	 	☐ Incentive Stock Option	 	☐ Nonstatutory Stock Option

 

Exercise
Price:

 

The exercise price of the
Option is $_____ per share of Common Stock.

 

Vesting
Schedule:

 

[Insert vesting schedule]

 

The Option will fully vest
at the effective time of a Change in Control if the Recipient’s Continuous Service with the Company does not terminate prior to
such time.

 

Expiration
Date:

 

The Option shall expire on
the ten year anniversary of the Grant Date (or earlier as provided in the Stock Option Agreement attached hereto).

 

Additional
Terms:

 

The Option is subject to all
of the terms and conditions set forth herein and in the Plan, the Stock Option Agreement and the Notice of Exercise, all of which are
attached hereto and incorporated herein in their entirety.

 

    Stock Option Grant Notice – Page 1  of 2

     

    

 

Acknowledgements
and Agreements:

 

The undersigned Optionholder
acknowledges receipt of the attached Plan, Stock Option Agreement and Notice of Exercise and understands and agrees to the terms, conditions
and other provisions of this Stock Option Grant Notice and the attached Plan, Stock Option Agreement and Notice of Exercise.

 

The undersigned Optionholder
acknowledges and agrees that the Option may be exercised only in accordance with the terms, conditions and other provisions of this Stock
Option Grant Notice and the attached Plan, Stock Option Agreement and Notice of Exercise.

 

The undersigned Optionholder
further acknowledges that, as of the Grant Date, the Plan, the Stock Option Agreement and the Grant Notice set forth the entire understanding
between the Optionholder and the Company regarding the acquisition of any capital stock or other equity securities of the Company and
supersede all prior oral and written agreements on that subject with the exception of only: (i) restricted stock awards and stock options
previously granted and delivered to Optionholder under the Plan, and (ii) any agreements that may be set forth below:

 

	 	List Other Agreements (if any):	 	 
	 	 	 	 
	 	 	 	 

 

Execution:

 

The Company and the Optionholder
have each signed this Stock Option Grant Notice below indicating their understanding of, and agreement to, the terms and conditions set
forth herein.

 

	ASP Isotopes Inc.	 	Optionholder:
	 	 	 
	By:	 	 	Signature: 	 
	Name: 	 	 	Name:	 
	Title:	 	 	 	 
	Date:	__________________,20_____________	 	Date:	__________________,20___________

 

		Attachments:	ASP Isotopes Inc. 2021 Stock Incentive Plan, Stock Option Agreement and Notice of Exercise

 

    Stock Option Grant Notice – Page 2  of 2

     

    

 

Attachment I

 

ASP Isotopes Inc.

2021 Stock Incentive Plan

 

     

     

    

 

Attachment II

 

Stock Option Agreement

 

     

     

    

 

Attachment III

 

Notice of Exercise

 

     

     

    

  

ASP Isotopes
Inc.

2021
Stock Incentive Plan

 

RESTRICTED STOCK AWARD AGREEMENT

 

Pursuant
to the Company’s 2021 Stock Incentive Plan (the “Plan”), the Company has granted to the Recipient an award of
the number of shares of Restricted Stock (“Restricted Shares”) set forth in that certain Restricted Stock Grant Notice
(the “Grant Notice”) executed by the Company and the Recipient as of the Grant Date (as defined in the Grant Notice).
Capitalized terms used but not otherwise defined in this Restricted Stock Award Agreement (this “Agreement”) shall
have the meanings set forth in the Plan and the Grant Notice, each of which is attached hereto and incorporated herein in their
entirety.

 

The Restricted Shares issued
to the Recipient pursuant to this Agreement and the Grant Notice are subject to all of the terms and conditions set forth in this Agreement
and in the Plan and the Grant Notice.

 

1.  Award
of Shares of Restricted Stock.

 

(a)  Grant
of Shares of Restricted Stock. Pursuant to the Grant Notice and upon the terms and conditions set forth in the Plan and this Agreement,
effective as of the Grant Date the Company hereby grants to the Recipient an award of shares of Restricted Stock under the Plan in consideration
of the Participant’s past and/or continued employment with or service to the Company or an Affiliate and for other good and valuable
consideration.

 

(b)  Escrow
of Shares of Restricted Stock. The Company shall evidence the Restricted Shares in the manner that it deems appropriate. The Company
may issue in the Recipient’s name a certificate or certificates representing the Restricted Shares and retain that certificate or
those certificates until the restrictions on such Restricted Shares expire as contemplated in Section 1(e) of this Agreement and described
in the Grant Notice or the Restricted Shares are forfeited as contemplated in Section 1(d) of this Agreement and described in the Grant
Notice. If the Company certificates the Restricted Shares, the Recipient shall execute one or more stock powers in blank for those certificates
and deliver those stock powers to the Company. The Company shall hold the Restricted Shares and the related stock powers pursuant to the
terms of this Agreement, if applicable, until such time as (i) a certificate or certificates for the Restricted Shares are delivered to
the Recipient, (ii) the Restricted Shares are otherwise transferred to the Recipient free of restrictions, or (iii) the Restricted Shares
are canceled and forfeited pursuant to this Agreement.

 

(c)  Ownership
of Shares of Restricted Stock. From and after the time the Restricted Shares are issued in the Recipient’s name, the Recipient
will be entitled to all the rights of absolute ownership of the Restricted Shares, including the right to vote those shares and to receive
dividends thereon if, as, and when declared by the Board, subject, however, to the terms, conditions and restrictions set forth in this
Agreement; provided, however, that each dividend payment will be made no later than the end of the calendar year in which
the dividends are paid to the holders of Common Stock or, if later, the 15th day of the third month following the date the dividends are
paid to the holders of Common Stock.

 

(d)  Restrictions;
Forfeiture. The Restricted Shares are restricted in that they may not be sold, transferred or otherwise alienated or hypothecated
until these restrictions are removed or expire as contemplated in Section 1(e) of this Agreement and as described in the Grant Notice.
The Restricted Shares are also restricted in the sense that they may be forfeited to the Company (the “Forfeiture Restrictions”).
The Recipient hereby agree that if the Restricted Shares are forfeited, the Company shall deliver the Restricted Shares to the Company’s
transfer agent for, at the Company’s election, cancellation or transfer to the Company.

 

(e)  Expiration
of Restrictions and Risk of Forfeiture. The restrictions on the Restricted Shares granted pursuant to this Agreement will expire and
the Restricted Shares will become transferable and nonforfeitable as set forth in the Grant Notice, except as otherwise provided in this
Agreement.

 

     

     

    

 

2.  Transferability
of Shares of Common Stock Acquired under Award.

 

A holder of shares of Common
Stock acquired pursuant to this Award (“Acquired Shares”) or any beneficial interest therein (a “Holder”)
may not transfer any Acquired Shares, or any beneficial interest therein, unless:

 

(a)  the
Acquired Shares subject to the transfer are then registered under the Securities Act and any applicable state securities or “blue
sky” laws or, if such Acquired Shares are not then so registered, the Company has determined that such transfer would be exempt
from the registration requirements of the Securities Act and such state laws;

 

(b)  such
transfer complies with all other applicable laws and regulations and contractual obligations applicable to or binding on the Company,
the Common Stock or the Holder;

 

(c)  the
transferee (if other than the Company) agrees in writing (in such form as the Company may require) to be bound by the provisions of this
Section 2 and of Section 3 through Section 7 below with respect to such Acquired Shares, or interest therein, and
any subsequent transfer thereof; and

 

(d)  such
transfer satisfies one or more of the following conditions:

 

(i)  such
transfer is approved in advance by the Committee in writing;

 

(ii)  such
transfer is made to the Company;

 

(iii)  such
transfer is made to (A) any member of the Holder’s immediate family (i.e., spouse, lineal descendant, father, mother, brother or
sister), (B) any custodian or trustee for the Holder’s account and/or the account of one or more members of the Holder’s immediate
family or (C) any limited partnership of which all of the general partners and limited partners consist of (1) the Holder, (2) one or
more members of the Holder’s immediate family and/or (3) any trust of which only the Holder or one or more members of the Holder’s
immediate family are the beneficiaries (such family members, custodians, trustees and limited partnerships are referred to collectively
as “Related Persons”);

 

(iv)  such
transfer is made following the death of the Holder by will or pursuant to the laws of descent and distribution; or

 

(v)  the
Holder provides the Company with a Notice of Offer (as defined in Section 3(a) below) and such transfer is permitted by Section
3(e) below.

 

Any transfer or purported transfer
by a Holder of any Acquired Shares, or any beneficial interest therein, that is not permitted by this Section 2 shall be null and
void, and such Acquired Shares (together with any other Acquired Shares held by such Holder) shall thereupon become subject to the Company’s
right of repurchase pursuant to Section 4 below.

 

    - 2 -

     

    

 

3.  Right
of First Refusal.

 

(a)  Notice
of Offer. A Holder may at any time, and from time to time, provide the Company with a written notice (a “Notice of Offer”)
that the Holder desires to transfer all of any portion of the Acquired Shares to a third party pursuant to a bona fide written
offer (the “Offer”), a copy of which shall be enclosed with the Notice of Offer. The Notice of Offer shall set forth
the number of Acquired Shares that the Holder desires to sell (the “Offered Shares”), the name of the person to whom
the Holder desires to make such sale (the “Transferee”), the form and amount of consideration that has been offered
in connection with the Offer and the other material terms and conditions of the Offer. The Notice of Offer shall also set forth the Holder’s
irrevocable offer to sell the Offered Shares to the Company for the lesser of (i) the aggregate purchase price set forth in the Offer
or (ii) the aggregate Fair Market Value of the Offered Shares as of the date of the Notice of Offer (such lesser amount, the “Offer
Price”), in accordance with this Section 3.

 

(b)  Company
Right of Purchase. Upon receipt of a Notice of Offer, the Company shall have the right and option (but not the obligation) to purchase
all (but not less than all) of the Offered Shares for the Offer Price in accordance with this Section 3. The Company will be entitled
to exercise this right at any time during the period (the “Offer Period”) beginning on the date the Notice of Offer
is delivered to the Secretary of the Company and ending on the thirtieth (30th) day thereafter; provided, however,
that if non-cash consideration is specified in the Offer, the end of the Offer Period will be tolled until such later date that is ten
(10) days after the final determination of the fair market value of such non-cash consideration pursuant to Section 3(f) below.

 

(c)  Exercise
of Purchase Right. To exercise such purchase right, the Company must provide the Holder with a notice of exercise (an “Exercise
Notice”) during the Offer Period. The Exercise Notice shall state that the Company is exercising its right and option to purchase
from the Holder all (but not less than all) of the Offered Shares for the Offer Price. The Exercise Notice shall also set forth the Fair
Market Value of the Offered Shares as of the date of the Notice of Offer (determined in accordance with the Plan), the Offer Price and
the date on which the purchase of the Offered Shares will be settled (which date shall be no later than ten (10) days after the Exercise
Notice is delivered to the Holder).

 

(d)  Closing
of Purchase. The settlement of the Company’s purchase of the Offered Shares will be effected by the Holder’s delivery
to the Company of the certificate(s) representing the Offered Shares (properly endorsed for transfer), free and clear of all liens and
encumbrances, and such other instruments of transfer as the Company may reasonably request, against payment by the Company to the Holder
of the Offer Price in cash (by check or such other means as the Company and the Holder may agree) or by cancellation of indebtedness owed
by the Holder to the Company.

 

(e)  Conditions
of Permitted Transfer. If the Company does not provide the Holder with an Exercise Notice during the Offer Period pursuant to Section
3(c) above (or if the Company timely provides the Holder with an Exercise Notice but does not timely consummate the purchase of the
Offered Shares pursuant to Section 3(d) above), the Holder may sell the Offered Shares to the Transferee during the sixty (60)
day period commencing on the expiration of the Offer Period on the terms and conditions specified in the Offer.

 

(f)  Valuation
of Non-Cash Consideration. If the consideration that has been offered in connection with the Offer includes any non-cash consideration,
the dollar value of such non-cash consideration for purposes of calculating the Offer Price will be its fair market value, as reasonably
determined by the Committee in good faith as soon as practicable following the Company’s receipt of the Notice of Offer.

 

    - 3 -

     

    

 

4.  Rights
of Repurchase of Acquired Shares.

 

(a)  Triggering
Events. The Company shall have the right and option (but not the obligation) to purchase all (or any lesser portion that the Company
may elect) of the Acquired Shares held by a Holder from such Holder in any of the following circumstances:

 

(i)  if
the Holder is the Recipient (or a Related Person of the Recipient), upon the termination of the Continuous Service of the Recipient for
Cause;

 

(ii)  upon
the transfer or purported transfer of any Acquired Shares, or any beneficial interest therein, by the Holder (or a Related Person of the
Holder) in violation of Section 2; or

 

(iii)  upon
any involuntary transfer of any Acquired Shares, or any beneficial interest therein, by the Holder (whether upon the death, divorce or
bankruptcy of the Holder or for any other reason), other than a transfer made upon the death of the Holder by will or pursuant to the
laws of descent and distribution if such transfer satisfies the conditions set forth in Section 2; provided, however,
that rights of repurchase pursuant to this clause (iii) shall extend to only the Acquired Shares that are subject to such involuntary
transfer (and not to any other Acquired Shares of the Holder).

 

(b)  Exercise
of Repurchase Right. The Company will be entitled to exercise a repurchase right pursuant to Section 4(a) at any time prior
to the date that is twelve (12) months after the date on which the Company receives notice of (or the President or the Secretary of the
Company otherwise has actual knowledge of) the events giving rise to such repurchase right (the “Repurchase Period”).

 

(c)  Purchase
Price Determination. The purchase price payable by the Company for each Acquired Share for which it exercises a repurchase right pursuant
to this Section 4 shall be as follows:

 

(i)  if
the repurchase right arises under Section 4(a)(i), Section 4(a)(iii) or Section 4(a)(iv), the purchase price shall
be the lesser of (A) the Purchase Price, as adjusted pursuant to Section 15(a) of the Plan, and (B) the Fair Market Value (determined
in accordance with the Plan) as of the date of the event giving rise to the Company’s repurchase right; and

 

(ii)  if
the repurchase right arises under Section 4(a)(ii) or Section 4(a)(v), the purchase price shall be the Fair Market Value
(determined in accordance with the Plan) as of the date of the event giving rise to the Company’s repurchase right.

 

(d)  Exercise
of Repurchase Right. To exercise such repurchase right, the Company must provide the Holder with a notice of exercise (a “Repurchase
Notice”) during the Repurchase Period. The Repurchase Notice shall state that the Company is exercising its repurchase right,
the number of Acquired Shares for which the Company is exercising its repurchase right, the purchase price payable by the Company for
such shares (determined in accordance with Section 4(c)) and the date on which the repurchase of such shares will be settled (which
date shall be no later than thirty (30) days after the Repurchase Notice is delivered to the Holder).

 

(e)  Closing
of Repurchase. The settlement of the Company’s repurchase of such Acquired Shares will be effected by the Holder’s delivery
to the Company of the certificate(s) representing such shares (properly endorsed for transfer), free and clear of all liens and encumbrances,
and such other instruments of transfer as the Company may reasonably request, against payment by the Company to the Holder of the purchase
price in cash (by check or such other means as the Company and the Holder may agree) or by cancellation of indebtedness owed by the Holder
to the Company.

 

    - 4 -

     

    

 

5.  Bring
Along Rights.

 

(a)  Approved
Sale Covenants. If the Company provides written notice to a Holder that a Sale of the Company (as defined below) has been approved
by a majority of the Board (an “Approved Sale”), each Holder shall (i) vote for such Approved Sale at any meeting of
the stockholders of the Company or execute a written consent in lieu of such meeting to consent to and approve such Approved Sale (to
the extent any such vote or consent is required to effect the Approved Sale or is otherwise desired by the Company), (ii) waive any
dissenters’ rights, appraisal rights and other similar rights with respect to the Approved Sale and otherwise raise no objections
against such Approved Sale or the process by which it was arranged, (iii) cooperate fully with the Company (and the purchasers) to effectuate
the Approved Sale and (iv) execute and deliver such documents and instruments, and take such other actions, as the Company (and the purchasers)
may reasonably request to effect the Approved Sale, including, without limitation, the execution of any merger, sale, redemption or other
similar agreement and the making of customary representations, warranties and indemnifications (including participating in any escrow
arrangements and similar arrangements). As used herein, “Sale of the Business” shall mean any transaction or series
of related transactions (whether structured as a stock sale, recapitalization, merger, consolidation, reorganization, asset sale, joint
venture or otherwise) negotiated on an arm’s-length basis that results, directly or indirectly, in the sale or transfer of all or
substantially all of the assets of the Company or eighty percent (80%) of more of the shares of capital stock of the Company to an unaffiliated
third party.

 

(b)  Allocation
of Liability. In connection with an Approved Sale, each Holder agrees to be severally liable (on the basis of such Holder’s
pro rata share of the proceeds from the Approved Sale) for any indemnification or other obligations of the stockholders of the
Company (through an acquisition agreement, contribution agreement or as otherwise requested by the Company), except that (i) the
Holder shall not be liable for any obligations that relate specifically to another stockholder (such as indemnification with respect to
representations and warranties given by such other stockholder regarding such other stockholder’s title to and ownership of capital
stock) and (ii) the Holder may be solely liable for any obligations that relate specifically to such Holder.

 

(c)  Conditions
to Covenants. The covenants and obligations of a Holder with respect to an Approved Sale are subject to the conditions that (i) the
consideration payable in connection with the Approved Sale and available for distribution to the stockholders of the Company must be allocated
among such stockholders in accordance with the liquidation priorities set forth in the Certificate of Incorporation of the Company (as
it may be amended and in effect from time to time) and (ii) each holder of a particular class or series of capital stock of the Company
receives the same form and amount of consideration per share (and if any holder of a particular class or series of capital stock is given
an option as to the form or amount of consideration to be received, all holders of such class or series must be given the same option).

 

(d)  Purchaser
Representative. If the Company enters into any negotiation or transaction for which Rule 506 promulgated by the Securities and Exchange
Commission (the “SEC”) or any similar rule then in effect may be available, the Holder (if not then an “accredited
investor” within the meaning of Rule 501(a) promulgated by the SEC) will, at the request of the Company, appoint a purchaser representative
(as such term is defined in Rule 501 promulgated by the SEC) approved by the Company and the Company will pay the fees of such purchaser
representative. If the Holder declines to appoint the purchaser representative approved by the Company, the Holder must appoint another
purchaser representative and will be solely responsible for the fees of the purchaser representative so appointed.

 

(e)  Sale
Expenses. The Holder will bear his, her or its pro rata share (on the basis of such Holder’s pro rata share
of the proceeds from the Approved Sale) of the reasonable costs of any Approved Sale (but only if the Approved Sale is actually consummated).

 

(f)  Proxy
Granted. For the purpose of enforcing the Holder’s obligations pursuant to this Section 5, each Holder hereby grants
to the President of the Company, with respect to all of such Holder’s shares of capital stock of the Company entitled to vote, an
irrevocable proxy (which is coupled with an interest) for the term of this Section 8 to act in such Holder’s name, place
and stead, as such Holder’s true and lawful proxy and attorney-in-fact, to (i) vote such shares of capital stock at any annual,
special or other meeting of the stockholders of the Company and at any adjournment thereof or pursuant to any consent in lieu of a meeting,
or otherwise, in favor of an Approved Sale and (ii) execute such documents and instruments, and take such other actions, as the Company
may deem necessary or advisable to consummate an Approved Sale and to effect the distribution of the net proceeds thereof, all with the
full power and authority to do and perform everything proper and necessary or advisable to carry out and execute this proxy and power
of attorney to the same extent as such Holder could do if personally present and acting in the premises.

 

    - 5 -

     

    

 

6.  Termination
of Rights; Legends.

 

(a)  Termination
of Certain Provisions upon IPO. Section 2, Section 3, Section 4 and Section 5 shall terminate immediately
upon the closing of, and shall not be applicable to, the Company’s first firm commitment underwritten public offering of its Common
Stock pursuant to a registration statement under the Securities Act (excluding registration statements relating to employee benefit plans
or with respect to corporate reorganizations or other transactions under Rule 145 of the Securities Act) in which the gross public offering
proceeds to the Company are not less than twenty-five million dollars ($25,000,000).

 

(b)  Required
Certificate Legends. Each certificate representing Acquired Shares shall bear on its face the following legend so long as Section
2, Section 3, Section 4 and Section 5 remain in effect:

 

The
shares of Stock represented by this certificate have not been registered under the Securities Act of 1933, as amended (the “Securities
Act”), or under the securities laws of any state or any other jurisdiction, and may not be offered for sale, sold or otherwise transferred
except pursuant to an effective registration statement under the Securities Act and applicable state securities laws, or pursuant to an
exemption from registration thereunder, the availability of which is to be established to the satisfaction of the corporation.

 

The
shares of stock represented by this certificate are subject to certain restrictions on transfer and to certain agreements relating to
the voting and disposition of such shares pursuant to the terms of a Restricted Stock Award Agreement between the issuer of such shares
and the initial holder of such shares. A copy of such restrictions and agreements will be furnished by the issuer to the record holder
of this certificate without charge upon written request to the issuer at its principal place of business or registered office.

 

7.  Market
Stand Off.

 

Each Holder agrees that the
Company (or a representative of the underwriters) may, in connection with the first underwritten registration of the offering of any securities
of the Company under the Securities Act, require that such Holder not sell, dispose of, transfer, make any short sale of, grant any option
for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale with respect to, any shares
of Common Stock or other securities of the Company held by such Holder, for a period of time specified by the underwriter(s) (not to exceed
one hundred eighty (180) days) following the effective date of the registration statement of the Company filed under the Securities Act.
Each such Holder further agrees to execute and deliver such other agreements as may be reasonably requested by the Company and/or the
underwriter(s) that are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing
covenants, the Company may impose stop-transfer instructions with respect to each such Holder’s Common Stock or other securities
of the Company until the end of such period.

 

8.  Not
an Employment or Service Contract.

 

This Agreement is not an employment
or service contract. Nothing in this Agreement shall be deemed to create any obligation of the Recipient to continue in the employ or
service of the Company (or an Affiliate) or any obligation of the Company (or an Affiliate) to continue the Recipient’s employment
or engagement.

 

    - 6 -

     

    

 

9.  Withholding
Obligations.

 

The Company may require the
Recipient to pay to the Company (or the Company’s Subsidiary if the Recipient is an employee of a Subsidiary of the Company), an
amount the Company deems appropriate to satisfy its (or its Subsidiary’s) current or future obligation to withhold federal, state
or local income or other taxes that the Recipient incurs as a result of the Award. With respect to any required tax withholding, the Recipient
may (a) direct the Company to withhold from the shares of Common Stock to be issued to the Recipient under this Agreement shares to satisfy
such withholding, which determination will be based on the shares’ Fair Market Value at the time such determination is made; (b)
deliver to the Company shares of Common Stock sufficient to satisfy such withholding, based on the shares’ Fair Market Value at
the time such determination is made; or (c) deliver cash to the Company sufficient to satisfy such withholding obligations. If the Recipient
desires to elect to use the stock withholding option described in subparagraph (a), the Recipient must make the election at the time and
in the manner the Company prescribes. The Company, in its discretion, may deny the Recipient’s request to satisfy tax withholding
using a method described under subparagraph (a) or (b). In the event the Company determines that the aggregate Fair Market Value of the
shares of Common Stock withheld as payment of any tax withholding is insufficient to discharge its tax withholding obligation, then the
Recipient must pay to the Company, in cash, the amount of that deficiency immediately upon the Company’s request.

 

10.  Section
83(b) Election.

 

In
the event Recipient determines to make an election under Section 83(b) of the Internal Revenue Code of 1986, as amended (the “Code”)
(an “83(b) Election”) (a form of which is attached hereto as Exhibit A), the Recipient hereby represents that
he understands (a) the contents and requirements of the 83(b) Election, (b) the application of Section 83(b) of the Code to the receipt
of the Restricted Shares by the Recipient pursuant to this Agreement, (c) the nature of the election to be made by the Recipient under
Section 83(b) of the Code, (d) the effect and requirements of the 83(b) Election under relevant state and local tax laws, (e) that the
83(b) Election must be filed with the Internal Revenue Service within thirty (30) days following the Grant Date, and (vi) that the Recipient
must submit a copy of such election to the Company.

 

11.  Notices.

 

Any notices provided for in
this Agreement or the Plan shall be given in writing and shall be deemed effectively given upon receipt or, in the case of notices delivered
by the Company to any Holder, five (5) days after deposit in the United States mail, postage prepaid, addressed to such Holder at the
last address provided to the Company.

 

12.  Governing
Plan Document.

 

The Restricted Shares are
subject to all of the provisions of the Plan and are further subject to all interpretations, amendments, rules and regulations that may
from time to time be promulgated and adopted pursuant to the Plan. In the event of any conflict between the provisions of this Agreement
and those of the Plan, the provisions of the Plan shall control.

 

By signing the Grant Notice
or otherwise accepting the Restricted Shares, the Recipient agrees to be bound by terms of the Agreement and the Plan.

 

    - 7 -

     

    

 

EXHIBIT A

 

October __, 2021

 

Certified Mail

Return Receipt Requested

 

Department of the Treasury

Internal Revenue Service Center

Austin, TX 73301-0002

 

Re: § 83(b) Election

 

Dear Sir or Madam:

 

Enclosed please find a signed election under §
83(b) of the Internal Revenue Code in connection with my receipt of shares of restricted stock in ASP Isotopes Inc.

 

	 	Sincerely,

 

Enclosure

 

     

     

    

 

October __, 2021

 

By Hand Delivery

 

ASP Isotopes Inc.

[ADDRESS]

 

Re: § 83(b)
Election

 

Enclosed
please find a copy of the election I have filed pursuant to § 83(b) of the Internal Revenue Code. This copy is being furnished to
you in accordance with Treasury Regulation § 1.83-2(d).

 

	 	Sincerely,

 

Enclosure

 

     

     

    

 

ELECTION UNDER SECTION 83(b)

OF THE INTERNAL REVENUE CODE OF 1986

 

This statement is made under Section 83(b) of
the Internal Revenue Code of 1986, as amended, pursuant to Section 1.83-2 of the regulations.

 

1.  The
taxpayer who performed the services is:

 

	 	Name:	 
	 	Address:	
    ________________________________________

    ________________________________________

	 	Social Security No.:	________________________________________
	 	Taxable Year:	2021

 

2.  The
property with respect to which the election is made is __________ shares of the voting common stock of ASP Isotope Inc., a Delaware corporation
(the “Company”).

 

3.  The
property was transferred to the undersigned on October 27, 2021.

 

4.  The
property is subject to forfeiture conditions (200,000 shares of restricted stock vest on each of the first, second and third anniversary
of the date of grant). The property may not be sold, assigned, transferred, pledged or otherwise encumbered until the forfeiture conditions
lapse.

 

5.  The
fair market value of such property at the time of transfer (determined without regard to any restriction other than a restriction which
by its terms will never lapse) is $[_____]

 

6.  For
the property transferred, the undersigned paid no purchase price.

 

7.  The
amount to include in gross income is $[_____]

 

8.  A
copy of this statement was furnished to the Company for whom taxpayer rendered the services underlying the transfer of such property.

 

9.  This
statement is executed on October __, 2021.

 

	__________________________________

                                                                                Signature of Taxpayer’s Spouse (if any)
	
    _________________________________

Signature of Taxpayer 

 

This election must be filed within 30 days after
the date of transfer with the Internal Revenue Service Center with which taxpayer files his or her federal income tax returns. This filing
should be made by registered or certified mail, return receipt requested. Taxpayer must retain a copy for his or her records.Exhibit
4.3

 

NEITHER
THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT,
THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS
SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

COMMON
STOCK PURCHASE WARRANT

 

Warrant
Shares: <WARRANT SHARES>

 

Initial
Exercise Date: April [*], 2022

 

THIS
COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, <HOLDER>., or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after
the date hereof (the “Initial Exercise Date”) and on or prior to the close of business on the fifth year anniversary of the
Initial Exercise Date (the “Termination Date”) but not thereafter, to subscribe for and purchase from Bullfrog AI Holdings,
Inc., a Nevada corporation (the “Company”), up to <WARRANT SHARES> shares of Common Stock (subject to adjustment hereunder,
the “Warrant Shares”). The purchase price of one Warrant Share under this Warrant shall be equal to the Exercise Price, as
defined in Section 2(b). This Warrant issued pursuant to a Securities Purchase Agreement (the “Purchase Agreement”) entered
into as of the Initial Exercise Date between the Company and the initial Holder.

 

Section
1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain
Securities Purchase Agreement (the “Purchase Agreement”), dated April [*], 2022 among the Company and the Purchasers.

 

Section
2. Exercise.

 

(a)
Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial
Exercise Date and on or before the Termination Date by delivery to the Company (or such other office or agency of the Company as it may
designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company) of a duly
executed copy of the Notice of Exercise Form annexed hereto. Within two Trading Days following the date of exercise as aforesaid, the
Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s
check drawn on a United States bank, unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable
Notice of Exercise. Notwithstanding anything herein to the contrary (although the Holder may surrender the Warrant to, and receive a
replacement Warrant from, the Company), the Holder shall not be required to physically surrender this Warrant to the Company until the
Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder
shall surrender this Warrant to the Company for cancellation within two Trading Days of the date the final Notice of Exercise is delivered
to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available
hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the
applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares
purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise Form within one Trading Day
of delivery of such notice. The Holder by acceptance of this Warrant or any transferee, acknowledges and agrees that, by reason of the
provisions of this Section 2(a), following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available
for purchase hereunder at any given time may be less than the amount stated on the face hereof.

 

    	 

     

    

 

(b)
Exercise Price. The initial exercise price per share of the Common Stock under this Warrant shall be equal to 110% of the IPO
(as defined in the Purchase Agreement) price or, if the Company fails to complete the IPO before October 22, 2022, 90% of the IPO price,
subject to adjustment under Section 3 (the “Exercise Price”).

 

(c)
Cashless Exercise. Other than as provided for in Section 2(f), if at any time after the six month anniversary of the Initial Exercise
Date, there is no effective Registration Statement covering the resale of the Warrant Shares by the Holder (or the prospectus does not
meet the requirements of Section 10 of the Securities Act), then this Warrant may also be exercised at the Holder’s election, in
whole or in part and in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise, at such
time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant Shares equal
to the number obtained by dividing [(A - B) times (C)] by (A), where:

 

	 	(A)
    =	the
    greater of (i) the arithmetic average of the VWAPs for the five consecutive Trading Days ending on the date immediately preceding
    the date on which the Holder elects to exercise this Warrant by means of a “cashless exercise,” as set forth in the applicable
    Notice of Exercise or (ii) the VWAP for the Trading Day immediately prior to the date on which the Holder makes such “cashless
    exercise” election;
	 	 	 
	 	(B)
    =	the
    Exercise Price of this Warrant, as adjusted hereunder, at the time of such exercise; and
	 	 	 
	 	(C)
    =	the
number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise
were by means of a cash exercise rather than a cashless exercise;

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date)
on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30
a.m. (New York City time) to 4:02 p.m. (New York City time)) (or a similar organization or agency succeeding to its functions of reporting
prices), (b) if no volume weighted average price of the Common Stock is reported for the Trading Market, the most recent reported bid
price per share of the Common Stock, or (c) in all other cases, the fair market value of a share of Common Stock as determined by an
independent appraiser selected in good faith by the Holders of a majority in interest of the Warrants then outstanding and reasonably
acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the
Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period of the Warrants
being exercised may be tacked on to the holding period of the Warrant Shares. The Company agrees not to take any position contrary to
this Section 2(c).

 

    	2

     

    

 

Notwithstanding
anything herein to the contrary, if on the Termination Date (unless the Holder notifies the Company otherwise) if there is no effective
Registration Statement covering the resale of the Warrant Shares by the Holder, then this Warrant shall be automatically exercised via
cashless exercise pursuant to this Section 2(c).

 

(d)
Mechanics of Exercise.

 

(i)
Delivery of Certificates Upon Exercise. Certificates for the shares of Common Stock purchased hereunder shall be transmitted to
the Holder by the Transfer Agent by crediting the account of the Holder’s prime broker with The Depository Trust Company through
its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A)
there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the
Holder or (B) this Warrant is being exercised via cashless exercise and Rule 144 is available, or otherwise by physical delivery to the
address specified by the Holder in the Notice of Exercise by the date that is two Trading Days after the latest of (A) the delivery to
the Company of the Notice of Exercise and (B) payment of the aggregate Exercise Price as set forth above (unless by cashless exercise,
if permitted) (such date, the “Warrant Share Delivery Date”). The Warrant Shares shall be deemed to have been issued, and
Holder or any other person so designated to be named therein shall be deemed to have become a holder of record of such shares for all
purposes, as of the date the Warrant has been exercised, with payment to the Company of the Exercise Price (or by cashless exercise,
if permitted). The Company understands that a delay in the delivery of the Warrant Shares after the Warrant Share Delivery Date could
result in economic loss to the Holder. As compensation to the Holder for such loss, the Company agrees to pay (as liquidated damages
and not as a penalty) to the Holder for late issuance of Warrant Shares upon exercise of this Warrant the proportionate amount of $10
per Trading Day (increasing to $20 per Trading Day after the fifth Trading Day) after the Warrant Share Delivery Date for each $1,000
of the value of the Warrant Shares for which this Warrant is exercised (based on the Exercise Price) which are not timely delivered.
In no event shall liquidated damages for any one transaction exceed $1,000 for the first 10 Trading Days. Furthermore, in addition to
any other remedies which may be available to the Holder, in the event that the Company fails for any reason to effect delivery of the
Warrant Shares by the Warrant Share Delivery Date, the Holder may revoke all or part of the relevant Warrant exercise by delivery of
a notice to such effect to the Company, whereupon the Company and the Holder shall each be restored to their respective positions immediately
prior to the exercise of the relevant portion of this Warrant, except that the liquidated damages described above shall be payable through
the date notice of revocation or rescission is given to the Company or the date the Warrant Shares are delivered to the Holder, whichever
date is earlier.

 

(ii)
Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of
a Holder and upon surrender of this Warrant, at the time of delivery of the certificate or certificates representing Warrant Shares,
deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this
Warrant, which new Warrant shall in all other respects be identical to this Warrant. Unless the Warrant has been fully exercised, the
Holders shall not be required to surrender this Warrant as a condition of exercise.

 

(iii)
Rescission Rights. If the Company fails to deliver the Warrant Shares or cause the Transfer Agent to transmit to the Holder a
certificate or the certificates representing the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then
the Holder will have the right, at any time prior to issuance of such Warrant Shares, to rescind such exercise.

 

    	3

     

    

 

(iv)
Compensation for Buy-In on Failure to Timely Deliver Certificates Upon Exercise. In addition to any other rights available to
the Holder, if the Company fails to deliver the Warrant Shares, or cause the Transfer Agent to transmit to the Holder the certificate
or certificates representing the Warrant Shares pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such
date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm
otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder
anticipated receiving upon such exercise (a “Buy-In”), then the Company shall pay in cash to the Holder the amount
as provided under Section 4.1(e) of the Purchase Agreement. Nothing herein shall limit a Holder’s right to pursue any other remedies
available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief
with respect to the Company’s failure to timely deliver certificates representing shares of Common Stock upon exercise of the Warrant
as required pursuant to the terms hereof.

 

(v)
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company
shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied
by the Exercise Price or round up to the next whole share.

 

(vi)
Charges, Taxes and Expenses. Issuance of certificates for Warrant Shares shall be made without charge to the Holder for any issue
or transfer tax or other incidental expense in respect of the issuance of such certificate including any charges of any clearing firm,
all of which taxes and expenses shall be paid by the Company, and such certificates shall be issued in the name of the Holder or in such
name or names as may be directed by the Holder. The Company shall pay all Transfer Agent fees required for same-day processing of any
Notice of Exercise. The Company shall (A) pay the reasonable legal fees of the Holder’s choice (in an amount not to exceed $500
per opinion, and not more often than once per week) in connection with the exercise of the Warrants, (B) cause its attorneys to promptly
provide any reliance opinion to the Transfer Agent, and (C) pay the Holder the sums required under Section 2(d)(iv).

 

(vii)
Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise
of this Warrant, pursuant to the terms hereof.

 

(e)
Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the
right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance
after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other
Persons acting as a group together with the Holder or any of the Holder’s Affiliates), would beneficially own in excess of the
Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially
owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant with
respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon
(i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates and (ii)
exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation,
any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially
owned by the Holder or any of its Affiliates. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial
ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder,
it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section
13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the
extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation
to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable shall be in
the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination
of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which
portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation
to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall
be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes
of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding
shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the
case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer
Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall
within one Trading Day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case,
the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities
of the Company, including this Warrant, by the Holder or its Affiliates since the date as of which such number of outstanding shares
of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares of the Common
Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The
Holder, upon not less than 61 days’ prior notice to the Company, may increase the Beneficial Ownership Limitation provisions of
this Section 2(e) solely with respect to the Holder’s Warrant, provided that the Beneficial Ownership Limitation in no event exceeds
9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon
exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any such increase will not
be effective until the 61st day after such notice is delivered to the Company. The Holder may also decrease the Beneficial Ownership
Limitation provisions of this Section 2(e) solely with respect to the Holder’s Warrant at any time, which decrease shall be effectively
immediately upon delivery of notice to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise
than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective
or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable
to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

 

    	4

     

    

 

Section
3. Certain Adjustments.

 

(a)
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares
of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this
Warrant or pursuant to any of the other Transaction Documents), (ii) subdivides outstanding shares of Common Stock into a larger number
of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares,
or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise
Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares,
if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding
immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such
that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become
effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and
shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

(b)
Subsequent Equity Sales. If and whenever on or after the Initial Exercise Date, the Company issues or sells, or in accordance
with this Section 3 is deemed to have issued or sold, any shares of Common Stock (including the issuance or sale of shares of Common
Stock owned or held by or for the account of the Company, issued or sold or deemed to have been issued or sold) for a consideration per
share (the “Base Share Price”) less than a price equal to the Exercise Price in effect immediately prior to such issuance
or sale or deemed issuance or sale (such Exercise Price then in effect is referred to herein as the “Applicable Price”)
(the foregoing a “Dilutive Issuance”), then immediately after such Dilutive Issuance, the Exercise Price then in effect
shall be reduced to an amount equal to the Base Share Price. For all purposes of the foregoing (including, without limitation, determining
the adjusted Exercise Price and the Base Share Price under this Section 3(b)), the following shall be applicable:

 

(i)
Issuance of Options. If the Company in any manner grants or sells any Options and the lowest price per share for which one share
of Common Stock is at any time issuable upon the exercise of any such Option or upon conversion, exercise or exchange of any Convertible
Securities issuable upon exercise of any such Option or otherwise pursuant to the terms thereof is less than the Applicable Price, then
such share of Common Stock shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the granting
or sale of such Option for such price per share. For purposes of this Section 3(b)(i), the “lowest price per share for which one
share of Common Stock is issuable upon the exercise of any such Options or upon conversion, exercise or exchange of any Convertible Securities
issuable upon exercise of any such Option or otherwise pursuant to the terms thereof” shall be equal to (1) the lower of (x) the
sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect to any one share of Common Stock
upon the granting or sale of such Option, upon exercise of such Option and upon conversion, exercise or exchange of any Convertible Security
issuable upon exercise of such Option or otherwise pursuant to the terms thereof and (y) the lowest exercise price set forth in such
Option for which one share of Common Stock is issuable upon the exercise of any such Options or upon conversion, exercise or exchange
of any Convertible Securities issuable upon exercise of any such Option or otherwise pursuant to the terms thereof minus (2) the sum
of all amounts paid or payable to the holder of such Option (or any other Person) upon the granting or sale of such Option, upon exercise
of such Option and upon conversion, exercise or exchange of any Convertible Security issuable upon exercise of such Option or otherwise
pursuant to the terms thereof plus the value of any other consideration received or receivable by, or benefit conferred on, the holder
of such Option (or any other Person). Except as contemplated below, no further adjustment of the Exercise Price shall be made upon the
actual issuance of such shares of Common Stock or of such Convertible Securities upon the exercise of such Options or otherwise pursuant
to the terms of or upon the actual issuance of such shares of Common Stock upon conversion, exercise or exchange of such Convertible
Securities.

 

(ii)
Issuance of Convertible Securities. If the Company in any manner issues or sells any Convertible Securities and the lowest price
per share for which one share of Common Stock is at any time issuable upon the conversion, exercise or exchange thereof or otherwise
pursuant to the terms thereof is less than the Applicable Price, then such share of Common Stock shall be deemed to be outstanding and
to have been issued and sold by the Company at the time of the issuance or sale of such Convertible Securities for such price per share.
For the purposes of this Section 3(b)(ii), the “lowest price per share for which one share of Common Stock is issuable upon the
conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof” shall be equal to (1) the lower of (x) the
sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect to one share of Common Stock upon
the issuance or sale of the Convertible Security and upon conversion, exercise or exchange of such Convertible Security or otherwise
pursuant to the terms thereof and (y) the lowest conversion price set forth in such Convertible Security for which one share of Common
Stock is issuable upon conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof minus (2) the sum of all amounts
paid or payable to the holder of such Convertible Security (or any other Person) upon the issuance or sale of such Convertible Security
plus the value of any other consideration received or receivable by, or benefit conferred on, the holder of such Convertible Security
(or any other Person). Except as contemplated below, no further adjustment of the Exercise Price shall be made upon the actual issuance
of such shares of Common Stock upon conversion, exercise or exchange of such Convertible Securities or otherwise pursuant to the terms
thereof, and if any such issuance or sale of such Convertible Securities is made upon exercise of any Options for which adjustment of
this Warrant has been or is to be made pursuant to other provisions of this Section 3(b), except as contemplated below, no further adjustment
of the Exercise Price shall be made by reason of such issuance or sale.

 

    	5

     

    

 

(iii)
Change in Option Price or Rate of Conversion. “Convertible Securities” means any stock or other security (other than
Options) that is at any time and under any circumstances, directly or indirectly, convertible into, exercisable or exchangeable for,
or which otherwise entitles the holder thereof to acquire, any shares of Common Stock. If the purchase or exercise price provided for
in any Options, the additional consideration, if any, payable upon the issue, conversion, exercise or exchange of any Convertible Securities,
or the rate at which any Convertible Securities are convertible into or exercisable or exchangeable for shares of Common Stock increases
or decreases at any time (other than proportional changes in conversion or exercise prices, as applicable, in connection with an event
referred to in Section 3(a)), the Exercise Price in effect at the time of such increase or decrease shall be adjusted to the Exercise
Price which would have been in effect at such time had such Options or Convertible Securities provided for such increased or decreased
purchase price, additional consideration or increased or decreased conversion rate, as the case may be, at the time initially granted,
issued or sold. For purposes of this Section 3(b)(iii), if the terms of any Option or Convertible Security that was outstanding as of
the Closing Date are increased or decreased in the manner described in the immediately preceding sentence, then such Option or Convertible
Security and the shares of Common Stock deemed issuable upon exercise, conversion or exchange thereof shall be deemed to have been issued
as of the date of such increase or decrease. No adjustment pursuant to this Section 3(b) shall be made if such adjustment would result
in an increase of the Exercise Price then in effect.

 

(iv)
Calculation of Consideration Received. If any Option is issued in connection with the issuance or sale of any other securities
of the Company together comprising one integrated transaction in which no specific consideration is allocated to such Option by the parties
thereto, the Options will be deemed to have been issued for a consideration of par value of the Company’s Common Stock. If any
shares of Common Stock, Options or Convertible Securities are issued or sold or deemed to have been issued or sold for cash, the consideration
received therefor will be deemed to be the net amount of consideration received by the Company therefor. If any shares of Common Stock,
Options or Convertible Securities are issued or sold for a consideration other than cash, the amount of such consideration received by
the Company will be the fair value of such consideration, except where such consideration consists of publicly traded securities, in
which case the amount of consideration received by the Company for such securities will be the arithmetic average of the VWAPs of such
security for each of the five Trading Days immediately preceding the date of receipt. If any shares of Common Stock, Options or Convertible
Securities are issued to the owners of the non-surviving entity in connection with any merger in which the Company is the surviving entity,
the amount of consideration therefor will be deemed to be the fair value of such portion of the net assets and business of the non-surviving
entity as is attributable to such shares of Common Stock, Options or Convertible Securities. The fair value of any consideration other
than cash or publicly traded securities will be determined jointly by the Company and the Holder. If such parties are unable to reach
agreement within 10 days after the occurrence of an event requiring valuation (the “Valuation Event”), the fair value
of such consideration will be determined within five Trading Days after the 10th day following such Valuation Event by an
independent, reputable appraiser jointly selected by the Company and the Holder. The determination of such appraiser shall be final and
binding upon all parties absent manifest error. If such appraiser’s valuation differs by less than 5% from the Company’s
proposed valuation, the fees and expenses of such appraiser shall be borne by the Holder, and if such appraiser’s valuation differs
by more than 5% from the Company’s proposed valuation, the fees and expenses of such appraiser shall be borne by the Company.

 

(v)
Record Date. If the Company takes a record of the holders of shares of Common Stock for the purpose of entitling them (A) to receive
a dividend or other distribution payable in shares of Common Stock, Options or in Convertible Securities or (B) to subscribe for or purchase
shares of Common Stock, Options or Convertible Securities, then such record date will be deemed to be the date of the issuance or sale
of the shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend or the making of such other distribution
or the date of the granting of such right of subscription or purchase (as the case may be).

 

    	6

     

    

 

(vi)
Notwithstanding the foregoing, this Section 3(b) shall not apply to any Exempt Issuances.

 

(c)
Full Ratchet Increase in Warrant Shares. Until the Notes are no longer outstanding, whenever the Exercise Price is adjusted under
Section 3(b), the number of Warrant Shares shall be increased on a full ratchet basis to the number of shares of Common Stock determined
by multiplying the Exercise Price then in effect immediately prior to such adjustment by the number of Warrant Shares issuable upon exercise
of this Warrant immediately prior to such adjustment and dividing the product thereof by the Exercise Price resulting from such adjustment.
By way of example, if E is the total number of Warrant Shares in effect immediately prior to such Dilutive Issuance, F is the Exercise
Price in effect immediately prior to such Dilutive Issuance, and G is the Dilutive Issuance Price, the adjustment to the number of Warrant
Shares can be expressed in the following formula: Total number of Warrant Shares after such Dilutive Issuance = the number obtained from
dividing [E x F] by G. Notwithstanding the foregoing, if the Exercise Price is being adjusted as a result of a sale of securities, this
Section 3(c) shall NOT apply if the Holder is offered the right to participate (in an amount not to exceed $50,000 unless agreed to by
the Holder and the Company) and does not participate.

 

(d)
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants,
issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record
holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire,
upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had
held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise
hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for
the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares
of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent
that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership
Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such
shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance
for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).
Notwithstanding the foregoing, no Purchase Rights will be made under this Section 3(d) in respect of an Exempt Issuance.

 

(e)
Pro Rata Distributions. If the Company, at any time while this Warrant is outstanding, shall distribute to all holders of Common
Stock (and not to the Holder) evidences of its indebtedness or assets (including cash and cash dividends) or rights or warrants to subscribe
for or purchase any security other than the Common Stock (which shall be subject to Section 3(d)), then in each such case the Exercise
Price shall be adjusted by multiplying the Exercise Price in effect immediately prior to the record date fixed for determination of stockholders
entitled to receive such distribution by a fraction of which the denominator shall be the VWAP determined as of the record date mentioned
above, and of which the numerator shall be such VWAP on such record date less the then per share fair market value at such record date
of the portion of such assets or evidence of indebtedness so distributed applicable to one outstanding share of the Common Stock as determined
by the Board of Directors in good faith. In either case the adjustments shall be described in a statement provided to the Holder of the
portion of assets or evidences of indebtedness so distributed or such subscription rights applicable to one share of Common Stock. Such
adjustment shall be made whenever any such distribution is made and shall become effective immediately after the record date mentioned
above.

 

    	7

     

    

 

(f)
Fundamental Transaction.

 

(i)
If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions engages
in any Fundamental Transaction, as defined in the Purchase Agreement, then, upon any subsequent exercise of this Warrant, the Holder
shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence
of such Fundamental Transaction (without regard to any limitation on the exercise of this Warrant), at the option of the Holder the number
of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional
consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number
of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to
any limitation on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be
appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of
one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration
in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common
Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall
be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction.
The Company shall not effect a Fundamental Transaction unless it gives the Holder at least 10 Trading Days prior notice together with
sufficient details so the Holder can make an informed decision as to whether it elects to accept the Alternative Consideration. If a
public announcement of the Fundamental Transaction has not been made, the notice to the Holder may not be given until the Company files
a Form 8-K or other report disclosing the Fundamental Transaction.

 

(ii)
Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, provided that the Warrant Shares are not registered
under an effective registration statement, the Company or any Successor Entity (as defined below) shall, at the Holder’s option,
exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction, purchase this Warrant
from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value of the remaining unexercised portion of this
Warrant on the date of the consummation of such Fundamental Transaction or (ii) the positive difference between the cash per share paid
in such Fundamental Transaction minus the then in effect Exercise Price. “Black Scholes Value” means the value of the unexercised
portion of this Warrant based on the Black and Scholes Option Pricing Model obtained from the “OV” function on Bloomberg
L.P. determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free
interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the
applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100% and the 100 day
volatility obtained from the HVT function on Bloomberg L.P. as of the Trading Day immediately following the public announcement of the
applicable Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the sum of the price per share
being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction and
(D) a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction and
the Termination Date.

 

    	8

     

    

 

(iii)
If Section 3(f)(i) and (ii) are not applicable, the Company shall cause any successor entity in a Fundamental Transaction in which the
Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this
Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(f)(iii) pursuant to written agreements
in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental
Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity
evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding
number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable
and receivable upon exercise of this Warrant prior to such Fundamental Transaction (without regard to any limitation on the exercise
of this Warrant), and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into
account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital
stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this
Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance
to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for
(so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents
referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company
and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents with the same effect as
if such Successor Entity had been named as the Company herein.

 

(g)
Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the
case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date
shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

(h)
Notice to Holder.

 

(i)
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company
shall promptly email to the Holder a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the
number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment. The Holder may supply an email address
to the Company and change such address.

 

(ii)
Notice to Allow Exercise by the Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form)
on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the
Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of
capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with
any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or
substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities,
or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company,
then, in each case, the Company shall deliver to the Holder at its last address as it shall appear upon the Warrant Register of the Company,
at least 5 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which
a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken,
the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or
warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange
is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be
entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification,
consolidation, merger, sale, transfer or share exchange; provided that the failure to email such notice or any defect therein or in the
emailing thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any
notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries
(as determined in good faith by the Company), the Company shall simultaneously file such notice with the Commission pursuant to a Current
Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice
to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

    	9

     

    

 

Section
4. Transfer of Warrant.

 

(a)
Transferability. Subject to compliance with any applicable securities laws and the provisions of the Purchase Agreement, this
Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon
surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this
Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney. Upon such surrender, the Company
shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination
or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of
this Warrant not so assigned, and this Warrant shall promptly be cancelled. The Warrant, if properly assigned in accordance herewith,
may be exercised by a new Holder for the purchase of Warrant Shares without having a new Warrant issued.

 

(b)
New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of
the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by
the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division
or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided
or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of
this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

(c)
Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the
“Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered
Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for
all other purposes, absent actual notice to the contrary.

 

Section
5. Miscellaneous.

 

(a)
No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights
as a stockholder of the Company prior to the exercise hereof other than as explicitly set forth in Section 3.

 

(b)
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares,
and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it, and upon surrender and cancellation
of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor
and dated as of such cancellation, in lieu of such Warrant or stock certificate. In no event shall the Holder be required to deliver
a bond or other security.

 

(c)
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required
or granted herein shall not be a Trading Day, then, such action may be taken or such right may be exercised on the next succeeding Trading
Day.

 

    	10

     

    

 

(d)
Authorized Shares.

 

Except
and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending
its Articles of Incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of
securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but
will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary
or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the
foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise
immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company
may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use best efforts
to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary
to enable the Company to perform its obligations under this Warrant.

 

Before
taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from
any public regulatory body or bodies having jurisdiction thereof.

 

(e)
Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined
in accordance with the provisions of the Purchase Agreement.

 

(f)
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered or
if not exercised on a cashless basis when Rule 144 (or any successor law or rule) is available, may have restrictions upon resale imposed
by state and federal securities laws.

 

(g)
Non-waiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of the Holder
shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other
provision of this Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any provision of this
Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient
to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings,
incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies
hereunder.

 

(h)
Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall
be delivered in accordance with the notice provisions of the Purchase Agreement.

 

(i)
Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant
to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of
the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company
or by creditors of the Company.

 

(j)
Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will
be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate
compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to
assert the defense in any action for specific performance that a remedy at law would be adequate or that there is no irreparable harm
and not to require the posting of a bond or other security.

 

    	11

     

    

 

(k)
Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall
inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns
of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall
be enforceable by the Holder of Warrant Shares.

 

(l)
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and
Holders of 75% of the outstanding Warrants issued pursuant to the Purchase Agreement.

 

(m)
Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall
be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining
provisions of this Warrant.

 

(n)
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed
a part of this Warrant.

 

[Signature
Page Follows]

 

    	12

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above
indicated.

 

	 	BULLFROG
    AI HOLDINGS, INC.
	 	 	 
	 	By:	 
	 	Name:
    	Vin
    Singh
	 	Title:	Chief
    Executive Officer

 

    	 

     

    

 

NOTICE
OF EXERCISE

 

TO:
BullFrog AI Holdings, Inc.

 

(1)
The undersigned hereby elects to purchase ___________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only
if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

(2)
Payment shall take the form of (check applicable box):

 

☐
in lawful money of the United States; or

☐
if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection
2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure
set forth in subsection 2(c).

 

(3)
Please issue a certificate or certificates representing said Warrant Shares in the name of the undersigned or in such other name as is
specified below:

_______________________________

 

(4)
After giving effect to this Notice of Exercise, the undersigned will not have exceeded the Beneficial Ownership Limitation.

 

The
Warrant Shares shall be delivered to the following DWAC Account Number or by physical delivery of a certificate to:

 

_______________________________

 

_______________________________

 

_______________________________

 

SIGNATURE
OF HOLDER

 

Name
of Investing Entity:

___________________________________________________________________

Signature
of Authorized Signatory of Investing Entity:

_____________________________________________

Name
of Authorized Signatory:

_______________________________________________________________

Title
of Authorized Signatory:

________________________________________________________________

Date:

____________________________________________________________________________________

 

    	 

     

    

 

ASSIGNMENT
FORM

 

(To
assign the foregoing warrant, execute

this
form and supply required information.

Do
not use this form to exercise the warrant.)

 

BullFrog
AI Holdings, Inc.

 

FOR
VALUE RECEIVED, ____ all of or _______ shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

_______________________________________________
whose address is

 

_______________________________________________________________

 

_______________________________________________________________

 

Dated:
______________, _______

 

Holder’s
Signature: _____________________________

 

Holder’s
Address: _____________________________

 

_____________________________

 

Signature
Guaranteed: ___________________________________________

 

NOTE:
The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement
or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary
or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.

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