Document:

EX-10.2

 Exhibit 10.2 

February 10, 2015 
 The Traxis Group B.V.

 c/o Cerberus Capital Management L.P. 
 875 Third Avenue 

New York, NY 10022 
 Re: Founder Forfeited Shares 

Gentlemen: 
 Reference is made to that certain
Purchase Agreement (the “Purchase Agreement”), dated as of September 21, 2014, as amended by that certain Amendment No. 1 to Purchase Agreement, executed and delivered contemporaneously herewith (the
“Amendment”), by and among Hennessy Capital Acquisition Corp., a Delaware corporation (the “Purchaser”), Hennessy Capital Partners I LLC, a Delaware limited liability company (the
“Sponsor”) (solely for purposes of Section 10.01(a) thereof), and The Traxis Group B.V., a limited liability company existing under the laws of the Netherlands (the “Seller”). Capitalized terms
used herein, but not defined herein, shall have the meanings ascribed to them in the Purchase Agreement. 
 In order to induce
the Seller and the Purchaser to enter into the Amendment and to proceed with the Business Combination and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Sponsor and the Purchaser hereby
agree, pursuant to this letter agreement (this “Letter Agreement”), for the benefit of the Seller, as follows: 
  

	 	1.	The Sponsor shall forfeit to the Purchaser at Closing 1,900,000 shares of Purchaser Common Stock, which shall be comprised of 718,750 founder earnout shares (as defined in the Proxy) and 1,181,250 other shares of
Purchaser Common Stock that are not founder earnout shares (such shares, the “Founder Forfeited Shares”, and such forfeiture, the “Forfeiture”); 

 

	 	2.	Immediately upon the occurrence of the Forfeiture, the Purchaser shall immediately retire and cancel all of the Founder Forfeited Shares (and shall direct the Purchaser’s transfer agent (or such other
intermediaries as appropriate) to take any and all such actions incident thereto) and the Sponsor and the Purchaser shall (i) take such actions as are necessary to cause the Founder Forfeited Shares to be retired and canceled, upon which such
Founder Forfeited Shares shall no longer be issued or outstanding and (ii) provide the Seller with evidence reasonably satisfactory to the Seller that such retirement and cancellation has occurred; 

 

	 	3.	Prior to Closing, the Sponsor shall not, directly or indirectly, transfer or otherwise dispose of the Founder Forfeited Shares other than pursuant to the Forfeiture. 

 

	 	4.	The Sponsor hereby represents and warrants to the Seller, as of the date hereof and as of the Closing, (i) that the Sponsor owns, and holds of record, all of the Founder Forfeited Shares, free and clear of all
Liens and other obligations in respect of such Founder Forfeited Shares (other than the obligation to forfeit any Founder Forfeited Shares that constitute founder earnout shares as set forth in Section 7(a) of that certain Letter Agreement,
dated as of January 16, 2014, among Purchaser, Sponsor and the Insiders party thereto, as amended on the date hereof) and (ii) the Sponsor has sufficient assets to satisfy any and all obligations of the Sponsor, including (without
limitation) its obligations under this Letter Agreement and its obligation to pay Excess Purchaser Expenses pursuant to Section 10.01 of the Purchase Agreement. 

 

	 	5.	This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and supersedes all prior understandings, agreements, or representations by or among
the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof. This Letter Agreement may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular
provision, except by a written instrument executed by all parties hereto. 

	 	6.	No party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the prior written consent of each of the other parties hereto. Any purported assignment in
violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding on the Sponsor and the Purchaser and their respective
successors and assigns. 

  

	 	7.	This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware, without giving effect to conflicts of law principles that would result in the application of
the substantive laws of another jurisdiction. The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this Letter Agreement shall be brought and enforced in the Court of Chancery
of the State of Delaware (or, if the Court of Chancery of the State of Delaware lacks jurisdiction, then in the applicable Delaware state court), or if under applicable Law exclusive jurisdiction of such action is vested in the federal courts, then
the United States District Court for the District of Delaware, and irrevocably submits to such jurisdiction and venue, which jurisdiction and venue shall be exclusive, and (ii) waives any objection to such exclusive jurisdiction and venue or
that such courts represent an inconvenient forum. The Seller, in addition to any other remedy to which it may be entitled at Law or in equity, shall be entitled to seek an injunction or similar equitable relief restraining any other party from
committing or continuing any breach or threatened breach of this Letter Agreement or to seek to compel specific performance of the obligations of any other party under this Letter Agreement, without the posting of any bond, in accordance with the
terms and conditions of this this Letter Agreement. 

  

	 	8.	Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall be in writing and shall be sent by express mail or similar private courier service, by
certified mail (return receipt requested), by hand delivery or facsimile transmission. 

 [signature page follows] 

 
			
	 Sincerely,
  

HENNESSY CAPITAL PARTNERS I LLC
  

By: Hennessy Capital LLC, its managing member
  

	 By:
		 /s/ Daniel J. Hennessy

			 Name: Daniel J. Hennessy

Title:   Managing Member

  

			
	 HENNESSY CAPITAL ACQUISITION CORP.
  

	 By:
		   /s/ Daniel J. Hennessy

			  Name: Daniel J. Hennessy
			  Title:   Chief Executive Officer

 Signature Page to Forfeiture Letter Agreement 

			
	 Acknowledged and Agreed:
  

THE TRAXIS GROUP B.V.

		
	By:		 /s/ Dev Kapadia

			 Name: Dev Kapadia
 Title:   Managing
DirectorExhibit 10.1

 

URIGEN PHARMACEUTICALS, INC.

 

2014 LONG-TERM INCENTIVE PLAN

 

* * * * *

 

1.            Purpose.          The
purpose of the Urigen Pharmaceuticals, Inc. 2014 Long-Term Incentive Plan (the “Plan”) is to further and promote the
interests of Urigen Pharmaceuticals, Inc. (the “Company”), its Subsidiaries and its shareholders by enabling the Company
and its Subsidiaries to attract, retain and motivate employees, directors and consultants, or those who will become employees
directors and consultants, and to align the interests of those individuals and the Company’s shareholders. To do this, the
Plan offers performance-based incentive awards and equity-based opportunities providing such employees, directors and consultants
with a proprietary interest in maximizing the growth, profitability and overall success of the Company and its Subsidiaries.

 

2.            Definitions.        For
purposes of the Plan, the following terms shall have the meanings set forth below:

 

2.1           “Award” means an award or grant made to
a Participant under Sections 6, 7, 8 and/or 9 of the Plan.

 

2.2           “Award Agreement” means the agreement
executed by a Participant pursuant to Sections 3.2 and 15.7 of the Plan in connection with the granting of an Award.

 

2.3           “Board” means the Board of Directors of
the Company, as constituted from time to time.

 

2.4           “Code” means the
Internal Revenue Code of 1986, as in effect and as amended from time to time, or any successor statute thereto, together with any
rules, regulations and interpretations promulgated thereunder or with respect thereto.

 

2.5           “Committee” means
the committee of the Board established to administer the Plan, as described in Section 3 of the Plan, or if no such committee has
been appointed or established, the Board.

 

2.6           “Common Stock” means
the Common Stock, par value $0.001 per share, of the Company or any security of the Company issued by the Company in substitution
or exchange therefor.

 

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2.7           “Company” means Urigen Pharmaceuticals,
Inc., a Delaware corporation, or any successor entity to Urigen Pharmaceuticals, Inc.

 

2.8           “Exchange Act” means
the Securities Exchange Act of 1934, as in effect and as amended from time to time, or any successor statute thereto, together
with any rules, regulations and interpretations promulgated thereunder or with respect thereto.

 

2.9           “Fair Market Value”
means on, or with respect to, any given date(s), the average of the highest and lowest market prices of the Common Stock, as reported
on a public exchange for such date(s) or, if the Common Stock was not traded on such date(s), on the next preceding day or days
on which the Common Stock was traded. If at any time the Common Stock is not traded on an exchange, the Fair Market Value of a
share of the Common Stock shall be determined in good faith by the Board.

 

2.10           “Incentive Stock Option”
means any stock option granted pursuant to the provisions of Section 6 of the Plan (and the relevant Award Agreement) that is intended
to be (and is specifically designated as) an “incentive stock option” within the meaning of Section 422 of the Code.

 

2.11           “Non-Qualified Stock Option”
means any stock option granted pursuant to the provisions of Section 6 of the Plan (and the relevant Award Agreement) that is not
(and is specifically designated as not being) an Incentive Stock Option.

 

2.12           “Participant” means any individual who is
selected from time to time under Section 5 to receive an Award under the Plan.

 

2.13           “Performance Units” means the monetary units
granted under Section 9 of the Plan and the relevant Award Agreement.

 

2.14           “Plan” means the Urigen
Pharmaceuticals, Inc. 2014 Long-Term Incentive Plan, as set forth herein and as in effect and as amended from time to time (together
with any rules and regulations promulgated by the Committee with respect thereto).

 

2.15           “Restricted Shares” means the restricted
shares of Common Stock granted pursuant to the provisions of Section 8 of the Plan and the relevant Award Agreement.

 

2.16           “Stock Appreciation Right” means an Award
described in Section 7.2 of the Plan and granted pursuant to the provisions of Section 7 of the Plan.

 

2.17           “Subsidiary(ies)” means
any corporation (other than the Company) in an unbroken chain of corporations, including and beginning with the Company, if each
of such corporations, other than the last corporation in the unbroken chain, owns, directly or indirectly, more than fifty percent
(50%) of the voting stock in one of the other corporations in such chain.

 

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3.           Administration.

 

3.1           The
Committee.   The Plan shall be administered by the Committee. Subject to the last sentence of this Section 3.1,
the Committee shall be appointed from time to time by the Board and shall be comprised of not less than two (2) of the then members
of the Board who are Non-Employee Directors (within the meaning of SEC Rule 16b-3(b)(3)) of the Company and Outside Directors
(within the meaning of Section 162(m) of the Code). Consistent with the Bylaws of the Company, members of the Committee shall
serve at the pleasure of the Board and the Board, subject to the immediately preceding sentence, may at any time and from time
to time remove members from, or add members to, the Committee. In the event that the Board has not appointed the Committee, then
the Board shall have all the powers of the Committee under the Plan.

 

3.2           Plan
Administration and Plan Rules.   The Committee is authorized to construe and interpret the Plan and to promulgate,
amend and rescind rules and regulations relating to the implementation, administration and maintenance of the Plan. Subject to
the terms and conditions of the Plan, the Committee shall make all determinations necessary or advisable for the implementation,
administration and maintenance of the Plan including, without limitation, (a) selecting the Plan’s Participants, (b) making
Awards in such amounts and form as the Committee shall determine, (c) imposing such restrictions, terms and conditions upon such
Awards as the Committee shall deem appropriate, and (d) correcting any technical defect(s) or technical omission(s), or reconciling
any technical inconsistency(ies), in the Plan and/or any Award Agreement. The Committee may designate persons other than members
of the Committee to carry out the day-to-day ministerial administration of the Plan under such conditions and limitations as it
may prescribe, except that the Committee shall not delegate its authority with regard to the selection for participation in the
Plan and/or the granting of any Awards to Participants. The Committee’s determinations under the Plan need not be uniform
and may be made selectively among Participants, whether or not such Participants are similarly situated. Any determination, decision
or action of the Committee in connection with the construction, interpretation, administration, implementation or maintenance
of the Plan shall be final, conclusive and binding upon all Participants and any person(s) claiming under or through any Participants.
The Company shall effect the granting of Awards under the Plan, in accordance with the determinations made by the Committee, by
execution of written agreements and/or other instruments in such form as is approved by the Committee. The Committee may, in its
sole discretion, delegate its authority to one or more senior executive officers for the purpose of making Awards to Participants
who are not subject to Section 16 of the Exchange Act.

 

3.3           Liability
Limitation.   Neither the Board nor the Committee, nor any member of either, shall be liable for any act, omission,
interpretation, construction or determination made in good faith in connection with the Plan (or any Award Agreement), and the
members of the Board and the Committee shall be entitled to indemnification and reimbursement by the Company in respect of any
claim, loss, damage or expense (including, without limitation, attorneys’ fees) arising or resulting therefrom to the fullest
extent permitted by law and/or under any directors and officers liability insurance coverage which may be in effect from time
to time.

 

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4.          Term
of Plan/Common Stock Subject to Plan.

 

4.1           Term.
  Unless terminated earlier by the Board, the Plan shall terminate on December 31, 2023, except with respect to Awards
then outstanding. After such date no further Awards shall be granted under the Plan.

 

4.2           Common
Stock.   The maximum number of shares of Common Stock in respect of which Awards may be granted or paid out
under the Plan, subject to adjustment as provided in Section 13.2 of the Plan, shall not exceed 30,000 shares. In the event of
a change in the Common Stock of the Company that is limited to a change in the designation thereof to “Capital Stock”
or other similar designation, or to a change in the par value thereof, or from par value to no par value, without increase or
decrease in the number of issued shares, the shares resulting from any such change shall be deemed to be the Common Stock for
purposes of the Plan. Common Stock which may be issued under the Plan may be either authorized and unissued shares or issued shares
which have been reacquired by the Company (in the open-market or in private transactions) and which are being held as treasury
shares. No fractional shares of Common Stock shall be issued under the Plan.

 

4.3           Computation
of Available Shares.   For the purpose of computing the total number of shares of Common Stock available for
Awards under the Plan, there shall be counted against the limitations set forth in Section 4.2 of the Plan the maximum number
of shares of Common Stock potentially subject to issuance upon exercise or settlement of Awards granted under Sections 6 and 7
of the Plan, the number of shares of Common Stock issued under grants of Restricted Shares pursuant to Section 8 of the Plan and
the maximum number of shares of Common Stock potentially issuable under grants or payments of Performance Units pursuant to Section
9 of the Plan, in each case determined as of the date on which such Awards are granted. If any Awards expire unexercised or are
forfeited, surrendered, cancelled, terminated or settled in cash in lieu of Common Stock, the shares of Common Stock which were
theretofore subject (or potentially subject) to such Awards shall again be available for Awards under the Plan to the extent of
such expiration, forfeiture, surrender, cancellation, termination or settlement of such Awards.

 

5.            Eligibility.
  Individuals eligible for Awards under the Plan shall consist of employees, directors and consultants, or those
who will become employees, directors and consultants, of the Company and/or its Subsidiaries whose performance or contribution,
in the sole discretion of the Committee, benefits or will benefit the Company or any Subsidiary.

 

6.           Stock
Options.

 

6.1           Terms
and Conditions. Stock options granted under the Plan shall be in respect of Common Stock and may be in the form of Incentive
Stock Options or Non-Qualified Stock Options (sometimes referred to collectively herein as the “Stock Option(s)”).
Such Stock Options shall be subject to the terms and conditions set forth in this Section 6 and any additional terms and conditions,
not inconsistent with the express terms and provisions of the Plan, as the Committee shall set forth in the relevant Award Agreement.

 

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6.2           Grant.
 Stock Options may be granted under the Plan in such form as the Committee may from time to time approve. Stock Options
may be granted alone or in addition to other Awards under the Plan or in tandem with Stock Appreciation Rights. Special provisions
shall apply to Incentive Stock Options granted to any employee who owns (within the meaning of Section 422(b)(6) of the Code)
more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or its parent corporation
or any subsidiary of the Company, within the meaning of Sections 424(e) and (f) of the Code (a “10% Shareholder”).

 

6.3           Exercise
Price.  The exercise price per share of Common Stock subject to a Stock Option shall be determined by the Committee;
provided, however, that the exercise price of a Stock Option shall not be less than one hundred percent (100%) of
the Fair Market Value of the Common Stock on the date of the grant of such Stock Option; provided, further, however,
that, in the case of a 10% Shareholder, the exercise price of an Incentive Stock Option shall not be less than one hundred ten
percent (110%) of the Fair Market Value of the Common Stock on the date of grant.

 

6.4           Term.
 The term of each Stock Option shall be such period of time as is fixed by the Committee; provided, however,
that the term of any Incentive Stock Option shall not exceed ten (10) years (five (5) years, in the case of a 10% Shareholder)
after the date immediately preceding the date on which the Incentive Stock Option is granted.

 

6.5           Method
of Exercise.  A Stock Option may be exercised, in whole or in part, by giving written notice of exercise to the Secretary
of the Company, or the Secretary’s designee, specifying the number of shares to be purchased. Such notice shall be accompanied
by payment in full of the exercise price (and applicable tax withholding) in cash, by certified check, bank draft, or money order
payable to the order of the Company, if permitted by the Committee in its sole discretion, by delivery of shares of Common Stock
satisfying such requirements as the Committee shall establish, or through such other mechanism as the Committee shall permit,
in its sole discretion. Payment instruments shall be received by the Company subject to collection. The proceeds received by the
Company upon exercise of any Stock Option may be used by the Company for general corporate purposes. Any portion of a Stock Option
that is exercised may not be exercised again.

 

6.6           Tandem
Grants.  If Non-Qualified Stock Options and Stock Appreciation Rights are granted in tandem, as designated in the
relevant Award Agreements, the right of a Participant to exercise any such tandem Stock Option shall terminate to the extent that
the shares of Common Stock subject to such Stock Option are used to calculate amounts or shares receivable upon the exercise of
the related tandem Stock Appreciation Right.

 

7.          Stock
Appreciation Rights. 

 

7.1           Terms
and Conditions.   The grant of Stock Appreciation Rights under the Plan shall be subject to the terms and conditions
set forth in this Section 7 and any additional terms and conditions, not inconsistent with the express terms and provisions of
the Plan, as the Committee shall set forth in the relevant Award Agreement.

 

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7.2           Stock
Appreciation Rights.  A Stock Appreciation Right is an Award granted with respect to a specified number of shares
of Common Stock entitling a Participant to receive an amount equal to the excess of the Fair Market Value of a share of Common
Stock on the date of exercise over the Fair Market Value of a share of Common Stock on the date of grant of the Stock Appreciation
Right, multiplied by the number of shares of Common Stock with respect to which the Stock Appreciation Right shall have been exercised.

 

7.3           Grant.
  A Stock Appreciation Right may be granted in addition to any other Award under the Plan or in tandem with or independent
of a Non-Qualified Stock Option.

 

7.4           Date
of Exercisability.   In respect of any Stock Appreciation Right granted under the Plan, unless otherwise (a)
determined by the Committee (in its sole discretion) at any time and from time to time in respect of any such Stock Appreciation
Right, or (b) provided in the Award Agreement, a Stock Appreciation Right may be exercised by a Participant, in accordance with
and subject to all of the procedures established by the Committee, in whole or in part at any time and from time to time during
its specified term. The Committee may also provide, as set forth in the relevant Award Agreement and without limitation, that
some Stock Appreciation Rights shall be automatically exercised and settled on one or more fixed dates specified therein by the
Committee.

 

7.5           Form
of Payment.   Upon exercise of a Stock Appreciation Right, payment may be made in cash, in Restricted Shares
or in shares of unrestricted Common Stock, or in any combination thereof, as the Committee, in its sole discretion, shall determine
and provide in the relevant Award Agreement.

 

7.6           Tandem
Grant.   The right of a Participant to exercise a tandem Stock Appreciation Right shall terminate to the extent
such Participant exercises the Non-Qualified Stock Option to which such Stock Appreciation Right is related.

 

8.  Restricted Shares.

 

8.1           Terms
and Conditions.   Grants of Restricted Shares shall be subject to the terms and conditions set forth in this
Section 8 and any additional terms and conditions, not inconsistent with the express terms and provisions of the Plan, as the
Committee shall set forth in the relevant Award Agreement. Restricted Shares may be granted alone or in addition to any other
Awards under the Plan. Subject to the terms of the Plan, the Committee shall determine the number of Restricted Shares to be granted
to a Participant and the Committee may provide or impose different terms and conditions on any particular Restricted Share grant
made to any Participant. With respect to each Participant receiving an Award of Restricted Shares, there shall be issued a stock
certificate (or certificates) in respect of such Restricted Shares. Such stock certificate(s) shall be registered in the name
of such Participant, shall be accompanied by a stock power duly executed by such Participant, and shall bear, among other required
legends, the following legend:

 

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“The transferability of
this certificate and the shares of stock represented hereby are subject to the terms and conditions (including, without
limitation, forfeiture events) contained in the Urigen Pharmaceuticals, Inc. 2014 Long-Term Incentive Plan and an Award
Agreement entered into between the registered owner hereof and Urigen Pharmaceuticals, Inc. Copies of such Plan and Award
Agreement are on file in the office of the Secretary of Urigen Pharmaceuticals, Inc., 501 Silverside Road, PMB #95,
Wilmington, Delaware 19809. Urigen Pharmaceuticals, Inc. will furnish to the recordholder of the certificate, without charge
and upon written request at its principal place of business, a copy of such Plan and Award Agreement. Urigen Pharmaceuticals,
Inc. reserves the right to refuse to record the transfer of this certificate until all such restrictions are satisfied, all
such terms are complied with and all such conditions are satisfied.”

 

Such stock certificate evidencing such shares
shall, in the sole discretion of the Committee, be deposited with and held in custody by the Company until the restrictions thereon
shall have lapsed and all of the terms and conditions applicable to such grant shall have been satisfied.

 

8.2           Restricted
Share Grants. A grant of Restricted Shares is an Award of shares of Common Stock granted to a Participant, subject to
such restrictions, terms and conditions as the Committee deems appropriate, including, without limitation, (a) restrictions on
the sale, assignment, transfer, hypothecation or other disposition of such shares, (b) the requirement that the Participant deposit
such shares with the Company while such shares are subject to such restrictions, and (c) the requirement that such shares be forfeited
upon termination of employment for specified reasons within a specified period of time or for other reasons (including, without
limitation, the failure to achieve designated performance goals).

 

8.3           Restriction
Period. In accordance with Sections 8.1 and 8.2 of the Plan and unless otherwise determined by the Committee (in its sole
discretion) at any time and from time to time, Restricted Shares shall only become unrestricted and vested in the Participant
in accordance with such vesting schedule relating to such Restricted Shares, if any, as the Committee may establish in the relevant
Award Agreement (the “Restriction Period”). During the Restriction Period, such stock shall be and remain unvested
and a Participant may not sell, assign, transfer, pledge, encumber or otherwise dispose of or hypothecate such Award. Upon satisfaction
of the vesting schedule and any other applicable restrictions, terms and conditions, the Participant shall be entitled to receive
payment of the Restricted Shares or a portion thereof, as the case may be, as provided in Section 8.4 of the Plan.

 

8.4           Payment
of Restricted Share Grants. After the satisfaction and/or lapse of the restrictions, terms and conditions established
by the Committee in respect of a grant of Restricted Shares, a new certificate, without the legend set forth in Section 8.1 of
the Plan, for the number of shares of Common Stock which are no longer subject to such restrictions, terms and conditions shall,
as soon as practicable thereafter, be delivered to the Participant provided that the removal of such legend is permitted by the
applicable federal and state security laws.

 

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8.5           Shareholder
Rights.   A Participant shall have, with respect to the shares of Common Stock underlying a grant of Restricted Shares,
all of the rights of a shareholder of such stock (except as such rights are limited or restricted under the Plan or in the relevant
Award Agreement). Any stock dividends paid in respect of unvested Restricted Shares shall be treated as additional Restricted
Shares and shall be subject to the same restrictions and other terms and conditions that apply to the unvested Restricted Shares
in respect of which such stock dividends are issued.

 

9.          Performance
Units.

 

9.1           Terms
and Conditions.   Performance Units shall be subject to the terms and conditions set forth in this Section 9 and any additional
terms and conditions, not inconsistent with the express provisions of the Plan, as the Committee shall set forth in the relevant
Award Agreement.

 

9.2           Performance
Unit Grants.   A Performance Unit is an Award of units (with each unit representing such monetary amount as is designated
by the Committee in the Award Agreement) granted to a Participant, subject to such terms and conditions as the Committee deems
appropriate, including, without limitation, the requirement that the Participant forfeit such units (or a portion thereof) in
the event certain performance criteria or other conditions are not met within a designated period of time.

 

9.3           Grants.
   Performance Units may be granted alone or in addition to any other Awards under the Plan. Subject to the terms of the Plan,
the Committee shall determine the number of Performance Units to be granted to a Participant and the Committee may impose different
terms and conditions on any particular Performance Units granted to any Participant.

 

9.4           Performance
Goals and Performance Periods.    Participants receiving a grant of Performance Units shall only earn into and be entitled
to payment in respect of such Awards if the Company and/or the Participant achieves certain performance goals (the “Performance
Goals”) during and in respect of a designated performance period (the “Performance Period”). The Performance
Goals and the Performance Period shall be established by the Committee, in its sole discretion. The Committee shall establish
Performance Goals for each Performance Period prior to, or as soon as practicable after, the commencement of such Performance
Period. The Committee shall also establish a schedule or schedules for Performance Units setting forth the portion of the Award
which will be earned or forfeited based on the degree of achievement, or lack thereof, of the Performance Goals at the end of
the relevant Performance Period. In setting Performance Goals, the Committee may use, but shall not be limited to, such measures
as total shareholder return, return on equity, net earnings growth, sales or revenue growth, cash flow, comparisons to peer companies,
individual or aggregate Participant performance or such other measure or measures of performance as the Committee, in its sole
discretion, may deem appropriate. Such performance measures shall be defined as to their respective components and meaning by
the Committee (in its sole discretion). During any Performance Period, the Committee shall have the authority to adjust the Performance
Goals and/or the Performance Period in such manner as the Committee, in its sole discretion, deems appropriate at any time and
from time to time.

 

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9.5           Payment
of Units.   With respect to each Performance Unit, the Participant shall, if the applicable Performance Goals have been
achieved, or partially achieved, as determined by the Committee in its sole discretion, by the Company and/or the Participant
during the relevant Performance Period, be entitled to receive payment in an amount equal to the designated value of each Performance
Unit times the number of such units so earned. Payment in settlement of earned Performance Units shall be made as soon as practicable
following the conclusion of the respective Performance Period in cash, in unrestricted Common Stock, or in Restricted Shares,
or in any combination thereof, as the Committee in its sole discretion, shall determine and provide in the relevant Award Agreement.

 

10.  Other Provisions.

 

10.1         Performance-Based
Awards.    Performance Units, Restricted Shares, and other Awards subject to performance criteria that are intended to be
“qualified performance-based compensation” within the meaning of section 162(m) of the Code shall be paid solely on
account of the attainment of one or more pre-established, objective performance goals within the meaning of section 162(m) and
the regulations thereunder. Until otherwise determined by the Committee, the performance goals shall be the attainment of pre-established
levels of any of net income, market price per share, earnings per share, return on equity, return on capital employed and/or cash
flow, regulatory approval of products, strategic alliances and joint ventures and patent issuances. The payout of any such Award
to a Covered Employee may be reduced, but not increased, based on the degree of attainment of other performance criteria or otherwise
at the discretion of the Committee. For purposes of the Plan, “Covered Employee” has the same meaning as set forth
in Section 162(m) of the Code.

 

10.2         Maximum
Yearly Awards.    The maximum annual Common Stock amounts in this Section 10.2 are subject to adjustment under Section 13.2
and are subject to the Plan maximum under Section 4.2.

 

10.2.1  Performance-Based
Awards.   The maximum amount payable in respect of Performance Units, performance-based Restricted Shares and other Awards
in any calendar year may not exceed 15,000 shares of Common Stock (or the then equivalent Fair Market Value thereof) in the case
of any individual Participant.

 

10.2.2  Stock
Options and SARs.   Each individual Participant may not receive in any calendar year Awards of Options or Stock Appreciation
Rights exceeding 15,000 underlying shares of Common Stock.

 

11.   Dividend
Equivalents.   In addition to the provisions of Section 8.5 of the Plan, Awards of Stock Options, and/or Stock Appreciation
Rights, may, in the sole discretion of the Committee and if provided for in the relevant Award Agreement, earn dividend equivalents.
In respect of any such Award which is outstanding on a dividend record date for Common Stock, the Participant shall be credited
with an amount equal to the amount of cash or stock dividends that would have been paid on the shares of Common Stock covered
by such Award had such covered shares been issued and outstanding on such dividend record date. The Committee shall establish
such rules and procedures governing the crediting of such dividend equivalents, including, without limitation, the amount, the
timing, form of payment and payment contingencies and/or restrictions of such dividend equivalents, as it deems appropriate or
necessary.

 

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12.     Non-transferability
of Awards.   Unless otherwise provided in the Award Agreement, no Award under the Plan or any Award Agreement, and no rights
or interests herein or therein, shall or may be assigned, transferred, sold, exchanged, encumbered, pledged, or otherwise hypothecated
or disposed of by a Participant or any beneficiary(ies) of any Participant, except by testamentary disposition by the Participant
or the laws of intestate succession. No such interest shall be subject to execution, attachment or similar legal process, including,
without limitation, seizure for the payment of the Participant’s debts, judgments, alimony, or separate maintenance. Unless
otherwise provided in the Award Agreement, during the lifetime of a Participant, Stock Options and Stock Appreciation Rights are
exercisable only by the Participant.

 

13.     Changes in
Capitalization and Other Matters.

 

13.1   No
Corporate Action Restriction.   The existence of the Plan, any Award Agreement and/or the Awards granted hereunder shall
not limit, affect or restrict in any way the right or power of the Board or the shareholders of the Company to make or authorize
(a) any adjustment, recapitalization, reorganization or other change in the Company’s or any Subsidiary’s capital
structure or its business, (b) any merger, consolidation or change in the ownership of the Company or any Subsidiary, (c) any
issue of bonds, debentures, capital, preferred or prior preference stocks ahead of or affecting the Company’s or any Subsidiary’s
capital stock or the rights thereof, (d) any dissolution or liquidation of the Company or any Subsidiary, (e) any sale or transfer
of all or any part of the Company’s or any Subsidiary’s assets or business, or (f) any other corporate act or proceeding
by the Company or any Subsidiary. No Participant, beneficiary or any other person shall have any claim against any member of the
Board or the Committee, the Company or any Subsidiary, or any employees, officers, shareholders or agents of the Company or any
subsidiary, as a result of any such action.

 

13.2   Recapitalization
Adjustments.   In the event that the Board determines that any dividend or other distribution (whether in the form of cash,
Common Stock, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger,
consolidation, split-up, spin-off, combination, repurchase, or exchange of Common Stock or other securities of the Company, or
other corporate transaction or event affects the Common Stock such that an adjustment is determined by the Board, in its sole
discretion, to be necessary or appropriate in order to prevent dilution or enlargement of benefits or potential benefits intended
to be made available under the Plan, the Board may, in such manner as it in good faith deems equitable, adjust any or all of (i)
the number of shares of Common Stock or other securities of the Company (or number and kind of other securities or property) with
respect to which Awards may be granted, (ii) the number of shares of Common Stock or other securities of the Company (or number
and kind of other securities or property) subject to outstanding Awards, and (iii) the exercise price with respect to any Stock
Option, or make provision for an immediate cash payment to the holder of an outstanding Award in consideration for the cancellation
of such Award.

 

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13.3 Mergers.

 

13.3.1     If the Company enters
into or is involved in any merger, reorganization, recapitalization, sale of all or substantially all of the Company’s assets,
liquidation, or business combination with any person or entity (such merger, reorganization, recapitalization, sale of all or substantially
all of the Company’s assets, liquidation, or business combination to be referred to herein as a “Merger Event”),
the Board may take such action as it deems appropriate, including, but not limited to, replacing such Stock Options with substitute
stock options and/or stock appreciation rights in respect of the shares, other securities or other property of the surviving corporation
or any affiliate of the surviving corporation on such terms and conditions, as to the number of shares, pricing and otherwise,
which shall substantially preserve the value, rights and benefits of any affected Stock Options or Stock Appreciation Rights granted
hereunder as of the date of the consummation of the Merger Event. Notwithstanding anything to the contrary in the Plan, if any
Merger Event occurs, the Company shall have the right, but not the obligation, to cancel each Participant’s Stock Options and/or
Stock Appreciation Rights and to pay to each affected Participant in connection with the cancellation of such Participant’s Stock
Options and/or Stock Appreciation Rights, an amount equal to the excess of the Fair Market Value, as determined by the Board, of
the Common Stock underlying any unexercised Stock Options or Stock Appreciation Rights (whether then exercisable or not) over the
aggregate exercise price of such unexercised Stock Options and/or Stock Appreciation Rights.

 

Upon receipt by any affected Participant
of any such substitute stock options, stock appreciation rights (or payment) as a result of any such Merger Event, such Participant’s
affected Stock Options and/or Stock Appreciation Rights for which such substitute options and/or stock appreciation rights (or
payment) were received shall be thereupon cancelled without the need for obtaining the consent of any such affected Participant.

 

14.          Amendment,
Suspension and Termination.

 

14.1      
In General.   The Board may suspend or terminate the Plan (or any portion thereof) at any time and may amend
the Plan at any time and from time to time in such respects as the Board may deem advisable to insure that any and all Awards
conform to or otherwise reflect any change in applicable laws or regulations, or to permit the Company or the Participants to
benefit from any change in applicable laws or regulations, or in any other respect the Board may deem to be in the best interests
of the Company or any Subsidiary. No such amendment, suspension or termination shall (x) materially adversely effect the rights
of any Participant under any outstanding Stock Options, Stock Appreciation Rights, Performance Units, or Restricted Share grants,
without the consent of such Participant, or (y) increase the number of shares available for Awards pursuant to Section 4.2 or
increase the Maximum Yearly Awards under Section 10.2 or change the performance criteria listed in Section 10.1, without shareholder
approval; provided, however, that the Board may amend the Plan, without the consent of any Participants, in any
way it deems appropriate to satisfy Code Section 409A and any regulations or other authority promulgated thereunder, including
any amendment to the Plan to cause certain Awards not to be subject to Code Section 409A.

 

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14.2      Award
Agreement Modifications.   The Committee may (in its sole discretion) amend or modify at any time and from time to time
the terms and provisions of any outstanding Stock Options, Stock Appreciation Rights, Performance Units, or Restricted Share grants,
in any manner to the extent that the Committee under the Plan or any Award Agreement could have initially determined the restrictions,
terms and provisions of such Stock Options, Stock Appreciation Rights, Performance Units, and/or Restricted Share grants, including,
without limitation, changing or accelerating (a) the date or dates as of which such Stock Options or Stock Appreciation Rights
shall become exercisable, (b) the date or dates as of which such Restricted Share grants shall become vested, or (c) the performance
period or goals in respect of any Performance Units. No such amendment or modification shall, however, materially adversely affect
the rights of any Participant under any such Award without the consent of such Participant; provided, however, that the Committee
may amend an Award without the consent of the Participant, in any way it deems appropriate to satisfy Code Section 409A and any
regulations or other authority promulgated thereunder, including any amendment to or modification of such Award to cause such
Award not to be subject to Code Section 409A.

 

15.          Miscellaneous.

 

15.1       Tax
Withholding.   The Company shall have the right to deduct from any payment or settlement under the Plan, including, without
limitation, the exercise of any Stock Option or Stock Appreciation Right, or the delivery, transfer or vesting of any Common Stock
or Restricted Shares, any federal, state, local or other taxes of any kind which the Committee, in its sole discretion, deems
necessary to be withheld to comply with the Code and/or any other applicable law, rule or regulation. Shares of Common Stock may
be used to satisfy any such tax withholding. Such Common Stock shall be valued based on the Fair Market Value of such stock as
of the date the tax withholding is required to be made, such date to be determined by the Committee. In addition, the Company
shall have the right to require payment from a Participant to cover any applicable withholding or other employment taxes due upon
any payment or settlement under the Plan.

 

15.2       No
Right to Employment.   Neither the adoption of the Plan, the granting of any Award, nor the execution of any Award Agreement,
shall confer upon any employee of the Company or any Subsidiary any right to continued employment with the Company or any Subsidiary,
as the case may be, nor shall it interfere in any way with the right, if any, of the Company or any Subsidiary to terminate the
employment of any employee at any time for any reason.

 

15.3       Unfunded
Plan.   The Plan shall be unfunded and the Company shall not be required to segregate any assets in connection with any
Awards under the Plan. Any liability of the Company to any person with respect to any Award under the Plan or any Award Agreement
shall be based solely upon the contractual obligations that may be created as a result of the Plan or any such award or agreement.
No such obligation of the Company shall be deemed to be secured by any pledge of, encumbrance on, or other interest in, any property
or asset of the Company or any Subsidiary. Nothing contained in the Plan or any Award Agreement shall be construed as creating
in respect of any Participant (or beneficiary thereof or any other person) any equity or other interest of any kind in any assets
of the Company or any Subsidiary or creating a trust of any kind or a fiduciary relationship of any kind between the Company,
any Subsidiary and/or any such Participant, any beneficiary thereof or any other person.

 

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15.4      Payments
to a Trust.   The Committee is authorized to cause to be established a trust agreement or several trust agreements or similar
arrangements from which the Committee may make payments of amounts due or to become due to any Participants under the Plan.

 

15.5      Other
Company Benefit and Compensation Programs.   Payments and other benefits received by a Participant under an Award made pursuant
to the Plan shall not be deemed a part of a Participant’s compensation for purposes of the determination of benefits under
any other employee welfare or benefit plans or arrangements, if any, provided by the Company or any Subsidiary unless expressly
provided in such other plans or arrangements, or except where the Board expressly determines in writing that inclusion of an Award
or portion of an Award should be included to accurately reflect competitive compensation practices or to recognize that an Award
has been made in lieu of a portion of competitive annual base salary or other cash compensation. Awards under the Plan may be
made in addition to, in combination with, or as alternatives to, grants, awards or payments under any other plans or arrangements
of the Company or its Subsidiaries. The existence of the Plan notwithstanding, the Company or any Subsidiary may adopt such other
compensation plans or programs and additional compensation arrangements as it deems necessary to attract, retain and motivate
employees.

 

15.6      Listing,
Registration and Other Legal Compliance.    No Awards or shares of the Common Stock shall be required to be issued or granted
under the Plan unless legal counsel for the Company shall be satisfied that such issuance or grant will be in compliance with
all applicable federal and state securities laws and regulations and any other applicable laws or regulations. The Committee may
require, as a condition of any payment or share issuance, that certain agreements, undertakings, representations, certificates,
and/or information, as the Committee may deem necessary or advisable, be executed or provided to the Company to assure compliance
with all such applicable laws or regulations. Certificates for shares of the Restricted Shares and/or Common Stock delivered under
the Plan may be subject to such stock-transfer orders and such other restrictions as the Committee may deem advisable under the
rules, regulations, or other requirements of the Securities and Exchange Commission, any stock exchange upon which the Common
Stock is then listed, and any applicable federal or state securities law. In addition, if, at any time specified herein (or in
any Award Agreement or otherwise) for (a) the making of any Award, or the making of any determination, (b) the issuance or other
distribution of Restricted Shares and/or Common Stock, or (c) the payment of amounts to or through a Participant with respect
to any Award, any law, rule, regulation or other requirement of any governmental authority or agency shall require either the
Company, any Subsidiary or any Participant (or any estate, designated beneficiary or other legal representative thereof) to take
any action in connection with any such determination, any such shares to be issued or distributed, any such payment, or the making
of any such determination, as the case may be, shall be deferred until such required action is taken. With respect to persons
subject to Section 16 of the Exchange Act, transactions under the Plan are intended to comply with all applicable conditions of
SEC Rule 16b-3.

 

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15.7      Award
Agreements.   Each Participant receiving an Award under the Plan shall enter into an Award Agreement with the Company in
a form specified by the Committee. Each such Participant shall agree to the restrictions, terms and conditions of the Award set
forth therein and in the Plan.

 

15.8      Designation
of Beneficiary.   Each Participant to whom an Award has been made under the Plan may designate a beneficiary or beneficiaries
to exercise any option or to receive any payment which under the terms of the Plan and the relevant Award Agreement may become
exercisable or payable on or after the Participant’s death. At any time, and from time to time, any such designation may
be changed or cancelled by the Participant without the consent of any such beneficiary. Any such designation, change or cancellation
must be on a form provided for that purpose by the Committee and shall not be effective until received by the Committee. If no
beneficiary has been designated by a deceased Participant, or if the designated beneficiaries have predeceased the Participant,
the beneficiary shall be the Participant’s estate. If the Participant designates more than one beneficiary, any payments
under the Plan to such beneficiaries shall be made in equal shares unless the Participant has expressly designated otherwise,
in which case the payments shall be made in the shares designated by the Participant.

 

15.9      Leaves
of Absence/Transfers.   The Committee shall have the power to promulgate rules and regulations and to make determinations,
as it deems appropriate, under the Plan in respect of any leave of absence from the Company or any Subsidiary granted to a Participant.
Without limiting the generality of the foregoing, the Committee may determine whether any such leave of absence shall be treated
as if the Participant has terminated employment with the Company or any such Subsidiary. If a Participant transfers within the
Company, or to or from any Subsidiary, such Participant shall not be deemed to have terminated employment as a result of such
transfers.

 

15.10    Code
Section 409A.   This Plan and all Awards hereunder are intended to comply with the requirements of Code Section 409A and
any regulations or other authority promulgated thereunder. Notwithstanding any provision of the Plan or any Award Agreement to
the contrary, the Board and the Committee reserve the right (without the consent of any Participant and without any obligation
to do so or to indemnify any Participant or the beneficiaries of any Participant for any failure to do so) to amend this Plan
and/or any Award Agreement as and when necessary or desirable to conform to or otherwise properly reflect any guidance issued
under Code Section 409A after the date hereof without violating Code Section 409A. In the event that any payment or benefit made
hereunder would constitute payments or benefits pursuant to a non-qualified deferred compensation plan within the meaning of Code
Section 409A and, at the time of a Participant‘s “separation from service”, such Participant is a “specified
employee” within the meaning of Code Section 409A, then any such payments or benefits shall be delayed until the six-month
anniversary of the date of such Participant’s “separation from service”. Each payment made under this Plan shall
be designated as a “separate payment” within the meaning of Code Section 409A.

 

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15.11    Governing
Law.   The Plan and all actions taken thereunder shall be governed by and construed in accordance with the laws of the State
of Delaware, without reference to the principles of conflict of laws thereof. Any titles and headings herein are for reference
purposes only, and shall in no way limit, define or otherwise affect the meaning, construction or interpretation of any provisions
of the Plan.

 

15.12    Effective
Date.   The Plan shall be effective upon its approval by the Board and adoption by the Company, subject to the approval
of the Plan by the Company’s shareholders in accordance with Sections 162(m) and 422 of the Code.

 

IN WITNESS WHEREOF, this Plan is adopted by the Company on this
_____ day of ______, 2014.

 

	 	URIGEN PHARMACEUTICALS, INC.
	 	 

	 	By:	 

	 	Name:
	 	Title:

 

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