Document:

Exhibit 4.2

 

Subscription Agreement

 

This subscription agreement (this “Subscription”)
is dated _____, 2019, by and between the investor identified on the signature page hereto (the “Investor”) and
Asia Times Holdings Limited, a British Virgin Islands company limited by shares (the “Company”). The parties
agree as follows:

 

1.            Subscription.
Investor agrees to buy and the Company agrees to sell to Investor such number of the Company’s ordinary shares, $0.001 par
value per share (the “Shares”), as set forth on the signature page hereto, for an aggregate purchase price (the
“Purchase Price”) equal to the product of (x) the aggregate number of Shares the Investor has agreed to purchase
and (y) the purchase price per share as set forth on the signature page hereto. The Shares are being registered for sale pursuant
to a Registration Statement on Form F-1, Registration No. 333-228750 (the “Registration Statement”). The
Registration Statement will have been declared effective by the Securities and Exchange Commission (the “Commission”)
prior to issuance of any Shares and acceptance of any Investor’s subscription. The prospectus, however, is subject to change.
A final prospectus and/or prospectus supplement will be delivered to the Investor as required by law. The Shares are being offered
by Boustead Securities, LLC (the “Underwriter”) as underwriter on a “best efforts” up to $20,000,000.
The completion of the purchase and sale of the Shares (the “Closing”) shall take place at a place and time (the
“Closing Date”) to be specified by the Company and Underwriter in accordance with Rule 15c6-1 promulgated under
the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Upon satisfaction or waiver of all
the conditions to closing set forth in the preliminary prospectus contained in the Registration Statement when it is declared effective
by the Commission, at the Closing (i) the Purchase Price deposited by the Investor subsequent to the declaration of effectiveness
of the Registration Statement by wire transfer of immediately available funds to the Company’s escrow account per wire instructions
as provided on the signature line below shall be released to the Company, and (ii) the Company shall cause the Shares to be delivered
to the Investor (A) through the facilities of The Depository Trust Company’s DRS system in accordance with the instructions
set forth on the signature page attached hereto under the heading “DRS Instructions,” or (B) if requested by the Investor
on the signature page hereto or if the Company is unable to make the delivery through the facilities of The Depository Trust Company’s
DRS system, through the book-entry delivery of Shares on the books and records of the Company’s transfer agent. If delivery
is made by book entry on the books and records of the transfer agent, the Company shall send written confirmation of such delivery
to the Investor at the address indicated on the Signature Page hereof. No fractional Shares shall be purchased and any excess funds
representing fractional Shares shall be returned to the Investor. By payment of the Shares, the Investor acknowledges receipt of
the Registration Statement and any amendment, the terms of which govern the investment in the Shares.

 

The Underwriter and any participating broker
dealers (the “Members”) shall confirm, via the sales agency agreement, selected dealer agreement or master selected
dealer agreement, as applicable, that they will comply with Rule 15c2-4 under the Exchange Act. As per Rule 15c2-4 and Notice to
Members 84-7 issued by the Financial Industry Regulatory Authority, Inc. (collectively, the “Rule”), all checks
that are accompanied by a subscription agreement will be promptly sent along with the subscription agreements to the escrow account
by noon the next business day. In regard to monies being wired from an investor’s bank account, the Members shall request
the investors to send their wires by the business day immediately following the receipt of a completed subscription document. In
regards to monies being sent from an investors account held at the participating broker, the funds will be “promptly transmitted”
to the escrow agent following the receipt of a completed subscription document and completed wire instructions by the investor
to send funds to the escrow account. Absent unusual circumstances, funds in customer accounts will be transmitted by noon of the
next business day. In the event that the offering does not close for any reason prior to the termination date set forth in the
Registration Statement, all funds deposited in the escrow account will be returned to investors promptly in accordance with the
terms of the escrow agreement and applicable law.

 

    	 	1	 

     

    

 

2.            Miscellaneous.
This Subscription may be executed in any number of counterparts, all of which taken together shall constitute one and the same
instrument and shall become effective when counterparts have been signed by each party and delivered to the other parties hereto,
it being understood that all parties need not sign the same counterpart. Execution may be made by delivery by facsimile or via
electronic format. All communications hereunder, except as otherwise specifically provided herein, shall be in writing and shall
be mailed, hand delivered, sent by a recognized overnight courier service such as Federal Express, or sent via facsimile or e-mail
transmission, to the party to whom it is addressed at the following addresses or such other address as such party may advise the
other in writing (i) to the Company: as set forth on the signature page hereto and (ii) to the Investor: as set forth on the signature
page hereto. All notices hereunder shall be effective upon receipt by the party to which it is addressed.

 

[Signature Page Follows]

 

    	 	2	 

     

    

 

[Signature Page to Investor Subscription
Agreement for Asia Times Holdings Limited]

 

If the foregoing correctly sets forth our agreement, please confirm
this by signing and returning to us the duplicate copy of this Subscription.

 

	Number of Shares: __________________________	Asia Times Holdings Limited
	 	 	 
	Purchase Price per Share: $4.00	By: 	                       
	 	 	 
	Aggregate Purchase Price: $__________________	Name: 	 
	 	 	 
	 	Title: 	 
	 	 	 
	 	Address Notice:	 
	 	 	 	 

	INVESTOR:  	 	 	[Issuer Notice Information]

 

Select method of delivery of Shares: DRS or DWAC (Check One)

 

	 	 	DWAC DELIVERY INSTRUCTIONS:

 

	1.	Name of DTC Participant (broker dealer at which the account	 
	 	or accounts to be credited with the Shares are maintained):	 
	 	 	 	 
	 	 	 	 
	2.	DTC Participant Number:	 
	 	 	 	 
	 	 	 	 
	3.	Name of Account at DTC Participant being credited with the Shares:	 
	 	 	 	 
	 	 	 	 
	4.	Account Number of DTC Participant being credited with the Shares:	 
	 	 	 	 

 

___________    DRS ELECTRONIC BOOK ENTRY CONFIRMATION (hold shares
at transfer agent) Delivery Instructions:

 

Name in which Shares should be issued: ______________________

 

Address for Shareholder: Street_________________________________________

 

City/State/Zip: ______________________________; Attention: _____________________________________

 

Telephone No.: _____________________________

 

WIRE PAYMENT INSTRUCTIONS:

 

NO WIRE TRANSFERS MAY BE MADE TO THE ESCROW ACCOUNT, DIRECTLY OR
THROUGH ANY UNDERWRITER UNLESS AND UNTIL: (A) THE REGISTRATION STATEMENT HAS BEEN DECLARED EFFECTIVE BY THE COMMISSION, AND (B)
A COPY OF THIS SUBSCRIPTION AGREEMENT, DULY EXECUTED BY THE SUBSCRIBER OR ITS AGENT, HAS BEEN DELIVERED TO THE UNDERWRITER.

 

    	 	3	 

     

    

 

To the following instructions:

 

ABA Routing No: 

SWIFT Code: 

Bank Name: Pacific Mercantile Bank

Bank Address: 949 South Coast Dr., Costa Mesa, CA 92626

Beneficiary Account Name: FinTech Clearing, as Agent for the
Investors in Asia Times Holdings Limited 

Beneficiary Account No: 

Beneficiary Address: 6 Venture, Suite 265, Irvine, CA 92618

 

Please email back the completed Subscription
Agreement to offerings@boustead1828.com or fax to +1(949) 266-5789

 

    	 	4	 

     

    

 

CERTIFICATE FOR THE PURCHASE
OF INITIAL PUBLIC OFFERINGS OF EQUITY SECURITIES

 

Pursuant to FINRA Rule 5130 (formerly NASD
Rule 2790) (the “New Issue Rule”), firms may not sell or cause to be sold a new issue (as defined
in the New Issue Rule; generally, initial public offerings of equity securities) to any account in which a restricted person
holds a beneficial interest unless the account qualifies for a general exemption under the New Issue Rule. We
require that you sign and return this Certificate indicating whether or not your account is eligible to purchase Shares in accordance
with the New Issue Rule.

 

In addition, pursuant to FINRA Rule 5131 (the
“IPO Allocation Rule”), firms may not under certain circumstances allocate shares of a new issue to any
account in which an executive officer or director of a public company or a covered non-public company, or a person
materially supported by such executive officer or director (collectively, “Covered Persons”),
has a beneficial interest unless the account qualifies for a general exemption.

 

In addition, in connection with any new issue,
you hereby represent that you will not act as a finder or in a fiduciary capacity to any managing underwriter of any new issue
and that you shall notify us immediately in the event that such representation ceases to be true and correct.

 

All bolded terms relating to the New Issue
Rule or the IPO Allocation Rule are defined in Annex A.

 

Section
A. New Issue Rule (FINRA Rule 5130) (Check One Box Only)

 

The undersigned hereby certifies, on behalf of each account for
which it purchases new issues on or after the date hereof, that:

 

		 ̈	The account(s) is eligible to purchase new issues either
because no restricted person (which includes those accounts that satisfy a general exemption listed on Annex A and/or,
are not restricted persons based on the definition in Annex A) holds a beneficial interest in the account(s), or because
the account(s) has implemented procedures to reduce the beneficial interests of all restricted persons with respect to new issues
to below in the aggregate 10%, and the undersigned hereby represents that it will follow such procedures in connection with the
purchase by the account(s) of all new issues; OR

 

		 ̈	The undersigned is a conduit (such as a bank, foreign
bank, broker/dealer or investment adviser) and all purchases of new issues are, and will be, in compliance with the New Issue
Rule. If the beneficial interests of all restricted persons in any one account(s) exceeds in the aggregate 10% of the account(s)
but the account(s) has implemented procedures to reduce the beneficial interest of all restricted persons with respect to new
issues to below in the aggregate 10%, the undersigned hereby represents that it will follow such procedures in connection with
the purchase by the account(s) of all new issues.

 

Section
B. IPO Allocation Rule (FINRA Rule 5131)

 

The undersigned hereby certifies, on behalf
of each account for which it purchases new issues on or after the date hereof, that: The account(s) is eligible to purchase new
issues either because:

 

		(i)	No person that holds a beneficial interest in the account(s)
is a Covered Person OR

 

		(ii)	The account(s) is eligible to purchase new issues because
the account(s) (A) meets a general exemption (See Annex A), or (B) has implemented procedures to reduce the beneficial
interests of all Covered Persons of a particular company with respect to new issues to in the aggregate below 25%, and the undersigned
hereby represents that it will follow such procedures in connection with the purchase by the account(s) of all new issues.

 

For purposes of clause (ii) above, the undersigned
is entitled to presume that any beneficial interests in an account held by a Qualifying Private Fund (except for interests of beneficial
owners that are control persons of the investment adviser to that Qualifying Private Fund) are not held by a Covered Person.

 

The undersigned hereby certifies that the undersigned
is authorized to provide this Certification and that the undersigned, or an authorized representative of the account, will promptly
notify Boustead Securities in the event this Certification ceases to be true and correct. In connection to the U.S. Securities
& Exchange Commission’s electronic delivery of information requirements, the undersigned agrees to receive electronic
mail for the purpose of recertifying this Certification through negative consent and to notify Boustead Securities in writing if
the undersigned does not agree to receive such communications.

 

    	 	5	 

     

    

 

	Institution Name	
        Address, City, State, Zip

         

	Name of Authorized Signatory	
        Date (mm/dd/yy)

         
	
        Tax ID / EIN /

Reg No

         

	Title of Authorized Signatory	
        Telephone

         

	Signature of Authorized Signatory	
        Email Address

         

 

SECTION C. Investor Representations.

 

		1.	Investor represents that it has received (or otherwise had access to the electronic filing on the SEC website) the Prospectus
prior to or in connection with receipt of this Agreement.

 

		2.	Investor represents that it understands and acknowledges that Investor's subscription for the Shares indicated on the Signature
Page hereto may be accepted or rejected in whole or in part by the Company, for any reason and in its sole and absolute discretion.

 

    	 	6	 

     

    

 

ANNEX A

 

General Exemptions:

 

		1.	An investment company registered under the Investment Company
Act of 1940.

		2.	A common trust fund or similar fund as described in Section
3(a)(12)(A)(iii) of the Securities Exchange Act of 1934, provided that: (i) the fund has investments from 1,000 or more accounts,
and (ii) the fund does not limit beneficial interests in the fund principally to trust accounts of restricted persons.

		3.	An insurance company general, separate or investment account,
provided: (i) the account is funded by premiums from 1,000 or more policyholders or, if a general account, the insurance company
has 1,000 or more policyholders, and (ii) the insurance company does not limit the policyholders whose premiums are used to fund
the account principally to restricted persons, or if a general account, the insurance company does not limit its policyholders
principally to restricted persons.

		4.	An account, including a fund, limited partnership, joint
back office broker-dealer or other entity, if the beneficial interests of:

		a.	For purposes of Section A, restricted persons, in the
aggregate, do not exceed 10% of the account under the New Issue Rule (FINRA Rule 5130);

		b.	For purposes of Section B, covered persons of a particular
company, in the aggregate, do not exceed 25% of the account under the IPO Allocation Rule (FINRA Rule 5131).

		5.	A publicly traded entity (other than a broker-dealer authorized
to engage in the public offering of new issues either as a selling group member or underwriter, or an affiliate of such a broker-dealer)
that is: (i) listed on a U.S. national securities exchange, (ii) a non-U.S. issuer whose securities meet the quantitative designation
criteria for listing on a national securities exchange.

		6.	An investment company organized under the laws of a non-U.S.
jurisdiction, provided that: (i) the investment company is listed on a non-U.S. exchange or authorized for sale to the public
by a non-U.S. regulatory authority, and (ii) no person owning 5% or more of the shares of the investment company is a restricted
person.

		7.	An ERISA benefit plan that is qualified under Section 401(a)
of the Internal Revenue Code; provided that the plan is not sponsored solely by a broker-dealer.

		8.	A state or municipal government benefits plan that is subject
to state or municipal regulation.

		9.	A tax-exempt charitable organization under Section 501(c)(3)
of the Internal Revenue Code.

		10.	A church plan under Section 414(e) of the Internal Revenue
Code.

 

Restricted Persons/Entities under the New Issue
Rule:

 

		1.	A FINRA member firm or other broker-dealer.

		2.	An officer, director, general partner, associated person
or employee of a FINRA member firm or any other broker-dealer (other than a limited business broker-dealer).

		3.	An agent of a FINRA member firm or any other broker-dealer
(other than a limited business broker-dealer) that is engaged in the investment banking or securities business.

		4.	A person who has authority to buy or sell securities for
a bank, savings and loan association, insurance company, investment company, investment adviser (whether or not registered as
an investment adviser) or collective investment account.

		5.	A person listed, or required to be listed, on one of the
following schedules to Form BD as filed, or required to be filed, with the SEC by a broker- dealer (other than with respect to
a limited broker-dealer): (i) Schedule A, unless the person is identified by an ownership code of less than 10%; (ii) Schedule
B, unless the person’s listing on Schedule B relates to an ownership interest in a person that is listed on Schedule
A and identified by an ownership code of less than 10%; or (iii) Schedule C, unless the person would be excluded under
the percentage ownership criteria for Schedule A or B above.

		6.	A person that directly or indirectly owns an interest,
in the amounts specified below, of a public reporting company listed, or required to be listed, on Schedule A or B of Form BD
relating to a broker-dealer (other than a limited business broker-dealer), unless the public reporting company is listed on a
national securities exchange: (i) 10% or more of a public reporting company listed, or required to be listed, on Schedule A; or
(ii) 25% or more of a public reporting company listed, or required to be listed, on Schedule B.

		7.	A person acting: (i) as a finder in connection with
any new issue in which the person is participating or (ii) in a fiduciary capacity to the managing underwriter(s) in connection
with any new issue in which the person is participating.

		8.	An immediate family member of: (i) a person specified
in items 2-7 that materially supports, or receives support from, that person; (ii) a person specified in items 2-3 that
is employed by or associated with the FINRA member or its affiliate selling the new issue to the immediate family member, or that
has an ability to control the allocation of the new issue; or (iii) a person specified in items 5-6 that is an owner of the FINRA
member or its affiliate selling the new issue to the immediate family member, or that has an ability to control the allocation
of the new issue.

 

    	 	7	 

     

    

 

Other New Issue Rule and IPO Allocation Rule Definitions:

 

Associated person or employee of a FINRA member
firm. (1) Any natural person registered with FINRA and (2) any natural person, whether or not registered or exempt from
registration with FINRA, who is a sole proprietor, partner, officer, director, or branch manager of a FINRA member firm, or any
natural person occupying a similar status or performing similar functions, or any natural person engaged in the investment banking
or securities business who is directly or indirectly controlling or controlled by a FINRA member firm (for example, any employee).

 

Beneficial interest. Any economic interest,
including the right to share in gains or losses, other than management or performance based fees for operating a collective investment
account, or other fees for acting in a fiduciary capacity.

 

Collective investment account. Any hedge
fund, investment partnership, investment corporation, or any other collective investment vehicle that is engaged primarily in the
purchase and sale of securities, but not (1) a legal entity that is beneficially owned solely by immediate family members or (2)
an investment club comprising a group of friends, neighbors, business associates or others who pool their money to invest in stock
or other securities and are collectively responsible for making investment decisions.

 

Covered non-public company. Any non-public
company satisfying the following criteria: (i) income of at least $1 million in the last fiscal year or in two of the last three
fiscal years and shareholders' equity of at least $15 million; (ii) shareholders' equity of at least $30 million and a two-year
operating history; or (iii) total assets and total revenue of at least $75 million in the latest fiscal year or in two of the last
three fiscal years.

 

Covered Person. An executive officer or
director of a public company or a covered non-public company, or a person materially supported by such executive officer or director.

 

Executive officer or director. Any (i)
person named as an executive officer or director in a U.S. public company’s most recent proxy filed with the SEC or in an
annual report filed with the SEC on Form 10-K or Form 20-F, (ii) executive officer or director of a foreign company that is registered
with the SEC under the ’34 Act, as amended, or (iii) executive officer or director of a covered non-public company.

 

Finder. A person who receives compensation
for identifying potential investors in an offering.

 

FINRA Member. A member of the Financial
Industry Regulatory Authority or any person or entity associated with a FINRA member firm.

 

Immediate family member. A person’s
parents, mother-in-law or father-in-law, spouse, brother or sister, brother-in-law or sister-in-law, son-in-law or daughter-in-law
and children, and any other individual to whom the person provides material support.

 

IPO Allocation Rule. FINRA Rule 5131.

 

Limited business broker-dealer. Any broker-dealer
whose authorization to engage in the securities business is limited solely to the purchase and sale of investment company/variable
contracts securities and direct participation program securities.

 

Material support. Directly or indirectly
providing more than 25% of a person’s income in the prior calendar year. Members of the immediate family living in the same
household are deemed to be providing each other with material support.

 

New Issue Rule. FINRA Rule 5130.

 

Public Company. Any company that is registered
under Section 12 of the Securities Exchange or files period reports pursuant to Section 15(d) thereof.

 

Qualifying Private Fund: An unaffiliated
private fund invested in an account that:

 

		(1)	is managed by an investment adviser;

 

		(2)	has assets greater than $50 million;

 

		(3)	owns less than 25% of the account and is not a fund in
which a single investor has a beneficial interest of 25% or more;

 

		(4)	was not formed for the specific purpose of investing in
the account.

 

Unaffiliated private fund: A “private
fund”, as defined in Section 202(a)(29) of the Investment Advisers Act, whose investment adviser does not have a control
person in common with the investment adviser to the account. A control person of an investment adviser for these purposes is a
person with direct or indirect “control” over the investment adviser, as that term is defined in Form ADV.

 

    	 	8EX-4.3

 Exhibit 4.3 
  

 
  
  

ELECTROCORE, INC. 
 2019
EMPLOYEE STOCK PURCHASE PLAN 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	  
 Article 1.
Purpose and Effective Date
  
	  	  
  

 
	  
 3

 
	  
  

 

	 1.1
	 	Effective Date.	  	 	3	 
	 1.2
	 	Purpose.	  	 	3	 
	  
 Article 2.
Definitions
  
	  	  
  

 
	  
 3

 
	  
  

 

	 2.1
	 	“Account”	  	 	3	 
	 2.2
	 	“Administrator”	  	 	3	 
	 2.3
	 	“Accumulation Period”	  	 	3	 
	 2.4
	 	“Base Earnings”	  	 	3	 
	 2.5
	 	“Board”	  	 	3	 
	 2.6
	 	“Code”	  	 	4	 
	 2.7
	 	“Cut-Off Date”	  	 	4	 
	 2.8
	 	“Effective Date”	  	 	4	 
	 2.9
	 	“Eligible Employee”	  	 	4	 
	 2.10
	 	“Employee”	  	 	4	 
	 2.11
	 	“Enrollment Date”	  	 	4	 
	 2.12
	 	“Exchange Act”	  	 	4	 
	 2.13
	 	“Fair Market Value”	  	 	4	 
	 2.14
	 	“Participant”	  	 	4	 
	 2.15
	 	“Participating Subsidiary”	  	 	5	 
	 2.16
	 	“Plan”	  	 	5	 
	 2.17
	 	“Purchase Date”	  	 	5	 
	 2.18
	 	“Securities Act”	  	 	5	 
	 2.19
	 	“Share”	  	 	5	 
	 2.20
	 	“Subsidiary Corporation”	  	 	5	 
	 2.21
	 	“Trading Day”	  	 	5	 
	  
 Article 3.
Administration
  
	  	  
  

 
	  
 5

 
	  
  

 

	 3.1
	 	Administrator.	  	 	5	 
	 3.2
	 	Powers of the Committee.	  	 	6	 
	 3.3
	 	Designation of Participating Subsidiaries.	  	 	6	 
	  
 Article 4. Number of Shares

 
	  	   
	 6 
	   

	 4.1
	 	Number of Shares Issuable Under the Plan.	  	 	6	 
	 4.2
	 	Adjustments in Authorized Shares; Liquidation or Dissolution.	  	 	6	 
	  
 Article 5. Eligibility Requirements

 
	  	   
	 7 
	   

	 5.1
	 	Eligibility.	  	 	7	 
	 5.2
	 	Ineligible Employees.	  	 	7	 
	  
 Article 6. Enrollment

 
	  	   
	 8 
	   

	 6.1
	 	Enrollment.	  	 	8	 
	  
 Article 7. Grant
of Options on Enrollment
  
	  	  
  

 
	  
 8

 
	  
  

 

	 7.1
	 	Option Grants.	  	 	8	 
	 7.2
	 	Option Term.	  	 	8	 
	 7.3
	 	Restrictions on Option Grants.	  	 	8	 
	  
 Article 8.
Payroll Deductions
  
	  	  
  

 
	  
 9

 
	  
  

 

	 8.1
	 	Payroll Deduction Elections.	  	 	9	 
	 8.2
	 	Duration of Payroll Deductions.	  	 	9	 

  
 i 

							
	 	 	 	  	Page	 
	 8.3
	 	Unfunded Status of Payroll Deductions.	  	 	9	 
	 8.4
	 	Cancellation of Payroll Deduction Election.	  	 	9	 
	 8.5
	 	No Additional Contributions Permitted.	  	 	10	 
	  
 Article 9. Purchase of Shares

 
	  	   
	 10 
	   

	 9.1
	 	Exercise of Options.	  	 	10	 
	 9.2
	 	Effect of Withdrawal from the Plan.	  	 	10	 
	 9.3
	 	Option Exercise Price.	  	 	10	 
	 9.4
	 	Restrictions on Option Exercise.	  	 	10	 
	 9.5
	 	Six-Month Holding Period.	  	 	11	 
	  
 Article 10.
Withdrawal From the Plan; Termination of Employment; Leave of Absence; Death
  
	  	  
  

 
	  
 11

 
	  
  

 

	 10.1
	 	Withdrawal from the Plan.	  	 	11	 
	 10.2
	 	Termination of Employment.	  	 	11	 
	 10.3
	 	Leave of Absence.	  	 	11	 
	 10.4
	 	Death.	  	 	12	 
	  
 Article 11.
Miscellaneous
  
	  	  
  

 
	  
 12

 
	  
  

 

	 11.1
	 	Interest.	  	 	12	 
	 11.2
	 	Restrictions on Transfer.	  	 	12	 
	 11.3
	 	Administrative Assistance.	  	 	12	 
	 11.4
	 	Costs.	  	 	12	 
	 11.5
	 	Applicable Law.	  	 	12	 
	 11.6
	 	Amendment and Termination.	  	 	13	 
	 11.7
	 	No Right of Employment.	  	 	13	 
	 11.8
	 	Requirements of Law.	  	 	13	 
	 11.9
	 	Gender.	  	 	13	 
	 11.10
	 	Military Service.	  	 	13	 
	 11.11
	 	Code Section 409A.	  	 	13	 
	 11.12
	 	Stockholder Approval.	  	 	14	 

  
 - ii - 

 ELECTROCORE, INC. 

2019 EMPLOYEE STOCK PURCHASE PLAN 

Article 1. 
 Purpose and
Effective Date 
  

	1.1	 Effective Date. 

The Board of Directors of electroCore, Inc., a Delaware corporation (the “Company”) formed upon the statutory conversion of
ElectroCore, LLC from a Delaware limited liability company (the “LLC”) into a Delaware corporation, adopted the 2019 Employee Stock Purchase Plan (the “Plan”) effective as of January 1, 2019 (the “Effective Date”).

  

	1.2	 Purpose. 

The purpose of the Plan is to provide eligible employees of the Company or any Participating Subsidiary with an opportunity to purchase Common
Stock of the Company through accumulated payroll deductions. It is the intention of the Company to have the Plan qualify as an “Employee Stock Purchase Plan” under Section 423 of the Internal Revenue Code of 1986, as amended. The
provisions of the Plan, accordingly, shall be construed so as to extend and limit participation in a manner consistent with the requirements of that section of the Code. 

Article 2. 
 Definitions

 Whenever used in the Plan, the following terms shall have the meanings set forth below: 

 

	2.1	 “Account” 

means a recordkeeping account maintained for a Participant to which payroll deductions are credited in accordance with Article 8 of the Plan.

  

	2.2	 “Administrator” 

means the Board or committee authorized to administer the Plan under Section 3.1. 

 

	2.3	 “Accumulation Period” 

means a period of six (6) calendar months commencing on each January 1 or July 1 on or after the Effective Date, or such other
period not in excess of twelve (12) months as the Administrator may specify from time to time. The Administrator may modify or suspend Accumulation Periods at any time and from time to time. 

 

	2.4	 “Base Earnings” 

means regular salary and wages payable by the Company or a Participating Subsidiary to an Eligible Employee, prior to deductions for employee
contributions to any employee benefit plans or arrangements, and excluding bonuses and other incentive pay, including commissions. The Administrator, in its discretion, may establish a different definition of Compensation for any future Accumulation
Period(s) prior to the commencement of such Accumulation Period. 
  

	2.5	 “Board” 

  
 - 3 - 

 means the Board of Directors of the Company. 

 

	2.6	 “Code” 

means the Internal Revenue Code of 1986, as amended from time to time. References to a particular section of the Code include references to
regulations and rulings thereunder and to successor provisions. 
  

	2.7	 “Cut-Off Date” 

means the date established by the Administrator from time to time by which enrollment forms must be received with respect to an Accumulation
Period. 
  

	2.8	 “Effective Date” 

means January 1, 2019. 
  

	2.9	 “Eligible Employee” 

means an Employee eligible to participate in the Plan in accordance with Article 5. 

 

	2.10	 “Employee” 

means any common law employees of the Company or a Participating Subsidiary. “Employee” shall not include any individual classified
by the Company or a Participating Subsidiary as either an independent contractor or an individual who provides services to the Company or Participating Subsidiary through another entity shall not be eligible to participate in this Plan during the
period that the individual is so classified, even if such individual is later retroactively reclassified as an employee during all or any part of such period pursuant to applicable law or otherwise. 

 

	2.11	 “Enrollment Date” 

means the first Trading Day of an Accumulation Period beginning on or after the Effective Date. 

 

	2.12	 “Exchange Act” 

means the Securities Exchange Act of 1934, as amended from time to time. References to a particular section of the Exchange Act include
references to successor provisions. 
  

	2.13	 “Fair Market Value” 

of a Share means the closing sales price of a Share reported on an established stock exchange which is the principal exchange upon which the
Shares are traded on the applicable date. Unless the Administrator determines otherwise, if the Shares are traded over the counter at the time a determination of its Fair Market Value is required to be made hereunder, Fair Market Value shall be
deemed to be equal to the arithmetic mean between the reported high and low or closing bid and asked prices of a Share on the applicable date, or if no such trades were made that day then the most recent date on which Shares were publicly traded. In
the event Shares are not publicly traded at the time a determination of their value is required to be made hereunder, the determination of their Fair Market Value shall be made by the Administrator in such manner as it deems appropriate provided
such manner is consistent with Treasury Regulation Section 1.409A-1(b)(5)(iv)(B). 
  

	2.14	 “Participant” 

  
 - 4 - 

 means an Eligible Employee who has enrolled in the Plan pursuant to Article 6. A
Participant shall remain a Participant until the applicable date set forth in Article 10. 
  

	2.15	 “Participating Subsidiary” 

means a Subsidiary Corporation, which has adopted the Plan as a Participating Subsidiary by action of its board of directors and which has been
designated by the Administrator in accordance with Section 3.3 as covered by the Plan. 
  

	2.16	 “Plan” 

means the electroCore, Inc. 2019 Employee Stock Purchase Plan, as set forth herein and as amended from time to time. 

 

	2.17	 “Purchase Date” 

means the specific Trading Day during an Accumulation Period on which Shares are purchased under the Plan in accordance with Article 9. For
each Accumulation Period, the Purchase Date shall be the last Trading Day occurring in such Accumulation Period. The Administrator may, in its discretion, designate a different Purchase Date with respect to any Accumulation Period. 

 

	2.18	 “Securities Act” 

means the Securities Act of 1933, as amended from time to time. References to a particular section of the Securities Act include references to
successor provisions. 
  

	2.19	 “Share” 

means a share of Common Stock, and such other securities of the Company, as may be substituted or resubstituted for Shares pursuant to
Section 4.2 hereof. 
  

	2.20	 “Subsidiary Corporation” 

means any corporation in an unbroken chain of corporations beginning with the Company if, as of the applicable Enrollment Date, each of the
corporations other than the last corporation in the chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in the chain. 

 

	2.21	 “Trading Day” 

means a day the national exchange on which the Shares are listed for trading or, if not so listed, a day the New York Stock Exchange is open
for trading. 
 Article 3. 

Administration 
  

	3.1	 Administrator. 

The Plan shall be administered by the Board, or committee (“Committee”) appointed by the Board, which may be the Board’s
Compensation Committee. The Committee shall consist of at least one Board member, but may additionally consist of individuals who are not members of the Board. The Committee shall serve at the pleasure of the Board. If the Board does not so appoint
a Committee, the Board shall administer the Plan. Any references herein to “Administrator” are, except as the context requires otherwise, references to the Board or the Committee, as applicable. 

  
 - 5 - 

 This Article 3 relating to the administration of the Plan may be amended by the
Administrator from time to time as may be desirable to satisfy any requirements of or under the federal securities and/or other applicable laws, rules or regulations of the United States or any applicable stock exchange, or to obtain any exemption
under such laws, rules or regulations. 
  

	3.2	 Powers of the Committee. 

If appointed under Section 3.1, the Administrator may select one of its members as chairman and may appoint a secretary. The Administrator
shall make such rules and regulations for the conduct of its business as it shall deem advisable; provided, however, that all determinations of the Administrator shall be made by a majority of its members. 

The Administrator shall have the power, in addition to the powers set forth elsewhere in the Plan, and subject to and within the limits of the
express provisions of the Plan, to construe and interpret the Plan and options granted under it; to establish, amend and revoke rules and regulations for administration of the Plan; to determine all questions of policy and expediency that may arise
in the administration of the Plan; to allocate and delegate such of its powers as it deems desirable to facilitate the administration and operation of the Plan; and, generally, to exercise such powers and perform such acts as it deems necessary or
expedient to promote the best interests of the Company. The Administrator’s determinations as to the interpretation and operation of this Plan shall be final and conclusive. 

 

	3.3	 Designation of Participating Subsidiaries. 

The Administrator may designate from time to time which Subsidiary Corporations of the Company shall be Participating Subsidiaries. 

Article 4. 
 Number of
Shares 
  

	4.1	 Number of Shares Issuable Under the Plan. 

Subject to adjustment as provided in Section 4.2, the maximum number of Shares hereby reserved for delivery under the Plan shall be: 

(a)    300,000 Shares, plus 

(b)    an annual increase to be added as of the first day of the Company’s fiscal year, beginning in
2020 and occurring each year thereafter through 2029, equal to 1% of the total number of Shares of Common Stock issued and outstanding on a fully-diluted basis as of the end of the Company’s immediately preceding fiscal year (or such lesser
number of Shares, including no Shares, determined by the Administrator); provided, however, that the aggregate number of additional Shares available for issuance pursuant to this paragraph (b) shall not exceed a total of 4,500,000 Shares. 

If any option granted under the Plan shall for any reason terminate without having been exercised, the Shares not purchased under such option
shall again become available for the Plan. 
  

	4.2	 Adjustments in Authorized Shares; Liquidation or Dissolution. 

  
 - 6 - 

 In the event of any reorganization, recapitalization, stock split, reverse stock split,
stock dividend, combination of shares, merger, consolidation, acquisition of property or shares, separation, asset spin-off, stock rights offering, liquidation or other similar change in the capital structure
of the Company, the Administrator shall make such adjustment, if any, as it deems appropriate in the number, kind and purchase price of the Shares available for purchase under the Plan. In the event that, at a time when options are outstanding
hereunder, there occurs a dissolution or liquidation of the Company, each option to purchase Shares shall terminate, but the Participant holding such option shall have the right to exercise his or her option prior to such termination of the option
upon the dissolution or liquidation. The Company reserves the right to reduce the number of Shares which Employees may purchase pursuant to their enrollment in the Plan. 

Article 5. 
 Eligibility
Requirements 
  

	5.1	 Eligibility. 

Except as provided in Section 5.2, each individual who is an Employee of the Company or a Participating Subsidiary on the applicable Cut-Off Date shall become eligible to participate in the Plan in accordance with Article 6 as of the first Enrollment Date following the date the individual becomes an Employee of the Company or a Participating
Subsidiary, provided that the individual remains an Eligible Employee on the first day of the Accumulation Period associated with such Enrollment Date. Participation in the Plan is entirely voluntary. 

 

	5.2	 Ineligible Employees. 

Employees meeting any of the following restrictions are not eligible to participate in the Plan: 

(a)    Employees of the Company or a Subsidiary Corporation who are members of a collective bargaining unit
whose benefits were the subject of good faith collective bargaining are excluded from participation in the Plan. 

(b)    Employees whose customary employment is 20 hours or less per week. 

(c)    Employees whose customary employment is for not more than 5 months in any calendar year. 

(d)    Participation by Employees of foreign Participating Subsidiaries shall only be permitted upon
approval by the Administrator, which approval may be limited to groups or categories of Employees designated by the foreign Participating Subsidiary. 

(e)    Section 16 Officers may be restricted in their ability to acquire or sell shares of Stock in order
to comply with Section 16 of the Securities Exchange Act of 1934, as amended, in accordance with rules and procedures adopted by the Administrator. 

(f)    Employees of any Subsidiary Corporation that is not a Participating Subsidiary. 

The Plan is intended to conform to the extent necessary with all provisions of the Securities Act and the Exchange Act and any and all
regulations and rules promulgated by the Securities and Exchange Commission thereunder. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the options shall be granted and may be exercised, only in such a manner as
to conform to such laws, 

  
 - 7 - 

 
rules and regulations. To the extent permitted by applicable law, the Plan and the options granted hereunder shall be deemed amended to the extent necessary to conform to such laws, rules and
regulations. 
 Article 6. 

Enrollment 
  

	6.1	 Enrollment. 

Eligible Employees will be automatically enrolled in the Plan on the first day of each Accumulation Period. Any Eligible Employee may consent
to enrollment in the Plan for an Accumulation Period by completing and signing an enrollment form (which authorizes payroll deductions during such Accumulation Period in accordance with Section 8.1) and submitting such enrollment form to the
Company or the Participating Subsidiary on or before the Cut-Off Date specified by the Administrator. Payroll deductions pursuant to the enrollment form shall be effective as of the first payroll period with a
pay day after the Enrollment Date for the Accumulation Period to which the enrollment form relates, and shall continue in effect until the earliest of: 

(a)    the end of the last payroll period with a payday in the Accumulation Period; 

(b)    the date during the Accumulation Period as of which the Employee elects to cease his or her
enrollment in accordance with Section 8.4; and 
 (c)    the date during the Accumulation Period as
of which the Employee withdraws from the Plan or has a termination of employment in accordance with Article 10. 
 Article 7. 

Grant of Options on Enrollment 
  

	7.1	 Option Grants. 

The automatic enrollment by an Eligible Employee in the Plan as of an Enrollment Date will constitute the grant as of such Enrollment Date by
the Company to such Participant of an option to purchase Shares from the Company pursuant to the Plan. 
  

	7.2	 Option Term. 

An option granted to a Participant pursuant to this Plan shall expire, if not terminated earlier for any reason, on the earliest to occur of:
(a) the end of the Purchase Date with respect to the Accumulation Period in which such option was granted; (b) the completion of the purchase of Shares under the option under Article 9; or (c) the date on which participation of such
Participant in the Plan terminates for any reason. 
  

	7.3	 Restrictions on Option Grants. 

(a)    Any provisions of the Plan to the contrary notwithstanding, no Employee shall be granted an option
under the Plan (i) to the extent that, immediately after the grant, such Employee (or any other person whose stock would be attributed to such Employee pursuant to Section 424(d) of the Code) would own capital stock of the Company and/or
hold outstanding options to purchase such stock possessing five percent (5%) or more of the total combined voting power or value of all classes of the capital stock of the Company or of any Subsidiary Corporation,

  
 - 8 - 

 
or (ii) to the extent that his or her rights to purchase stock under all employee stock purchase plans of the Company and its Subsidiary Corporations accrues at a rate which exceeds
Twenty-Five Thousand Dollars ($25,000) worth of stock (determined at the fair market value of the shares at the time such option is granted) for each calendar year in which such option is outstanding at any time. 

(b)    In connection with each offering made for an Accumulation Period, the Administrator may specify:
(i) a maximum aggregate number of Shares that may be purchased by any Participant on the Purchase Date, and/or (ii) a maximum number of Shares that may be purchased by all Participants on the Purchase Date. 

Article 8. 
 Payroll
Deductions 
  

	8.1	 Payroll Deduction Elections. 

An Eligible Employee who files an enrollment form pursuant to Article 8 shall elect and authorize in such form to have deductions made from his
or her Base Earnings on each payday he or she receives a paycheck during the Accumulation Period to which the enrollment form relates, and he or she shall designate on such form the percentage (in whole percentages) of Base Earnings to be deducted
each payday during such Accumulation Period. The minimum an Employee may elect and authorize to have deducted is 1% of his or her Base Earnings paid per pay period in such Accumulation Period, and the maximum is 15% of his or her Base Earnings paid
per pay period in such Accumulation Period (or such larger or smaller percentage as the Administrator may designate from time to time). 
  

	8.2	 Duration of Payroll Deductions. 

Deductions from a Participant’s Base Earnings shall commence upon the first payday on or after the commencement of the Accumulation
Period, and shall continue until the date on which such authorization ceases to be effective in accordance with Article VI. The amount of each deduction made for a Participant shall be credited to the Participant’s Account. 

 

	8.3	 Unfunded Status of Payroll Deductions. 

Prior to the time a Participant’s payroll deduction is used to purchase Shares as provided in Article 9 below, such amounts are considered
general assets of the Company or Participating Subsidiary (as applicable) and, as such, are subject to the claims of the Company’s or Participating Subsidiary’s creditors in the event of insolvency or bankruptcy. The Company or
Participating Subsidiary may use such funds for any corporate purpose, and the Company will not be obligated to segregate such funds from the Company’s or Participating Subsidiary’s general corporate funds and/or deposit such funds with an
independent third party. 
  

	8.4	 Cancellation of Payroll Deduction Election. 

As of the last day of any month during an Accumulation Period, a Participant may elect to cease (but not to increase or decrease) payroll
deductions made on his or her behalf for the remainder of such Accumulation Period by filing the applicable election with the Company or Participating Subsidiary in such form and manner and at such time as may be permitted by the Administrator. A
Participant who has ceased payroll deductions may have the amount which was credited to his or her Account prior to such cessation applied to the purchase of Shares as of the Purchase Date in accordance with Section 9.1 and receive the balance
of the Account with respect to which the enrollment is ceased, if any, in cash. A 

  
 - 9 - 

 
Participant who has ceased payroll deductions may also voluntarily withdraw from the Plan pursuant to Section 10.1. Any Participant who ceases payroll deductions for an Accumulation Period
may re-enroll in the Plan on the next subsequent Enrollment Date following the cessation in accordance with the provisions of Article 6. A Participant who ceases to be employed by the Company or any
Participating Subsidiary will cease to be a Participant in accordance with Section 10.2. 
  

	8.5	 No Additional Contributions Permitted. 

A Participant may not make any separate or additional contributions to his Account under the Plan. Neither the Company nor any Participating
Subsidiary shall make separate or additional contributions to any Participant’s Account under the Plan. 
 Article 9. 

Purchase of Shares 
  

	9.1	 Exercise of Options. 

Subject to Section 9.2, any option held by the Participant which was granted under this Plan and which remains outstanding as of a
Purchase Date shall be deemed to have been exercised on such Purchase Date for the purchase of the number of whole Shares which the funds accumulated in his or her Account as of the Purchase Date will purchase at the applicable purchase price. No
Shares will be purchased on behalf of any Participant who fails to file an enrollment form authorizing payroll deductions for an Accumulation Period. 
  

	9.2	 Effect of Withdrawal from the Plan. 

A Participant who holds an outstanding option as of a Purchase Date shall not be deemed to have exercised such option if the Participant
elected not to exercise the option by withdrawing from the Plan in accordance with Section 10.1. 
 If, after a Participant’s
exercise of an option under Section 9.1, an amount remains credited to the Participant’s Account as of a Purchase Date, then the remaining amount shall be distributed to the Participant in cash as soon as administratively practical after
such Purchase Date. 
  

	9.3	 Option Exercise Price. 

The purchase price for each Share purchased under any option shall not be less than 85% of the lesser of (a) the Fair Market Value of a
Share on the Purchase Date or (b) the Fair Market Value of a Share on the first Trading Day of the Accumulation Period. Notwithstanding the preceding, the Administrator may establish a different purchase price for each Share purchased under any
option provided that such purchase price is determined at least thirty (30) days prior to the beginning of the Accumulation Period for which it is applicable and is not less than the exercise price described in the preceding sentence. 

 

	9.4	 Restrictions on Option Exercise. 

If the total number of Shares for which an option is exercised on any Purchase Date in accordance with this Article 9, when aggregated with all
Shares previously granted under this Plan, exceeds the maximum number of Shares reserved in Section 4.1, the Administrator shall make a pro rata allocation of the Shares available for delivery and distribution in as nearly a uniform manner as
shall be practicable and as it shall determine to be equitable, and the balance of the cash amount credited to the Account of each Participant under the Plan shall be returned to him or her as promptly as administratively practical. 

  
 - 10 - 

	9.5	 Six-Month Holding Period. 

Any Shares purchased under this Plan may not be sold, transferred or assigned for a period of six months after the Purchase Date. 

Article 10. 
 Withdrawal
From the Plan; Termination of Employment; Leave of Absence; Death 
  

	10.1	 Withdrawal from the Plan. 

A Participant may withdraw from the Plan in full (but not in part) during any Accumulation Period by delivering a notice of withdrawal to the
Company (in a manner prescribed by the Administrator) at any time prior to the first day of the calendar last month immediately preceding the Purchase Date for such Accumulation Period, or at such shorter time in advance of the Purchase Date as the
Administrator may permit. If notice of withdrawal is timely received, all funds then accumulated in the Participant’s Account shall not be used to purchase Shares, but shall instead be distributed to the Participant as soon as administratively
practical, and the Participant’s payroll deductions shall cease as soon as administratively practical. An Employee who has withdrawn during an Accumulation Period may not return funds to the Company or a Participating Subsidiary during the same
Accumulation Period and require the Company or Participating Subsidiary to apply those funds to the purchase of Shares, nor may such Participant’s payroll deductions continue, in accordance with Article 6. Any Eligible Employee who has
withdrawn from the Plan may, however, re-enroll in the Plan on the next subsequent Enrollment Date following withdrawal in accordance with the provisions of Article 6. 

 

	10.2	 Termination of Employment. 

Participation in the Plan terminates immediately when a Participant ceases to be employed by the Company or any Participating Subsidiary for
any reason whatsoever, including but not limited to termination of employment, whether voluntary or involuntary, or on account of disability, or retirement, but not including death, or if the Participating Subsidiary employing the Participant ceases
for any reason to be a Participating Subsidiary. Participation in the Plan also terminates immediately when a Participant ceases to be an Eligible Employee under Article 5 or withdraws from the Plan. Upon termination of participation such terminated
Participant’s outstanding options shall thereupon terminate. As soon as administratively practicable after termination of participation, the Company shall pay to the Participant or legal representative all amounts accumulated in the
Participant’s Account and held by the Company at the time of termination of participation, and any Participating Subsidiary shall pay to the Participant or legal representative all amounts accumulated in the Participant’s Account and held
by the Participating Subsidiary at the time of termination of participation. 
  

	10.3	 Leave of Absence. 

If a Participant takes an unpaid leave of absence without terminating employment, such Participant will be deemed to have discontinued
contributions to the Plan in accordance with Section 8.3, but will remain a Participant in the Plan through the balance of the Accumulation Period in which his or her leave of absence begins, so long as such leave of absence does not exceed
ninety (90) days. If a Participant takes an unpaid leave of absence without terminating employment, such Participant will be deemed to have withdrawn from the Plan in accordance with Section 10.1 on the ninety-first (91st) day of such leave of absence. 

  
 - 11 - 

	10.4	 Death. 

As soon as administratively feasible after the death of a Participant, amounts accumulated in his or her Account shall be paid in cash to the
beneficiary or beneficiaries designated by the Participant on a beneficiary designation form approved by the Administrator, but if the Participant does not make an effective beneficiary designation then such amounts shall be paid in cash to the
Participant’s spouse if the Participant has a spouse, or, if the Participant does not have a spouse, to the executor, administrator or other legal representative of the Participant’s estate. Such payment shall relieve the Company and the
Participating Subsidiary of further liability with respect to the Plan on account of the deceased Participant. If more than one beneficiary is designated, each beneficiary shall receive an equal portion of the Account unless the Participant has
given express contrary instructions. None of the Participant’s beneficiary, spouse, executor, administrator or other legal representative of the Participant’s estate shall, prior to the death of the Participant by whom he has been
designated, acquire any interest in the amounts credited to the Participant’s Account under the Plan. 
 Article 11. 

Miscellaneous 
  

	11.1	 Interest. 

Interest or earnings will not be paid on any Employee Accounts. 
  

	11.2	 Restrictions on Transfer. 

The rights of a Participant under the Plan shall not be assignable or transferable by such Participant. Any such attempt at assignment,
transfer, pledge or other disposition shall be without effect, except that the Company may treat such act as an election to withdraw from the Plan in accordance with Section 10.1. 

 

	11.3	 Administrative Assistance. 

If the Administrator in its discretion so elects, it may retain a brokerage firm, bank, other financial institution or other appropriate agent
to assist in the purchase of Shares, delivery of reports or other administrative aspects of the Plan. If the Administrator so elects, each Participant shall (unless prohibited by applicable law) be deemed upon enrollment in the Plan to have
authorized the establishment of an account on his or her behalf at such institution. Shares purchased by a Participant under the Plan shall be held in the account in the Participant’s name, or if the Participant so indicates in the enrollment
form, in the Participant’s name together with the name of one or more other persons in joint tenancy with right of survivorship or in tenancy by the entireties or as spousal community property, or in such forms of trust as may be approved by
the Administrator, to the extent permitted by law. 
  

	11.4	 Costs. 

All costs and expenses incurred in administering the Plan shall be paid by the Company or Participating Subsidiaries, including any brokerage
fees on the purchased Shares; excepting that any stamp duties, transfer taxes, fees to issue stock certificates, and any brokerage fees on the sale price applicable to participation in the Plan after the initial purchase of the Shares on the
Purchase Date shall be charged to the Account or brokerage account of such Participant. 
  

	11.5	 Applicable Law. 

 

  
 - 12 - 

 The Plan shall be governed by the substantive laws (excluding the conflict of laws rules) of
the State of Delaware. 
  

	11.6	 Amendment and Termination. 

The Board or the Board’s Compensation Committee may amend, alter or terminate the Plan at any time. Notwithstanding any provision
hereunder to the contrary, no amendment which would amend or modify the Plan in a manner requiring stockholder approval under any securities exchange on which the Shares are traded shall be effective unless, within one year after it is adopted, it
is approved by the holders of a majority of the voting power of the Company’s outstanding shares. The provisions of this Section 11.6 are in addition to, and not in lieu of, the authority of the Administrator to amend or modify the Plan
under other provisions of the Plan. 
 If the Plan is terminated, the Administrator may elect to terminate all outstanding options either
prior to their expiration or upon completion of the purchase of Shares on the next Purchase Date, or may elect to permit options to expire in accordance with the terms of this Plan (and participation to continue through such expiration dates). If
the options are terminated prior to expiration, all funds accumulated in Participants’ Accounts as of the date the options are terminated shall be returned to the Participants as soon as administratively feasible. 

 

	11.7	 No Right of Employment. 

Neither the grant nor the exercise of any rights to purchase Shares under this Plan nor anything in this Plan shall impose upon the Company or
Participating Subsidiary any obligation to employ or continue to employ any employee. The right of the Company or Participating Subsidiary to terminate any employee shall not be diminished or affected because any rights to purchase Shares have been
granted to such employee. 
  

	11.8	 Requirements of Law. 

The making of payroll deductions and the delivery of Shares under the Plan shall be subject to all applicable laws, rules, and regulations, and
to such approvals by any governmental agencies or national securities exchanges as may be required. Notwithstanding any provision of the Plan, Participants shall not be entitled to receive benefits under the Plan, and the Company (and any Subsidiary
Corporation) shall not be obligated to deliver any Shares or deliver benefits to a Participant, if such delivery would constitute a violation by the Participant or the Company or any of its Subsidiary Corporations of any applicable law or
regulation. 
  

	11.9	 Gender. 

When used herein, masculine terms shall be deemed to include the feminine, except when the context indicates to the contrary. 

 

	11.10	 Military Service. 

The Plan shall be administered in accordance with Section 14(u) of the Internal Revenue Code and the Uniformed Services Employment and
Reemployment Rights Act of 1994. 
  

	11.11	 Code Section 409A. 

  
 - 13 - 

 Purchase rights granted hereunder are intended to be exempt from the application of Code
Section 409A as a statutory option described in Section 423 of the Code and any ambiguities shall be construed and interpreted in accordance with such intent. . 
  

	11.12	 Stockholder Approval. 

All options granted on or after the Effective Date and prior to the date the Company’s stockholders approve the Plan are expressly
conditioned upon and subject to approval of the Plan by the Company’s stockholders. 

  
 - 14 -

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