Document:

Exhibit 10.1

 

BIOCRYST PHARMACEUTICALS, INC.

STOCK INCENTIVE PLAN

(AS AMENDED AND RESTATED AS OF APRIL 18, 2022)

 

Article
One

GENERAL PROVISIONS

 

I.                  
PURPOSES OF THE PLAN

 

A.               
This Stock Incentive Plan (the “Plan”), formerly the “BioCryst Pharmaceuticals, Inc. 1991 Stock Option Plan,”
is intended to promote the interests of BioCryst Pharmaceuticals, Inc., a Delaware corporation (the “Company”), by providing
a method whereby (i) employees (including officers and directors) of the Company (or its parent or subsidiary corporations), (ii) non-employee
members of the board of directors of the Company (the “Board”) (or of any parent or subsidiary corporations) and (iii) consultants
and other independent contractors who provide valuable services to the Company (or any parent or subsidiary corporations) may be offered
the opportunity to acquire a proprietary interest, or otherwise increase their proprietary interest, in the Company as an incentive for
them to remain in the service of the Company (or any parent or subsidiary corporations).

 

B.                
For purposes of the Plan, the following provisions shall be applicable in determining the parent and subsidiary corporations of the Company:

 

(i)       Any
corporation (other than the Company) in an unbroken chain of corporations ending with the Company shall be considered to be a parent
corporation of the Company, provided each such corporation in the unbroken chain (other than the Company) owns, at the time of the
determination, stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other
corporations in such chain.

 

(ii)       Each
corporation (other than the Company) in an unbroken chain of corporations beginning with the Company shall be considered to be a subsidiary
of the Company, provided each such corporation (other than the last corporation) in the unbroken chain owns, at the time of the determination,
stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations
in such chain.

 

C.                
The Plan, as amended and restated, was approved and adopted by the Board effective on April 18, 2022 in order to increase by 8,000,000
the number of shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), subject to approval
by the Company’s stockholders at the Company’s Annual Meeting of Stockholders on June 7, 2022, and to make certain other changes.

 

II.               
STRUCTURE OF THE PLAN

 

A.               
The Plan shall be divided into three separate equity programs:

 

(i)       the
Discretionary Option Grant Program specified in Article Two, pursuant to which eligible persons may, at the discretion of the Plan Administrator,
be granted options to purchase shares of Common Stock,

 

(ii)       the
Stock Issuance Program specified in Article Three, pursuant to which eligible persons may, at the discretion of the Plan Administrator,
be issued shares of Common Stock directly or through the issuance of restricted stock units (“RSUs”) that provide for the
issuance of shares of Common Stock if the applicable vesting criteria are satisfied, and

 

(iii)       
the Director Grant Program specified in Article Four, pursuant to which non-employee members of the Board may receive grants of awards.

 

     

     

    

B.                
Unless the context clearly indicates otherwise, the provisions of Articles One and Five of the Plan shall apply to all equity programs
under the Plan and shall accordingly govern the interests of all individuals under the Plan.

 

III.            
ADMINISTRATION OF THE PLAN

 

A.              
The Plan shall be administered by the Committee who shall be the Compensation Committee of the Board or, in the absence of a Compensation
Committee, a properly constituted committee or the Board itself (the administrator is referred to herein as the “Committee”
or the “Plan Administrator”). Any power of the Committee may also be exercised by the Board, except to the extent that the
grant or exercise of such authority would cause any award or transaction to become subject to (or lose an exemption under) the short-swing
profit recovery provisions of Section 16 of the Securities Exchange Act of 1934, as amended (the “1934 Act”). To the extent
that any permitted action taken by the Board conflicts with action taken by the Committee, the Board action shall control. The Committee
may by resolution authorize one or more officers of the Company to perform any or all things that the Committee is authorized and empowered
to do or perform under the Plan, and for all purposes under this Plan, such officer or officers shall be treated as the Committee; provided,
however, that the resolution so authorizing such officer or officers shall specify the total number of awards (if any) such officer or
officers may award pursuant to such delegated authority, and any such award shall be subject to the form of award agreement theretofore
approved by the Compensation Committee. No such officer shall designate himself or herself as a recipient of any awards granted under
authority delegated to such officer. In addition, the Compensation Committee may delegate any or all aspects of the day-to-day administration
of the Plan to one or more officers or employees of the Company or any subsidiary or affiliate, and/or to one or more agents.

 

B.                
Subject to the express provisions of this Plan, the Committee shall be authorized and empowered to do all things that it determines to
be necessary or appropriate in connection with the administration of this Plan, including, without limitation: (i) to prescribe, amend
and rescind rules and regulations relating to this Plan and to define terms not otherwise defined herein; (ii) to determine which persons
are grantees, to which of such grantees, if any, awards shall be granted hereunder and the timing of any such awards; (iii) to grant awards
to grantees and determine the terms and conditions thereof, including the number of shares of Common Stock subject to awards and the exercise
or purchase price of such shares and the circumstances under which awards become exercisable or vested or are forfeited or expire, which
terms may but need not be conditioned upon the passage of time, continued employment, the satisfaction of performance criteria, the occurrence
of certain events (including events which constitute a Change in Control to the extent permitted hereunder), or other factors; (iv) to
establish and verify the extent of satisfaction of any performance goals or other conditions applicable to the grant, issuance, exercisability,
vesting and/or ability to retain any award; (v) to prescribe and amend the terms of the agreements or other documents evidencing awards
made under this Plan (which need not be identical) and the terms of or form of any document or notice required to be delivered to the
Company by grantees under this Plan; (vi) to determine the extent to which adjustments are required pursuant to Article One; (vii) to
interpret and construe this Plan, any rules and regulations under this Plan and the terms and conditions of any award granted hereunder,
and to make exceptions to any such provisions for the benefit of the Company; (viii) to approve corrections in the documentation or administration
of any award; and (ix) to make all other determinations deemed necessary or advisable for the administration of this Plan.

 

C.     All
decisions, determinations and interpretations by the Committee regarding the Plan, any rules and regulations under the Plan and the terms
and conditions of or operation of any award granted hereunder, shall be final and binding on all grantees, beneficiaries, heirs, assigns
or other persons holding or claiming rights under the Plan or any award. The Committee shall consider such factors as it deems relevant,
in its sole and absolute discretion, to making such decisions, determinations and interpretations including, without limitation, the recommendations
or advice of any officer or other employee of the Company and such attorneys, consultants and accountants as it may select.

 

D.   The
Committee may delegate all or a portion of their duties hereunder to one or more individuals or committees. Any reference to the Committee
or the Plan Administrator shall refer to such individual(s) or committee(s) to the extent of such delegation.

 

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IV.             
ELIGIBILITY

 

A.               
The persons eligible to participate in the Discretionary Option Grant and Stock Issuance Programs shall be limited to the following:

 

(i)       officers
and other employees of the Company (or its parent or subsidiary corporations);

 

(ii)       individuals
who are consultants or independent advisors and who provide valuable services to the Company (or its parent or subsidiary corporations);
and

 

(iii)       non-employee
members of the Board (or of the board of directors of parent or subsidiary corporations), subject to the limits set forth in Section II.A.
of Article Four.

 

B.                
Only Board members who are not employees of the Company (or any parent or subsidiary) shall be eligible to receive grants pursuant to
the Director Grant Program specified in Article Four.

 

C.                
The Plan Administrator shall, within the scope of its administrative jurisdiction under the Plan, have full power and authority to determine
(i) whether to grant options in accordance with the Discretionary Option Grant Program or to effect stock issuances in accordance with
the Stock Issuance Program, (ii) which eligible persons are to receive option grants under the Discretionary Option Grant Program, the
time or times when such option grants are to be made, the number of shares to be covered by each such grant, the status of the granted
option as either an incentive stock option (“Incentive Option”) which satisfies the requirements of Section 422 of the Internal
Revenue Code of 1986, as amended (the “Code”) or a non-statutory option not intended to meet such requirements, the time or
times when each such option is to become exercisable, the vesting schedule (if any) applicable to the option shares and the maximum term
for which such option is to remain outstanding, and (iii) which eligible persons are to receive stock issuances under the Stock Issuance
Program, the time or times when such issuances are to be made, the number of shares to be issued to each grantee, the vesting schedule
(if any) applicable to the shares and the consideration for such shares.

 

V.                
STOCK SUBJECT TO THE PLAN

 

A.               
Shares of the Company’s Common Stock shall be available for issuance under the Plan and shall be drawn from either the Company’s
authorized but unissued shares of Common Stock or from reacquired shares of Common Stock, including shares repurchased by the Company
on the open market. The maximum number of shares of Common Stock which may be issued over the term of the Plan, as amended and restated,
shall not exceed 56,090,000 shares, subject to adjustment from time to time in accordance with the provisions of this Section V. The total
number of shares available under the Plan, as amended and restated, as of April 18, 2022 is 41,173,832. This amount consists of 29,605,457
shares reserved for awards already issued, 3,568,375 shares of Common Stock available for future issuance under the Plan, and the increase
of 8,000,000 shares of Common Stock authorized by the Board (subject to approval by the Company’s stockholders at the Annual Meeting
of Stockholders on June 7, 2022).

 

B.                
In no event shall the number of shares of Common Stock for which any one individual participating in the Plan may receive options, separately
exercisable stock appreciation rights and direct stock issuances and RSUs exceed 1,500,000 shares of Common Stock in the aggregate in
any calendar year. For purposes of such limitation, however, no stock options granted prior to the date the Common Stock was first registered
under Section 12 of the 1934 Act (the “Section 12(g) Registration Date”) shall be taken into account.

 

C.                
Should an outstanding option under this Plan expire or terminate for any reason prior to exercise in full, the shares subject to the portion
of the option not so exercised shall be available for subsequent option grant or direct stock issuances or RSUs under the Plan. Unvested
shares issued under the Plan and subsequently repurchased by the Company, at the original issue price paid per share, pursuant to the
Company’s repurchase rights under the Plan, or shares underlying terminated RSUs, shall be added back to the number of shares of
Common Stock reserved for issuance under the Plan and shall accordingly be available for reissuance through one or more subsequent option
grants or direct stock issuances or RSUs under the Plan. However, shares subject to an award under the Plan may not again be made available
for issuance under the Plan if such shares are: (i) shares that were subject to a stock-settled stock appreciation right and were not
issued upon the net settlement or net exercise of such stock appreciation right, (ii) shares used to pay the exercise price of an option,
(iii) shares delivered to or withheld by the Company to pay the withholding taxes related an award, or (iv) shares repurchased on the
open market with the proceeds of an option exercise. Shares of Common Stock subject to any option surrendered for an appreciation distribution
under Section IV of Article Two or Section II.B.1.(iv) of Article Four shall not be available for subsequent issuance under the Plan.

 

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D.               
In the event any change is made to the Common Stock issuable under the Plan by reason of any stock split, stock dividend, recapitalization,
combination of shares, exchange of shares or other change affecting the outstanding Common Stock as a class without receipt of consideration,
then appropriate adjustments shall be made to (i) the maximum number and/or class of securities issuable under the Plan, (ii) the maximum
number and/or class of securities for which any one individual participating in the Plan may be granted stock options, separately exercisable
stock appreciation rights, and direct stock issuances and RSUs under the Plan from and after the Section 12(g) Registration Date, (iii)
the number and/or class of securities and price per share in effect under each outstanding option and stock appreciation right under the
Plan, (iv) the number and/or class of securities in effect under each outstanding direct stock issuance and RSU under the Plan, and (v)
the number and/or class of securities for which grants are subsequently to be made per non-employee Board member under the Director Grant
Program. The purpose of such adjustments shall be to preclude the enlargement or dilution of rights and benefits under the Plan.

 

E.                
The fair market value per share of Common Stock on any relevant date under the Plan shall be determined in accordance with the following
provisions:

 

(i)       If
the Common Stock is not at the time listed or admitted to trading on any national securities exchange but is traded in the over-the-counter
market, the fair market value shall be the mean between the highest bid and lowest asked prices (or, if such information is available,
the closing selling price) per share of Common Stock on the date in question in the over-the-counter market, as such prices are reported
on the Nasdaq National Market, the Nasdaq Global Select Market or any successor system. If there are no reported bid and asked prices
(or closing selling price) for the Common Stock on the date in question, then the mean between the highest bid price and lowest asked
price (or the closing selling price) on the last preceding date for which such quotations exist shall be determinative of fair market
value.

 

(ii)       If
the Common Stock is at the time listed or admitted to trading on any national securities exchange, then the fair market value shall be
the closing selling price per share of Common Stock on the date in question on the securities exchange determined by the Plan Administrator
to be the primary market for the Common Stock, as such price is officially quoted in the composite tape of transactions on such exchange.
If there is no reported sale of Common Stock on the exchange on the date in question, then the fair market value shall be the closing
selling price on the exchange on the last preceding date for which such quotation exists.

 

(iii)       If
the Common Stock is at the time neither listed nor admitted to trading on any securities exchange nor traded in the over-the-counter market,
then the fair market value shall be determined by the Plan Administrator after taking into account such factors as the Plan Administrator
shall deem appropriate.

 

VI.                MINIMUM
VESTING

 

Notwithstanding any other provision
of this Plan to the contrary, in no event shall any award granted pursuant to this Plan vest prior to the twelve (12)-month anniversary
of the date of grant, other than in connection with the grantee’s death or permanent disability or, to the extent permitted hereunder,
in connection with a Change in Control (provided that this limitation shall not apply with respect to up to five percent (5%) of the shares
of Common Stock available for issuance under this Plan following approval of the Plan at the Company’s Annual Meeting of Stockholders
on June 7, 2022). The minimum vesting period set forth in this Section VI may not be waived or superseded by any provision in an award
or other agreement.

 

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Article
Two

DISCRETIONARY OPTION GRANT PROGRAM

 

I.                  
TERMS AND CONDITIONS OF OPTIONS

 

Options granted pursuant to
this Article Two shall be authorized by action of the Plan Administrator and may, at the Plan Administrator’s discretion, be either
Incentive Options or non-statutory options. Individuals who are not Employees may only be granted non-statutory options under this Article
Two. Each option granted shall be evidenced by one or more instruments in the form approved by the Plan Administrator. Each such instrument
shall, however, comply with the terms and conditions specified below, and each instrument evidencing an Incentive Option shall, in addition,
be subject to the applicable provisions of Section II of this Article Two.

 

A.               
Option Price.

 

1.                 
The option price per share shall be fixed by the Plan Administrator. In no event, however, shall the option price per share be less than
one hundred percent (100%) of the fair market value per share of Common Stock on the date of the option grant.

 

2.                 
The option price shall become immediately due upon exercise of the option and shall, subject to the provisions of Section IV of this Article
Two and the instrument evidencing the grant, be payable through one of the following methods (or a combination thereof):

 

(i)       full
payment in cash or check drawn to the Company’s order;

 

(ii)       full
payment in shares of Common Stock held by the optionee for the requisite period necessary to avoid a charge to the Company’s earnings
for financial reporting purposes and valued at fair market value on the Exercise Date (as such term is defined below);

 

(iii)       full
payment through a combination of shares of Common Stock held by the optionee for the requisite period necessary to avoid a charge to the
Company’s earnings for financial reporting purposes and valued at fair market value on the Exercise Date and cash or cash equivalent;

 

(iv)       full
payment through a broker-dealer sale and remittance procedure pursuant to which the optionee (I) shall provide irrevocable written instructions
to a designated brokerage firm to effect the immediate sale of the purchased shares and remit to the Company, out of the sale proceeds
available on the settlement date, sufficient funds to cover the aggregate option price payable for the purchased shares plus all applicable
Federal and State income and employment taxes required to be withheld by the Company in connection with such purchase and (II) shall provide
written directives to the Company to deliver the certificates for the purchased shares directly to such brokerage firm in order to complete
the sale transaction; or

 

(v)       such
other method as permitted by the Plan Administrator.

 

For purposes of this subparagraph
2, the Exercise Date shall be the date on which written notice of the option exercise is delivered to the Company. Except to the extent
the sale and remittance procedure is utilized in connection with the exercise of the option, payment of the option price for the purchased
shares must accompany such notice.

 

B.                
Term and Exercise of Options.

 

Each option granted under
this Article Two shall be exercisable at such time or times, during such period, and for such number of shares as shall be determined
by the Plan Administrator and set forth in the instrument evidencing the option grant. No such option, however, shall have a maximum term
in excess of ten (10) years from the grant date. During the lifetime of the optionee, the option, together with any stock appreciation
rights pertaining to such option, shall be exercisable only by the optionee and shall not be assignable or transferable by the optionee
except for a transfer of the option by will or by the laws of descent and distribution following the optionee’s death and, for the
avoidance of doubt, may not be transferred to a third party for cash or other value. However, the Plan Administrator shall have the discretion
to provide that a non-statutory option may, in connection with the optionee’s estate plan, be assigned in whole or in part during
the optionee’s lifetime either (i) as a gift to one or more members of optionee’s immediate family, to a trust in which optionee
and/or one or more such family members hold more than fifty percent (50%) of the beneficial interest or an entity in which more than fifty
percent (50%) of the voting interests are owned by optionee and/or one or more such family members, or (ii) pursuant to a domestic relations
order. The assigned portion shall be exercisable only by the person or persons who acquire a proprietary interest in the option pursuant
to such assignment. The terms applicable to the assigned portion shall be the same as those in effect for this option immediately prior
to such assignment and shall be set forth in such documents issued to the assignee as the Plan Administrator may deem appropriate.

 

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C.                
Termination of Service.

 

1.                 
Except to the extent otherwise provided pursuant to Section V of this Article Two or pursuant to an applicable award agreement, the following
provisions shall govern the exercise period applicable to any options held by the optionee at the time of cessation of Service or death.

 

(i)       Should
the optionee cease to remain in Service for any reason other than death or permanent disability, then the period for which each outstanding
option held by such optionee is to remain exercisable shall be limited to the three (3)-month period following the date of such cessation
of Service. However, should optionee die during the three (3)-month period following his or her cessation of Service, the personal representative
of the optionee’s estate or the person or persons to whom the option is transferred pursuant to the optionee’s will or in
accordance with the laws of descent and distribution shall have a twelve (12)-month period following the date of the optionee’s
death during which to exercise such option.

 

(ii)       In
the event such Service terminates by reason of permanent disability (as defined in Section 22(e)(3) of the Internal Revenue Code), then
the period for which each outstanding option held by the optionee is to remain exercisable shall be limited to the twelve (12)-month period
following the date of such cessation of Service.

 

(iii)       Should
the optionee, after completing five (5) full years of Service, die while in Service, then the exercisability of each of his or her outstanding
options shall automatically accelerate so that each such option shall become fully exercisable with respect to the total number of shares
of Common Stock at the time subject to such option and may be exercised for all or any portion of such shares. The personal representative
of the optionee’s estate or the person or persons to whom the option is transferred pursuant to the optionee’s will or in
accordance with the laws of descent and distribution shall have a twelve (12)-month period following the date of the optionee’s
death during which to exercise such option.

 

(iv)       In
the event such Service terminates by reason of death prior to the optionee obtaining five (5) full years of Service, then the period for
which each outstanding vested option held by the optionee at the time of death shall be exercisable by the optionee’s estate or
the person or persons to whom the option is transferred pursuant to the optionee’s will shall be limited to the twelve (12)-month
period following the date of the optionee’s death.

 

(v)       Under
no circumstances, however, shall any such option be exercisable after the specified expiration date of the option term.

 

(vi)       Each
such option shall, during such limited exercise period, be exercisable for any or all of the shares for which the option is exercisable
on the date of the optionee’s cessation of Service. Upon the expiration of such limited exercise period or (if earlier) upon the
expiration of the option term, the option shall terminate and cease to be exercisable. However, each outstanding option shall immediately
terminate and cease to remain outstanding, at the time of the optionee’s cessation of Service, with respect to any shares for which
the option is not otherwise at that time exercisable or in which the optionee is not otherwise vested.

 

(vii)       Should
(i) the optionee’s Service be terminated for misconduct (including, but not limited to, any act of dishonesty, willful misconduct,
fraud or embezzlement) or (ii) the optionee make any unauthorized use or disclosure of confidential information or trade secrets of the
Company or its parent or subsidiary corporations, then in any such event all outstanding options held by the optionee under this Article
Two shall terminate immediately and cease to be exercisable.

 

    	 	6	 

     

    

2.                 
The Plan Administrator shall have complete discretion, exercisable either at the time the option is granted or at any time while the option
remains outstanding, to permit one or more options held by the optionee under this Article Two to be exercised, during the limited period
of exercisability provided under subparagraph 1 above, not only with respect to the number of shares for which each such option is exercisable
at the time of the optionee’s cessation of Service but also with respect to one or more subsequent installments of purchasable shares
for which the option would otherwise have become exercisable had such cessation of Service not occurred.

 

3.                 
For purposes of the foregoing provisions of this Section I.C (and for all other purposes under the Plan):

 

(i)       The
optionee shall be deemed to remain in the Service of the Company for so long as such individual renders services on a periodic
basis to the Company (or any parent or subsidiary corporation) in the capacity of an Employee, a non-employee member of the board of directors
or an independent consultant or advisor, unless the agreement evidencing the applicable option grant specifically states otherwise.

 

(ii)       The
optionee shall be considered to be an Employee for so long as such individual remains in the employ of the Company or one or more
of its parent or subsidiary corporations, subject to the control and direction of the employer entity not only as to the work to be performed
but also as to the manner and method of performance.

 

D.               
Stockholder Rights.

 

An optionee shall have no
stockholder rights with respect to any shares covered by the option until such individual shall have exercised the option and paid the
option price for the purchased shares. Without limitation, an optionee shall not have any right to receive dividends with respect to an
unexercised option.

 

E.                
No Repricing.

 

No option or stock appreciation
right may be repriced, regranted through cancellation, including cancellation in exchange for cash or other awards, or otherwise amended
to reduce its option price or exercise price (other than with respect to adjustments made in connection with a transaction or other change
in the Company’s capitalization as permitted under this Plan) without the approval of the stockholders of the Company.

 

F.               
Repurchase Rights.

 

The shares of Common Stock
acquired upon the exercise of options granted under this Article Two may be subject to repurchase by the Company in accordance with the
following provisions:

 

1.       The
Plan Administrator shall have the discretion to grant options which are exercisable for unvested shares of Common Stock under this Article
Two. Should the optionee cease Service while holding such unvested shares, the Company shall have the right to repurchase any or all those
unvested shares at the option price paid per share. The terms and conditions upon which such repurchase right shall be exercisable (including
the period and procedure for exercise and the appropriate vesting schedule for the purchased shares) shall be established by the Plan
Administrator and set forth in the instrument evidencing such repurchase right.

 

2.       All
of the Company’s outstanding repurchase rights shall automatically terminate, and all shares subject to such terminated rights shall
immediately vest in full, upon the occurrence of any Corporate Transaction under Section III of this Article Two, except to the extent:
(i) any such repurchase right is expressly assigned to the successor corporation (or parent thereof) in connection with the Corporate
Transaction or (ii) such termination is precluded by other limitations imposed by the Plan Administrator at the time the repurchase right
is issued.

 

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3.       The
Plan Administrator shall have the discretionary authority, exercisable either before or after the optionee’s cessation of Service,
to cancel the Company’s outstanding repurchase rights with respect to one or more shares purchased or purchasable by the optionee
under this Discretionary Option Grant Program and thereby accelerate the vesting of such shares in whole or in part at any time.

 

II.               
INCENTIVE OPTIONS

 

The terms and conditions specified
below shall be applicable to all Incentive Options granted under this Article Two. Incentive Options may only be granted to individuals
who are Employees of the Company. Options which are specifically designated as “non-statutory” options when issued under the
Plan shall not be subject to such terms and conditions.

 

A.               
Dollar Limitation. The aggregate fair market value (determined as of the respective date or dates of grant) of the Common
Stock for which one or more options granted to any Employee under this Plan (or any other option plan of the Company or its parent or
subsidiary corporations) may for the first time become exercisable as incentive stock options under the Federal tax laws during any one
calendar year shall not exceed the sum of One Hundred Thousand Dollars ($100,000). To the extent the Employee holds two or more such options
which become exercisable for the first time in the same calendar year, the foregoing limitation on the exercisability of such options
as incentive stock options under the Federal tax laws shall be applied on the basis of the order in which such options are granted. Should
the number of shares of Common Stock for which any Incentive Option first becomes exercisable in any calendar year exceed the applicable
One Hundred Thousand Dollar ($100,000) limitation, then that option may nevertheless be exercised in such calendar year for the excess
number of shares as a non-statutory option under the Federal tax laws.

 

B.                
10% Stockholder. If any individual to whom an Incentive Option is granted is the owner of stock (as determined under Section
424(d) of the Internal Revenue Code) possessing 10% or more of the total combined voting power of all classes of stock of the Company
or any one of its parent or subsidiary corporations, then the option price per share shall not be less than one hundred and ten percent
(110%) of the fair market value per share of Common Stock on the grant date, and the option term shall not exceed five (5) years, measured
from the grant date.

 

C.                
Termination of Employment. Any portion of an Incentive Option that remains outstanding (by reason of the optionee remaining
in the Service of the Company, pursuant to the Plan Administrator’s exercise of discretion under Section V of this Article Two,
or otherwise) more than 3 months following the date an optionee ceases to be an Employee of the Company shall thereafter be exercisable
as a non-statutory option under federal tax laws.

 

Except as modified by the preceding
provisions of this Section II, the provisions of Articles One, Two and Five of the Plan shall apply to all Incentive Options granted hereunder.

 

III.            
CORPORATE TRANSACTIONS/CHANGES IN CONTROL

 

A.               
For purposes of this Section III (and for all other purposes under the Plan), a Corporate Transaction shall be deemed to occur in the
event of:

 

(1)       a
merger or consolidation in which the Company is not the surviving entity, except for a transaction the principal purpose of which is to
change the State of the Company’s incorporation,

 

(2)       the
sale, transfer or other disposition of all or substantially all of the assets of the Company in liquidation or dissolution of the Company,
or

 

(3)       any
reverse merger in which the Company is the surviving entity but in which securities possessing more than fifty percent (50%) of the total
combined voting power of the Company’s outstanding securities are transferred to a person or persons different from the persons
holding those securities immediately prior to such merger.

 

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The exercisability of each option outstanding
under this Article Two that was granted before April 3, 2017 shall automatically accelerate so that each such option shall, immediately
prior to the specified effective date for the Corporate Transaction, become fully exercisable with respect to the total number of shares
of Common Stock at the time subject to such option and may be exercised for all or any portion of such shares.

 

B.    Immediately
after the consummation of the Corporate Transaction, all outstanding options under this Article Two shall fully vest, terminate and cease
to be outstanding, except to the extent continued or assumed (as applicable) by the Company or the successor corporation or its parent
company. The Plan Administrator shall have complete discretion to provide, on such terms and conditions as it sees fit, for a cash payment
to be made to any optionee on account of any option terminated in accordance with this paragraph, in an amount equal to the excess (if
any) of (A) the fair market value of the shares subject to the option as of the date of the Corporate Transaction, over (B) the aggregate
exercise price of the option.

 

C.    Each
outstanding option under this Article Two which is assumed in connection with the Corporate Transaction or is otherwise to continue in
effect shall be appropriately adjusted, immediately after such Corporate Transaction, to apply and pertain to the number and class of
securities which would have been issued to the option holder, in consummation of such Corporate Transaction, had such person exercised
the option immediately prior to such Corporate Transaction. Appropriate adjustments shall also be made to the option price payable per
share, provided the aggregate option price payable for such securities shall remain the same. In addition, the class and number
of securities available for issuance under the Plan following the consummation of the Corporate Transaction shall be appropriately adjusted.
Any such options that are so continued or assumed in connection with a Corporate Transaction shall be treated as follows: if the grantee’s
employment is terminated by the Company without Cause or the grantee resigns due to a Constructive Termination, in either case within
the ninety (90) day period preceding or the two (2) year period following the Corporate Transaction, the exercisability of such option
shall automatically accelerate, and the Company’s outstanding repurchase rights under this Article Two shall immediately terminate;
provided, however, that if the Company, the acquiror or successor refuses to continue (or, as applicable, assume) the option in connection
with the Corporate Transaction, the exercisability of such option under this Article Two shall automatically accelerate, and the Company’s
outstanding repurchase rights under this Article Two shall immediately terminate upon the occurrence of such Corporate Transaction.

 

D.   The
grant of options under this Article Two shall in no way affect the right of the Company to adjust, reclassify, reorganize or otherwise
change its capital or business structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its business
or assets.

 

E.        In
the event of a Change in Control: (1) options granted under this Article Two prior to May 23, 2016 shall be subject to the provisions
of the Plan as in effect prior to such date, and (2) options granted on or after May 23, 2016 shall be treated as follows: if the grantee’s
employment is terminated by the Company without Cause or the grantee resigns due to a Constructive Termination, in either case within
the ninety (90) day period preceding or the two (2) year period following the Change in Control, the exercisability of such option shall
automatically accelerate, and the Company’s outstanding repurchase rights under this Article Two shall immediately terminate; provided,
however, that if the acquiror or successor refuses to assume the option in connection with the Change in Control, the exercisability of
such option under this Article Two shall automatically accelerate, and the Company’s outstanding repurchase rights under this Article
Two shall immediately terminate upon the occurrence of such Change in Control. In the event that the acquiror or successor refuses to
assume the option in connection with the Change in Control, the Plan Administrator shall have complete discretion to provide, on such
terms and conditions as it sees fit, for a cash payment to be made to any optionee on account of any option terminated in accordance with
this paragraph, in an amount equal to the excess (if any) of (A) the fair market value of the shares subject to the option as of the date
of the Change in Control, over (B) the aggregate exercise price of the option.

 

F.   For
purposes of this Section III (and for all other purposes under the Plan), a Change in Control shall be deemed to occur in the event:

 

(1)       any
person or related group of persons (other than the Company or a person that directly or indirectly controls, is controlled by, or is under
common control with, the Company) directly or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 of the 1934 Act)
of securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities
pursuant to a tender or exchange offer made directly to the Company’s stockholders; or

 

    	 	9	 

     

    

(2)       there
is a change in the composition of the Board over a period of twenty-four (24) consecutive months or less such that a majority of the Board
members (rounded up to the next whole number) ceases, by reason of one or more contested elections for Board membership, to be comprised
of individuals who either (A) have been Board members continuously since the beginning of such period or (B) have been elected or nominated
for election as Board members during such period by at least two-thirds of the Board members described in clause (A) who were still in
office at the time such election or nomination was approved by the Board.

 

G.               
All options accelerated in connection with the Corporate Transaction or Change in Control (either at the time of the Corporate Transaction
or Change in Control or as otherwise provided in this Section III) shall remain fully exercisable until the expiration or sooner termination
of the option term.

 

H.                
The portion of any Incentive Option accelerated under this Section III in connection with a Corporate Transaction or Change in Control
shall remain exercisable as an incentive stock option under the Federal tax laws only to the extent the dollar limitation of Section II
of this Article Two is not exceeded. To the extent such dollar limitation is exceeded, the accelerated portion of such option shall be
exercisable as a non-statutory option under the Federal tax laws.

 

I.              
For purposes of this Article Two and for purposes of Article Three:

 

1.                 
“Cause” means, unless otherwise provided in the applicable award agreement, the Company’s termination of the grantee’s
employment for any of the following reasons: (i) failure or refusal to comply in any material respect with lawful policies, standards
or regulations of the Company; (ii) a violation of a federal or state law or regulation applicable to the business of the Company; (iii)
conviction or plea of no contest to a felony under the laws of the United States or any State; (iv) fraud or misappropriation of property
belonging to the Company or its affiliates; (v) a breach in any material respect of the terms of any confidentiality, invention assignment
or proprietary information agreement with the Company or with a former employer, (vi) failure to satisfactorily perform the grantee’s
duties after having received written notice of such failure and at least thirty (30) days to cure such failure, or (vii) misconduct or
gross negligence in connection with the performance of the grantee’s duties.

 

2.                 
“Constructive Termination” means, unless otherwise provided in the applicable award agreement, the grantee’s resignation
of employment with the Company within ninety (90) days of the occurrence of any of the following: (i) a material reduction in the grantee’s
responsibilities; (ii) a material reduction in the grantee’s base salary; or (iii) a relocation of the grantee’s principal
office to a location more than 50 miles from the location of the grantee’s existing principal office.

 

IV.             
STOCK APPRECIATION RIGHTS

 

A.  Provided and
only if the Plan Administrator determines in its discretion to implement the stock appreciation right provisions of this Section IV, one
or more optionees may be granted the right, exercisable upon such terms and conditions as the Plan Administrator may establish, to surrender
all or part of an unexercised option granted under this Article Two in exchange for a distribution from the Company in an amount equal
to the excess of (i) the fair market value (on the option surrender date) of the number of shares in which the optionee is at the time
vested under the surrendered option (or surrendered portion thereof) over (ii) the aggregate option price payable for such vested shares.
The distribution may be made in shares of Common Stock valued at fair market value on the option surrender date, in cash, or partly in
shares and partly in cash, as the Plan Administrator shall determine in its sole discretion.

 

B.   The
shares of Common Stock subject to any option surrendered for an appreciation distribution pursuant to this Section IV shall not be available
for subsequent option grant under the Plan.

 

C.    Stockholder
Rights. A stock appreciation right holder shall have no stockholder rights with respect to any shares covered by the stock appreciation
right until such individual shall have exercised the stock appreciation right and received the acquired shares. Without limitation, a
stock appreciation right holder shall not have any right to receive dividends with respect to a stock appreciation right.

 

    	 	10	 

     

    

V.                
EXTENSION OF EXERCISE PERIOD

 

The Plan Administrator shall
have full power and authority, exercisable either at the time the option is granted or at any time while the option remains outstanding,
to extend the period of time for which any option granted under this Article Two is to remain exercisable following the optionee’s
cessation of Service or death from the limited period in effect under Section I.C.1 of Article Two to such greater period of time as the
Plan Administrator shall deem appropriate; provided, however, that in no event shall such option be exercisable after the specified
expiration date of the option term.

 

Article
Three

STOCK ISSUANCE PROGRAM

 

I.                  
STOCK ISSUANCE TERMS

 

Shares of Common Stock may be
issued under the Stock Issuance Program through direct and immediate issuances without any intervening option grants. Each such stock
issuance shall be evidenced by a Stock Issuance Agreement which complies with the terms specified below. Shares of Common Stock may also
be issued under the Stock Issuance Program pursuant to restricted stock units (“RSUs”), which are awards granted to eligible
individuals that entitle them to shares of Common Stock (or cash in lieu thereof) in the future following the satisfaction of vesting
conditions imposed by the Plan Administrator.

 

A.               
Vesting Provisions.

 

1.  The Plan
Administrator may issue shares of Common Stock under the Stock Issuance Program which are to vest in one or more installments over the
grantee's period of Service or upon attainment of specified performance objectives. Alternatively, the Plan Administrator may issue RSUs
under the Stock Issuance Program which shall entitle the recipient to receive a specified number of shares of Common Stock upon the attainment
of one or more Service and/or performance goals established by the Plan Administrator. Upon the attainment of such Service and/or performance
goals, fully-vested shares of Common Stock shall be issued in satisfaction of those RSUs.

 

2.   Any
new, substituted or additional securities or other property (including money paid other than as a regular cash dividend) issued by reason
of any stock dividend, stock split, recapitalization, combination of shares, exchange of shares or other change affecting the outstanding
Common Stock as a class without the Company’s receipt of consideration, shall be issued or set aside with respect to the shares
of unvested Common Stock granted to a grantee or subject to a grantee’s RSUs, subject to (i) the same vesting requirements applicable
to the grantee's unvested shares of Common Stock or RSUs, and (ii) such escrow arrangements as the Plan Administrator shall deem appropriate.

 

3.    The
grantee shall have full stockholder rights with respect to any shares of Common Stock issued to the grantee under the Stock Issuance Program,
whether or not the grantee's interest in those shares is vested, except that the grantee shall not have dividend rights with respect to
such shares prior to the vesting of such shares. However, the Plan Administrator may provide for a grantee to receive one or more dividend
equivalents with respect to such shares, entitling the grantee to all regular cash dividends payable on such shares of Common Stock, which
amounts shall be (i) subject to the same vesting requirements applicable to the shares of Common Stock granted hereunder, and (ii) payable
upon vesting of the shares to which such dividend equivalents relate.

 

4.  The grantee
shall not have any stockholder rights with respect to any shares of Common Stock subject to an RSU. However, the Plan Administrator may
provide for a grantee to receive one or more dividend equivalents with respect to such shares, entitling the grantee to all regular cash
dividends payable on the shares of Common Stock underlying the RSU, which amounts shall be (i) subject to the same vesting requirements
applicable to the shares of Common Stock underlying the RSU, and (ii) payable upon issuance of the shares to which such dividend equivalents
relate.

 

    	 	11	 

     

    

5.   Should
the grantee cease to remain in Service while holding one or more unvested shares of Common Stock issued under the Stock Issuance Program
or should the performance objectives not be attained with respect to one or more such unvested shares of Common Stock, then those shares
shall be immediately surrendered to the Company for cancellation, and the grantee shall have no further stockholder rights with respect
to those shares. To the extent the surrendered shares were previously issued to the grantee for consideration paid in cash, the Company
shall repay to the grantee the cash consideration paid for the surrendered shares.

 

6. Except as prohibited
by the last sentence of paragraph 1 above, the Plan Administrator may in its discretion waive the surrender and cancellation of one or
more unvested shares of Common Stock which would otherwise occur upon the cessation of the grantee’s Service or the non-attainment
of the performance objectives applicable to those shares. Such waiver shall result in the immediate vesting of the grantee's interest
in the shares of Common Stock as to which the waiver applies. Such waiver may be effected at any time, whether before or after the grantee's
cessation of Service or the attainment or non-attainment of the applicable performance objectives.

 

7.   Outstanding
RSUs under the Stock Issuance Program shall automatically terminate, and no shares of Common Stock shall actually be issued in satisfaction
of those awards, if the Service and/or performance goals established for such awards are not attained. The Plan Administrator, however,
shall, except as prohibited by the last sentence of paragraph 1 above, have the discretionary authority to issue shares of Common Stock
in satisfaction of one or more outstanding RSUs as to which the designated Service and/or performance goals are not attained. Such authority
may be exercised at any time, whether before or after the grantee's cessation of Service or the attainment or non-attainment of the applicable
performance objectives.

 

II.               
CORPORATE TRANSACTION/CHANGE IN CONTROL

 

A.  All of the
Company’s outstanding repurchase rights under the Stock Issuance Program shall terminate automatically, and all the shares of Common
Stock subject to those terminated rights shall immediately vest in full, in the event of any Corporate Transaction, except to the extent
(i) those repurchase rights are to be assigned to the successor corporation (or parent thereof) in connection with such Corporate Transaction,
or (ii) such accelerated vesting is precluded by other limitations imposed in the Stock Issuance Agreement, unless the Plan Administrator
determines to waive such limitations.

 

B.    Each
award which is assigned in connection with (or is otherwise to continue in effect after) a Corporate Transaction shall be appropriately
adjusted such that it shall apply and pertain to the number and class of securities issued to the grantee in consummation of the Corporate
Transaction with respect to the shares granted to grantee under this Article Three.

 

C.   In the
event of a Change in Control, shares of restricted stock and RSUs shall be treated as follows: if the grantee’s employment is terminated
by the Company without Cause or the grantee resigns due to a Constructive Termination, in either case within the ninety (90) day period
preceding or the two (2) year period following the Change in Control, the vesting of such restricted stock and RSUs shall automatically
accelerate (and all of the shares of Common Stock subject to such RSUs shall be issued to grantees), and the Company’s outstanding
repurchase rights under this Article Three shall immediately terminate; provided, however, that if the acquiror or successor refuses to
assume the shares of restricted stock or RSUs or substitute an award of equivalent value (as determined by the Committee in its discretion)
in connection with the Change in Control, the vesting of such restricted stock or RSUs under this Article Three shall automatically accelerate
(and all of the shares of Common Stock subject to such RSUs shall be issued to grantees). To the extent any shares of restricted stock
or RSUs vest in whole or in part based on the achievement of performance criteria, the amount that shall vest in accordance with the proviso
to clause (2) of the immediately-preceding sentence shall vest based on the higher of actual performance goal attainment through the date
of the Change in Control or a prorated amount using target performance and based on the time elapsed in the performance period as of the
date of the Change in Control.

 

    	 	12	 

     

    

III.            
STOCKHOLDER RIGHTS

 

A.       Individuals
who are granted shares of Common Stock pursuant to this Article Three shall be the owners of such shares for all purposes while holding
such Common Stock, and may exercise full voting rights with respect to those shares at all times while held by the individuals. Individuals
who have been granted RSUs shall have no voting rights with respect to Common Stock underlying RSUs unless and until such Common Stock
is reflected as issued and outstanding shares on the Company’s stock ledger.

 

B.       Individuals
who are granted shares of Common Stock pursuant to this Article Three shall not have dividend rights with respect to such shares prior
to the vesting of such shares. However, the Plan Administrator may provide for a grantee to receive one or more dividend equivalents with
respect to such shares, entitling the grantee to all regular cash dividends payable on such shares of Common Stock, which amounts shall
be (i) subject to the same vesting requirements applicable to the shares of Common Stock granted hereunder, and (ii) payable upon vesting
of the shares to which such dividend equivalents relate.

 

IV.             
SHARE ESCROW / LEGENDS

 

Unvested shares may, in the
Plan Administrator's discretion, be held in escrow by the Company until the grantee's interest in such shares vests or may be issued directly
to the grantee with restrictive legends on the certificates evidencing those unvested shares.

 

Article
Four

DIRECTOR GRANT PROGRAM

 

I.                  
ELIGIBILITY

 

The individuals eligible to
receive grants pursuant to the provisions of this Article Four shall be (i) those individuals who, after the effective date of this amendment
and restatement, first become non-employee Board members, whether through appointment by the Board, election by the Company’s stockholders,
or by continuing to serve as a Board member after ceasing to be employed by the Company, and (ii) those individuals already serving as
non-employee Board members on the effective date of this amendment and restatement. As used herein, a “non-employee” Board
member is any Board member who is not employed by the Company on the date in question.

 

II.               
TERMS AND CONDITIONS OF DIRECTOR GRANTS

 

A.               
Grants. Grants under this Article Four shall be made pursuant to a Director Compensation Policy adopted by the Board (the
“Director Compensation Policy”) and may be in the form of non-statutory options, RSUs, shares of Common Stock, other awards
issuable under the Plan or a combination thereof, as determined by the Committee. In no event shall the aggregate grant date fair value
(calculated in accordance with FASB ASC Topic 718 ) of all awards granted under the Plan during any calendar year to any non-employee
Board member (excluding any awards granted at the election of a non-employee Board member in lieu of all or any portion of cash retainers
or fees otherwise payable to non-employee Board members in cash), together with the amount of any cash fees or retainers paid to such
non-employee Board members during such calendar year with respect to such individual’s service as a non-employee Board member, exceed
$750,000 (or, for a non-employee Board member who first joins the Board, $1,000,000).

 

B.              
  Terms and Conditions of Grants.

 

1.       Options.

 

(i)                 
Term. Each option granted under this Article Four shall be exercisable at such time or times, during such period, and for
such number of shares as shall be set forth in the Director Compensation Policy or as otherwise determined by the Plan Administrator and
set forth in the instrument evidencing the option grant. No such option, however, shall have a maximum term in excess of ten (10) years
from the grant date.

 

    	 	13	 

     

    

(ii)               
Option Price. The option price per share shall be fixed by the Plan Administrator. In no event, however, shall the option
price per share be less than one hundred percent (100%) of the fair market value per share of Common Stock on the date of the option grant.
The option price shall become immediately due upon exercise of the option and shall, subject to Section II.B.1.(iv) of this Article Four
and the instrument evidencing the grant, be payable in any manner set forth in Section I.A.2 of Article Two.

 

(iii)             
Non-Transferability. During the lifetime of the optionee, each option grant, together with any limited stock appreciation
right pertaining to such option, shall be exercisable only by the optionee and shall not be assignable or transferable by the optionee,
except to the extent such option or the limited stock appreciation right is assigned or transferred (i) by will or by the laws of descent
and distribution following the optionee’s death, or (ii) during optionee’s lifetime either (A) as a gift in connection with
the optionee’s estate plan to one or more members of optionee’s immediate family, to a trust in which optionee and/or one
or more such family members hold more than fifty percent (50%) of the beneficial interest or to an entity in which more than fifty percent
(50%) of the voting interests are owned by optionee and/or one or more such family members, or (B) pursuant to a domestic relations order.
The portion of any option assigned or transferred during optionee’s lifetime shall be exercisable only by the person or persons
who acquire a proprietary interest in the option pursuant to such assignment. The terms applicable to the assigned portion shall be the
same as those in effect for this option immediately prior to such assignment and shall be set forth in such documents issued to the assignee
as the Plan Administrator may deem appropriate.

 

(iv)              
Stock Appreciation Rights. With respect to each option granted under this Article Four, each optionee shall have the right
to surrender all or part of the option (to the extent not then exercised) in exchange for a distribution from the Company in an amount
equal to the excess of (i) the fair market value (on the option surrender date) of the number of shares in which the grantee is at the
time vested under the surrendered option (or surrendered portion thereof) over (ii) the aggregate option price payable for such vested
shares. The distribution shall be made in shares of Common Stock valued at fair market value on the option surrender date.

 

(v)               
No Repricing. No option or stock appreciation right may be repriced, regranted through cancellation, including cancellation
in exchange for cash or other awards, or otherwise amended to reduce its option price or exercise price (other than with respect to adjustments
made in connection with a transaction or other change in the Company’s capitalization as permitted under this Plan) without the
approval of the stockholders of the Company.

 

2.       Grants
Generally.

 

(i)                 
Stockholder Rights. The holder of an option grant under this Article Four shall have none of the rights of a stockholder
with respect to any shares subject to such option until such individual shall have exercised the option and paid the exercise price for
the purchased shares, and the holder of RSUs granted under this Article Four shall have none of the rights of a stockholder with respect
to any shares subject to such RSUs until shares have been delivered in settlement thereof. Without limitation, a grantee shall not have
any right to receive dividends with respect to an unexercised option or unsettled RSUs.

 

(ii)               
Corporate Transactions/Changes in Control. In connection with a Corporate Transaction or a Change in Control, grants under
this Article Four shall be treated in the manner specified in Article Two (with respect to options) or Article Three (with respect to
shares of Common Stock and RSUs), as applicable.

 

(iii)             
Subject to the terms of the Plan, the terms and conditions of the grants under this Article Four shall be determined by the Plan
Administrator consistent with the Director Compensation Policy.

 

Article
Five

PERFORMANCE GOALS

 

I.                  
GENERAL

 

The Plan Administrator may establish
performance criteria and level of achievement versus such criteria that shall determine the number of shares of Common Stock or RSUs to
be granted, retained, vested, issued or issuable under or in settlement of or the amount payable pursuant to an award hereunder. In addition,
the Plan Administrator may specify that an award or a portion of an award shall be subject to measures based on one or more performance
criteria selected by the Committee and specified at the time the award is granted. The Committee shall certify the extent to which any
performance criteria have been satisfied, and the amount payable as a result thereof, prior to payment, settlement or vesting of any award
subject thereto. Notwithstanding satisfaction of any performance goals, the number of shares of Common Stock issued under or the amount
paid under an award may, to the extent specified in the applicable award agreement, be reduced by the Committee on the basis of such further
considerations as the Committee in its sole discretion shall determine.

 

    	 	14	 

     

    

II.            
PERFORMANCE CRITERIA

 

For purposes of this Plan, performance
criteria may include, among others, any one or more of the following performance criteria, either individually, alternatively or in any
combination, applied to either the Company as a whole or to a business unit or subsidiary, either individually, alternatively or in any
combination, and measured either quarterly, annually or cumulatively over a period of years, on an absolute basis or relative to a pre-established
target, to previous years’ results or to a designated comparison group, in each case as specified by the Committee: (i) revenue
growth; (ii) earnings before interest, taxes, depreciation and amortization; (iii) earnings before interest, taxes and amortization; (iv)
operating income; (v) pre- or after-tax income; (vi) cash flow; (vii) cash flow per share; (viii) net income; (ix) earnings per share;
(x) return on equity; (xi) return on invested capital; (xii) return on assets; (xiii) economic value added (or an equivalent metric);
(xiv) share price performance; (xv) total shareholder return; (xvi) improvement in or attainment of expense levels; (xvii) improvement
in or attainment of working capital levels; (xviii) debt reduction; (xix) progress for advancing drug discovery and/or drug development
programs; or (xx) implementation, completion or attainment of measurable objectives with respect to research, development, manufacturing,
commercialization, products or projects, or production volume levels. The Committee (A) shall appropriately adjust any evaluation of performance
under applicable performance criteria to eliminate the effects of charges for restructurings, discontinued operations, extraordinary items
and all items of gain, loss or expense determined to be extraordinary or unusual in nature or related to the acquisition or disposal of
a segment of a business or related to a change in accounting principle all as determined in accordance with standards established by opinion
No. 30 of the Accounting Principles Board (APB Opinion No. 30) or other applicable or successor accounting provisions, as well as the
cumulative effect of accounting changes, in each case as determined in accordance with generally accepted accounting principles or identified
in the Company’s financial statements or notes to the financial statements, and (B) may appropriately adjust any evaluation of performance
under applicable performance criteria to exclude any of the following events that occurs during a performance period: (i) asset write-downs,
(ii) litigation, claims, judgments or settlements, (iii) the effect of changes in tax law or other such laws or provisions affecting reported
results, (iv) the adverse effect of work stoppages or slowdowns, (v) accruals for reorganization and restructuring programs and (vi) accruals
of any amounts for payment under this Plan or any other compensation arrangement maintained by the Company.

  

Article
Six

MISCELLANEOUS

 

I.                  
AMENDMENT OF THE PLAN

 

The Board shall have complete
and exclusive power and authority to amend or modify the Plan in any or all respects whatsoever. However, no such amendment or modification
shall, without the consent of the holders, adversely affect rights and obligations with respect to options at the time outstanding under
the Plan. In addition, certain amendments may require stockholder approval pursuant to applicable laws or regulations.

 

II.               
TAX WITHHOLDING

 

A.             
The Company’s obligation to deliver shares or cash upon the exercise of stock options or stock appreciation rights or upon the grant
or vesting of direct stock issuances or RSUs under the Plan shall be subject to the satisfaction of all applicable Federal, State and
local income and employment tax withholding requirements.

 

    	 	15	 

     

    

B.               
  The Plan Administrator may, in its discretion and upon such terms and conditions as it may deem appropriate, provide any or all
holders of outstanding options or stock issuances under the Plan (other than the grants under Article Four) with the election to have
the Company withhold, from the shares of Common Stock otherwise issuable upon the exercise or vesting of such awards, a whole number of
such shares with an aggregate fair market value equal to the minimum amount necessary (or, if determined by the Plan Administrator in
its discretion and to the extent adverse accounting treatment does not result, at the maximum applicable individual statutory tax rates)
to satisfy the Federal, State and local income and employment tax withholdings (the “Taxes”) incurred in connection with the
acquisition or vesting of such shares. In lieu of such direct withholding, one or more grantees may also be granted the right to deliver
whole shares of Common Stock to the Company in satisfaction of such Taxes. Any withheld or delivered shares shall be valued at their fair
market value on the applicable determination date for such Taxes.

 

III.            
EFFECTIVE DATE AND TERM OF PLAN

 

A.  The Plan,
as amended and restated, shall be effective on the date specified in the Board of Directors resolution adopting the Plan. Except as provided
below, each option issued and outstanding under the Plan immediately prior to such effective date shall continue to be governed solely
by the terms and conditions of the agreement evidencing such grant, and nothing in this restatement of the Plan shall be deemed to affect
or otherwise modify the rights or obligations of the holders of such options with respect to their acquisition of shares of Common Stock
thereunder. The Plan Administrator shall, however, have full power and authority, under such circumstances as the Plan Administrator may
deem appropriate (but in accordance with Section I of this Article Five), to extend one or more features of this amendment and restatement
to any options outstanding on the effective date.

 

B.    Unless
sooner terminated in accordance with the other provisions of this Plan, the Plan shall terminate upon the earlier of (i) ten years
following the date this amendment and restatement of the Plan is approved by the Board or (ii) the date on which all shares available
for issuance under the Plan shall have been issued or cancelled pursuant to the exercise, surrender or cash-out of the options granted
hereunder. If the date of termination is determined under clause (i) above, then any options or stock issuances outstanding on such date
shall continue to have force and effect in accordance with the provisions of the agreements evidencing those awards.

 

C.   Options
may be granted with respect to a number of shares of Common Stock in excess of the number of shares at the time available for issuance
under the Plan, provided each granted option is not to become exercisable, in whole or in part, at any time prior to stockholder
approval of an amendment authorizing a sufficient increase in the number of shares issuable under the Plan.

 

IV.             
USE OF PROCEEDS

 

Any cash proceeds received by
the Company from the sale of shares pursuant to options or stock issuances granted under the Plan shall be used for general corporate
purposes.

 

V.                
REGULATORY APPROVALS

 

A.            
    The implementation of the Plan, the granting of any option hereunder, and the issuance of stock (i) upon the exercise
or surrender of any option or (ii) under the Stock Issuance Program shall be subject to the procurement by the Company of all approvals
and permits required by regulatory authorities having jurisdiction over the Plan, the options granted under it and the stock issued pursuant
to it.

 

B.            
     No shares of Common Stock or other assets shall be issued or delivered under the Plan unless and until there
shall have been compliance with all applicable requirements of Federal and state securities laws, including (to the extent required) the
filing and effectiveness of the Form S-8 registration statement for the shares of Common Stock issuable under the Plan, and all applicable
listing requirements of any stock exchange (or the Nasdaq National Market, the Nasdaq Global Select Market or any successor system, if
applicable) on which Common Stock is then trading.

 

    	 	16	 

     

    

VI.             
NO EMPLOYMENT/SERVICE RIGHTS

 

Neither the action of the Company
in establishing or restating the Plan, nor any action taken by the Plan Administrator hereunder, nor any provision of the Plan shall be
construed so as to grant any individual the right to remain in the employ or service of the Company (or any parent or subsidiary corporation)
for any period of specific duration, and the Company (or any parent or subsidiary corporation retaining the services of such individual)
may terminate such individual’s employment or service at any time and for any reason, with or without cause.

 

VII.          
MISCELLANEOUS PROVISIONS

 

A.   Except
to the extent otherwise expressly provided in the Plan, the right to acquire Common Stock or other awards under the Plan may not be assigned,
encumbered or otherwise transferred by any grantee.

 

B.  Awards issued
under the Plan shall be subject to any clawback policy of the Company as in effect from time-to-time.

 

C. The provisions of
the Plan relating to the exercise of options and the issuance and/or vesting of shares shall be governed by the laws of the State of Delaware
without resort to that state’s conflict-of-laws provisions, as such laws are applied to contracts entered into and performed in
such State.

 

D.   The
Plan is intended to be an unfunded plan. Grantees are and shall at all times be general creditors of the Company with respect to their
awards. If the Committee or the Company chooses to set aside funds in a trust or otherwise for the payment of awards under the Plan, such
funds shall at all times be subject to the claims of the creditors of the Company in the event of its bankruptcy or insolvency.

 

E.       Awards
to Non-U.S. Employees. The Committee shall have the power and authority to determine which subsidiary corporations shall be covered
by this Plan and which employees outside the United States shall be eligible to participate in the Plan. The Committee may adopt, amend,
or rescind rules, procedures, or sub-plans relating to the operation and administration of the Plan to accommodate the specific requirements
of local laws, procedures, and practices. Without limiting the generality of the foregoing, the Committee is specifically authorized to
adopt rules, procedures, and sub-plans with provisions that limit or modify rights on death, disability, or retirement or on termination
of employment; available methods of exercise or settlement of an award; payment of income, social insurance contributions and payroll
taxes; the withholding procedures and handling of any stock certificates or other indicia of ownership which vary with local requirements.
The Committee may also adopt rules, procedures or sub-plans applicable to particular subsidiary corporations or locations.

 

 

 

17Exhibit 10.1

 

EZFILL
HOLDINGS, INC.

2022
EQUITY INCENTIVE PLAN

 

EZFILL
HOLDINGS, INC. 2022 EQUITY INCENTIVE PLAN

 

1.
Purpose; Eligibility.

 

1.1
General Purpose. The name of this plan is the EzFill Holdings, Inc. 2022 Equity Incentive Plan (the “Plan”).
The purposes of the Plan are to (a) enable EzFill Holdings, Inc., a Delaware corporation (the “Company”), and any
Affiliate to attract and retain the types of Employees, Consultants and Directors who will contribute to the Company’s long range
success; (b) provide incentives that align the interests of Employees, Consultants and Directors with those of the shareholders of the
Company; and (c) promote the success of the Company’s business.

 

1.2
Eligible Award Recipients. The persons eligible to receive Awards are the Employees, Consultants and Directors of the Company
and such other individuals designated by the Committee who are reasonably expected to become Employees, Consultants and Directors after
the receipt of Awards.

 

1.3
Available Awards. Awards that may be granted under the Plan include: (a) Incentive Stock Options, (b) Non-qualified Stock Options,
(c) Stock Appreciation Rights, (d) Restricted Awards, (e) Performance Share Awards, (f) Cash Awards, and (g) Other Equity-Based Awards.

 

2.
Definitions.

 

“Affiliate”
means a corporation or other entity that, directly or through one or more intermediaries, controls, is controlled by or is under common
control with, the Company.

 

“Applicable
Laws” means the requirements related to or implicated by the administration of the Plan under applicable state corporate law,
United States federal and state securities laws, the Code, any stock exchange or quotation system on which the shares of Common Stock
are listed or quoted, and the applicable laws of any foreign country or jurisdiction where Awards are granted under the Plan.

 

“Award”
means any right granted under the Plan, including an Incentive Stock Option, a Non-qualified Stock Option, a Stock Appreciation Right,
a Restricted Award, a Performance Share Award, a Cash Award, or an Other Equity-Based Award.

 

“Award
Agreement” means a written agreement, contract, certificate or other instrument or document evidencing the terms and conditions
of an individual Award granted under the Plan which may, in the discretion of the Company, be transmitted electronically to any Participant.
Each Award Agreement shall be subject to the terms and conditions of the Plan.

 

“Beneficial
Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating
the beneficial ownership of any particular Person, such Person shall be deemed to have beneficial ownership of all securities that such
Person has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable
only after the passage of time. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning.

 

“Board”
means the Board of Directors of the Company, as constituted at any time.

 

“Cash
Award” means an Award denominated in cash that is granted under Section 10 of the Plan.

 

    	 

    	 

    

 

“Cause”
means:

 

With
respect to any Employee or Consultant, unless the applicable Award Agreement states otherwise:

 

(a)
If the Employee or Consultant is a party to an employment or service agreement with the Company or its Affiliates and such agreement
provides for a definition of Cause, the definition contained therein; or

 

(b)
If no such agreement exists, or if such agreement does not define Cause: (i) the commission of, or plea of guilty or no contest to, a
felony or a crime involving moral turpitude or the commission of any other act involving willful malfeasance or material fiduciary breach
with respect to the Company or an Affiliate; (ii) conduct that brings or is reasonably likely to bring the Company or an Affiliate negative
publicity or into public disgrace, embarrassment, or disrepute; (iii) gross negligence or willful misconduct with respect to the Company
or an Affiliate; (iv) material violation of state or federal securities laws; or (v) material violation of the Company’s written
policies or codes of conduct, including written policies related to discrimination, harassment, performance of illegal or unethical activities,
and ethical misconduct.

 

With
respect to any Director, unless the applicable Award Agreement states otherwise, a determination by a majority of the disinterested Board
members that the Director has engaged in any of the following:

 

(a)
malfeasance in office;

 

(b)
gross misconduct or neglect;

 

(c)
false or fraudulent misrepresentation inducing the director’s appointment;

 

(d)
willful conversion of corporate funds; or

 

(e)
repeated failure to participate in Board meetings on a regular basis despite having received proper notice of the meetings in advance.

 

The
Committee, in its absolute discretion, shall determine the effect of all matters and questions relating to whether a Participant has
been discharged for Cause.

 

“Change
in Control”

 

(a) The direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or
a series of related transactions, of all or substantially all of the properties or assets of the Company and its subsidiaries, taken
as a whole, to any Person that is not a subsidiary of the Company; 

 

(b) The Incumbent Directors cease for any reason to constitute
at least a majority of the Board;

 

(c) The date which is 10 business days prior to the consummation of a complete liquidation or
dissolution of the Company;

 

(d) The acquisition by any Person of Beneficial Ownership of 50% or more (on a fully diluted basis)
of either (i) the then outstanding shares of Common Stock of the Company, taking into account as outstanding for this purpose such Common
Stock issuable upon the exercise of options or warrants, the conversion of convertible stock or debt, and the exercise of any similar
right to acquire such Common Stock (the “Outstanding Company Common Stock”) or (ii) the combined voting power of the
then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding
Company Voting Securities”); provided, however, that for purposes of this Plan, the following acquisitions shall not
constitute a Change in Control: (A) any acquisition by the Company or any Affiliate, (B) any acquisition by any employee benefit plan
sponsored or maintained by the Company or any subsidiary, (C) any acquisition which complies with clauses, (i), (ii) and (iii) of subsection
(e) of this definition or (D) in respect of an Award held by a particular Participant, any acquisition by the Participant or any group
of persons including the Participant (or any entity controlled by the Participant or any group of persons including the Participant);
or

 

    	 

    	 

    

 

(e)
The consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving
the Company that requires the approval of the Company’s shareholders, whether for such transaction or the issuance of securities
in the transaction (a “Business Combination”), unless immediately following such Business Combination: (i) more than
50% of the total voting power of (A) the entity resulting from such Business Combination (the “Surviving Company”),
or (B) if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of sufficient voting securities
eligible to elect a majority of the members of the board of directors (or the analogous governing body) of the Surviving Company (the
“Parent Company”), is represented by the Outstanding Company Voting Securities that were outstanding immediately prior
to such Business Combination (or, if applicable, is represented by shares into which the Outstanding Company Voting Securities were converted
pursuant to such Business Combination), and such voting power among the holders thereof is in substantially the same proportion as the
voting power of the Outstanding Company Voting Securities among the holders thereof immediately prior to the Business Combination; (ii)
no Person (other than any employee benefit plan sponsored or maintained by the Surviving Company or the Parent Company) is or becomes
the Beneficial Owner, directly or indirectly, of 50% or more of the total voting power of the outstanding voting securities eligible
to elect members of the board of directors of the Parent Company (or the analogous governing body) (or, if there is no Parent Company,
the Surviving Company); and (iii) at least a majority of the members of the board of directors (or the analogous governing body) of the
Parent Company (or, if there is no Parent Company, the Surviving Company) following the consummation of the Business Combination were
Board members at the time of the Board’s approval of the execution of the initial agreement providing for such Business Combination.

 

“Code”
means the Internal Revenue Code of 1986, as it may be amended from time to time. Any reference to a section of the Code shall be deemed
to include a reference to any regulations promulgated thereunder.

 

“Committee”
means a committee of one or more members of the Board appointed by the Board to administer the Plan in accordance with Section 3.3 and
Section 3.4.

 

“Common
Stock” means the common stock, $0.0001 par value per share, of the Company, or such other securities of the Company as may
be designated by the Committee from time to time in substitution thereof.

 

“Company”
means EzFill Holdings, Inc. a Delaware corporation, and any successor thereto.

 

“Consultant”
means any individual or entity which performs bona fide services to the Company or an Affiliate, other than as an Employee or Director.

 

“Continuous
Service” means that the Participant’s service with the Company or an Affiliate, whether as an Employee, Consultant or
Director, is not interrupted or terminated. The Participant’s Continuous Service shall not be deemed to have terminated merely
because of a change in the capacity in which the Participant renders service to the Company or an Affiliate as an Employee, Consultant
or Director or a change in the entity for which the Participant renders such service, provided that there is no interruption or
termination of the Participant’s Continuous Service; provided further that if any Award is subject to Section 409A of the
Code, this sentence shall only be given effect to the extent consistent with Section 409A of the Code. For example, a change in status
from an Employee of the Company to a Director of an Affiliate will not constitute an interruption of Continuous Service. The Committee
or its delegate, in its sole discretion, may determine whether Continuous Service shall be considered interrupted in the case of any
leave of absence approved by that party, including sick leave, military leave or any other personal or family leave of absence. The Committee
or its delegate, in its sole discretion, may determine whether a Company transaction, such as a sale or spin-off of a division or subsidiary
that employs a Participant, shall be deemed to result in a termination of Continuous Service for purposes of affected Awards, and such
decision shall be final, conclusive and binding.

 

“Deferred
Stock Units (DSUs)” has the meaning set forth in Section 8.1(b) hereof.

 

“Director”
means a member of the Board.

 

    	 

    	 

    

 

“Disability”
means, unless the applicable Award Agreement says otherwise, that the Participant is unable to engage in any substantial gainful activity
by reason of any medically determinable physical or mental impairment; provided, however, for purposes of determining the term
of an Incentive Stock Option pursuant to Section 6.10 hereof, the term Disability shall have the meaning ascribed to it under Section
22(e)(3) of the Code. The determination of whether an individual has a Disability shall be determined under procedures established by
the Committee. Except in situations where the Committee is determining Disability for purposes of the term of an Incentive Stock Option
pursuant to Section 6.10 hereof within the meaning of Section 22(e)(3) of the Code, the Committee may rely on any determination that
a Participant is disabled for purposes of benefits under any long-term disability plan maintained by the Company or any Affiliate in
which a Participant participates.

 

“Disqualifying
Disposition” has the meaning set forth in Section 17.12.

 

“Effective
Date” shall mean the date that the Company’s shareholders approve this Plan.

 

“Employee”
means any person, including an Officer or Director, employed by the Company or an Affiliate; provided, that, for purposes of determining
eligibility to receive Incentive Stock Options, an Employee shall mean an employee of the Company or a parent or subsidiary corporation
within the meaning of Section 424 of the Code. Mere service as a Director or payment of a director’s fee by the Company or an Affiliate
shall not be sufficient to constitute “employment” by the Company or an Affiliate.

 

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

 

“Fair
Market Value” means, as of any date, the value of the Common Stock as determined below. If the Common Stock is listed on any
established stock exchange or a national market system, including without limitation, the New York Stock Exchange or the Nasdaq Stock
Market, the Fair Market Value shall be the closing price of a share of Common Stock (or if no sales were reported the closing price on
the date immediately preceding such date) as quoted on such exchange or system on the day of determination, as reported in the Wall
Street Journal. In the absence of an established market for the Common Stock, the Fair Market Value shall be determined in good faith
by the Committee and such determination shall be conclusive and binding on all persons.

 

“Fiscal
Year” means the Company’s fiscal year.

 

“Free
Standing Rights” has the meaning set forth in Section 7.

 

“Good
Reason” means, unless the applicable Award Agreement states otherwise:

 

(a)
If an Employee or Consultant is a party to an employment or service agreement with the Company or its Affiliates and such agreement provides
for a definition of Good Reason, the definition contained therein; or

 

 (b) If no such agreement exists or if such agreement does not define Good Reason, the occurrence of one or more of the following without the Participant’s express written consent, which circumstances are not remedied by the Company within thirty (30) days of its receipt of a written notice from the Participant describing the applicable circumstances (which notice must be provided by the Participant within ninety (90) days of the Participant’s knowledge of the applicable circumstances): (i) any material, adverse change in the Participant’s duties, responsibilities, authority, title, status or reporting structure; (ii) a material reduction in the Participant’s base salary or bonus opportunity; or (iii) a geographical relocation of the Participant’s principal office location by more than fifty (50) miles.

 

“Grant
Date” means the date on which the Committee adopts a resolution, or takes other appropriate action, expressly granting an Award
to a Participant that specifies the key terms and conditions of the Award or, if a later date is set forth in such resolution, then such
date as is set forth in such resolution.

 

“Incentive
Stock Option” means an Option that is designated by the Committee as an incentive stock option within the meaning of Section
422 of the Code and that meets the requirements set out in the Plan.

 

    	 

    	 

    

 

“Incumbent
Directors” means individuals who, on the Effective Date, constitute the Board, provided that any individual becoming
a Director subsequent to the Effective Date whose election or nomination for election to the Board was approved by a vote of at least
two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company
in which such person is named as a nominee for Director without objection to such nomination) shall be an Incumbent Director. No individual
initially elected or nominated as a director of the Company as a result of an actual or threatened election contest with respect to Directors
or as a result of any other actual or threatened solicitation of proxies by or on behalf of any person other than the Board shall be
an Incumbent Director.

 

“Non-Employee
Director” means a Director who is a “non-employee director” within the meaning of Rule 16b-3.

 

“Non-qualified
Stock Option” means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock Option.

 

“Officer”
means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated
thereunder.

 

“Option”
means an Incentive Stock Option or a Non-qualified Stock Option granted pursuant to the Plan.

 

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

 

“Option
Exercise Price” means the price at which a share of Common Stock may be purchased upon the exercise of an Option.

 

“Other
Equity-Based Award” means an Award that is not an Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit,
or Performance Share Award that is granted under Section 10 and is payable by delivery of Common Stock and/or which is measured by reference
to the value of Common Stock.

 

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

 

“Performance
Goals” means, for a Performance Period, the one or more goals established by the Committee for the Performance Period based
upon business criteria or other performance measures determined by the Committee in its discretion.

 

“Performance
Period” means the one or more periods of time [not less than one fiscal quarter in duration], as the Committee may select,
over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s right
to and the payment of a Performance Share Award or a Cash Award.

 

“Performance
Share Award” means any Award granted pursuant to Section 9 hereof.

 

“Performance
Share” means the grant of a right to receive a number of actual shares of Common Stock or share units based upon the performance
of the Company during a Performance Period, as determined by the Committee.

 

“Permitted
Transferee” means: (a) a member of the Optionholder’s immediate family (child, stepchild, grandchild, parent, stepparent,
grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law,
or sister-in-law, including adoptive relationships), any person sharing the Optionholder’s household (other than a tenant or employee),
a trust in which these persons have more than 50% of the beneficial interest, a foundation in which these persons (or the Optionholder)
control the management of assets, and any other entity in which these persons (or the Optionholder) own more than 50% of the voting interests;
(b) third parties designated by the Committee in connection with a program established and approved by the Committee pursuant to which
Participants may receive a cash payment or other consideration in consideration for the transfer of a Non-qualified Stock Option; and
(c) such other transferees as may be permitted by the Committee in its sole discretion.

 

    	 

    	 

    

 

“Person”
means a person as defined in Section 13(d)(3) of the Exchange Act.

 

“Plan”
means this EzFill Holdings, Inc. 2022 Equity Incentive Plan, as amended and/or amended and restated from time to time.

 

“Related
Rights” has the meaning set forth in Section 7.

 

“Restricted
Award” means any Award granted pursuant to Section 8.

 

“Restricted
Period” has the meaning set forth in Section 8.

 

“Rule
16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time to time.

 

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

 

“Stock
Appreciation Right” means the right pursuant to an Award granted under Section 7 to receive, upon exercise, an amount payable
in cash or shares equal to the number of shares subject to the Stock Appreciation Right that is being exercised multiplied by the excess
of (a) the Fair Market Value of a share of Common Stock on the date the Award is exercised, over (b) the exercise price specified in
the Stock Appreciation Right Award Agreement.

 

“Stock
for Stock Exchange” has the meaning set forth in Section 6.4.

 

“Substitute
Award” has the meaning set forth in Section 4.6.

 

“Ten
Percent Shareholder” means a person who owns (or is deemed to own pursuant to Section 424(d) of the Code) stock possessing
more than 10% of the total combined voting power of all classes of stock of the Company or of any of its Affiliates.

 

“Total
Share Reserve” has the meaning set forth in Section 4.1.

 

3.
Administration.

 

3.1
Authority of Committee. The Plan shall be administered by the Committee or, in the Board’s sole discretion, by the Board.
Subject to the terms of the Plan, the Committee’s charter and Applicable Laws, and in addition to other express powers and authorization
conferred by the Plan, the Committee shall have the authority:

 

(a)
to construe and interpret the Plan and apply its provisions;

 

(b)
to promulgate, amend, and rescind rules and regulations relating to the administration of the Plan;

 

(c)
to authorize any person to execute, on behalf of the Company, any instrument required to carry out the purposes of the Plan;

 

(d)
to delegate its authority to one or more Officers of the Company with respect to Awards that do not involve “insiders” within
the meaning of Section 16 of the Exchange Act;

 

(e)
to determine when Awards are to be granted under the Plan and the applicable Grant Date;

 

(f)
from time to time to select, subject to the limitations set forth in this Plan, those eligible Award recipients to whom Awards shall
be granted;

 

    	 

    	 

    

 

(g)
to determine the number of shares of Common Stock to be made subject to each Award;

 

(h)
to determine whether each Option is to be an Incentive Stock Option or a Non-qualified Stock Option;

 

(i)
to prescribe the terms and conditions of each Award, including, without limitation, the exercise price and medium of payment and vesting
provisions, and to specify the provisions of the Award Agreement relating to such grant;

 

(j)
to determine the target number of Performance Shares to be granted pursuant to a Performance Share Award, the performance measures that
will be used to establish the Performance Goals, the Performance Period(s) and the number of Performance Shares earned by a Participant;

 

(k)
to amend any outstanding Awards, including for the purpose of modifying the time or manner of vesting, or the term of any outstanding
Award; provided, however, that if any such amendment impairs a Participant’s rights or increases a Participant’s obligations
under his or her Award or creates or increases a Participant’s federal income tax liability with respect to an Award, such amendment
shall also be subject to the Participant’s consent;

 

(l)
to determine the duration and purpose of leaves of absences which may be granted to a Participant without constituting termination of
their employment for purposes of the Plan, which periods shall be no shorter than the periods generally applicable to Employees under
the Company’s employment policies;

 

(m)
to make decisions with respect to outstanding Awards that may become necessary upon a change in corporate control or an event that triggers
anti-dilution adjustments;

 

(n)
to interpret, administer, reconcile any inconsistency in, correct any defect in and/or supply any omission in the Plan and any instrument
or agreement relating to, or Award granted under, the Plan; and

 

(o)
to exercise discretion to make any and all other determinations which it determines to be necessary or advisable for the administration
of the Plan.

 

The
Committee also may modify the purchase price or the exercise price of any outstanding Award, provided that if the modification
effects a repricing, shareholder approval shall be required before the repricing is effective.

 

3.2
Committee Decisions Final. All decisions made by the Committee pursuant to the provisions of the Plan shall be final and binding
on the Company and the Participants, unless such decisions are determined by a court having jurisdiction to be arbitrary and capricious.

 

3.3
Delegation. The Committee or, if no Committee has been appointed, the Board may delegate administration of the Plan to a committee
or committees of one or more members of the Board, and the term “Committee” shall apply to any person or persons to
whom such authority has been delegated. The Committee shall have the power to delegate to a subcommittee any of the administrative powers
the Committee is authorized to exercise (and references in this Plan to the Board or the Committee shall thereafter be to the committee
or subcommittee), subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time
to time by the Board. The Board may abolish the Committee at any time and revest in the Board the administration of the Plan. The members
of the Committee shall be appointed by and serve at the pleasure of the Board. From time to time, the Board may increase or decrease
the size of the Committee, add additional members to, remove members (with or without cause) from, appoint new members in substitution
therefor, and fill vacancies, however caused, in the Committee. The Committee shall act pursuant to a vote of the majority of its members
or, in the case of a Committee comprised of only two members, the unanimous consent of its members, whether present or not, or by the
written consent of the majority of its members and minutes shall be kept of all of its meetings and copies thereof shall be provided
to the Board. Subject to the limitations prescribed by the Plan and the Board, the Committee may establish and follow such rules and
regulations for the conduct of its business as it may determine to be advisable.

 

    	 

    	 

    

 

3.4
Committee Composition. Except as otherwise determined by the Board, the Committee shall consist solely of two or more Non-Employee
Directors. The Board shall have discretion to determine whether or not it intends to comply with the exemption requirements of Rule 16b-3.
However, if the Board intends to satisfy such exemption requirements, with respect to any insider subject to Section 16 of the Exchange
Act, the Committee shall be a compensation committee of the Board that at all times consists solely of two or more Non-Employee Directors.
Within the scope of such authority, the Board or the Committee may delegate to a committee of one or more members of the Board who are
not Non-Employee Directors the authority to grant Awards to eligible persons who are not then subject to Section 16 of the Exchange Act.
Nothing herein shall create an inference that an Award is not validly granted under the Plan in the event Awards are granted under the
Plan by a compensation committee of the Board that does not at all times consist solely of two or more Non-Employee Directors.

 

3.5
Indemnification. In addition to such other rights of indemnification as they may have as Directors or members of the Committee,
and to the extent allowed by Applicable Laws, the Committee shall be indemnified by the Company against the reasonable expenses, including
attorney’s fees, actually incurred in connection with any action, suit or proceeding or in connection with any appeal therein,
to which the Committee may be party by reason of any action taken or failure to act under or in connection with the Plan or any Award
granted under the Plan, and against all amounts paid by the Committee in settlement thereof (provided, however, that the settlement
has been approved by the Company, which approval shall not be unreasonably withheld) or paid by the Committee in satisfaction of a judgment
in any such action, suit or proceeding, except in relation to matters as to which it shall be adjudged in such action, suit or proceeding
that such Committee did not act in good faith and in a manner which such person reasonably believed to be in the best interests of the
Company, or in the case of a criminal proceeding, had no reason to believe that the conduct complained of was unlawful; provided,
however, that within 60 days after the institution of any such action, suit or proceeding, such Committee shall, in writing, offer
the Company the opportunity at its own expense to handle and defend such action, suit or proceeding.

 

4.
Shares Subject to the Plan.

 

4.1
Subject to adjustment in accordance with Section 14, no more than 2,600,000 shares of Common Stock shall be available for the grant of
Awards under the Plan (the “Total Share Reserve”). During the terms of the Awards, the Company shall keep available
at all times the number of shares of Common Stock required to satisfy such Awards.

 

4.2
Shares of Common Stock available for distribution under the Plan may consist, in whole or in part, of authorized and unissued shares,
treasury shares or shares reacquired by the Company in any manner.

 

4.3
Subject to adjustment in accordance with Section 14, no more than 2.6 million shares of Common Stock may be issued in the aggregate pursuant
to the exercise of Incentive Stock Options (the “ISO Limit”).

 

4.4
The maximum number of shares of Common Stock subject to Awards granted during a single Fiscal Year to any Non-Employee Director, together
with any cash fees paid to such Non-Employee Director during the Fiscal Year shall not exceed a total value of $250,000 (calculating
the value of any Awards based on the grant date fair value for financial reporting purposes).

 

4.5
Any shares of Common Stock subject to an Award that expires or is canceled, forfeited, or terminated without issuance of the full number
of shares of Common Stock to which the Award related will again be available for issuance under the Plan. Notwithstanding anything to
the contrary contained herein: shares subject to an Award under the Plan shall not again be made available for issuance or delivery under
the Plan if such shares are (a) shares tendered in payment of an Option, (b) shares delivered or withheld by the Company to satisfy any
tax withholding obligation, or (c) shares covered by a stock-settled Stock Appreciation Right or other Awards that were not issued upon
the settlement of the Award.

 

    	 

    	 

    

 

4.6
Awards may, in the sole discretion of the Committee, be granted under the Plan in assumption of, or in substitution for, outstanding
awards previously granted by an entity acquired by the Company or with which the Company combines (“Substitute Awards”).
Substitute Awards shall not be counted against the Total Share Reserve; provided, that, Substitute Awards issued in connection
with the assumption of, or in substitution for, outstanding options intended to qualify as Incentive Stock Options shall be counted against
the ISO limit. Subject to applicable stock exchange requirements, available shares under a shareholder-approved plan of an entity directly
or indirectly acquired by the Company or with which the Company combines (as appropriately adjusted to reflect such acquisition or transaction)
may be used for Awards under the Plan and shall not count toward the Total Share Limit.

 

5.
Eligibility.

 

5.1
Eligibility for Specific Awards. Incentive Stock Options may be granted only to Employees. Awards other than Incentive Stock Options
may be granted to Employees, Consultants and Directors and those individuals whom the Committee determines are reasonably expected to
become Employees, Consultants and Directors following the Grant Date.

 

5.2
Ten Percent Shareholders. A Ten Percent Shareholder shall not be granted an Incentive Stock Option unless the Option Exercise
Price is at least 110% of the Fair Market Value of the Common Stock on the Grant Date and the Option is not exercisable after the expiration
of five years from the Grant Date.

 

6.
Option Provisions. Each Option granted under the Plan shall be evidenced by an Award Agreement. Each Option so granted shall be
subject to the conditions set forth in this Section 6, and to such other conditions not inconsistent with the Plan as may be reflected
in the applicable Award Agreement. All Options shall be separately designated Incentive Stock Options or Non-qualified Stock Options
at the time of grant, and, if certificates are issued, a separate certificate or certificates will be issued for shares of Common Stock
purchased on exercise of each type of Option. Notwithstanding the foregoing, the Company shall have no liability to any Participant or
any other person if an Option designated as an Incentive Stock Option fails to qualify as such at any time or if an Option is determined
to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code and the terms of such Option
do not satisfy the requirements of Section 409A of the Code. The provisions of separate Options need not be identical, but each Option
shall include (through incorporation of provisions hereof by reference in the Option or otherwise) the substance of each of the following
provisions:

 

6.1
Term. Subject to the provisions of Section 5.2 regarding Ten Percent Shareholders, no Incentive Stock Option shall be exercisable
after the expiration of 10 years from the Grant Date. The term of a Non-qualified Stock Option granted under the Plan shall be determined
by the Committee; provided, however, no Non-qualified Stock Option shall be exercisable after the expiration of 10 years from
the Grant Date.

 

6.2
Exercise Price of an Incentive Stock Option. Subject to the provisions of Section 5.2 regarding Ten Percent Shareholders, the
Option Exercise Price of each Incentive Stock Option shall be not less than 100% of the Fair Market Value of the Common Stock subject
to the Option on the Grant Date. Notwithstanding the foregoing, an Incentive Stock Option may be granted with an Option Exercise Price
lower than that set forth in the preceding sentence if such Option is granted pursuant to an assumption or substitution for another option
in a manner satisfying the provisions of Section 424(a) of the Code.

 

6.3
Exercise Price of a Non-qualified Stock Option. The Option Exercise Price of each Non-qualified Stock Option shall be not less
than 100% of the Fair Market Value of the Common Stock subject to the Option on the Grant Date. Notwithstanding the foregoing, a Non-qualified
Stock Option may be granted with an Option Exercise Price lower than that set forth in the preceding sentence if such Option is granted
pursuant to an assumption or substitution for another option in a manner satisfying the provisions of Section 409A of the Code.

 

    	 

    	 

    

 

6.4
Consideration. The Option Exercise Price of Common Stock acquired pursuant to an Option shall be paid, to the extent permitted
by applicable statutes and regulations, either (a) in cash or by certified or bank check at the time the Option is exercised or (b) in
the discretion of the Committee, upon such terms as the Committee shall approve, the Option Exercise Price may be paid: (i) by delivery
to the Company of other Common Stock, duly endorsed for transfer to the Company, with a Fair Market Value on the date of delivery equal
to the Option Exercise Price (or portion thereof) due for the number of shares being acquired, or by means of attestation whereby the
Participant identifies for delivery specific shares of Common Stock that have an aggregate Fair Market Value on the date of attestation
equal to the Option Exercise Price (or portion thereof) and receives a number of shares of Common Stock equal to the difference between
the number of shares thereby purchased and the number of identified attestation shares of Common Stock (a “Stock for Stock Exchange”);
(ii) a “cashless” exercise program established with a broker; (iii) by reduction in the number of shares of Common Stock
otherwise deliverable upon exercise of such Option with a Fair Market Value equal to the aggregate Option Exercise Price at the time
of exercise; (iv) by any combination of the foregoing methods; or (v) in any other form of legal consideration that may be acceptable
to the Committee. Unless otherwise specifically provided in the Option, the exercise price of Common Stock acquired pursuant to an Option
that is paid by delivery (or attestation) to the Company of other Common Stock acquired, directly or indirectly from the Company, shall
be paid only by shares of the Common Stock of the Company that have been held for more than six months (or such longer or shorter period
of time required to avoid a charge to earnings for financial accounting purposes). Notwithstanding the foregoing, during any period for
which the Common Stock is publicly traded (i.e., the Common Stock is listed on any established stock exchange or a national market system)
an exercise by a Director or Officer that involves or may involve a direct or indirect extension of credit or arrangement of an extension
of credit by the Company, directly or indirectly, in violation of Section 402(a) of the Sarbanes-Oxley Act of 2002 shall be prohibited
with respect to any Award under this Plan.

 

6.5
Transferability of an Incentive Stock Option. An Incentive Stock Option shall not be transferable except by will or by the laws
of descent and distribution and shall be exercisable during the lifetime of the Optionholder only by the Optionholder. Notwithstanding
the foregoing, the Optionholder may, by delivering written notice to the Company, in a form satisfactory to the Company, designate a
third party who, in the event of the death of the Optionholder, shall thereafter be entitled to exercise the Option.

 

6.6
Transferability of a Non-qualified Stock Option. A Non-qualified Stock Option may, in the sole discretion of the Committee, be
transferable to a Permitted Transferee, upon written approval by the Committee to the extent provided in the Award Agreement. If the
Non-qualified Stock Option does not provide for transferability, then the Non-qualified Stock Option shall not be transferable except
by will or by the laws of descent and distribution and shall be exercisable during the lifetime of the Optionholder only by the Optionholder.
Notwithstanding the foregoing, the Optionholder may, by delivering written notice to the Company, in a form satisfactory to the Company,
designate a third party who, in the event of the death of the Optionholder, shall thereafter be entitled to exercise the Option.

 

6.7
Vesting of Options. Each Option may, but need not, vest and therefore become exercisable in periodic installments that may, but
need not, be equal. The Option may be subject to such other terms and conditions on the time or times when it may be exercised (which
may be based on performance or other criteria) as the Committee may deem appropriate. The vesting provisions of individual Options may
vary. No Option may be exercised for a fraction of a share of Common Stock. The Committee may, but shall not be required to, provide
for an acceleration of vesting and exercisability in the terms of any Award Agreement upon the occurrence of a specified event.

 

6.8
Termination of Continuous Service. Unless otherwise provided in an Award Agreement or in an employment agreement the terms of
which have been approved by the Committee, in the event an Optionholder’s Continuous Service terminates (other than upon the Optionholder’s
death or Disability), the Optionholder may exercise his or her Option (to the extent that the Optionholder was entitled to exercise such
Option as of the date of termination) but only within such period of time ending on the earlier of (a) the date three months following
the termination of the Optionholder’s Continuous Service or (b) the expiration of the term of the Option as set forth in the Award
Agreement; provided that, if the termination of Continuous Service is by the Company for Cause, all outstanding Options (whether
or not vested) shall immediately terminate and cease to be exercisable. If, after termination, the Optionholder does not exercise his
or her Option within the time specified in the Award Agreement, the Option shall terminate.

 

    	 

    	 

    

 

6.9
Extension of Termination Date. An Optionholder’s Award Agreement may also provide that if the exercise of the Option following
the termination of the Optionholder’s Continuous Service for any reason would be prohibited at any time because the issuance of
shares of Common Stock would violate the registration requirements under the Securities Act or any other state or federal securities
law or the rules of any securities exchange or interdealer quotation system, then the Option shall terminate on the earlier of (a) the
expiration of the term of the Option in accordance with Section 6.1 or (b) the expiration of a period after termination of the Participant’s
Continuous Service that is three months after the end of the period during which the exercise of the Option would be in violation of
such registration or other securities law requirements.

 

6.10
Disability of Optionholder. Unless otherwise provided in an Award Agreement, in the event that an Optionholder’s Continuous
Service terminates as a result of the Optionholder’s Disability, the Optionholder may exercise his or her Option (to the extent
that the Optionholder was entitled to exercise such Option as of the date of termination), but only within such period of time ending
on the earlier of (a) the date 12 months following such termination or (b) the expiration of the term of the Option as set forth in the
Award Agreement. If, after termination, the Optionholder does not exercise his or her Option within the time specified herein or in the
Award Agreement, the Option shall terminate.

 

6.11
Death of Optionholder. Unless otherwise provided in an Award Agreement, in the event an Optionholder’s Continuous Service
terminates as a result of the Optionholder’s death, then the Option may be exercised (to the extent the Optionholder was entitled
to exercise such Option as of the date of death) by the Optionholder’s estate, by a person who acquired the right to exercise the
Option by bequest or inheritance or by a person designated to exercise the Option upon the Optionholder’s death, but only within
the period ending on the earlier of (a) the date 12 months following the date of death or (b) the expiration of the term of such Option
as set forth in the Award Agreement. If, after the Optionholder’s death, the Option is not exercised within the time specified
herein or in the Award Agreement, the Option shall terminate.

 

6.12
Incentive Stock Option $100,000 Limitation. To the extent that the aggregate Fair Market Value (determined at the time of grant)
of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar
year (under all plans of the Company and its Affiliates) exceeds $100,000, the Options or portions thereof which exceed such limit (according
to the order in which they were granted) shall be treated as Non-qualified Stock Options.

 

7.
Stock Appreciation Rights. Each Stock Appreciation Right granted under the Plan shall be evidenced by an Award Agreement. Each
Stock Appreciation Right so granted shall be subject to the conditions set forth in this Section 7, and to such other conditions not
inconsistent with the Plan as may be reflected in the applicable Award Agreement. Stock Appreciation Rights may be granted alone (“Free
Standing Rights”) or in tandem with an Option granted under the Plan (“Related Rights”).

 

7.1
Grant Requirements for Related Rights. Any Related Right that relates to a Non-qualified Stock Option may be granted at the same
time the Option is granted or at any time thereafter but before the exercise or expiration of the Option. Any Related Right that relates
to an Incentive Stock Option must be granted at the same time the Incentive Stock Option is granted.

 

7.2
Term The term of a Stock Appreciation Right granted under the Plan shall be determined by the Committee; provided, however,
no Stock Appreciation Right shall be exercisable later than the tenth anniversary of the Grant Date.

 

7.3
Vesting

 

Each
Stock Appreciation Right may, but need not, vest and therefore become exercisable in periodic installments that may, but need not, be
equal. The Stock Appreciation Right may be subject to such other terms and conditions on the time or times when it may be exercised as
the Committee may deem appropriate. The vesting provisions of individual Stock Appreciation Rights may vary. No Stock Appreciation Right
may be exercised for a fraction of a share of Common Stock. The Committee may, but shall not be required to, provide for an acceleration
of vesting and exercisability in the terms of any Stock Appreciation Right upon the occurrence of a specified event.

 

    	 

    	 

    

 

7.4
Exercise and Payment Upon exercise of a Stock Appreciation Right, the holder shall be entitled to receive from the Company an
amount equal to the number of shares of Common Stock subject to the Stock Appreciation Right that is being exercised multiplied by the
excess of (i) the Fair Market Value of a share of Common Stock on the date the Award is exercised, over (ii) the exercise price specified
in the Stock Appreciation Right or related Option. Payment with respect to the exercise of a Stock Appreciation Right shall be made on
the date of exercise. Payment shall be made in the form of shares of Common Stock (with or without restrictions as to substantial risk
of forfeiture and transferability, as determined by the Committee in its sole discretion), cash or a combination thereof, as determined
by the Committee.

 

7.5
Exercise Price The exercise price of a Free Standing Right shall be determined by the Committee, but shall not be less than 100%
of the Fair Market Value of one share of Common Stock on the Grant Date of such Stock Appreciation Right. A Related Right granted simultaneously
with or subsequent to the grant of an Option and in conjunction therewith or in the alternative thereto shall have the same exercise
price as the related Option, shall be transferable only upon the same terms and conditions as the related Option, and shall be exercisable
only to the same extent as the related Option; provided, however, that a Stock Appreciation Right, by its terms, shall be exercisable
only when the Fair Market Value per share of Common Stock subject to the Stock Appreciation Right and related Option exceeds the exercise
price per share thereof and no Stock Appreciation Rights may be granted in tandem with an Option unless the Committee determines that
the requirements of Section 7.1 are satisfied.

 

7.6
Reduction in the Underlying Option Shares Upon any exercise of a Related Right, the number of shares of Common Stock for which
any related Option shall be exercisable shall be reduced by the number of shares for which the Stock Appreciation Right has been exercised.
The number of shares of Common Stock for which a Related Right shall be exercisable shall be reduced upon any exercise of any related
Option by the number of shares of Common Stock for which such Option has been exercised.

 

8.
Restricted Awards A Restricted Award is an Award of actual shares of Common Stock (“Restricted Stock”) or hypothetical
Common Stock units (“Restricted Stock Units”) having a value equal to the Fair Market Value of an identical number
of shares of Common Stock, which may, but need not, provide that such Restricted Award may not be sold, assigned, transferred or otherwise
disposed of, pledged or hypothecated as collateral for a loan or as security for the performance of any obligation or for any other purpose
for such period (the “Restricted Period”) as the Committee shall determine. Each Restricted Award granted under the
Plan shall be evidenced by an Award Agreement. Each Restricted Award so granted shall be subject to the conditions set forth in this
Section 8, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement.

 

8.1
Restricted Stock and Restricted Stock Units

 

(a)
Each Participant granted Restricted Stock shall execute and deliver to the Company an Award Agreement with respect to the Restricted
Stock setting forth the restrictions and other terms and conditions applicable to such Restricted Stock. If the Committee determines
that the Restricted Stock shall be held by the Company or in escrow rather than delivered to the Participant pending the release of the
applicable restrictions, the Committee may require the Participant to additionally execute and deliver to the Company (A) an escrow agreement
satisfactory to the Committee, if applicable and (B) the appropriate blank stock power with respect to the Restricted Stock covered by
such agreement. If a Participant fails to execute an agreement evidencing an Award of Restricted Stock and, if applicable, an escrow
agreement and stock power, the Award shall be null and void. Subject to the restrictions set forth in the Award, the Participant generally
shall have the rights and privileges of a shareholder as to such Restricted Stock, including the right to vote such Restricted Stock
and the right to receive dividends; provided that, any cash dividends and stock dividends with respect to the Restricted Stock
shall be withheld by the Company for the Participant’s account, and interest may be credited on the amount of the cash dividends
withheld at a rate and subject to such terms as determined by the Committee. The cash dividends or stock dividends so withheld by the
Committee and attributable to any particular share of Restricted Stock (and earnings thereon, if applicable) shall be distributed to
the Participant in cash or, at the discretion of the Committee, in shares of Common Stock having a Fair Market Value equal to the amount
of such dividends, if applicable, upon the release of restrictions on such share and, if such share is forfeited, the Participant shall
have no right to such dividends.

 

    	 

    	 

    

 

(b)
The terms and conditions of a grant of Restricted Stock Units shall be reflected in an Award Agreement. No shares of Common Stock shall
be issued at the time a Restricted Stock Unit is granted, and the Company will not be required to set aside funds for the payment of
any such Award. A Participant shall have no voting rights with respect to any Restricted Stock Units granted hereunder. The Committee
may also grant Restricted Stock Units with a deferral feature, whereby settlement is deferred beyond the vesting date until the occurrence
of a future payment date or event set forth in an Award Agreement (“Deferred Stock Units”). At the discretion of the
Committee, each Restricted Stock Unit or Deferred Stock Unit (representing one share of Common Stock) may be credited with an amount
equal to the cash and stock dividends paid by the Company in respect of one share of Common Stock (“Dividend Equivalents”).
Dividend Equivalents shall be paid currently (and in no case later than the end of the calendar year in which the dividend is paid to
the holders of the Common Stock or, if later, the 15th day of the third month following the date the dividend is paid to holders of the
Common Stock)./Dividend Equivalents shall be withheld by the Company and credited to the Participant’s account, and interest may
be credited on the amount of cash Dividend Equivalents credited to the Participant’s account at a rate and subject to such terms
as determined by the Committee. Dividend Equivalents credited to a Participant’s account and attributable to any particular Restricted
Stock Unit or Deferred Stock Unit (and earnings thereon, if applicable) shall be distributed in cash or, at the discretion of the Committee,
in shares of Common Stock having a Fair Market Value equal to the amount of such Dividend Equivalents and earnings, if applicable, to
the Participant upon settlement of such Restricted Stock Unit or Deferred Stock Unit and, if such Restricted Stock Unit or Deferred Stock
Unit is forfeited, the Participant shall have no right to such Dividend Equivalents./Dividend Equivalents will be deemed re-invested
in additional Restricted Stock Units or Deferred Stock Units based on the Fair Market Value of a share of Common Stock on the applicable
dividend payment date and rounded down to the nearest whole share.

 

8.2
Restrictions

 

(a)
Restricted Stock awarded to a Participant shall be subject to the following restrictions until the expiration of the Restricted Period,
and to such other terms and conditions as may be set forth in the applicable Award Agreement: (A) if an escrow arrangement is used, the
Participant shall not be entitled to delivery of the stock certificate; (B) the shares shall be subject to the restrictions on transferability
set forth in the Award Agreement; (C) the shares shall be subject to forfeiture to the extent provided in the applicable Award Agreement;
and (D) to the extent such shares are forfeited, the stock certificates shall be returned to the Company, and all rights of the Participant
to such shares and as a shareholder with respect to such shares shall terminate without further obligation on the part of the Company.

 

(b)
Restricted Stock Units and Deferred Stock Units awarded to any Participant shall be subject to (A) forfeiture until the expiration of
the Restricted Period, and satisfaction of any applicable Performance Goals during such period, to the extent provided in the applicable
Award Agreement, and to the extent such Restricted Stock Units or Deferred Stock Units are forfeited, all rights of the Participant to
such Restricted Stock Units or Deferred Stock Units shall terminate without further obligation on the part of the Company and (B) such
other terms and conditions as may be set forth in the applicable Award Agreement.

 

(c)
The Committee shall have the authority to remove any or all of the restrictions on the Restricted Stock, Restricted Stock Units and Deferred
Stock Units whenever it may determine that, by reason of changes in Applicable Laws or other changes in circumstances arising after the
date the Restricted Stock or Restricted Stock Units or Deferred Stock Units are granted, such action is appropriate.

 

8.3
Restricted Period

 

With
respect to Restricted Awards, the Restricted Period shall commence on the Grant Date and end at the time or times set forth on a schedule
established by the Committee in the applicable Award Agreement.

 

    	 

    	 

    

 

8.4
Delivery of Restricted Stock and Settlement of Restricted Stock Units Upon the expiration of the Restricted Period with respect
to any shares of Restricted Stock, the restrictions set forth in Section 8.2 and the applicable Award Agreement shall be of no further
force or effect with respect to such shares, except as set forth in the applicable Award Agreement. If an escrow arrangement is used,
upon such expiration, the Company shall deliver to the Participant, or his or her beneficiary, without charge, the stock certificate
evidencing the shares of Restricted Stock which have not then been forfeited and with respect to which the Restricted Period has expired
(to the nearest full share) and any cash dividends or stock dividends credited to the Participant’s account with respect to such
Restricted Stock and the interest thereon, if any. Upon the expiration of the Restricted Period with respect to any outstanding Restricted
Stock Units, or at the expiration of the deferral period with respect to any outstanding Deferred Stock Units, the Company shall deliver
to the Participant, or his or her beneficiary, without charge, one share of Common Stock for each such outstanding vested Restricted
Stock Unit or Deferred Stock Unit (“Vested Unit”) and cash equal to any Dividend Equivalents credited with respect
to each such Vested Unit in accordance with Section 8.1(b) hereof and the interest thereon or, at the discretion of the Committee, in
shares of Common Stock having a Fair Market Value equal to such Dividend Equivalents and the interest thereon, if any; provided, however,
that, if explicitly provided in the applicable Award Agreement, the Committee may, in its sole discretion, elect to pay cash or part
cash and part Common Stock in lieu of delivering only shares of Common Stock for Vested Units. If a cash payment is made in lieu of delivering
shares of Common Stock, the amount of such payment shall be equal to the Fair Market Value of the Common Stock as of the date on which
the Restricted Period lapsed in the case of Restricted Stock Units, or the delivery date in the case of Deferred Stock Units, with respect
to each Vested Unit.

 

8.5
Stock Restrictions Each certificate representing Restricted Stock awarded under the Plan shall bear a legend in such form as the
Company deems appropriate.

 

9.
Performance Share Awards Each Performance Share Award granted under the Plan shall be evidenced by an Award Agreement. Each Performance
Share Award so granted shall be subject to the conditions set forth in this Section 9, and to such other conditions not inconsistent
with the Plan as may be reflected in the applicable Award Agreement. The Committee shall have the discretion to determine: (i) the number
of shares of Common Stock or stock-denominated units subject to a Performance Share Award granted to any Participant; (ii) the Performance
Period applicable to any Award; (iii) the conditions that must be satisfied for a Participant to earn an Award; and (iv) the other terms,
conditions and restrictions of the Award.

 

9.1
Earning Performance Share Awards The number of Performance Shares earned by a Participant will depend on the extent to which the
performance goals established by the Committee are attained within the applicable Performance Period, as determined by the Committee.

 

10.
Other Equity-Based Awards and Cash Awards The Committee may grant Other Equity-Based Awards, either alone or in tandem with other
Awards, in such amounts and subject to such conditions as the Committee shall determine in its sole discretion. Each Equity-Based Award
shall be evidenced by an Award Agreement and shall be subject to such conditions, not inconsistent with the Plan, as may be reflected
in the applicable Award Agreement. The Committee may grant Cash Awards in such amounts and subject to such Performance Goals, other vesting
conditions, and such other terms as the Committee determines in its discretion. Cash Awards shall be evidenced in such form as the Committee
may determine.

 

11.
Securities Law Compliance. Each Award Agreement shall provide that no shares of Common Stock shall be purchased or sold thereunder
unless and until (a) any then applicable requirements of state or federal laws and regulatory agencies have been fully complied with
to the satisfaction of the Company and its counsel and (b) if required to do so by the Company, the Participant has executed and delivered
to the Company a letter of investment intent in such form and containing such provisions as the Committee may require. The Company shall
use reasonable efforts to seek to obtain from each regulatory commission or agency having jurisdiction over the Plan such authority as
may be required to grant Awards and to issue and sell shares of Common Stock upon exercise of the Awards; provided, however, that
this undertaking shall not require the Company to register under the Securities Act the Plan, any Award or any Common Stock issued or
issuable pursuant to any such Award. If, after reasonable efforts, the Company is unable to obtain from any such regulatory commission
or agency the authority which counsel for the Company deems necessary for the lawful issuance and sale of Common Stock under the Plan,
the Company shall be relieved from any liability for failure to issue and sell Common Stock upon exercise of such Awards unless and until
such authority is obtained.

 

    	 

    	 

    

 

12.
Use of Proceeds from Stock. Proceeds from the sale of Common Stock pursuant to Awards, or upon exercise thereof, shall constitute
general funds of the Company.

 

13.
Miscellaneous.

 

13.1
Acceleration of Exercisability and Vesting. The Committee shall have the power to accelerate the time at which an Award may first
be exercised or the time during which an Award or any part thereof will vest in accordance with the Plan, notwithstanding the provisions
in the Award stating the time at which it may first be exercised or the time during which it will vest.

 

13.2
Shareholder Rights. Except as provided in the Plan or an Award Agreement, no Participant shall be deemed to be the holder of,
or to have any of the rights of a holder with respect to, any shares of Common Stock subject to such Award unless and until such Participant
has satisfied all requirements for exercise of the Award pursuant to its terms and no adjustment shall be made for dividends (ordinary
or extraordinary, whether in cash, securities or other property) or distributions of other rights for which the record date is prior
to the date such Common Stock certificate is issued, except as provided in Section 14 hereof.

 

13.3
No Employment or Other Service Rights. Nothing in the Plan or any instrument executed or Award granted pursuant thereto shall
confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time the Award
was granted or shall affect the right of the Company or an Affiliate to terminate (a) the employment of an Employee with or without notice
and with or without Cause or (b) the service of a Director pursuant to the By-laws of the Company or an Affiliate, and any applicable
provisions of the corporate law of the state in which the Company or the Affiliate is incorporated, as the case may be.

 

13.4
Transfer; Approved Leave of Absence. For purposes of the Plan, no termination of employment by an Employee shall be deemed to
result from either (a) a transfer of employment to the Company from an Affiliate or from the Company to an Affiliate, or from one Affiliate
to another, or (b) an approved leave of absence for military service or sickness, or for any other purpose approved by the Company, if
the Employee’s right to reemployment is guaranteed either by a statute or by contract or under the policy pursuant to which the
leave of absence was granted or if the Committee otherwise so provides in writing, in either case, except to the extent inconsistent
with Section 409A of the Code if the applicable Award is subject thereto.

 

13.5
Withholding Obligations. To the extent provided by the terms of an Award Agreement and subject to the discretion of the Committee,
the Participant may satisfy any federal, state or local tax withholding obligation relating to the exercise or acquisition of Common
Stock under an Award by any of the following means (in addition to the Company’s right to withhold from any compensation paid to
the Participant by the Company) or by a combination of such means: (a) tendering a cash payment; (b) authorizing the Company to withhold
shares of Common Stock from the shares of Common Stock otherwise issuable to the Participant as a result of the exercise or acquisition
of Common Stock under the Award, provided, however, that no shares of Common Stock are withheld with a value exceeding the minimum
amount of tax required to be withheld by law; or (c) delivering to the Company previously owned and unencumbered shares of Common Stock
of the Company.

 

14.
Adjustments Upon Changes in Stock. In the event of changes in the outstanding Common Stock or in the capital structure of the
Company by reason of any stock or extraordinary cash dividend, stock split, reverse stock split, an extraordinary corporate transaction
such as any recapitalization, reorganization, merger, consolidation, combination, exchange, or other relevant change in capitalization
occurring after the Grant Date of any Award, Awards granted under the Plan and any Award Agreements, the exercise price of Options and
Stock Appreciation Rights, the Performance Goals to which Performance Share Awards and Cash Awards are subject, the maximum number of
shares of Common Stock subject to all Awards stated in Section 4 will be equitably adjusted or substituted, as to the number, price or
kind of a share of Common Stock or other consideration subject to such Awards to the extent necessary to preserve the economic intent
of such Award. In the case of adjustments made pursuant to this Section 14, unless the Committee specifically determines that such adjustment
is in the best interests of the Company or its Affiliates, the Committee shall, in the case of Incentive Stock Options, ensure that any
adjustments under this Section 14 will not constitute a modification, extension or renewal of the Incentive Stock Options within the
meaning of Section 424(h)(3) of the Code and in the case of Non-qualified Stock Options, ensure that any adjustments under this Section
14 will not constitute a modification of such Non-qualified Stock Options within the meaning of Section 409A of the Code. Any adjustments
made under this Section 14 shall be made in a manner which does not adversely affect the exemption provided pursuant to Rule 16b-3 under
the Exchange Act. The Company shall give each Participant notice of an adjustment hereunder and, upon notice, such adjustment shall be
conclusive and binding for all purposes.

 

    	 

    	 

    

 

15.
Effect of Change in Control.

 

15.1
Unless otherwise provided in an Award Agreement, notwithstanding any provision of the Plan to the contrary:

 

(a)
In the event of a Change in Control, all outstanding Options and Stock Appreciation Rights shall become immediately exercisable with
respect to 100% of the shares subject to such Options or Stock Appreciation Rights, and/or the Restricted Period shall expire immediately
with respect to 100% of the outstanding shares of Restricted Stock or Restricted Stock Units.

 

(b)
With respect to Performance Share Awards and Cash Awards, in the event of a Change in Control, all incomplete Performance Periods in
respect of such Awards in effect on the date the Change in Control occurs shall end on the date of such change and the Committee shall
(i) determine the extent to which Performance Goals with respect to each such Performance Period have been met based upon such audited
or unaudited financial information then available as it deems relevant and (ii) cause to be paid to the applicable Participant partial
or full Awards with respect to Performance Goals for each such Performance Period based upon the Committee’s determination of the
degree of attainment of Performance Goals or, if not determinable, assuming that the applicable “target” levels of performance
have been attained, or on such other basis determined by the Committee.

 

To
the extent practicable, any actions taken by the Committee under the immediately preceding clauses (a) and (b) shall occur in a manner
and at a time which allows affected Participants the ability to participate in the Change in Control with respect to the shares of Common
Stock subject to their Awards.

 

15.2
In addition, in the event of a Change in Control, the Committee may in its discretion and upon at least 10 days’ advance notice
to the affected persons, cancel any outstanding Awards and pay to the holders thereof, in cash or stock, or any combination thereof,
the value of such Awards based upon the price per share of Common Stock received or to be received by other shareholders of the Company
in the event. In the case of any Option or Stock Appreciation Right with an exercise price (or SAR Exercise Price in the case of a Stock
Appreciation Right) that equals or exceeds the price paid for a share of Common Stock in connection with the Change in Control, the Committee
may cancel the Option or Stock Appreciation Right without the payment of consideration therefor.

 

15.3
The obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the merger,
consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to all or substantially
all of the assets and business of the Company and its Affiliates, taken as a whole.

 

16.
Amendment of the Plan and Awards.

 

16.1
Amendment of Plan. The Board at any time, and from time to time, may amend or terminate the Plan. However, except as provided
in Section 14 relating to adjustments upon changes in Common Stock and Section 16.3, no amendment shall be effective unless approved
by the shareholders of the Company to the extent shareholder approval is necessary to satisfy any Applicable Laws. At the time of such
amendment, the Board shall determine, upon advice from counsel, whether such amendment will be contingent on shareholder approval.

 

16.2
Shareholder Approval. The Board may, in its sole discretion, submit any other amendment to the Plan for shareholder approval.

 

    	 

    	 

    

 

16.3
Contemplated Amendments. It is expressly contemplated that the Board may amend the Plan in any respect the Board deems necessary
or advisable to provide eligible Employees, Consultants and Directors with the maximum benefits provided or to be provided under the
provisions of the Code and the regulations promulgated thereunder relating to Incentive Stock Options or to the nonqualified deferred
compensation provisions of Section 409A of the Code and/or to bring the Plan and/or Awards granted under it into compliance therewith.

 

16.4
No Impairment of Rights. Rights under any Award granted before amendment of the Plan shall not be impaired by any amendment of
the Plan unless (a) the Company requests the consent of the Participant and (b) the Participant consents in writing.

 

16.5
Amendment of Awards. The Committee at any time, and from time to time, may amend the terms of any one or more Awards; provided,
however, that the Committee may not affect any amendment which would otherwise constitute an impairment of the rights under any Award
unless (a) the Company requests the consent of the Participant and (b) the Participant consents in writing.

 

17.
General Provisions.

 

17.1
Forfeiture Events. The Committee may specify in an Award Agreement that the Participant’s rights, payments and benefits
with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain events,
in addition to applicable vesting conditions of an Award. Such events may include, without limitation, breach of non-competition, non-solicitation,
confidentiality, or other restrictive covenants that are contained in the Award Agreement or otherwise applicable to the Participant,
a termination of the Participant’s Continuous Service for Cause, or other conduct by the Participant that is detrimental to the
business or reputation of the Company and/or its Affiliates.

 

17.2
Clawback. Notwithstanding any other provisions in this Plan, the Company may cancel any Award, require reimbursement of any Award
by a Participant, and effect any other right of recoupment of equity or other compensation provided under the Plan in accordance with
any Company policies that may be adopted and/or modified from time to time (“Clawback Policy”). In addition, a Participant
may be required to repay to the Company previously paid compensation, whether provided pursuant to the Plan or an Award Agreement, in
accordance with the Clawback Policy. By accepting an Award, the Participant is agreeing to be bound by the Clawback Policy, as in effect
or as may be adopted and/or modified from time to time by the Company in its discretion (including, without limitation, to comply with
applicable law or stock exchange listing requirements).

 

17.3
Other Compensation Arrangements. Nothing contained in this Plan shall prevent the Board from adopting other or additional compensation
arrangements, subject to shareholder approval if such approval is required; and such arrangements may be either generally applicable
or applicable only in specific cases.

 

17.4
Sub-Plans. The Committee may from time to time establish sub-plans under the Plan for purposes of satisfying securities, tax or
other laws of various jurisdictions in which the Company intends to grant Awards. Any sub-plans shall contain such limitations and other
terms and conditions as the Committee determines are necessary or desirable. All sub-plans shall be deemed a part of the Plan, but each
sub-plan shall apply only to the Participants in the jurisdiction for which the sub-plan was designed.

 

17.5
Deferral of Awards. The Committee may establish one or more programs under the Plan to permit selected Participants the opportunity
to elect to defer receipt of consideration upon exercise of an Award, satisfaction of performance criteria, or other event that absent
the election would entitle the Participant to payment or receipt of shares of Common Stock or other consideration under an Award. The
Committee may establish the election procedures, the timing of such elections, the mechanisms for payments of, and accrual of interest
or other earnings, if any, on amounts, shares or other consideration so deferred, and such other terms, conditions, rules and procedures
that the Committee deems advisable for the administration of any such deferral program.

 

17.6
Unfunded Plan. The Plan shall be unfunded. Neither the Company, the Board nor the Committee shall be required to establish any
special or separate fund or to segregate any assets to assure the performance of its obligations under the Plan.

 

    	 

    	 

    

 

17.7
Recapitalizations. Each Award Agreement shall contain provisions required to reflect the provisions of Section 14.

 

17.8
Delivery. Upon exercise of a right granted under this Plan, the Company shall issue Common Stock or pay any amounts due within
a reasonable period of time thereafter. Subject to any statutory or regulatory obligations the Company may otherwise have, for purposes
of this Plan, 30 days shall be considered a reasonable period of time.

 

17.9
No Fractional Shares. No fractional shares of Common Stock shall be issued or delivered pursuant to the Plan. The Committee shall
determine whether cash, additional Awards or other securities or property shall be issued or paid in lieu of fractional shares of Common
Stock or whether any fractional shares should be rounded, forfeited or otherwise eliminated.

 

17.10
Other Provisions. The Award Agreements authorized under the Plan may contain such other provisions not inconsistent with this
Plan, including, without limitation, restrictions upon the exercise of Awards, as the Committee may deem advisable.

 

17.11
Section 409A. The Plan is intended to comply with Section 409A of the Code to the extent subject thereto, and, accordingly, to
the maximum extent permitted, the Plan shall be interpreted and administered to be in compliance therewith. Any payments described in
the Plan that are due within the “short-term deferral period” as defined in Section 409A of the Code shall not be treated
as deferred compensation unless Applicable Laws require otherwise. Notwithstanding anything to the contrary in the Plan, to the extent
required to avoid accelerated taxation and tax penalties under Section 409A of the Code, amounts that would otherwise be payable and
benefits that would otherwise be provided pursuant to the Plan during the six (6) month period immediately following the Participant’s
termination of Continuous Service shall instead be paid on the first payroll date after the six-month anniversary of the Participant’s
separation from service (or the Participant’s death, if earlier). Notwithstanding the foregoing, neither the Company nor the Committee
shall have any obligation to take any action to prevent the assessment of any additional tax or penalty on any Participant under Section
409A of the Code and neither the Company nor the Committee will have any liability to any Participant for such tax or penalty.

 

17.12
Disqualifying Dispositions. Any Participant who shall make a “disposition” (as defined in Section 424 of the Code)
of all or any portion of shares of Common Stock acquired upon exercise of an Incentive Stock Option within two years from the Grant Date
of such Incentive Stock Option or within one year after the issuance of the shares of Common Stock acquired upon exercise of such Incentive
Stock Option (a “Disqualifying Disposition”) shall be required to immediately advise the Company in writing as to
the occurrence of the sale and the price realized upon the sale of such shares of Common Stock.

 

17.13
Section 16. It is the intent of the Company that the Plan satisfy, and be interpreted in a manner that satisfies, the applicable
requirements of Rule 16b-3 as promulgated under Section 16 of the Exchange Act so that Participants will be entitled to the benefit of
Rule 16b-3, or any other rule promulgated under Section 16 of the Exchange Act, and will not be subject to short-swing liability under
Section 16 of the Exchange Act. Accordingly, if the operation of any provision of the Plan would conflict with the intent expressed in
this Section 17.13, such provision to the extent possible shall be interpreted and/or deemed amended so as to avoid such conflict.

 

17.14
Beneficiary Designation. Each Participant under the Plan may from time to time name any beneficiary or beneficiaries by whom any
right under the Plan is to be exercised in case of such Participant’s death. Each designation will revoke all prior designations
by the same Participant, shall be in a form reasonably prescribed by the Committee and shall be effective only when filed by the Participant
in writing with the Company during the Participant’s lifetime.

 

17.15
Expenses. The costs of administering the Plan shall be paid by the Company.

 

17.16
Severability. If any of the provisions of the Plan or any Award Agreement is held to be invalid, illegal or unenforceable, whether
in whole or in part, such provision shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality or
unenforceability and the remaining provisions shall not be affected thereby.

 

    	 

    	 

    

 

17.17
Plan Headings. The headings in the Plan are for purposes of convenience only and are not intended to define or limit the construction
of the provisions hereof.

 

17.18
Non-Uniform Treatment. The Committee’s determinations under the Plan need not be uniform and may be made by it selectively
among persons who are eligible to receive, or actually receive, Awards. Without limiting the generality of the foregoing, the Committee
shall be entitled to make non-uniform and selective determinations, amendments and adjustments, and to enter into non-uniform and selective
Award Agreements.

 

18.
Effective Date of Plan. The Plan shall become effective as of the Effective Date, but no Award shall be exercised (or, in the
case of a stock Award, shall be granted) unless and until the Plan has been approved by the shareholders of the Company, which approval
shall be within twelve (12) months before or after the date the Plan is adopted by the Board.

 

19.
Termination or Suspension of the Plan. The Plan shall terminate automatically on the ten year anniversary of the Effective Date.
No Award shall be granted pursuant to the Plan after such date, but Awards theretofore granted may extend beyond that date. The Board
may suspend or terminate the Plan at any earlier date pursuant to Section 16.1 hereof. No Awards may be granted under the Plan while
the Plan is suspended or after it is terminated.

 

20.
Choice of Law. The law of the State of Florida shall govern all questions concerning the construction, validity and interpretation
of this Plan, without regard to such state’s conflict of law rules.

 

As
adopted by the Board of Directors of EzFill Holdings, Inc. on April 22, 2022.

 

As
approved by the shareholders of EzFill Holdings, Inc. on June 3, 2022.

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