Document:

Exhibit 4.4

 

THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT
PURPOSES ONLY AND MAY NOT BE TRANSFERRED UNTIL (i) A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”)
SHALL HAVE BECOME EFFECTIVE WITH RESPECT THERETO OR (ii) RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL REASONABLY SATISFACTORY
TO THE COMPANY TO THE EFFECT THAT REGISTRATION UNDER THE ACT IS NOT REQUIRED IN CONNECTION WITH SUCH PROPOSED TRANSFER NOR IS IN
VIOLATION OF ANY APPLICABLE STATE SECURITIES LAWS. 

 

 

esports
technologies, inc.

 

10% UNSECURED CONVERTIBLE PROMISSORY
NOTE

 

 

	$700,000	_______, 2020

 

FOR VALUE RECEIVED, eSports
Technologies, Inc., a Delaware corporation (the “Company”), promises to pay to the order of ______________
(the “Payee” or the “Holder”) or registered assigns, on _____________, unless
accelerated due to the occurrence of an Event of Default (the earlier of such dates is referred to as the “Maturity
Date”), the principal amount of Seven Hundred Thousand Dollars ($700,000) (the “Principal Amount”)
and interest on the Principal Amount (as set forth in Section 3), in such coin or currency of the United States of America as at
the time of payment shall be legal tender for the payment of public and private debts. Interest on this Note shall accrue on the
Principal Amount outstanding from time to time at a rate per annum computed in accordance with Section 3 hereof.

 

1.              Conversion.

 

A.            Subject to
Section 1.B. below, the Holder may convert the Principal Amount of this Note and all accrued and unpaid interest into Company shares
(the “Shares”) at a conversion price equal to $0.50 per Share (the “Conversion Price”),
which price shall be proportionately adjusted for stock splits, stock dividends or similar events.

 

B.             If, at any
time while this Note is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger
or consolidation of the Company with or into an individual or corporation, partnership, trust, incorporated or unincorporated association,
joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity
of any kind (“Person”), (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment,
transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions,
(iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed
pursuant to which holders of Shares are permitted to sell, tender or exchange their Shares for other securities, cash or property
and has been accepted by the holders of 50% or more of the outstanding Shares, or (iv) the Company, directly or indirectly, in
one or more related transactions effects any reclassification, reorganization or recapitalization of the Shares or any compulsory
share exchange pursuant to which the Shares are effectively converted into or exchanged for other securities, cash or property,
(each a “Fundamental Transaction”), then, upon any subsequent conversion of this Note, the Holder shall have
the right to receive, for each Share that would have been issuable upon such conversion immediately prior to the occurrence of
such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 1.C. on the conversion of
this Note), the number of Shares of the successor or acquiring corporation or of the Company, if it is the surviving corporation,
and any additional consideration receivable as a result of such Fundamental Transaction by a holder of the number of Shares for
which this Note is convertible immediately prior to such Fundamental Transaction (without regard to any limitation in Section 1.C.
on the conversion of this Note). The Company shall cause any successor entity in a Fundamental Transaction in which the Company
is not the survivor (the “Successor Entity”) to assume all of the obligations of the Company under this Note.
Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that
from and after the date of such Fundamental Transaction, the provisions of this Note referring to the “Company” shall
refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations
of the Company under this Note with the same effect as if such Successor Entity had been named as the Company herein.

 

 

 

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C.             Notwithstanding
anything to the contrary contained in this Note, this Note shall not be convertible into Shares to the extent (but only to the
extent) that the Holder or any of its affiliates would beneficially own in excess of 4.99% (the “Maximum Percentage”)
of the Shares. To the extent the conversion provisions of Section 1.A. would be limited by this Section 1.C, the portion of this
Note not converted may be converted into Shares at a later date or dates, provided that at such later date or dates the limitation
in Section 1.C would no longer apply to the Holder because such Holder would no longer own in excess of the Maximum Percentage.
For the purposes of this paragraph, beneficial ownership and all determinations and calculations (including, without limitation,
with respect to calculations of percentage ownership) shall be determined in accordance with Section 13(d) of the Securities Exchange
Act of 1934, as amended, and the rules and regulations promulgated thereunder. The provisions of this paragraph shall be implemented
in a manner otherwise than in strict conformity with the terms of this paragraph to correct this paragraph (or any portion hereof)
which may be defective or inconsistent with the intended Maximum Percentage beneficial ownership limitation herein contained or
to make changes or supplements necessary or desirable to properly give effect to such Maximum Percentage limitation.

 

2.              Base
Interest Rate; Payment of Interest. The outstanding Principal Amount shall bear interest at the rate of 10.0% per annum. Interest
shall be based on a 365 day year. Subject to the provisions of Section 1.A. above, accrued interest will be due and payable on
the Maturity Date unless converted in Shares.

 

3.              Covenants
of Company

 

A.             Affirmative
Covenants. The Company covenants and agrees that, so long as this Note shall be outstanding, it will perform the obligations
set forth in this Section 3.A.:

 

(i)             Maintenance
of Existence. The Company will do or cause to be done all things reasonably necessary to preserve and keep in full force and
effect its corporate existence, rights and franchises and comply with all laws applicable to the Company, except where the failure
to comply would not have a material adverse effect on the Company.

 

4.              Events
of Default

 

A.            The
term “Event of Default” shall mean any of the events set forth in this Section 4.A.:

 

(i)             Non-Payment
of Obligations. The Company shall default in the payment of the Principal Amount or accrued interest of this Note as and when
the same shall become due and payable, whether by acceleration or otherwise.

 

(ii)            Non-Performance
of Affirmative Covenants. The Company shall materially default in the due observance or performance of any covenant set forth
in Section 3.A.

 

(iii)           Bankruptcy,
Insolvency, etc. The Company shall:

 

(a)            apply
for, consent to, or acquiesce in, the appointment of a trustee, receiver, sequestrator or other custodian for the Company, or make
a general assignment for the benefit of creditors; or

 

(b)            permit
or suffer to exist the commencement of any bankruptcy, reorganization, debt arrangement or other case or proceeding under any bankruptcy
or insolvency law, or any dissolution, winding up or liquidation proceeding, in respect of the Company, and, if such case or proceeding
is not commenced by the Company or converted to a voluntary case, such case or proceeding shall be consented to or acquiesced in
by the Company or shall result in the entry of an order for relief.

 

 

 

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B.             Action
if Bankruptcy. If any Event of Default described in clause (iii) of Section 4.A. shall occur, the outstanding Principal Amount
of this Note and all other obligations hereunder shall automatically be and become immediately due and payable, without notice
or demand.

 

C.             Action
if Other Event of Default. Upon the occurrence of an Event of Default that goes uncured for more than 10 days after written
notice thereof by Holder to the Company (other than any Event of Default described in clause (iii) of Section 4.A.) the entire
outstanding principal of the Note together with the interest accrued thereon shall be immediately due and payable. The Company
hereby waives any and all notices including notice of breach, notice of default, notice of intent to accelerate, notice of acceleration
or any other demand or presentment that may be required.

 

5.              Miscellaneous.

 

A.            Parties
in Interest. All covenants, agreements and undertakings in this Note binding upon the Company or the Payee shall bind and inure
to the benefit of the successors and permitted assigns of the Company and the Payee, respectively, whether so expressed or not.

 

B.             Governing
Law. This Note shall be governed by the laws of the State of Texas as applied to contracts entered into and to be performed
entirely within the State of Texas. Any action arising out of this Note shall be brought exclusively in a court of competent jurisdiction
in Dallas County, Texas, and the Company and the Holder (by accepting this Note) hereby irrevocably waive any objections they may
have to venue in Dallas County, Texas.

 

C.             Arbitration.
Any dispute, claim or controversy arising out of or relating to this Note or the breach, termination, enforcement, interpretation
or validity thereof, including the determination of the scope or applicability of this agreement to arbitrate, shall be determined
by arbitration in Las Vegas, Nevada before a single arbitrator. The arbitration shall be administered by JAMS pursuant to its Comprehensive
Arbitration Rules and Procedures (“Rules”) and in accordance with the Expedited Procedures in those Rules, including
Rules 16.1 and 16.2 of those Rules. Judgment on the Award (as defined in the Rules) may be entered in any court having jurisdiction.
The Company and Holder shall each select one independent arbitrator expert in the subject matter of the dispute (the arbitrators
so selected shall be referred to herein as “Company’s Arbitrator” and “Holder’s Arbitrator,”
respectively). In the event that either such party fails to select an independent arbitrator as set forth herein within 20 days
from delivery of a notice of arbitration, then the matter shall be resolved by the arbitrator selected by the other party. Company’s
Arbitrator and Holder’s Arbitrator shall select a third independent arbitrator expert in the subject matter of the dispute,
and the three arbitrators so selected shall resolve the matter according to the procedures set forth in this section. If Company’s
Arbitrator and Holder’s Arbitrator are unable to agree on a third arbitrator within 20 days after their selection, Company’s
Arbitrator and Holder’s Arbitrator shall each prepare a list of three independent arbitrators. Company’s Arbitrator
and Holder’s Arbitrator shall each have the opportunity to designate as objectionable and eliminate one arbitrator from the
other arbitrator’s list within seven days after submission thereof, and the third arbitrator shall then be selected by lot
from the arbitrators remaining on the lists submitted by Company’s Arbitrator and Holder’s Arbitrator. The parties
shall maintain the confidential nature of the arbitration proceeding and the Award, including the hearing, except as may be necessary
to prepare for or conduct the arbitration hearing on the merits, or except as may be necessary in connection with a court application
for a preliminary remedy, a judicial challenge to an Award or its enforcement, or unless otherwise required by law or judicial
decision. The parties acknowledge that this Note evidences a transaction involving interstate commerce. Notwithstanding the provision
in the preceding section with respect to applicable substantive law, any arbitration conducted pursuant to the terms of this Note
shall be governed by the Federal Arbitration Act.

 

D.             Notice.
All notices shall be in writing, and shall be deemed given when actually delivered to a party at its address set forth herein personally,
by a reputable overnight messenger.

 

E.             No
Waiver. No delay in exercising any right hereunder shall be deemed a waiver thereof, and no waiver shall be deemed to have
any application to any future default or exercise of rights hereunder.

 

IN WITNESS WHEREOF, this
Note has been executed and delivered on the date specified above by the duly authorized representative of the Company.

 

eSports Technologies, Inc.

 

 

By:________________________________

Chief Executive Officer

 

 

 

    	 	3Exhibit 10.1

 

ESPORTS TECHNOLOGIES, INC.

2020 STOCK PLAN

(Adopted as of December 9, 2020)

______________________

 

		Section	1.            
Establishment and Purpose.

 

1.1           
The Board of Directors of Esports Technologies, Inc. (the “Company”) hereby establishes the Esports Technologies,
Inc. 2020 Stock Plan (the “Plan”) effective as of December 9, 2020, subject to approval by the Company’s stockholders
within one year of the date hereof.

 

1.2          
The purpose of the Plan is to attract and retain outstanding individuals as Key Employees, Directors and Consultants of
the Company and its Subsidiaries, to recognize the contributions made to the Company and its Subsidiaries by Key Employees, Directors
and Consultants, and to provide such Key Employees, Directors and Consultants with additional incentive to expand and improve the
profits and achieve the objectives of the Company and its Subsidiaries, by providing such Key Employees, Directors and Consultants
with the opportunity to acquire or increase their proprietary interest in the Company through receipt of Awards.

 

		Section	2.            
Definitions.

 

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

 

2.1           
“Award” means any award or benefit granted under the Plan, which shall be a Stock Option, a Stock Award,
a Stock Unit Award or an SAR.

 

2.2           
“Award Agreement” means, as applicable, a Stock Option Agreement, Stock Award Agreement, Stock Unit Award
Agreement or SAR Agreement evidencing an Award granted under the Plan.

 

2.3           
“Board” means the Board of Directors of the Company.

 

2.4           
“Change in Control” has the meaning set forth in Section 8.2 of the Plan.

 

2.5           
“Code” means the Internal Revenue Code of 1986, as amended from time to time.

 

2.6           
“Committee” means the Compensation Committee of the Board or such other committee as may be designated
by the Board from time to time to administer the Plan, or, if no such committee has been designated at the time of any grants,
it shall mean the Board.

 

2.7           
“Common Stock” means the Common Stock, par value $0.001 per share, of the Company.

 

2.8           
“Company” means Esports Technologies, Inc., a Nevada corporation.

 

2.9           
“Consultant” means any person, including an advisor, who is engaged by the Company or an affiliate to
render consulting or advisory services and is compensated for such services. However, service solely as a Director, or payment
of a fee for such service, will not cause a Director to be considered a “Consultant” for purposes of the Plan. Notwithstanding
the foregoing, a person is treated as a Consultant under this Plan only if a Form S-8 Registration Statement under the Securities
Act is available to register either the offer or the sale of the Company’s securities to such person.

 

 

 

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2.10         
“Director” means a director of the Company who is not an employee of the Company or a Subsidiary.

 

2.11         
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.

 

2.12         
“Fair Market Value” means as of any date, the closing price of a share of Common Stock on the national
securities exchange on which the Common Stock is listed, or, if the Common Stock is not listed on a national securities exchange,
the over-the-counter market on which the Common Stock trades, or, if the Common Stock is not listed on a national securities exchange
or an over-the-counter market, as determined by the Board as of such date, or, if no trading occurred on such date, as of the trading
day immediately preceding such date.

 

2.13         
“Incentive Stock Option” or “ISO” means a Stock Option granted under Section 5 of
the Plan that meets the requirements of Section 422(b) of the Code or any successor provision.

 

2.14         
“Key Employee” means an employee of the Company or any Subsidiary selected to participate in the Plan
in accordance with Section 3. A Key Employee may also include a person who is granted an Award (other than an Incentive Stock Option)
in connection with the hiring of the person prior to the date the person becomes an employee of the Company or any Subsidiary,
provided that such Award shall not vest prior to the commencement of employment.

 

2.15         
“Non-Qualified Stock Option” or “NSO” means a Stock Option granted under Section 5
of the Plan that is not an Incentive Stock Option.

 

2.16         
“Participant” means a Key Employee, Director or Consultant selected to receive an Award under the Plan.

 

2.17         
“Plan” means the Esports Technologies, Inc. 2019 Stock Plan.

 

2.18         
“Stock Appreciation Right” or “SAR” means a grant of a right to receive shares of
Common Stock or cash under Section 8 of the Plan.

 

2.19         
“Stock Award” means a grant of shares of Common Stock under Section 6 of the Plan.

 

2.20         
“Stock Option” means an Incentive Stock Option or a Non-Qualified Stock Option granted under Section
5 of the Plan.

 

2.21         
“Stock Unit Award” means a grant of a right to receive shares of Common Stock or cash under Section 7
of the Plan.

 

2.22         
“Subsidiary” means an entity of which the Company is the direct or indirect beneficial owner of not less
than 50% of all issued and outstanding equity interest of such entity.

 

		Section	3.            
Administration.

 

3.1           
The Board.

 

The Plan shall be administered
by the Committee, which shall be comprised of at least two members of the Board who satisfy the “non-employee director”
definition set forth in Rule 16b-3 under the Exchange Act, unless the Board otherwise determines.

 

 

 

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3.2           
Authority of the Committee.

 

(a)           
The Committee, in its sole discretion, shall determine the Key Employees and Directors to whom, and the time or times at
which Awards will be granted, the form and amount of each Award, the expiration date of each Award, the time or times within which
the Awards may be exercised, the cancellation of the Awards and the other limitations, restrictions, terms and conditions applicable
to the grant of the Awards. The terms and conditions of the Awards need not be the same with respect to each Participant or with
respect to each Award.

 

(b)          
To the extent permitted by applicable law, regulation, and rules of a stock exchange on which the Common Stock is listed
or traded, the Committee may delegate its authority to grant Awards to Key Employees and to determine the terms and conditions
thereof to such officer of the Company as it may determine in its discretion, on such terms and conditions as it may impose, except
with respect to Awards to officers subject to Section 16 of the Exchange Act.

 

(c)          
The Committee may, subject to the provisions of the Plan, establish such rules and regulations as it deems necessary or
advisable for the proper administration of the Plan, and may make determinations and may take such other action in connection with
or in relation to the Plan as it deems necessary or advisable. Each determination or other action made or taken pursuant to the
Plan, including interpretation of the Plan and the specific terms and conditions of the Awards granted hereunder, shall be final
and conclusive for all purposes and upon all persons.

 

(d)           
No member of the Board or the Committee shall be liable for any action taken or determination made hereunder in good faith.
Service on the Committee shall constitute service as a Director so that the members of the Committee shall be entitled to indemnification
and reimbursement as Directors of the Company pursuant to the Company’s Certificate of Incorporation and By-Laws.

 

3.3           
Award Agreements.

 

(a)           
Each Award shall be evidenced by a written Award Agreement specifying the terms and conditions of the Award. In the sole
discretion of the Committee, the Award Agreement may condition the grant of an Award upon the Participant’s entering into
one or more of the following agreements with the Company: (i) an agreement not to compete with the Company and its Subsidiaries
which shall become effective as of the date of the grant of the Award and remain in effect for a specified period of time following
termination of the Participant’s employment with the Company; (ii) an agreement to cancel any employment agreement, fringe
benefit or compensation arrangement in effect between the Company and the Participant; and (iii) an agreement to retain the confidentiality
of certain information. Such agreements may contain such other terms and conditions as the Committee shall determine. If the Participant
shall fail to enter into any such agreement at the request of the Committee, then the Award granted or to be granted to such Participant
shall be forfeited and cancelled.

 

		Section	4.            
Shares of Common Stock Subject to Plan.

 

4.1           
Total Number of Shares.

 

(a)           
The total number of shares of Common Stock that may be issued under the Plan shall be 4,000,000. Such shares may be either
authorized but unissued shares or treasury shares, and shall be adjusted in accordance with the provisions of Section 4.3 of the
Plan.

 

(b)           
The number of shares of Common Stock delivered by a Participant or withheld by the Company on behalf of any such Participant
as full or partial payment of an Award, including the exercise price of a Stock Option or of any required withholding taxes, shall
not again be available for issuance pursuant to subsequent Awards, and shall count towards the aggregate number of shares of Common
Stock that may be issued under the Plan. Any shares of Common Stock purchased by the Company with proceeds from a Stock Option
exercise shall not again be available for issuance pursuant to subsequent Awards, shall count against the aggregate number of shares
that may be issued under the Plan and shall not increase the number of shares available under the Plan.

 

 

 

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(c)           
If there is a lapse, forfeiture, expiration, termination or cancellation of any Award for any reason (including for reasons
described in Section 3.3), or if shares of Common Stock are issued under such Award and thereafter are reacquired by the Company
pursuant to rights reserved by the Company upon issuance thereof, the shares of Common Stock subject to such Award or reacquired
by the Company shall again be available for issuance pursuant to subsequent Awards, and shall not count towards the aggregate number
of shares of Common Stock that may be issued under the Plan.

 

4.2              
Shares Under Awards.

 

Of the shares of Common
Stock authorized for issuance under the Plan pursuant to Section 4.1:

 

(a)           
The maximum number of shares of Common Stock as to which a Key Employee may receive Stock Options or SARs in any calendar
year is 1,500,000, except that the maximum number of shares of Common Stock as to which a Key Employee may receive Stock Options
or SARs in the calendar year in which such Key Employee begins employment with the Company or its Subsidiaries is 1,500,000.

 

(b)           
The maximum number of shares of Common Stock that may be subject to Stock Options (ISOs and/or NSOs) is 4,000,000.

 

(c)           
The maximum number of shares of Common Stock that may be used for Stock Awards and/or Stock Unit Awards that may be granted
to any Key Employee in any calendar year is 1,500,000, or, in the event the Award is settled in cash, an amount equal to the Fair
Market Value of such number of shares on the date on which the Award is settled.

 

(d)           
The maximum number of shares of Common Stock subject to Awards granted under the Plan or otherwise during any one calendar
year to any Director, taken together with any cash fees paid by the Company to such Director during such calendar year for service
on the Board, will not exceed $300,000 in total value (calculating the value of any such Awards based on the grant date fair value
of such Awards for financial reporting purposes).

 

The numbers of shares
described herein shall be as adjusted in accordance with Section 4.3 of the Plan.

 

4.3           
Adjustment.

 

In the event of any
reorganization, recapitalization, stock split, stock distribution, merger, consolidation, split-up, spin-off, combination, subdivision,
consolidation or exchange of shares, any change in the capital structure of the Company or any similar corporate transaction, the
Committee shall make such adjustments as it deems appropriate, in its sole discretion, to preserve the benefits or intended benefits
of the Plan and Awards granted under the Plan. Such adjustments may include: (a) adjustment in the number and kind of shares reserved
for issuance under the Plan; (b) adjustment in the number and kind of shares covered by outstanding Awards; (c) adjustment in the
exercise price of outstanding Stock Options or SARs or the price of Stock Awards or Stock Unit Awards under the Plan; (d) adjustments
to any of the shares limitations set forth in Section 4.1 or 4.2 of the Plan; and (e) any other changes that the Committee determines
to be equitable under the circumstances.

 

		Section	5.            
Grants of Stock Options.

 

5.1           
Grant.

 

Subject to the terms
of the Plan, the Committee may from time to time grant Stock Options to Participants. Unless otherwise expressly provided at the
time of the grant, Stock Options granted under the Plan to Key Employees will be NSOs. Stock Options granted under the Plan to
Directors who are not employees of the Company or any Subsidiary will be NSOs.

 

 

 

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5.2          
Stock Option Agreement.

 

The grant of each Stock
Option shall be evidenced by a written Stock Option Agreement specifying the type of Stock Option granted, the exercise period,
the exercise price, the terms for payment of the exercise price, the expiration date of the Stock Option, the number of shares
of Common Stock to be subject to each Stock Option and such other terms and conditions established by the Committee, in its sole
discretion, not inconsistent with the Plan.

 

5.3           
Exercise Price and Exercise Period.

 

With respect to each
Stock Option granted to a Participant:

 

(a)           
The per share exercise price of each Stock Option shall be the Fair Market Value of the Common Stock subject to the Stock
Option on the date on which the Stock Option is granted.

 

(b)           
Each Stock Option shall become exercisable as provided in the Stock Option Agreement; provided that the Committee shall
have the discretion to accelerate the date as of which any Stock Option shall become exercisable in the event of the Participant’s
termination of employment with the Company, or service on the Board, without cause (as determined by the Board in its sole discretion).

 

(c)           
No dividends or dividend equivalents shall be paid with respect to any shares subject to a Stock Option prior to the exercise
of the Stock Option.

 

(d)           
Each Stock Option shall expire, and all rights to purchase shares of Common Stock thereunder shall expire, on the date ten
years after the date of grant.

 

5.4           
Required Terms and Conditions of ISOs.

 

In addition to the
foregoing, each ISO granted to a Key Employee shall be subject to the following specific rules:

 

(a)           
The aggregate Fair Market Value (determined with respect to each ISO at the time such Option is granted) of the shares of
Common Stock with respect to which ISOs are exercisable for the first time by a Key Employee during any calendar year (under all
incentive stock option plans of the Company and its Subsidiaries) shall not exceed $100,000. If the aggregate Fair Market Value
(determined at the time of grant) of the Common Stock subject to an ISO which first becomes exercisable in any calendar year exceeds
the limitation of this Section 5.4(a), so much of the ISO that does not exceed the applicable dollar limit shall be an ISO and
the remainder shall be a NSO; but in all other respects, the original Stock Option Agreement shall remain in full force and effect.

 

(b)           
Notwithstanding anything herein to the contrary, if an ISO is granted to a Key Employee who owns stock possessing more than
10% of the total combined voting power of all classes of stock of the Company (or its parent or subsidiaries within the meaning
of Section 422(b)(6) of the Code): (i) the purchase price of each share of Common Stock subject to the ISO shall be not less than
110% of the Fair Market Value of the Common Stock on the date the ISO is granted; and (ii) the ISO shall expire, and all rights
to purchase shares of Common Stock thereunder shall expire, no later than the fifth anniversary of the date the ISO was granted.

 

(c)           
No ISOs shall be granted under the Plan after ten years from the earlier of the date the Plan is adopted or approved by
shareholders of the Company.

 

 

 

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5.5           
Exercise of Stock Options.

 

(a)           
A Participant entitled to exercise a Stock Option may do so by delivering written notice to that effect specifying the number
of shares of Common Stock with respect to which the Stock Option is being exercised and any other information the Committee may
prescribe. All notices or requests provided for herein shall be delivered to the Chief Financial Officer of the Company.

 

(b)          
The Committee in its sole discretion may make available one or more of the following alternatives for the payment of the
Stock Option exercise price: (i) in cash; (ii) in cash received from a broker-dealer to whom the Participant has submitted an exercise
notice together with irrevocable instructions to deliver promptly to the Company the amount of sales proceeds from the sale of
the shares subject to the Stock Option to pay the exercise price; (iii) by directing the Company to withhold such number of shares
of Common Stock otherwise issuable in connection with the exercise of the Stock Option having an aggregate Fair Market Value equal
to the exercise price; (iv) by delivering previously acquired shares of Common Stock that are acceptable to the Committee and that
have an aggregate Fair Market Value on the date of exercise equal to the Stock Option exercise price; or (v) by certifying to ownership
by attestation of such previously acquired shares of Common Stock.

 

The Committee shall have the
sole discretion to establish the terms and conditions applicable to any alternative made available for payment of the Stock Option
exercise price.

 

		Section	6.            
Stock Awards.

 

6.1           
Grant.

 

The Committee may,
in its discretion, (a) grant shares of Common Stock under the Plan to any Participant without consideration from such Participant
or (b) sell shares of Common Stock under the Plan to any Participant for such amount of cash, Common Stock or other consideration
as the Committee deems appropriate.

 

6.2           
Stock Award Agreement.

 

Each share of Common
Stock granted or sold hereunder shall be subject to such restrictions, conditions and other terms as the Board may determine at
the time of grant or sale, the general provisions of the Plan, the restrictions, terms and conditions of the related Stock Award
Agreement, and the following specific rules:

 

(a)           
The Award Agreement shall specify whether the shares of Common Stock are granted or sold to the Participant and such other
provisions, not inconsistent with the terms and conditions of the Plan, as the Committee shall determine.

 

(b)           
The restrictions to which the shares of Common Stock awarded hereunder are subject shall lapse as provided in Stock Award
Agreement; provided that the Committee shall have the discretion to accelerate the date as of which the restrictions lapse with
respect to any Award held by a Participant in the event of the Participant’s termination of employment with the Company,
or service on the Board, without cause (as determined by the Committee in its sole discretion).

 

(c)           
Except as provided in this subsection (c) and unless otherwise set forth in the related Stock Award Agreement, the Participant
receiving a grant of or purchasing Common Stock shall thereupon be a stockholder with respect to such shares and shall have the
rights of a stockholder with respect to such shares, including the right to vote such shares and to receive dividends and other
distributions paid with respect to such shares; provided that any dividends or other distributions payable with respect to the
Stock Award shall be accumulated and held by the Company and paid to the Participant only upon, and to the extent, the restrictions
lapse in accordance with the terms of the applicable Stock Award Agreement. Any such dividends or other distributions held by the
Company attributable to the portion of a Stock Award that is forfeited shall also be forfeited.

 

 

 

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		Section	7.            
Stock Unit Awards.

 

7.1           
Grant.

 

The Committee may,
in its discretion, grant Stock Unit Awards to any Participant. Each Stock Unit subject to the Award shall entitle the Participant
to receive, on the date or the occurrence of an event (including the attainment of performance goals) as described in the Stock
Unit Award Agreement, a share of Common Stock or cash equal to the Fair Market Value of a share of Common Stock on the date of
such event as provided in the Stock Unit Award Agreement.

 

7.2          
Stock Unit Agreement.

 

Each Stock Unit Award
shall be subject to such restrictions, conditions and other terms as the Committee may determine at the time of grant, the general
provisions of the Plan, the restrictions, terms and conditions of the related Stock Unit Award Agreement and the following specific
rules:

 

(a)           
The Stock Unit Agreement shall specify such provisions, not inconsistent with the terms and conditions of the Plan, as the
Committee shall determine.

 

(b)          
The restrictions to which the shares of Stock Units awarded hereunder are subject shall lapse as provided in Stock Unit
Agreement; provided that the Committee shall have the discretion to accelerate the date as of which the restrictions lapse with
respect to any Award held by a Participant in the event of the Participant’s termination of employment with the Company,
or service on the Board, without cause (as determined by the Board in its sole discretion).

 

(c)           
Except as provided in this subsection (c) and unless otherwise set forth in the Stock Unit Agreement, the Participant receiving
a Stock Unit Award shall have no rights of a stockholder, including voting or dividends or other distributions rights, with respect
to any Stock Units prior to the date they are settled in shares of Common Stock; provided that a Stock Unit Award Agreement may
provide that until the Stock Units are settled in shares or cash, the Participant shall be entitled to receive on each dividend
or distribution payment date applicable to the Common Stock an amount equal to the dividends or other distributions that the Participant
would have received had the Stock Units held by the Participant as of the related record date been actual shares of Common Stock.
Such amounts shall be accumulated and held by the Company and paid to the Participant only upon, and to the extent, the restrictions
lapse in accordance with the terms of the applicable Stock Unit Award Agreement. Such amounts held by the Company attributable
to the portion of the Stock Unit Award that is forfeited shall also be forfeited.

 

		Section	8.            
SARs.

 

8.1           
Grant.

 

The Committee may grant
SARs to Participants. Upon exercise, an SAR entitles the Participant to receive from the Company the number of shares of Common
Stock having an aggregate Fair Market Value equal to the excess of the Fair Market Value of one share as of the date on which the
SAR is exercised over the exercise price, multiplied by the number of shares with respect to which the SAR is being exercised.
The Committee, in its discretion, shall be entitled to cause the Company to elect to settle any part or all of its obligations
arising out of the exercise of an SAR by the payment of cash in lieu of all or part of the shares it would otherwise be obligated
to deliver in an amount equal to the Fair Market Value of such shares on the date of exercise. Cash shall be delivered in lieu
of any fractional shares. The terms and conditions of any such Award shall be determined at the time of grant.

 

8.2           
SAR Agreement.

 

(a)           
Each SAR shall be evidenced by a written SAR Agreement specifying the terms and conditions of the SAR as the Committee may
determine, including the SAR exercise price, expiration date of the SAR, the number of shares of Common Stock to which the SAR
pertains, the form of settlement and such other terms and conditions established by the Committee, in its sole discretion, not
inconsistent with the Plan.

 

 

 

    	 	7	 

     

    

 

(b)           
The per Share exercise price of each SAR shall not be less than 100% of the Fair Market Value of a Share on the date the
SAR is granted.

 

(c)           
Each SAR shall expire and all rights thereunder shall cease on the date fixed by the Committee in the related SAR Agreement,
which shall not be later than the ten years after the date of grant; provided however, if a Participant is unable to exercise an
SAR because trading in the Common Stock is prohibited by law or the Company’s insider-trading policy, the SAR exercise date
shall be extended to the date that is 30 days after the expiration of the trading prohibition.

 

(d)           
Each SAR shall become exercisable as provided in the related SAR Agreement; provided that notwithstanding any other Plan
provision, the Committee shall have the discretion to accelerate the date as of which any SAR shall become exercisable in the event
of the Participant’s termination of employment, or service on the Board, without cause (as determined by the Committee in
its sole discretion).

 

(e)           
No dividends or dividend equivalents shall be paid with respect to any SAR prior to the exercise of the SAR.

 

(f)            
A person entitled to exercise an SAR may do so by delivery of a written notice in accordance with procedures established
by the Committee specifying the number of shares of Common Stock with respect to which the SAR is being exercised and any other
information the Committee may prescribe. As soon as reasonably practicable after the exercise of an SAR, the Company shall (i)
issue the total number of full shares of Common Stock to which the Participant is entitled and cash in an amount equal to the Fair
Market Value, as of the date of exercise, of any resulting fractional share, and (ii) if the Committee causes the Company to elect
to settle all or part of its obligations arising out of the exercise of the SAR in cash, deliver to the Participant an amount in
cash equal to the Fair Market Value, as of the date of exercise, of the shares it would otherwise be obligated to deliver.

 

		Section	9.            
Change in Control.

 

9.1           
Effect of a Change in Control.

 

(a)           
Notwithstanding any of the provisions of the Plan or any outstanding Award Agreement, upon a Change in Control of the Company
(as defined in Section 9.2), the Board is authorized and has sole discretion to provide that (i) all outstanding Awards shall become
fully exercisable, (ii) all restrictions applicable to all Awards shall terminate or lapse and (iii) performance goals applicable
to any Awards shall be deemed satisfied at the highest level, as applicable, in order that Participants may realize the benefits
thereunder.

 

(b)           
In addition to the Board’s authority set forth in Section 3, upon such Change in Control of the Company, the Board
is authorized and has sole discretion as to any Award, either at the time such Award is granted hereunder or any time thereafter,
to take any one or more of the following actions: (i) provide for the purchase of any outstanding Stock Option, for an amount of
cash equal to the difference between the exercise price and the then Fair Market Value of the Common Stock covered thereby had
such Stock Option been currently exercisable; (ii) make such adjustment to any such Award then outstanding as the Board deems appropriate
to reflect such Change in Control; and (iii) cause any such Award then outstanding to be assumed by the acquiring or surviving
corporation after such Change in Control.

 

9.2           
Definition of Change in Control.

 

“Change in Control”
of the Company shall be deemed to have occurred if at any time during the term of an Award granted under the Plan any of the following
events occurs:

 

(a)           
any Person (other than the Company, a trustee or other fiduciary holding securities under an employee benefit plan of the
Company, or a corporation owned directly or indirectly by the shareholders of the Company in substantially the same proportions
as their ownership of shares of Common Stock of the Company) is or becomes the Beneficial Owner, directly or indirectly, of securities
of the Company representing 30% or more of the combined voting power of the Company’s then outstanding securities entitled
to vote generally in the election of directors (“Person” and “Beneficial Owner” being defined in Rule 13d-3
of the General Rules and Regulations of the Exchange Act);

 

 

 

    	 	8	 

     

    

 

(b)           
the Company is party to a merger, consolidation, reorganization or other similar transaction with another corporation or
other Person unless, following such transaction, more than 50% of the combined voting power of the outstanding securities of the
surviving, resulting or acquiring corporation or Person or its parent entity entitled to vote generally in the election of directors
(or Persons performing similar functions) is then beneficially owned, directly or indirectly, by all or substantially all of the
individuals and entities who were the beneficial owners of the Company’s outstanding securities entitled to vote generally
in the election of directors immediately prior to such transaction, in substantially the same proportions as their ownership, immediately
prior to such transaction, of the Company’s outstanding securities entitled to vote generally in the election of directors;

 

(c)           
the election to the Board, without the recommendation or approval of two-thirds of the incumbent Board, of the lesser of:
(i) three Directors; or (ii) Directors constituting a majority of the number of Directors of the Company then in office; provided,
however, that Directors whose initial assumption of office is in connection with an actual or threatened election contest, including
but not limited to a consent solicitation, relating to the election of Directors of the Company will not be considered as incumbent
members of the Board for purposes of this Section; or

 

(d)          
there is a complete liquidation or dissolution of the Company, or the Company sells all or substantially all of its business
and/or assets to another corporation or other Person unless, following such sale, more than 50% of the combined voting power of
the outstanding securities of the acquiring corporation or Person or its parent entity entitled to vote generally in the election
of directors (or Persons performing similar functions) is then beneficially owned, directly or indirectly, by all or substantially
all of the individuals and entities who were the beneficial owners of the Company’s outstanding securities entitled to vote
generally in the election of directors immediately prior to such sale, in substantially the same proportions as their ownership,
immediately prior to such sale, of the Company’s outstanding securities entitled to vote generally in the election of directors.

 

In no event, however,
shall a Change in Control be deemed to have occurred, with respect to a Participant, if that Participant is part of a purchasing
group which consummates the Change in Control transaction. A Participant shall be deemed “part of a purchasing group”
for purposes of the preceding sentence if the Participant is an equity participant or has agreed to become an equity participant
in the purchasing company or group (except for (a) passive ownership of less than 3% of the shares of the purchasing company; or
(b) ownership of equity participation in the purchasing company or group which is otherwise not deemed to be significant, as determined
prior to the Change in Control by a majority of the disinterested Directors).

 

		Section	10.          
Payment of Taxes.

 

(a)           
In connection with any Award, and as a condition to the issuance or delivery of any shares of Common Stock to the Participant
in connection therewith, the Company shall require the Participant to pay the Company the minimum amount of federal, state, local
or foreign taxes required to be withheld, and in the Company’s sole discretion, the Company may permit the Participant to
pay the Company up to the maximum individual statutory rate of applicable withholding.

 

(b)          
The Company in its sole discretion may make available one or more of the following alternatives for the payment of such
taxes: (i) in cash; (ii) in cash received from a broker-dealer to whom the Participant has submitted notice together with irrevocable
instructions to deliver promptly to the Company the amount of sales proceeds from the sale of the shares subject to the Award to
pay the withholding taxes; (iii) by directing the Company to withhold such number of shares of Common Stock otherwise issuable
in connection with the Award having an aggregate Fair Market Value equal to the minimum amount of tax required to be withheld;
(iv) by delivering previously acquired shares of Common Stock of the Company that are acceptable to the Board that have an aggregate
Fair Market Value equal to the amount required to be withheld; or (v) by certifying to ownership by attestation of such previously
acquired shares of Common Stock.

 

The Committee shall have
the sole discretion to establish the terms and conditions applicable to any alternative made available for payment of the required
withholding taxes.

 

 

 

    	 	9	 

     

    

 

		Section	11.          
Postponement.

 

The Committee may postpone
any grant or settlement of an Award or exercise of a Stock Option or SAR for such time as the Board in its sole discretion may
deem necessary in order to permit the Company:

 

(a)           
to effect, amend or maintain any necessary registration of the Plan or the shares of Common Stock issuable pursuant to an
Award, including upon the exercise of a Stock Option or SAR, under the Securities Act of 1933, as amended, or the securities laws
of any applicable jurisdiction;

 

(b)           
to permit any action to be taken in order to (i) list such shares of Common Stock on a stock exchange if shares of Common
Stock are then listed on such exchange or (ii) comply with restrictions or regulations incident to the maintenance of a public
market for its shares of Common Stock, including any rules or regulations of any stock exchange on which the shares of Common Stock
are listed; or

 

(c)           
to determine that such shares of Common Stock and the Plan are exempt from such registration or that no action of the kind
referred to in (b)(ii) above needs to be taken; and the Company shall not be obligated by virtue of any terms and conditions of
any Award or any provision of the Plan to sell or issue shares of Common Stock in violation of the Securities Act of 1933 or the
law of any government having jurisdiction thereof.

 

Any such postponement
shall not extend the term of an Award and neither the Company nor its Directors or officers shall have any obligation or liability
to a Participant, the Participant’s successor or any other person with respect to any shares of Common Stock as to which
the Award shall lapse because of such postponement.

 

		Section	12.          
Nontransferability.

 

Awards granted under
the Plan, and any rights and privileges pertaining thereto, may not be transferred, assigned, pledged or hypothecated in any manner,
or be subject to execution, attachment or similar process, by operation of law or otherwise, other than by will or by the laws
of descent and distribution.

 

		Section	13.          
Delivery of Shares.

 

Shares of Common Stock
issued pursuant to a Stock Award, the exercise of a Stock or SAR or the settlement of a Stock Unit Award shall be represented by
stock certificates or on a non-certificated basis, with the ownership of such shares by the Participant evidenced solely by book
entry in the records of the Company’s transfer agent; provided, however, that upon the written request of the Participant,
the Company shall issue, in the name of the Participant, stock certificates representing such shares of Common Stock. Notwithstanding
the foregoing, shares granted pursuant to a Stock Award shall be held by the Secretary of the Company until such time as the shares
are forfeited or settled.

 

		Section	14.          
Termination or Amendment of Plan and Award Agreements.

 

14.1         
Termination or Amendment of Plan.

 

(a)           
Except as described in Section 14.3 below, the Board may terminate, suspend, or amend the Plan, in whole or in part, from
time to time, without the approval of the stockholders of the Company, unless such approval is required by applicable law, regulation
or rule of any stock exchange on which the shares of Common Stock are listed. No amendment or termination of the Plan shall adversely
affect the right of any Participant under any outstanding Award in any material way without the written consent of the Participant,
unless such amendment or termination is required by applicable law, regulation or rule of any stock exchange on which the shares
of Common Stock are listed. Subject to the foregoing, the Committee may correct any defect or supply an omission or reconcile any
inconsistency in the Plan or in any Award granted hereunder in the manner and to the extent it shall deem desirable, in its sole
discretion, to effectuate the Plan.

 

 

 

    	 	10	 

     

    

 

(b)           
The Board shall have the authority to amend the Plan to the extent necessary or appropriate to comply with applicable law,
regulation or accounting rules in order to permit Participants who are located outside of the United States to participate in the
Plan.

 

14.2         
Amendment of Award Agreements.

 

The Committee shall
have the authority to amend any Award Agreement at any time; provided however, that no such amendment shall adversely affect the
right of any Participant under any outstanding Award Agreement in any material way without the written consent of the Participant,
unless such amendment is required by applicable law, regulation or rule of any stock exchange on which the shares of Common Stock
are listed.

 

14.3         
No Repricing of Stock Options.

 

Notwithstanding the
foregoing, and except as described in Section 4.3, there shall be no amendment to the Plan or any outstanding Stock Option Agreement
or SAR Agreement that results in the repricing of Stock Options or SARs without stockholder approval. For this purpose, repricing
includes (i) a reduction in the exercise price of the Stock Option or SARs or (ii) the cancellation of a Stock Option in exchange
for cash, Stock Options or SARs with an exercise price less than the exercise price of the cancelled Options or SARs, other Awards
or any other consideration provided by the Company, but does not include any adjustment described in Section 4.3.

 

		Section	15.          
No Contract of Employment.

 

Neither the adoption
of the Plan nor the grant of any Award under the Plan shall be deemed to obligate the Company or any Subsidiary to continue the
employment of any Participant for any particular period, nor shall the granting of an Award constitute a request or consent to
postpone the retirement date of any Participant.

 

		Section	16.          
Applicable Law.

 

All questions pertaining
to the validity, construction and administration of the Plan and all Awards granted under the Plan shall be determined in conformity
with the laws of the State of Nevada, without regard to the conflict of law provisions of any state, and, in the case of Incentive
Stock Options, Section 422 of the Code and regulations issued thereunder.

 

		Section	17.          
Effective Date and Term of Plan.

 

17.1         
Effective Date.

 

(a)           
The Plan has been adopted by the Board, and is effective, as of December 9, 2020, subject to the approval of the Plan by
the stockholders of the Company.

 

(b)           
In the event the Plan is not approved by stockholders of the Company within 12 months of the date hereof, the Plan shall
have no effect.

 

17.2        
Term of Plan.

 

Notwithstanding anything
to the contrary contained herein, no Awards shall be granted on or after December 9, 2020.

 

 

 

    	 	11

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