Document:

Exhibit 4.3

 

COMMON STOCK PURCHASE WARRANT

 

BLUE
WATER VACCINES, INC.

 

	Warrant Shares: [_______]	Initial Exercise Date: [_______, 20__

 

THIS COMMON STOCK PURCHASE WARRANT
(the “Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after
the date hereof (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on [_____], 20__1
(the “Termination Date”) but not thereafter, to subscribe for and purchase from Blue Water Vaccines, Inc., a Delaware
corporation (the “Company”), up to [___] shares (as subject to adjustment hereunder, the “Warrant Shares”)
of Common Stock. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in
Section 2(b). This Warrant shall initially be issued and maintained in the form of a security held in book-entry form and the Depository
Trust Company or its nominee (“DTC”) shall initially be the sole registered holder of this Warrant, subject to a Holder’s
right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agency Agreement, in which case this sentence
shall not apply.

 

Section 1. Definitions.
In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Bid Price”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or
quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date) on the Trading
Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York
City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted average price
of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then
listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported on the Pink Open Market (or a similar
organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported,
or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in
good faith by the Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees
and expenses of which shall be paid by the Company.

 

“Board
of Directors” means the board of directors of the Company.

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day
on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.

 

 

	1	Insert the date that is the 5 year anniversary of the Initial
Exercise Date; provided, however, that, if such date is not a Trading Day, insert the immediately following Trading Day.

 

     

     

    

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Common
Stock” means the common stock of the Company, par value $0.00001 per share, and any other class of securities into which such
securities may hereafter be reclassified or changed.

 

“Common
Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire
at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is
at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Person”
means 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.

 

“Registration
Statement” means the Company’s registration statement on Form S-1, as amended (File No. 333-260137).

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Subsidiary”
means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed
or acquired after the date hereof.

 

“Trading
Day” means a day on which the Common Stock is traded on a Trading Market.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date
in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock
Exchange, OTCQB or OTCQX (or any successors to any of the foregoing).

 

“Transfer
Agent” means Continental Stock Transfer & Trust Company , the current transfer agent of the Company, with a mailing address
of 1 State Street, 30th Floor, New York, New York 10004 and a facsimile number of [_______________], and any successor
transfer agent of the Company.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or
quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date)
on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30
a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted
average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock
is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported on the Pink Open Market
(or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common
Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser
selected in good faith by the holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company,
the fees and expenses of which shall be paid by the Company.

 

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“Warrant
Agency Agreement” means that certain warrant agency agreement, dated on or about the Initial Exercise Date, between the Company
and the Warrant Agent.

 

“Warrant
Agent” means the Transfer Agent and any successor warrant agent of the Company.

 

“Warrants”
means this Warrant and other Common Stock purchase warrants issued by the Company pursuant to the Registration Statement.

 

Section 2. Exercise.

 

a) Exercise of
Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or
after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile copy (or
e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”). Within the earlier
of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i)
herein) following the date the Holder delivers the Notice of Exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price
for the shares of Common Stock specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United
States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise.
No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of
any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender
this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised
in full, in which case the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date
on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion
of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable
hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing
the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise
within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and
agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number
of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

 

Notwithstanding the foregoing in this
Section 2(a), a holder whose interest in this Warrant is a beneficial interest in certificate(s) representing this Warrant held in book-entry
form through DTC (or another established clearing corporation performing similar functions), shall effect exercises made pursuant to this
Section 2(a) by delivering to DTC (or such other clearing corporation, as applicable) the appropriate instruction form for exercise, complying
with the procedures to effect exercise that are required by DTC (or such other clearing corporation, as applicable), subject to a Holder’s
right to elect to receive a Definitive Warrant pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall
not apply. Upon giving irrevocable instructions to exercise Warrants, solely for purposes of Regulation SHO, the holder whose interest
in the Warrant is a beneficial interest shall be deemed to have exercised such Warrant, regardless of when the applicable Warrant Shares
are delivered to such holder.

 

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b) Exercise Price.
The exercise price per share of Common Stock under this Warrant shall be $[_____]2,
subject to adjustment hereunder (the “Exercise Price”).

 

c) Cashless Exercise.
If at the time of exercise hereof there is no effective registration statement registering, or the prospectus contained therein is not
available for the issuance of the Warrant Shares to the Holder, then this Warrant may only be exercised, in whole or in part, at such
time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant Shares equal to
the quotient obtained by dividing ((A-B)(X)) by (A), where:

 

		(A) =	as applicable: (i) the VWAP on the Trading Day immediately
preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section
2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior
to the opening of “regular trading hours” (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal
securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding
the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by
Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed
during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2)
hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the
date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both
executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;

 

		(B) =	the Exercise Price of this Warrant, as adjusted hereunder;
and

 

		(X) =	the number of Warrant Shares that would be issuable upon
exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a
cashless exercise.

 

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

 

d) Mechanics
of Exercise.

 

i. Delivery
of Warrant Shares Upon Exercise. In the event the Company does not object to a Notice of Exercise pursuant to Section 2(a) hereof,
Company shall cause the Warrant Agent to cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the
Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through
its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either
(A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by
Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a certificate, registered
in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder
is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earliest
of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise, (ii) one (1) Trading Day after delivery of the
aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery
to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice
of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect
to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate
Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the
number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. As used herein, “Standard
Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary
Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise.

 

 

	2	Insert [____]% of the price
of each share of common stock sold in the Offering.

 

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ii. Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and
upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing
the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects
be identical with this Warrant.

 

iii. Compensation
for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder, if
the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section
2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its
broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common
Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise
(a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s
total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained
by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise
at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the
Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in
which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been
issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common
Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with
an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the
Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable
to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit
a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree
of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock
upon exercise of the Warrant as required pursuant to the terms hereof.

 

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iv. Rescission
Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i)
by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

v. Intentionally
omitted.

 

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

 

vii. Charges,
Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental
expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant
Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however,
that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for
exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition
thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent
fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing
corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

 

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

 

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

 

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Section 3. Certain
Adjustments.

 

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

 

b) Intentionally
omitted.

 

c) Pro Rata Distributions.
During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets
(or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation,
any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement,
scheme of arrangement or other similar transaction) (a "Distribution"), at any time after the issuance of this Warrant,
then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have
participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without
regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the
date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares
of Common Stock are to be determined for the participation in such Distribution (provided, however, to the extent that the
Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then
the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any shares of Common
Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit
of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

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d) Fundamental
Transaction. If, at any time while this Warrant 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 another 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 Common Stock 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 Common Stock, (iv) the Company, directly or indirectly,
in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory
share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or
(v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other
business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another
Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including
any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons
making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”),
then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have
been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without
regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring
corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable
immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant).
For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate
Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction,
and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value
of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash
or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration
it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in
a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all
of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(e) pursuant to written agreements
in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental
Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity
evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding
number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable
and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental
Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account
the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock,
such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant
immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to
the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so
that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall
refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations
of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein.

 

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

 

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f) Notice to
Holder.

 

i. Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly
deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment
to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

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

 

Section 4. Transfer
of Warrant.

 

a) Transferability.
This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part,
upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this
Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any
transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute
and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations
specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so
assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required
to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall
surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the
Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for
the purchase of Warrant Shares without having a new Warrant issued.

 

    10

     

    

 

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

 

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

 

Section 5. Miscellaneous.

 

a) No Rights
as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder
of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. Without limiting
any rights of a Holder to receive Warrant Shares on a “cashless exercise” pursuant to Section 2(c), in no event shall the
Company be required to net cash settle an exercise of this Warrant.

 

b) Loss, Theft,
Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to
it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case
of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include
the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make
and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

 

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

 

d) Authorized
Shares.

 

The Company covenants
that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number
of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further
covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing the
necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action
as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation,
or of any requirements of the Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares
which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented
by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable
and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any
transfer occurring contemporaneously with such issue).

 

    11

     

    

 

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

 

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

 

e) Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and
construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of
law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions
contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors, officers, shareholders,
partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York.
Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough
of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed
herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally
subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding.
Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address
in effect for notices to it under this Warrant and agrees that such service shall constitute good and sufficient service of process and
notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted
by law. If either party shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in
such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees and other costs and
expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

 

    12

     

    

 

f) Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not
utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

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

 

h) Notices.
Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation, any Notice
of Exercise, shall be in writing and delivered personally, or e-mail, or sent by a nationally recognized overnight courier service, addressed
to the Company, at [ ], Attention: [ ], email address: [ ], or such other facsimile number, email address or address as the Company
may specify for such purposes by notice to the Holders. Any and all notices or other communications or deliveries to be provided by the
Company hereunder shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally recognized overnight courier
service addressed to each Holder at the facsimile number, e-mail address or address of such Holder appearing on the books of the Company.
Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the date of transmission,
if such notice or communication is delivered via facsimile at the facsimile number or via e-mail at the e-mail address set forth in this
Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the date of transmission, if such notice
or communication is delivered via facsimile at the facsimile number or via e-mail at the e-mail address set forth in this Section on a
day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following
the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom
such notice is required to be given. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information
regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current
Report on Form 8-K.

 

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

 

j) Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific
performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss
incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any
action for specific performance that a remedy at law would be adequate.

 

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

 

    13

     

    

 

l) Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, and
the Holder or the beneficial owner of this Warrant, on the other hand.

 

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

 

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

 

o) Warrant Agency
Agreement. If this Warrant is held in global form through DTC (or any successor depositary), this Warrant is issued subject to the
Warrant Agency Agreement. To the extent any provision of this Warrant conflicts with the express provisions of the Warrant Agency Agreement,
the provisions of this Warrant shall govern and be controlling.

 

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

 

	 	BLUE WATER VACCINES, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    14

     

    

 

NOTICE OF EXERCISE

 

To: BLUE
WATER VACCINES, INC.

 

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

 

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

 

☐ in lawful money of the United States;
or

 

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

 

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

 

_______________________________

 

 

The Warrant Shares shall be delivered to the following
DWAC Account Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

[SIGNATURE
OF HOLDER]

 

Name of Investing Entity: ________________________________________________________________________

Signature of Authorized Signatory of Investing
Entity: _________________________________________________

Name of Authorized Signatory: ___________________________________________________________________

Title of Authorized Signatory: ____________________________________________________________________

Date: ________________________________________________________________________________________

 

     

     

    

 

ASSIGNMENT FORM

 

(To assign the foregoing
Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR VALUE RECEIVED, the foregoing
Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	 	______________________________________
	 	 	(Please Print)
	Address:	 	______________________________________
	 	 	(Please Print)
	Phone Number:	 	______________________________________
	 	 	 
	Email Address:                                                             	 	______________________________________
	 	 	 
	Dated: _______________ __, ______	 	 
	 	 	 
	Holder’s Signature: ______________________	 	 
	 	 	 
	Holder’s Address: _______________________Exhibit 10.2

 

BLUE WATER VACCINES, INC.

2022 EQUITY INCENTIVE PLAN 

 

	1.	General. 

 

(a) Plan Purpose. The Company, by means
of the Plan, seeks to secure and retain the services of Employees, Directors and Consultants, to provide incentives for such persons to
exert maximum efforts for the success of the Company and any Affiliate and to provide a means by which such persons may be given an opportunity
to benefit from increases in value of the Common Stock through the granting of Awards.

 

(b) Available Awards. The Plan provides
for the grant of the following Awards: (i) Incentive Stock Options; (ii) Nonstatutory Stock Options; (iii) SARs; (iv) Restricted
Stock Awards; (v) RSU Awards; (vi) Performance Awards; and (vii) Other Awards.

 

(c) Adoption Date. The Plan will come into
existence on the Adoption Date. No Award may be granted under the Plan prior to the Adoption Date. Any Award granted prior to the Effective
Date is contingent upon timely receipt of Stockholder approval to the extent required under applicable tax, securities and regulatory
rules, and satisfaction of any other compliance requirements.

 

(d) Successor to and Continuation of Prior Plans.
The Plan is the successor to and continuation of the Company’s 2019 Equity Incentive Plan. As of the Effective Date, (i) no
additional awards may be granted under the 2019 Equity Incentive Plan; (ii) the Prior Plans’ Available Reserve plus any Returning
Shares will become available for issuance pursuant to Awards granted under this Plan; and (iii) all outstanding awards granted under
the 2019 Equity Incentive Plan will remain subject to the terms of the 2019 Equity Incentive Plan (except to the extent such outstanding
awards result in Returning Shares that become available for issuance pursuant to Awards granted under this Plan). All Awards granted under
this Plan will be subject to the terms of this Plan.

 

	2.	Shares Subject to the Plan.

 

(a) Share Reserve. Subject to adjustment
in accordance with Section 2(d) and any adjustments as necessary to implement any Capitalization Adjustments, the aggregate number
of shares of Common Stock that may be issued pursuant to Awards will not exceed the sum of (i) 200,000 new shares, plus (ii) the
Prior Plans’ Available Reserve; plus, (iii) the number of Returning Shares, if any, as such shares become available from time
to time.

 

(b) Fungible Share Counting. Subject to
adjustment in accordance with Section 2(d), the number of shares of Common Stock available for issuance under the Plan will be reduced
by: (i) one share for each share of Common Stock issued pursuant to an Option or SAR with respect to which the exercise or strike
price is at least 100% of the Fair Market Value of the Common Stock subject to the Option or SAR on the grant date (each, an “Appreciation
Award”); and (ii) 1.20 shares for each share of Common Stock issued pursuant to any Award (other than an Appreciation
Award) (each, a “Full Value Award”).

 

(c) Aggregate Incentive Stock Option Limit.
Notwithstanding anything to the contrary in Section 2(a) and subject to any adjustments as necessary to implement any Capitalization
Adjustments, the aggregate maximum number of shares of Common Stock that may be issued pursuant to the exercise of Incentive Stock Options
is 250,000 shares.

 

    1

     

    

 

(d) Share Reserve Operation.

 

(i) Limit Applies to Common Stock
Issued Pursuant to Awards. For clarity, the Share Reserve is a limit on the number of shares of Common Stock that may be issued pursuant
to Awards and does not limit the granting of Awards, except that the Company will keep available at all times the number of shares of
Common Stock reasonably required to satisfy its obligations to issue shares pursuant to such Awards. Shares may be issued in connection
with a merger or acquisition as permitted by, as applicable, Nasdaq Listing Rule 5635(c), NYSE Listed Company Manual Section 303A.08,
NYSE American Company Guide Section 711 or other applicable rule, and such issuance will not reduce the number of shares available
for issuance under the Plan.

 

(ii) Actions that Do Not Constitute
Issuance of Common Stock and Do Not Reduce Share Reserve. The following actions do not result in an issuance of shares under the Plan
and accordingly do not reduce the number of shares subject to the Share Reserve and available for issuance under the Plan: (1) the
expiration or termination of any portion of an Award without the shares covered by such portion of the Award having been issued, (2) the
settlement of any portion of an Award in cash (i.e., the Participant receives cash rather than Common Stock), (3) the withholding
of shares that would otherwise be issued by the Company to satisfy the exercise or strike price of an Appreciation Award; (4) the
withholding of shares that would otherwise be issued by the Company to satisfy a tax withholding obligation in connection with an Appreciation
Award.

 

(iii) Reversion of Previously Issued
Shares of Common Stock to Share Reserve. The following shares of Common Stock previously issued pursuant to an Award and accordingly
initially deducted from the Share Reserve will be added back to the Share Reserve and again become available for issuance under the Plan:
(1) any shares that are forfeited back to or repurchased by the Company because of a failure to meet a contingency or condition required
for the vesting of such shares; (2) any shares that are reacquired by the Company to satisfy the exercise or strike price of an Appreciation
Award; and (3) any shares that are reacquired by the Company to satisfy a tax withholding obligation in connection with an Appreciation
Award. For each share subject to a Full Value Award that is added back to the Share Reserve pursuant to this subsection, the number of
shares of Common Stock available for issuance under the Plan will increase by 1.20 shares.

 

	3.	Eligibility and Limitations.

 

(a) Eligible Award Recipients. Subject to
the terms of the Plan, Employees, Directors and Consultants are eligible to receive Awards.

 

(b) Specific Award Limitations.

 

(i) Limitations on Incentive Stock
Option Recipients. Incentive Stock Options may be granted only to Employees of the Company or a “parent corporation” or
“subsidiary corporation” thereof (as such terms are defined in Sections 424(e) and (f) of the Code).

 

(ii) 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 any Affiliates) exceeds $100,000 (or such other limit established in the Code) or otherwise does not comply with the rules governing
Incentive Stock Options, the Options or portions thereof that exceed such limit (according to the order in which they were granted) or
otherwise do not comply with such rules will be treated as Nonstatutory Stock Options, notwithstanding any contrary provision of the applicable
Option Agreement(s).

 

(iii) Limitations on Incentive Stock
Options Granted to Ten Percent Stockholders. A Ten Percent Stockholder may not be granted an Incentive Stock Option unless (i) the
exercise price of such Option is at least 110% of the Fair Market Value on the date of grant of such Option and (ii) the Option is
not exercisable after the expiration of five years from the date of grant of such Option.

 

    2

     

    

 

(iv) Limitations on Nonstatutory Stock
Options and SARs. Nonstatutory Stock Options and SARs may not be granted to Employees, Directors and Consultants who are providing
Continuous Service only to any “parent” of the Company (as such term is defined in Rule 405) unless the stock underlying
such Awards is treated as “service recipient stock” under Section 409A because the Awards are granted pursuant to a corporate
transaction (such as a spin off transaction) or unless such Awards otherwise comply with the distribution requirements of Section 409A.

 

(c) Aggregate Incentive Stock Option Limit.
The aggregate maximum number of shares of Common Stock that may be issued pursuant to the exercise of Incentive Stock Options is the number
of shares specified in Section 2(c).

 

(d) Non-Employee Director Compensation Limit.
The aggregate value of all Awards granted to any individual for service as a Non-Employee Director with respect to any calendar year will
not exceed (i) $150,000 in total value or (ii) in the event such Non-Employee Director is first appointed or elected to the
Board during such calendar year, $200,000 in total value, in each case calculating the value of any equity awards based on the grant date
fair value of such equity awards for financial reporting purposes.

 

	4.	Options.

 

Each Option will have such terms and conditions
as determined by the Board. Each Option will be designated in writing as an Incentive Stock Option or Nonstatutory Stock Option at the
time of grant; provided, however, that if an Option is not so designated, then such Option will be a Nonstatutory Stock Option, and the
shares purchased upon exercise of each type of Option will be separately accounted for. The terms and conditions of separate Options need
not be identical; provided, however, that each Option Agreement will conform (through incorporation of provisions hereof by reference
in the Award Agreement or otherwise) to the substance of each of the following provisions:

 

(a) Term. Subject to Section 3(b) regarding
Ten Percent Stockholders, no Option will be exercisable after the expiration of ten years from the date of grant of such Award or
such shorter period specified in the Award Agreement.

 

(b) Exercise or Strike Price. Subject to
Section 3(b) regarding Ten Percent Stockholders, the exercise or strike price of each Option will not be less than 100% of the Fair
Market Value on the date of grant of such Award. Notwithstanding the foregoing, an Option may be granted with an exercise or strike price
lower than 100% of the Fair Market Value on the date of grant of such Award if such Award is granted pursuant to an assumption of or substitution
for another option or stock appreciation right pursuant to a Corporate Transaction and in a manner consistent with the provisions of Sections 409A
and, if applicable, 424(a) of the Code.

 

    3

     

    

 

(c) Exercise Procedure and Payment of Exercise
Price for Options. In order to exercise an Option, the Participant must provide notice of exercise to the Plan Administrator
in accordance with the procedures specified in the Option Agreement or otherwise provided by the Company. The Board has the authority
to grant Options that do not permit all of the following methods of payment (or otherwise restrict the ability to use certain methods)
and to grant Options that require the consent of the Company to utilize a particular method of payment. The exercise price of an Option
may be paid, to the extent permitted by Applicable Law and as determined by the Board, by one or more of the following methods of payment
to the extent set forth in the Option Agreement:

 

(i) by cash or check, bank draft
or money order payable to the Company;

 

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

 

(iii)  by delivery to the
Company (either by actual delivery or attestation) of shares of Common Stock that are already owned by the Participant free and clear
of any liens, claims, encumbrances or security interests, with a Fair Market Value on the date of exercise that does not exceed the exercise
price, provided that (1) at the time of exercise the Common Stock is publicly traded, (2) any remaining balance of the exercise
price not satisfied by such delivery is paid by the Participant in cash or other permitted form of payment, (3) such delivery would
not violate any Applicable Law or agreement restricting the redemption of the Common Stock, (4) any certificated shares are endorsed
or accompanied by an executed assignment separate from certificate, and (5) such shares have been held by the Participant for any
minimum period necessary to avoid adverse accounting treatment as a result of such delivery;

 

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

 

(v) in any other form of consideration
that may be acceptable to the Board and permissible under Applicable Law.

 

(d) Transferability. The Board may impose
such limitations on the transferability of an Option as it determines. In the absence of any such determination by the Board, the following
restrictions on the transferability of Options will apply, provided that except as explicitly provided herein, no Option may be transferred
for consideration and provided, further, that if an Option is an Incentive Stock Option, such Option may be deemed to be a Nonstatutory
Stock Option as a result of such transfer:

 

(i) Restrictions on Transfer.
An Option will not be transferable, except by will or by the laws of descent and distribution, and will be exercisable during the lifetime
of the Participant only by the Participant; provided, however, that the Board may permit transfer of an Option in a manner that is not
prohibited by applicable tax and securities laws upon the Participant’s request, including to a trust if the Participant is considered
to be the sole beneficial owner of such trust (as determined under Section 671 of the Code and applicable state law) while such Option
is held in such trust, provided that the Participant and the trustee enter into a transfer and other agreements required by the Company.

 

    4

     

    

 

(ii) Domestic Relations Orders.
Notwithstanding the foregoing, subject to the execution of transfer documentation in a format acceptable to the Company and subject to
the approval of the Board or a duly authorized Officer, an Option may be transferred pursuant to a domestic relations order.

 

(e) Vesting. The Board may impose such restrictions
on or conditions to the vesting and/or exercisability of an Option as determined by the Board. Except as otherwise provided in the Award
Agreement or other written agreement between a Participant and the Company or an Affiliate, vesting of Options will cease upon termination
of the Participant’s Continuous Service.

 

(f) Termination of Continuous Service for Cause.
Except as explicitly otherwise provided in the Award Agreement or other written agreement between a Participant and the Company or an
Affiliate, if a Participant’s Continuous Service is terminated for Cause, the Participant’s Options will terminate and be
forfeited immediately upon such termination of Continuous Service, and the Participant will be prohibited from exercising any portion
(including any vested portion) of such Awards on and after the date of such termination of Continuous Service and the Participant will
have no further right, title or interest in such forfeited Award, the shares of Common Stock subject to the forfeited Award, or any consideration
in respect of the forfeited Award.

 

(g) Post-Termination Exercise Period Following
Termination of Continuous Service for Reasons Other than Cause. Subject to Section 4(h), if a Participant’s Continuous
Service terminates for any reason other than for Cause, the Participant may exercise his or her Options to the extent vested, but only
within the following period of time or, if applicable, such other period of time provided in the Award Agreement or other written agreement
between a Participant and the Company or an Affiliate; provided, however, that in no event may such Award be exercised after the expiration
of its maximum term (as set forth in Section 4(a)):

 

(i) three months following
the date of such termination if such termination is a termination without Cause (other than any termination due to the Participant’s
Disability or death);

 

(ii) 12 months following
the date of such termination if such termination is due to the Participant’s Disability;

 

(iii) 18 months following
the date of such termination if such termination is due to the Participant’s death; or

 

(iv) 18 months following
the date of the Participant’s death if such death occurs following the date of such termination but during the period such Award
is otherwise exercisable (as provided in (i) or (ii) above).

 

Following the date of such termination, to the extent the Participant
does not exercise such Award within the applicable Post-Termination Exercise Period (or, if earlier, prior to the expiration of the maximum
term of such Award), such unexercised portion of the Award will terminate, and the Participant will have no further right, title or interest
in the terminated Award, the shares of Common Stock subject to the terminated Award, or any consideration in respect of the terminated
Award.

 

(h) Restrictions on Exercise; Extension of Exercisability.
A Participant may not exercise an Option at any time that the issuance of shares of Common Stock upon such exercise would violate Applicable
Law. Except as otherwise provided in the Award Agreement or other written agreement between a Participant and the Company or an Affiliate,
if a Participant’s Continuous Service terminates for any reason other than for Cause and, at any time during the last thirty days
of the applicable Post-Termination Exercise Period: (i) the exercise of the Participant’s Option would be prohibited solely
because the issuance of shares of Common Stock upon such exercise would violate Applicable Law, or (ii) the immediate sale of any
shares of Common Stock issued upon such exercise would violate the Company’s Trading Policy, then the applicable Post-Termination
Exercise Period will be extended to the last day of the calendar month that commences following the date the Award would otherwise expire,
with an additional extension of the exercise period to the last day of the next calendar month to apply if any of the foregoing restrictions
apply at any time during such extended exercise period, generally without limitation as to the maximum permitted number of extensions);
provided, however, that in no event may such Award be exercised after the expiration of its maximum term (as set forth in Section 4(a)).

 

(i) Whole Shares. Options may be exercised
only with respect to whole shares of Common Stock or their equivalents.

 

    5

     

    

 

	5.	Stock Appreciation Rights.

 

Each SAR will have such terms and conditions as
determined by the Board. Each SAR will be denominated in shares of Common Stock equivalents. The terms and conditions of separate SARs
need not be identical; provided, however, that each SAR Agreement will conform (through incorporation of provisions hereof by reference
in the Award Agreement or otherwise) to the substance of each of the following provisions:

 

(a) Term. No SAR will be exercisable after
the expiration of ten years from the date of grant of such Award or such shorter period specified in the Award Agreement.

 

(b) Exercise or Strike Price. Subject to
Section 3(b) regarding Ten Percent Stockholders, the exercise or strike price of each SAR will not be less than 100% of the Fair
Market Value on the date of grant of such Award.

 

(c) Exercise Procedure and Payment of Appreciation
Distribution for SARs. In order to exercise any SAR, the Participant must provide notice of exercise to the Plan Administrator
in accordance with the SAR Agreement. The appreciation distribution payable to a Participant upon the exercise of a SAR will not be greater
than an amount equal to the excess of (i) the aggregate Fair Market Value on the date of exercise of a number of shares of Common
Stock equal to the number of Common Stock equivalents that are vested and being exercised under such SAR, over (ii) the strike price
of such SAR. Such appreciation distribution may be paid to the Participant in the form of Common Stock or cash (or any combination of
Common Stock and cash) or in any other form of payment, as determined by the Board and specified in the SAR Agreement.

 

(d) Transferability. The Board may impose
such limitations on the transferability of an SAR as it determines. In the absence of any such determination by the Board, the following
restrictions on the transferability of SARs will apply, provided that except as explicitly provided herein, no SAR may be transferred
for consideration:

 

(i) Restrictions on Transfer.
An SAR will not be transferable, except by will or by the laws of descent and distribution, and will be exercisable during the lifetime
of the Participant only by the Participant; provided, however, that the Board may permit transfer of an SAR in a manner that is not prohibited
by applicable tax and securities laws upon the Participant’s request, including to a trust if the Participant is considered to be
the sole beneficial owner of such trust (as determined under Section 671 of the Code and applicable state law) while such SAR is
held in such trust, provided that the Participant and the trustee enter into a transfer and other agreements required by the Company.

 

(ii) Domestic Relations Orders.
Notwithstanding the foregoing, subject to the execution of transfer documentation in a format acceptable to the Company and subject to
the approval of the Board or a duly authorized Officer, an SAR may be transferred pursuant to a domestic relations order.

 

    6

     

    

 

(e) Vesting. The Board may impose such restrictions
on or conditions to the vesting and/or exercisability of an SAR as determined by the Board. Except as otherwise provided in the Award
Agreement or other written agreement between a Participant and the Company or an Affiliate, vesting of SARs will cease upon termination
of the Participant’s Continuous Service.

 

(f) Termination of Continuous Service for Cause.
Except as explicitly otherwise provided in the Award Agreement or other written agreement between a Participant and the Company or an
Affiliate, if a Participant’s Continuous Service is terminated for Cause, the Participant’s SARs will terminate and be forfeited
immediately upon such termination of Continuous Service, and the Participant will be prohibited from exercising any portion (including
any vested portion) of such Awards on and after the date of such termination of Continuous Service and the Participant will have no further
right, title or interest in such forfeited Award, the shares of Common Stock subject to the forfeited Award, or any consideration in respect
of the forfeited Award.

 

(g) Post-Termination Exercise Period Following
Termination of Continuous Service for Reasons Other than Cause. Subject to Section 5(h), if a Participant’s Continuous
Service terminates for any reason other than for Cause, the Participant may exercise his or her SARs to the extent vested, but only within
the following period of time or, if applicable, such other period of time provided in the Award Agreement or other written agreement between
a Participant and the Company or an Affiliate; provided, however, that in no event may such Award be exercised after the expiration of
its maximum term (as set forth in Section 5(a) above):

 

(i) three months following
the date of such termination if such termination is a termination without Cause (other than any termination due to the Participant’s
Disability or death);

 

(ii) 12 months following
the date of such termination if such termination is due to the Participant’s Disability;

 

(iii) 18 months following
the date of such termination if such termination is due to the Participant’s death; or

 

(iv) 18 months following
the date of the Participant’s death if such death occurs following the date of such termination but during the period such Award
is otherwise exercisable (as provided in (i) or (ii) above).

 

Following the date of such termination, to the extent the Participant
does not exercise such Award within the applicable Post-Termination Exercise Period (or, if earlier, prior to the expiration of the maximum
term of such Award), such unexercised portion of the Award will terminate, and the Participant will have no further right, title or interest
in the terminated Award, the shares of Common Stock subject to the terminated Award, or any consideration in respect of the terminated
Award.

 

(h) Restrictions on Exercise; Extension of Exercisability.
A Participant may not exercise an SAR at any time that the issuance of shares of Common Stock upon such exercise would violate Applicable
Law. Except as otherwise provided in the Award Agreement or other written agreement between a Participant and the Company or an Affiliate,
if a Participant’s Continuous Service terminates for any reason other than for Cause and, at any time during the last thirty days
of the applicable Post-Termination Exercise Period: (i) the exercise of the Participant’s SAR would be prohibited solely because
the issuance of shares of Common Stock upon such exercise would violate Applicable Law, or (ii) the immediate sale of any shares
of Common Stock issued upon such exercise would violate the Company’s Trading Policy, then the applicable Post-Termination Exercise
Period will be extended to the last day of the calendar month that commences following the date the Award would otherwise expire, with
an additional extension of the exercise period to the last day of the next calendar month to apply if any of the foregoing restrictions
apply at any time during such extended exercise period, generally without limitation as to the maximum permitted number of extensions);
provided, however, that in no event may such Award be exercised after the expiration of its maximum term (as set forth in Section 5(a)).

 

(i) Whole Shares. Options and SARs may be
exercised only with respect to whole shares of Common Stock or their equivalents.

 

    7

     

    

 

	6.	RESTRICTED STOCK and RESTRICTED STOCK UNITS 

 

(a) Restricted Stock Awards.  Each
Restricted Stock Award will have such terms and conditions as determined by the Board; provided, however, that each Restricted Stock Award
Agreement will conform (through incorporation of the provisions hereof by reference in the Award Agreement or otherwise) to the substance
of each of the following provisions:

 

(i) Form of Award. To the extent
consistent with the Company’s Bylaws, at the Board’s election, shares of Common Stock subject to a Restricted Stock Award
may be (i) held in book entry form subject to the Company’s instructions until such shares become vested or any other restrictions
lapse, or (ii) evidenced by a certificate, which certificate will be held in such form and manner as determined by the Board. Unless
otherwise determined by the Board, a Participant will have voting and other rights as a stockholder of the Company with respect to any
shares subject to a Restricted Stock Award.

 

(ii) Consideration. A Restricted
Stock Award may be granted in consideration for (A) cash or check, bank draft or money order payable to the Company, (B) past
services to the Company or an Affiliate, or (C) any other form of consideration (including future services) as the Board may determine
and permissible under Applicable Law.

 

(iii) Vesting. The Board may impose
such restrictions on or conditions to the vesting of a Restricted Stock Award as determined by the Board. Except as otherwise provided
in the Award Agreement or other written agreement between a Participant and the Company or an Affiliate, vesting of Restricted Stock Awards
will cease upon termination of the Participant’s Continuous Service.

 

(iv) Termination of Continuous Service.
Except as otherwise provided in the Award Agreement or other written agreement between a Participant and the Company or an Affiliate,
if a Participant’s Continuous Service terminates for any reason, the Company may receive through a forfeiture condition or a repurchase
right any or all of the shares of Common Stock held by the Participant under his or her Restricted Stock Award that have not vested as
of the date of such termination as set forth in the Restricted Stock Award Agreement.

 

(v) Dividends. Dividends may be
paid or credited, as applicable, with respect to any shares of Common Stock subject to a Restricted Stock Award, as determined by the
Board and specified in the Award Agreement; provided, however, that (i)  any dividends that are credited with respect to any
such shares will be subject to all of the terms and conditions applicable to such shares under the terms of such Award Agreement (including,
but not limited to, any vesting conditions), and (ii) any dividends that are credited with respect to any such shares will be forfeited
to the Company on the date, if any, such shares are forfeited to or repurchased by the Company due to a failure to meet any vesting conditions
under the terms of such Award Agreement.

 

    8

     

    

 

(b) Restricted Stock Unit Awards. Each RSU
Award will have such terms and conditions as determined by the Board; provided, however, that each RSU Award Agreement will conform (through
incorporation of the provisions hereof by reference in the Award Agreement or otherwise) to the substance of each of the following provisions:

 

(i) Form of Award. A RSU Award
represents a Participant’s right to be issued on a future date the number of shares of Common Stock that is equal to the number
of restricted stock units subject to the RSU Award. As a holder of a RSU Award, a Participant is an unsecured creditor of the Company
with respect to the Company’s unfunded obligation, if any, to issue shares of Common Stock in settlement of such Award and nothing
contained in the Plan or any RSU Agreement, and no action taken pursuant to its provisions, will create or be construed to create a trust
of any kind or a fiduciary relationship between a Participant and the Company or an Affiliate or any other person. A Participant will
not have voting or any other rights as a stockholder of the Company with respect to any RSU Award (unless and until shares are actually
issued in settlement of a vested RSU Award).

 

(ii) Consideration. Unless otherwise
determined by the Board at the time of grant, a RSU Award will be granted in consideration for the Participant’s services to the
Company or an Affiliate, such that the Participant will not be required to make any payment to the Company (other than such services)
with respect to the grant or vesting of the RSU Award, or the issuance of any shares of Common Stock pursuant to the RSU Award. If, at
the time of grant, the Board determines that any consideration must be paid by the Participant (in a form other than the Participant’s
services to the Company or an Affiliate) upon the issuance of any shares of Common Stock in settlement of the RSU Award, such consideration
may be paid in any form of consideration as the Board may determine and permissible under Applicable Law.

 

(iii) Vesting. The Board may impose
such restrictions on or conditions to the vesting of an RSU Award as determined by the Board. Except as otherwise provided in the Award
Agreement or other written agreement between a Participant and the Company or an Affiliate, vesting of RSU Awards will cease upon termination
of the Participant’s Continuous Service.

 

(iv) Termination of Continuous Service.
Except as otherwise provided in the Award Agreement or other written agreement between a Participant and the Company or an Affiliate,
if a Participant’s Continuous Service terminates for any reason, any portion of his or her RSU Award that has not vested will
be forfeited upon such termination and the Participant will have no further right, title or interest in the RSU Award, the shares of Common
Stock issuable pursuant to the RSU Award, or any consideration in respect of the RSU Award.

 

(v) Dividend Equivalents. Dividend
equivalents may be paid or credited, as applicable, with respect to any shares of Common Stock subject to a RSU Award, as determined by
the Board and specified in the Award Agreement; provided, however, that (i) no dividend equivalents may be paid with respect
to any such shares subject to an RSU Award before the date such shares have vested under the terms of such Award Agreement, (ii) any
dividend equivalents that are credited with respect to any such shares will be subject to all of the terms and conditions applicable to
such RSU Award and the covered shares under the terms of such Award Agreement (including, but not limited to, any vesting conditions),
and (iii) any dividend equivalents that are credited with respect to any such shares subject to an RSU Award will be forfeited to
the Company on the date, if any, such RSU Award is forfeited to by the Company due to a failure to meet any vesting conditions under the
terms of such Award Agreement.

 

    9

     

    

 

(vi) Settlement of RSU Awards.
A RSU Award may be settled by the issuance of shares of Common Stock or cash (or any combination thereof) or in any other form of payment,
as determined by the Board and specified in the RSU Award Agreement. At the time of grant, the Board may determine to impose such restrictions
or conditions that delay such delivery to a date following the vesting of the RSU Award.

 

(vii) Compliance with Section 409A
of the Code. Notwithstanding anything to the contrary set forth herein, any RSU Award granted under the Plan that is not exempt from
the requirements of Section 409A of the Code shall contain such provisions so that such RSU Award will comply with the requirements of
Section 409A of the Code. Such restrictions, if any, shall be determined by the Board and contained in the Award Agreement evidencing
such RSU Award. For example, such restrictions may include, without limitation, a requirement that any Common Stock that is to be issued
in a year following the year in which the RSU Award vests must be issued in accordance with a fixed pre-determined schedule.

 

(c) Time and Performance Vesting. The Committee,
in its sole discretion, may impose such restrictions on the vesting of the Participant’s Restricted Stock Award or Restricted Stock
Units as it may deem advisable or appropriate, in accordance with this Section 6(c).

 

(i) Service Vesting. The Committee
may condition the vesting of a Participant’s Restricted Stock Award or Restricted Stock Units upon the Participant’s continued
performance of services for the Company through a specified vesting date or dates. If the Participant’s Continuous Service terminates
before such vesting date, the relevant Restricted Stock Award and/or Restricted Stock Units shall be forfeited, except as may otherwise
be provided in the Award Agreement.

 

(ii) Performance Vesting. Alternatively,
the Committee may, in its discretion, condition the vesting of all or a portion of the Participant’s Restricted Stock Award or Restricted
Stock Units upon completion of based upon the achievement of specific Performance Goals (Company-wide, divisional, or individual) or any
other basis determined by the Committee in its discretion

 

(d) Performance Awards. With respect to
any RSU Award or other Award designated as a Performance Award, the length of any Performance Period, the Performance Goals to be achieved
during the Performance Period, the other terms and conditions of such Award, and the measure of whether and to what degree such Performance
Goals have been attained will be determined by the Board.

 

(e) Other Awards. Other forms of Awards
valued in whole or in part by reference to, or otherwise based on, Common Stock, including the appreciation in value thereof (e.g., options
or stock rights with an exercise price or strike price less than 100% of the Fair Market Value at the time of grant) may be granted either
alone or in addition to Awards provided for under Section 4 and the preceding provisions of this Section 5. Subject to the provisions
of the Plan, the Board will have sole and complete discretion to determine the persons to whom and the time or times at which such Other
Awards will be granted, the number of shares of Common Stock (or the cash equivalent thereof) to be granted pursuant to such Other Awards
and all other terms and conditions of such Other Awards.

 

    10

     

    

 

	7.	Adjustments upon Changes in Common Stock; Other Corporate Events.

 

(a) Capitalization Adjustments. In the event
of a Capitalization Adjustment, the Board shall appropriately and proportionately adjust: (i) the class(es) and maximum number of
shares of Common Stock subject to the Plan pursuant to Section 2(a), (ii) the class(es) and maximum number of shares that may
be issued pursuant to the exercise of Incentive Stock Options pursuant to Section 2(a), and (iii) the class(es) and number of
securities and exercise price, strike price or purchase price of Common Stock subject to outstanding Awards. The Board shall make such
adjustments, and its determination shall be final, binding and conclusive. Notwithstanding the foregoing, no fractional shares or rights
for fractional shares of Common Stock shall be created in order to implement any Capitalization Adjustment. The Board shall determine
an appropriate equivalent benefit, if any, for any fractional shares or rights to fractional shares that might be created by the adjustments
referred to in the preceding provisions of this Section.

 

(b) Dissolution or Liquidation. Except as
otherwise provided in the Award Agreement, in the event of a dissolution or liquidation of the Company, all outstanding Awards (other
than Awards consisting of vested and outstanding shares of Common Stock not subject to a forfeiture condition or the Company’s right
of repurchase) will terminate immediately prior to the completion of such dissolution or liquidation, and the shares of Common Stock subject
to the Company’s repurchase rights or subject to a forfeiture condition may be repurchased or reacquired by the Company notwithstanding
the fact that the holder of such Award is providing Continuous Service, provided, however, that the Board may determine to cause some
or all Awards to become fully vested, exercisable and/or no longer subject to repurchase or forfeiture (to the extent such Awards have
not previously expired or terminated) before the dissolution or liquidation is completed but contingent on its completion.

 

(c) Corporate Transaction. The following
provisions will apply to Awards in the event of a Corporate Transaction unless otherwise provided in the instrument evidencing the Award
or any other written agreement between the Company or any Affiliate and the Participant or unless otherwise expressly provided by the
Board at the time of grant of an Award.

 

(i) Awards May Be Assumed. In
the event of a Corporate Transaction, any surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s
parent company) may assume or continue any or all Awards outstanding under the Plan or may substitute similar awards for Awards outstanding
under the Plan (including but not limited to, awards to acquire the same consideration paid to the stockholders of the Company pursuant
to the Corporate Transaction), and any reacquisition or repurchase rights held by the Company in respect of Common Stock issued pursuant
to Awards may be assigned by the Company to the successor of the Company (or the successor’s parent company, if any), in connection
with such Corporate Transaction. A surviving corporation or acquiring corporation (or its parent) may choose to assume or continue only
a portion of an Award or substitute a similar award for only a portion of an Award, or may choose to assume or continue the Awards held
by some, but not all Participants. The terms of any assumption, continuation or substitution will be set by the Board.

 

(ii) Awards Held by Current Participants.
In the event of a Corporate Transaction in which the surviving corporation or acquiring corporation (or its parent company) does not assume
or continue such outstanding Awards or substitute similar awards for such outstanding Awards, then with respect to Awards that have not
been assumed, continued or substituted and that are held by Participants whose Continuous Service has not terminated prior to the effective
time of the Corporate Transaction (referred to as the “Current Participants”), the vesting of such Awards (and,
with respect to Options and Stock Appreciation Rights, the time when such Awards may be exercised) will be accelerated in full to a date
prior to the effective time of such Corporate Transaction (contingent upon the effectiveness of the Corporate Transaction) as the Board
determines (or, if the Board does not determine such a date, to the date that is five (5) days prior to the effective time of the
Corporate Transaction), and such Awards will terminate if not exercised (if applicable) at or prior to the effective time of the Corporate
Transaction, and any reacquisition or repurchase rights held by the Company with respect to such Awards will lapse (contingent upon the
effectiveness of the Corporate Transaction). With respect to the vesting of Performance Awards that will accelerate upon the occurrence
of a Corporate Transaction pursuant to this subsection (ii) and that have multiple vesting levels depending on the level of performance,
unless otherwise provided in the Award Agreement, the vesting of such Performance Awards will accelerate at 100% of the target level upon
the occurrence of the Corporate Transaction. With respect to the vesting of Awards that will accelerate upon the occurrence of a Corporate
Transaction pursuant to this subsection (ii) and are settled in the form of a cash payment, such cash payment will be made no later
than 30 days following the occurrence of the Corporate Transaction.

 

    11

     

    

 

(iii) Awards Held by Persons other
than Current Participants. In the event of a Corporate Transaction in which the surviving corporation or acquiring corporation (or
its parent company) does not assume or continue such outstanding Awards or substitute similar awards for such outstanding Awards, then
with respect to Awards that have not been assumed, continued or substituted and that are held by persons other than Current Participants,
such Awards will terminate if not exercised (if applicable) prior to the occurrence of the Corporate Transaction; provided, however, that
any reacquisition or repurchase rights held by the Company with respect to such Awards will not terminate and may continue to be exercised
notwithstanding the Corporate Transaction.

 

(iv) Payment for Awards in Lieu of
Exercise. Notwithstanding the foregoing, in the event an Award will terminate if not exercised prior to the effective time of a Corporate
Transaction, the Board may provide, in its sole discretion, that the holder of such Award may not exercise such Award but will receive
a payment, in such form as may be determined by the Board, equal in value, at the effective time, to the excess, if any, of (1) the
value of the property the Participant would have received upon the exercise of the Award (including, at the discretion of the Board, any
unvested portion of such Award), over (2) any exercise price payable by such holder in connection with such exercise. For clarity,
this payment may be zero ($0) if the value of the property is equal to or less than the exercise price payable by the holder. Payments
under this provision may be delayed to the same extent that payment of consideration to the holders of the Company’s Common Stock
in connection with the Corporate Transaction is delayed as a result of escrows, earn outs, holdbacks or any other contingencies

 

(d) Appointment of Stockholder Representative.
As a condition to the receipt of an Award under this Plan, a Participant will be deemed to have agreed that the Award will be subject
to the terms of any agreement governing a Corporate Transaction involving the Company, including, without limitation, a provision for
the appointment of a stockholder representative that is authorized to act on the Participant’s behalf with respect to any escrow,
indemnities and any contingent consideration.

 

(e) No Restriction on Right to Undertake Transactions.
The grant of any Award under the Plan and the issuance of shares pursuant to any Award does not affect or restrict in any way the right
or power of the Company or the Stockholders of the Company to make or authorize any adjustment, recapitalization, reorganization or other
change in the Company’s capital structure or its business, any merger or consolidation of the Company, any issue of stock or of
options, rights or options to purchase stock or of bonds, debentures, preferred or prior preference stocks whose rights are superior to
or affect the Common Stock or the rights thereof or which are convertible into or exchangeable for Common Stock, or the dissolution or
liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding,
whether of a similar character or otherwise.

 

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	8.	Administration.

 

(a) Administration by Compensation Committee.
The Compensation Committee of the Board will administer the Plan unless and until the Board delegates administration of the Plan to a
different Committee or Committees of the Board.

 

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

 

(i) To determine from time to time (1) which
of the persons eligible under the Plan will be granted Awards; (2) when and how each Award will be granted; (3) what type or
combination of types of Award will be granted; (4) the provisions of each Award granted (which need not be identical), including
the time or times when a person will be permitted to receive an issuance of Common Stock or other payment pursuant to an Award; (5) the
number of shares of Common Stock or cash equivalent with respect to which an Award will be granted to each such person; and (6) the
Fair Market Value applicable to an Award.

 

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

 

(iii) To settle all controversies regarding
the Plan and Awards granted under it.

 

(iv) 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, notwithstanding the provisions in the Award Agreement
stating the time at which it may first be exercised or the time during which it will vest.

 

(v) To prohibit the exercise of any Option,
SAR or other exercisable Award during a period of up to 30 days prior to the consummation of any pending stock dividend, stock split,
combination or exchange of shares, merger, consolidation or other distribution (other than normal cash dividends) of Company assets to
stockholders, or any other change affecting the shares of Common Stock or the share price of the Common Stock including any Corporate
Transaction, for reasons of administrative convenience.

 

(vi) To approve forms of Award Agreements
for use under the Plan and to amend the terms of any one or more Awards, including, but not limited to, amendments to provide terms more
favorable to the Participant than previously provided in the Award Agreement, subject to any specified limits in the Plan that are not
subject to Board or Committee discretion; provided however, that, a Participant’s rights under any Award will not be Materially
Impaired by any such amendment unless (1) the Company requests the consent of the affected Participant, and (2) such Participant
consents in writing.

 

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

 

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(viii) To adopt such procedures and sub-plans
as are necessary or appropriate to permit and facilitate participation in the Plan by, or take advantage of specific tax treatment for
Awards granted to, Employees, Directors or Consultants who are foreign nationals or employed outside the United States (provided that
Board approval will not be necessary for immaterial modifications to the Plan, and Committee approval will not be necessary for immaterial
modifications to any Award Agreement, deemed necessary or desirable to ensure or facilitate compliance with the laws of the relevant foreign
jurisdiction).

 

(c) Rule 16b-3 Compliance. To the extent
an Award is intended to qualify for the exemption from Section 16(b) of the Exchange Act that is available under Rule 16b-3
of the Exchange Act, the Award will be granted by the Board or a Committee that consists solely of two or more Non-Employee Directors,
as determined under Rule 16b-3(b)(3) of the Exchange Act and thereafter any action establishing or modifying the terms of the Award
will be approved by the Board or a Committee meeting such requirements to the extent necessary for such exemption to remain available.

 

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

 

(e) Cancellation and Re-Grant of Awards.
Neither the Board nor any Committee will have the authority to: (i) reduce the exercise price or strike price of any outstanding
Options or SARs under the Plan, or (ii) cancel any outstanding Options or SARs that have an exercise price or strike price greater
than the current Fair Market Value in exchange for cash or other Awards under the Plan, unless the stockholders of the Company have approved
such an action within twelve months prior to such an event.

 

(f) Delegation to an Officer. The Committee
may delegate to one or more Officers the authority to do one or both of the following (i) designate Employees who are not Officers
to be recipients of Options and SARs (and, to the extent permitted by Applicable Law, other types of Awards) and, to the extent permitted
by Applicable Law, the terms thereof, and (ii) determine the number of shares of Common Stock to be subject to such Awards granted
to such Employees; provided, however, that the resolutions or charter adopted by the Board or any Committee evidencing such delegation
will specify the total number of shares of Common Stock that may be subject to the Awards granted by such Officer and that such Officer
may not grant an Award to himself or herself. Any such Awards will be granted on the applicable form of Award Agreement most recently
approved for use by the Committee, unless otherwise provided in the resolutions approving the delegation authority. Notwithstanding anything
to the contrary herein, neither the Board nor any Committee may delegate to an Officer who is acting solely in the capacity of an Officer
(and not also as a Director) the authority to determine the Fair Market Value of shares of the Common Stock.

 

	9.	Tax Withholding

 

(a) Withholding Authorization. As a condition
to acceptance of any Award under the Plan, a Participant authorizes withholding from payroll and any other amounts payable to such Participant,
and otherwise agrees to make adequate provision for (including), any sums required to satisfy any U.S. federal, state, local and/or foreign
tax or social insurance contribution withholding obligations of the Company or an Affiliate, if any, which arise in connection with the
grant, exercise, vesting or settlement of such Award, as applicable. Accordingly, a Participant may not be able to exercise an Award even
though the Award is vested, and the Company shall have no obligation to issue shares of Common Stock subject to an Award, unless and until
such obligations are satisfied.

 

(b) Satisfaction of Withholding Obligation.
To the extent permitted by the terms of an Award Agreement, the Company may, in its sole discretion, satisfy any U.S. federal, state,
local and/or foreign tax or social insurance withholding obligation relating to an Award by any of the following means or by a combination
of such means: (i) causing the Participant to tender a cash payment; (ii) withholding shares of Common Stock from the shares
of Common Stock issued or otherwise issuable to the Participant in connection with the Award; (iii) withholding cash from an Award
settled in cash; (iv) withholding payment from any amounts otherwise payable to the Participant; (v) by allowing a Participant
to effectuate a “cashless exercise” pursuant to a program developed under Regulation T as promulgated by the Federal
Reserve Board, or (vi) by such other method as may be set forth in the Award Agreement.

 

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(c) No Obligation to Notify or Minimize Taxes;
No Liability to Claims. Except as required by Applicable Law the Company has no duty or obligation to any Participant to advise such
holder as to the time or manner of exercising such Award. Furthermore, the Company has no duty or obligation to warn or otherwise advise
such holder of a pending termination or expiration of an Award or a possible period in which the Award may not be exercised. The Company
has no duty or obligation to minimize the tax consequences of an Award to the holder of such Award and will not be liable to any holder
of an Award for any adverse tax consequences to such holder in connection with an Award. As a condition to accepting an Award under the
Plan, each Participant (i) agrees to not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates
related to tax liabilities arising from such Award or other Company compensation and (ii) acknowledges that such Participant was
advised to consult with his or her own personal tax, financial and other legal advisors regarding the tax consequences of the Award and
has either done so or knowingly and voluntarily declined to do so. Additionally, each Participant acknowledges any Option or SAR granted
under the Plan is exempt from Section 409A only if the exercise or strike price is at least equal to the “fair market value”
of the Common Stock on the date of grant as determined by the Internal Revenue Service and there is no other impermissible deferral of
compensation associated with the Award. Additionally, as a condition to accepting an Option or SAR granted under the Plan, each Participant
agrees not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates in the event that the Internal
Revenue Service asserts that such exercise price or strike price is less than the “fair market value” of the Common Stock
on the date of grant as subsequently determined by the Internal Revenue Service.

 

(d) Withholding Indemnification. As a condition
to accepting an Award under the Plan, in the event that the amount of the Company’s and/or its Affiliate’s withholding obligation
in connection with such Award was greater than the amount actually withheld by the Company and/or its Affiliates, each Participant agrees
to indemnify and hold the Company and/or its Affiliates harmless from any failure by the Company and/or its Affiliates to withhold the
proper amount.

 

	 	10.	Miscellaneous.

 

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

 

(b) Use of Proceeds from Sales of Common Stock.
Proceeds from the sale of shares of Common Stock pursuant to Awards will constitute general funds of the Company.

 

(c) Corporate Action Constituting Grant of Awards.
Corporate action constituting a grant by the Company of an Award to any Participant will be deemed completed as of the date of such corporate
action, unless otherwise determined by the Board or the Committee, regardless of when the instrument, certificate, or letter evidencing
the Award is communicated to, or actually received or accepted by, the Participant. In the event that the corporate records (e.g., Committee
consents, Board consents, resolutions or minutes) documenting the corporate action approving the grant contain terms (e.g., exercise price,
vesting schedule or number of shares) that are inconsistent with those in the Award Agreement or related grant documents as a result of
a clerical error in the Award Agreement or related grant documents, the corporate records will control and the Participant will have no
legally binding right to the incorrect term in the Award Agreement or related grant documents.

 

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(d) Stockholder Rights. No Participant will
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 (i) such Participant has satisfied all requirements for exercise of the Award pursuant to its terms, if applicable,
and (ii) the issuance of the Common Stock subject to such Award is reflected in the records of the Company.

 

(e) No Employment or Other Service Rights.
Nothing in the Plan, any Award Agreement or any other instrument executed thereunder or in connection with any Award granted pursuant
thereto will 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 affect the right of the Company or an Affiliate to terminate at will and without regard to any future vesting
opportunity that a Participant may have with respect to any Award (i) the employment of an Employee with or without notice and with
or without cause, (ii) the service of a Consultant pursuant to the terms of such Consultant’s agreement with the Company or
an Affiliate, or (iii) the service of a Director pursuant to the Bylaws of the Company or an Affiliate, and any applicable provisions
of the corporate law of the state or foreign jurisdiction in which the Company or the Affiliate is incorporated, as the case may be. Further,
nothing in the Plan, any Award Agreement or any other instrument executed thereunder or in connection with any Award will constitute any
promise or commitment by the Company or an Affiliate regarding the fact or nature of future positions, future work assignments, future
compensation or any other term or condition of employment or service or confer any right or benefit under the Award or the Plan unless
such right or benefit has specifically accrued under the terms of the Award Agreement and/or Plan.

 

(f) Change in Time Commitment. In the event
a Participant’s regular level of time commitment in the performance of his or her services for the Company and any Affiliates is
reduced (for example, and without limitation, if the Participant is an Employee of the Company and the Employee has a change in status
from a full-time Employee to a part-time Employee or takes an extended leave of absence) after the date of grant of any Award to the Participant,
the Board may determine, to the extent permitted by Applicable Law, to (i) make a corresponding reduction in the number of shares
or cash amount subject to any portion of such Award that is scheduled to vest or become payable after the date of such change in time
commitment, and (ii) in lieu of or in combination with such a reduction, extend the vesting or payment schedule applicable to such
Award. In the event of any such reduction, the Participant will have no right with respect to any portion of the Award that is so reduced
or extended.

 

(g) Execution of Additional Documents. As
a condition to accepting an Award under the Plan, the Participant agrees to execute any additional documents or instruments necessary
or desirable, as determined in the Plan Administrator’s sole discretion, to carry out the purposes or intent of the Award,
or facilitate compliance with securities and/or other regulatory requirements, in each case at the Plan Administrator’s request.

 

(h) Electronic Delivery and Participation.
Any reference herein or in an Award Agreement to a “written” agreement or document will include any agreement or document
delivered electronically, filed publicly at www.sec.gov (or any successor website thereto) or posted on the Company’s intranet (or
other shared electronic medium controlled by the Company to which the Participant has access). By accepting any Award the Participant
consents to receive documents by electronic delivery and to participate in the Plan through any on-line electronic system established
and maintained by the Plan Administrator or another third party selected by the Plan Administrator. The form of delivery of
any Common Stock (e.g., a stock certificate or electronic entry evidencing such shares) shall be determined by the Company.

 

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(i) Clawback/Recovery. All Awards granted
under the Plan will be subject to recoupment in accordance with any clawback policy that the Company is required to adopt pursuant to
the listing standards of any national securities exchange or association on which the Company’s securities are listed or as is otherwise
required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other Applicable Law and any clawback policy that the Company
otherwise adopts, to the extent applicable and permissible under Applicable Law. In addition, the Board may impose such other clawback,
recovery or recoupment provisions in an Award Agreement as the Board determines necessary or appropriate, including but not limited to
a reacquisition right in respect of previously acquired shares of Common Stock or other cash or property upon the occurrence of Cause.
No recovery of compensation under such a clawback policy will be an event giving rise to a Participant’s right to voluntary terminate
employment upon a “resignation for good reason,” or for a “constructive termination” or any similar term under
any plan of or agreement with the Company.

 

(j) Securities Law Compliance. A Participant
will not be issued any shares in respect of an Award unless either (i) the shares are registered under the Securities Act; or (ii) the
Company has determined that such issuance would be exempt from the registration requirements of the Securities Act. Each Award also must
comply with other Applicable Law governing the Award, and a Participant will not receive such shares if the Company determines that such
receipt would not be in material compliance with Applicable Law.

 

(k) Transfer or Assignment of Awards; Issued
Shares. Except as expressly provided in the Plan or the form of Award Agreement, Awards granted under the Plan may not be transferred
or assigned by the Participant. After the vested shares subject to an Award have been issued, or in the case of Restricted Stock and similar
awards, after the issued shares have vested, the holder of such shares is free to assign, hypothecate, donate, encumber or otherwise dispose
of any interest in such shares provided that any such actions are in compliance with the provisions herein, the terms of the Trading Policy
and Applicable Law.

 

(l) Effect on Other Employee Benefit Plans.
The value of any Award granted under the Plan, as determined upon grant, vesting or settlement, shall not be included as compensation,
earnings, salaries, or other similar terms used when calculating any Participant’s benefits under any employee benefit plan sponsored
by the Company or any Affiliate, except as such plan otherwise expressly provides. The Company expressly reserves its rights to amend,
modify, or terminate any of the Company’s or any Affiliate’s employee benefit plans.

 

(m) Section 409A. Unless otherwise
expressly provided for in an Award Agreement, the Plan and Award Agreements will be interpreted to the greatest extent possible in a manner
that makes the Plan and the Awards granted hereunder exempt from Section 409A, and, to the extent not so exempt, in compliance with
the requirements of Section 409A. If the Board determines that any Award granted hereunder is not exempt from and is therefore subject
to Section 409A, the Award Agreement evidencing such Award will incorporate the terms and conditions necessary to avoid the consequences
specified in Section 409A(a)(1) of the Code, and to the extent an Award Agreement is silent on terms necessary for compliance, such
terms are hereby incorporated by reference into the Award Agreement. Notwithstanding anything to the contrary in this Plan (and unless
the Award Agreement specifically provides otherwise), if the shares of Common Stock are publicly traded, and if a Participant holding
an Award that constitutes “deferred compensation” under Section 409A is a “specified employee” for purposes
of Section 409A, no distribution or payment of any amount that is due because of a “separation from service” (as defined
in Section 409A without regard to alternative definitions thereunder) will be issued or paid before the date that is six months
and one day following the date of such Participant’s “separation from service” or, if earlier, the date of the Participant’s
death, unless such distribution or payment can be made in a manner that complies with Section 409A, and any amounts so deferred will
be paid in a lump sum on the day after such six month period elapses, with the balance paid thereafter on the original schedule.

 

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(n) Choice of Law. This Plan and any controversy
arising out of or relating to this Plan shall be governed by, and construed in accordance with, the internal laws of the State of Delaware
without regard to conflict of law principles that would result in any application of any law other than the law of the State of Delaware.

 

	11.	Covenants of the Company. COMPLIANCE WITH LAW.

 

The Company will seek to obtain from each regulatory
commission or agency, as may be deemed to be necessary, 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 or vesting of the Awards; provided, however, that this undertaking will 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 and at a reasonable cost, the Company is unable to obtain from any such regulatory commission or agency
the authority that counsel for the Company deems necessary or advisable for the lawful issuance and sale of Common Stock under the Plan,
the Company will be relieved from any liability for failure to issue and sell Common Stock upon exercise or vesting of such Awards unless
and until such authority is obtained. A Participant is not eligible for the grant of an Award or the subsequent issuance of Common Stock
pursuant to the Award if such grant or issuance would be in violation of any Applicable Law.

 

	12.	Severability.

 

If all or any part of the Plan or any Award Agreement
is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not invalidate any
portion of the Plan or such Award Agreement not declared to be unlawful or invalid. Any Section of the Plan or any Award Agreement (or
part of such a Section) so declared to be unlawful or invalid shall, if possible, be construed in a manner which will give effect to the
terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid.

 

	13.	Amendment of Termination of the Plan.

 

(a) Termination. The Board may suspend or
terminate the Plan at any time. No Incentive Stock Options may be granted after the tenth anniversary of the earlier of (i) the Adoption
Date, or (ii) the Effective Date. No Awards may be granted under the Plan while the Plan is suspended or after it is terminated.

 

(b) Amendment. The Board, in its sole discretion,
may amend the Plan in any respect the Board deems necessary or advisable; provided, however, that Stockholder approval will be
required for any amendment to the extent required by Applicable Law.

 

(c) Effect on Prior Awards. No Participant’s
rights under any Award granted before the amendment or termination of the Plan will be Materially Impaired by any amendment, suspension,
or termination of the Plan unless (1) the Company requests the consent of the affected Participant, and (2) such Participant
consents in writing, provided that such consent shall not be required if the Board determines, in its sole and absolute discretion,
that the amendment, suspension or termination: (a) is required or advisable in order for the Company, the Plan or the Award to satisfy
applicable law, to meet the requirements of any accounting standard or to avoid any adverse accounting treatment, or (b) in connection
with any transaction or event described in Section 7(c), is in the best interests of the Company or its stockholders.

 

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	14.	Definitions.

 

As used in the Plan, the following definitions
apply to the capitalized terms indicated below:

 

(a) “Acquiring Entity”
means the surviving or acquiring corporation (or its parent company) in connection with a Corporate Transaction.

 

(b) “Adoption Date”
means the date the Plan is first approved by the Board or Compensation Committee.

 

(c) “Affiliate”
means, at the time of determination, any “parent” or “subsidiary” of the Company as such terms are defined in
Rule 405 promulgated under the Securities Act. The Board may determine the time or times at which “parent” or “subsidiary”
status is determined within the foregoing definition.

 

(d) “Applicable Law”
means shall mean any applicable securities, federal, state, foreign, material local or municipal or other law, statute, constitution,
principle of common law, resolution, ordinance, code, edict, decree, rule, listing rule, regulation, judicial decision, ruling or requirement
issued, enacted, adopted, promulgated, implemented or otherwise put into effect by or under the authority of any Governmental Body (including
under the authority of any applicable self-regulating organization such as the Nasdaq Stock Market, New York Stock Exchange, or the Financial
Industry Regulatory Authority).

 

(e) “Award” means
any right to receive Common Stock, cash or other property granted under the Plan (including an Incentive Stock Option, a Nonstatutory
Stock Option, a Restricted Stock Award, a RSU Award, a SAR, a Performance Award or any Other Award).

 

(f) “Award Agreement”
means a written agreement between the Company and a Participant evidencing the terms and conditions of an Award. The Award Agreement generally
consists of the Grant Notice and the agreement containing the written summary of the general terms and conditions applicable to the Award
and which is provided to a Participant along with the Grant Notice.

 

(g) “Board” means
the Board of Directors of the Company (or its designee). Any decision or determination made by the Board shall be a decision or determination
that is made in the sole discretion of the Board (or its designee), and such decision or determination shall be final and binding on all
Participants.

 

(h) “Capitalization Adjustment”
means any change that is made in, or other events that occur with respect to, the Common Stock subject to the Plan or subject to any Award
after the Effective Date without the receipt of consideration by the Company through merger, consolidation, reorganization, recapitalization,
reincorporation, stock dividend, dividend in property other than cash, large nonrecurring cash dividend, stock split, reverse stock split,
liquidating dividend, combination of shares, exchange of shares, change in corporate structure or any similar equity restructuring transaction,
as that term is used in Statement of Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor
thereto). Notwithstanding the foregoing, the conversion of any convertible securities of the Company will not be treated as a Capitalization
Adjustment.

 

(i) “Cause” has
the meaning ascribed to such term in any written agreement between the Participant and the Company defining such term and, in the absence
of such agreement, such term means, with respect to a Participant, the occurrence of any of the following events: (i) the commission
of an act of fraud, embezzlement, theft or proven dishonesty, or any other illegal act or practice (whether or not resulting in criminal
prosecution or conviction), including theft or destruction of property of the Company or a subsidiary, or any other act or practice which
the Committee shall, in good faith, deem to have resulted in the recipient’s becoming unbondable under the Company or any subsidiary’s
fidelity bond; (ii) the willful engaging in misconduct which is deemed by the Committee, in good faith, to be materially injurious
to the Company or any subsidiary, monetarily or otherwise, including, but not limited to, improperly disclosing trade secrets or other
confidential or sensitive business information and data about the Company or any subsidiaries and competing with the Company or any subsidiaries,
or soliciting employees, consultants or customers of the Company or any subsidiaries in violation of law or any employment or other agreement
to which the recipient is a party; (iii) the continued failure or habitual neglect by a person who is a Participant to perform his or
her duties with the Company or any subsidiary; or (iv) other disregard of rules or policies of the Company or any subsidiary, or conduct
evidencing willful or wanton disregard of the interests of the Company or any subsidiary.

 

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(j) “Code” means the
Internal Revenue Code of 1986, as amended, including any applicable regulations and guidance thereunder.

 

(k) “Committee” means
the Compensation Committee and any other committee of Directors to whom authority has been delegated by the Board or Compensation Committee
in accordance with the Plan.

 

(l) “Common Stock” means
the common stock of the Company.

 

(m) “Company” means Blue
Water Vaccines, Inc., a Delaware corporation.

 

(n) “Compensation Committee”
means the Compensation Committee of the Board.

 

(o) “Consultant”
means any person, including an advisor, who is (i) engaged by the Company or an Affiliate to render consulting or advisory services
and is compensated for such services, or (ii) serving as a member of the board of directors of an Affiliate 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.

 

(p) “Continuous Service”
means that the Participant’s service with the Company or an Affiliate, whether as an Employee, Director or Consultant, is not interrupted
or terminated. A change in the capacity in which the Participant renders service to the Company or an Affiliate as an Employee, Director
or Consultant or a change in the Entity for which the Participant renders such service, provided that there is no interruption or termination
of the Participant’s service with the Company or an Affiliate, will not terminate a Participant’s Continuous Service; provided,
however, that if the Entity for which a Participant is rendering services ceases to qualify as an Affiliate, as determined by the
Board, such Participant’s Continuous Service will be considered to have terminated on the date such Entity ceases to qualify as
an Affiliate. For example, a change in status from an Employee of the Company to a Consultant of an Affiliate or to a Director will not
constitute an interruption of Continuous Service. To the extent permitted by law, the Board or the chief executive officer of the Company,
in that party’s sole discretion, may determine whether Continuous Service will be considered interrupted in the case of (i) any
leave of absence approved by the Board or chief executive officer, including sick leave, military leave or any other personal leave, or
(ii) transfers between the Company, an Affiliate, or their successors. Notwithstanding the foregoing, a leave of absence will be
treated as Continuous Service for purposes of vesting in an Award only to such extent as may be provided in the Company’s leave
of absence policy, in the written terms of any leave of absence agreement or policy applicable to the Participant, or as otherwise required
by law. In addition, to the extent required for exemption from or compliance with Section 409A, the determination of whether there
has been a termination of Continuous Service will be made, and such term will be construed, in a manner that is consistent with the definition
of “separation from service” as defined under Treasury Regulation Section 1.409A-1(h) (without regard to any alternative
definition thereunder).

 

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(q) “Corporate Transaction”
means the consummation, in a single transaction or in a series of related transactions, of any one or more of the following events, provided,
however, to the extent necessary to avoid adverse personal income tax consequences to the Participant under Section 409A of the Code in
connection with an Award, such transaction or series of transactions, also constitutes a Section 409A Change in Control:

 

(i) a sale or other disposition
of all or substantially all, as determined by the Board, of the consolidated assets of the Company and its Subsidiaries;

 

(ii) a sale or other disposition
of at least 50% of the outstanding securities of the Company;

 

(iii) a merger, consolidation
or similar transaction following which the Company is not the surviving corporation; or

 

(iv) a merger, consolidation or
similar transaction following which the Company is the surviving corporation but the shares of Common Stock outstanding immediately preceding
the merger, consolidation or similar transaction are converted or exchanged by virtue of the merger, consolidation or similar transaction
into other property, whether in the form of securities, cash or otherwise.

 

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

 

(s) “determine”
or “determined” means as determined by the Board or the Committee (or its designee) in its sole
discretion.

 

(t) “Disability”
means, with respect to a Participant, such Participant is unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for
a continuous period of not less than 12 months, as provided in Section 22(e)(3) of the Code, and will be determined by the Board
on the basis of such medical evidence as the Board deems warranted under the circumstances. In making such a determination, the Board
may rely upon a determination by the Social Security Administration that the Participant is disable for purposes of eligibility for Social
Security disability benefits.

 

(u) “Effective Date” means
the IPO Date, provided this Plan is approved by the Company’s stockholders prior to the IPO Date.

 

(v) “Employee”
means any person employed by the Company or an Affiliate. However, service solely as a Director, or payment of a fee for such services,
will not cause a Director to be considered an “Employee” for purposes of the Plan.

 

(w) “Employer”
means the Company or the Affiliate of the Company that employs the Participant.

 

(x) “Entity” means
a corporation, partnership, limited liability company or other entity.

 

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(y) “Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

(z) “Fair Market Value”
means, as of any date, unless otherwise determined by the Board, the value of the Common Stock (as determined on a per share or aggregate
basis, as applicable) determined as follows:

 

(i) If the Common Stock is listed
on any established stock exchange or traded on any established market, the Fair Market Value will be the closing sales price for such
stock as quoted on such exchange or market (or the exchange or market with the greatest volume of trading in the Common Stock) on the
date of determination, as reported in a source the Board deems reliable.

 

(ii) If there is no closing sales
price for the Common Stock on the date of determination, then the Fair Market Value will be the closing selling price on the last preceding
date for which such quotation exists.

 

(iii) In the absence of such markets
for the Common Stock, or if otherwise determined by the Board, the Fair Market Value will be determined by the Board in good faith and
in a manner that complies with Sections 409A and 422 of the Code.

 

(aa) “Governmental Body”
means any: (a) nation, state, commonwealth, province, territory, county, municipality, district or other jurisdiction of any nature;
(b) federal, state, local, municipal, foreign or other government; (c) governmental or regulatory body, or quasi-governmental
body of any nature (including any governmental division, department, administrative agency or bureau, commission, authority, instrumentality,
official, ministry, fund, foundation, center, organization, unit, body or Entity and any court or other tribunal, and for the avoidance
of doubt, any Tax authority) or other body exercising similar powers or authority; or (d) self-regulatory organization (including
the Nasdaq Stock Market, New York Stock Exchange, and the Financial Industry Regulatory Authority).

 

(bb) “Grant Notice”
means the notice provided to a Participant that he or she has been granted an Award under the Plan and which includes the name of the
Participant, the type of Award, the date of grant of the Award, number of shares of Common Stock subject to the Award or potential cash
payment right, (if any), the vesting schedule for the Award (if any) and other key terms applicable to the Award.

 

(cc) “Incentive Stock Option”
means an option granted pursuant to Section 4 of the Plan that is intended to be, and qualifies as, an “incentive stock option”
within the meaning of Section 422 of the Code.

 

(dd) “IPO Date” means
the date on which the Company completes an underwritten initial public offering of the Common Stock.

 

(ee) “Materially Impair”
means any amendment to the terms of the Award that materially adversely affects the Participant’s rights under the Award. A Participant’s
rights under an Award will not be deemed to have been Materially Impaired by any such amendment if the Board, in its sole discretion,
determines that the amendment, taken as a whole, does not materially impair the Participant’s rights. For example, the following
types of amendments to the terms of an Award do not Materially Impair the Participant’s rights under the Award: (i) imposition
of reasonable restrictions on the minimum number of shares subject to an Option that may be exercised, (ii) to maintain the qualified
status of the Award as an Incentive Stock Option under Section 422 of the Code; (iii) to change the terms of an Incentive Stock
Option in a manner that disqualifies, impairs or otherwise affects the qualified status of the Award as an Incentive Stock Option under
Section 422 of the Code; (iv) to clarify the manner of exemption from, or to bring the Award into compliance with or qualify
it for an exemption from, Section 409A; or (v) to comply with other Applicable Laws.

 

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

 

(gg) “Nonstatutory Stock Option”
means any option granted pursuant to Section 4 of the Plan that does not qualify as an Incentive Stock Option.

 

(hh) “Officer”
means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act.

 

(ii) “Option”
means an Incentive Stock Option or a Nonstatutory Stock Option to purchase shares of Common Stock granted pursuant to the Plan.

 

(jj) “Option Agreement”
means a written agreement between the Company and the Optionholder evidencing the terms and conditions of the Option grant. The Option
Agreement includes the Grant Notice for the Option and the agreement containing the written summary of the general terms and conditions
applicable to the Option and which is provided to a Participant along with the Grant Notice. Each Option Agreement will be subject to
the terms and conditions of the Plan.

 

(kk) “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.

 

(ll) “Other Award”
means an award based in whole or in part by reference to the Common Stock which is granted pursuant to the terms and conditions of Section 6(e).

 

(mm) “Other Award Agreement”
means a written agreement between the Company and a holder of an Other Award evidencing the terms and conditions of an Other Award grant.
Each Other Award Agreement will be subject to the terms and conditions of the Plan.

 

(nn) “Own,” “Owned,”
“Owner,” “Ownership” means that a person or Entity will be deemed to “Own,”
to have “Owned,” to be the “Owner” of, or to have acquired “Ownership” of securities if such person
or Entity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares voting power,
which includes the power to vote or to direct the voting, with respect to such securities.

 

(oo) “Participant”
means an Employee, Director or Consultant to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds
an outstanding Award.

 

(pp) “Performance Award”
means a Restricted Stock Unit Award or other Award that may vest or may be exercised or a cash award that may vest or become earned and
paid contingent upon the attainment during a Performance Period of certain Performance Goals and which is granted under the terms and
conditions of Section 5 pursuant to such terms as are approved by the Board or the Committee. In addition, to the extent permitted
by Applicable Law and set forth in the applicable Award Agreement, the Committee may determine that cash or other property may be used
in payment of Performance Awards. Performance Awards that are settled in cash or other property are not required to be valued in whole
or in part by reference to, or otherwise based on, the Common Stock.

 

    23

     

    

 

(qq) “Performance Criteria”
means the one or more criteria that the Board or Committee will select for purposes of establishing the Performance Goals for a Performance
Period. The Performance Criteria that will be used to establish such Performance Goals may be based on any measure of performance selected
by the Board or Committee.

 

(rr) “Performance Goals”
means, for a Performance Period, the one or more goals established by the Board or Committee for the Performance Period based upon the
Performance Criteria. Performance Goals may be based on a Company-wide basis, with respect to one or more business units, divisions,
Affiliates, or business segments, and in either absolute terms or relative to the performance of one or more comparable companies or the
performance of one or more relevant indices. Unless specified otherwise by the Board (i) in the Award Agreement at the time the Award
is granted or (ii) in such other document setting forth the Performance Goals at the time the Performance Goals are established,
the Board or Committee will appropriately make adjustments in the method of calculating the attainment of Performance Goals for a Performance
Period as follows: (1) to exclude restructuring and/or other nonrecurring charges; (2) to exclude exchange rate effects; (3) to
exclude the effects of changes to generally accepted accounting principles; (4) to exclude the effects of any statutory adjustments
to corporate tax rates; (5) to exclude the effects of items that are “unusual” in nature or occur “infrequently”
as determined under generally accepted accounting principles; (6) to exclude the dilutive effects of acquisitions or joint ventures;
(7) to assume that any business divested by the Company achieved performance objectives at targeted levels during the balance of
a Performance Period following such divestiture; (8) to exclude the effect of any change in the outstanding shares of common stock
of the Company by reason of any stock dividend or split, stock repurchase, reorganization, recapitalization, merger, consolidation, spin-off,
combination or exchange of shares or other similar corporate change, or any distributions to common stockholders other than regular cash
dividends; (9) to exclude the effects of stock based compensation and the award of bonuses under the Company’s bonus plans;
(10) to exclude costs incurred in connection with potential acquisitions or divestitures that are required to expensed under generally
accepted accounting principles; (11) to exclude the goodwill and intangible asset impairment charges that are required to be recorded
under generally accepted accounting principles; and (12) to exclude the effects of the timing of acceptance for review and/or approval
of submissions to the U.S. Food and Drug Administration or any other regulatory body. In addition, the Committee retains the discretion
to reduce or eliminate the compensation or economic benefit due upon attainment of Performance Goals and to define the manner of calculating
the Performance Criteria it selects to use for such Performance Period. Partial achievement of the specified criteria may result in the
payment or vesting corresponding to the degree of achievement as specified in the Award Agreement or the written terms of a Performance
Cash Award.

 

(ss) “Performance Period”
means the period of time selected by the Committee or the Board over which the attainment of one or more Performance Goals will be measured
for the purpose of determining a Participant’s right to vesting or exercise of an Award. Performance Periods may be of varying and
overlapping duration, at the sole discretion of the Committee or the Board.

 

(tt) “Plan” means
this Blue Water Vaccines, Inc. 2022 Equity Incentive Plan.

 

(uu) “Plan Administrator”
means the person, persons, and/or third-party administrator designated by the Company to administer the day to day operations of the Plan
and the Company’s other equity incentive programs.

 

(vv) “Post-Termination Exercise
Period” means the period following termination of a Participant’s Continuous Service within which an Option or SAR
is exercisable, as specified in Section 4(g) or Section 5(g), as applicable.

 

(ww) “Prior Plan Available Reserve”
means the number of shares available for the grant of new awards under the Prior Plan as of the date immediately prior to the Effective
Date.

 

(xx) “Prior Plan”
mean the Blue Water Vaccines, Inc. 2019 Equity Incentive Plan, as amended from time to time.

 

    24

     

    

 

(yy) “Restricted Stock Award”
or “RSA” means an Award of shares of Common Stock which is granted pursuant to the terms and conditions of Section 6(a).

 

(zz) “Restricted Stock Award
Agreement” means a written agreement between the Company and a holder of a Restricted Stock Award evidencing the terms and
conditions of a Restricted Stock Award grant. The Restricted Stock Award Agreement includes the Grant Notice for the Restricted Stock
Award and the agreement containing the written summary of the general terms and conditions applicable to the Restricted Stock Award and
which is provided to a Participant along with the Grant Notice. Each Restricted Stock Award Agreement will be subject to the terms and
conditions of the Plan.

 

(aaa) “Returning Shares”
means shares subject to outstanding stock awards granted under the Prior Plan and that following the Effective Date: (A) are not
issued because such stock award or any portion thereof expires or otherwise terminates without all of the shares covered by such stock
award having been issued; (B) are not issued because such stock award or any portion thereof is settled in cash; (C) are forfeited
back to or repurchased by the Company because of the failure to meet a contingency or condition required for the vesting of such shares;
(D) are withheld or reacquired to satisfy the exercise, strike or purchase price; or (E) are withheld or reacquired to satisfy
a tax withholding obligation.

 

(bbb) “RSU Award”
or “RSU” means an Award of restricted stock units representing the right to receive an issuance of shares
of Common Stock which is granted pursuant to the terms and conditions of Section 6(b).

 

(ccc) “RSU Award Agreement”
means a written agreement between the Company and a holder of a RSU Award evidencing the terms and conditions of a RSU Award grant. The
RSU Award Agreement includes the Grant Notice for the RSU Award and the agreement containing the written summary of the general terms
and conditions applicable to the RSU Award and which is provided to a Participant along with the Grant Notice. Each RSU Award Agreement
will be subject to the terms and conditions of the Plan.

 

(ddd) “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.

 

(eee) “Rule 405”
means Rule 405 promulgated under the Securities Act.

 

(fff) “Section 409A”
means Section 409A of the Code and the regulations and other guidance thereunder.

 

(ggg) “Section 409A Change
in Control” means a change in the ownership or effective control of the Company, or in the ownership of a substantial portion
of the Company’s assets, as provided in Section 409A(a)(2)(A)(v) of the Code and Treasury Regulations Section 1.409A-3(i)(5)
(without regard to any alternative definition thereunder).

 

    25

     

    

 

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

 

(iii) “Share Reserve”
means the number of shares available for issuance under the Plan as set forth in Section 2(a).

 

(jjj) “Stock Appreciation Right”
or “SAR” means a right to receive the appreciation on Common Stock that is granted pursuant to the terms and
conditions of Section 5.

 

(kkk) “SAR Agreement”
means a written agreement between the Company and a holder of a SAR evidencing the terms and conditions of a SAR grant. The SAR Agreement
includes the Grant Notice for the SAR and the agreement containing the written summary of the general terms and conditions applicable
to the SAR and which is provided to a Participant along with the Grant Notice. Each SAR Agreement will be subject to the terms and conditions
of the Plan.

 

(lll) “Subsidiary”
means, with respect to the Company, (i) any corporation of which more than 50% of the outstanding capital stock having ordinary voting
power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time, stock of any other class
or classes of such corporation will have or might have voting power by reason of the happening of any contingency) is at the time, directly
or indirectly, Owned by the Company, and (ii) any partnership, limited liability company or other entity in which the Company has
a direct or indirect interest (whether in the form of voting or participation in profits or capital contribution) of more than 50%.

 

(mmm) “Ten Percent Stockholder”
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 any Affiliate.

 

(nnn) “Trading Policy”
means the Company’s policy permitting certain individuals to sell Company shares only during certain “window” periods
and/or otherwise restricts the ability of certain individuals to transfer or encumber Company shares, as in effect from time to time.

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