Document:

Exhibit 10.21

 

Achronix
Semiconductor Corporation

 

2016
Equity Incentive Plan

 

Adopted
by the Board of Directors: October 14, 2016

Approved
by the Stockholders: October 14, 2016

Termination
Date: October 13, 2026

 

1.            General.

 

(a)           Successor
to and Continuation of Prior Plan.

 

(i)             The
Plan is intended as the successor to and continuation of the Achronix Semiconductor Corporation 2006 Stock Plan (the “Prior
Plan”), which expired by its terms on January 6, 2016. All stock awards granted under the Prior Plan remain
subject to the terms of the Prior Plan. All Awards granted on or after 12:01 a.m. Pacific time on the Effective Date will
be granted under the Plan.

 

(ii)           Any
shares that would otherwise have been available for future grants under the Prior Plan ceased to be available under the Prior Plan
as of the expiration date of that plan. Instead, that number of shares of Common Stock equal to the number of shares of Common
Stock of the Company then available for future grants under the Prior Plan (the “Prior Plan’s Available Reserve”)
was added to the Share Reserve (as further described in Section 3(a) below) and became immediately available for grants
and issuance pursuant to Stock Awards under the Plan, up to the maximum number set forth in Section 3(a) below.

 

(iii)          From
and after 12:01 a.m. Pacific time on the Effective Date, a number of shares of Common Stock equal to the total number of shares
of Common Stock subject, at such time, to outstanding stock options granted under the Prior Plan that (A) expire or terminate
for any reason prior to exercise or settlement; (B) are forfeited or reacquired because of the failure to meet a contingency
or condition required to vest such shares or are repurchased at the original issuance price; or (C) are otherwise reacquired
or withheld (or not issued) to satisfy the purchase or exercise price or tax withholding obligation in connection with an award
(the “Returning Shares”) will immediately be added to the Share Reserve (as further described in Section 3(a) below)
as and when such shares become Returning Shares (up to the maximum number set forth in Section 3(a)), and become available
for issuance pursuant to Stock Awards granted hereunder.

 

(b)           Eligible
Stock Award Recipients. Employees, Directors and Consultants are eligible to receive Stock
Awards.

 

(c)          Available
Stock Awards. The Plan provides for the grant of the following types of Stock Awards:
(i) Incentive Stock Options, (ii) Nonstatutory Stock Options, (iii) Stock Appreciation Rights, (iv) Restricted
Stock Awards, (v) Restricted Stock Unit Awards and (vi) Other Stock Awards.

 

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(d)            Purpose.
The Plan, through the granting of Stock Awards, is intended to help the Company secure and retain the services of eligible award
recipients, provide incentives for such persons to exert maximum efforts for the success of the Company and any Affiliate and provide
a means by which the eligible recipients may benefit from increases in value of the Common Stock.

 

2.            Administration.

 

(a)         Administration
by Board. The Board will administer the Plan. The Board may delegate administration of
the Plan to a Committee or Committees, as provided in Section 2(c).

 

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

 

(i)            To
determine (A) who will be granted Stock Awards; (B) when and how each Stock Award will be granted; (C) what type
of Stock Award will be granted; (D) the provisions of each Stock Award (which need not be identical), including when a person
will be permitted to exercise or otherwise receive cash or Common Stock under the Stock Award; (E) the number of shares of
Common Stock subject to a Stock Award; and (F) the Fair Market Value applicable to a Stock Award.

 

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

 

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

 

(iv)           To
accelerate, in whole or in part, the time at which a Stock Award may be exercised or vest (or at which cash or shares of Common
Stock may be issued).

 

(v)            To
suspend or terminate the Plan at any time. Except as otherwise provided in the Plan or a Stock Award Agreement, suspension or termination
of the Plan will not impair a Participant’s rights under his or her then-outstanding Stock Award without his or her written
consent except as provided in subsection (viii) below.

 

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(vi)           To
amend the Plan in any respect the Board deems necessary or advisable, including, without limitation, by adopting amendments relating
to Incentive Stock Options and certain nonqualified deferred compensation under Section 409A of the Code and/or to make the
Plan or Stock Awards granted under the Plan compliant with the requirements for Incentive Stock Options or exempt from or compliant
with the requirements for nonqualified deferred compensation under Section 409A of the Code, subject to the limitations, if
any, of applicable law. However, if required by applicable law, and except as provided in Section 9(a) relating to Capitalization
Adjustments, the Company will seek stockholder approval of any amendment of the Plan that (A) materially increases the number
of shares of Common Stock available for issuance under the Plan, (B) materially expands the class of individuals eligible
to receive Stock Awards under the Plan, (C) materially increases the benefits accruing to Participants under the Plan, (D) materially
reduces the price at which shares of Common Stock may be issued or purchased under the Plan, (E) materially extends the term
of the Plan, or (F) materially expands the types of Stock Awards available for issuance under the Plan. Except as provided
in the Plan (including subsection (viii) below) or a Stock Award Agreement, no amendment of the Plan will materially impair
a Participant’s rights under an outstanding Stock Award unless (1) the Company requests the consent of the affected
Participant, and (2) such Participant consents in writing.

 

(vii)          To
submit any amendment to the Plan for stockholder approval, including, but not limited to, amendments to the Plan intended to satisfy
the requirements of Section 422 of the Code regarding Incentive Stock Options.

 

(viii)        To
approve forms of Stock Award Agreements for use under the Plan and to amend the terms of any one or more Stock Awards, including,
but not limited to, amendments to provide terms more favorable to the Participant than previously provided in the Stock Award Agreement,
subject to any specified limits in the Plan that are not subject to Board discretion; provided however, that a Participant’s
rights under any Stock Award will not be impaired by any such amendment unless (A) the Company requests the consent of the
affected Participant, and (B) such Participant consents in writing. Notwithstanding the foregoing, (1) a Participant’s
rights will not be deemed to have been 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, and (2) subject to the limitations
of applicable law, if any, the Board may amend the terms of any one or more Stock Awards without the affected Participant’s
consent (A) to maintain the qualified status of the Stock Award as an Incentive Stock Option under Section 422 of the
Code; (B) to change the terms of an Incentive Stock Option, if such change results in impairment of the Award solely because
it impairs the qualified status of the Award as an Incentive Stock Option under Section 422 of the Code; (C) to clarify
the manner of exemption from, or to bring the Stock Award into compliance with, Section 409A of the Code; or (D) to comply
with other applicable laws.

 

(ix)         Generally,
to exercise such powers and to perform such acts as the Board 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 Stock Awards.

 

(x)            To
adopt such procedures and sub-plans as are necessary or appropriate to permit participation in the Plan by 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 or any Stock Award Agreement that are required for compliance with the laws of the relevant
foreign jurisdiction).

 

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(xi)           To
effect, with the consent of any adversely affected Participant, (A) the reduction of the exercise, purchase or strike price
of any outstanding Stock Award; (B) the cancellation of any outstanding Stock Award and the grant in substitution therefor
of a new (1) Option or SAR, (2) Restricted Stock Award, (3) Restricted Stock Unit Award, (4) Other Stock Award,
(5) cash and/or (6) other valuable consideration determined by the Board, in its sole discretion, with any such substituted
award (x) covering the same or a different number of shares of Common Stock as the cancelled Stock Award and (y) granted
under the Plan or another equity or compensatory plan of the Company; or (C) any other action that is treated as a repricing
under generally accepted accounting principles.

 

(c)          Delegation
to Committee. The Board may delegate some or all of the administration of the Plan to
a Committee or Committees. If administration of the Plan is delegated to a Committee, the Committee will have, in connection with
the administration of the Plan, the powers theretofore possessed by the Board that have been delegated to the Committee, including
the power to delegate to a subcommittee of the Committee any of the administrative powers the Committee is authorized to exercise
(and references in this Plan to the Board will thereafter be to the Committee or subcommittee). Any delegation of administrative
powers will be reflected in resolutions, not inconsistent with the provisions of the Plan, adopted from time to time by the Board
or Committee (as applicable). The Committee may, at any time, abolish the subcommittee and/or revest in the Committee any powers
delegated to the subcommittee. The Board may retain the authority to concurrently administer the Plan with the Committee and may,
at any time, revest in the Board some or all of the powers previously delegated.

 

(d)           Delegation
to an Officer. The Board may delegate to one (1) or more Officers the authority to
do one or both of the following: (i) designate Employees who are not Officers or Directors to be recipients of Options and
SARs (and, to the extent permitted by applicable law, other Stock Awards) and, to the extent permitted by applicable law, the terms
of such Stock Awards, and (ii) determine the number of shares of Common Stock to be subject to such Stock Awards granted to
such Employees; provided, however, that the Board resolutions regarding such delegation will specify the total number of shares
of Common Stock that may be subject to the Stock Awards granted by such Officer and that such Officer may not grant a Stock Award
to himself or herself. Any such Stock Awards will be granted on the form of Stock Award Agreement most recently approved for use
by the Committee or the Board, unless otherwise provided in the resolutions approving the delegation authority. The Board may not
delegate authority to an Officer who is acting solely in the capacity of an Officer (and not also as a Director) to determine the
Fair Market Value pursuant to Section 13(r) below.

 

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

 

3.            Shares
Subject to the Plan.

 

(a)            Share
Reserve.

 

(i)            Subject
to Section 9(a) relating to Capitalization Adjustments, the aggregate number of shares of Common Stock that may be issued
pursuant to Stock Awards from and after the Effective Date will not exceed 21,838,336
shares, which number is the sum of (A) the Prior Plan’s Available Reserve (7,919,618
shares), and (B) the Returning Shares, if any, which become available for grant under this Plan from time to time, in an aggregate
amount not to exceed 13,918,718 shares (such aggregate number of shares described
in (A) and (B) above, the “Share Reserve”).

 

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(ii)            For
clarity, the Share Reserve in this Section 3(a) is a limitation on the number of shares of Common Stock that may be issued
pursuant to the Plan. Accordingly, this Section 3(a) does not limit the granting of Stock Awards except as provided in
Section 7(a).

 

(b)          Reversion
of Shares to the Share Reserve. If a Stock Award or any portion thereof (i) expires
or otherwise terminates without all of the shares covered by such Stock Award having been issued or (ii) is settled in cash
(i.e., the Participant receives cash rather than stock), such expiration, termination or settlement will not reduce (or
otherwise offset) the number of shares of Common Stock that may be available for issuance under the Plan. If any shares of Common
Stock issued pursuant to a Stock Award are forfeited back to or repurchased by the Company because of the failure to meet a contingency
or condition required to vest such shares in the Participant, then the shares that are forfeited or repurchased will revert to
and again become available for issuance under the Plan. Any shares reacquired by the Company in satisfaction of tax withholding
obligations on a Stock Award or as consideration for the exercise or purchase price of a Stock Award will again become available
for issuance under the Plan.

 

(c)          Incentive
Stock Option Limit. Subject to the Share Reserve and Section 9(a) relating to
Capitalization Adjustments, the aggregate maximum number of shares of Common Stock that may be issued pursuant to the exercise
of Incentive Stock Options will be 65,515,008 shares of Common Stock.

 

(d)          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.

 

4.             Eligibility.

 

(a)         Eligibility
for Specific Stock Awards. 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 424(f) of the Code). Stock Awards other than Incentive Stock Options may be granted to Employees,
Directors and Consultants; provided, however, that Stock Awards 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 (i) the stock underlying such Stock Awards is treated as “service recipient stock” under Section 409A
of the Code (for example, because the Stock Awards are granted pursuant to a corporate transaction such as a spin off transaction),
or (ii) the Company, in consultation with its legal counsel, has determined that such Stock Awards are otherwise exempt from
or alternatively comply with the distribution requirements of Section 409A of the Code.

 

(b)          Ten
Percent Stockholders. A Ten Percent Stockholder will not be granted an Incentive Stock
Option unless the exercise price of such Option is at least one hundred ten percent (110%) of the Fair Market Value on the
date of grant and the Option is not exercisable after the expiration of five (5) years from the date of grant.

 

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(c)            Consultants.
A Consultant will not be eligible for the grant of a Stock Award if, at the time of grant,
either the offer or sale of the Company’s securities to such Consultant is not exempt under Rule 701 because of the
nature of the services that the Consultant is providing to the Company, because the Consultant is not a natural person, or because
of any other provision of Rule 701, unless the Company determines that such grant need not comply with the requirements of
Rule 701 and will satisfy another exemption under the Securities Act as well as comply with the securities laws of all other
relevant jurisdictions.

 

5.             Provisions
Relating to Options and Stock Appreciation Rights.

 

Each Option or SAR
will be in such form and will contain such terms and conditions as the Board deems appropriate. All Options will be separately
designated Incentive Stock Options or Nonstatutory Stock Options at the time of grant, and, if certificates are issued, a separate
certificate or certificates will be issued for shares of Common Stock purchased on exercise of each type of Option. If an Option
is not specifically designated as an Incentive Stock Option, or if an Option is designated as an Incentive Stock Option but some
portion or all of the Option fails to qualify as an Incentive Stock Option under the applicable rules, then the Option (or portion
thereof) will be a Nonstatutory Stock Option. The provisions of separate Options or SARs need not be identical; provided, however,
that each Stock Award Agreement will conform to (through incorporation of provisions hereof by reference in the applicable Stock
Award Agreement or otherwise) the substance of each of the following provisions:

 

(a)            Term.
Subject to the provisions of Section 4(b) regarding Ten Percent Stockholders, no Option or SAR will be exercisable after
the expiration of ten (10) years from the date of its grant or such shorter period specified in the Stock Award Agreement.

 

(b)            Exercise
Price. Subject to the provisions of Section 4(b) regarding Ten Percent Stockholders,
the exercise or strike price of each Option or SAR will be not less than one hundred percent (100%) of the Fair Market Value
of the Common Stock subject to the Option or SAR on the date the Stock Award is granted. Notwithstanding the foregoing, an Option
or SAR may be granted with an exercise or strike price lower than one hundred percent (100%) of the Fair Market Value of the
Common Stock subject to the Stock Award if such Stock 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 Section 409A
of the Code and, if applicable, Section 424(a) of the Code. Each SAR will be denominated in shares of Common Stock equivalents.

 

(c)            Purchase
Price for Options. The purchase price of Common Stock acquired pursuant to the exercise
of an Option may be paid, to the extent permitted by applicable law and as determined by the Board in its sole discretion, by any
combination of the methods of payment set forth below. The Board will have 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 use a particular method of payment. The permitted methods of payment are as follows:

 

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

 

(ii)           pursuant
to a program developed under Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance of the 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 aggregate 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;

 

(iv)           if
an 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 that
does not exceed the aggregate 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;

 

(v)            according
to a deferred payment or similar arrangement with the Optionholder; provided, however, that interest will compound at least
annually and will be charged at the minimum rate of interest necessary to avoid (A) the imputation of interest income to the
Company and compensation income to the Optionholder under any applicable provisions of the Code, and (B) the classification
of the Option as a liability for financial accounting purposes; or

 

(vi)            in
any other form of legal consideration that may be acceptable to the Board and specified in the applicable Stock Award Agreement.

 

(d)            Exercise
and Payment of a SAR. To exercise any outstanding SAR, the Participant must provide written
notice of exercise to the Company in compliance with the provisions of the Stock Award Agreement evidencing such SAR. The appreciation
distribution payable on the exercise of a SAR will be not greater than an amount equal to the excess of (A) the aggregate
Fair Market Value (on the date of the exercise of the SAR) of a number of shares of Common Stock equal to the number of Common
Stock equivalents in which the Participant is vested under such SAR, and with respect to which the Participant is exercising the
SAR on such date, over (B) the aggregate strike price of the number of Common Stock equivalents with respect to which the
Participant is exercising the SAR on such date. The appreciation distribution may be paid in Common Stock, in cash, in any combination
of the two or in any other form of consideration, as determined by the Board and contained in the Stock Award Agreement evidencing
such SAR.

 

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(e)            Transferability
of Options and SARs. The Board may, in its sole discretion, impose such limitations on
the transferability of Options and SARs as the Board will determine. In the absence of such a determination by the Board to the
contrary, the following restrictions on the transferability of Options and SARs will apply:

 

(i)            Restrictions
on Transfer. An Option or SAR will not be transferable except by will or by the laws of
descent and distribution (and pursuant to subsections (ii) and (iii) below), and will be exercisable during the lifetime
of the Participant only by the Participant. The Board may permit transfer of the Option or SAR in a manner that is not prohibited
by applicable tax and securities laws. Except as explicitly provided herein, neither an Option nor a SAR may be transferred for
consideration.

 

(ii)           Domestic
Relations Orders. Subject to the approval of the Board or a duly authorized Officer, an
Option or SAR may be transferred pursuant to the terms of a domestic relations order, official marital settlement agreement or
other divorce or separation instrument as permitted by Treasury Regulation 1.421-1(b)(2). 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.

 

(iii)          Beneficiary
Designation. Subject to the approval of the Board or a duly authorized Officer, a Participant
may, by delivering written notice to the Company, in a form approved by the Company (or the designated broker), designate a third
party who, upon the death of the Participant, will thereafter be entitled to exercise the Option or SAR and receive the Common
Stock or other consideration resulting from such exercise. In the absence of such a designation, upon the death of the Participant,
the executor or administrator of the Participant’s estate will be entitled to exercise the Option or SAR and receive the
Common Stock or other consideration resulting from such exercise. However, the Company may prohibit designation of a beneficiary
at any time, including due to any conclusion by the Company that such designation would be inconsistent with the provisions of
applicable laws.

 

(f)            Vesting
Generally. The total number of shares of Common Stock subject to an Option or SAR may
vest and become exercisable in periodic installments that may or may not be equal. The Option or SAR may be subject to such other
terms and conditions on the time or times when it may or may not be exercised (which may be based on the satisfaction of performance
goals or other criteria) as the Board may deem appropriate. The vesting provisions of individual Options or SARs may vary. The
provisions of this Section 5(f) are subject to any Option or SAR provisions governing the minimum number of shares of
Common Stock as to which an Option or SAR may be exercised.

 

(g)           Termination
of Continuous Service. Except as otherwise provided in the applicable Stock Award Agreement
or other agreement between the Participant and the Company, if a Participant’s Continuous Service terminates (other than
for Cause and other than upon the Participant’s death or Disability), the Participant may exercise his or her Option or SAR
(to the extent that the Participant was entitled to exercise such Stock Award as of the date of termination of Continuous Service)
within the period of time ending on the earlier of (i) the date three (3) months following the termination of the
Participant’s Continuous Service (or such longer or shorter period specified in the applicable Stock Award Agreement, which
period will not be less than thirty (30) days if necessary to comply with applicable laws unless such termination is
for Cause) and (ii) the expiration of the term of the Option or SAR as set forth in the Stock Award Agreement. If, after termination
of Continuous Service, the Participant does not exercise his or her Option or SAR within the applicable time frame, the Option
or SAR (as applicable) will terminate.

 

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(h)           Extension
of Termination Date. Except as otherwise provided in the applicable Stock Award Agreement
or other agreement between the Participant and the Company, if the exercise of an Option or SAR following the termination of the
Participant’s Continuous Service (other than for Cause and other than upon the Participant’s death or Disability) would
be prohibited at any time solely because the issuance of shares of Common Stock would violate the registration requirements under
the Securities Act, then the Option or SAR will terminate on the earlier of (i) the expiration of a total period of time (that
need not be consecutive) equal to the applicable post termination exercise period after the termination of the Participant’s
Continuous Service during which the exercise of the Option or SAR would not be in violation of such registration requirements,
or (ii) the expiration of the term of the Option or SAR as set forth in the applicable Stock Award Agreement. In addition,
unless otherwise provided in a Participant’s Stock Award Agreement, if the sale of any Common Stock received upon exercise
of an Option or SAR following the termination of the Participant’s Continuous Service (other than for Cause) would violate
the Company’s insider trading policy, then the Option or SAR will terminate on the earlier of (i) the expiration of
a period of time (that need not be consecutive) equal to the applicable post-termination exercise period after the termination
of the Participant’s Continuous Service during which the sale of the Common Stock received upon exercise of the Option or
SAR would not be in violation of the Company’s insider trading policy, or (ii) the expiration of the term of the Option
or SAR as set forth in the applicable Stock Award Agreement.

 

(i)            Disability
of Participant. Except as otherwise provided in the applicable Stock Award Agreement or
other agreement between the Participant and the Company, if a Participant’s Continuous Service terminates as a result of
the Participant’s Disability, the Participant may exercise his or her Option or SAR (to the extent that the Participant was
entitled to exercise such Option or SAR as of the date of termination of Continuous Service), but only within such period of time
ending on the earlier of (i) the date twelve (12) months following such termination of Continuous Service (or such
longer or shorter period specified in the Stock Award Agreement, which period will not be less than six (6) months if
necessary to comply with applicable laws), and (ii) the expiration of the term of the Option or SAR as set forth in the Stock
Award Agreement. If, after termination of Continuous Service, the Participant does not exercise his or her Option or SAR within
the applicable time frame, the Option or SAR (as applicable) will terminate.

 

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(j)            Death
of Participant. Except as otherwise provided in the applicable Stock Award Agreement or
other agreement between the Participant and the Company, if (i) a Participant’s Continuous Service terminates as a result
of the Participant’s death, or (ii) the Participant dies within the period (if any) specified in the Stock Award Agreement
for exercisability after the termination of the Participant’s Continuous Service (for a reason other than death), then the
Option or SAR may be exercised (to the extent the Participant was entitled to exercise such Option or SAR as of the date of death)
by the Participant’s estate, by a person who acquired the right to exercise the Option or SAR by bequest or inheritance or
by a person designated to exercise the Option or SAR upon the Participant’s death, but only within the period ending on the
earlier of (i) the date twelve (12) months following the date of death (or such longer or shorter period specified in the
Stock Award Agreement, which period will not be less than six (6) months if necessary to comply with applicable laws),
and (ii) the expiration of the term of such Option or SAR as set forth in the Stock Award Agreement. If, after the Participant’s
death, the Option or SAR is not exercised within the applicable time frame, the Option or SAR (as applicable) will terminate.

 

(k)           Termination
for Cause. Except as explicitly provided otherwise in a Participant’s Stock Award
Agreement or other individual written agreement between the Company or any Affiliate and the Participant, if a Participant’s
Continuous Service is terminated for Cause, the Option or SAR will terminate immediately upon such Participant’s termination
of Continuous Service, and the Participant will be prohibited from exercising his or her Option or SAR from and after the time
of such termination of Continuous Service.

 

(l)            Non-Exempt
Employees. If an Option or SAR is granted to an Employee who is a non-exempt employee
for purposes of the Fair Labor Standards Act of 1938, as amended, the Option or SAR will not be first exercisable for any shares
of Common Stock until at least six (6) months following the date of grant of the Option or SAR (although the Stock Award may
vest prior to such date). Consistent with the provisions of the Worker Economic Opportunity Act, (i) if such non-exempt Employee
dies or suffers a Disability, (ii) upon a Corporate Transaction in which such Option or SAR is not assumed, continued, or
substituted, (iii) upon a Change in Control, or (iv) upon the Participant’s retirement (as such term may be defined
in the Participant’s Stock Award Agreement, in another agreement between the Participant and the Company, or, if no such
definition, in accordance with the Company's then current employment policies and guidelines), the vested portion of any Options
and SARs may be exercised earlier than six (6) months following the date of grant. The foregoing provision is intended to
operate so that any income derived by a non-exempt employee in connection with the exercise or vesting of an Option or SAR will
be exempt from his or her regular rate of pay. To the extent permitted and/or required for compliance with the Worker Economic
Opportunity Act to ensure that any income derived by a non-exempt employee in connection with the exercise, vesting or issuance
of any shares under any other Stock Award will be exempt from the employee’s regular rate of pay, the provisions of this
Section 5(l) will apply to all Stock Awards and are hereby incorporated by reference into such Stock Award Agreements.

 

(m)           Early
Exercise of Options. An Option may, but need not, include a provision whereby the Optionholder
may elect at any time before the Optionholder’s Continuous Service terminates to exercise the Option as to any part or all
of the shares of Common Stock subject to the Option prior to the full vesting of the Option. Subject to the “Repurchase Limitation”
in Section 8(l), any unvested shares of Common Stock so purchased may be subject to a repurchase right in favor of the Company
or to any other restriction the Board determines to be appropriate. Provided that the “Repurchase Limitation”
in Section 8(l) is not violated, the Company will not be required to exercise its repurchase right until at least six (6) months
(or such longer or shorter period of time required to avoid classification of the Option as a liability for financial accounting
purposes) have elapsed following exercise of the Option unless the Board otherwise specifically provides in the Option Agreement.

 

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(n)            Right
of Repurchase. Subject to the “Repurchase Limitation” in Section 8(l),
the Option or SAR may include a provision whereby the Company may elect to repurchase all or any part of the vested shares of Common
Stock acquired by the Participant pursuant to the exercise of the Option or SAR.

 

(o)            Right
of First Refusal. The Option or SAR may include a provision whereby the Company may elect
to exercise a right of first refusal following receipt of notice from the Participant of the intent to transfer all or any part
of the shares of Common Stock received upon the exercise of the Option or SAR. Such right of first refusal will be subject to the
 “Repurchase Limitation” in Section 8(l). Except as expressly provided in this Section 5(o) or in
the Stock Award Agreement, such right of first refusal will otherwise comply with any applicable provisions of the bylaws of the
Company.

 

6.             Provisions
of Stock Awards Other than Options and SARs.

 

(a)            Restricted
Stock Awards. Each Restricted Stock Award Agreement will be in such form and will contain
such terms and conditions as the Board deems appropriate. To the extent consistent with the Company’s bylaws, at the Board’s
election, shares of Common Stock underlying a Restricted Stock Award may be (i) held in book entry form subject to the Company’s
instructions until any restrictions relating to the Restricted Stock Award lapse; or (ii) evidenced by a certificate, which
certificate will be held in such form and manner as determined by the Board. The terms and conditions of Restricted Stock Award
Agreements may change from time to time, and the terms and conditions of separate Restricted Stock Award Agreements need not be
identical. Each Restricted Stock Award Agreement will conform to (through incorporation of the provisions hereof by reference in
the agreement or otherwise) the substance of each of the following provisions:

 

(i)            Consideration.
A Restricted Stock Award may be awarded in consideration for (A) cash, 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 legal consideration (including future services)
that may be acceptable to the Board, in its sole discretion, and permissible under applicable law.

 

(ii)           Vesting.
Subject to the “Repurchase Limitation” in Section 8(l), shares of Common Stock awarded under the Restricted
Stock Award Agreement may be subject to forfeiture to the Company in accordance with a vesting schedule to be determined by the
Board.

 

(iii)         Termination
of Participant’s Continuous Service. If a Participant’s Continuous Service
terminates, 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 as of the date of termination of Continuous Service under the terms of the Restricted Stock Award Agreement.

 

    11

     

    

 

(iv)           Transferability.
Rights to acquire shares of Common Stock under the Restricted Stock Award Agreement will be transferable by the Participant only
upon such terms and conditions as are set forth in the Restricted Stock Award Agreement, as the Board will determine in its sole
discretion, so long as Common Stock awarded under the Restricted Stock Award Agreement remains subject to the terms of the Restricted
Stock Award Agreement.

 

(v)            Dividends.
A Restricted Stock Award Agreement may provide that any dividends paid on Restricted Stock
will be subject to the same vesting and forfeiture restrictions as apply to the shares subject to the Restricted Stock Award to
which they relate.

 

(vi)           Right
of Repurchase.  Subject to the “Repurchase Limitation” in Section 8(l),
the Restricted Stock Award Agreement may include a provision whereby the Company may elect to repurchase all or any part of the
vested shares of Common Stock acquired by the Participant pursuant to the Restricted Stock Award.

 

(b)            Restricted
Stock Unit Awards. Each Restricted Stock Unit Award Agreement will be in such form and
will contain such terms and conditions as the Board deems appropriate. The terms and conditions of Restricted Stock Unit Award
Agreements may change from time to time, and the terms and conditions of separate Restricted Stock Unit Award Agreements need not
be identical. Each Restricted Stock Unit Award Agreement will conform to (through incorporation of the provisions hereof by reference
in the Agreement or otherwise) the substance of each of the following provisions:

 

(i)            Consideration.
At the time of grant of a Restricted Stock Unit Award, the Board will determine the consideration, if any, to be paid by the Participant
upon delivery of each share of Common Stock subject to the Restricted Stock Unit Award. The consideration to be paid (if any) by
the Participant for each share of Common Stock subject to a Restricted Stock Unit Award may be paid in any form of legal consideration
that may be acceptable to the Board, in its sole discretion, and permissible under applicable law.

 

(ii)           Vesting.
At the time of the grant of a Restricted Stock Unit Award, the Board may impose such restrictions
on or conditions to the vesting of the Restricted Stock Unit Award as it, in its sole discretion, deems appropriate.

 

(iii)          Payment.
A Restricted Stock Unit Award may be settled by the delivery of shares of Common Stock, their cash equivalent, any combination
thereof or in any other form of consideration, as determined by the Board and contained in the Restricted Stock Unit Award Agreement.

 

(iv)           Additional
Restrictions. At the time of the grant of a Restricted Stock Unit Award, the Board, as
it deems appropriate, may impose such restrictions or conditions that delay the delivery of the shares of Common Stock (or their
cash equivalent) subject to a Restricted Stock Unit Award to a time after the vesting of such Restricted Stock Unit Award.

 

    12

     

    

 

(v)            Dividend
Equivalents. Dividend equivalents may be credited in respect of shares of Common Stock
covered by a Restricted Stock Unit Award, as determined by the Board and contained in the Restricted Stock Unit Award Agreement.
At the sole discretion of the Board, such dividend equivalents may be converted into additional shares of Common Stock covered
by the Restricted Stock Unit Award in such manner as determined by the Board. Any additional shares covered by the Restricted Stock
Unit Award credited by reason of such dividend equivalents will be subject to all of the same terms and conditions of the underlying
Restricted Stock Unit Award Agreement to which they relate.

 

(vi)           Termination
of Participant’s Continuous Service. Except as otherwise provided in the applicable
Restricted Stock Unit Award Agreement, such portion of the Restricted Stock Unit Award that has not vested will be forfeited upon
the Participant’s termination of Continuous Service.

 

(vii)          Right
of Repurchase.  Subject to the “Repurchase Limitation” in Section 8(l),
the Restricted Stock Unit Award Agreement may include a provision whereby the Company may elect to repurchase all or any part of
the vested shares of Common Stock acquired by the Participant pursuant to the Restricted Stock Unit Award.

 

(viii)         Compliance
with Section 409A of the Code. Notwithstanding anything to the contrary set forth
herein, any Restricted Stock Unit 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 Restricted Stock Unit 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 Restricted Stock Unit Award Agreement
evidencing such Restricted Stock Unit 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 Restricted Stock Unit Award vests must be issued
in accordance with a fixed pre-determined schedule.

 

(c)            Other
Stock Awards. Other forms of Stock 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 one hundred percent (100%) of the Fair Market Value of the Common Stock at the time of grant) may
be granted either alone or in addition to Stock Awards provided for under Section 5 and the preceding provisions of this Section 6.
Subject to the provisions of the Plan, the Board will have sole and complete authority to determine the persons to whom and the
time or times at which such Other Stock Awards will be granted, the number of shares of Common Stock (or the cash equivalent thereof)
to be granted pursuant to such Other Stock Awards and all other terms and conditions of such Other Stock Awards.

 

7.             Covenants
of the Company.

 

(a)            Availability
of Shares. The Company will keep available at all times the number of shares of Common
Stock reasonably required to satisfy then-outstanding Stock Awards.

 

(b)            Securities
Law Compliance. The Company will seek to obtain from each regulatory commission or agency
having jurisdiction over the Plan such authority as may be required to grant Stock Awards and to issue and sell shares of Common
Stock upon exercise of the Stock Awards; provided, however, that this undertaking will not require the Company to register
under the Securities Act the Plan, any Stock Award or any Common Stock issued or issuable pursuant to any such Stock 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 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 of such Stock Awards unless
and until such authority is obtained. A Participant will not be eligible for the grant of a Stock Award or the subsequent issuance
of cash or Common Stock pursuant to the Stock Award if such grant or issuance would be in violation of any applicable securities
law.

 

    13

     

    

 

(c)            No
Obligation to Notify or Minimize Taxes. The Company will have no duty or obligation to
any Participant to advise such holder as to the time or manner of exercising such Stock Award. Furthermore, the Company will have
no duty or obligation to warn or otherwise advise such holder of a pending termination or expiration of a Stock Award or a possible
period in which the Stock Award may not be exercised. The Company has no duty or obligation to minimize the tax consequences of
a Stock Award to the holder of such Stock Award.

 

8.            Miscellaneous.

 

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

 

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

 

(c)            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 a Stock Award unless and until (i) such Participant has
satisfied all requirements for exercise of, or the issuance of shares of Common Stock under, the Stock Award pursuant to its terms,
and (ii) the issuance of the Common Stock subject to the Stock Award has been entered into the books and records of the Company.

 

    	 	 14.	 

     

    

 

(d)            No
Employment or Other Service Rights. Nothing in the Plan, any Stock Award Agreement or
any other instrument executed thereunder or in connection with any Stock 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 Stock Award was granted or
will affect the right of the Company or an Affiliate to terminate (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 in which the Company or the Affiliate is incorporated, as the case
may be.

 

(e)            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) after the date of grant of any Stock Award to the Participant, the Board has the right in its sole discretion to (x) make
a corresponding reduction in the number of shares subject to any portion of such Stock Award that is scheduled to vest or become
payable after the date of such change in time commitment, and (y) in lieu of or in combination with such a reduction, extend
the vesting or payment schedule applicable to such Stock Award. In the event of any such reduction, the Participant will have no
right with respect to any portion of the Stock Award that is so reduced or extended.

 

(f)           Incentive
Stock Option Limitations. 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 one hundred thousand dollars ($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).

 

(g)           Investment
Assurances. The Company may require a Participant, as a condition of exercising or acquiring
Common Stock under any Stock Award, (i) to give written assurances satisfactory to the Company as to the Participant’s
knowledge and experience in financial and business matters and/or to employ a purchaser representative reasonably satisfactory
to the Company who is knowledgeable and experienced in financial and business matters and that he or she is capable of evaluating,
alone or together with the purchaser representative, the merits and risks of exercising the Stock Award; and (ii) to give
written assurances satisfactory to the Company stating that the Participant is acquiring Common Stock subject to the Stock Award
for the Participant’s own account and not with any present intention of selling or otherwise distributing the Common Stock.
The foregoing requirements, and any assurances given pursuant to such requirements, will be inoperative if (A) the issuance
of the shares upon the exercise or acquisition of Common Stock under the Stock Award has been registered under a then currently
effective registration statement under the Securities Act, or (B) as to any particular requirement, a determination is made
by counsel for the Company that such requirement need not be met in the circumstances under the then applicable securities laws.
The Company may, upon advice of counsel to the Company, place legends on stock certificates issued under the Plan as such counsel
deems necessary or appropriate in order to comply with applicable securities laws, including, but not limited to, legends restricting
the transfer of the Common Stock.

 

    	 	 15.	 

     

    

 

(h)           Withholding
Obligations. Unless prohibited by the terms of a Stock Award Agreement, the Company may,
in its sole discretion, satisfy any federal, state or local tax withholding obligation relating to a Stock 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
Stock Award; provided, however, that no shares of Common Stock are withheld with a value exceeding the minimum amount of
tax required to be withheld by law (or such lesser amount as may be necessary to avoid classification of the Stock Award as a
liability for financial accounting purposes); (iii) withholding cash from a Stock Award settled in cash; (iv) withholding
payment from any amounts otherwise payable to the Participant; or (v) by such other method as may be set forth in the Stock
Award Agreement.

 

(i)        Electronic
Delivery. Any reference herein to a “written” agreement or document will include
any agreement or document delivered electronically or posted on the Company’s intranet (or other shared electronic medium
controlled by the Company to which the Participant has access).

 

(j)             Deferrals.
To the extent permitted by applicable law, the Board, in its sole discretion, may determine that the delivery of Common Stock or
the payment of cash, upon the exercise, vesting or settlement of all or a portion of any Stock Award may be deferred and may establish
programs and procedures for deferral elections to be made by Participants. It is intended that deferrals by Participants will be
made in accordance with Section 409A of the Code. Consistent with Section 409A of the Code, the Board may provide for
distributions while a Participant is still an employee or otherwise providing services to the Company. The Board is authorized
to make deferrals of Stock Awards and determine when, and in what annual percentages, Participants may receive payments, including
lump sum payments, following the Participant’s termination of Continuous Service, and implement such other terms and conditions
consistent with the provisions of the Plan and in accordance with applicable law.

 

(k)            Compliance
with Section 409A of the Code. To the extent that the Board determines that any Stock
Award granted hereunder is subject to Section 409A of the Code, it is intended that the Stock Award Agreement evidencing such
Stock Award shall incorporate the terms and conditions necessary to avoid the consequences specified in Section 409A(a)(1) of
the Code. To the extent applicable, the Plan and Stock Award Agreements shall be interpreted in accordance with Section 409A
of the Code.

 

(l)             Repurchase
Limitation. The terms of any repurchase right will be specified in the Stock Award Agreement.
The repurchase price for vested shares of Common Stock will be the Fair Market Value of the shares of Common Stock on the date
of repurchase. The repurchase price for unvested shares of Common Stock will be the lower of (i) the Fair Market Value of
the shares of Common Stock on the date of repurchase or (ii) their original purchase price. However, the Company will not
exercise its repurchase right until at least six (6) months (or such longer or shorter period of time necessary to avoid
classification of the Stock Award as a liability for financial accounting purposes) have elapsed following delivery of shares of
Common Stock subject to the Stock Award, unless otherwise specifically provided by the Board.

 

    	 	 16.	 

     

    

 

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

 

(a)         Capitalization
Adjustments. In the event of a Capitalization Adjustment, the Board will appropriately
and proportionately adjust: (i) the class(es) and maximum number of securities subject to the Plan pursuant to Section 3(a),
(ii) the class(es) and maximum number of securities that may be issued pursuant to the exercise of Incentive Stock Options
pursuant to Section 3(c), and (iii) the class(es) and number of securities and price per share of stock subject to outstanding
Stock Awards. The Board will make such adjustments, and its determination will be final, binding and conclusive.

 

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

 

(c)         Transactions.
 The following provisions will apply to Stock Awards in the event of a Transaction unless
otherwise provided in the Stock Award Agreement 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 a Stock Award. In the event of a Transaction, then,
notwithstanding any other provision of the Plan, the Board may take one or more of the following actions with respect to Stock
Awards, contingent upon the closing or completion of the Transaction:

 

(i)            arrange
for the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company) to assume
or continue the Stock Award or to substitute a similar stock award for the Stock Award (including, but not limited to, an award
to acquire the same consideration paid to the stockholders of the Company pursuant to the Transaction);

 

(ii)            arrange
for the assignment of any reacquisition or repurchase rights held by the Company in respect of Common Stock issued pursuant to
the Stock Award to the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent
company);

 

    	 	 17.	 

     

    

 

(iii)           accelerate
the vesting, in whole or in part, of the Stock Award (and, if applicable, the time at which the Stock Award may be exercised) to
a date prior to the effective time of such 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 date of the Transaction), with such Stock Award terminating
if not exercised (if applicable) at or prior to the effective time of the Transaction; provided, however, that the Board may require
Participants to complete and deliver to the Company a notice of exercise before the effective date of a Transaction, which exercise
is contingent upon the effectiveness of such Transaction;

 

(iv)            arrange
for the lapse, in whole or in part, of any reacquisition or repurchase rights held by the Company with respect to the Stock Award;

 

(v)            cancel
or arrange for the cancellation of the Stock Award, to the extent not vested or not exercised prior to the effective time of the
Transaction, in exchange for such cash consideration or no consideration, as the Board, in its sole discretion, may consider appropriate;
and

 

(vi)           make
a payment, in such form as may be determined by the Board equal to the excess, if any, of (A) the value of the property the
Participant would have received upon the exercise of the Stock Award immediately prior to the effective time of the Transaction,
over (B) 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. 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 Transaction
is delayed as a result of escrows, earn outs, holdbacks or any other contingencies.

 

The Board need not take the same action
or actions with respect to all Stock Awards or portions thereof or with respect to all Participants. The Board may take different
actions with respect to the vested and unvested portions of a Stock Award.

 

(d)          Change
in Control. A Stock Award may be subject to additional acceleration of vesting and exercisability
upon or after a Change in Control as may be provided in the Stock Award Agreement for such Stock Award or as may be provided in
any other written agreement between the Company or any Affiliate and the Participant, but in the absence of such provision, no
such acceleration will occur.

 

10.          Plan
Term; Earlier Termination or Suspension of the Plan.

 

(a)           Plan
Term. The Board may suspend or terminate the Plan at any time. Unless terminated sooner
by the Board, the Plan will automatically terminate on the day before the tenth (10th) anniversary of the earlier of (i) the
date the Plan is adopted by the Board, or (ii) the date the Plan is approved by the stockholders of the Company. No Stock
Awards may be granted under the Plan while the Plan is suspended or after it is terminated.

 

    	 	 18.	 

     

    

 

(b)            No
Impairment of Rights. Suspension or termination of the Plan will not impair rights and
obligations under any Stock Award granted while the Plan is in effect except with the written consent of the affected Participant
or as otherwise permitted in the Plan.

 

11.           Effective
Date of Plan.

 

This Plan will become
effective on the Effective Date.

 

12.           Choice
of Law.

 

The laws of the State
of Delaware will govern all questions concerning the construction, validity and interpretation of this Plan, without regard to
that state’s conflict of laws rules.

 

13.           Definitions.
As used in the Plan, the following definitions will apply to the capitalized terms indicated
below:

 

(a)            “Affiliate”
means, at the time of determination, any “parent” or “majority-owned subsidiary” of the Company, as such
terms are defined in Rule 405. The Board will have the authority to determine the time or times at which “parent”
or “majority-owned subsidiary” status is determined within the foregoing definition.

 

(b)            “Board”
means the Board of Directors of the Company.

 

(c)            “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 Stock 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.

 

(a)            “Cause”
will have 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) such Participant’s commission of any felony or any crime involving fraud, dishonesty or moral turpitude under the
laws of the United States or any state thereof; (ii) such Participant’s attempted commission of, or participation in,
a fraud or act of dishonesty; (iii) such Participant’s intentional, material violation of any contract or agreement
between the Participant and the Company or an Affiliate or of any statutory duty owed to the Company or an Affiliate; (iv) such
Participant’s unauthorized use or disclosure of the Company’s or an Affiliate’s confidential information or trade
secrets; or (v) such Participant’s gross misconduct or gross negligence. The determination that a termination of the
Participant’s Continuous Service is either for Cause or without Cause will be made by the Company, in its sole discretion.
Any determination by the Company that the Continuous Service of a Participant was terminated with or without Cause for the purposes
of outstanding Stock Awards held by such Participant will have no effect upon any determination of the rights or obligations of
the Company or such Participant for any other purpose.

 

    	 	 19.	 

     

    

 

(b)          “Change
in Control” means the occurrence, in a single transaction or in a series of related transactions, of any one or more
of the following events:

 

(i)     any
Exchange Act Person becomes the Owner, directly or indirectly, of securities of the Company representing more than fifty percent (50%)
of the combined voting power of the Company’s then outstanding securities other than by virtue of a merger, consolidation
or similar transaction. Notwithstanding the foregoing, a Change in Control will not be deemed to occur (A) on account of
the acquisition of securities of the Company directly from the Company, (B) on account of the acquisition of securities of
the Company by an investor, any affiliate thereof or any other Exchange Act Person that acquires the Company’s securities
in a transaction or series of related transactions the primary purpose of which is to obtain financing for the Company through
the issuance of equity securities or (C) solely because the level of Ownership held by any Exchange Act Person (the “Subject Person”)
exceeds the designated percentage threshold of the outstanding voting securities as a result of a repurchase or other acquisition
of voting securities by the Company reducing the number of shares outstanding, provided that if a Change in Control would occur
(but for the operation of this sentence) as a result of the acquisition of voting securities by the Company, and after such share
acquisition, the Subject Person becomes the Owner of any additional voting securities that, assuming the repurchase or other acquisition
had not occurred, increases the percentage of the then outstanding voting securities Owned by the Subject Person over the designated
percentage threshold, then a Change in Control will be deemed to occur;

 

(ii)          there
is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and, immediately after
the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior thereto
do not Own, directly or indirectly, either (A) outstanding voting securities representing more than fifty percent (50%)
of the combined outstanding voting power of the surviving Entity in such merger, consolidation or similar transaction or (B) more
than fifty percent (50%) of the combined outstanding voting power of the parent of the surviving Entity in such merger,
consolidation or similar transaction, in each case in substantially the same proportions as their Ownership of the outstanding
voting securities of the Company immediately prior to such transaction; or

 

(iii)         there
is consummated a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated assets of
the Company and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated
assets of the Company and its Subsidiaries to an Entity, more than fifty percent (50%) of the combined voting power of
the voting securities of which are Owned by stockholders of the Company in substantially the same proportions as their Ownership
of the outstanding voting securities of the Company immediately prior to such sale, lease, license or other disposition.

 

    	 	 20.	 

     

    

 

Notwithstanding the foregoing definition
or any other provision of this Plan, (A) the term Change in Control will not include a sale of assets, merger or other transaction
effected exclusively for the purpose of changing the domicile of the Company, and (B) the definition of Change in Control
(or any analogous term) in an individual written agreement between the Company or any Affiliate and the Participant will supersede
the foregoing definition with respect to Stock Awards subject to such agreement; provided, however, that if no definition
of Change in Control or any analogous term is set forth in such an individual written agreement, the foregoing definition will
apply.

 

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

 

(d)       “Committee”
means a committee of one or more Directors to whom authority has been delegated by the Board in accordance with Section 2(c).

 

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

 

(f)           “Company”
means Achronix Semiconductor Corporation, a Delaware corporation.

 

(g)          “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.

 

(h)         “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 in its sole discretion, 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 a Stock 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.

 

    	 	 21.	 

     

    

 

(i)          “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:

 

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

 

(ii)            a
sale or other disposition of more than fifty percent (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.

 

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

 

(k)         “Disability”
means, with respect to a Participant, the inability of such Participant to engage in any substantial gainful activity by reason
of any medically determinable physical or mental impairment that can be expected to result in death or that has lasted or can be
expected to last for a continuous period of not less than twelve (12) months as provided in Sections 22(e)(3) and
409A(a)(2)(c)(i) 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.

 

(l)         “Dissolution”
means when the Company, after having executed a certificate of dissolution with the State
of Delaware, has completely wound up its affairs. Conversion of the Company into a Limited Liability Company (or other pass-through
entity) will not be considered a “Dissolution” for purposes of the Plan.

 

(m)      “Effective
Date” means the effective date of this Plan, which is the earlier of (i) the date that this Plan is first approved
by the Company’s stockholders, and (ii) the date this Plan is adopted by the Board.

 

(n)           “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.

 

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

 

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

 

    	 	 22.	 

     

    

 

(q)            “Exchange
Act Person” means any natural person, Entity or “group” (within the meaning of Section 13(d) or
14(d) of the Exchange Act), except that “Exchange Act Person” will not include (i) the Company
or any Subsidiary of the Company, (ii) any employee benefit plan of the Company or any Subsidiary of the Company or any trustee
or other fiduciary holding securities under an employee benefit plan of the Company or any Subsidiary of the Company, (iii) an
underwriter temporarily holding securities pursuant to an offering of such securities, (iv) an Entity Owned, directly or indirectly,
by the stockholders of the Company in substantially the same proportions as their Ownership of stock of the Company; or (v) any
natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act)
that, as of the Effective Date, is the Owner, directly or indirectly, of securities of the Company representing more than fifty percent (50%)
of the combined voting power of the Company’s then outstanding securities.

 

(r)           “Fair
Market Value” means, as of any date, the value of the Common Stock determined by the Board in compliance with Section 409A
of the Code or, in the case of an Incentive Stock Option, in compliance with Section 422 of the Code.

 

(s)           “Incentive
Stock Option” means an option granted pursuant to Section 5 of the Plan that is intended to be, and that qualifies
as, an “incentive stock option” within the meaning of Section 422 of the Code.

 

(t)            “Nonstatutory
Stock Option” means any option granted pursuant to Section 5 of the Plan that does not qualify as an Incentive
Stock Option.

 

(u)           “Officer”
means any person designated by the Company as an officer.

 

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

 

(w)         “Option
Agreement” means a written agreement between the Company and an Optionholder evidencing the terms and conditions
of an Option grant. Each Option Agreement will be subject to the terms and conditions of the Plan.

 

(x)         “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.

 

(y)            “Other
Stock 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(c).

 

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

 

(aa)          “Own,”
 “Owned,” “Owner,” “Ownership” 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.

 

    	 	 23.	 

     

    

 

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

 

(cc)          “Plan”
means this Achronix Semiconductor Corporation 2016 Equity Incentive Plan.

 

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

 

(ee)        “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. Each Restricted Stock Award Agreement will be subject to the terms
and conditions of the Plan.

 

(ff)         “Restricted
Stock Unit Award” means a right to receive shares of Common Stock which is granted pursuant to the terms and conditions
of Section 6(b).

 

(gg)         “Restricted
Stock Unit Award Agreement” means a written agreement between the Company and a holder of a Restricted Stock Unit
Award evidencing the terms and conditions of a Restricted Stock Unit Award grant. Each Restricted Stock Unit Award Agreement will
be subject to the terms and conditions of the Plan.

 

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

 

(ii)            “Rule 701”
means Rule 701 promulgated under the Securities Act.

 

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

 

(kk)        “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.

 

(ll)        “Stock
Appreciation Right Agreement” means a written agreement between the Company and a holder of a Stock Appreciation
Right evidencing the terms and conditions of a Stock Appreciation Right grant. Each Stock Appreciation Right Agreement will be
subject to the terms and conditions of the Plan.

 

(mm)      “Stock
Award” means any right to receive Common Stock granted under the Plan, including an Incentive Stock Option, a Nonstatutory
Stock Option, a Restricted Stock Award, a Restricted Stock Unit Award, a Stock Appreciation Right or any Other Stock Award.

 

(nn)       “Stock
Award Agreement” means a written agreement between the Company and a Participant evidencing the terms and conditions
of a Stock Award grant. Each Stock Award Agreement will be subject to the terms and conditions of the Plan.

 

    	 	 24.	 

     

    

 

(oo)          “Subsidiary”
means, with respect to the Company, (i) any corporation of which more than fifty percent (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 fifty percent (50%).

 

(pp)          “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 ten percent (10%) of the total combined voting power of all classes of stock of the Company
or any Affiliate.

 

(qq)           “Transaction”
means a Corporate Transaction or a Change in Control.

 

    	 	 25.Exhibit 10.22

 

Achronix
Semiconductor Corporation

Stock Option Grant Notice

(2016 Equity Incentive Plan)

 

Achronix Semiconductor Corporation (the
 “Company”), pursuant to its 2016 Equity Incentive Plan (the “Plan”), hereby
grants to Optionholder an option to purchase the number of shares of the Company’s Common Stock set forth below. This option
is subject to all of the terms and conditions as set forth in this Stock Option Grant Notice (this “Grant Notice”),
in the Option Agreement, the Plan and the Notice of Exercise, all of which are attached hereto and incorporated herein in their
entirety. Capitalized terms not explicitly defined herein but defined in the Plan or the Option Agreement will have the same definitions
as in the Plan or the Option Agreement. If there is any conflict between the terms herein and the Plan, the terms of the Plan will
control.

 

	Optionholder:	
  
	Date of Grant:	
  
	Vesting Commencement Date:	
  
	Number of Shares Subject to Option:	
  
	Exercise Price (Per Share):	
  
	Expiration Date:	
  

 

		Type
                            of Grant:	 ̈
Incentive Stock Option1	 ̈ Nonstatutory Stock Option

 

		Exercise Schedule:	Same as Vesting Schedule

 

		Vesting Schedule:	[So long as your Continued Service continues, the Shares
underlying this option shall vest and become exercisable in accordance with the following schedule: 25% of the total number of
Shares subject to the option shall vest and become exercisable on the 12 month anniversary of the Vesting Commencement Date, and
1/48th of the total number of Shares subject to the option shall vest and become exercisable on the same day of each month thereafter.]

 

		Payment:	By one or a combination of the following items (described
in the Option Agreement):

 

		 ̈	By cash, check, bank draft, wire transfer or money order
payable to the Company

		 ̈	Pursuant to a Regulation T Program if the shares are
publicly traded

		 ̈	By delivery of already-owned shares if the shares are
publicly traded

		 ̈	If and only to the extent this option is a Nonstatutory Stock Option, and subject to the Company’s
consent at the time of exercise, by a “net exercise” arrangement

 

Additional
Terms/Acknowledgements: Optionholder acknowledges receipt of, and understands and agrees to, this Grant Notice, the
Option Agreement and the Plan. Optionholder acknowledges and agrees that this Grant Notice and the Option Agreement may not be
modified, amended or revised except as provided in the Plan. Optionholder further acknowledges that as of the Date of Grant, this
Grant Notice, the Option Agreement, and the Plan set forth the entire understanding between Optionholder and the Company regarding
this option award and supersede all prior oral and written agreements, promises and/or representations on that subject with the
exception of (i) options or other equity awards previously granted and delivered to Optionholder, (ii) any compensation
recovery policy that is adopted by the Company or is otherwise required by applicable law and (iii) any written employment
or severance or similar arrangement that would provide for vesting acceleration or other special treatment of this option upon
the terms and conditions set forth therein.

 

 

1
If this is an Incentive Stock Option, it (plus other outstanding Incentive Stock Options) cannot be first exercisable
for more than $100,000 in value (measured by exercise price) in any calendar year. Any excess over $100,000 is a Nonstatutory
Stock Option.

 

     

     

    

 

By accepting this option, Optionholder
consents to receive such documents by electronic delivery and to participate in the Plan through an on-line or electronic system
established and maintained by the Company or another third party designated by the Company.

 

	Achronix Semiconductor Corporation	 	Optionholder: 
	 	 	 

	By:	 	 	 

	Signature	 	Signature

 

	Title:	 	 	Date:	 
	 	 	 	 	 
	Date:	 	 	 

 

Attachments:
Option Agreement, 2016 Equity Incentive Plan and Notice of Exercise

 

     

     

    

 

Attachment
I

 

Option
Agreement

 

     

     

    

 

Achronix
Semiconductor Corporation

2016 Equity Incentive Plan

 

Option
Agreement

(Incentive Stock Option or Nonstatutory Stock Option)

 

Pursuant to your Stock
Option Grant Notice (the “Grant Notice”) and this Option Agreement (the “Option Agreement”),
Achronix Semiconductor Corporation (the “Company”) has granted you an option under its 2016 Equity Incentive
Plan (the “Plan”) to purchase the number of shares of the Company’s Common Stock indicated in your
Grant Notice at the exercise price indicated in your Grant Notice. The option is granted to you effective as of the date of grant
set forth in the Grant Notice (the “Date of Grant”). If there is any conflict between the terms in this
Option Agreement and the Plan, the terms of the Plan will control. Capitalized terms not explicitly defined in this Option Agreement
or in the Grant Notice but defined in the Plan will have the same definitions as in the Plan.

 

The details of your
option, in addition to those set forth in the Grant Notice and the Plan, are as follows:

 

1.           Vesting.
Your option will vest as provided in your Grant Notice, provided that Vesting will cease upon the
termination of your Continuous Service.

 

2.            Number
of Shares and Exercise Price. The number of shares of Common Stock subject to your option
and your exercise price per share in your Grant Notice will be adjusted for Capitalization Adjustments.

 

3.           Exercise
Restriction for Non-Exempt Employees. If you are an Employee eligible for overtime compensation
under the Fair Labor Standards Act of 1938, as amended (that is, a “Non-Exempt Employee”), and except
as otherwise provided in the Plan, you may not exercise your option until you have completed at least six (6) months of Continuous
Service measured from the Date of Grant, even if you have already been an employee for more than six (6) months. Consistent
with the provisions of the Worker Economic Opportunity Act, you may exercise your option as to any vested portion prior to such
six (6) month anniversary in the case of (i) your death or disability, (ii) a Corporate Transaction in which your
option is not assumed, continued or substituted, (iii) a Change in Control or (iv) your termination of Continuous Service
on your “retirement” (as defined in the Company’s benefit plans).

 

4.            Method
of Payment. You must pay the full amount of the exercise price for the shares you wish
to exercise. You may pay the exercise price in cash or by check, bank draft or money order payable to the Company or in another
manner permitted by your Grant Notice, which may include one or more of the following:

 

(a)       Provided
that at the time of exercise the Common Stock is publicly traded, pursuant to a program developed under Regulation T as promulgated
by the Federal Reserve Board that, prior to the issuance of Common Stock, results in either the receipt of cash (or check) by the
Company or the receipt of irrevocable instructions to pay the aggregate exercise price to the Company from the sales proceeds.
This manner of payment is also known as a “broker-assisted exercise”, “same day sale”, or “sell to
cover”.

 

     

     

    

 

(b)       Provided
that at the time of exercise the Common Stock is publicly traded, by delivery to the Company (either by actual delivery or attestation)
of already-owned shares of Common Stock that are owned free and clear of any liens, claims, encumbrances or security interests,
and that are valued at Fair Market Value on the date of exercise. “Delivery” for these purposes, in the sole discretion
of the Company at the time you exercise your option, will include delivery to the Company of your attestation of ownership of such
shares of Common Stock in a form approved by the Company. You may not exercise your option by delivery to the Company of Common
Stock if doing so would violate the provisions of any law, regulation or agreement restricting the redemption of the Company’s
stock.

 

(c)       If
this option is a Nonstatutory Stock Option, subject to the consent of the Company at the time of exercise, by a “net exercise”
arrangement pursuant to which the Company will reduce the number of shares of Common Stock issued upon exercise of your option
by the largest whole number of shares with a Fair Market Value that does not exceed the aggregate exercise price. You must pay
any remaining balance of the aggregate exercise price not satisfied by the “net exercise” in cash or other permitted
form of payment. Shares of Common Stock will no longer be outstanding under your option and will not be exercisable thereafter
if those shares (i) are used to pay the exercise price pursuant to the “net exercise,” (ii) are delivered
to you as a result of such exercise, and (iii) are withheld to satisfy your tax withholding obligations.

 

5.            Whole
Shares. You may exercise your option only for whole shares of Common Stock.

 

6.           Securities
Law Compliance. In no event may you exercise your option unless the shares of Common Stock
issuable upon such exercise are then registered under the Securities Act or, if not registered, the Company has determined that
such exercise and the issuance of the shares would be exempt from the registration requirements of the Securities Act. The exercise
of your option also must comply with all other applicable laws and regulations governing your option, and you may not exercise
your option if the Company determines that such exercise would not be in material compliance with such laws and regulations (including
any restrictions on exercise required for compliance with Treas. Reg. 1.401(k)-1(d)(3), if applicable).

 

7.           Term.
You may not exercise your option before the Date of Grant or after the expiration of
the option’s term. The term of your option expires, subject to the provisions of Section 5(h) of the Plan, upon
the earliest of the following:

 

(a)        immediately
upon the termination of your Continuous Service for Cause;

 

     

     

    

 

(b)        three
(3) months after the termination of your Continuous Service for any reason other than Cause, your Disability or your death
(except as otherwise provided in Section 7(d) below); provided, however, that if during any part of such three-month
period your option is not exercisable (following your attempt to exercise such option) solely because of the condition set forth
in the section above relating to “Securities Law Compliance,” your option will not expire until the earlier of the
Expiration Date or until it has been exercisable for an aggregate period of three (3) months after the termination of your
Continuous Service; provided further, if (i) you are a Non-Exempt Employee, (ii) your Continuous Service terminates
within six (6) months after the Date of Grant, and (iii) you have vested in a portion of your option at the time of your
termination of Continuous Service, your option will not expire until the earlier of (x) the later of (A) the date that
is seven (7) months after the Date of Grant, and (B) the date that is three (3) months after the termination of
your Continuous Service, and (y) the Expiration Date;

 

(c)        six
(6) months after the termination of your Continuous Service due to your Disability (except as otherwise provided in Section 7(d))
below;

 

(d)      twelve
(12) months after your death if you die either during your Continuous Service or within three (3) months after your Continuous
Service terminates for any reason other than Cause;

 

(e)        the
Expiration Date indicated in your Grant Notice; or

 

(f)        the
day before the tenth (10th) anniversary of the Date of Grant.

 

If your option is an
Incentive Stock Option, note that to obtain the federal income tax advantages associated with an Incentive Stock Option, the Code
requires that at all times beginning on the Date of Grant and ending on the day three (3) months before the date of your option’s
exercise, you must be an employee of the Company or an Affiliate, except in the event of your death or your permanent and total
disability, as defined in Section 22(e)(3) of the Code. The Company has provided for extended exercisability of your
option under certain circumstances for your benefit but cannot guarantee that your option will necessarily be treated as an Incentive
Stock Option if you continue to provide services to the Company or an Affiliate as a Consultant or Director after your employment
terminates or if you otherwise exercise your option more than three (3) months after the date your employment with the Company
or an Affiliate terminates.

 

8.             Exercise.

 

(a)       You
may exercise the vested portion of your option during its term by (i) delivering a Notice of Exercise (in a form designated
by the Company) or completing such other documents and/or procedures designated by the Company for exercise and (ii) paying
the exercise price and any applicable withholding taxes to the Company’s Secretary, stock plan administrator, or such other
person as the Company may designate, together with such additional documents as the Company may then require.

 

(b)       By
exercising your option you agree that, as a condition to any exercise of your option, the Company may require you to enter into
an arrangement providing for the payment by you to the Company of any tax withholding obligation of the Company arising by reason
of (i) the exercise of your option, (ii) the lapse of any substantial risk of forfeiture to which the shares of Common
Stock are subject at the time of exercise, or (iii) the disposition of shares of Common Stock acquired upon such exercise.

 

     

     

    

 

(c)        If
your option is an Incentive Stock Option, by exercising your option you agree that you will notify the Company in writing within
fifteen (15) days after the date of any disposition of any of the shares of the Common Stock issued upon exercise of your option
that occurs within two (2) years after the Date of Grant or within one (1) year after such shares of Common Stock are
transferred upon exercise of your option.

 

(d)       By
accepting your option you agree that you will not sell, dispose of, transfer, make any short sale of, grant any option for the
purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale with respect to any shares
of Common Stock or other securities of the Company held by you, for a period of one hundred eighty (180) days following the effective
date of a registration statement of the Company filed under the Securities Act or such longer period as the underwriters or the
Company will request to facilitate compliance with FINRA Rule 2241 or any successor or similar rules or regulation (the
 “Lock-Up Period”); provided, however, that nothing contained in this section will prevent the
exercise of a repurchase option, if any, in favor of the Company during the Lock-Up Period. You further agree to execute and deliver
such other agreements as may be reasonably requested by the Company or the underwriters that are consistent with the foregoing
or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer
instructions with respect to your shares of Common Stock until the end of such period. You also agree that any transferee of any
shares of Common Stock (or other securities) of the Company held by you will be bound by this Section 8(d). The underwriters
of the Company’s stock are intended third party beneficiaries of this Section 8(d) and will have the right, power
and authority to enforce the provisions hereof as though they were a party hereto.

 

9.            Transferability.
Except as otherwise provided in this Section 9, your option is not transferable,
except by will or by the laws of descent and distribution, and is exercisable during your life only by you.

 

(a)       Certain
Trusts. Upon receiving written permission from the Board or its duly authorized designee,
you may transfer your option to a trust if you are considered to be the sole beneficial owner (determined under Section 671
of the Code and applicable state law) while the option is held in the trust. You and the trustee must enter into transfer and
other agreements required by the Company.

 

(b)       Domestic
Relations Orders. Upon receiving written permission from the Board or its duly authorized
designee, and provided that you and the designated transferee enter into transfer and other agreements required by the Company,
you may transfer your option pursuant to the terms of a domestic relations order, official marital settlement agreement or other
divorce or separation instrument as permitted by Treasury Regulation 1.421-1(b)(2) that contains the information required
by the Company to effectuate the transfer. You are encouraged to discuss the proposed terms of any division of this option with
the Company prior to finalizing the domestic relations order or marital settlement agreement to help ensure the required information
is contained within the domestic relations order or marital settlement agreement. If this option is an Incentive Stock Option,
this option may be deemed to be a Nonstatutory Stock Option as a result of such transfer.

 

     

     

    

 

(c)       Beneficiary
Designation. Upon receiving written permission from the Board or its duly authorized
designee, you may, by delivering written notice to the Company, in a form approved by the Company and any broker designated by
the Company to handle option exercises, designate a third party who, on your death, will thereafter be entitled to exercise this
option and receive the Common Stock or other consideration resulting from such exercise. In the absence of such a designation,
your executor or administrator of your estate will be entitled to exercise this option and receive, on behalf of your estate,
the Common Stock or other consideration resulting from such exercise.

 

10.          Limitations
on Transfer.

 

(a)       Right
of First Refusal. In the event that you propose to sell, pledge or otherwise transfer
to a third party any shares acquired under your option, or any interest in such shares, the Company shall have the right of first
refusal with respect to all (and not less than all) of such shares (the “Right of First Refusal”).

 

(i)        Notice
of Proposed Transfer. If you desire to transfer shares acquired under your option, you
shall give a written notice of the proposed transfer (the “Transfer Notice”) to the Company stating:
your bona fide intention to sell or otherwise transfer such shares; the name of the proposed transferee; the number of shares proposed
to be transferred; and the terms and conditions of the proposed transfer. You shall offer the shares at the same price and upon
the same terms (or terms as similar as reasonably possible) to the Company.

 

(ii)       Exercise
of Right of First Refusal. At any time within thirty (30) days after receipt of the Transfer
Notice, the Company may, by giving written notice to you, elect to purchase all, but not less than all, of the shares proposed
to be transferred to the proposed transferee, at the proposed transfer price. If the Company exercises its Right of First Refusal,
the parties shall consummate the sale of the shares on the terms set forth in the Transfer Notice; provided, however, that in the
event the Transfer Notice provided that payment for the shares was to be made in a form other than cash or cash equivalents paid
at the time of transfer, the cash equivalent value of the non-cash consideration shall be determined by the Board in good faith.

 

(iii)      Payment.
Payment for the shares shall be made, at the option of the Company, in cash (by check), by cancellation of all or a portion of
any outstanding indebtedness, or by any combination thereof within thirty (30) days after receipt of the Transfer Notice or in
the manner and at the times set forth in the Transfer Notice.

 

(iv)     Optionholder’s
Right to Transfer. If all of the shares proposed in the Transfer Notice to be transferred
to a proposed transferee are not purchased by the Company, then you may sell or otherwise transfer such shares to that proposed
transferee at the transfer price or at a higher price, provided that such sale or other transfer is consummated within sixty (60)
days after the date of the Transfer Notice and provided further that any such sale or other transfer is effected in accordance
with any applicable securities laws and the proposed transferee agrees in writing that the provisions of this Option Agreement
shall continue to apply to the shares in the hands of such proposed transferee. If the shares described in the Transfer Notice
are not transferred to the proposed transferee within such period, or if you propose to change the price or other terms to make
them more favorable to the proposed transferee, a new Transfer Notice shall be given to the Company, and the Company shall again
be offered the Right of First Refusal before any shares held by you may be sold or otherwise transferred.

 

     

     

    

 

(v)        Exception
for Certain Family Transfers. Anything to the contrary contained in this Section 10
notwithstanding, the transfer of any or all of the shares during your lifetime or on your death by will or intestacy to your immediate
family (which shall mean your spouse, lineal descendant or antecedent, father, mother, brother or sister) or a trust for the benefit
of your immediate family shall be exempt from the provisions of this Section 10. In such case, the transferee or other recipient
shall receive and hold the shares so transferred subject to the provisions of this Section, and there shall be no further transfer
of such shares except in accordance with the terms of this Option Agreement.

 

(b)        Company’s
Right to Purchase upon Involuntary Transfer. In the event, at any time after the date
of the exercise of your option, of any transfer by operation of law or other involuntary transfer (including death or divorce,
but excluding a transfer to your immediate family) of all or a portion of the shares acquired under your option, the Company will
have an option to purchase all of the shares transferred at the greater of the purchase price paid by you pursuant to the exercise
of your option or the Fair Market Value of the shares on the date of transfer (as determined by the Board). Upon such a transfer,
the person acquiring the shares shall promptly notify the Secretary of the Company of such transfer. The right to purchase such
shares shall be provided to the Company for a period of thirty (30) days following receipt by the Company of written notice by
the person acquiring the shares.

 

(c)        Assignment.
The right of the Company to purchase any part of the shares acquired under your option may be assigned in whole or in part to any
stockholder or stockholders of the Company or other persons or organizations.

 

(d)        Restrictions
Binding on Transferees. All transferees of shares or any interest therein will receive
and hold such shares or interest subject to the provisions of this Option Agreement. Any sale or transfer of the Company’s
shares will be void unless the provisions of this Option Agreement are satisfied.

 

(e)       Termination
of Rights. The Right of First Refusal granted to the Company by Section 10(a) above
and the option to repurchase the shares in the event of an involuntary transfer granted to the Company by Section 10(b) above
shall terminate upon the first sale of Common Stock of the Company to the general public pursuant to a registration statement filed
with and declared effective by the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities
Act”). Upon termination of the Right of First Refusal described in Section 10(a) above, a new certificate
or certificates representing the shares not repurchased shall be issued, on request, without any legend, and delivered to you.

 

11.          Right
of Repurchase. To the extent provided in the Company’s bylaws in effect at such
time the Company elects to exercise its right, the Company will have the right to repurchase all or any part of the shares of Common
Stock you acquire pursuant to the exercise of your option.

 

     

     

    

 

12.          Option
not a Service Contract. Your option is not an employment or service contract, and nothing
in your option will be deemed to create in any way whatsoever any obligation on your part to continue in the employ of the Company
or an Affiliate, or of the Company or an Affiliate to continue your employment. In addition, nothing in your option will obligate
the Company or an Affiliate, their respective stockholders, boards of directors, officers or employees to continue any relationship
that you might have as a Director or Consultant for the Company or an Affiliate.

 

13.          Withholding
Obligations.

 

(a)        At
the time you exercise your option, in whole or in part, and at any time thereafter as requested by the Company, you hereby authorize
withholding from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for (including by
means of a “same day sale” pursuant to a program developed under Regulation T as promulgated by the Federal Reserve
Board to the extent permitted by the Company), any sums required to satisfy the federal, state, local and foreign tax withholding
obligations of the Company or an Affiliate, if any, which arise in connection with the exercise of your option.

 

(b)       If
this option is a Nonstatutory Stock Option, then upon your request and subject to approval by the Company, and compliance with
any applicable legal conditions or restrictions, the Company may withhold from fully vested shares of Common Stock otherwise issuable
to you upon the exercise of your option a number of whole shares of Common Stock having a Fair Market Value, determined by the
Company as of the date of exercise, not in excess of the minimum amount of tax required to be withheld by law (or such lower amount
as may be necessary to avoid classification of your option as a liability for financial accounting purposes). If the date of determination
of any tax withholding obligation is deferred to a date later than the date of exercise of your option, share withholding pursuant
to the preceding sentence shall not be permitted unless you make a proper and timely election under Section 83(b) of
the Code, covering the aggregate number of shares of Common Stock acquired upon such exercise with respect to which such determination
is otherwise deferred, to accelerate the determination of such tax withholding obligation to the date of exercise of your option.
Notwithstanding the filing of such election, shares of Common Stock shall be withheld solely from fully vested shares of Common
Stock determined as of the date of exercise of your option that are otherwise issuable to you upon such exercise. Any adverse consequences
to you arising in connection with such share withholding procedure shall be your sole responsibility.

 

(c)       You
may not exercise your option unless the tax withholding obligations of the Company and/or any Affiliate are satisfied. Accordingly,
you may not be able to exercise your option when desired even though your option is vested, and the Company will have no obligation
to issue a certificate for such shares of Common Stock or release such shares of Common Stock from any escrow provided for herein,
if applicable, unless such obligations are satisfied.

 

     

     

    

 

14.          Tax
Consequences. You hereby agree that the Company does not have a duty to design or administer
the Plan or its other compensation programs in a manner that minimizes your tax liabilities. You will not make any claim against
the Company, or any of its Officers, Directors, Employees or Affiliates related to tax liabilities arising from your option or
your other compensation. In particular, you acknowledge that this option is exempt from Section 409A of the Code only if the
exercise price per share specified in the Grant Notice is at least equal to the “fair market value” per share of the
Common Stock on the Date of Grant and there is no other impermissible deferral of compensation associated with the option. Because
the Common Stock is not traded on an established securities market, the Fair Market Value is determined by the Board, perhaps in
consultation with an independent valuation firm retained by the Company. You acknowledge that there is no guarantee that the Internal
Revenue Service will agree with the valuation as determined by the Board, and you will 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 the valuation
determined by the Board is less than the “fair market value” as subsequently determined by the Internal Revenue Service.

 

15.          Notices.
Any notices provided for in your option or the Plan will be given in writing (including electronically)
and will be deemed effectively given upon receipt or, in the case of notices delivered by mail by the Company to you, five (5) days
after deposit in the United States mail, postage prepaid, addressed to you at the last address you provided to the Company. The
Company may, in its sole discretion, decide to deliver any documents related to participation in the Plan and this option by electronic
means or to request your consent to participate in the Plan by electronic means. By accepting this option, you also consent to
receive such documents by electronic delivery and to participate in the Plan through an on-line or electronic system established
and maintained by the Company or another third party designated by the Company.

 

16.           Governing
Plan Document. Your option is subject to all the provisions of the Plan, the provisions
of which are hereby made a part of your option, and is further subject to all interpretations, amendments, rules and regulations,
which may from time to time be promulgated and adopted pursuant to the Plan. If there is any conflict between the provisions of
your option and those of the Plan, the provisions of the Plan will control.

 

17.           Effect
on Other Employee Benefit Plans. The value of this option will not be included as compensation,
earnings, salaries, or other similar terms used when calculating your 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.

 

18.          Voting
Rights. You will not have voting or any other rights as a stockholder of the Company with
respect to the shares to be issued pursuant to this option until such shares are issued to you. Upon such issuance, you will obtain
full voting and other rights as a stockholder of the Company. Nothing contained in this option, 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 you and the Company
or any other person.

 

19.           Severability.
If all or any part of this Option Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid,
such unlawfulness or invalidity will not invalidate any portion of this Option Agreement or the Plan not declared to be unlawful
or invalid. Any Section of this Option 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.

 

     

     

    

 

20.          Miscellaneous.

 

(a)      The
rights and obligations of the Company under your option will be transferable to any one or more persons or entities, and all covenants
and agreements hereunder will inure to the benefit of, and be enforceable by the Company’s successors and assigns.

 

(b)      You
agree upon request to execute any further documents or instruments necessary or desirable in the sole determination of the Company
to carry out the purposes or intent of your option.

 

(c)        You
acknowledge and agree that you have reviewed your option in its entirety, have had an opportunity to obtain the advice of counsel
prior to executing and accepting your option, and fully understand all provisions of your option.

 

(d)       This
Option Agreement will be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies
or national securities exchanges as may be required.

 

(e)        All
obligations of the Company under the Plan and this Option Agreement will be binding on any successor to the Company, whether the
existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially
all of the business and/or assets of the Company.

 

*     *     *

 

This Option Agreement will be deemed to
be signed by you upon the signing by you of the Stock Option Grant Notice to which it is attached.

 

     

     

    

 

Attachment
II

 

Achronix
Semiconductor Corporation

2016 Equity Incentive Plan

 

     

     

    

 

Attachment
III

 

Notice
of Exercise

 

     

     

    

 

NOTICE
OF EXERCISE

 

	Achronix Semiconductor Corporation	 	Date of Exercise:	  

2953 Bunker Hill Lane

Santa Clara, CA 95054

 

This constitutes notice
to Achronix Semiconductor Corporation (the “Company”)
under my stock option that I elect to purchase the below number of shares of Common Stock of the Company (the “Shares”)
for the price set forth below.

 

	Type of option (check one):	 	 	Incentive   ̈	 	 	Nonstatutory   ̈	 
	 	 	 	 	 	 	 	 
	Stock option dated:	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	Number of Shares as to which option is exercised:	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	Certificates to be issued in name of:	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	Total exercise price:	 	$	 	 	$	 	 
	 	 	 	 	 	 	 	 
	Cash, check, bank draft or money order payment delivered herewith:	 	$	 	 	$	 	 

 

By this exercise, I
agree (i) to provide such additional documents as you may require pursuant to the terms of the Achronix Semiconductor Corporation
2016 Equity Incentive Plan, (ii) to provide for the payment by me to you (in the manner designated by you) of your withholding
obligation, if any, relating to the exercise of this option, and (iii) if this exercise relates to an incentive stock option,
to notify you in writing within fifteen (15) days after the date of any disposition of any of the Shares issued upon exercise of
this option that occurs within two (2) years after the date of grant of this option or within one (1) year after such
Shares are issued upon exercise of this option.

 

I hereby make the following
certifications and representations with respect to the number of Shares listed above, which are being acquired by me for my own
account upon exercise of the option as set forth above:

 

I acknowledge that
the Shares have not been registered under the Securities Act of 1933, as amended (the “Securities Act”),
and are deemed to constitute “restricted securities” under Rule 701 and Rule 144 promulgated under the Securities
Act. I warrant and represent to the Company that I have no present intention of distributing or selling said Shares, except as
permitted under the Securities Act and any applicable state securities laws.

 

I further acknowledge
that I will not be able to resell the Shares for at least ninety (90) days after the stock of the Company becomes publicly traded
(i.e., subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934) under
Rule 701 and that more restrictive conditions apply to affiliates of the Company under Rule 144.

 

     

     

    

 

I further acknowledge
that all certificates representing any of the Shares subject to the provisions of the Option shall have endorsed thereon appropriate
legends reflecting the foregoing limitations, as well as any legends reflecting restrictions pursuant to the Company’s certificate
of incorporation, bylaws and/or applicable securities laws.

 

I further acknowledge
and agree that, except for such information as required to be delivered to me by the Company pursuant to the option or the Plan
(if any), I will have no right to receive any information from the Company by virtue of the grant of the option or the purchase
of shares of Common Stock through exercise of the option, ownership of such shares of Common Stock, or as a result of my being
a holder of record of stock of the Company. Without limiting the foregoing, to the fullest extent permitted by law, I hereby
waive all inspection rights under Section 220 of the Delaware General Corporation Law and all such similar information and/or
inspection rights that may be provided under the law of any jurisdiction, or any federal, state or foreign regulation, that are,
or may become, applicable to the Company or the Company’s capital stock (the “Inspection Rights”).
I hereby covenant and agree never to directly or indirectly commence, voluntarily aid in any way, prosecute, assign, transfer,
or cause to be commenced any claim, action, cause of action, or other proceeding to pursue or exercise the Inspection Rights.

 

I further agree that,
if required by the Company (or a representative of the underwriters) in connection with the first underwritten registration of
the offering of any securities of the Company under the Securities Act, I will not sell, dispose of, transfer, make any short
sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as
a sale with respect to any shares of Common Stock or other securities of the Company for a period of one hundred eighty (180) days
following the effective date of a registration statement of the Company filed under the Securities Act (or such longer period as
the underwriters or the Company shall request to facilitate compliance with FINRA Rule 2241 or any successor or similar rule or
regulation) (the “Lock-Up Period”). I further agree to execute and deliver such other agreements as may
be reasonably requested by the Company or the underwriters that are consistent with the foregoing or that are necessary to give
further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect
to securities subject to the foregoing restrictions until the end of such period.

 

	 	Very truly yours,

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