Document:

Exhibit 4.6 

 

Gain
Therapeutics Inc.

2022
Equity Incentive Plan

 

Adopted
by the Board of Directors: May 12, 2022

Approved by the Stockholders: June 16, 2022

 

		1.	General.

 

(a)              
Successor to and Continuation of Prior Plan. The Plan is the successor to and continuation of the Prior Plan. As of the Effective
Date, (i) no additional awards may be granted under the Prior Plan; (ii) the Prior Plan’s Available Reserve plus any Returning
Shares will become available for issuance pursuant to Awards granted under this Plan as described in Section 2(a) below; and (iii) all
outstanding awards granted under the Prior Plan will remain subject to the terms of the Prior Plan (except to the extent such outstanding
awards result in Returning Shares that become available for issuance pursuant to Awards granted under this Plan). All Awards granted
under this Plan will be subject to the terms of this Plan.

 

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

 

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

 

(d)             
Adoption Date; Effective Date.  The Plan will come into existence on the Adoption Date, but no Award may be granted prior
to the Effective Date.

 

2.                 
Shares Subject to the Plan.

 

(a)               Share
Reserve. Subject to adjustment in accordance with Section 2(c) and any adjustments as necessary to implement any Capitalization
Adjustments, the aggregate number of shares of Common Stock that may be issued pursuant to Awards will not exceed 1,800,000 shares,
which number is the sum of (i) 646,173 new shares, plus (ii) the Prior Plan’s Available Reserve, plus (iii) any Returning
Shares, as such shares become available from time to time. In addition, subject to any adjustments as necessary to implement any
Capitalization Adjustments, such aggregate number of shares of Common Stock will automatically increase on January 1st of
each year for a period of ten years commencing on January 1, 2023 and ending on (and including) January 1, 2032, in an amount
equal to six percent (6%) of the total number of shares of Common Stock outstanding on December 31st of the preceding
year; provided, however, that the Board may act prior to January 1st of a given year to provide that the increase for
such year will be a lesser number of shares of Common Stock.

 

(b)              Aggregate
Incentive Stock Option Limit. Notwithstanding anything to the contrary in Section 2(a) and subject to any adjustments as
necessary to implement any Capitalization Adjustments, the aggregate maximum number of shares of Common Stock that may be
issued pursuant to the exercise of Incentive Stock Options is 5,400,000.

 

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(c)              
Share Reserve Operation.

 

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

 

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

 

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

 

3.                 
Eligibility and Limitations.

 

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

 

(b)             
Specific Award Limitations.

 

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

 

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(ii)             
 Incentive Stock Option $100,000 Limitation. To the extent that the aggregate Fair Market Value (determined at the time of
grant) of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any
calendar year (under all plans of the Company and any Affiliates) exceeds $100,000 (or such other limit established in the Code) or otherwise
does not comply with the rules governing Incentive Stock Options, the Options or portions thereof that exceed such limit (according to
the order in which they were granted) or otherwise do not comply with such rules will be treated as Nonstatutory Stock Options, notwithstanding
any contrary provision of the applicable Option Agreement(s).

 

(iii)           
Limitations on Incentive Stock Options Granted to Ten Percent Stockholders. A Ten Percent Stockholder may not be granted an
Incentive Stock Option unless (1) the exercise price of such Option is at least 110% of the Fair Market Value on the date of grant of
such Option and (2) the Option is not exercisable after the expiration of five years from the date of grant of such Option.

 

(iv)            
Limitations on Nonstatutory Stock Options and SARs. Nonstatutory Stock Options and SARs may not be granted to Employees, Directors
and Consultants unless the stock underlying such Awards is treated as “service recipient stock” under Section 409A or
unless such Awards otherwise comply with the requirements of Section 409A.

 

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

 

(d)             
Non-Employee Director Compensation Limit.  The aggregate value of all compensation granted or paid, as applicable, to any
individual for service as a Non-Employee Director with respect to any calendar year, including Awards granted and cash fees paid by the
Company to such Non-Employee Director, will not exceed $1,000,000 in total value, calculating the value of any equity awards based on
the grant date fair value of such equity awards for financial reporting purposes.

 

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4.                 
Options and Stock Appreciation Rights.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(iv)            
if the Option is a Nonstatutory Stock Option, by a “net exercise” arrangement pursuant to which the Company will
reduce the number of shares of Common Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value on
the date of exercise that does not exceed the exercise price, provided that (1) such shares used to pay the exercise price will not be
exercisable thereafter and (2) any remaining balance of the exercise price not satisfied by such net exercise is paid by the Participant
in cash or other permitted form of payment; or

 

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

 

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

 

(e)              
Transferability. Options and SARs may not be transferred to third party financial institutions for value. The Board may impose
such additional limitations on the transferability of an Option or SAR as it determines. In the absence of any such determination by
the Board, the following restrictions on the transferability of Options and SARs will apply, provided that except as explicitly provided
herein, neither an Option nor a SAR may be transferred for consideration and provided, further, that if an Option is an Incentive
Stock Option, such Option may be deemed to be a Nonstatutory Stock Option as a result of such transfer:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(i)                 Restrictions
on Exercise; Extension of Exercisability. A Participant may not exercise an Option or SAR at any time that the issuance of
shares of Common Stock upon such exercise would violate Applicable Law. Except as otherwise provided in the Award Agreement or other
written agreement between a Participant and the Company or an Affiliate, if a Participant’s Continuous Service terminates for
any reason other than for Cause and, at any time during the last 30 days of the applicable Post-Termination Exercise Period: (i) the
exercise of the Participant’s Option or SAR would be prohibited solely because the issuance of shares of Common Stock upon
such exercise would violate Applicable Law, or (ii) the immediate sale of any shares of Common Stock issued upon such exercise would
violate the Company’s Trading Policy, then the applicable Post-Termination Exercise Period will be extended to the last day of
the calendar month that commences following the date the Award would otherwise expire, with an additional extension of the exercise
period to the last day of the next calendar month to apply if any of the foregoing restrictions apply at any time during such
extended exercise period, generally without limitation as to the maximum permitted number of extensions); provided, however,
that in no event may such Award be exercised after the expiration of its maximum term (as set forth in Section 4(a)).

 

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(j)               
Non-Exempt Employees. No Option or SAR, whether or not vested, granted to an Employee who is a non-exempt employee for purposes
of the Fair Labor Standards Act of 1938, as amended, will be first exercisable for any shares of Common Stock until at least six months
following the date of grant of such Award. Notwithstanding the foregoing, in accordance with the provisions of the Worker Economic Opportunity
Act, any vested portion of such Award may be exercised earlier than six months following the date of grant of such Award in the event
of (i) such Participant’s death or Disability, (ii) a Corporate Transaction in which such Award is not assumed, continued or substituted,
(iii) a Change in Control, or (iv) such Participant’s retirement (as such term may be defined in the Award Agreement or another
applicable agreement or, in the absence of any such definition, in accordance with the Company’s then current employment policies
and guidelines). This Section 4(j) 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.

 

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

 

5.                 
Awards Other Than Options and Stock Appreciation Rights.

 

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

 

(i)                
Form of Award.

 

(1)              
Restricted Stock Awards: To the extent consistent with the Company’s Bylaws, at the Board’s election, shares of
Common Stock subject to a Restricted Stock Award may be (A) held in book entry form subject to the Company’s instructions until
such shares become vested or any other restrictions lapse, or (B) evidenced by a certificate, which certificate will be held in
such form and manner as determined by the Board. Unless otherwise determined by the Board, a Participant will have voting and other rights
as a stockholder of the Company with respect to any shares subject to a Restricted Stock Award.

 

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

 

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(ii)             
Consideration.

 

(1)              
Restricted Stock Awards: A Restricted Stock Award may be granted in consideration for (A) cash or check, bank draft or money
order payable to the Company, (B) services to the Company or an Affiliate, or (C) any other form of consideration as the Board may
determine and permissible under Applicable Law.

 

(2)              
RSU Awards: Unless otherwise determined by the Board at the time of grant, an RSU Award will be granted in consideration for
the Participant’s services to the Company or an Affiliate, such that the Participant will not be required to make any payment to
the Company (other than such services) with respect to the grant or vesting of the RSU Award, or the issuance of any shares of Common
Stock pursuant to the RSU Award. If, at the time of grant, the Board determines that any consideration must be paid by the Participant
(in a form other than the Participant’s services to the Company or an Affiliate) upon the issuance of any shares of Common Stock
in settlement of the RSU Award, such consideration may be paid in any form of consideration as the Board may determine and permissible
under Applicable Law.

 

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

 

(iv)            
Termination of Continuous Service. Except as otherwise provided in the Award Agreement or other written agreement between
a Participant and the Company or an Affiliate, if a Participant’s Continuous Service terminates for any reason, (1) the Company
may receive through a forfeiture condition or a repurchase right any or all of the shares of Common Stock held by the Participant under
his or her Restricted Stock Award that have not vested as of the date of such termination as set forth in the Restricted Stock Award
Agreement and the Participant will have no further right, title or interest in the Restricted Stock Award, the shares of Common Stock
subject to the Restricted Stock Award or any consideration in respect of the Restricted Stock Award and (2) any portion of his or her
RSU Award that has not vested will be forfeited upon such termination and the Participant will have no further right, title or interest
in the RSU Award, the shares of Common Stock issuable pursuant to the RSU Award or any consideration in respect of the RSU Award.

 

(v)              
Dividends and Dividend Equivalents. Dividends or dividend equivalents may be paid or credited, as applicable, with respect
to any shares of Common Stock subject to a Restricted Stock Award or RSU Award, as determined by the Board and specified in the Award
Agreement.

 

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

 

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

 

(c)              
Other Awards. Other Awards valued in whole or in part by reference to, or otherwise based on, Common Stock, including the
appreciation in value thereof, may be granted either alone or in addition to Awards provided for under Section 4 and the preceding provisions
of this Section 5. Subject to the provisions of the Plan, the Board will have sole and complete discretion to determine the persons to
whom and the time or times at which such Other Awards will be granted, the number of shares of Common Stock (or the cash equivalent thereof)
to be granted pursuant to such Other Awards and all other terms and conditions of such Other Awards.

 

6.                 
Adjustments upon Changes in Common Stock; Other Corporate Events.

 

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

 

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

 

(c)               Corporate
Transaction. The following provisions will apply to Awards in the event of a Corporate Transaction, except as set forth in
Section 11, unless otherwise provided in the instrument evidencing the Award or any other written agreement between the Company or
any Affiliate and the Participant or unless otherwise expressly provided by the Board at the time of grant of an Award.

 

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

 

(ii)             
Awards Held by Current Participants. In the event of a Corporate Transaction in which the surviving corporation or acquiring
corporation (or its parent company) does not assume or continue such outstanding Awards or substitute similar awards for such outstanding
Awards, then with respect to Awards that have not been assumed, continued or substituted and that are held by Participants whose Continuous
Service has not terminated prior to the effective time of the Corporate Transaction (referred to as the “Current Participants”),
the vesting of such Awards (and, with respect to Options and Stock Appreciation Rights, the time when such Awards may be exercised) will
be accelerated in full to a date prior to the effective time of such Corporate Transaction (contingent upon the effectiveness of the
Corporate Transaction) as the Board determines (or, if the Board does not determine such a date, to the date that is five days prior
to the effective time of the Corporate Transaction), and such Awards will terminate if not exercised (if applicable) at or prior to the
effective time of the Corporate Transaction, and any reacquisition or repurchase rights held by the Company with respect to such Awards
will lapse (contingent upon the effectiveness of the Corporate Transaction). With respect to the vesting of Performance Awards that will
accelerate upon the occurrence of a Corporate Transaction pursuant to this subsection (ii) and that have multiple vesting levels depending
on the level of performance, unless otherwise provided in the Award Agreement, the vesting of such Performance Awards will accelerate
at 100% of the target level upon the occurrence of the Corporate Transaction in which the Awards are not assumed, continued or substituted
in accordance with Section 6(c)(i). With respect to the vesting of Awards that will accelerate upon the occurrence of a Corporate Transaction
pursuant to this subsection (ii) and are settled in the form of a cash payment, such cash payment will be made no later than 30 days
following the occurrence of the Corporate Transaction or such later date as required to comply with Section 409A.

 

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

 

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(iv)            
Payment for Awards in Lieu of Exercise. Notwithstanding the foregoing, in the event an Award will terminate if not exercised
prior to the effective time of a Corporate Transaction, the Board may provide, in its sole discretion, that the holder of such Award
may not exercise such Award but will receive a payment, in such form as may be determined by the Board, equal in value, at the effective
time, to the excess, if any, of (1) the value of the property the Participant would have received upon the exercise of the Award (including,
at the discretion of the Board, any unvested portion of such Award), over (2) any exercise price payable by such holder in connection
with such exercise.

 

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

 

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

 

7.                 
Administration.

 

(a)              
Administration by Board. The Board will administer the Plan unless and until the Board delegates administration of the Plan
to a Committee or Committees, as provided in subsection (c) below.

 

(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 from time to time (1) which of the persons eligible under the Plan will be granted Awards; (2) when and how each Award
will be granted; (3) what type or combination of types of Award will be granted; (4) the provisions of each Award granted (which
need not be identical), including the time or times when a person will be permitted to receive an issuance of Common Stock or other
payment pursuant to an Award; (5) the number of shares of Common Stock or cash equivalent with respect to which an Award will be
granted to each such person; (6) the Fair Market Value applicable to an Award; and (7) the terms of any Performance Award
that is not valued in whole or in part by reference to, or otherwise based on, the Common Stock, including the amount of cash
payment or other property that may be earned and the timing of payment.

 

    11

     

    

 

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

 

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

 

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

 

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

 

(vi)            
To suspend or terminate the Plan at any time. Suspension or termination of the Plan will not Materially Impair rights and
obligations under any Award granted while the Plan is in effect except with the written consent of the affected Participant.

 

(vii)         
To amend the Plan in any respect the Board deems necessary or advisable; provided, however, that stockholder approval
will be required for any amendment to the extent required by Applicable Law. Except as provided above, rights under any Award granted
before amendment of the Plan will not be Materially Impaired by any amendment of the Plan unless (1) the Company requests the consent
of the affected Participant, and (2) such Participant consents in writing.

 

(viii)       
To submit any amendment to the Plan for stockholder approval.

 

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

 

(x)              
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 Award Agreements.

 

    12

     

    

 

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

 

(xii)         
To effect, at any time and from time to time, subject to the consent of any Participant whose Award is Materially Impaired
by such action, (1) the reduction of the exercise price (or strike price) of any outstanding Option or SAR; (2) the cancellation of any
outstanding Option or SAR and the grant in substitution therefor of (A) a new Option, SAR, Restricted Stock Award, RSU Award or Other
Award under the Plan or another equity plan of the Company, covering the same or a different number of shares of Common Stock, (B) cash
and/or (C) other valuable consideration (as determined by the Board); or (3) any other action that is treated as a repricing under generally
accepted accounting principles.

 

(c)              
Delegation to Committee.

 

(i)                
General. 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 another Committee or 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), subject, however, to such resolutions, not inconsistent with the provisions of the Plan,
as may be adopted from time to time by the Board. Each Committee may retain the authority to concurrently administer the Plan with the
Committee or subcommittee to which it has delegated its authority hereunder and may, at any time, revest in such Committee some or all
of the powers previously delegated. The Board may retain the authority to concurrently administer the Plan with any Committee and may,
at any time, revest in the Board some or all of the powers previously delegated.

 

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

 

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

 

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

 

    13

     

    

 

8.                 
Tax Withholding

 

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

 

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

 

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

 

    14

     

    

 

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

 

9.                 
Miscellaneous.

 

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

 

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

 

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

 

(d)             
Stockholder Rights. No Participant will be deemed to be the holder of, or to have any of the rights of a holder with respect
to, any shares of Common Stock subject to such Award unless and until (i) such Participant has satisfied all requirements for exercise
of the Award pursuant to its terms, if applicable, and (ii) the issuance of the Common Stock subject to such Award is reflected in the
records of the Company.

 

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

 

    15

     

    

 

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

 

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

 

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

 

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

 

    16

     

    

 

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

 

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

 

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

 

(m)           
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 Award may be deferred and may
also establish programs and procedures for deferral elections to be made by Participants. Deferrals will be made in accordance with the
requirements of Section 409A.

 

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

 

    17

     

    

 

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

 

10.             
Covenants of the Company.

 

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

 

11.             
Additional Rules for Awards Subject to Section 409A.

 

(a)              
Application.  Unless the provisions of this Section of the Plan are expressly superseded by the provisions in the form of
Award Agreement, the provisions of this Section shall apply and shall supersede anything to the contrary set forth in the Award Agreement
for a Non-Exempt Award.

 

(b)             
Non-Exempt Awards Subject to Non-Exempt Severance Arrangements. To the extent a Non-Exempt Award is subject to Section 409A
due to application of a Non-Exempt Severance Arrangement, the following provisions of this subsection (b) apply.

 

(i)                
If the Non-Exempt Award vests in the ordinary course during the Participant’s Continuous Service in accordance with
the vesting schedule set forth in the Award Agreement, and does not accelerate vesting under the terms of a Non-Exempt Severance Arrangement,
in no event will the shares be issued in respect of such Non-Exempt Award any later than the later of: (i) December 31st of
the calendar year that includes the applicable vesting date, or (ii) the 60th day that follows the applicable vesting date.

 

    18

     

    

 

(ii)             
 If vesting of the Non-Exempt Award accelerates under the terms of a Non-Exempt Severance Arrangement in connection with the
Participant’s Separation from Service, and such vesting acceleration provisions were in effect as of the date of grant of the Non-Exempt
Award and, therefore, are part of the terms of such Non-Exempt Award as of the date of grant, then the shares will be earlier issued
in settlement of such Non-Exempt Award upon the Participant’s Separation from Service in accordance with the terms of the Non-Exempt
Severance Arrangement, but in no event later than the 60th day that follows the date of the Participant’s Separation
from Service. However, if at the time the shares would otherwise be issued the Participant is subject to the distribution limitations
contained in Section 409A applicable to “specified employees,” as defined in Section 409A(a)(2)(B)(i) of the Code, such shares
shall not be issued before the date that is six months following the date of such Participant’s Separation from Service, or, if
earlier, the date of the Participant’s death that occurs within such six month period.

 

(iii)           
If vesting of a Non-Exempt Award accelerates under the terms of a Non-Exempt Severance Arrangement in connection with a Participant’s
Separation from Service, and such vesting acceleration provisions were not in effect as of the date of grant of the Non-Exempt Award
and, therefore, are not a part of the terms of such Non-Exempt Award on the date of grant, then such acceleration of vesting of the Non-Exempt
Award shall not accelerate the issuance date of the shares, but the shares shall instead be issued on the same schedule as set forth
in the Grant Notice as if they had vested in the ordinary course during the Participant’s Continuous Service, notwithstanding the
vesting acceleration of the Non-Exempt Award. Such issuance schedule is intended to satisfy the requirements of payment on a specified
date or pursuant to a fixed schedule, as provided under Treasury Regulations Section 1.409A-3(a)(4).

 

(c)              
Treatment of Non-Exempt Awards Upon a Corporate Transaction for Employees and Consultants. The provisions of this subsection
(c) shall apply and shall supersede anything to the contrary set forth in the Plan with respect to the permitted treatment of any Non-Exempt
Award in connection with a Corporate Transaction if the Participant was either an Employee or Consultant upon the applicable date of
grant of the Non-Exempt Award.

 

(i)                
Vested Non-Exempt Awards. The following provisions shall apply to any Vested Non-Exempt Award in connection with a Corporate
Transaction:

 

(1)              
If the Corporate Transaction is also a Section 409A Change in Control then the Acquiring Entity may not assume, continue or
substitute the Vested Non-Exempt Award. Upon the Section 409A Change in Control the settlement of the Vested Non-Exempt Award will automatically
be accelerated and the shares will be immediately issued in respect of the Vested Non-Exempt Award. Alternatively, the Company may instead
provide that the Participant will receive a cash settlement equal to the Fair Market Value of the shares that would otherwise be issued
to the Participant upon the Section 409A Change in Control.

 

(2)               If
the Corporate Transaction is not also a Section 409A Change in Control, then the Acquiring Entity must either assume, continue or
substitute each Vested Non-Exempt Award. The shares to be issued in respect of the Vested Non-Exempt Award shall be issued to the
Participant by the Acquiring Entity on the same schedule that the shares would have been issued to the Participant if the Corporate
Transaction had not occurred. In the Acquiring Entity’s discretion, in lieu of an issuance of shares, the Acquiring
Entity may instead substitute a cash payment on each applicable issuance date, equal to the Fair Market Value of the shares that
would otherwise be issued to the Participant on such issuance dates, with the determination of the Fair Market Value of the shares
made on the date of the Corporate Transaction.

 

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(ii)             
Unvested Non-Exempt Awards. The following provisions shall apply to any Unvested Non-Exempt Award unless otherwise determined
by the Board pursuant to subsection (e) of this Section:

 

(1)              
In the event of a Corporate Transaction, the Acquiring Entity shall assume, continue or substitute any Unvested Non-Exempt
Award. Unless otherwise determined by the Board, any Unvested Non-Exempt Award will remain subject to the same vesting and forfeiture
restrictions that were applicable to the Award prior to the Corporate Transaction. The shares to be issued in respect of any Unvested
Non-Exempt Award shall be issued to the Participant by the Acquiring Entity on the same schedule that the shares would have been issued
to the Participant if the Corporate Transaction had not occurred. In the Acquiring Entity’s discretion, in lieu of an issuance
of shares, the Acquiring Entity may instead substitute a cash payment on each applicable issuance date, equal to the Fair Market Value
of the shares that would otherwise be issued to the Participant on such issuance dates, with the determination of Fair Market Value of
the shares made on the date of the Corporate Transaction.

 

(2)              
If the Acquiring Entity will not assume, substitute or continue any Unvested Non-Exempt Award in connection with a Corporate
Transaction, then such Award shall automatically terminate and be forfeited upon the Corporate Transaction with no consideration payable
to any Participant in respect of such forfeited Unvested Non-Exempt Award. Notwithstanding the foregoing, to the extent permitted and
in compliance with the requirements of Section 409A, the Board may in its discretion determine to elect to accelerate the vesting and
settlement of the Unvested Non-Exempt Award upon the Corporate Transaction, or instead substitute a cash payment equal to the Fair Market
Value of such shares that would otherwise be issued to the Participant, as further provided in subsection (e)(ii) below. In the absence
of such discretionary election by the Board, any Unvested Non-Exempt Award shall be forfeited without payment of any consideration to
the affected Participants if the Acquiring Entity will not assume, substitute or continue the Unvested Non-Exempt Awards in connection
with the Corporate Transaction.

 

(3)              
The foregoing treatment shall apply with respect to all Unvested Non-Exempt Awards upon any Corporate Transaction, and regardless
of whether or not such Corporate Transaction is also a Section 409A Change in Control.

 

(d)             
Treatment of Non-Exempt Awards Upon a Corporate Transaction for Non-Employee Directors. The following provisions of this subsection
(d) shall apply and shall supersede anything to the contrary that may be set forth in the Plan with respect to the permitted treatment
of a Non-Exempt Director Award in connection with a Corporate Transaction.

 

(i)                 If
the Corporate Transaction is also a Section 409A Change in Control then the Acquiring Entity may not assume, continue or substitute
the Non-Exempt Director Award. Upon the Section 409A Change in Control the vesting and settlement of any Non-Exempt Director Award
will automatically be accelerated and the shares will be immediately issued to the Participant in respect of the Non-Exempt Director
Award. Alternatively, the Company may provide that the Participant will instead receive a cash settlement equal to the Fair Market
Value of the shares that would otherwise be issued to the Participant upon the Section 409A Change in Control pursuant to the
preceding provision.

 

    20

     

    

 

(ii)             
If the Corporate Transaction is not also a Section 409A Change in Control, then the Acquiring Entity must either assume, continue
or substitute the Non-Exempt Director Award. Unless otherwise determined by the Board, the Non-Exempt Director Award will remain subject
to the same vesting and forfeiture restrictions that were applicable to the Award prior to the Corporate Transaction. The shares to be
issued in respect of the Non-Exempt Director Award shall be issued to the Participant by the Acquiring Entity on the same schedule that
the shares would have been issued to the Participant if the Corporate Transaction had not occurred. In the Acquiring Entity’s discretion,
in lieu of an issuance of shares, the Acquiring Entity may instead substitute a cash payment on each applicable issuance date, equal
to the Fair Market Value of the shares that would otherwise be issued to the Participant on such issuance dates, with the determination
of Fair Market Value made on the date of the Corporate Transaction.

 

(e)              
If the RSU Award is a Non-Exempt Award, then the provisions in this Section 11(e) shall apply and supersede anything to the
contrary that may be set forth in the Plan or the Award Agreement with respect to the permitted treatment of such Non-Exempt Award:

 

(i)                
Any exercise by the Board of discretion to accelerate the vesting of a Non-Exempt Award shall not result in any acceleration
of the scheduled issuance dates for the shares in respect of the Non-Exempt Award unless earlier issuance of the shares upon the applicable
vesting dates would be in compliance with the requirements of Section 409A.

 

(ii)             
The Company explicitly reserves the right to earlier settle any Non-Exempt Award to the extent permitted and in compliance
with the requirements of Section 409A, including pursuant to any of the exemptions available in Treasury Regulations Section 1.409A-3(j)(4)(ix).

 

(iii)           
To the extent the terms of any Non-Exempt Award provide that it will be settled upon a Change in Control or Corporate Transaction,
to the extent it is required for compliance with the requirements of Section 409A, the Change in Control or Corporate Transaction event
triggering settlement must also constitute a Section 409A Change in Control. To the extent the terms of a Non-Exempt Award provides that
it will be settled upon a termination of employment or termination of Continuous Service, to the extent it is required for compliance
with the requirements of Section 409A, the termination event triggering settlement must also constitute a Separation From Service. However,
if at the time the shares would otherwise be issued to a Participant in connection with a “separation from service” such
Participant is subject to the distribution limitations contained in Section 409A applicable to “specified employees,” as
defined in Section 409A(a)(2)(B)(i) of the Code, such shares shall not be issued before the date that is six months following the date
of the Participant’s Separation From Service, or, if earlier, the date of the Participant’s death that occurs within such
six month period.

 

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(iv)            
 The provisions in this subsection (e) for delivery of the shares in respect of the settlement of an RSU Award that is a Non-Exempt
Award are intended to comply with the requirements of Section 409A so that the delivery of the shares to the Participant in respect of
such Non-Exempt Award will not trigger the additional tax imposed under Section 409A, and any ambiguities herein will be so interpreted.

 

12.             
Severability.

 

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

 

13.             
Termination of the Plan.

 

The
Board may suspend or terminate the Plan at any time. No Incentive Stock Options may be granted after the tenth anniversary of the earlier
of (i) the Adoption Date, or (ii) the date the Plan is approved by the Company’s stockholders. No Awards may be granted under the
Plan while the Plan is suspended or after it is terminated.

 

14.             
Definitions.

 

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

 

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

 

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

 

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

 

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

 

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

 

    22

     

    

 

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

 

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

 

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

 

(i)                 “Cause”
has the meaning assigned to such term in the Award Agreement or in any individual employment, service or severance agreement with
the Participant or, if any such agreement does not define “Cause,” Cause means (i) the commission of an act of fraud or
dishonesty by the Participant in the course of the Participant’s employment or service; (ii) the indictment of, or conviction
of, or entering of a plea of nolo contendere by, the Participant for a crime constituting a felony or in respect of any act of fraud
or dishonesty; (iii) the commission of an act by the Participant which would make the Participant or the Company (including any of
its Subsidiaries or Affiliates) subject to being enjoined, suspended, barred or otherwise disciplined for violation of federal or
state securities laws, rules or regulations, including a statutory disqualification; (iv) gross negligence or willful misconduct in
connection with the Participant’s performance of his or her duties in connection with the Participant’s employment by or
service to the Company (including any Subsidiary or Affiliate for whom the Participant may be employed by or providing services to
at the time) or the Participant’s failure to comply with any of the restrictive covenants to which the Participant is subject;
(v) the Participant’s willful failure to comply with any material policies or procedures of the Company as in effect from time
to time, provided that the Participant shall have been delivered a copy of such policies or notice that they have been posted on a
Company website prior to such compliance failure; or (vi) the Participant’s failure to perform the material duties in
connection with the Participant’s position, unless the Participant remedies the failure referenced in this clause (vi) no
later than ten (10) days following delivery to the Participant of a written notice from the Company (including any of its
Subsidiaries or Affiliates) describing such failure in reasonable detail (provided that the Participant shall not be given more than
one opportunity in the aggregate to remedy failures described in this clause (vi)). The determination that a termination of the
Participant’s Continuous Service is either for Cause or without Cause will be made by the Board with respect to Participants
who are executive officers of the Company and by the Company’s Chief Executive Officer with respect to Participants who are
not executive officers of the Company. Any determination by the Company that the Continuous Service of a Participant was terminated
with or without Cause for the purposes of outstanding 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.

 

    23

     

    

 

(j)               
“Change in Control” or “Change of 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 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 shall 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 shall 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 50% of the combined outstanding voting
power of the Acquiring Entity in such merger, consolidation or similar transaction or (B) more than 50% of the combined outstanding voting
power of the parent of the Acquiring 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;

 

(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 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; or

 

(iv)             individuals
who, on the date the Plan is adopted by the Board, are members of the Board (the “Incumbent Board”) cease
for any reason to constitute at least a majority of the members of the Board; provided, however, that if the appointment or
election (or nomination for election) of any new Board member was approved or recommended by a majority vote of the members of the
Incumbent Board then still in office, such new member shall, for purposes of this Plan, be considered as a member of the Incumbent
Board.

 

    24

     

    

 

Notwithstanding
the foregoing or any other provision of this Plan, (A) the term Change in Control shall not include a sale of assets, merger or other
transaction effected exclusively for the purpose of changing the domicile of the Company, (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 shall supersede the foregoing
definition with respect to 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 shall apply, and (C) with respect to any nonqualified
deferred compensation that becomes payable on account of the Change in Control, the transaction or event described in clause (i), (ii),
(iii), or (iv) also constitutes a Section 409A Change in Control if required in order for the payment not to violate Section 409A.

 

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

 

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

 

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

 

(n)             
“Company” means Gain Therapeutics Inc., a Delaware corporation.

 

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

 

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

 

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

 

    25

     

    

 

(r)              
“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, of the consolidated assets of the Company
and its Subsidiaries;

 

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

 

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

 

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

 

Notwithstanding
the foregoing or any other provision of this Plan, (A) the term Corporate Transaction shall not include a sale of assets, merger or other
transaction effected exclusively for the purpose of changing the domicile of the Company, (B) the definition of Corporate Transaction
(or any analogous term) in an individual written agreement between the Company or any Affiliate and the Participant shall supersede the
foregoing definition with respect to Awards subject to such agreement; provided, however, that if no definition of Corporate Transaction
or any analogous term is set forth in such an individual written agreement, the foregoing definition shall apply, and (C) with respect
to any nonqualified deferred compensation that becomes payable on account of the Corporate Transaction, the transaction or event described
in clause (i), (ii), (iii), or (iv) also constitutes a Section 409A Change in Control if required in order for the payment not to violate
Section 409A.

 

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

 

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

 

    26

     

    

 

(u)             
 “Disability” has the meaning assigned to such term in the Award Agreement or in any individual
employment, service or severance agreement with the Participant or, if any such agreement does not define “Disability,” Disability
means, with respect to any Participant, that such Participant, as determined by the Plan Administrator in its sole discretion, is (i)
unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can
be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) by reason
of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a
continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3)
months under an accident and health plan covering employees of the Company or an Affiliate thereof.

 

(v)              
“Effective Date” means the date on which the Plan was approved by the Company’s stockholders.

 

(w)            
“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.

 

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

 

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

 

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

 

(aa)          
“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 a registered public 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 50% of the combined voting power of the Company’s then
outstanding securities.

 

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

 

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

 

    27

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    28

     

    

 

(hh)         
“Non-Exempt Award” means any Award that is subject to, and not exempt from, Section 409A, including
as the result of (i) a deferral of the issuance of the shares subject to the Award which is elected by the Participant or imposed by
the Company, or (ii) the terms of any Non-Exempt Severance Agreement.

 

(ii)             
“Non-Exempt Director Award” means a Non-Exempt Award granted to a Participant who was a Director
but not an Employee on the applicable grant date.

 

(jj)             
“Non-Exempt Severance Arrangement” means a severance arrangement or other agreement between the
Participant and the Company that provides for acceleration of vesting of an Award and issuance of the shares in respect of such Award
upon the Participant’s termination of employment or separation from service (as such term is defined in Section 409A(a)(2)(A)(i)
of the Code (and without regard to any alternative definition thereunder) (“Separation from Service”) and such
severance benefit does not satisfy the requirements for an exemption from application of Section 409A provided under Treasury Regulations
Section 1.409A-1(b)(4), 1.409A-1(b)(9) or otherwise.

 

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

 

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

 

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

 

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

 

(oo)          
“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.

 

(pp)          “Other
Award” means an award valued in whole or in part by reference to, or otherwise based on, Common Stock, including the
appreciation in value thereof (e.g., options or stock rights with an exercise price or strike price less than 100% of the Fair
Market Value at the time of grant) that is not an Incentive Stock Option, Nonstatutory Stock Option, SAR, Restricted Stock
Award, RSU Award or Performance Award.

 

    29

     

    

 

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

 

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

 

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

 

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

 

(uu)          “Performance
Criteria” means one or more criteria that the Board will select for purposes of establishing the Performance Goals for
a Performance Period. The Performance Criteria that will be used to establish such Performance Goals may be based on any one of, or
combination of, the following as determined by the Board: earnings (including earnings per share and net earnings); earnings before
interest, taxes and depreciation; earnings before interest, taxes, depreciation and amortization; total stockholder return; return
on equity or average stockholder’s equity; return on assets, investment, or capital employed; stock price; margin (including
gross margin); income (before or after taxes); operating income; operating income after taxes; pre-tax profit; operating cash flow;
sales or revenue targets; increases in revenue or product revenue; expenses and cost reduction goals; improvement in or attainment
of working capital levels; economic value added (or an equivalent metric); market share; cash flow; cash flow per share; share price
performance; debt reduction; customer satisfaction; stockholders’ equity; capital expenditures; debt levels; operating profit
or net operating profit; workforce diversity; growth of net income or operating income; billings; financing; regulatory milestones;
stockholder liquidity; corporate governance and compliance; intellectual property; personnel matters; progress of internal research;
progress of partnered programs; partner satisfaction; budget management; partner or collaborator achievements; internal controls,
including those related to the Sarbanes-Oxley Act of 2002; investor relations, analysts and communication; implementation or
completion of projects or processes; employee retention; number of users, including unique users; strategic partnerships or
transactions (including in-licensing and out-licensing of intellectual property); establishing relationships with respect to the
marketing, distribution and sale of the Company’s products; supply chain achievements; co-development, co-marketing, profit
sharing, joint venture or other similar arrangements; individual performance goals; corporate development and planning goals;
and other measures of performance selected by the Board or Committee whether or not listed herein.

 

    30

     

    

 

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

 

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

 

(xx)          
“Plan” means this Gain Therapeutics Inc. 2022 Equity Incentive Plan, as amended from time to time.

 

    31

     

    

 

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

 

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

 

(aaa)      
“Prior Plan” means the Gain Therapeutics Inc. 2020 Omnibus
Incentive Plan, as amended.

 

(bbb)     
“Prior Plan’s Available Reserve” means the number of shares available for the grant of new
awards under the Prior Plan as of the Effective Date.

 

(ccc)       
“Restricted Stock Award” or “RSA” means an Award of shares of Common Stock
which is granted pursuant to the terms and conditions of Section 5(a).

 

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

 

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

 

(fff)          
“RSU Award” or “RSU” means an Award of restricted stock units representing
the right to receive an issuance of shares of Common Stock which is granted pursuant to the terms and conditions of Section 5(a).

 

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

 

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

 

    32

     

    

 

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

 

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

 

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

 

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

 

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

 

(nnn)     
“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 4.

 

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

 

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

 

(qqq)     
“Ten Percent Stockholder” means a person who Owns (or is deemed to Own pursuant to Section 424(d)
of the Code) stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or any Affiliate.

 

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

 

(sss)         
“Unvested Non-Exempt Award” means the portion of any Non-Exempt Award that had not vested in accordance
with its terms upon or prior to the date of any Corporate Transaction.

 

(ttt)          
“Vested Non-Exempt Award” means the portion of any Non-Exempt Award that had vested in accordance
with its terms upon or prior to the date of a Corporate Transaction.

 

    33Exhibit 4.7

 

Gain
THERAPEUTICS Inc.

RSU AWARD GRANT NOTICE

(2022
Equity Incentive Plan)

 

Gain Therapeutics
Inc. (the “Company”) has awarded to you (the “Participant”) the number of restricted
stock units specified and on the terms set forth below in consideration of your services (the “RSU Award”).
Your RSU Award is subject to all of the terms and conditions as set forth herein and in the Gain Therapeutics Inc. 2022 Equity Incentive
Plan (the “Plan”) and the Award Agreement, which are attached hereto and incorporated herein in their entirety.
Capitalized terms not explicitly defined herein but defined in the Plan or the Agreement shall have the meanings set forth in the Plan
or the Agreement.

 

	Participant:	 	 	 
	Date of Grant:	 	 	 
	Vesting Commencement Date:	 	 	 
	Number of Restricted Stock Units:	 	 	 

 

		Vesting Schedule:	[__________________________________________________________________].

 

	Issuance Schedule:	Subject to any Capitalization Adjustment, one share of Common Stock will be issued at the time set forth
in Section 7 of the Agreement for each restricted stock unit which vests.

 

  Participant Acknowledgements: By your signature below or by electronic acceptance or authentication in a form authorized by the Company, you understand and agree that:

 

		·	The RSU Award is governed by this
RSU Award Grant Notice (the “Grant Notice”), and the provisions of the Plan and the Agreement, all of which
are made a part of this document. Unless otherwise provided in the Plan, this Grant Notice and the Agreement (together, the “RSU
Award Agreement”) may not be modified, amended or revised except in a writing signed by you and a duly authorized officer
of the Company.

 

		·	You consent to receive this Grant
Notice, the RSU Award Agreement, the Plan, the document containing the Plan information specified in Section 10(a) of the Securities
Act (the “Prospectus”), and any other Plan-related 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.

 

		·	You have read and are familiar
with the provisions of the Plan, the RSU Award Agreement and the Prospectus. In the event of any conflict between the provisions in the
RSU Award Agreement, or the Prospectus and the terms of the Plan, the terms of the Plan shall control.

 

		·	The RSU Award Agreement sets forth
the entire understanding between you and the Company regarding the acquisition of Common Stock and supersedes all prior oral and written
agreements, promises and/or representations on that subject with the exception of: (i) other equity awards previously granted to you,
and (ii) any written employment agreement, offer letter, severance agreement, written severance plan or policy, or other written agreement
between the Company and you in each case that specifies the terms that should govern this RSU Award.

 

		·	Counterparts may be delivered
via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform
Electronic Transactions Act or other applicable law) or
other transmission method and any counterpart so delivered will be deemed to have been duly and validly delivered and be valid and effective
for all purposes.

 

	Gain Therapeutics Inc.:	 	Participant:
	 	 	 	 	 
	By: 	 	 	 
	 	Signature	 	 	Signature
	 	 	 	 	 
	Title: 	 	 	Date: 	 
	 	 	 	 	 
	Date:	 	 	 	 

 

		Attachments:	Award Agreement, 2022 Equity Incentive
Plan

 

     

     

    

 

Attachment
I

 

Gain
THERAPEUTICS Inc.

Award Agreement

(2022
Equity Incentive Plan)

 

As
reflected by your RSU Award Grant Notice (“Grant Notice”), Gain Therapeutics Inc. (the “Company”)
has granted you a RSU Award under the Gain Therapeutics Inc. 2022 Equity Incentive Plan (the “Plan”) for the
number of restricted stock units as indicated in your Grant Notice (the “RSU Award”). The terms of your RSU
Award as specified in this Award Agreement for your RSU Award and the Grant Notice constitute your “RSU Award Agreement”.
Defined terms not explicitly defined in this Agreement but defined in the Grant Notice or the Plan shall have the same definitions as
in the Grant Notice or Plan, as applicable.

 

The
general terms applicable to your RSU Award are as follows:

 

1.                 
Governing Plan Document. Your RSU Award is subject to all the provisions of
the Plan, including but not limited to the provisions in: 

 

(a)               
Section 6 of the Plan regarding the impact of a Capitalization Adjustment, dissolution, liquidation, or Corporate Transaction
on your RSU Award;

 

(b)               
Section 9(e) of the Plan regarding the Company’s retained rights to terminate your Continuous Service notwithstanding
the grant of the RSU Award; and

 

(c)                
Section 8 of the Plan regarding the tax consequences of your RSU Award.

 

Your
RSU Award is further subject to all interpretations, amendments, rules and regulations, which may from time to time be promulgated and
adopted pursuant to the Plan. In the event of any conflict between the RSU Award Agreement and the provisions of the Plan, the provisions
of the Plan shall control.

 

2.                 
Grant of the RSU Award. This RSU Award represents your right to be issued on
a future date the number of shares of the Company’s Common Stock that is equal to the number of restricted stock units indicated
in the Grant Notice as modified to reflect any Capitalization Adjustment and subject to your satisfaction of the vesting conditions set
forth therein (the “Restricted Stock Units”). Any additional Restricted Stock Units that become subject to
the RSU Award pursuant to Capitalization Adjustments as set forth in the Plan and the provisions of Section 4 below, if any, shall be
subject, in a manner determined by the Board, to the same forfeiture restrictions, restrictions on transferability, and time and manner
of delivery as applicable to the other Restricted Stock Units covered by your RSU Award.

 

3.                  Vesting.
Your Restricted Stock Units will vest, if at all, in accordance with the vesting schedule provided in the Grant Notice, subject to
the provisions contained herein and the terms of the Plan. Vesting will cease upon the termination of your Continuous Service.
[Notwithstanding anything herein to the contrary, in the event that your RSU Award is assumed, continued or substituted in
connection with a Change in Control and your Continuous Service is terminated on or after the effective date of the Change in
Control but prior to twelve (12) months following the Change in Control by the Company (or any successor or Affiliate thereof)
without Cause or due to a resignation by you for Good Reason (if applicable), any unvested portion of the assumed, continued or
substituted RSU Award will vest in full. For purposes of this RSU Award Agreement, “Good Reason” shall
have the meaning assigned to such term in any individual employment, service or severance agreement between you and the Company;
provided, that if no such agreement exists or if such agreement does not define “Good Reason,” Good Reason and the
provision above with respect to Good Reason shall not be applicable you.]

 

    1

     

    

 

4.                 
Dividends. You shall receive no benefit or adjustment to your RSU Award with
respect to any cash dividend, stock dividend or other distribution that does not result from a Capitalization Adjustment; provided, however,
that this sentence will not apply with respect to any shares of Common Stock that are delivered to you in connection with your RSU Award
after such shares have been delivered to you.

 

5.                 
Withholding Obligations. As further provided in Section 8 of the Plan, you hereby
authorize withholding from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for, any sums
required to satisfy the federal, state, local and foreign tax withholding obligations, if any, which arise in connection with your RSU
Award (the “Withholding Obligation”) in accordance with the withholding procedures established by the Company.
Unless the Withholding Obligation is satisfied, the Company shall have no obligation to deliver to you any Common Stock in respect of
the RSU Award. In the event the Withholding Obligation of the Company arises prior to the delivery to you of Common Stock or it is determined
after the delivery of Common Stock to you that the amount of the Withholding Obligation was greater than the amount withheld by the Company,
you agree to indemnify and hold the Company harmless from any failure by the Company to withhold the proper amount.

 

6.                 
Date of Issuance. 

 

(a)               
The issuance of shares in respect of the Restricted Stock Units is intended to comply with Treasury Regulations Section 1.409A-1(b)(4)
and will be construed and administered in such a manner. Subject to the satisfaction of the Withholding Obligation, if any, in the event
one or more Restricted Stock Units vests, the Company shall issue to you one (1) share of Common Stock for each Restricted Stock Unit
that vests on the applicable vesting date(s) (subject to any adjustment under Section 4 above, and subject to any different provisions
in the Grant Notice). Each issuance date determined by this paragraph is referred to as an “Original Issuance Date.”

 

(b)               
If the Original Issuance Date falls on a date that is not a business day, delivery shall instead occur on the next following
business day. In addition, if:

 

(i)                
the Original Issuance Date does not occur (1) during an “open window period” applicable to you, as determined
by the Company in accordance with the Company’s then-effective policy on trading in Company securities, or (2) on a date when you
are otherwise permitted to sell shares of Common Stock on an established stock exchange or stock market (including but not limited to
under a previously established written trading plan that meets the requirements of Rule 10b5-1 under the Exchange Act and was entered
into in compliance with the Company’s policies (a “10b5-1 Arrangement”) or under such other policy expressly
approved by the Company), and

 

(ii)             
either (1) a Withholding Obligation does not apply, or (2) the Company decides, prior to the Original Issuance Date, (A) not
to satisfy the Withholding Obligation by withholding shares of Common Stock from the shares otherwise due, on the Original Issuance Date,
to you under this RSU Award, and (B) not to permit you to enter into a “same day sale” commitment with a broker-dealer (including
but not limited to a commitment under a 10b5-1 Arrangement) and (C) not to permit you to pay your Withholding Obligation in cash, 

 

then the
shares that would otherwise be issued to you on the Original Issuance Date will not be delivered on such Original Issuance Date and
will instead be delivered on the first business day when you are not prohibited from selling shares of the Company’s Common
Stock in the open public market, but in no event later than December 31 of the calendar year in which the Original Issuance Date
occurs (that is, the last day of your taxable year in which the Original Issuance Date occurs), or, if and only if permitted
in a manner that complies with Treasury Regulations Section 1.409A-1(b)(4), no later than the date that is the 15th day of the third
calendar month of the applicable year following the year in which the shares of Common Stock under this RSU Award are no longer
subject to a “substantial risk of forfeiture” within the meaning of Treasury Regulations Section 1.409A-1(d).

 

    2

     

    

 

(c)                
To the extent the RSU Award is a Non-Exempt RSU Award, the provisions of Section 11 of the Plan shall apply.

 

7.                 
Transferability. Except as otherwise provided in the Plan, your RSU Award is
not transferable, except by will or by the applicable laws of descent and distribution. 

 

8.                 
Corporate Transaction. Your RSU Award is subject to the terms of any agreement
governing a Corporate Transaction involving the Company, including, without limitation, a provision for the appointment of a stockholder
representative that is authorized to act on your behalf with respect to any escrow, indemnities and any contingent consideration.

 

9.                 
No Liability for Taxes. As a condition to accepting the RSU Award, you hereby
(a) agree to not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates related to tax liabilities
arising from the RSU Award or other Company compensation and (b) acknowledge that you were advised to consult with your own personal
tax, financial and other legal advisors regarding the tax consequences of the RSU Award and have either done so or knowingly and voluntarily
declined to do so.

 

10.             
Severability. If any part of this 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 Agreement
or the Plan not declared to be unlawful or invalid.  Any Section of this Agreement (or part of such a Section) so declared
to be unlawful or invalid will, 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.

 

11.             
Execution of Documents. You hereby acknowledge and agree that the manner selected
by the Company by which you indicate your consent to your Grant Notice is also deemed to be your execution of your Grant Notice and of
this Agreement. You further agree that such manner of indicating consent may be relied upon as your signature for establishing your execution
of any documents to be executed in the future in connection with your RSU Award.

 

12.             
Other Documents.  You hereby acknowledge receipt of or the right to
receive a document providing the information required by Rule 428(b)(1) promulgated under the Securities Act, which includes the Prospectus.  In
addition, you acknowledge receipt of the Company’s Trading Policy.

 

13.             
Effect on Other Employee Benefit Plans. The value of your RSU Award shall not
be included as compensation, earnings, salaries, or other similar terms used when calculating benefits under any employee benefit plan
(other than the 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 or all of the employee benefit plans of the Company or any Affiliate.

 

14.              Compliance
with Section 409A of the Code. This RSU Award is intended to be exempt from the application of Section 409A of the
Code, including but not limited to by reason of complying with the “short-term deferral” rule set forth in Treasury
Regulation Section 1.409A-1(b)(4) and any ambiguities herein shall be interpreted accordingly. Notwithstanding the foregoing, if it
is determined that the RSU Award fails to satisfy the requirements of the short-term deferral rule and is otherwise not exempt from,
and determined to be deferred compensation subject to Section 409A of the Code, this RSU Award shall comply with Section 409A to the
extent necessary to avoid adverse personal tax consequences and any ambiguities herein shall be interpreted accordingly. If it is
determined that the RSU Award is deferred compensation subject to Section 409A and you are a “specified employee”
(within the meaning set forth in Section 409A(a)(2)(B)(i) of the Code) as of the date of your “separation from service”
(as defined in Section 409A), then the issuance of any shares that would otherwise be made upon the date of your separation from
service or within the first six (6) months thereafter will not be made on the originally scheduled date(s) and will instead be
issued in a lump sum on the date that is six (6) months and one day after the date of the separation from service, with the balance
of the shares issued thereafter in accordance with the original vesting and issuance schedule set forth above, but if and only if
such delay in the issuance of the shares is necessary to avoid the imposition of adverse taxation on you in respect of the shares
under Section 409A of the Code. Each installment of shares that vests is intended to constitute a “separate payment” for
purposes of Treasury Regulation Section 1.409A-2(b)(2).

 

15.             
Questions.  If you have questions regarding these or any other terms and conditions
applicable to your RSU Award, including a summary of the applicable federal income tax consequences please see the Prospectus.

 

    3

     

    

 

Attachment II

 

Gain
THERAPEUTICS Inc.

2022 Equity Incentive Plan

 

    1

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