Document:

Exhibit
10.1

 

 

January
21, 2022

 

By
Email

Vijay@phasefwd.com

 

Vijay
Aggarwal, Ph.D.

1200
Brentford Lane

Malvern,
Pennsylvania 19355-9776

 

Re:
Interpace Biosciences, Inc.

 

Dear
Dr. Aggarwal:

 

On
behalf of Interpace Biosciences, Inc. (the “Company”), I am very pleased to offer you the following terms and conditions
in connection with your service on the board of directors (the “Board”) of the Company should you accept this offer. This
letter constitutes an agreement (the “Agreement”) between you and the Company and contains terms and conditions relating
to your service to the Company as a member of the Board.

 

1.
Duties. You will be appointed to the Board, as chair of the Regulatory Compliance Committee (“Compliance Committee”)
and a member of the Nominating and Corporate Governance Committee (“Nominating Committee”) effective as of February 1, 2022,
to serve until the earlier of the qualification of your successor or your resignation or removal. As the members of the Board are classified,
you will be a Class I director and your position will be subject to re-election every three years at the annual shareholders’ meeting,
commencing in 2022. Upon re-election, the terms and provisions of this Agreement will remain in full force and effect. As a member of
the Board, you will be expected to serve on the Board and such other committee(s) of the Board as to which you are appointed and agree
to serve. The Board presently holds regular meetings approximately four times per year and special meetings of the Board occur from time
to time as needed. You shall use your best efforts to attend all meetings of the Board and/or Compliance Committee and Nominating Committee
called from time to time, either in-person or by telephone. You shall render services as a member of the Board in accordance with high
professional and ethical standards and in accordance with all applicable laws, rules and regulations pertaining to your performance under
this Agreement. In addition, you agree to comply with all policies of the Company, including the Company’s policy with respect
to insider trading. The services described in this paragraph as hereinafter referred to as your “Duties.”

 

 

300
Interpace Parkway | Morris Corporate Center 1, Building C | Parsippany, NJ 07054

Corporate
Offices: (855) 776-6419 | Fax: (973) 265-0191 | Info@Interpace.com

 

    	 

    Vijay Aggarwal, Ph.D.
January 21, 2022
Page 2

    

 

You
are free to represent or perform services for other persons during the term of this Agreement. You represent however that you do not
presently perform and do not intend to perform during the term of this Agreement, similar duties or other services for companies whose
business are or would be in any way competitive with the Company. Should you propose to perform similar duties or other services for
any such company, you agree to notify the Company in writing in advance and to provide to the Company sufficient information to the Company
to allow it to determine if performing such similar duties or other services would conflict with your Duties.

 

While
this Agreement is in effect, you shall immediately inform the Company if: (i) you know, have reason to know or believe that you are no
longer independent with respect to your Duties, or (ii) you serve on an audit or compensation committee of any other public company.

 

2.
Cash Compensation. In consideration for your regular attendance at meetings of the Board and carrying out other Board duties,
including as chair of the Regulatory Compliance Committee and as a member of the Nominating Committee, the Company will pay you in accordance
with the information included in our proxy statement dated September 27, 2021 an annual director’s fee of $50,000 payable quarterly
in arrears, representing $40,000 for your service as a director and $10,000 for your service as Chair of the Regulatory Compliance Committee.
You will also be entitled to reimbursement of your reasonable out-of-pocket travel expenses.

 

3.
Stock Grant. Subject to Board approval, the Company will grant to you in consideration for future services pursuant to the Company’s
2019 Equity Incentive Plan and a stock option agreement stock options for 28,000 shares of the Company’s Common Stock (the “Options”)
at an exercise price equal to the fair market value on the date of grant (February 1, 2022) which vest in equal annual installments over
a three-year period.

 

4.
Indemnification. As a director, you will be entitled to customary indemnification under the Company’s organizational documents.
The Company also carries director and officer liability insurance and you would be a covered person under any such policy so maintained
by the Company.

 

    	 

    Vijay Aggarwal, Ph.D.
January 21, 2022
Page 3

    

 

5.
Proprietary Information. You agree that all information, whether or not in writing, of a private, secret or confidential nature
concerning the Company’s business, business relationships or financial affairs (collectively, “Proprietary Information”)
is and shall be the exclusive property of the Company. In consideration for the Company sharing with you the Company’s Proprietary
Information, you agree (a) that you will not disclose any Proprietary Information to any person or entity other than employees or advisors
of the Company or use the same for any purposes (other than in the performance of your duties as a member of the Board) without written
approval by an officer of the Company, either during or after you serve as a member of the Board, unless and until such Proprietary Information
has become public knowledge without your fault, and (b) that any materials containing Proprietary Information which shall come into your
custody or possession shall be and are the exclusive property of the Company to be used only in the performance of your duties for the
Company. All such materials or copies thereof and all tangible property of the Company in your custody or possession shall be delivered
to the Company upon the earlier of (i) our request or (ii) termination of your participation on the Board. After such delivery, you shall
not retain any such materials or copies thereof or any such tangible property. You agree that your obligations not to disclose or to
use Proprietary Information and materials containing Proprietary Information and to return materials and tangible property also extend
to such types of information, materials and tangible property of customers of the Company or suppliers to the Company or other third
parties who may have disclosed or entrusted the same to you or the Company.

 

6.
Assignment of Inventions. In consideration for the Company sharing with you the Company’s Proprietary Information, you further
agree that all inventions, discoveries, data, technology, designs, innovations and improvements (whether or not patentable and whether
or not copyrightable) related to the business of the Company which are made, conceived, reduced to practice, created, written, designed
or developed by you, solely or jointly with others, during any meeting, discussions or negotiations with representatives of the Company
(“Inventions”), or thereafter if resulting or directly derived from Proprietary Information, shall be the sole property
of the Company, and you hereby assign to the Company all Inventions and any and all related patents, copyrights, trademarks, trade names,
and other industrial and intellectual property rights and applications therefor, in the United States and elsewhere.

 

7.
Obligations to Third Parties. You represent that your service as a member of the Board to the Company does not and will not breach
any agreement you have with any current or former employer or any other person (including without limitation any nondisclosure or non-competition
agreement), and that you will not disclose to the Company or induce the Company to use any confidential or proprietary information or
material belonging to any current or previous employer or others.

 

8.
No Assignment. Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you.

 

9.
Termination and Resignation. Your membership on the Board may be terminated in accordance with the Company’s certificate
of incorporation and by-laws. You may also terminate your membership on the Board for any or no reason by delivering written notice of
your resignation to the Company (“Resignation”). Such Resignation shall be effective on the later of the date of its delivery
or the date specified in the Resignation. Upon the effective date of the termination or Resignation, your right to compensation under
this Agreement will terminate, subject to the Company’s obligations to pay you any compensation that you have already earned and
to reimburse you for approved expenses already incurred in connection with your performing your Duties as of the effective date of such
termination or Resignation.

 

    	 

    Vijay Aggarwal, Ph.D.
January 21, 2022
Page 4

    

 

10.
Not an Employee. Nothing in this Agreement shall be construed as a contract of employment between you and the Company or as a
commitment on the part of the Company to retain you in any capacity, for any period of time or under any specific terms or conditions,
or to continue your service to the Company beyond any period.

 

11.
Governing Law; Consent to Jurisdiction. All questions with respect to the construction and/or enforcement of this Agreement, and
the rights and obligations of the parties hereunder, shall be determined in accordance with the laws of the State of New York applicable
to agreements made and to be performed entirely in the State of New York. The parties to this Agreement hereby consent to the jurisdiction
of the courts located in New York County, New York for any proceeding arising out of or relating to this Agreement.

 

12.
Entire Agreement; Amendment; Waiver; Counterparts. This Agreement expresses the entire understanding with respect to the subject
matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term
of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties
hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or
failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time
to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require
future performance of such provision or any other provision of this Agreement. This Agreement may be executed in separate counterparts
each of which will be an original and all of which taken together will constitute one and the same agreement, and may be executed using
facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such
signature.

 

    	 

    Vijay Aggarwal, Ph.D.
January 21, 2022
Page 5

    

 

If
you are in agreement with the terms described above, please return a countersigned copy of this letter to me. We look forward to your
participation as a member of the Board.

 

	 	Interpace
    Biosciences, Inc. 
	 	 
	 	By:
    	/s/
    Robert Gorman
	 	Robert
    Gorman
	 	Chairman
    of the Board of Directors

 

	ACCEPTED
    AND AGREED TO:	 
	 	 
	/s/
    Vijay Aggarwal, Ph.D.	 
	Vijay
    Aggarwal, Ph.D.Exhibit
4.1

NETCAPITAL
INC.

2021 EQUITY
INCENTIVE PLAN

ARTICLE
I 

PURPOSES

This Netcapital
Inc. 2021 Equity Incentive Plan, as may be amended from time to time (the “Plan”), has the following purposes:

(1) To further the growth,
development and financial success of Netcapital Inc. (the “Company”) and the Subsidiaries (as defined herein), by
providing additional incentives to employees, consultants and directors of the Company and the Subsidiaries by allowing them to become
owners of Company Common Stock, thereby benefiting directly from the growth, development and financial success of the Company and the
Subsidiaries.

(2) To enable the Company
and the Subsidiaries to obtain and retain the services of the type of professional and managerial employees, consultants and directors
considered essential to the long-range success of the Company and the Subsidiaries by providing and offering them an opportunity to become
owners of Company Common Stock pursuant to the Awards granted hereunder.

ARTICLE
II 

DEFINITIONS

Whenever the
following terms are used in this Plan, they shall have the meanings specified below unless the context clearly indicates to the contrary.
The singular pronoun shall include the plural where the context so indicates.

2.01.              
“Administrator” shall mean the Board or any committee of the Board designated by the Board to administer the Plan,
in each case as further provided in Article III.

2.02.              
“Affiliate” shall mean, with respect to any Person, any other Person directly or indirectly controlling, controlled
by or under common control with, such first Person where “control” shall have the meaning given such term under Rule 405
of the Securities Act.

2.03.              
“Alternative Award” shall have the meaning set forth in Section 14.01.

2.04.              
“Applicable Laws” shall mean the requirements relating to stock options, restricted stock, restricted stock units,
performance shares, performance awards, and other equity-based compensation awards and plans under U.S. federal and state corporate laws,
U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Company Common Stock is listed
or quoted and the applicable laws of any other country or jurisdiction where Awards are granted under the Plan.

2.05.              
“Award” shall mean any Option, Stock Purchase Right, Restricted Stock, Restricted Stock Unit, Performance Share,
Performance Unit, SAR, Dividend Equivalent, Deferred Share Unit or other Stock-Based Award granted to a Participant pursuant to the Plan,
including an Award combining two or more types of Awards into a single grant.

2.06.              
 “Award Agreement” shall mean any written agreement, contract or other instrument or document evidencing an Award,
including through an electronic medium. The Administrator may provide for the use of electronic, internet or other non-paper Award Agreements,
and the use of electronic, internet or other non-paper means for the Participant’s acceptance of, or actions under, an Award Agreement,
unless otherwise expressly specified herein.

2.07.              
“Base Price” shall have the meaning set forth in Section 2.52.

2.08.              
“Board” shall mean the Board of Directors of the Company.

2.09.              
“Cause” with respect to any Participant, shall have the meaning set forth in an applicable Award Agreement.

2.10.              
“Change in Control” shall mean the first to occur of any of the following events after the Effective Date:

(a)          
any transaction, whether by way of sales of capital stock, merger, consolidation or otherwise, that results in the direct or indirect
beneficial ownership by any person, entity or “group” (as defined in Section 13(d) of the Exchange Act), excluding the Company,
any of its Subsidiaries, any employee benefit plan of the Company or any of its Subsidiaries or any Affiliates of any of the foregoing,
of more than 50% of the combined voting power of the Company’s (or, if applicable, the surviving company after such a merger) then
outstanding voting securities;

    	 

    	 

    

(b)         
within any 12-month period, the persons who were members of the Board at the beginning of such period (the “Incumbent Directors”)
shall cease to constitute at least a majority of the Board, provided that any director elected or nominated for election to the Board
by the Incumbent Directors then still in office shall be deemed to be an Incumbent Director for purposes of this clause (b); or

(c)          
the sale, transfer or other disposition of all or substantially all of the assets of the Company to one or more Persons that are not
immediately prior to such sale, transfer or other disposition, Affiliates of the Company;

in each case, provided that, as
to Awards subject to Section 409A of the Code, such event also constitutes a “change in control” within the meaning of Section
409A of the Code. In addition, notwithstanding the foregoing, a “Change in Control” shall not be deemed to occur if the Company
files for bankruptcy, liquidation or reorganization under the United States Bankruptcy Code or as a result of any restructuring that
occurs as a result of any such proceeding.

2.11.              
“Change in Control Price” shall mean the price per share of Company Common Stock paid in conjunction with any
transaction resulting in a Change in Control. If any part of the price is payable other than in cash, the value of the non-cash portion
of the Change in Control Price shall be determined in good faith by the Administrator as constituted immediately prior to the Change
in Control.

2.12.              
“Code” shall mean the Internal Revenue Code of 1986, as amended.

2.13.              
 “Company” shall have the meaning set forth in Article I and shall include any successor thereto.

2.14.              
“Company Common Stock” shall mean the common stock, par value $0.001 per share, of the Company and such other
stock or securities into which such common stock is hereafter converted or for which such common stock is exchanged.

2.15.              
“Competitive Activity” with respect to a Participant means the Administrator’s determination, made reasonably
and in good faith, that the Participant, directly or indirectly, has engaged in a material breach of any agreement to which the Participant
and the Company or any of its Affiliates are parties (including, but not limited to, any Award Agreement) that prohibits or otherwise
limits or conditions actions of the Participant related to competition; interference with key business relationships; solicitation of
employees or physician practices, physicians, health plans or payors; disclosure of confidential information; ownership of intellectual
property; disparagement; and other similar activities.

2.16.              
“Consultant” shall mean any natural person who is engaged by the Company or any of the Subsidiaries to render
consulting or advisory services to such entity.

2.17.              
“Corporate Event” shall mean, as determined by the Administrator in its sole discretion, any transaction or event
described in Section 4.03(a) or any unusual or nonrecurring transaction or event affecting the Company, any Subsidiary, or the financial
statements of the Company or any of its Subsidiaries, or changes in Applicable Laws or accounting principles (including, without limitation,
a recapitalization of the Company).

2.18.              
“Deferred Share Unit” shall mean a unit credited to a Participant’s account in the books of the Company
under Article X, which represents the right to receive one Share of Company Common Stock or cash equal to the Fair Market Value thereof
on settlement of the account.

2.19.              
“Director” shall mean a member of the Board or a member of the board of directors of any Subsidiary.

2.20.              
“Disability” shall mean (x) for Awards that are not subject to Section 409A of the Code, “disability”
as such term is defined in the long-term disability insurance plan or program of the Company or any Subsidiary then covering the Participant
or, in the absence of such a plan or program, as determined by the Administrator, provided, that, with respect to Awards that are not
subject to Section 409A, in the case of any Participant who, as of the date of determination, is a party to an effective employment,
severance, consulting or other services agreement with the Company or any Subsidiary that employs such Participant, “Disability”
shall have the meaning, if any, specified in such agreement, and (y) for Awards that are subject to Section 409A of the Code, “disability”
shall have the meaning set forth in Section 409A(a)(2)(c) of the Code.

2.21.              
“Dividend Equivalent” shall mean the right to receive payments, in cash or in Shares, based on dividends paid
with respect to Shares.

2.22.              
“Effective Date” shall have the meaning set forth in Section 15.07.

    	 

    	 

    

2.23.              
 “Eligible Representative” for a Participant shall mean such Participant’s personal representative or such
other person as is empowered under the deceased Participant’s will or trust or the then applicable laws of descent and distribution
to represent the Participant hereunder.

2.24.              
“Employee” shall mean any individual classified as an employee by the Company or one of its Subsidiaries, whether
such employee is so employed at the time this Plan is adopted or becomes so employed subsequent to the adoption of this Plan, including
any person to whom an offer of employment has been extended (except that any Award granted to such person shall be conditioned on his
or her commencement of service). A person shall not cease to be an Employee in the case of (a) any leave of absence approved by the Company
or (b) transfers between locations of the Company or between the Company, any of its Subsidiaries, or any successor to the foregoing.
For purposes of Incentive Stock Options, no such leave may exceed three (3) months, unless reemployment upon expiration of such leave
is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed,
the employment relationship shall be deemed to have terminated on the first day immediately following such three (3)-month period, and
such Incentive Stock Option held by the Optionee shall cease to be treated as an Incentive Stock Option and shall be treated for tax
purposes as a Non-Qualified Stock Option on the first (1st) day immediately following a three (3)-month period from the date the employment
relationship is deemed terminated.

2.25.              
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

2.26.              
“Executive Officer” shall mean each person who is an officer of the Company or any Subsidiary and who is subject
to the reporting requirements under Section 16(a) of the Exchange Act.

2.27.              
“Fair Market Value” of a Share as of any date of determination shall be, unless otherwise determined by the Administrator:

(a)          
If the Company Common Stock is listed on any established stock exchange or a national market system, then the closing price on such date
per Share as reported on such stock exchange or system shall be the Fair Market Value for the date of determination;

(b)         
If there are no transactions in the Company Common Stock that are available to the Company on any date of determination pursuant to clause
(a) but transactions are available to the Company as of the immediately preceding trading date, then the Fair Market Value determined
as of the immediately preceding trading date shall be the Fair Market Value for the date of determination; or

(c)          
If neither clause (a) nor clause (b) shall apply on any date of determination, then the Fair Market Value shall be determined in good
faith by the Administrator with reference to (x) the most recent valuation of the Company Common Stock performed by an independent valuation
consultant or appraiser of nationally recognized standing selected by the Administrator, if any, (y) sales prices of securities issued
to investors in any recent arm’s length transactions, and (z) any other factors determined to be relevant by the Administrator.

2.28.              
“FICA” shall have the meaning set forth in Section 15.11.

    	 

    	 

    

2.29.              
 “Good Reason” with respect to any Participant, has the meaning, if any, set forth in an applicable Award Agreement
(or, if there is no such definition in the Participant’s Award Agreement, this term shall not apply to the Participant).

2.30.              
“Incentive Stock Option” shall mean an Option which qualifies under Section 422 of the Code and is expressly designated
as an Incentive Stock Option in the Award Agreement.

2.31.              
“Incumbent Directors” shall have the meaning set forth in the definition of “Change in Control.”

2.32.              
“Non-Qualified Stock Option” shall mean an Option that is not an Incentive Stock Option.

2.33.              
“Option” shall mean an option to purchase Company Common Stock granted under the Plan. The term “Option”
includes both an Incentive Stock Option and a Non-Qualified Stock Option.

2.34.              
“Option Price” shall have the meaning set forth in Section 6.03.

2.35.              
“Optionee” shall mean a Participant to whom an Option or SAR is granted under the Plan.

2.36.              
“Participant” shall mean any Service Provider who has been granted an Award pursuant to the Plan.

2.37.              
“Performance Award” shall mean Performance Shares, Performance Units and all other Awards that vest (in whole
or in part) upon the achievement of specified Performance Goals.

2.38.              
“Performance Cycle” shall mean the period of time selected by the Administrator during which performance is measured
for the purpose of determining the extent to which a Performance Award has been earned or vested.

2.39.              
“Performance Goals” means the objectives established by the Administrator for a Performance Cycle pursuant to
Section 9.05 for the purpose of determining the extent to which a Performance Award has been earned or vested.

2.40.              
“Performance Share” means an Award granted pursuant to Article IX of the Plan of a contractual right to receive
a Share (or the cash equivalent thereof) upon the achievement, in whole or in part, of the applicable Performance Goals.

2.41.              
“Performance Unit” means a U.S. Dollar-denominated unit (or a unit denominated in the Participant’s local
currency) granted pursuant to Article IX of the Plan, payable upon the achievement, in whole or in part, of the applicable Performance
Goals.

2.42.              
“Person” shall mean an individual, partnership, corporation, limited liability company, business trust, joint
stock company, trust, unincorporated association, joint venture, governmental authority or any other entity of whatever nature.

2.43.              
“Plan” shall have the meaning set forth in Article I.

    	 

    	 

    

2.44.              
 “Replacement Awards” shall mean Shares or Awards, issued in assumption of, or in substitution for, any outstanding awards
of any entity acquired in any form or combination by the Company or any of the Subsidiaries as reasonably determined by the Administrator.

2.45.              
“Restricted Stock” shall mean an Award granted pursuant to Section 8.01.

2.46.              
“Restricted Stock Unit” shall mean an Award granted pursuant to Section 8.02.

2.47.              
“Retirement” shall mean, (i) with respect to a Participant that is an Employee, such Employee’s resignation
after reaching the age of at least 65, together with the minimum service period, if any, required by the Administrator, or as otherwise
determined by the Administrator, or (ii) with respect to a Participant that is a Consultant or Director, as determined by the Administrator.

2.48.              
“Securities Act” shall mean the Securities Act of 1933, as amended.

2.49.              
“Service Provider” shall mean an Employee, Consultant or Director.

2.50.              
“Share” shall mean a share of Company Common Stock.

2.51.              
“Special Termination” shall mean a termination by reason of the Participant’s death or Disability.

2.52.              
“Stock Appreciation Right” or “SAR” shall mean the right to receive a payment from the Company
in cash and/or Shares equal to the product of (i) the excess, if any, of the Fair Market Value of one Share on the exercise date over
a specified price (the “Base Price”) fixed by the Administrator (which specified price shall not be less than the
Fair Market Value of one Share on the grant date), multiplied by (ii) a stated number of Shares.

2.53.              
“Stock-Based Award” shall have the meaning set forth in Article XI.

2.54.              
“Stock Purchase Right” shall mean an Award granted pursuant to Section 5.04.

2.55.              
“Subsidiary” shall mean any entity that is directly or indirectly controlled by the Company or any entity in which
the Company directly or indirectly controls at least a 50% equity interest, provided that, to the extent required under Section 422 of
the Code when granting an Incentive Stock Option, Subsidiary shall mean any corporation in an unbroken chain of corporations beginning
with such entity if each of the corporations other than the last corporation in the unbroken chain then owns stock possessing 50% or
more of the total combined voting power of all classes of stock in one of the other corporations in such chain.

2.56.              
“Termination of employment,” “termination of service” and any similar term or terms shall mean,
with respect to an Employee, the date the Participant ceases to be an Employee (determined without regard to any statutory or deemed
or express contractual notice period); with respect to a Director who is not an Employee of the Company or any of its Subsidiaries, the
date upon which such Director ceases to be a member of the Board; and, with respect to a Consultant who is not an Employee of the Company
or any of its Subsidiaries, the date upon which such Consultant ceases to provide consulting or advisory services to the Company or any
of its Subsidiaries; provided that with respect to any Award subject to Section 409A of the Code, such terms shall mean “separation
from service,” as defined in Section 409A of the Code and the rules, regulations and guidance promulgated thereunder.

    	 

    	 

    

2.57.              
“Withholding Taxes” shall mean the federal, state, local or foreign income taxes, withholding taxes or employment
taxes required to be withheld under Applicable Law, which shall be at a rate determined by the Company that is permitted under applicable
IRS withholding rules and that does not to cause adverse accounting consequences.

ARTICLE
III 

ADMINISTRATION

3.01.              
Administrator. The Plan shall be administered by the Board or a committee appointed by the Board.

3.02.              
Powers of the Administrator. Subject to the provisions of the Plan, the Administrator shall have the authority to do the following:

(a)          
determine the Fair Market Value;

(b)         
determine the type or types of Awards to be granted to each Participant;

(c)          
select the Service Providers to whom Awards may from time to time be granted hereunder;

(d)         
determine the number of Awards to be granted and the number of Shares to which an Award will relate;

(e)          
approve forms of Award Agreements for use under the Plan, which need not be identical for each Service Provider;

(f)           
determine the terms and conditions of any Awards granted hereunder (including, without limitation, the exercise price, the time or times
when Awards may be exercised (which may be based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions
and any restriction or limitation regarding any Awards or the Company Common Stock relating thereto) based in each case on such factors
as the Administrator, in its sole discretion, shall determine;

(g)         
determine all matters and questions related to the termination of service of a Service Provider with respect to any Award, including,
but not by way of limitation of, all questions of whether a particular Service Provider has taken a leave of absence, all questions of
whether a leave of absence taken by a particular Service Provider constitutes a termination of service, and all questions of whether
a termination of service of a particular Service Provider was for Cause;

(h)         
prescribe, amend and rescind rules and regulations relating to the Plan;

(i)           
determine whether, to what extent, and pursuant to what circumstances an Award may be settled in, or the exercise or purchase price of
an Award may be paid in, cash, Company Common Stock, other Awards, or other property, or an Award may be canceled, forfeited or surrendered;

    	 

    	 

    

(j)           
suspend or accelerate the vesting of any Award or waive the forfeiture restrictions or any other restriction or limitation regarding
any Awards or the Company Common Stock relating thereto;

(k)         
construe and interpret the terms of the Plan and Awards granted pursuant to the Plan;

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

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

(n)         
make all other decisions and determinations that may be required pursuant to the Plan or as the Administrator deems necessary or advisable
to administer the Plan.

Any determination made by the Administrator
under the Plan, including, without limitation, under Section 4.03, shall be final, binding and conclusive on all Participants and other
persons having or claiming any right or interest under the Plan.

3.03.              
Delegation by the Administrator. The Administrator may delegate, subject to such terms or conditions or guidelines as the Board or
Administrator shall determine (in the case of a committee acting as the Administrator, to the extent of its authority under the committee’s
charter or as otherwise approved by the Board), to any officer or group of officers, or Director or group of Directors of the Company
or its Affiliates any portion of the Administrator’s authority and powers under the Plan with respect to Participants who are not
the Chief Executive Officer, Executive Officers or non-employee directors of the Board. With respect to any Award intended to qualify
for the exemption contained in Rule 16b-3 promulgated under the Exchange Act, it is intended that such Award be granted by a committee
consisting of solely two or more “non-employee directors” within the meaning of such rule, or, in the alternative, the entire
Board.

3.04.              
Professional Assistance, Good Faith Actions. The Administrator may, in its discretion, elect to engage the services of attorneys,
consultants, accountants, appraisers, brokers or other persons. The Administrator, the Company and its officers and Directors shall be
entitled to rely upon the advice, opinions or valuations of any such persons. All actions taken and all interpretations, decisions and
determinations made by the Administrator, in good faith shall be final and binding upon all Participants, the Company and all other interested
persons. The Administrator’s determinations under the Plan need not be uniform and may be made by the Administrator selectively
among persons who receive, or are eligible to receive, Awards under the Plan, whether or not such persons are similarly situated. The
Administrator (and its members) shall not be personally liable for any action, determination or interpretation made with respect to the
Plan or the Awards, and the Administrator (and its members) shall be fully indemnified by the Company with respect to any such action,
determination or interpretation.

ARTICLE
IV 

SHARES SUBJECT
TO PLAN

    	 

    	 

    

4.01.              
Number of Shares Available for Awards.

(a)          
Shares. Subject to adjustment as provided in this Article 5 and Article 11 of the Plan, the maximum number of Shares available
for issuance to Participants pursuant to Awards under the Plan shall be 300,000. The Shares available for issuance under the Plan may
consist, in whole or in part, of authorized and unissued Shares or treasury Shares.

(b)         
Additional Shares. In the event that any outstanding Award expires or is forfeited, cancelled or otherwise terminated without
consideration (i.e., Shares or cash) therefor, the Shares subject to such Award, to the extent of any such forfeiture, cancellation,
expiration, termination or settlement, shall again be available for Awards under this Plan; provided, that any Shares tendered to or
withheld by the Company as part or full payment for the purchase price, Option Price or grant price of an Award or to satisfy all or
part of the Company’s tax withholding obligation with respect to an Award shall not again be available for Awards. If the Committee
authorizes the assumption under this Plan, in connection with any merger, consolidation, acquisition of property or stock, or reorganization,
of awards granted under another plan, such assumption shall not reduce the maximum number of Shares available for issuance under this
Plan.

4.02.              
Changes in Company Common Stock; Disposition of Assets and Corporate Events.

(a)          
If and to the extent necessary or appropriate to reflect any stock dividend, extraordinary dividend, stock split or share combination
or any recapitalization, merger, consolidation, exchange of shares, spin-off, liquidation or dissolution of the Company or other similar
transaction affecting the Company Common Stock or other Corporate Event, the Administrator shall adjust the number of shares of Company
Common Stock available for issuance under the Plan and the number, class and Option Price (if applicable) or Base Price (if applicable)
of any outstanding Award, and/or make such substitution, revision or other provisions or take such other actions with respect to any
outstanding Award or the holder or holders thereof, in each case as it determines to be equitable. Without limiting the generality of
the foregoing sentence, in the event of any Corporate Event, the Administrator shall have the power to make such changes as it deems
appropriate in (i) the number and type of shares or other securities covered by outstanding Awards, (ii) the prices specified therein
(if applicable), (iii) the securities, cash or other property to be received upon the exercise, settlement or conversion of such outstanding
Awards or otherwise to be received in connection with such outstanding Awards, and (iv) and any applicable Performance Goals. After any
adjustment made by the Administrator pursuant to this Section 4.03, the number of shares subject to each outstanding Award shall be rounded
down to the nearest whole number.

(b)         
Any adjustment of an Award pursuant to this Section 4.03 shall be effected in compliance with Section 422 and 409A of the Code to the
extent applicable.

4.03.              
Award Agreement Provisions. The Administrator may include such further provisions and limitations in any Award Agreement as it may
deem equitable and in the best interests of the Company and its Subsidiaries.

    	 

    	 

    

4.04.              
Prohibition Against Repricing. Except to the extent (i) approved in advance by holders of a majority of the Shares entitled to vote
generally in the election of directors or (ii) pursuant to Section 4.02 as a result of any Corporate Event, the Administrator shall not
have the power or authority to reduce, whether through amendment or otherwise, the exercise price of any outstanding Option or Base Price
of any outstanding SAR or to grant any new Award, or make any cash payment, in substitution for or upon the cancellation of Options or
SARs previously granted.

ARTICLE
V 

GRANTING
OF OPTIONS AND SARS AND SALE OF COMPANY COMMON STOCK

5.01.              
Eligibility. Non-Qualified Stock Options and SARs may be granted to Service Providers. Subject to Section 5.02, Incentive Stock Options
may only be granted to Employees.

5.02.              
Qualification of Incentive Stock Options. No Employee may be granted an Incentive Stock Option under the Plan if such Employee, at
the time the Incentive Stock Option is granted, owns stock possessing more than 10% of the total combined voting power of all classes
of stock of the Company or any then existing Subsidiary or “parent corporation” (within the meaning of Section 424(e) of
the Code) unless such Incentive Stock Option conforms to the applicable provisions of Section 422 of the Code.

5.03.              
Granting of Options and SARs to Service Providers.

(a)          
Options and SARs. The Administrator may from time to time:

(i)                
Select from among the Service Providers (including those to whom Options or SARs have been previously granted under the Plan) such of
them as in its opinion should be granted Options and/or SARs;

(ii)                
Determine the number of Shares to be subject to such Options and/or SARs granted to such Service Provider, and determine whether such
Options are to be Incentive Stock Options or Non-Qualified Stock Options; and

(iii)                
Determine the terms and conditions of such Options and SARs, consistent with the Plan.

(b)         
SARs may be granted in tandem with Options or may be granted on a freestanding basis, not related to any Option. Unless otherwise determined
by the Administrator at the grant date or determined thereafter in a manner more favorable to the Participant, SARs granted in tandem
with Options shall have substantially similar terms and conditions to such Options to the extent applicable, or may be granted on a freestanding
basis, not related to any Option.

(c)          
Upon the selection of a Service Provider to be granted an Option or SAR under this Section 5.03, the Administrator shall issue, or shall
instruct an authorized officer to issue, such Option or SAR and may impose such conditions on the grant of such Option or SAR as it deems
appropriate. Subject to Section 15.02 of the Plan, any Incentive Stock Option granted under the Plan may be modified by the Administrator,
without the consent of the Optionee, even if such modification would result in the disqualification of such Option as an “incentive
stock option” under Section 422 of the Code.

    	 

    	 

    

5.04.              
Sale of Company Common Stock to Service Providers. The Administrator, acting in its sole discretion, may from time to time designate
one or more Service Providers to whom an offer to sell Shares shall be made and the terms and conditions thereof, provided, however,
that the price per Share shall not be less than the Fair Market Value of such Shares on the date any such offer is accepted. Each Share
sold to a Service Provider under this Section 5.04 shall be evidenced by such agreements as shall be approved by the Administrator, which
shall contain terms consistent with the terms hereof. Any Shares sold under this Section 5.04 shall be subject to the same limitations,
restrictions and administration hereunder as would apply to any Shares issued pursuant to the exercise of an Option under this Plan including,
without limitation, conditions and restrictions set forth in Section 7.06.

ARTICLE
VI 

TERMS OF
OPTIONS AND SARS

6.01.              
Award Agreement. Each Option and each SAR shall be evidenced by an Award Agreement, which shall be accepted and acknowledged by the
Optionee, including by electronic means, and which shall contain such terms and conditions as the Administrator shall determine, consistent
with the Plan. Award Agreements evidencing Incentive Stock Options shall contain such terms and conditions as may be necessary to qualify
such Options as “incentive stock options” under Section 422 of the Code.

6.02.              
Exercisability and Vesting of Options and SARs.

(a)          
Each Option and SAR shall vest and become exercisable according to the terms of the applicable Award Agreement; provided, however, that
by a resolution adopted after an Option or SAR is granted the Administrator may, on such terms and conditions as it may determine to
be appropriate, accelerate the time at which such Option or SAR or any portion thereof may be exercised.

(b)         
Except as otherwise provided by the Administrator or in the applicable Award Agreement, no portion of an Option or SAR which is unexercisable
on the date that an Optionee incurs a termination of service as a Service Provider shall thereafter become exercisable.

(c)          
The aggregate Fair Market Value (determined as of the time the Option is granted) of all Shares with respect to which Incentive Stock
Options are first exercisable by a Service Provider in any calendar year may not exceed U.S. $100,000 or such other limitation as imposed
by Section 422(d) of the Code, or any successor provision. To the extent that Incentive Stock Options are first exercisable by a Participant
in excess of such limitation, the excess shall be considered Non-Qualified Stock Options.

(d)         
SARs granted in tandem with an Option shall become vested and exercisable on the same date or dates as the Options with which such SARs
are associated vest and become exercisable. SARs that are granted in tandem with an Option may only be exercised upon the surrender of
the right to exercise such Option for an equivalent number of Shares, and may be exercised only with respect to the Shares for which
the related Option is then exercisable.

    	 

    	 

    

6.03.              
Option Price and Base Price. Excluding Replacement Awards, the per Share purchase price of the Shares subject to each Option (the
“Option Price”) and the Base Price of each SAR shall be set by the Administrator and shall be not less than 100% of
the Fair Market Value of such Shares on the date such Option or SAR is granted.

6.04.              
Expiration of Options and SARs. No Option or SAR may be exercised after the first to occur of the following events:

(a)          
The expiration of ten (10) years from the date the Option or SAR was granted; or

(b)         
With respect to an Incentive Stock Option, in the case of an Optionee owning (within the meaning of Section 424(d) of the Code), at the
time the Incentive Stock Option was granted, more than 10% of the total combined voting power of all classes of stock of the Company
or any Subsidiary, the expiration of five (5) years from the date the Incentive Stock Option was granted.

ARTICLE
VII 

EXERCISE
OF OPTIONS AND SARS

7.01.              
Person Eligible to Exercise. During the lifetime of the Optionee, only the Optionee may exercise an Option or SAR (or any portion
thereof) granted to him or her; provided, however, that the Optionee’s Eligible Representative may exercise his or her Option or
SAR or portion thereof during the period of the Optionee’s Disability. After the death of the Optionee, any exercisable portion
of an Option or SAR may, prior to the time when such portion becomes unexercisable under the Plan or the applicable Award Agreement,
be exercised by his or her Eligible Representative.

7.02.              
Partial Exercise. At any time and from time to time prior to the date on which the Option or SAR becomes unexercisable under the
Plan or the applicable Award Agreement, the exercisable portion of an Option or SAR may be exercised in whole or in part; provided, however,
that the Company shall not be required to issue fractional Shares and the Administrator may, by the terms of the Option or SAR, require
any partial exercise to exceed a specified minimum number of Shares.

7.03.              
Manner of Exercise. Subject to any generally applicable conditions or procedures that may be imposed by the Administrator, an exercisable
Option or SAR, or any exercisable portion thereof, may be exercised solely by delivery to the Administrator or its designee of all of
the following prior to the time when such Option or SAR or such portion becomes unexercisable under the Plan or the applicable Award
Agreement:

(a)          
Notice in writing delivered by the Optionee or his or her Eligible Representative, stating that such Option or SAR or portion is being
exercised, and specifically stating the number of Shares with respect to which the Option or SAR is being exercised (which form of notice
shall be provided by the Administrator upon request and may be electronic);

    	 

    	 

    

(b)         
A copy of any agreements or other documentation required by the Company at the time of exercise;

(c)          
(i) With respect to the exercise of any Option, full payment (in cash (through wire transfer only) or by personal, certified, or bank
cashier check) of the aggregate Option Price of the Shares with respect to which such Option (or portion thereof) is thereby exercised;
(ii) with the consent of the Administrator, (A) Shares owned by the Optionee duly endorsed for transfer to the Company or (B) Shares
issuable to the Optionee upon exercise of the Option, with a Fair Market Value on the date of Option exercise equal to the aggregate
Option Price of the Shares with respect to which such Option (or portion thereof) is thereby exercised; or (iii) unless otherwise determined
by the Administrator, payment of the Option Price and applicable Withholding Taxes through a broker-assisted cashless exercise program
established by the Company; or (iv) with the consent of the Administrator, any form of payment of the Option Price permitted by Applicable
Laws and any combination of the foregoing methods of payment; and

(d)         
In the event that the Option or SAR or portion thereof shall be exercised as permitted under Section 7.01 by any person or persons other
than the Optionee, appropriate proof of the right of such person or persons to exercise the Option or SAR or portion thereof.

7.04.              
Optionee Representations. The Company, in its sole discretion, may require an Optionee to make certain representations or acknowledgements,
on or prior to the purchase of any Shares pursuant to any Option or SAR granted under this Plan, in respect thereof including, without
limitation, that the Optionee is acquiring the Shares for an investment purpose and not for resale, and, if the Optionee is an Affiliate,
additional acknowledgements regarding when and to what extent any transfers of such Shares may occur.

7.05.              
Settlement of SARs. Unless otherwise determined by the Administrator, upon exercise of a SAR, the Participant shall be entitled to
receive payment in the form, determined by the Administrator, of Shares, or cash, or a combination of Shares and cash having an aggregate
value equal to the amount determined by multiplying:

(a)          
any increase in the Fair Market Value of one Share on the exercise date over the Base Price of such SAR, by

(b)         
the number of Shares with respect to which such SAR is exercised;

provided, however, that on the grant
date, the Administrator may establish, in its sole discretion, a maximum amount per Share that may be payable upon exercise of a SAR,
and provided, further, that in no event shall the value of the Company Common Stock or cash delivered on exercise of a SAR exceed the
excess of the Fair Market Value of the Shares with respect to which the SAR is exercised over the Fair Market Value of such Shares on
the grant date of such SAR.

7.06.              
Conditions to Issuance of Shares. The Company shall evidence the issuance of Shares delivered upon exercise of an Option or SAR in
the books and records of the Company or in a manner determined by the Company. The Administrator shall not have any liability to any
Optionee for any delay in the delivery of Shares to be issued upon an Optionee’s exercise of an Option or SAR.

    	 

    	 

    

7.07.              
Rights as Stockholders. The holder of an Option or SAR shall not be, nor have any of the rights or privileges of, a stockholder of
the Company in respect of any Shares purchasable upon the exercise of any part of an Option or SAR unless and until the Shares attributable
to the exercise of the Option or SAR have been issued by the Company to such holder.

7.08.              
Transfer Restrictions. The Administrator, in its sole discretion, may set forth in an Award Agreement or in such other agreements
to be entered into at the time of exercise, such further restrictions on the transferability of the Shares purchasable upon the exercise
of an Option or SAR as it deems appropriate. Any such restriction may be referred to in the Share register maintained by the Company
or otherwise in a manner reflecting its applicability to the Shares. An Employee must give the Company prompt notice of any disposition
of Shares acquired by exercise of an Incentive Stock Option, within two (2) years from the date of granting such Option or one (1) year
after the transfer of such Shares to such Employee.

ARTICLE
VIII 

RESTRICTED
STOCK AWARDS AND RESTRICTED STOCK UNIT AWARDS

8.01.              
Restricted Stock.

(a)          
Grant of Restricted Stock. The Administrator is authorized to make Awards of Restricted Stock to any Service Provider selected
by the Administrator in such amounts and subject to such terms and conditions as determined by the Administrator. All Awards of Restricted
Stock shall be evidenced by an Award Agreement.

(b)         
Issuance and Restrictions. Restricted Stock shall be subject to such restrictions on transferability and other restrictions as
the Administrator may impose. These restrictions may lapse separately or in combination at such times, pursuant to such circumstances,
in such installments, or otherwise, as the Administrator determines at the time of the grant of the Award or thereafter.

(c)          
Issuance of Restricted Stock. The issuance of Restricted Stock granted pursuant to the Plan may be evidenced in such manner as
the Administrator shall determine.

8.02.              
Restricted Stock Units. The Administrator is authorized to make Awards of Restricted Stock Units to any Service Provider selected
by the Administrator in such amounts and subject to such terms and conditions as determined by the Administrator. At the time of grant,
the Administrator shall specify the date or dates on which the Restricted Stock Units shall become fully vested and nonforfeitable, and
may specify such conditions to vesting as it deems appropriate. At the time of grant, the Administrator shall specify the settlement
date applicable to each grant of Restricted Stock Units. Unless otherwise provided in an Award Agreement, on the settlement date, the
Company shall, subject to the terms of this Plan (including satisfaction of applicable Withholding Taxes), transfer to the Participant
one Share for each Restricted Stock Unit scheduled to be paid out on such date and not previously forfeited. The Administrator shall
specify the purchase price, if any, to be paid by the grantee to the Company for such Shares.

    	 

    	 

    

8.03.              
Rights as a Stockholder. A Participant shall not be, nor have any of the rights or privileges of, a stockholder in respect of Restricted
Stock Units awarded pursuant to the Plan unless and until the Shares attributable to such Restricted Stock Units have been issued to
such Participant.

ARTICLE
IX 

PERFORMANCE
SHARES AND PERFORMANCE UNITS

9.01.              
Grant of Performance Awards. The Administrator is authorized to make Awards of Performance Shares and Performance Units to any Participant
selected by the Administrator in such amounts and subject to such terms and conditions as determined by the Administrator. All Performance
Shares and Performance Units shall be evidenced by an Award Agreement.

9.02.              
Issuance and Restrictions. The Administrator shall have the authority to determine the Participants who shall receive Performance
Shares and Performance Units, the number of Performance Shares and the number and value of Performance Units each Participant receives
for any Performance Cycle, and the Performance Goals applicable in respect of such Performance Shares and Performance Units for each
Performance Cycle. The Administrator shall determine the duration of each Performance Cycle (and the duration of Performance Cycles may
differ from one another), and there may be more than one Performance Cycle in existence at any one time. An Award Agreement evidencing
the grant of Performance Shares or Performance Units shall specify the number of Performance Shares and the number and value of Performance
Units awarded to the Participant, the Performance Goals applicable thereto, and such other terms and conditions not inconsistent with
the Plan as the Administrator shall determine. No Company Common Stock will be issued at the time an Award of Performance Shares is made,
and the Company shall not be required to set aside a fund for the payment of Performance Shares or Performance Units.

9.03.              
Earned Performance Shares and Performance Units. Performance Shares and Performance Units shall become earned, in whole or in part,
based upon the attainment of specified Performance Goals or the occurrence of any event or events, as the Administrator shall determine,
either in an Award Agreement or thereafter on terms more favorable to the Participant. In addition to the achievement of the specified
Performance Goals, the Administrator may condition payment of Performance Shares and Performance Units on such other conditions as the
Administrator shall specify in an Award Agreement. The Administrator may also provide in an Award Agreement for the completion of a minimum
period of service (in addition to the achievement of any applicable Performance Goals) as a condition to the vesting of any Performance
Share or Performance Unit Award.

9.04.              
Rights as a Stockholder. A Participant shall not have any rights as a stockholder in respect of Performance Shares or Performance
Units awarded pursuant to the Plan (including, without limitation, the right to vote on any matter submitted to the Company’s stockholders)
until such time as the Shares attributable to such Performance Shares or Performance Units have been issued to such Participant or his
or her beneficiary.

    	 

    	 

    

9.05.              
Performance Goals. The Administrator shall establish in the Award Agreement or otherwise the Performance Goals that must be satisfied
in order for a Participant to receive an Award for a Performance Period or for an Award of Performance Shares or Performance Units to
be earned or vested. The Administrator may provide for a threshold level of performance below which no amount of compensation will be
paid and a maximum level of performance above which no additional amount of compensation will be paid under the Plan, and it may provide
for the payment of differing amounts of compensation for different levels of performance. Performance Goals may be established on a Company-wide
basis, with respect to one or more business units, divisions, Subsidiaries or products or based on individual performance measures, and
may be expressed in absolute terms or relative to other metrics including internal targets or budgets, past performance of the Company,
the performance of one or more similarly situated companies, performance of an index, outstanding equity or other external measures.
In the case of earning-based measures, Performance Goals may include comparisons relating to capital (including but limited to, the cost
of capital), shareholders’ equity, shares outstanding, assets or net assets, or any combination thereof. Performance Goals may
also be subject to such other terms and conditions as the Administrator may determine appropriate. The Administrator may also adjust
the Performance Goals for any Performance Cycle as it deems equitable in recognition of unusual or nonrecurring events affecting the
Company, changes in applicable tax laws or accounting principles or such other events, changes or factors as the Administrator may determine.

9.06.              
Determination of Attainment of Performance Goals. As soon as practicable following the end of a Performance Cycle and prior to any
payment or vesting in respect of such Performance Cycle, the Administrator shall determine the number of Performance Shares, other Performance
Awards, the number and value of Performance Units or the amount of any cash entitlement, as applicable that has been earned or vested.
Notwithstanding anything in this Article IX to the contrary, the Administrator shall have the right, in its absolute discretion, (i)
to reduce or eliminate the amount otherwise payable to any Participant based on individual performance or any other factors that the
Administrator, in its discretion, shall deem appropriate and (ii) to establish rules or procedures that have the effect of limiting the
amount payable to each Participant to an amount that is less than the maximum amount otherwise authorized under the Award or under the
Plan.

9.07.              
Newly Eligible Participants. Notwithstanding anything in this Article IX to the contrary, the Administrator shall be entitled to
make such rules, determinations and adjustments as it deems appropriate with respect to any Participant who becomes eligible to receive
Performance Shares, Performance Units or other Performance Awards after the commencement of a Performance Cycle.

 

ARTICLE
X 

DEFERRED
SHARE UNITS

10.01.          
Grant. Subject to Article III, the Administrator is authorized to make awards of Deferred Share Units to any Participant selected
by the Administrator at such time or times as shall be determined by the Administrator without regard to any election by the Participant
to defer receipt of any compensation or bonus amount payable to him. The grant date of any Deferred Share Unit under the Plan will be
the date on which such Deferred Share Unit is awarded by the Administrator or on such other future date as the Administrator shall determine
in its sole discretion. Upon the grant of Deferred Share Units pursuant to the Plan, the Company shall establish a notional account for
the Participant and will record in such account the number of Deferred Share Units awarded to the Participant. No Shares will be issued
to the Participant at the time an award of Deferred Share Units is granted. Subject to Article III and Applicable Law (including Section
409A of the Code), Deferred Share Units may become payable on a Corporate Event, termination of employment or on a specified date or
dates set forth in the Award Agreement evidencing such Deferred Share Units.

    	 

    	 

    

10.02.          
Rights as a Stockholder. A Participant shall not be, nor have any of the rights and privileges of, a stockholder of the Company in
respect of Deferred Share Units awarded pursuant to the Plan unless and until such time as the Shares attributable to such Deferred Share
Units have been issued to such Participant.

10.03.          
Vesting. Unless the Administrator provides otherwise at the grant date or provides thereafter in a manner more favorable to the Participant,
Deferred Share Units shall be fully vested and nonforfeitable when granted

10.04.          
Settlement. Subject to this Article X, upon the date specified in the Award Agreement evidencing the Deferred Share Units, for each
such Deferred Share Unit the Participant shall receive, as specified in the Award Agreement (and subject to satisfaction of applicable
Withholding Taxes), (i) a cash payment equal to the Fair Market Value of one (1) Share as of such payment date, (ii) one (1) Share or
(iii) any combination of clauses (i) and (ii).

ARTICLE
XI 

OTHER STOCK-BASED
AWARDS

11.01.          
Grants of Stock-Based Awards. The Administrator is authorized to make Awards of other types of equity-based or equity-related awards
(“Stock-Based Awards”) not otherwise described by the terms of the Plan in such amounts and subject to such terms
and conditions as the Administrator shall determine. All Stock-Based Awards shall be evidenced by an Award Agreement. Such Stock-Based
Awards may be granted as an inducement to enter the employ of the Company or any Subsidiary or in satisfaction of any obligation of the
Company or any Subsidiary to a Service Provider, whether pursuant to this Plan or otherwise, that would otherwise have been payable in
cash or in respect of any other obligation of the Company. Such Stock-Based Awards may entail the transfer of actual Shares, or payment
in cash or otherwise of amounts based on the value of Shares.

ARTICLE
XII 

DIVIDEND
EQUIVALENTS

12.01.          
Generally. Dividend Equivalents may be granted to Participants at such time or times as shall be determined by the Administrator.
Dividend Equivalents may be granted in tandem with other Awards, in addition to other Awards, or freestanding and unrelated to other
Awards. The grant date of any Dividend Equivalents under the Plan will be the date on which the Dividend Equivalent is awarded by the
Administrator, or such other date permitted by Applicable Laws as the Administrator shall determine in its sole discretion. Dividend
Equivalents may, at the discretion of the Administrator, be fully vested and nonforfeitable when granted or subject to such vesting conditions
as determined by the Administrator. For the avoidance of doubt, Dividend Equivalents with respect to Awards shall not be fully vested
until the Awards have been earned and shall be forfeited if the related Award is forfeited. Dividend Equivalents shall be evidenced in
writing, whether as part of the Award Agreement governing the terms of the Award, if any, to which such Dividend Equivalent relates,
or pursuant to a separate Award Agreement with respect to freestanding Dividend Equivalents.

    	 

    	 

    

ARTICLE
XIII 

TERMINATION
AND FORFEITURE

13.01.          
Termination. Except as provided in Article XIV or in the applicable Award Agreement, or as determined by the Administrator, unvested
awards granted under the Plan will be forfeited upon a Participant’s termination of employment or service to the Company for any
reason.

13.02.          
Forfeiture and Recoupment of Awards. Awards granted under this Plan (and gains earned or accrued in connection with Awards) shall
be subject to such generally applicable policies as to forfeiture and recoupment (including, without limitation, upon the occurrence
of material financial or accounting errors, financial or other misconduct or Competitive Activity) as may be adopted by the Administrator
or the Board from time to time. Any such policies may (in the discretion of the Administrator or the Board) be applied to outstanding
Awards at the time of adoption of such policies, or on a prospective basis only. Participants shall also forfeit and disgorge to the
Company any Awards granted or vested and any gains earned or accrued due to the exercise of Options or SARs or the sale of any Company
Common Stock to the extent required by Applicable Law or as required by any stock exchange or quotation system on which the Company Common
Stock is listed or quoted, in each case in effect on or after the Effective Date, including Section 304 of the Sarbanes-Oxley Act of
2002 and Section 10D of the Exchange Act and any regulations promulgated thereunder. For the avoidance of doubt, the Administrator shall
have full authority to implement any policies and procedures necessary to comply with Applicable Law and/or the requirements of any stock
exchange or quotation system on which the Company Common Stock is listed or quoted. The implementation of policies and procedures pursuant
to this Section 13.02 and any modification of the same shall not be subject to any restrictions on amendment or modification of Awards.

13.03.          
Clawbacks. Awards shall be subject to any generally applicable clawback policy adopted by the Administrator, the Board or the Company
that is communicated to the Participants or any such policy adopted to comply with Applicable Law.

ARTICLE
XIV 

CHANGE IN
CONTROL

14.01.          
Alternative Awards. Unless otherwise expressly provided in an Award Agreement, subject to Section 14.02, no cancellation, acceleration
of vesting or other payment shall occur in connection with a Change in Control with respect to any (i) unvested or unexercisable Award
and/or (ii) if reasonably determined in good faith by the Administrator prior to the occurrence of the Change in Control, vested Awards,
and such Award shall be honored or assumed, or new rights substituted therefor following the Change in Control (such honored, assumed
or substituted award, an “Alternative Award”), provided that any Alternative Award must (x) give the Participant who
held such Award rights and entitlements substantially equivalent to or better than the rights and terms applicable under such Award immediately
prior to the Change in Control, including, without limitation, an identical or better schedule as to vesting and/or exercisability and
that Alternative Awards that are stock options have identical or better methods of payment of the exercise price thereof; (y) as to any
service-based vesting requirement applicable to the Award, provide for full vesting of the Alternative Award, if within twelve (12) months
following a Change in Control, the Participant’s employment or service is terminated by the Company without Cause or by the Participant
for Good Reason during the remaining vesting period thereof; and (z) as to any performance-based vesting requirement applicable to the
Award, provide for vesting of the Alternative Award at target levels, if within twelve (12) months following a Change in Control, the
Participant’s employment or service is terminated by the Company without Cause or by the Participant for Good Reason during the
remaining vesting period thereof. If the Administrator determines in connection with a Change in Control that performance-based vesting
requirements applicable to an Award will no longer operate as intended following the Change in Control or will no longer provide the
intended incentive, the Administrator may modify such performance-based vesting requirements or impose new performance-based vesting
requirements so long as the Administrator determines that such modified or new performance-based vesting requirements are not materially
more difficult to achieve than the performance-based vesting requirements applicable to the Award immediately prior to the Change in
Control.

Notwithstanding
this Section 14.01, if the securities underlying the Alternative Award are not publicly traded, (i) the acquisition, holding and disposition
of the shares underlying the Alternative Award may be subject to such terms and conditions as are established by the Administrator prior
to the Change in Control and (ii) the Company or the acquiror in such Change in Control shall be required to repurchase any vested Alternative
Awards or securities underlying such Alternative Awards following termination of employment (other than termination for Cause or other
circumstances resulting in the forfeiture of such Alternative Awards in accordance with Section 13.02 or an applicable award agreement)
for cash or marketable securities equal to the fair market value of the securities subject to such Alternative Award on the effective
date of termination (and, in the case of Alternative Awards that are stock options or stock appreciation rights, in excess of the exercise
price or base price that the Participant would be required to pay in respect of such Alternative Award).

14.02.          
Settlement. Except as otherwise provided in this Article XIV or in an Award Agreement or thereafter on terms more favorable to a
Participant, if the Administrator reasonably determines in good faith, prior to the occurrence of a Change in Control, that no Alternative
Awards will be provided upon a Change in Control:

    	 

    	 

    

(a)          
each unvested Award (other than Performance Awards and freestanding Dividend Equivalents not granted in connection with another Award)
shall vest;

(b)         
each outstanding Option and SAR shall be canceled in exchange for a payment equal to the excess, if any, of the Change in Control Price
over the applicable Option Price or Base Price;

(c)          
Shares underlying all Restricted Stock, Restricted Stock Units, Performance Shares and Performance Units, and other Stock-Based Awards
that are vested (as provided in this Section 14.02 or otherwise) shall be issued or released to the Participant holding such Award, except
to the extent that the Administrator has determined, in accordance with authority granted to it by the Plan or the applicable Award Agreement
to settle such Award in cash in lieu of shares;

(d)         
each outstanding Performance Award shall be treated as provided in the individual Award Agreement governing such Performance Award; and

(e)          
all freestanding Dividend Equivalents not granted in connection with another Award shall be cancelled without payment therefor.

To the extent
any portion of the Change in Control Price is payable other than in cash and/or other than at the time of the Change in Control, Award
holders under the Plan shall receive the same value in respect of their Awards (less any applicable exercise price, Base Price or similar
feature) as is received by the Company’s stockholders in respect of their Company Common Stock (as determined by the Administrator),
and the Administrator shall determine the extent to which such value shall be paid in cash, in securities or other property, or in a
combination of cash and securities or other property, consistent with Applicable Law. To the extent any portion of the Change in Control
Price is payable other than at the time of the Change in Control, the Administrator shall determine the time and form of payment to the
holders of Award consistent with Section 409A of the Code and other Applicable Laws. For avoidance of doubt, upon a Change in Control
the Administrator may cancel Options and SARs for no consideration if the aggregate Fair Market Value of the Shares subject to Options
and SARs is less than or equal to the Option Price of such Options or the Base Price of such SARs.

14.03.          
Section 409A. Notwithstanding the discretion in Sections 14.01 and 14.02, if any Award is subject to Section 409A of the Code and
an Alternative Award would be deemed a non-compliant modification of such Award under Section 409A, then no Alternative Award shall be
provided and such Award shall instead be treated as provided in Section 14.02 or in the Award Agreement (or in such other manner determined
by the Administrator that is a compliant modification under Section 409A).

ARTICLE
XV 

OTHER PROVISIONS

15.01.          
Awards Not Transferable. Unless otherwise approved by the Administrator, no Award or interest or right therein or part thereof shall
be liable for the debts, contracts or engagements of the Participant or his or her successors in interest or shall be subject to disposition
by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary
or by operation of law, by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy),
and any attempted disposition thereof shall be null and void and of no effect; provided, however, that nothing in this Section 15.01
shall prevent transfers by will or by the applicable laws of descent and distribution or, with the prior approval of the Company’s
General Counsel or the Administrator, estate planning transfers.

    	 

    	 

    

15.02.          
Amendment, Suspension or Termination of the Plan or Award Agreements.

(a)          
The Plan may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Administrator;
provided that without the approval by a majority of the shares entitled to vote at a duly constituted meeting of shareholders of the
Company, no amendment or modification to the Plan may (i) except as otherwise expressly provided in Section 4.01(a) or Section 4.03,
increase the number of Shares subject to the Plan, (ii) the individual Award limitations applicable to non-employee Directors specified
in Section 4.02; (iii) modify the class of persons eligible for participation in the Plan; (iv) modify the prohibition against repricing
in Section 4.05; or (v) materially modify the Plan in any other way that would require shareholder approval under Applicable Law.

(b)         
Except as otherwise expressly provided in the Plan, neither the amendment, suspension nor termination of the Plan shall, without the
consent of the holder of the Award, adversely alter or impair any rights or obligations under any Award theretofore granted.

(c)          
Notwithstanding any provision of the Plan to the contrary, in no event shall adjustments made by the Administrator pursuant to Section
4.03 or the application of Section 13.02, Section 13.03, Section 14.01, Section 14.02, Section 15.06 or Section 15.12 to any Participant
constitute an amendment of the Plan or of any Award Agreement requiring the consent of any Participant.

(d)         
No Award may be granted during any period of suspension or after termination of the Plan, and in no event may any Award be granted under
this Plan after the expiration of ten (10) years from the Effective Date.

15.03.          
Effect of Plan upon Other Award and Compensation Plans. The adoption of this Plan shall not affect any other compensation or incentive
plans in effect for the Company or any of its Subsidiaries. Nothing in this Plan shall be construed to limit the right of the Company
or any of the Subsidiaries (a) to establish any other forms of incentives or compensation for Service Providers or (b) to grant or assume
options or restricted stock other than under this Plan in connection with any proper corporate purpose, including, but not by way of
limitation, the grant or assumption of options or restricted stock in connection with the acquisition by purchase, lease, merger, consolidation
or otherwise, of the business, stock or assets of any corporation, firm or association.

15.04.          
At-Will Employment. Nothing in the Plan or any Award Agreement hereunder shall confer upon the Participant any right to continue
as a Service Provider of the Company or any of the Subsidiaries or shall interfere with or restrict in any way the rights of the Company
and any of its Subsidiaries, which are hereby expressly reserved, to discharge any Participant at any time for any reason whatsoever,
with or without Cause.

15.05.          
Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of the
Plan.

15.06.          
Conformity to Securities Laws. The Plan is intended to conform to the extent necessary with all provisions of the Securities Act
and the Exchange Act and any and all regulations and rules promulgated under any of the foregoing, to the extent the Company, any of
the Subsidiaries or any Participant is subject to the provisions thereof. Notwithstanding anything herein to the contrary, the Plan shall
be administered, and Awards shall be granted and may be exercised, only in such a manner as to conform to such laws, rules and regulations.
To the extent permitted by Applicable Law, the Plan and Awards granted hereunder shall be deemed amended to the extent necessary to conform
to such laws, rules and regulations.

15.07.          
Term of Plan. Unless sooner terminated pursuant to Section 15.02, until the tenth (10th) anniversary of the Effective Date. The provisions
of the Plan shall continue thereafter to govern all outstanding Awards.

15.08.          
Governing Law. To the extent not preempted by federal law, the Plan shall be construed in accordance with and governed by the laws
of the State of Utah regardless of the application of rules of conflict of law that would apply the laws of any other jurisdiction.

15.09.          
Severability. In the event any portion of the Plan or any action taken pursuant thereto shall be held illegal or invalid for any
reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as
if the illegal or invalid provisions had not been included, and the illegal or invalid action shall be null and void.

15.10.          
Governing Documents. In the event of any express contradiction between the Plan and any Award Agreement or any other written agreement
between a Participant and the Company or any Subsidiary that has been approved by the Administrator, the express terms of the Plan shall
govern, unless it is expressly specified in such Award Agreement or other written document that such express provision of the Plan shall
not apply.

15.11.          
Withholding Taxes. In addition to any rights or obligations with respect to Withholding Taxes under the Plan or any applicable Award
Agreement, the Company or any Subsidiary employing a Service Provider shall have the right to withhold from the Service Provider, or
otherwise require the Service Provider or an assignee to pay, any Withholding Taxes arising as a result of grant, exercise, vesting or
settlement of any Award or any other taxable event occurring pursuant to the Plan or any Award Agreement, including, without limitation,
to the extent permitted by law, the right to deduct any such Withholding Taxes from any payment of any kind otherwise due to the Service
Provider or to take such other actions (including, without limitation, withholding any Shares or cash deliverable pursuant to the Plan
or any Award) as may be necessary to satisfy all or any portion of such Withholding Taxes; provided, however, that in the event that
the Company withholds Shares issued or issuable to the Participant to satisfy all or any portion of the Withholding Taxes, the Company
shall withhold a number of whole Shares having a Fair Market Value, determined as of the date of withholding, not in excess of the maximum
amount of tax required to be withheld by law (or such lower amount as may be necessary to avoid liability award accounting) and any remaining
amount shall be remitted in cash or withheld; and provided, further, that with respect to any Award subject to Section 409A of the Code,
in no event shall Shares be withheld pursuant to this Section 15.11 (other than upon or immediately prior to settlement in accordance
with the Plan and the applicable Award Agreement) other than to pay taxes imposed under the U.S. Federal Insurance Contributions Act
(“FICA”) and any associated U.S. federal withholding tax imposed under Section 3401 of the Code and in no event shall
the value of such Shares (other than upon immediately prior to settlement) exceed the amount of the tax imposed under FICA and any associated
U.S. federal withholding tax imposed under Section 3401 of the Code. The Participant shall be responsible for all Withholding Taxes and
other tax consequences of any Award.

    	 

    	 

    

15.12.          
Section 409A. To the extent that the Administrator determines that any Award is subject to Section 409A of the Code, the Award Agreement
evidencing such Award shall incorporate any terms and conditions required by Section 409A of the Code. To the extent applicable, the
Plan and Award Agreements shall be interpreted in accordance with Section 409A of the Code and Department of Treasury regulations and
other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued
after the adoption of the Plan. Notwithstanding any provision of the Plan to the contrary, in the event that following the adoption of
the Plan, the Administrator determines that any Award may be subject to Section 409A of the Code and related regulations and Department
of Treasury guidance (including such Department of Treasury guidance as may be issued after the adoption of the Plan), the Administrator
may adopt such amendments to the Plan and the applicable Award Agreement or adopt other policies and procedures (including amendments,
policies and procedures with retroactive effect), or take any other actions, that the Administrator determines are necessary or appropriate
to (a) exempt the Award from Section 409A of the Code and/or preserve the intended tax treatment of the benefits provided with respect
to the Award, (b) comply with the requirements of Section 409A of the Code and related Department of Treasury guidance or (c) comply
with any correction procedures available with respect to Section 409A of the Code. Notwithstanding anything else contained in this Plan
or any Award Agreement to the contrary, if a Service Provider is a “specified employee” as determined pursuant to Section
409A under any Company Specified Employee policy in effect at the time of the Service Provider’s “separation from service”
(as determined under Section 409A) or, if no such policy is in effect, as defined in Section 409A of the Code), then, to the extent necessary
to comply with, and avoid imposition on such Service Provider of any tax penalty imposed under, Section 409A of the Code, any payment
required to be made to a Service Provider hereunder upon or following his or her separation from service shall be delayed until the first
to occur of (i) the six (6)-month anniversary of the Service Provider’s separation from service and (ii) the Service Provider’s
death. Should payments be delayed in accordance with the preceding sentence, the accumulated payment that would have been made but for
the period of the delay shall be paid in a single lump sum during the ten (10)-day period following the lapsing of the delay period.
No provision of this Plan or an Award Agreement shall be construed to indemnify any Service Provider for any taxes incurred by reason
of Section 409A (or timing of incurrence thereof), other than an express indemnification provision therefor.

15.13.          
Notices. Except as provided otherwise in an Award Agreement, all notices and other communications required or permitted to be given
under this Plan or any Award Agreement shall be in writing and shall be deemed to have been given if delivered personally, sent by email
or any other form of electronic transfer approved by the Administrator, sent by certified or express mail, return receipt requested,
postage prepaid, or by any recognized international equivalent of such delivery, (i) in the case of notices and communications to the
Company, to its current business address and to the attention of the General Counsel of the Company or (ii) in the case of a Participant,
to the last known address, or email address or, where the individual is an employee of the Company or one of its subsidiaries, to the
individual’s workplace address or email address or by other means of electronic transfer acceptable to the Administrator. All such
notices and communications shall be deemed to have been received on the date of delivery, if sent by email or any other form of electronic
transfer, at the time of dispatch or on the third business day after the mailing thereof.

15.14.          
Beneficiary Designation. Each Participant under the Plan may from time to time pursuant to procedures approved by the Company name
any beneficiary or beneficiaries by whom any right under the Plan is to be exercised in case of such Participant’s death.

15.15.          
Effective Date. The Plan shall be effective as of the date of its adoption by the Board, which date is set forth below (the “Effective
Date”).

This Plan was
duly adopted and approved by the Board of Directors of the Company on November 16, 2021.

    	 

     

    

 

Exhibit
A 

NETCAPITAL
INC.

2021
EQUITY INCENTIVE PLAN

 

FORM
OF OPTION AGREEMENT

 

 

THIS
AGREEMENT, made as of this __ day of ______ 202_, by and between NETCAPITAL INC., having its principal office at I Lincoln Street,
Boston, MA 02111 (the “Company”) and __________________, an employee of the Company, (the “Optionee”).

 

 

W
I T N E S S E T H:

 

 

WHEREAS,
the Board of Directors of the Company believes that the interests of the Company will be advanced by granting an incentive to officers,
directors, consultants and key employees of the Company by providing them with the opportunity to purchase shares of the Company’s
Common Stock on terms which will give them a more direct and continuing interest in the future success of the Company’s business;

 

WHEREAS,
the Board of Directors and the shareholders of the Company adopted and approved the 2021 Equity Incentive Plan of the Company (the “Plan”);
all capitalized terms used herein without definition shall have the respective meanings ascribed to them in the Plan;

 

NOW,
THEREFORE, in consideration of the foregoing and other good and valuable consideration, the parties agree as follows:

 

1.       Grant
of Options. Subject to, and pursuant to, all of the terms and conditions of the Plan and this Agreement, the Company hereby grants
to the Optionee the right and option (the “Option”) to purchase all or any part of an aggregate of ________ shares (the “Shares”)
of Common Stock, par value $0.001 per share (“Common Stock”) of the Company, at a purchase price of $10.00 per share. The
Option granted hereunder is intended to be an incentive stock option to the extent all or any portion of the Option qualifies as an “incentive
stock option” under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”).

 

2.       Expiration.
The Option may not be exercised after the tenth anniversary of the date hereof (the “Expiration Date”).

 

3.       Exercise
of Option. The Option may be exercised at any time after the date hereof and prior to the Expiration Date or the earlier termination
of the Option. Notwithstanding the foregoing, the Option shall not be exercisable for more than the number of Shares that are then vested.
The Option shall vest with respect to 100% of the Shares over a four-year period, with _______ shares (subject to adjustment as provided
in the Plan) vesting every month from the date hereof until 100% of the Shares granted have vested. In addition, the Option shall vest
with respect to 100% of the Shares upon a Sale of the Company, as defined in section 9.b(i). If the Option is not exercised to the maximum
extent permissible, it shall be exercisable, in whole or in part, with respect to all Shares not so purchased prior to the Expiration
Date or the earlier termination of the Option. During the lifetime of the Optionee, the Option shall be exercisable only by the Optionee
and only while the Optionee is continuously a director, employee or consultant of the Company or a Subsidiary (as defined in the Plan),
within three months after the Optionee ceases to be a director, a consultant or employed, or, if disabled (within the meaning of Section
22(e)(3) of the Code), within one year of such disability (but not later than the Expiration Date) if and to the extent the Option was
exercisable by the Optionee on the last day that the Optionee served as a director, consultant or employee of the Company or a Subsidiary.
Notwithstanding the foregoing, in the event that the Optionee shall be removed from the Board of Directors, terminated as an employee
for cause, or shall have consulting services terminated for cause, all rights as to that portion of the Option that is unexercised shall
immediately terminate.

 

4.       Payment
of Purchase Price Upon Exercise. The Option granted under this Agreement may be exercised in whole or in part by the Optionee’s
delivering or mailing to the Company at its principal office, or such other place as the Company may designate, written notice of exercise
in the form prescribed by the Administrator and duly signed by the Optionee (the “Exercise Notice”). Such exercise shall
be effective upon (a) receipt of such written notice by the Company and (b) payment to the Company of the full purchase price in cash
or any other form permitted under the Plan. The Optionee shall make appropriate arrangements as set forth in the Plan for the payment
of all applicable withholding taxes.

 

5.       Issuance
and Delivery. The Optionee’s Exercise Notice shall state the number of Shares with respect to which the Option is being exercised
and specify a date, not less than five (5) or more than fifteen (15) days after the date of the mailing of such notice, on which the
Shares will be taken and payment made therefor. On the date specified in the Exercise Notice, the Company shall deliver, or cause to
be delivered, to the Optionee (or the Optionee’s personal representative, as the case may be) stock certificates for the number
of Shares with respect to which the Option is being exercised, against receipt of payment therefor. Certificates evidencing the Shares
issued upon exercise of the Option may contain such legends reflecting any restrictions upon transfer of the Shares evidenced thereby
as in the opinion of counsel to the Company may be necessary for the lawful and proper issuance of such certificates. Delivery of the
Shares may be made at the office of the Company or at the office of a transfer agent appointed for the transfer of shares of Common Stock.

    	 

     

    

 

6.       Transferability.
The Option shall not be transferable otherwise than by will or by the laws of descent and distribution. The Option shall not be subject,
in whole or in part, to attachment, execution or levy of any kind.

 

7.       No
Rights as a Shareholder. Neither the Optionee nor the Optionee’s legal representative shall be, nor have any of the rights
or privileges of, a shareholder of the Company in respect of any of the Shares, unless and until certificates representing such Shares
shall have been issued and delivered to the Optionee (or the Optionee’s legal representative).

 

8.
Adjustment. In the event of any change in the outstanding Common Stock by reason of stock dividends, special dividends, recapitalization,
reorganizations, mergers, consolidations, split-ups, combinations or exchanges of shares and the like, the number and kind of shares
under this Agreement and the purchase price per share hereof shall be appropriately adjusted consistent with such change. The determination
of the Administrator as to any adjustment shall be final, binding and conclusive. It is the intention hereunder to provide for an equitable
adjustment.

 

9.
       Sale of the Company. (a) Notwithstanding any provision in this Agreement to the contrary,
in the event of a Sale of the Company (as defined in paragraph (b) below), the Option, at the election of the Company, may be terminated
and, if terminated, the Optionee shall receive an amount in cash equal to the difference between the purchase price in effect at the
time of such Sale of the Company and the Fair Market Value (as defined in paragraph (b) below) of the Shares subject to the then remaining
unexercised portion of the Option.

 

(b)
For purposes of this Section 9 the following terms shall have the indicated meanings:

 

(i)
“Sale of the Company” means a Change of Control of the Company (as defined in clause (ii) below) or a sale of all or substantially
all of the assets of the Company in a single transaction or a series of related transactions.

 

(ii)
“Change of Control” of the Company will be deemed to have occurred at such time as (A) any person or entity (a “Person”),
including a Person’s affiliates and associates, becomes the beneficial owner (as defined under Rule 13d-3 or any successor rule
or regulation promulgated under the Securities Exchange Act of 1934, as amended) of 50% or more of the total voting power of the Common
Stock, (B) there shall be consummated any consolidation or merger of the Company in which the Company is not the continuing or surviving
corporation or pursuant to which the Common Stock would be converted into cash, securities or other property, other than a merger or
consolidation of the Company in which the holders of the Common Stock outstanding immediately prior to the consolidation or merger hold,
directly or indirectly, at least a majority of the common stock of the surviving corporation immediately after such consolidation or
merger, or (C) during any period of two consecutive years, individuals who at the beginning of such period constituted the Board of Directors
(together with any new directors whose election by such Board or whose nomination for election by the shareholders of the Company has
been approved by 66 2/3% of the directors then still in office who either were directors at the beginning of such period or whose election
or recommendation for election was previously so approved) cease to constitute a majority of the Board of Directors.

 

(iii)
“Fair Market Value” shall be determined as of the last business day for which the prices or quotes discussed in this sentence
are available prior to the date of the Sale of the Company and shall mean (A) the closing selling price per share on that date of the
Common Stock on the principal national securities exchange on which the Common Stock is traded, if the Common Stock is then traded on
a national securities exchange; or (B) the closing selling price per share on that date of the Common Stock on the NASDAQ quotation system,
if the Common Stock is not then traded on a national securities exchange; or (C) the closing bid price per share last quoted on that
date by an established quotation service for over-the-counter securities, if the Company Stock is not reported on the NASDAQ quotation
system.

 

10.       Compliance
with Law and Regulations. The Option and the obligation of the Company to sell and deliver Shares hereunder shall be subject to all
applicable federal and state laws, rules and regulations and to such approvals by any governmental or regulatory agency as may be required.
The Company shall not be required to issue or deliver any certificates for Shares prior to (i) the listing of such Shares on any stock
exchange on which the Common Stock may then be listed and (ii) the completion of any registration or qualification of such Shares under
any federal or state law, or any rule or regulation of any government body which the Board of Directors or the Administrator shall, in
its sole discretion, determine to be necessary or advisable. Moreover, the Options may not be exercised if their exercise, or the receipt
of Shares pursuant thereto, would be contrary to applicable law.

    	 

     

    

 

11.       Investment
Representation. The Board of Directors or the Administrator may require the Optionee to furnish to the Company, prior to the issuance
of any Shares upon the exercise of any Option, an agreement (in such form as the Board of Directors or the Administrator may specify)
in which the Optionee represents that the Shares acquired by the Optionee upon exercise are being acquired for investment and not with
a view to the sale or distribution thereof.

 

12.       Continued
Employment. Neither this Agreement nor any Option granted hereunder shall confer upon any Employee any right to continue in the employ
of the Company or any Subsidiary, confer upon any consultant the right to continue to provide consulting services to the Company or any
Subsidiary, confer upon any member of the Board of Directors any right to continue on the Board of Directors or limit in any respect
the right of the Company, the Board of Directors or any Subsidiary to terminate the employment of any Employee or the service of any
consultant or member of the Board of Directors at any time.

 

13.       Optionee
Bound by Plan. The Optionee hereby acknowledges receipt of the Plan and agrees to be bound by all the terms and provisions thereof,
including the terms and provisions adopted after the granting of this Option but prior to the complete exercise hereof.

14.Notices. Any notice hereunder to the Company shall be addressed to it at its offices, 1 Lincoln Street, Boston MA,
02111 Attention: Ms. Coreen Kraysler, Chief Financial Officer, or by email to coreen.kraysler@netcapital.com and any notice hereunder
to Optionee shall be addressed to the Optionee at the address noted in the Company’s files, or the email address noted on the signature
page of this Agreement, subject to the right of either party to designate at any time hereafter in writing some other address.

 

15.       Miscellaneous.
This Agreement and the Plan contain the entire understanding and agreement between the parties relating to the subject matter hereof
and thereof, except as otherwise referred to herein, and supersedes any prior agreement between the parties, whether written or oral.
Neither this Agreement nor any provision hereof may be waived, modified, amended, changed, discharged or terminated, except by an agreement
in writing signed by the party against whom enforcement of any waiver, modification, change, amendment, discharge or termination is sought.
To the extent that any one or more of the provisions of this Agreement shall be invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions contained herein shall not in any manner be affected or impaired thereby.

 

 

16.       Governing
Law. This Agreement shall be interpreted, and the rights and liabilities of the parties hereto determined, in accordance with the
internal laws of the State of Massachusetts, without regard to the conflicts of law principles thereof.

 

17.       Counterparts.
This Agreement may be executed in two counterparts each of which shall constitute one and the same instrument.

 

IN
WITNESS WHEREOF, the undersigned have signed this Agreement as of the date and year first above written.

 

NETCAPITAL
INC.

 

 

By:
__________________  

Name: Cecilia Lenk

Title:
Chief Executive Officer

 

       OPTIONEE

 

By:
__________________________________

Name:

Email:

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