Document:

Exhibit 10.1

 

CHECKPOINT
THERAPEUTICS, INC.

AMENDED
AND RESTATED

2015 INCENTIVE
PLAN

 

ARTICLE
1

PURPOSE

 

1.1.       GENERAL.
The purpose of the Checkpoint Therapeutics, Inc. Amended and Restated 2015 Incentive Plan (the “Plan”) is to promote
the success, and enhance the value, of Checkpoint Therapeutics, Inc. (the “Company”), by linking the personal interests
of employees, officers, directors and consultants of the Company or any Affiliate (as defined below) to those of Company stockholders
and by providing such persons with an incentive for outstanding performance. The Plan is further intended to provide flexibility
to the Company in its ability to motivate, attract, and retain the services of employees, officers, directors and consultants
upon whose judgment, interest, and special effort the successful conduct of the Company’s operation is largely dependent.
Accordingly, the Plan permits the grant of incentive awards from time to time to selected employees, officers, directors and consultants
of the Company and its Affiliates.

 

1.2       HISTORY.
The Plan was originally adopted by the Board on March 3, 2015, and was approved by the stockholders of the Company on the same
date. The Plan was amended and restated by the Board on December 18, 2015, and was further amended and restated by the Board on
April 10, 2017.

 

ARTICLE
2

DEFINITIONS

 

2.1.       DEFINITIONS.
When a word or phrase appears in this Plan with the initial letter capitalized, and the word or phrase does not commence a sentence,
the word or phrase shall generally be given the meaning ascribed to it in this Section or in Section 1.1 unless a clearly different
meaning is required by the context. The following words and phrases shall have the following meanings:

 

(a)               
“Affiliate” means (i) any Subsidiary or Parent, or (ii) an entity that directly or through one or more intermediaries
controls, is controlled by or is under common control with, the Company, as determined by the Committee.

 

(b)               
“Award” means an award of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Deferred
Stock Units, Performance Awards, Other Stock-Based Awards, or any other right or interest relating to Stock or cash, granted to
a Participant under the Plan.

 

(c)               
“Award Certificate” means a written document, in such form as the Committee prescribes from time to time, setting
forth the terms and conditions of an Award. Award Certificates may be in the form of individual award agreements or certificates
or a program document describing the terms and provisions of an Award or series of Awards under the Plan. The Committee may provide
for the use of electronic, internet or other non-paper Award Certificates, and the use of electronic, internet or other non-paper
means for the acceptance thereof and actions thereunder by a Participant.

 

(d)               
“Beneficial Owner” shall have the meaning given such term in Rule 13d-3 of the General Rules and Regulations
under the 1934 Act.

 

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

 

     

     

    

 

(f)                
“Cause” as a reason for a Participant’s termination of employment shall have the meaning assigned such
term in the employment, consulting, severance or similar agreement, if any, between such Participant and the Company or an Affiliate;
provided, however, that if there is no such employment, consulting, severance or similar agreement in which such
term is defined, and unless otherwise defined in the applicable Award Certificate, “Cause” shall mean any of the following
acts by the Participant, as determined by the Committee: (i) the commission of any act by the Participant constituting financial
dishonesty against the Company or any of its Affiliates (which act would be chargeable as a crime under applicable law); (ii)
the Participant’s engaging in any other act of dishonesty, fraud, intentional misrepresentation, moral turpitude, illegality
or harassment which would: (A) materially adversely affect the business or the reputation of the Company or any of its Affiliates
with their respective then-current or prospective customers, suppliers, lenders and/or other third parties with whom such entity
does or might do business; or (B) expose the Company or any of its Affiliates to a risk of civil or criminal legal damages, liabilities
or penalties; (iii) the willful and repeated failure by the Participant to follow the lawful directives of the Board or the Participant’s
supervisor; (iv) any material misconduct, material violation of the Company’s written policies, or willful and deliberate
non-performance of duty by the Participant in connection with the business affairs of the Company or any of its Affiliates; or
(v) the Participant’s material breach of any employment, severance, non-competition, non-solicitation, confidential information,
or restrictive covenant agreement, or similar agreement, with the Company or an Affiliate. The determination of the Committee
as to the existence of “Cause” shall be conclusive on the Participant and the Company.

 

(g)               
“Change in Control” means and includes the occurrence of any one of the following events but shall specifically
exclude a Public Offering:

 

(i)       during
any consecutive 12-month period, individuals who, at the beginning of such period, constitute the Board (the “Incumbent
Directors”) cease for any reason to constitute at least a majority of such Board, provided that any person becoming a director
after the beginning of such 12-month period and whose election or nomination for election was approved by a vote of at least a
majority of the Incumbent Directors then on the Board shall be an Incumbent Director; provided, however, that no
individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest
with respect to the election or removal of directors (“Election Contest”) or other actual or threatened solicitation
of proxies or consents by or on behalf of any Person other than the Board (“Proxy Contest”), including by reason of
any agreement intended to avoid or settle any Election Contest or Proxy Contest, shall be deemed an Incumbent Director; or

 

(ii)       any
Person, other than a Principal Stockholder, becomes a Beneficial Owner, directly or indirectly, of either (A) 50% or more of the
then-outstanding shares of common stock of the Company (“Company Common Stock”) or (B) securities of the Company representing
50% or more of the combined voting power of the Company’s then outstanding securities eligible to vote for the election
of directors (the “Company Voting Securities”); provided, however, that for purposes of this subsection
(ii), the following acquisitions of Company Common Stock or Company Voting Securities shall not constitute a Change in Control:
(w) an acquisition directly or indirectly from the Company, (x) an acquisition by the Company or a Subsidiary, (y) an acquisition
by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary, or (z) an acquisition
pursuant to a Non-Qualifying Transaction (as defined in subsection (iii) below); or

 

     

     

    

 

(iii)       the
consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving
the Company or a Subsidiary (a “Reorganization”), or the sale or other disposition of all or substantially all of
the Company’s assets (a “Sale”) or the acquisition of assets or stock of another corporation or other entity
(an “Acquisition”), unless immediately following such Reorganization, Sale or Acquisition: (A) all or substantially
all of the individuals and entities who were the Beneficial Owners, respectively, of the outstanding Company Common Stock and
outstanding Company Voting Securities immediately prior to such Reorganization, Sale or Acquisition beneficially own, directly
or indirectly, more than 50% of, respectively, the then outstanding shares of common stock and the combined voting power of the
then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the entity
resulting from such Reorganization, Sale or Acquisition (including, without limitation, an entity which as a result of such transaction
owns the Company or all or substantially all of the Company’s assets or stock either directly or through one or more subsidiaries,
the “Surviving Entity”) in substantially the same proportions as their ownership, immediately prior to such Reorganization,
Sale or Acquisition, of the outstanding Company Common Stock and the outstanding Company Voting Securities, as the case may be,
and (B) no person (other than (x) the Company or any Subsidiary, (y) the Surviving Entity or its ultimate parent entity, or (z)
any employee benefit plan (or related trust) sponsored or maintained by any of the foregoing) is the Beneficial Owner, directly
or indirectly, of 50% or more of the total common stock or 50% or more of the total voting power of the outstanding voting securities
eligible to elect directors of the Surviving Entity, and (C) at least a majority of the members of the board of directors of the
Surviving Entity were Incumbent Directors at the time of the Board’s approval of the execution of the initial agreement
providing for such Reorganization, Sale or Acquisition (any Reorganization, Sale or Acquisition which satisfies all of the criteria
specified in (A), (B) and (C) above shall be deemed to be a “Non-Qualifying Transaction”).

 

(h)               
“Code” means the Internal Revenue Code of 1986, as amended from time to time. For purposes of this Plan, references
to sections of the Code shall be deemed to include references to any applicable regulations thereunder and any successor or similar
provision.

 

(i)                
“Committee” means the committee of the Board described in Article 4.

 

(j)                
“Company” means Checkpoint Therapeutics, Inc., a Delaware corporation, or any successor corporation.

 

     

     

    

 

(k)               
“Continuous Service” means the absence of any interruption or termination of service as an employee, officer,
consultant or director of the Company or any Affiliate, as applicable; provided, however, that for purposes of an
Incentive Stock Option “Continuous Service” means the absence of any interruption or termination of service as an
employee of the Company or any Parent or Subsidiary, as applicable, pursuant to applicable tax regulations. Continuous Service
shall not be considered interrupted in the following cases: (i) a Participant transfers employment between the Company and an
Affiliate or between Affiliates, (ii) in the discretion of the Committee as specified at or prior to such occurrence, in the case
of a spin-off, sale or disposition of the Participant’s employer from the Company or any Affiliate, (iii) a Participant
transfers from being an employee of the Company or an Affiliate to being a director of the Company or of an Affiliate, or vice
versa, (iv) in the discretion of the Committee as specified at or prior to such occurrence, a Participant transfers from being
an employee of the Company or an Affiliate to being a consultant to the Company or of an Affiliate, or vice versa, or (v) any
leave of absence authorized in writing by the Company prior to its commencement; provided, however, that for purposes
of Incentive Stock Options, no such leave may exceed 90 days, 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, on
the 91st day of such leave any Incentive Stock Option held by the Participant shall cease to be treated as an Incentive Stock
Option and shall be treated for tax purposes as a Nonstatutory Stock Option. Whether military, government or other service or
other leave of absence shall constitute a termination of Continuous Service shall be determined in each case by the Committee
at its discretion, and any determination by the Committee shall be final and conclusive; provided, however, that
for purposes of any Award that is subject to Code Section 409A, the determination of a leave of absence must comply with the requirements
of a “bona fide leave of absence” as provided in Treas. Reg. Section 1.409A-1(h).

 

(l)                
“Covered Employee” means a covered employee as defined in Code Section 162(m)(3).

 

(m)             
“Deferred Stock Unit” means a right granted to a Participant under Article 9 to receive Shares (or the equivalent
value in cash or other property if the Committee so provides) at a future time as determined by the Committee, or as determined
by the Participant within guidelines established by the Committee in the case of voluntary deferral elections.

 

(n)               
“Disability” of a Participant means that the Participant is unable to engage in any substantial gainful activity
by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected
to last for a continuous period of not less than 12 months. If the determination of Disability relates to an Incentive Stock Option,
Disability means Permanent and Total Disability as defined in Section 22(e)(3) of the Code. In the event of a dispute, the determination
of whether a Participant is Disabled will be made by the Committee and may be supported by the advice of a physician competent
in the area to which such Disability relates.

 

(o)               
“Dividend Equivalent” means a right granted with respect to an Award pursuant to Article 11.

 

(p)               
“Effective Date” has the meaning assigned such term in Section 3.1.

 

(q)               
“Eligible Participant” means an employee, officer, consultant or director of the Company or any Affiliate.

 

(r)                
“Exchange” means any national securities exchange on which the Stock may from time to time be listed or traded.

 

(s)                
“Fair Market Value,” on any date, means (i) if the Stock is listed on an Exchange, the closing sales price
on such Exchange on such date or, in the absence of reported sales on such date, the closing sales price on the immediately preceding
date on which sales were reported, or (ii) if the Stock is not listed on an Exchange, the mean between the bid and offered prices
as quoted by the applicable interdealer quotation system for such date, provided that if the Stock is not quoted on an interdealer
quotation system or it is determined that the fair market value is not properly reflected by such quotations, Fair Market Value
will be determined by such other method as the Committee determines in good faith to be reasonable and in compliance with Code
Section 409A.

 

     

     

    

 

(t)                
“Full-Value Award” means an Award other than in the form of an Option or SAR, and which is settled by the issuance
of Stock (or at the discretion of the Committee, settled in cash valued by reference to Stock value).

 

(u)               
“Good Reason” (or a similar term denoting constructive termination) has the meaning, if any, assigned such
term in the employment, consulting, severance or similar agreement, if any, between a Participant and the Company or an Affiliate;
provided, however, that if there is no such employment, consulting, severance or similar agreement in which such
term is defined, “Good Reason” shall have the meaning, if any, given such term in the applicable Award Certificate.
If not defined in either such document, the term “Good Reason” as used herein shall not apply to a particular Award.

 

(v)               
“Grant Date” of an Award means the first date on which all necessary corporate action has been taken to approve
the grant of the Award as provided in the Plan, or such later date as is determined and specified as part of that authorization
process. Notice of the grant shall be provided to the grantee within a reasonable time after the Grant Date.

 

(w)             
“Incentive Stock Option” means an Option that is intended to be an incentive stock option and meets the requirements
of Section 422 of the Code or any successor provision thereto.

 

(x)               
“Independent Directors” means those members of the Board who qualify at any given time as an “independent”
director under the applicable rules of each Exchange on which the Shares are listed, as a “non-employee” director
under Rule 16b-3 of the 1934 Act, and as an “outside” director under Section 162(m) of the Code.

 

(y)               
“Non-Employee Director” means a director of the Company who is not a common law employee of the Company or
an Affiliate.

 

(z)               
“Nonstatutory Stock Option” means an Option that is not an Incentive Stock Option.

 

(aa)            
“Option” means a right granted to a Participant under Article 7 of the Plan to purchase Stock at a specified
price during specified time periods. An Option may be either an Incentive Stock Option or a Nonstatutory Stock Option.

 

(bb)           
“Other Stock-Based Award” means a right, granted to a Participant under Article 12, that relates to or is valued
by reference to Stock or other Awards relating to Stock.

 

(cc)            
“Parent” means a corporation, limited liability company, partnership or other entity which owns or beneficially
owns a majority of the outstanding voting stock or voting power of the Company. Notwithstanding the above, with respect to an
Incentive Stock Option, Parent shall have the meaning set forth in Section 424(e) of the Code.

 

(dd)           
“Participant” means an Eligible Participant who has been granted an Award under the Plan; provided that in
the case of the death of a Participant, the term “Participant” refers to a beneficiary designated pursuant to Section
14.4 or the legal guardian or other legal representative acting in a fiduciary capacity on behalf of the Participant under applicable
state law and court supervision.

 

     

     

    

 

(ee)            
“Performance Award” means any award granted under the Plan pursuant to Article 10.

 

(ff)              
“Person” means any individual, entity or group, within the meaning of Section 3(a)(9) of the 1934 Act and as
used in Section 13(d)(3) or 14(d)(2) of the 1934 Act.

 

(gg)           
“Plan” means the Checkpoint Therapeutics, Inc. Amended and Restated 2015 Incentive Plan, as amended from time
to time.

 

(hh)           
“Principal Stockholder” means Fortress Biotech, Inc., or any entity that
is directly or indirectly affiliated with the Principal Stockholder.

 

(ii)              
 “Public Offering” means a public offering of any class or series of the Company’s equity securities
pursuant to a registration statement filed by the Company under the 1933 Act or registration of the Company’s equity securities
pursuant to Section 12(b) or 12(g) of the 1934 Act.

 

(jj)              
“Qualified Performance-Based Award” means an Award that is either (i)
intended to qualify for the Section 162(m) Exemption and is made subject to performance goals based on Qualified Business Criteria
as set forth in Section 11.2, or (ii) an Option or SAR having an exercise price equal to or greater than the Fair Market Value
of the underlying Stock as of the Grant Date.

 

(kk)           
“Qualified Business Criteria” means one or more of the Business Criteria listed in Section 11.2 upon which
performance goals for certain Qualified Performance-Based Awards may be established by the Committee.

 

(ll)              
“Restricted Stock” means Stock granted to a Participant under Article 9 that is subject to certain restrictions
and to risk of forfeiture.

 

(mm)       
“Restricted Stock Unit” means the right granted to a Participant under Article 9 to receive shares of Stock
(or the equivalent value in cash or other property if the Committee so provides) in the future, which right is subject to certain
restrictions and to risk of forfeiture.

 

(nn)           
“Section 162(m) Exemption” means the exemption from the limitation on deductibility imposed by Section 162(m)
of the Code that is set forth in Section 162(m)(4)(C) of the Code or any successor provision thereto.

 

(oo)           
“Shares” means shares of the Company’s Stock. If there has been an adjustment or substitution with respect
to the Shares (whether or not pursuant to Article 14), the term “Shares” shall also include any shares of stock or
other securities that are substituted for Shares or into which Shares are adjusted.

 

(pp)           
“Specified Employee” has the meaning given such term in Code Section 409A and the final regulations thereunder.

 

(qq)           
“Stock” means the $0.001 par value common stock of the Company and such other securities of the Company as
may be substituted for Stock pursuant to Article 14.

 

(rr)              
“Stock Appreciation Right” or “SAR” means a right granted to a Participant under Article 8 to receive
a payment equal to the difference between the Fair Market Value of a Share as of the date of exercise of the SAR over the base
price of the SAR, all as determined pursuant to Article 8.

 

     

     

    

 

(ss)             
“Subsidiary” means any corporation, limited liability company, partnership or other entity of which a majority
of the outstanding voting stock or voting power is beneficially owned directly or indirectly by the Company. Notwithstanding the
above, with respect to an Incentive Stock Option, Subsidiary shall have the meaning set forth in Section 424(f) of the Code.

 

(tt)              
“1933 Act” means the Securities Act of 1933, as amended from time to time.

 

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

 

ARTICLE
3

EFFECTIVE
TERM OF PLAN

 

3.1.       EFFECTIVE
DATE. The Plan became effective on March 3, 2015 (the “Effective Date”). This second amendment and restatement
of the Plan will become effective on the date it is approved by the Company’s stockholders.

 

3.2.       TERMINATION
OF PLAN. Unless earlier terminated as provided herein, the Plan shall continue in effect until the tenth anniversary of the
date the Company’s stockholders approve this second amendment and restatement of the Plan. The termination of the Plan on
such date shall not affect the validity of any Award outstanding on the date of termination, which shall continue to be governed
by the applicable terms and conditions of the Plan.

 

ARTICLE
4

ADMINISTRATION

 

4.1.       COMMITTEE.
The Plan shall be administered by a Committee appointed by the Board (which Committee shall consist of at least two directors)
or, at the discretion of the Board from time to time, the Plan may be administered by the Board. It is intended that at least
two of the directors appointed to serve on the Committee shall be Independent Directors and that any members of the Committee
who do not so qualify shall abstain from participating in any decision to make or administer Awards that are made to Eligible
Participants who at the time of consideration for such Award (i) are persons subject to the short-swing profit rules of Section
16 of the 1934 Act or (ii) are reasonably anticipated to become Covered Employees during the term of the Award. However, the mere
fact that a Committee member shall fail to qualify as an Independent Director or shall fail to abstain from such action shall
not invalidate any Award made by the Committee which Award is otherwise validly made under the Plan. The members of the Committee
shall be appointed by, and may be changed at any time and from time to time in the discretion of, the Board. Unless and until
changed by the Board, the Compensation Committee of the Board is designated as the Committee to administer the Plan. The Board
may reserve to itself any or all of the authority and responsibility of the Committee under the Plan or may act as administrator
of the Plan for any and all purposes. To the extent the Board has reserved any authority and responsibility or during any time
that the Board is acting as administrator of the Plan, it shall have all the powers and protections of the Committee hereunder,
and any reference herein to the Committee (other than in this Section 4.1) shall include the Board. To the extent any action of
the Board under the Plan conflicts with actions taken by the Committee, the actions of the Board shall control.

 

     

     

    

 

4.2.       ACTION
AND INTERPRETATIONS BY THE COMMITTEE. For purposes of administering the Plan, the Committee may from time to time adopt rules,
regulations, guidelines and procedures for carrying out the provisions and purposes of the Plan and make such other determinations,
not inconsistent with the Plan, as the Committee may deem appropriate. The Committee may correct any defect, supply any omission
or reconcile any inconsistency in the Plan or in any Award in the manner and to the extent it deems necessary to carry out the
intent of the Plan. The Committee’s interpretation of the Plan, any Awards granted under the Plan, any Award Certificate
and all decisions and determinations by the Committee with respect to the Plan are final, binding, and conclusive on all parties
and shall be given the maximum deference permitted by applicable law. Each member of the Committee is entitled to, in good faith,
rely or act upon any report or other information furnished to that member by any officer or other employee of the Company or any
Affiliate, the Company’s or an Affiliate’s independent certified public accountants, Company counsel or any executive
compensation consultant or other professional retained by the Company or the Committee to assist in the administration of the
Plan. No member of the Committee will be liable for any good faith determination, act or omission in connection with the Plan
or any Award.

 

4.3.       AUTHORITY
OF COMMITTEE. Except as provided in Section 4.1 hereof, the Committee has the exclusive power, authority and discretion to:

 

(a)       grant
Awards;

 

(b)       designate
Participants;

 

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

 

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

 

(e)       determine
the terms and conditions of any Award granted under the Plan;

 

(f)        prescribe
the form of each Award Certificate, which need not be identical for each Participant;

 

(g)       decide
all other matters that must be determined in connection with an Award;

 

(h)       establish,
adopt or revise any rules, regulations, guidelines or procedures as it may deem necessary or advisable to administer the Plan;

 

(i)        make
all other decisions and determinations that may be required under the Plan or as the Committee deems necessary or advisable to
administer the Plan;

 

(j)        amend
the Plan or any Award Certificate as provided herein; and

 

(k)       adopt
such modifications, procedures, and subplans as may be necessary or desirable to comply with provisions of the laws of the United
States or any non-U.S. jurisdictions in which the Company or any Affiliate may operate, in order to assure the viability of the
benefits of Awards granted to participants located in the United States or such other jurisdictions and to further the objectives
of the Plan.

 

Notwithstanding
any of the foregoing, grants of Awards to Non-Employee Directors hereunder shall (i) be subject to the applicable award limits
set forth in Section 5.1 hereof, and (ii) be made only in accordance with the terms, conditions and parameters of a plan, program
or policy for the compensation of Non-Employee Directors as in effect from time to time that is approved and administered by the
Board. The Committee may not make other discretionary grants hereunder to Non-Employee Directors.

 

     

     

    

 

4.4.       DELEGATION.
The Committee may, by resolution, expressly delegate to a special committee, consisting of one or more directors who may but need
not be officers of the Company, the authority, within specified parameters as to the number and terms of Awards, to (i) designate
officers and/or employees of the Company or any of its Affiliates to be recipients of Awards under the Plan, and (ii) to determine
the number of such Awards to be received by any such Participants; provided, however, that such delegation of duties
and responsibilities to an officer of the Company may not be made with respect to the grant of Awards to eligible participants
(a) who are subject to Section 16(a) of the 1934 Act at the Grant Date, or (b) who as of the Grant Date are reasonably anticipated
to be become Covered Employees during the term of the Award. The acts of such delegates shall be treated hereunder as acts of
the Committee and such delegates shall report regularly to the Committee regarding the delegated duties and responsibilities and
any Awards so granted.

 

4.5.       INDEMNIFICATION.
Each person who is or shall have been a member of the Committee, or of the Board, or an officer of the Company to whom authority
was delegated in accordance with this Article 4 shall be indemnified and held harmless by the Company against and from any
loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting
from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason
of any action taken or failure to act under the Plan and against and from any and all amounts paid by him or her in settlement
thereof, with the Company’s approval, or paid by him or her in satisfaction of any judgment in any such action, suit, or
proceeding against him or her, provided he or she shall give the Company an opportunity, at its own expense, to handle and defend
the same before he or she undertakes to handle and defend it on his or her own behalf, unless such loss, cost, liability, or expense
is a result of his or her own willful misconduct or except as expressly provided by statute. The foregoing right of indemnification
shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s
charter or bylaws, as amended from time to time, as a matter of law, or otherwise, or any power that the Company may have to indemnify
them or hold them harmless.

 

ARTICLE
5

SHARES
SUBJECT TO THE PLAN

 

5.1.       NUMBER
OF SHARES. Subject to adjustment as provided in Sections 5.2 and Section 15.1, the aggregate number of Shares reserved and
available for issuance pursuant to Awards granted under the Plan shall be 5,000,000. The maximum number of Shares that may be
issued upon exercise of Incentive Stock Options granted under the Plan shall be 5,000,000. The maximum aggregate number of Shares
associated with any Award granted under the Plan in any calendar year to any one Non-Employee Director shall be 100,000 Shares.

 

5.2.       SHARE
COUNTING. Shares covered by an Award shall be subtracted from the Plan share reserve as of the Grant Date, but shall be added
back to the Plan share reserve in accordance with this Section 5.2.

 

(a)       To
the extent that an Award is canceled, terminates, expires, is forfeited or lapses for any reason, any unissued or forfeited Shares
originally subject to the Award will be added back to the Plan share reserve and again be available for issuance pursuant to Awards
granted under the Plan.

 

(b)       Shares
subject to Awards settled in cash will be added back to the Plan share reserve and again be available for issuance pursuant to
Awards granted under the Plan.

 

     

     

    

 

(c)       Shares
withheld or repurchased from an Award or delivered by a Participant to satisfy minimum tax withholding requirements will be added
back to the Plan share reserve and again be available for issuance pursuant to Awards granted under the Plan.

 

(d)       If
the exercise price of an Option is satisfied in whole or in part by delivering Shares to the Company (by either actual delivery
or attestation), the number of Shares so tendered (by delivery or attestation) shall be added to the Plan share reserve and will
be available for issuance pursuant to Awards granted under the Plan.

 

(e)       To
the extent that the full number of Shares subject to an Option or SAR is not issued upon exercise of the Option or SAR for any
reason, including by reason of net-settlement of the Award, the unissued Shares originally subject to the Award will be added
back to the Plan share reserve and again be available for issuance pursuant to other Awards granted under the Plan.

 

(f)       To
the extent that the full number of Shares subject to an Award other than an Option or SAR is not issued for any reason, including
by reason of failure to achieve maximum performance goals, the unissued Shares originally subject to the Award will be added back
to the Plan share reserve and again be available for issuance pursuant to Awards granted under the Plan.

 

(g)       Substitute
Awards granted pursuant to Section 14.9 of the Plan shall not count against the Shares otherwise available for issuance under
the Plan under Section 5.1.

 

(h)       Subject
to applicable Exchange requirements, shares available under a stockholder-approved plan of a company acquired by the Company (as
appropriately adjusted to Shares to reflect the transaction) may be issued under the Plan pursuant to Awards granted to individuals
who were not employees of the Company or its Affiliates immediately before such transaction and will not count against the maximum
share limitation specified in Section 5.1.

 

5.3.       STOCK
DISTRIBUTED. Any Stock distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued Stock,
treasury Stock or Stock purchased on the open market.

 

5.4.       LIMITATION
ON AWARDS. Notwithstanding any provision in the Plan to the contrary (but subject to adjustment as provided in Article 15):

 

(a)       Options.
The maximum number of Options granted under the Plan in any calendar year to any one Participant shall be for 2,000,000 Shares.

 

(b)       SARs.
The maximum number of Stock Appreciation Rights granted under the Plan in any calendar year to any one Participant shall be with
respect to 2,000,000 Shares.

 

(c)       Performance
Awards. With respect to any calendar year (i) the maximum amount that may be paid to any one Participant for Performance Awards
payable in cash or property other than Shares shall be $10,000,000, and (ii) the maximum number of Shares that may be paid to
any one Participant for Performance Awards payable in Stock shall be 2,000,000 Shares. For purposes of applying these limits in
the case of multi-year performance periods, the amount of cash or property or number of Shares deemed paid with respect to any
calendar year is the total amount payable or Shares earned for the performance period divided by the number of calendar years
in the performance period.

 

     

     

    

 

ARTICLE
6

ELIGIBILITY

 

6.1.       GENERAL.
Awards may be granted only to Eligible Participants. Incentive Stock Options may be granted only to Eligible Participants who
are employees of the Company or a Parent or Subsidiary as defined in Section 424(e) and (f) of the Code. Eligible Participants
who are service providers to an Affiliate may be granted Options or SARs under this Plan only if the Affiliate qualifies as an
“eligible issuer of service recipient stock” within the meaning of Treas. Reg. Section 1.409A-1(b)(5)(iii)(E) of the
final regulations under Code Section 409A.

 

ARTICLE
7

STOCK
OPTIONS

 

7.1.       GENERAL.
The Committee is authorized to grant Options to Participants on the following terms and conditions:

 

(a)       EXERCISE
PRICE. The exercise price per Share under an Option shall be determined by the Committee, provided that the exercise price
for any Option (other than an Option issued as a substitute Award pursuant to Section 14.9) shall not be less than the Fair Market
Value as of the Grant Date.

 

(b)       PROHIBITION
ON REPRICING. Except as otherwise provided in Article 14, without the prior approval of stockholders of the Company: (i) the
exercise price of an Option may not be reduced, directly or indirectly, (ii) an Option may not be cancelled in exchange for cash,
other Awards, or Options or SARs with an exercise or base price that is less than the exercise price of the original Option, or
otherwise, and (iii) the Company may not repurchase an Option for value (in cash or otherwise) from a Participant if the current
Fair Market Value of the Shares underlying the Option is lower than the exercise price per share of the Option.

 

(c)       TIME
AND CONDITIONS OF EXERCISE. The Committee shall determine the time or times at which an Option may be exercised in whole or
in part, subject to Section 7.1(e). The Committee shall also determine the performance or other conditions, if any, that must
be satisfied before all or part of an Option may be exercised or vested.

 

(d)       PAYMENT.
The Committee shall determine the methods by which the exercise price of an Option may be paid, the form of payment, and the methods
by which Shares shall be delivered or deemed to be delivered to Participants. As determined by the Committee at or after the Grant
Date, payment of the exercise price of an Option may be made, in whole or in part, in the form of (i) cash or cash equivalents,
(ii) delivery (by either actual delivery or attestation) of previously-acquired Shares based on the Fair Market Value of the Shares
on the date the Option is exercised, (iii) withholding of Shares from the Option based on the Fair Market Value of the Shares
on the date the Option is exercised, (iv) broker-assisted market sales, or (iv) any other “cashless exercise” arrangement.

 

(e)       EXERCISE
TERM. Except for Nonstatutory Options granted to Participants outside the United States, no Option granted under the Plan
shall be exercisable for more than ten years from the Grant Date.

 

(f)       NO
DEFERRAL FEATURE. No Option shall provide for any feature for the deferral of compensation other than the deferral of recognition
of income until the exercise or disposition of the Option.

 

     

     

    

 

(g)       NO
DIVIDEND EQUIVALENTS. No Option shall provide for Dividend Equivalents.

 

7.2.       INCENTIVE
STOCK OPTIONS. The terms of any Incentive Stock Options granted under the Plan must comply with the requirements of Section
422 of the Code. Without limiting the foregoing, any Incentive Stock Option granted to a Participant who at the Grant Date owns
more than 10% of the voting power of all classes of shares of the Company must have an exercise price per Share of not less than
110% of the Fair Market Value per Share on the Grant Date and an Option term of not more than five years. If all of the requirements
of Section 422 of the Code (including the above) are not met, the Option shall automatically become a Nonstatutory Stock Option.

 

ARTICLE
8

STOCK
APPRECIATION RIGHTS

 

8.1.       GRANT
OF Stock Appreciation Rights. The Committee is authorized to grant Stock Appreciation
Rights to Participants on the following terms and conditions:

 

(a)       RIGHT
TO PAYMENT. Upon the exercise of a SAR, the Participant has the right to receive, for each Share with respect to which the
SAR is being exercised, the excess, if any, of (i) the Fair Market Value of one Share on the date of exercise; over (ii) the base
price of the SAR as determined by the Committee and set forth in the Award Certificate, which shall not be less than the Fair
Market Value of one Share on the Grant Date.

 

(b)       PROHIBITION
ON REPRICING. Except as otherwise provided in Article 14, without the prior approval of stockholders of the Company: (i) the
base price of a SAR may not be reduced, directly or indirectly, (ii) a SAR may not be cancelled in exchange for cash, other Awards,
or Options or SARs with an exercise or base price that is less than the base price of the original SAR, or otherwise, and (iii)
the Company may not repurchase a SAR for value (in cash or otherwise) from a Participant if the current Fair Market Value of the
Shares underlying the SAR is lower than the base price per share of the SAR.

 

(c)       TIME
AND CONDITIONS OF EXERCISE. The Committee shall determine the time or times at which a SAR may be exercised in whole or in
part. Except for SARs granted to Participants outside the United States, no SAR shall be exercisable for more than ten years from
the Grant Date.

 

(d)       NO
DEFERRAL FEATURE. No SAR shall provide for any feature for the deferral of compensation other than the deferral of recognition
of income until the exercise or disposition of the SAR.

 

(e)       NO
DIVIDEND EQUIVALENTS. No SAR shall provide for Dividend Equivalents.

 

(f)       OTHER
TERMS. All SARs shall be evidenced by an Award Certificate. Subject to the limitations of this Article 8, the terms, methods
of exercise, methods of settlement, form of consideration payable in settlement (e.g., cash, Shares or other property), and any
other terms and conditions of the SAR shall be determined by the Committee at the time of the grant and shall be reflected in
the Award Certificate.

 

     

     

    

 

ARTICLE
9

RESTRICTED
STOCK, RESTRICTED STOCK UNITS 

AND DEFERRED
STOCK UNITS

 

9.1.       GRANT
OF RESTRICTED STOCK, RESTRICTED STOCK UNITS AND DEFERRED STOCK UNITS. The Committee is authorized to make Awards of Restricted
Stock, Restricted Stock Units or Deferred Stock Units to Participants in such amounts and subject to such terms and conditions
as may be selected by the Committee. An Award of Restricted Stock, Restricted Stock Units or Deferred Stock Units shall be evidenced
by an Award Certificate setting forth the terms, conditions, and restrictions applicable to the Award.

 

9.2.       ISSUANCE
AND RESTRICTIONS. Restricted Stock, Restricted Stock Units or Deferred Stock Units shall be subject to such restrictions on
transferability and other restrictions as the Committee may impose (including, for example, limitations on the right to vote Restricted
Stock or the right to receive dividends on the Restricted Stock). These restrictions may lapse separately or in combination at
such times, under such circumstances, in such installments, upon the satisfaction of performance goals or otherwise, as the Committee
determines at the time of the grant of the Award or thereafter. Except as otherwise provided in an Award Certificate or any special
Plan document governing an Award, a Participant shall have all of the rights of a stockholder with respect to Restricted Stock,
but none of the rights of a stockholder with respect to Restricted Stock Units or Deferred Stock Units until such time as Shares
of Stock are paid in settlement of such Awards. Unless otherwise provided in the applicable Award Certificate, Restricted Stock
will be entitled to full dividend rights, and any dividends paid thereon will be paid or distributed to the holder no later than
the end of the calendar year in which the dividends are paid to stockholders or, if later, the 15th day of the third month following
the date the dividends are paid to stockholders.

 

 

9.3.       FORFEITURE.
Subject to the terms of the Award Certificate and except as otherwise determined by the Committee at the time of the grant of
the Award or thereafter, upon termination of Continuous Service during the applicable restriction period or upon failure to satisfy
a performance goal during the applicable restriction period, Restricted Stock or Restricted Stock Units that are at that time
subject to restrictions shall be forfeited.

 

9.4.       DELIVERY
OF RESTRICTED STOCK. Shares of Restricted Stock shall be delivered to the Participant at the Grant Date either by book-entry
registration or by delivering to the Participant, or a custodian or escrow agent (including, without limitation, the Company or
one or more of its employees) designated by the Committee, a stock certificate or certificates registered in the name of the Participant.
If physical certificates representing shares of Restricted Stock are registered in the name of the Participant, such certificates
must bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock.

 

ARTICLE
10

PERFORMANCE
AWARDS

 

10.1.       GRANT
OF PERFORMANCE AWARDS. The Committee is authorized to grant any Award under this Plan, including cash-based Awards, with performance-based
vesting criteria, on such terms and conditions as may be selected by the Committee. Any such Awards with performance-based vesting
criteria are referred to herein as Performance Awards. The Committee shall have the complete discretion to determine the number
of Performance Awards granted to each Participant, subject to Section 5.4, and to designate the provisions of such Performance
Awards as provided in Section 4.3. All Performance Awards shall be evidenced by an Award Certificate or a written program established
by the Committee, pursuant to which Performance Awards are awarded under the Plan under uniform terms, conditions and restrictions
set forth in such written program.

 

     

     

    

 

10.2.       PERFORMANCE
GOALS. The Committee may establish performance goals for Performance Awards which may be based on any criteria selected by
the Committee. Such performance goals may be described in terms of Company-wide objectives or in terms of objectives that relate
to the performance of the Participant, an Affiliate or a division, region, department or function within the Company or an Affiliate.
If the Committee determines that a change in the business, operations, corporate structure or capital structure of the Company
or the manner in which the Company or an Affiliate conducts its business, or other events or circumstances render performance
goals to be unsuitable, the Committee may modify such performance goals in whole or in part, as the Committee deems appropriate.
If a Participant is promoted, demoted or transferred to a different business unit or function during a performance period, the
Committee may determine that the performance goals or performance period are no longer appropriate and may (i) adjust, change
or eliminate the performance goals or the applicable performance period as it deems appropriate to make such goals and period
comparable to the initial goals and period, or (ii) make a cash payment to the participant in an amount determined by the Committee.
The foregoing two sentences shall not apply with respect to a Performance Award that is intended to be a Qualified Performance-Based
Award if the recipient of such award (a) was a Covered Employee on the date of the modification, adjustment, change or elimination
of the performance goals or performance period, or (b) in the reasonable judgment of the Committee, may be a Covered Employee
on the date the Performance Award is expected to be paid.

 

ARTICLE
11

QUALIFIED
PERFORMANCE-BASED AWARDS

 

11.1.       OPTIONS
AND STOCK APPRECIATION RIGHTS. The provisions of the Plan are intended to enable Options and Stock Appreciation Rights granted
hereunder to any Covered Employee to qualify for the Section 162(m) Exemption.

 

11.2.       OTHER
AWARDS. When granting any other Award, the Committee may designate such Award as a Qualified Performance-Based Award, based
upon a determination that the recipient is or may be a Covered Employee with respect to such Award, and the Committee wishes such
Award to qualify for the Section 162(m) Exemption. If an Award is so designated, the Committee shall establish performance goals
for such Award within the time period prescribed by Section 162(m) of the Code based on one or more of the following Qualified
Business Criteria, which may be expressed in terms of Company-wide objectives or in terms of objectives that relate to the performance
of an Affiliate or a division, region, department or function within the Company or an Affiliate:

 

	— 	Revenue
	— 	Sales
	— 	Profit
    (net profit, gross profit, operating profit, economic profit, profit margins or other corporate profit measures)
	— 	Earnings
    (EBIT, EBITDA, earnings per share, or other corporate earnings measures)
	— 	Net
    income (before or after taxes, operating income or other income measures)
	— 	Cash
    (cash flow, cash generation or other cash measures)
	— 	Stock
    price or performance
	— 	Total
    shareholder return (stock price appreciation plus reinvested dividends divided by beginning share price)
	— 	Economic
    value added
	— 	Return
    measures (including, but not limited to, return on assets, capital, equity, investments or sales, and cash flow return on
    assets, capital, equity, or sales)
	— 	Market
    share
	— 	Improvements
    in capital structure

 

     

     

    

 

	— 	Expenses
    (expense management, expense ratio, expense efficiency ratios or other expense measures)
	— 	Business
    expansion or consolidation (acquisitions, divestitures, in-licensing or product acquisitions)
	— 	Market
    capitalization
	— 	Clinical
    and regulatory milestones
	— 	Corporate
    financing activities
	— 	Supply,
    production and manufacturing milestones
	— 	Corporate
    partnerships or strategic alliances

 

Performance
goals with respect to the foregoing Qualified Business Criteria may be specified in absolute terms, on an adjusted basis, in percentages,
or in terms of growth from period to period or growth rates over time, as well as measured relative to the performance of a group
of comparator companies, or a published or special index, or a stock market index, that the Committee deems appropriate. Any member
of a comparator group or an index that ceases to exist during a measurement period shall be disregarded for the entire measurement
period. Performance Goals need not be based upon an increase or positive result under a business criterion and could include,
for example, the maintenance of the status quo or the limitation of economic losses (measured, in each case, by reference to a
specific business criterion). Performance measures may but need not be determinable in conformance with generally accepted accounting
principles.

 

11.3.       PERFORMANCE
GOALS. Each Qualified Performance-Based Award (other than a market-priced Option or SAR) shall be earned, vested and payable
(as applicable) only upon the achievement of performance goals established by the Committee based upon one or more of the Qualified
Business Criteria, together with the satisfaction of any other conditions, such as continued employment, as the Committee may
determine to be appropriate; provided, however, that the Committee may provide, either in connection with the grant
thereof or by amendment thereafter, that achievement of such performance goals will be waived, in whole or in part, upon (i) the
termination of employment of a Participant by reason of death or Disability, or (ii) the occurrence of a Change in Control. In
addition, the Committee has the right, in connection with the grant of a Qualified Performance-Based Award, to exercise negative
discretion to determine that the portion of such Award actually earned, vested and/or payable (as applicable) shall be less than
the portion that would be earned, vested and/or payable based solely upon application of the applicable performance goals.

 

11.4.       INCLUSIONS
AND EXCLUSIONS FROM PERFORMANCE CRITERIA. The Committee may provide in any Qualified Performance-Based Award, at the time
the performance goals are established, that any evaluation of performance shall exclude or otherwise objectively adjust for any
specified circumstance or event that occurs during a performance period, including by way of example but without limitation the
following: (a) asset write-downs or impairment charges; (b) litigation or claim judgments or settlements; (c) the effect of changes
in tax laws, accounting principles or other laws or provisions affecting reported results; (d) accruals for reorganization and
restructuring programs; (e) unusual or infrequently occurring items as described in management’s discussion and analysis
of financial condition and results of operations appearing in the Company’s annual report to stockholders for the applicable
year; (f) acquisitions or divestitures; (g) any other specific, unusual or nonrecurring events, or objectively determinable category
thereof, including discontinued operations or a change in our fiscal year, and (h) foreign exchange gains and losses. To the extent
such inclusions or exclusions affect Awards to Covered Employees, they shall be prescribed in a form that meets the requirements
of Code Section 162(m) for deductibility.

 

     

     

    

 

11.5.       CERTIFICATION
OF PERFORMANCE GOALS. Any payment of a Qualified Performance-Based Award granted with performance goals pursuant to Section
11.3 above shall be conditioned on the written certification of the Committee in each case that the performance goals and any
other material conditions were satisfied. Except as specifically provided in Section 11.3, no Qualified Performance-Based Award
held by a Covered Employee or by an employee who in the reasonable judgment of the Committee may be a Covered Employee on the
date of payment, may be amended, nor may the Committee exercise any discretionary authority it may otherwise have under the Plan
with respect to a Qualified Performance-Based Award under the Plan, in any manner to waive the achievement of the applicable performance
goal based on Qualified Business Criteria or to increase the amount payable pursuant thereto or the value thereof, or otherwise
in a manner that would cause the Qualified Performance-Based Award to cease to qualify for the Section 162(m) Exemption.

 

11.6.       AWARD
LIMITS. Section 5.4 sets forth (i) the maximum number of Shares that may be granted in any one-year period to a Participant
in designated forms of stock-based Awards, and (ii) the maximum aggregate dollar amount that may be paid with respect to cash-based
Awards under the Plan to any one Participant in any fiscal year of the Company.

 

 

ARTICLE
12

DIVIDEND
EQUIVALENTS

 

12.1.       GRANT
OF DIVIDEND EQUIVALENTS. The Committee is authorized to grant Dividend Equivalents with respect to Full-Value Awards granted
hereunder, subject to such terms and conditions as may be selected by the Committee. Dividend Equivalents shall entitle the Participant
to receive payments equal to ordinary cash dividends or distributions with respect to all or a portion of the number of Shares
subject to a Full-Value Award, as determined by the Committee. The Committee may provide that Dividend Equivalents will be paid
or distributed when accrued or be deemed to have been reinvested in additional Shares or otherwise reinvested. Unless otherwise
provided by the Committee or in the Award Certificate, Dividend Equivalents will be paid or distributed to the Participant no
later than the end of the calendar year in which the dividends are paid to stockholders or, if later, the 15th day of the third
month following the date the dividends are paid to stockholders.

 

ARTICLE
13

STOCK
OR OTHER STOCK-BASED AWARDS

 

13.1.       GRANT
OF STOCK OR OTHER STOCK-BASED AWARDS. The Committee is authorized, subject to limitations under applicable law, to grant to
Participants such other Awards that are payable in, valued in whole or in part by reference to, or otherwise based on or related
to Shares, as deemed by the Committee to be consistent with the purposes of the Plan, including without limitation Shares awarded
purely as a “bonus” and not subject to any restrictions or conditions, convertible or exchangeable debt securities,
other rights convertible or exchangeable into Shares, and Awards valued by reference to book value per Share or the value of securities
of or the performance of specified Parents or Subsidiaries. The Committee shall determine the terms and conditions of such Awards.

 

ARTICLE
14

PROVISIONS
APPLICABLE TO AWARDS

 

14.1.       AWARD
CERTIFICATES. Each Award shall be evidenced by an Award Certificate. Each Award Certificate shall include such provisions,
not inconsistent with the Plan, as may be specified by the Committee.

 

     

     

    

 

14.2.       FORM
OF PAYMENT FOR AWARDS. At the discretion of the Committee, payment of Awards may be made in cash, Stock, a combination of
cash and Stock, or any other form of property as the Committee shall determine. In addition, payment of Awards may include such
terms, conditions, restrictions and/or limitations, if any, as the Committee deems appropriate, including, in the case of Awards
paid in the form of Stock, restrictions on transfer and forfeiture provisions. Further, payment of Awards may be made in the form
of a lump sum, or in installments, as determined by the Committee.

 

14.3.       LIMITS
ON TRANSFER. No right or interest of a Participant in any unexercised or restricted Award may be pledged, encumbered, or hypothecated
to or in favor of any party other than the Company or an Affiliate, or shall be subject to any lien, obligation, or liability
of such Participant to any other party other than the Company or an Affiliate. No unexercised or restricted Award shall be assignable
or transferable by a Participant other than by will or the laws of descent and distribution; provided, however,
that Nonstatutory Stock Options may be transferred without consideration to members of a Participant’s immediate family
(“Immediate Family Members”), to trusts in which such Immediate Family Members have more than fifty percent (50%)
of the beneficial interest, to foundations in which such Immediate Family Members (or the Participant) control the management
of assets, and to any other entity (including limited partnerships and limited liability companies) in which the Immediate Family
Members (or the Participant) own more than fifty percent (50%) of the voting interest; and, provided, further, that
the Committee may (but need not) permit other transfers (other than transfers for value) where the Committee concludes that such
transferability (i) does not result in accelerated taxation, (ii) does not cause any Option intended to be an Incentive Stock
Option to fail to be described in Code Section 422(b), and (iii) is otherwise appropriate and desirable, taking into account any
factors deemed relevant, including without limitation, state or federal tax or securities laws applicable to transferable Awards.

 

14.4.       BENEFICIARIES.
Notwithstanding Section 14.3, a Participant may, in the manner determined by the Committee, designate a beneficiary to exercise
the rights of the Participant and to receive any distribution with respect to any Award upon the Participant’s death. A
beneficiary, legal guardian, legal representative, or other person claiming any rights under the Plan is subject to all terms
and conditions of the Plan and any Award Certificate applicable to the Participant, except to the extent the Plan and Award Certificate
otherwise provide, and to any additional restrictions deemed necessary or appropriate by the Committee. If no beneficiary has
been designated or survives the Participant, any payment due to the Participant shall be made to the Participant’s estate.
Subject to the foregoing, a beneficiary designation may be changed or revoked by a Participant, in the manner provided by the
Company, at any time provided the change or revocation is filed with the Committee.

 

14.5.       STOCK
TRADING RESTRICTIONS. All Stock issuable under the Plan is subject to any stop-transfer orders and other restrictions as the
Committee deems necessary or advisable to comply with federal or state securities laws, rules and regulations and the rules of
any Exchange or automated quotation system on which the Stock is listed, quoted, or traded. The Committee may place legends on
any Stock certificate or issue instructions to the transfer agent to reference restrictions applicable to the Stock.

 

14.6.       EFFECT
OF A CHANGE IN CONTROL. Upon the occurrence of a Change in Control: (i) outstanding Options, SARs, and other Awards in the
nature of rights that may be exercised shall become fully exercisable, (ii) time-based vesting restrictions on outstanding Awards
shall lapse, and (iii) the target payout opportunities attainable under outstanding performance-based Awards shall be deemed to
have been fully earned as of the effective date of the Change in Control based upon an assumed achievement of all relevant performance
goals at the “target” level, and there shall be a prorata payout to Participants within sixty (60) days following
the Change in Control (unless a later date is required by Section 17.3 hereof), based upon the length of time within the performance
period that has elapsed prior to the Change in Control. Any Awards shall thereafter continue or lapse in accordance with the other
provisions of the Plan and the Award Certificate. To the extent that this provision causes Incentive Stock Options to exceed the
dollar limitation set forth in Code Section 422(d), the excess Options shall be deemed to be Nonstatutory Stock Options.

 

     

     

    

 

14.7.       ACCELERATION
FOR ANY OTHER REASON. Regardless of whether an event has occurred as described in Section 14.6 above, the Committee may in
its sole discretion at any time determine that all or a portion of a Participant’s Options, SARs, and other Awards in the
nature of rights that may be exercised shall become fully or partially exercisable, that all or a part of the time-based vesting
restrictions on all or a portion of the outstanding Awards shall lapse, and/or that any performance-based criteria with respect
to any Awards shall be deemed to be wholly or partially satisfied, in each case, as of such date as the Committee may, in its
sole discretion, declare. The Committee may discriminate among Participants and among Awards granted to a Participant in exercising
its discretion pursuant to this Section 14.7. Notwithstanding anything in the Plan, including this Section 14.7, the Committee
may not accelerate the payment of any Award if such acceleration would violate Section 409A(a)(3) of the Code.

 

14.8.       FORFEITURE
EVENTS. Awards under the Plan shall be subject to any compensation recoupment policy that the Company may adopt from time
to time that is applicable by its terms to the Participant. In addition, the Committee may specify in an Award Certificate that
the Participant’s rights, payments and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture
or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance
conditions of an Award. Such events may include, but shall not be limited to, (i) termination of employment for cause, (ii) violation
of material Company or Affiliate policies, (iii) breach of noncompetition, confidentiality or other restrictive covenants that
may apply to the Participant, (iv) other conduct by the Participant that is detrimental to the business or reputation of the Company
or any Affiliate, or (v) a later determination that the vesting of, or amount realized from, a Performance Award was based on
materially inaccurate financial statements or any other materially inaccurate performance metric criteria, whether or not the
Participant caused or contributed to such material inaccuracy.

 

14.9.       SUBSTITUTE
AWARDS. The Committee may grant Awards under the Plan in substitution for stock and stock-based awards held by employees of
another entity who become employees of the Company or an Affiliate as a result of a merger or consolidation of the former employing
entity with the Company or an Affiliate or the acquisition by the Company or an Affiliate of property or stock of the former employing
corporation. The Committee may direct that the substitute awards be granted on such terms and conditions as the Committee considers
appropriate in the circumstances.

 

ARTICLE
15

CHANGES
IN CAPITAL STRUCTURE

 

15.1.       MANDATORY
ADJUSTMENTS. In the event of a nonreciprocal transaction between the Company and its stockholders that causes the per-share
value of the Stock to change (including, without limitation, any stock dividend, stock split, spin-off, rights offering, or large
nonrecurring cash dividend), the Committee shall make such adjustments to the Plan and Awards as it deems necessary, in its sole
discretion, to prevent dilution or enlargement of rights immediately resulting from such transaction. Action by the Committee
may include: (i) adjustment of the number and kind of shares that may be delivered under the Plan; (ii) adjustment of the number
and kind of shares subject to outstanding Awards; (iii) adjustment of the exercise price of outstanding Awards or the measure
to be used to determine the amount of the benefit payable on an Award; and (iv) any other adjustments that the Committee determines
to be equitable. Notwithstanding the foregoing, the Committee shall not make any adjustments to outstanding Options or SARs that
would constitute a modification or substitution of the stock right under Treas. Reg. Section 1.409A-1(b)(5)(v) that would be treated
as the grant of a new stock right or change in the form of payment for purposes of Code Section 409A. Without limiting the foregoing,
in the event of a subdivision of the outstanding Stock (stock-split), a declaration of a dividend payable in Shares, or a combination
or consolidation of the outstanding Stock into a lesser number of Shares, the authorization limits under Sections 5.1 and 5.4
shall automatically be adjusted proportionately, and the Shares then subject to each Award shall automatically, without the necessity
for any additional action by the Committee, be adjusted proportionately without any change in the aggregate purchase price therefor.

 

     

     

    

 

15.2       DISCRETIONARY
ADJUSTMENTS. Upon the occurrence or in anticipation of any corporate event or transaction involving the Company (including,
without limitation, any merger, reorganization, recapitalization, combination or exchange of shares, or any transaction described
in Section 15.1), the Committee may, in its sole discretion, provide (i) that Awards will be settled in cash rather than Stock,
(ii) that Awards will become immediately vested and non-forfeitable and exercisable (in whole or in part) and will expire after
a designated period of time to the extent not then exercised, (iii) that Awards will be assumed by another party to a transaction
or otherwise be equitably converted or substituted in connection with such transaction, (iv) that outstanding Awards may be settled
by payment in cash or cash equivalents equal to the excess of the fair market value of the underlying Stock, as of a specified
date associated with the transaction (or the per-shares transaction price), over the exercise or base price of the Award, (v)
that performance targets and performance periods for Performance Awards will be modified, consistent with Code Section 162(m)
where applicable, or (vi) any combination of the foregoing. The Committee’s determination need not be uniform and may be
different for different Participants whether or not such Participants are similarly situated.

 

15.3       GENERAL.
Any discretionary adjustments made pursuant to this Article 14 shall be subject to the provisions of Section 16.2. To the extent
that any adjustments made pursuant to this Article 14 cause Incentive Stock Options to cease to qualify as Incentive Stock Options,
such Options shall be deemed to be Nonstatutory Stock Options.

 

ARTICLE
16

AMENDMENT,
MODIFICATION AND TERMINATION

 

16.1.       AMENDMENT,
MODIFICATION AND TERMINATION. The Board or the Committee may, at any time and from time to time, amend, modify or terminate
the Plan without stockholder approval; provided, however, that if an amendment to the Plan would, in the reasonable
opinion of the Board or the Committee, constitute a material change requiring stockholder approval under applicable laws, policies
or regulations or the applicable listing or other requirements of an Exchange, then such amendment shall be subject to stockholder
approval; and provided, further, that the Board or Committee may condition any other amendment or modification on
the approval of stockholders of the Company for any reason, including by reason of such approval being necessary or deemed advisable
(i) to comply with the listing or other requirements of an Exchange, or (ii) to satisfy any other tax, securities or other applicable
laws, policies or regulations. Except for any mandatory adjustments to the Plan and Awards contemplated by Section 15.1, without
the prior approval of the stockholders of the Company, the Plan may not be amended to permit: (i) the exercise price or base price
of an Option or SAR to be reduced, directly or indirectly, (ii) an Option or SAR to be cancelled in exchange for cash, other Awards,
or Options or SARs with an exercise or base price that is less than the exercise price or base price of the original Option or
SAR, or otherwise, or (iii) the Company to repurchase an Option or SAR for value (in cash or otherwise) from a Participant if
the current Fair Market Value of the Shares underlying the Option or SAR is lower than the exercise price or base price per share
of the Option or SAR.

 

16.2.       AWARDS
PREVIOUSLY GRANTED. At any time and from time to time, the Committee may amend, modify or terminate any outstanding Award
without approval of the Participant; provided, however:

 

     

     

    

 

(a)       Subject
to the terms of the applicable Award Certificate, such amendment, modification or termination shall not, without the Participant’s
consent, reduce or diminish the value of such Award determined as if the Award had been exercised, vested, cashed in or otherwise
settled on the date of such amendment or termination (with the per-share value of an Option or SAR for this purpose being calculated
as the excess, if any, of the Fair Market Value as of the date of such amendment or termination over the exercise or base price
of such Award);

 

(b)       The
original term of an Option or SAR may not be extended without the prior approval of the stockholders of the Company;

 

(c)       Except
as otherwise provided in Article 14, without the prior approval of the stockholders of the Company: (i) the exercise price or
base price of an Option or SAR may not be reduced, directly or indirectly, (ii) an Option or SAR may not be cancelled in exchange
for cash, other Awards, or Options or SARs with an exercise or base price that is less than the exercise price or base price of
the original Option or SAR, or otherwise, and (iii) the Company may not repurchase an Option or SAR for value (in cash or otherwise)
from a Participant if the current Fair Market Value of the Shares underlying the Option or SAR is lower than the exercise price
or base price per share of the Option or SAR; and

 

(d)       No
termination, amendment, or modification of the Plan shall adversely affect any Award previously granted under the Plan, without
the written consent of the Participant affected thereby. An outstanding Award shall not be deemed to be “adversely affected”
by a Plan amendment if such amendment would not reduce or diminish the value of such Award determined as if the Award had been
exercised, vested, cashed in or otherwise settled on the date of such amendment (with the per-share value of an Option or SAR
for this purpose being calculated as the excess, if any, of the Fair Market Value as of the date of such amendment over the exercise
or base price of such Award).

 

16.3.       COMPLIANCE
AMENDMENTS. Notwithstanding anything in the Plan or in any Award Certificate to the contrary, the Board may amend the Plan
or an Award Certificate, to take effect retroactively or otherwise, as deemed necessary or advisable for the purpose of conforming
the Plan or Award Certificate to any present or future law relating to plans of this or similar nature (including, but not limited
to, Section 409A of the Code), and to the administrative regulations and rulings promulgated thereunder. By accepting an Award
under this Plan, a Participant agrees to any amendment made pursuant to this Section 16.3 to any Award granted under the Plan
without further consideration or action.

 

ARTICLE
17

GENERAL
PROVISIONS

 

17.1.       RIGHTS
OF PARTICIPANTS.

 

(a)       No
Participant or any Eligible Participant shall have any claim to be granted any Award under the Plan. Neither the Company, its
Affiliates nor the Committee is obligated to treat Participants or Eligible Participants uniformly, and determinations made under
the Plan may be made by the Committee selectively among Eligible Participants who receive, or are eligible to receive, Awards
(whether or not such Eligible Participants are similarly situated).

 

(b)       Nothing
in the Plan, any Award Certificate or any other document or statement made with respect to the Plan, shall interfere with or limit
in any way the right of the Company or any Affiliate to terminate any Participant’s employment or status as an officer,
or any Participant’s service as a director, at any time, nor confer upon any Participant any right to continue as an employee,
officer, or director of the Company or any Affiliate, whether for the duration of a Participant’s Award or otherwise.

 

     

     

    

 

(c)       Neither
an Award nor any benefits arising under this Plan shall constitute an employment contract with the Company or any Affiliate and,
accordingly, subject to Article 15, this Plan and the benefits hereunder may be terminated at any time in the sole and exclusive
discretion of the Committee without giving rise to any liability on the part of the Company or any of its Affiliates.

 

(d)       No
Award gives a Participant any of the rights of a stockholder of the Company unless and until Shares are in fact issued to such
person in connection with such Award.

 

17.2.       WITHHOLDING.
The Company or any Affiliate shall have the authority and the right to deduct or withhold, or require a Participant to remit to
the Company or such Affiliate, an amount sufficient to satisfy federal, state, and local taxes (including the Participant’s
FICA obligation) required by law to be withheld with respect to any exercise, lapse of restriction or other taxable event arising
as a result of the Plan. The obligations of the Company under the Plan will be conditioned on such payment or arrangements and
the Company or such Affiliate will, to the extent permitted by law, have the right to deduct any such taxes from any payment of
any kind otherwise due to the Participant. Unless otherwise determined by the Committee at the time the Award is granted or thereafter,
any such withholding requirement may be satisfied, in whole or in part, by withholding from the Award Shares having a Fair Market
Value on the date of withholding equal to the amount required to be withheld in accordance with applicable tax requirements, all
in accordance with such procedures as the Committee approves (which procedures may permit withholding up to the maximum individual
statutory rate in the applicable jurisdiction as may be permitted under then-current accounting principles to qualify for equity
classification). All such elections shall be subject to any restrictions or limitations that the Committee, in its sole discretion,
deems appropriate.

 

17.3.
       SPECIAL PROVISIONS RELATED TO SECTION 409A OF THE CODE.

 

(a)       It
is intended that the payments and benefits provided under the Plan and any Award shall either be exempt from the application of,
or comply with, the requirements of Section 409A of the Code. The Plan and all Award Certificates shall be construed in a manner
that effects such intent. Nevertheless, the tax treatment of the benefits provided under the Plan or any Award is not warranted
or guaranteed. Neither the Company, its Affiliates nor their respective directors, officers, employees or advisers (other than
in his or her capacity as a Participant) shall be held liable for any taxes, interest, penalties or other monetary amounts owed
by any Participant or other taxpayer as a result of the Plan or any Award.

 

(b)       Notwithstanding
anything in the Plan or in any Award Certificate to the contrary, to the extent that any amount or benefit that would constitute
non-exempt “deferred compensation” for purposes of Section 409A of the Code (“Non-Exempt Deferred Compensation”)
would otherwise be payable or distributable, or a different form of payment (e.g., lump sum or installment) of such Non-Exempt
Deferred Compensation would be effected, under the Plan or any Award Certificate by reason of the occurrence of a Change in Control,
or the Participant’s Disability or separation from service, such Non-Exempt Deferred Compensation will not be payable or
distributable to the Participant, and/or such different form of payment will not be effected, by reason of such circumstance unless
the circumstances giving rise to such Change in Control, Disability or separation from service meet any description or definition
of “change in control event”, “disability” or “separation from service”, as the case may be,
in Section 409A of the Code and applicable regulations (without giving effect to any elective provisions that may be available
under such definition). This provision does not affect the dollar amount or prohibit the vesting of any Award upon a Change
in Control, Disability or separation from service, however defined. If this provision prevents the payment or distribution of
any amount or benefit, or the application of a different form of payment of any amount or benefit, such payment or distribution
shall be made at the time and in the form that would have applied absent the non-409A-conforming event.

 

     

     

    

 

(c)       If
any one or more Awards granted under the Plan to a Participant could qualify for any separation pay exemption described in Treas.
Reg. Section 1.409A-1(b)(9), but such Awards in the aggregate exceed the dollar limit permitted for the separation pay exemptions,
the Company shall determine which Awards or portions thereof will be subject to such exemptions.

 

(d)       Notwithstanding
anything in the Plan or in any Award Certificate to the contrary, if any amount or benefit that would constitute Non-Exempt Deferred
Compensation would otherwise be payable or distributable under this Plan or any Award Certificate by reason of a Participant’s
separation from service during a period in which the Participant is a Specified Employee, then, subject to any permissible acceleration
of payment by the Committee under Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic relations order), (j)(4)(iii) (conflicts of
interest), or (j)(4)(vi) (payment of employment taxes): (i) the amount of such Non-Exempt Deferred Compensation that would otherwise
be payable during the six-month period immediately following the Participant’s separation from service will be accumulated
through and paid or provided on the first day of the seventh month following the Participant’s separation from service (or,
if the Participant dies during such period, within 30 days after the Participant’s death) (in either case, the “Required
Delay Period”); and (ii) the normal payment or distribution schedule for any remaining payments or distributions will resume
at the end of the Required Delay Period.

 

(e)       If,
pursuant to an Award, a Participant is entitled to a series of installment payments, such Participant’s right to the series
of installment payments shall be treated as a right to a series of separate payments and not to a single payment. For purposes
of the preceding sentence, the term “series of installment payments” has the meaning provided in Treas. Reg. Section
1.409A-2(b)(2)(iii) (or any successor thereto).

 

(f)       Whenever
an Award conditions a payment or benefit on the Participant’s execution and non-revocation of a release of claims, such
release must be executed and all revocation periods shall have expired within 60 days after the date of termination of the Participant’s
employment; failing which such payment or benefit shall be forfeited. If such payment or benefit is exempt from Section 409A of
the Code, the Company may elect to make or commence payment at any time during such 60-day period. If such payment or benefit
constitutes Non-Exempt Deferred Compensation, then, subject to subsection (d) above, (i) if such 60-day period begins and ends
in a single calendar year, the Company may make or commence payment at any time during such period at its discretion, and (ii)
if such 60-day period begins in one calendar year and ends in the next calendar year, the payment shall be made or commence during
the second such calendar year (or any later date specified for such payment under the applicable Award), even if such signing
and non-revocation of the release occur during the first such calendar year included within such 60-day period. In other words,
a Participant is not permitted to influence the calendar year of payment based on the timing of signing the release.

 

(g)       The
Company shall have the sole authority to make any accelerated distribution permissible under Treas. Reg. Section 1.409A-3(j)(4)
to Participants of deferred amounts, provided that such distribution(s) meets the requirements of Treas. Reg. Section 1.409A-3(j)(4).

 

     

     

    

 

17.4.       UNFUNDED
STATUS OF AWARDS. The Plan is intended to be an “unfunded” plan for incentive and deferred compensation. With
respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award Certificate
shall give the Participant any rights that are greater than those of a general creditor of the Company or any Affiliate. In its
sole discretion, the Committee may authorize the creation of grantor trusts or other arrangements to meet the obligations created
under the Plan to deliver Shares or payments in lieu of Shares or with respect to Awards. This Plan is not intended to be subject
to ERISA.

 

17.5.       RELATIONSHIP
TO OTHER BENEFITS. No payment under the Plan shall be taken into account in determining any benefits under any pension, retirement,
savings, profit sharing, group insurance, welfare or benefit plan of the Company or any Affiliate unless provided otherwise in
such other plan. Nothing contained in the Plan will prevent the Company from adopting other or additional compensation arrangements,
subject to stockholder approval if such approval is required; and such arrangements may be either generally applicable or applicable
only in specific cases.

 

17.6.       EXPENSES.
The expenses of administering the Plan shall be borne by the Company and its Affiliates.

 

17.7.       TITLES
AND HEADINGS. The titles and headings of the Sections in the Plan are for convenience of reference only, and in the event
of any conflict, the text of the Plan, rather than such titles or headings, shall control.

 

17.8.       GENDER
AND NUMBER. Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine;
the plural shall include the singular and the singular shall include the plural.

 

17.9.       FRACTIONAL
SHARES. No fractional Shares shall be issued and the Committee shall determine, in its discretion, whether cash shall be given
in lieu of fractional Shares or whether such fractional Shares shall be eliminated by rounding up or down.

 

17.10.       GOVERNMENT
AND OTHER REGULATIONS.

 

(a)       Notwithstanding
any other provision of the Plan, no Participant who acquires Shares pursuant to the Plan may, during any period of time that such
Participant is an affiliate of the Company (within the meaning of the rules and regulations of the Securities and Exchange Commission
under the 1933 Act), sell such Shares, unless such offer and sale is made (i) pursuant to an effective registration statement
under the 1933 Act, which is current and includes the Shares to be sold, or (ii) pursuant to an appropriate exemption from the
registration requirement of the 1933 Act, such as that set forth in Rule 144 promulgated under the 1933 Act.

 

(b)       Notwithstanding
any other provision of the Plan, if at any time the Committee shall determine that the registration, listing or qualification
of the Shares covered by an Award upon any Exchange or under any foreign, federal, state or local law or practice, or the consent
or approval of any governmental regulatory body, is necessary or desirable as a condition of, or in connection with, the granting
of such Award or the purchase or receipt of Shares thereunder, no Shares may be purchased, delivered or received pursuant to such
Award unless and until such registration, listing, qualification, consent or approval shall have been effected or obtained free
of any condition not acceptable to the Committee. Any Participant receiving or purchasing Shares pursuant to an Award shall make
such representations and agreements and furnish such information as the Committee may request to assure compliance with the foregoing
or any other applicable legal requirements. The Company shall not be required to issue or deliver any certificate or certificates
for Shares under the Plan prior to the Committee’s determination that all related requirements have been fulfilled. The
Company shall in no event be obligated to register any securities pursuant to the 1933 Act or applicable state or foreign law
or to take any other action in order to cause the issuance and delivery of such certificates to comply with any such law, regulation
or requirement.

 

     

     

    

 

17.11.       GOVERNING
LAW. To the extent not governed by federal law, the Plan and all Award Certificates shall be construed in accordance with
and governed by the laws of the State of Delaware.

 

17.12.       SEVERABILITY.
In the event that any provision of this Plan is found to be invalid or otherwise unenforceable under any applicable law, such
invalidity or unenforceability will not be construed as rendering any other provisions contained herein as invalid or unenforceable,
and all such other provisions will be given full force and effect to the same extent as though the invalid or unenforceable provision
was not contained herein.

 

17.13.       NO
LIMITATIONS ON RIGHTS OF COMPANY. The grant of any Award shall not in any way affect the right or power of the Company to
make adjustments, reclassification or changes in its capital or business structure or to merge, consolidate, dissolve, liquidate,
sell or transfer all or any part of its business or assets. The Plan shall not restrict the authority of the Company, for proper
corporate purposes, to draft or assume awards, other than under the Plan, to or with respect to any person. If the Committee so
directs, the Company may issue or transfer Shares to an Affiliate, for such lawful consideration as the Committee may specify,
upon the condition or understanding that the Affiliate will transfer such Shares to a Participant in accordance with the terms
of an Award granted to such Participant and specified by the Committee pursuant to the provisions of the Plan.

 

The
foregoing is hereby acknowledged as being the Checkpoint Therapeutics, Inc. Amended and Restated 2015 Incentive Plan, which was
amended and restated effective as of June 14, 2017.

 

 

	 	CHECKPOINT
    THERAPEUTICS, INC.
	 	 	 	 	 
	 	By:	 	James
    F. Oliviero III	 
	 	 	 	 	 
	 	Its:	 	President
    & CEOExhibit 10.2

 

 

 

 

 

 

 

 

 

 

 

 

AMENDED
& RESTATED CHECKPOINT THERAPEUTICS, INC.

NON-EMPLOYEE
DIRECTORS COMPENSATION PLAN

 

 

 

 

 

 

 

 

 

 

     

     

    

 

AMENDED
& RESTATED CHECKPOINT THERAPEUTICS, INC.

NON-EMPLOYEE
DIRECTORS COMPENSATION PLAN

 

 

ARTICLE 1

PURPOSE

 

1.1.       Purpose.
The purpose of the Amended and Restated Checkpoint Therapeutics, Inc. Non-Employee Directors Compensation Plan is to attract,
retain and compensate highly-qualified individuals who are not employees of Checkpoint Therapeutics, Inc. for service as members
of the Board by providing them with competitive compensation and an opportunity to participate in the Company’s future growth
through the granting of stock-based incentive awards. The Company intends that the Plan will benefit the Company and its stockholders
by allowing Non-Employee Directors to have a personal financial stake in the Company through an ownership interest in the Stock
and will closely associate the interests of Non-Employee Directors with that of the Company’s stockholders.

 

1.2.       ELIGIBILITY.
All Non-Employee Directors shall automatically be participants in the Plan.

 

ARTICLE 2

DEFINITIONS

 

2.1.       DEFINITIONS.
Capitalized terms used herein and not otherwise defined shall have the meanings given such terms in the LTIP. Unless the context
clearly indicates otherwise, the following terms shall have the following meanings:

 

		(a)	“Annual Equity Award” means stock options, stock awards, restricted stock, restricted
stock units, stock appreciation rights, or other awards based on or derived from the Stock which are authorized under this Plan
for award to Non-Employee Directors under Section 6.2 of the Plan.

 

		(b)	“Award” means any Initial Equity Award or Annual Equity Award granted to a Non-Employee
Director under Article 6 of the Plan.

 

		(c)	“Basic Cash Retainer” means the annual cash retainer (excluding any Supplemental Cash
Retainer, Meeting Fees and expenses) payable by the Company to a Non-Employee Director pursuant to Section 5.1 hereof for service
as a director of the Company, as established from time to time by the Board and set forth in Schedule I hereto.

 

		(d)	“Company” means Checkpoint Therapeutics, Inc., a Delaware corporation.

 

		(e)	“Initial Equity Award” means stock options, stock awards, restricted stock, restricted
stock units, stock appreciation rights, or other awards based on or derived from the Stock which are authorized under this Plan
for award to Non-Employee Directors under Section 6.1 of the Plan.

 

		(f)	“LTIP” means the Checkpoint Therapeutics, Inc. Amended and Restated 2015 Incentive
Plan, or any subsequent equity compensation plan approved by the Board and designated as the LTIP for purposes of this Plan.

 

     

     

    

 

		(g)	“Meeting Fees” means fees for attending a meeting of the Board or one of its Committees
as set forth in Section 5.3 hereof.

 

		(h)	“Non-Employee Director” means a director of the Company who is not an employee of the
Company and who is not directly compensated by the Company under a separate Board-approved agreement with such director, or a related
entity to such director, for service as a director during a Plan Year.

 

		(i)	“Plan” means the Amended and Restated Checkpoint Therapeutics, Inc. Non-Employee Directors
Compensation Plan, as further amended from time to time.

 

		(j)	“Plan Year(s)” means the approximate twelve-month periods between annual meetings of
the stockholders of the Company.

 

		(k)	“Prior Plan” means the previously-executed Non-Employee Directors Compensation Plan.

 

		(l)	“Supplemental Cash Retainer” means the supplemental annual cash retainer (excluding
Basic Cash Retainer, Meeting Fees and expenses) payable by the Company to a Non-Employee Director pursuant to Section 5.2 hereof
for service as Chairman of the Board, Lead Director, or chair of a committee of the Board, as established from time to time by
the Board and set forth in Schedule I hereto.

 

ARTICLE 3

ADMINISTRATION

 

3.1.       ADMINISTRATION.
The Plan shall be administered by the Board, or, at the discretion of the Board from time to time, the Plan may be administered
by a committee of the Board. Subject to the provisions of the Plan, the Board shall be authorized to interpret the Plan, to establish,
amend and rescind any rules and regulations relating to the Plan, and to make all other determinations necessary or advisable for
the administration of the Plan. The Board’s interpretation of the Plan, and all actions taken and determinations made by
the Board pursuant to the powers vested in it hereunder, shall be conclusive and binding upon all parties concerned including the
Company, its stockholders and persons granted awards under the Plan. The Board may appoint a plan administrator to carry out the
ministerial functions of the Plan, but the administrator shall have no other authority or powers of the Board. To the extent the
Board has delegated any authority and responsibility under this Plan to a committee of the Board, such committee shall have the
powers and protections of the Board hereunder, and any reference herein to the Board (other than in this Section 4.1) shall include
such committee. To the extent any action of the Board under the Plan conflicts with actions taken by such committee, the actions
of the Board shall control.

 

3.2.       RELIANCE.
In administering the Plan, the Board may rely upon any information furnished by the Company, its public accountants and other experts.
No individual will have personal liability by reason of anything done or omitted to be done by the Company or the Board in connection
with the Plan.

 

3.3.       INDEMNIFICATION.
Each person who is or has been a member of the Board or who otherwise participates in the administration or operation of the Plan
shall be indemnified by the Company against, and held harmless from, any loss, cost, liability or expense that may be imposed upon
or incurred by him or her in connection with or resulting from any claim, action, suit or proceeding in which such person may be
involved by reason of any action taken or failure to act under the Plan and shall be fully reimbursed by the Company for any and
all amounts paid by such person in satisfaction of judgment against him or her in any such action, suit or proceeding, provided
he or she will give the Company an opportunity, by written notice to the Board, to defend the same at the Company’s own expense
before he or she undertakes to defend it on his or her own behalf. This right of indemnification shall not be exclusive of any
other rights of indemnification.

 

    	 	-2-	 

     

    

 

ARTICLE 4

SHARES

 

4.1.       SOURCE
OF SHARES FOR THE PLAN. The Awards and shares of Stock that may be issued pursuant to the Plan shall be issued under
the LTIP, subject to all of the terms and conditions of the LTIP, including but not limited to Section 5.1 of the LTIP, which provides
that the maximum aggregate number of Shares associated with any Award granted under this Plan in any calendar year to any one Non-Employee
Director shall be 100,000 Shares. The terms contained in the LTIP are incorporated into and made a part of this Plan with respect
to Awards granted pursuant hereto, and any such Awards shall be governed by and construed in accordance with the LTIP. In the event
of any actual or alleged conflict between the provisions of the LTIP and the provisions of this Plan, the provisions of the LTIP
shall be controlling and determinative. The Plan is considered to be and shall be operated as a subplan of the LTIP, and does not
constitute a separate source of shares for the grant of the Awards provided herein.

 

ARTICLE 5

CASH COMPENSATION

 

5.1.       BASIC
CASH RETAINER.  Each Non-Employee Director shall be paid a Basic Cash Retainer for service as a director during each
Plan Year, payable in advance, on the first business day following each annual meeting of stockholders. The amount of the Basic
Cash Retainer shall be established from time to time by the Board. The amount of the Basic Cash Retainer is set forth in Schedule
I, as amended from time to time by the Board. Each person who first becomes an Non-Employee Director on a date other than an
annual meeting date shall be paid a pro rata amount of the Basic Cash Retainer for that Plan Year to reflect the actual number
of days served in the Plan Year.

 

5.2.       SUPPLEMENTAL
CASH RETAINER.  The Chairman of the Board, Lead Director, and chairs of each committee of the Board may be paid a Supplemental
Cash Retainer during a Plan Year, payable at the same times as installments of the Basic Cash Retainer are paid. The amount of
the Supplemental Cash Retainers shall be established from time to time by the Board, and shall be set forth in Schedule I,
as amended from time to time by the Board. A pro rata Supplemental Cash Retainer will be paid to any Non-Employee Director who
is elected by the Board to a position eligible for a Supplemental Cash Retainer on a date other than the beginning of a Plan Year,
to reflect the actual number of days served in such eligible capacity during the Plan Year.

 

5.3.       MEETING
FEES. Each Non-Employee Director may be paid a fee for each meeting of the Board or committee thereof in which he or she participates.
The amount of the fees, if any, shall be established from time to time by the Board and shall be set forth in Schedule I,
as amended from time to time by the Board. For purposes of this provision, casual or unscheduled conferences among directors shall
not constitute an official meeting.

 

5.4.       EXPENSE
REIMBURSEMENT. All Non-Employee Directors shall be reimbursed for reasonable travel and out-of-pocket expenses in connection
with attendance at meetings of the Board and its committees, or other Company functions at which the Chief Executive Officer, Chairman
of the Board, or Lead Director requests the director to participate.

 

    	 	-3-	 

     

    

 

ARTICLE 6

EQUITY AWARDS

 

6.1       INITIAL
EQUITY AWARD. Subject to share availability under the LTIP, on the first date a Non-Employee Director is initially elected
or appointed to the Board, he or she shall be granted an Initial Equity Award. The Initial Equity Award is set forth in Schedule
I, as amended from time to time by the Board. Such Initial Equity Award shall be subject to the terms and restrictions described
in Schedule I and below in this Article 6.

 

6.2       ANNUAL
EQUITY AWARD. Subject to share availability under the LTIP, on the day following each annual meeting of the Company’s
stockholders, each Non-Employee Director serving as such on that date (other than a director who first became a Non-Employee Director
at the stockholders meeting held on the previous day) shall be granted an Annual Equity Award. The Annual Equity Award is set forth
in Schedule I, as amended from time to time by the Board. Such Annual Equity Award shall be subject to the terms and restrictions
described in Schedule I and below in this Article 6.

 

6.3       TERMS
AND CONDITIONS OF AWARDS. Awards granted under this Article 6 shall be subject to the terms and conditions described below
and in the LTIP.

 

		(a)	Vesting. Each Award granted under this Plan shall vest as provided in Schedule I,
as amended from time to time by the Board; provided, however, that each Award shall become fully vested upon the occurrence of
a Change of Control.

 

		(b)	Effect of Termination of Directorship. Upon termination of a Non-Employee Director’s
membership on the Board for any reason (including without limitation, by reason of death, Disability, retirement or failure to
be re-nominated or re-elected as a director), the Non-Employee Director shall forfeit all of his or her right, title and interest
in and to any unvested portion of the Initial Equity Award or Annual Equity Award, as the case may be.

 

		(c)	Award Certificates. All Awards shall be evidenced by a written Award Certificate between
the Company and the Non-Employee Director, which shall include such provisions, not inconsistent with the Plan or the LTIP, as
may be specified by the Board.

 

6.4       ADJUSTMENTS.
The adjustment provisions of the LTIP shall apply with respect to Awards granted pursuant to this Plan. Without limiting the foregoing,
in the event of a subdivision of the outstanding Stock (stock-split), a declaration of a dividend payable in shares of Stock, or
a combination or consolidation of the outstanding Stock into a lesser number of shares of Stock, the number of Awards to be granted
to Non-Employee Directors in accordance with Article 6 hereof shall be adjusted proportionately and the shares of Stock then subject
to each Award shall automatically be adjusted proportionately without any change in the aggregate purchase price therefore.

 

ARTICLE 7

Amendment,
Modification and Termination

 

7.1.       AMENDMENT,
MODIFICATION AND TERMINATION. The Board may, at any time and from time to time, amend, modify or terminate the Plan without
stockholder approval; provided, however, that if an amendment to the Plan would, in the reasonable opinion of the Board, require
stockholder approval under applicable laws, policies or regulations or the applicable listing or other requirements of a securities
exchange on which the Stock is listed or traded, then such amendment shall be subject to stockholder approval; and provided further,
that the Board may condition any other amendment or modification on the approval of stockholders of the Company for any reason.
This Plan amends, restates, supersedes and replaces in its entirety the Prior Plan.

 

    	 	-4-	 

     

    

 

ARTICLE 8

General
Provisions

 

8.1.       EXPENSES
OF THE PLAN. The expenses of administering the Plan shall be borne by the Company.

 

8.2.       EFFECTIVE
DATE AND DURATION OF THE PLAN. The Plan shall be effective as of the date it is approved by the Board. The Plan shall remain
in effect until terminated by the Board.

 

 

	 	CHECKPOINT THERAPEUTICS, Inc.
	 	 	 	 	 
	 	 	 	 	 
	 	By:	 	/s/ James
    F. Oliviero	 
	 	Name:	 	James F. Oliviero	 
	 	Title:	 	President & CEO	 

 

    	 	-5-	 

     

    

 

SCHEDULE I

 

Effective as of January 8, 2016

 

The following shall remain in effect until
changed by the Board:

 

	Basic Cash Retainer:	 	$50,000, paid quarterly in advance ($12,500 per quarter). 
	 	 	 
	Supplemental Cash Retainer for Audit Chair:	 	$10,000, paid quarterly in advance ($2,500 per quarter). 
	 	 	 
	Initial Equity Award:	 	50,000
shares of Restricted Stock, which shares shall vest and become non-forfeitable in equal annual installments over three years,
beginning on the third (3rd) anniversary of the Grant Date, subject to the Non-Employee Director’s continued
service on the Board on such date.

	 	 	 
	Annual Equity Award:	 	The
greater of (i) a number of shares of Restricted Stock having a fair market value on the Grant Date of $50,000, or (ii) 10,000
shares of Restricted Stock, which shares shall vest and become non-forfeitable on the third (3rd) anniversary of the
Grant Date, subject to the Non-Employee Director’s continued service on the Board on such date.

 

    	 	-6-

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