Document:

Exhibit 4.1(iii)

 

THE
SECURITIES REPRESENTED BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION
THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION
OF COUNSEL IN A FORM REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT.

 

	 	 
	Warrant
    No.: ____	Date
    of Issuance: ______, 2019

 

LANTERN
PHARMA INC.

 

Preferred
Stock Warrant

 

This
certifies that _______________ or its assigns (“Holder”), for value received, is entitled to purchase from
LANTERN PHARMA INC., a Texas corporation (the “Company”), ______ fully paid and nonassessable shares of the
Company’s Series A Preferred Stock, par value $0.01 (the “Warrant Stock”) at a price equal to the Stock
Purchase Price (as such term is defined below). Holder also may exercise this Warrant on a cashless or “net issuance”
basis as described in Section 1(b) below. This Warrant is being issued in connection with the Series A Preferred Stock and Warrant
Purchase Agreement, entered into as of______, 2019 and [amended as of ______] (the “Purchase Agreement”), among
the Company and the Purchasers named therein. Capitalized terms used herein and not otherwise defined in this Warrant shall have
the meaning(s) ascribed to them in the Purchase Agreement unless the context would otherwise require.

 

Additional
defined terms for this Warrant. For purposes of this Warrant:

 

“Amended
and Restated Certificate of Formation” means the Company’s Amended and Restated Certificate of Formation filed
with the Secretary of State of the State of Texas on March 16, 2017, as amended by the Certificate of Amendment filed with the
Secretary of State of the State of Texas on November 20, 2018, as may be further amended from time to time.

 

“Change
of Control” means a “Sale of the Company” as defined in the Voting Agreement.

 

“Qualified
Public Offering” means the first closing of a firm commitment underwritten public offering of Common Stock pursuant
to an effective registration statement under the Securities Act with a price per share of $21.64 or more (subject to appropriate
adjustments for stock dividends, splits, combinations and similar events) and resulting in net proceeds to the Company of not
less than $25 million.

 

“Stock
Purchase Price” shall be $5.45 per share.

 

“Voting
Agreement” means the Amended and Restated Voting Agreement, dated as of March 17, 2017, and further amended as of February
26, 2019, by and among the Company and the Investors (as defined therein) and Key Holders (as defined therein) thereto.

 

    - 1 -

     

    

 

This
Warrant shall expire and shall no longer be exercisable upon the earliest to occur of (the “Expiration Date”):

 

(a) at
5:00 p.m. (Pacific time) on the fifth anniversary of the Date of Issuance hereof; and

 

(b) the
consummation of a Change of Control or Qualified Public Offering; provided, however, that the Company shall have provided at least
ten (10) days prior written notice of such Change of Control or Qualified Public Offering to Holder. In addition, in the event
of any taking by the Company of a record of holders of any class of securities for the purpose of determining the holders thereof
who or which are entitled to receive any dividend or other distribution, the Company shall provide notice thereof to the Holder,
at least ten (10) days prior thereto, of the date on which any record is to be taken for the purpose of such dividend or distribution.

 

This
Warrant may be exercised at any time and from time to time prior to the Expiration Date upon surrender to the Company at its principal
office of this Warrant properly endorsed with the purchase/exercise form attached hereto as Exhibit A (the “Exercise
Notice”) duly executed by Holder, and upon payment in cash or by check of the aggregate Stock Purchase Price (the “Exercise
Price”) for the number of shares of Warrant Stock for which this Warrant is being exercised determined in accordance
with the provisions hereof (except in the event of a cashless exercise pursuant to Section 1(b) if so indicated in the Exercise
Notice). The Stock Purchase Price and the number of shares purchasable hereunder are subject to further adjustment as provided
in Section 4 of this Warrant.

 

This
Warrant is subject to the following terms and conditions:

 

1. Exercise;
Issuance of Certificates; Payment for Shares.

 

(a) Subject
to the terms and conditions hereof, this Warrant is exercisable at the option of Holder, at any time or from time to time, on
or before the Expiration Date for all or any portion of the shares of Warrant Stock that may be purchased hereunder for the Stock
Purchase Price multiplied by the number of shares of Warrant Stock to be purchased. In the event that, pursuant to the Company’s
Amended and Restated Certificate of Formation, an event causing automatic conversion of all of the Company’s Series A Preferred
Stock shall have occurred prior to the exercise of this Warrant, in whole or in part, then this Warrant shall be exercisable for
the number of shares of Common Stock into which the Warrant Stock not purchased upon any prior exercise of this Warrant would
have been so converted (and all references to Warrant Stock in this Warrant shall thereafter be deemed to be a reference to such
shares of Common Stock). Subject to the provisions of Section 2, certificates for the shares of Warrant Stock so purchased shall
be delivered to Holder hereof by the Company within a reasonable time after the rights represented by this Warrant have been so
exercised. In the event that this Warrant is exercised for less than the full number of shares that may be purchased under this
Warrant, the Company shall cancel this Warrant and execute and deliver a new Warrant of like tenor for the balance of the shares
purchasable under this Warrant. Each stock certificate so delivered shall be in such denominations of Warrant Stock as may be
requested by Holder hereof and shall be registered in the name of such Holder or such other name as shall be designated by such
Holder, subject to the limitations contained in Section 2. No fractional shares shall be issued upon exercise of this Warrant.
The Company shall, in lieu of issuing any fractional share, pay the holder entitled to such fraction a sum in cash equal to such
fraction multiplied by the then effective Stock Purchase Price.

 

    - 2 -

     

    

 

(b) Cashless
Exercise. Holder, in lieu of exercising this Warrant by the cash payment of the Stock Purchase Price pursuant to clause (a)
of this Section 1, may elect, at any time on or before the Expiration Date, to surrender this Warrant and receive that number
of shares of Warrant Stock computed using the following formula:

 

	 	X = Y
    (A - B)	 
	 	           A	 

 

Where:
X = the number of shares of Warrant Stock to be issued to Holder.

 

		Y	=	the
number of shares of Warrant Stock that Holder would otherwise have been entitled to purchase hereunder pursuant to Section 1(a)
(or such lesser number of shares as Holder may designate in the case of a partial exercise of this Warrant).
	 	 	 	 
		A	=	the
Per Share Price (as defined in Section 1(c) below) of one share of Warrant Stock at the time the net issuance election under this
Section 1(b) is made.
	 	 	 	 
		B	=	the
Stock Purchase Price then in effect for the applicable shares of Warrant Stock at the time of exercise.

 

Election
to exercise under this Section 1(b) may be made by delivering the purchase/exercise form attached hereto as Exhibit A duly
executed by Holder, to be followed by surrender of this Warrant.

 

For
purposes of Rule 144, it is intended, understood and acknowledged that the shares of Warrant Stock issued hereunder upon exercise
of this Warrant pursuant to this Section 1(b) shall be deemed to have been acquired at the time this Warrant was issued. Moreover,
it is intended, understood and acknowledged that the holding period for the shares of Warrant Stock issued hereunder upon exercise
of this Warrant pursuant to this Section 1(b) shall be deemed, for both federal tax and Rule 144 purposes, to have commenced on
the date this Warrant was issued.

 

(c) For
purposes of Section 1(b), “Per Share Price” means:

 

(i) If
this Warrant is exercised in connection with the Company’s Qualified Public Offering, and if the Company’s registration
statement relating to such Qualified Public Offering has been declared effective by the Securities and Exchange Commission, then
the Per Share Price shall be the product of (A) the initial “Price to Public” of the Common Stock specified
in the final prospectus with respect to the offering and (B) the number of shares of Common Stock into which each share of Warrant
Stock is convertible at the time of such exercise, or, following the occurrence of the event described in the second sentence
of Section 1(a), the number of shares of Common Stock for which the Warrant is exercised at such time, as applicable.

 

    - 3 -

     

    

 

(ii) If
this Warrant is exercised prior to the date of the Company’s Qualified Public Offering of Common Stock, the Per Share Price
shall be determined in good faith by the Board of Directors of the Company based on relevant facts and circumstances at the time
of the net exercise under Section 1(b), including, in the case of a Change of Control, the consideration receivable by the holders
of the Warrant Stock in such Change of Control and the liquidation preference (including any declared but unpaid dividends), if
any, then applicable to the Warrant Stock; provided, however, where a public market exists for the Common Stock at the time of
such exercise, the Per Share Price shall be the product of (x) the average of the closing bid and asked prices of the Common Stock
or the closing price quoted on the national securities exchange on which the Common Stock is listed as published in the Wall Street
Journal, as applicable, for the ten (10) trading day period ending five (5) trading days prior to the date of determination of
the Per Share Price and (y) the number of shares of Common Stock into which each share of Warrant Stock is convertible at the
time of such exercise, or, following the occurrence of the event described in the second sentence of Section 1(a), the number
of shares of Common Stock for which the Warrant is exercised at such time, as applicable.

 

2. Limitation
on Transfer.

 

(a) This
Warrant and the Warrant Stock issuable hereunder shall not be transferable except upon the conditions specified in this Section
2, which conditions are intended to ensure compliance with the provisions of the Securities Act. Holder or any holder of the Warrant
Stock issuable hereunder will cause any proposed transferee of the Warrant or Warrant Stock issuable hereunder to agree to take
and hold such securities subject to the provisions and upon the conditions specified in this Section 2.

 

(b) Each
certificate or instrument representing (i) this Warrant, (ii) the Warrant Stock, (iii) shares of the Common Stock issued upon
conversion of the Warrant Stock and (iv) any other securities issued in respect to the Series A Preferred Stock or Common Stock
issued upon conversion of the Warrant Stock upon any stock split, stock dividend, recapitalization, merger, consolidation or similar
event, shall (unless otherwise permitted by the provisions of this Section 2 or unless such securities have been registered under
the Securities Act or sold under Rule 144) be stamped or otherwise imprinted with a legend substantially in the following form
(in addition to any legend required under applicable state securities laws):

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND HAVE BEEN
ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION
MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM REASONABLY SATISFACTORY
TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

 

    - 4 -

     

    

 

(c) Holder
and each person to whom this Warrant is subsequently transferred represents and warrants to the Company (by acceptance of such
transfer) that it is an “accredited investor” (as defined in Rule 501 of Regulation D under the Securities Act) and
that it will not transfer this Warrant (or securities issuable upon exercise hereof) except pursuant to (i) an effective registration
statement under the Securities Act, (ii) Rule 144 under the Securities Act (or any other rule under the Securities Act relating
to the disposition of securities), or (iii) an opinion of counsel, reasonably satisfactory to counsel for the Company, that an
exemption from such registration is available; provided, however, that Holder may transfer this Warrant (or securities issuable
upon exercise hereof unless a registration statement under the Securities Act was in effect with respect to such securities at
the time of issuance thereof) without the consent of the Company or the necessity of an opinion of counsel as follows: (a) if
Holder is a partnership or a limited liability company (an “LLC”), to a partner or member of such partnership
or LLC or a retired partner or member of such partnership or LLC who retires after the date hereof; (b) to the estate of any person
or partner or member or retired partner or member (referred to in clause (a)) or for a transfer by gift, will or intestate succession
of any such person, partner or member to his or her spouse or to the siblings, lineal descendants or ancestors of such person,
partner or member or his or her spouse or any partnership or LLC or other estate planning vehicle whose equity interests are beneficially
and solely owned by such family members or trusts for the benefit of such family members; (c) to an affiliate (as defined pursuant
to Rule 405 under the Act) for which Holder controls all of the equity interests; (d) if Holder is a trust, to a grantor or grantors
of such trust; or (e) pursuant to SEC Rule 144 or any successor rule, or for a transfer pursuant to a registration statement declared
effective by the SEC under the Act.

 

(d) Market
Stand-Off Provisions. Holder further agrees to be bound (and shall cause any transferee of this Warrant to be bound) by the
lock-up provisions applicable to Series A Preferred Stock in the Right of First Refusal and Co-Sale Agreement (as defined below).

 

(e) Right
of First Refusal and Co-Sale Agreement. Holder further agrees to be bound (and shall cause any transferee of this Warrant
to be bound) by the Amended and Restated Right of First Refusal and Co-Sale Agreement, dated as of March 17, 2017 (the “Right
of First Refusal and Co-Sale Agreement”), by and among the Company and the Investors (as defined therein) and Key Holders
(as defined therein) thereto.

 

3. Shares
to be Fully Paid; Reservation of Shares; Prior Notice. The Company covenants and agrees that all shares of Warrant Stock which
may be issued upon the exercise of the rights represented by this Warrant will, upon issuance, be duly authorized, validly issued,
fully paid and nonassessable and free from all preemptive rights of any shareholder and free of all taxes, liens and charges with
respect to the issue thereof. The Company further covenants and agrees that during the period within which the rights represented
by this Warrant may be exercised, the Company will at all times have authorized and reserved, for the purpose of issue or transfer
upon exercise of the subscription rights evidenced by this Warrant, a sufficient number of shares of authorized but unissued Warrant
Stock, or other securities and property, when and as required to provide for the exercise of the rights represented by this Warrant.
The Company will take all such action as may be necessary to assure that such shares of Warrant Stock may be issued as provided
herein without violation of any applicable law or regulation, or of any requirements of any domestic securities exchange upon
which the Warrant Stock may be listed.

 

    - 5 -

     

    

 

4. Adjustment
of Stock Purchase Price and Number of Shares. The Stock Purchase Price and the number of shares purchasable upon the exercise
of this Warrant shall be subject to adjustment from time to time upon the occurrence of certain events described in this Section
4. Upon each adjustment of the Stock Purchase Price, Holder shall thereafter be entitled to purchase, at the Stock Purchase Price
resulting from such adjustment, the number of shares obtained by multiplying the Stock Purchase Price in effect immediately prior
to such adjustment by the number of shares purchasable pursuant hereto immediately prior to such adjustment, and dividing the
product thereof by the Stock Purchase Price resulting from such adjustment.

 

4.1 Subdivision
or Combination of Stock. In case the Company shall at any time or from time to time subdivide its outstanding shares of Warrant
Stock into a greater number of shares, the Stock Purchase Price in effect immediately prior to such subdivision shall be proportionately
reduced, and conversely, in case the outstanding shares of Warrant Stock shall be combined into a smaller number of shares, the
Stock Purchase Price in effect immediately prior to such combination shall be proportionately increased.

 

4.2 Dividends;
Reclassification. If at any time or from time to time the holders of Warrant Stock (or any shares of stock or other securities
at the time receivable upon the exercise of this Warrant) shall have received or become entitled to receive, without payment therefor,

 

(a) Warrant
Stock or any shares of stock or other securities, whether or not such securities are at any time directly or indirectly convertible
into or exchangeable for Warrant Stock, or any rights or options to subscribe for, purchase or otherwise acquire any of the foregoing,
by way of dividend or other distribution,

 

(b) any
cash paid or payable otherwise than as a cash dividend; provided, however, any extraordinary cash dividend, including without
limitation a dividend recapitalization, shall not constitute a cash dividend, or

 

(c) Warrant
Stock or other or additional stock or other securities or property (including cash) by way of spin off, split-up, reclassification,
combination of shares or similar corporate rearrangement, (other than shares of Warrant Stock issued as a stock split, adjustments
in respect of which shall be covered by the terms of Section 4.1 above),

 

then
and in each such case, Holder hereof shall, upon the exercise of this Warrant, be entitled to receive, in addition to the number
of shares of Warrant Stock receivable thereupon, and without payment of any additional consideration therefore, the amount of
stock and other securities and property (including cash in the cases referred to in clauses (b) and (c) above) which such Holder
would hold on the date of such exercise had he been the holder of record of such Warrant Stock as of the date on which holders
of Warrant Stock received or became entitled to receive such shares and/or all other additional stock and other securities and
property.

 

    - 6 -

     

    

 

4.3 Notice
of Adjustment. Upon any adjustment of the Stock Purchase Price, and/or any increase or decrease in the number of shares purchasable
upon the exercise of this Warrant, the Company shall give written notice thereof, by first class mail, postage prepaid, addressed
to Holder at the address of Holder as shown on the books of the Company. The notice shall be signed by the Company’s chief
financial officer and shall state the Stock Purchase Price resulting from such adjustment and the increase or decrease, if any,
in the number of shares purchasable at such price upon the exercise of this Warrant, setting forth in reasonable detail the method
of calculation and the facts upon which such calculation is based.

 

5. No
Voting or Dividend Rights. Nothing contained in this Warrant shall be construed as conferring upon Holder hereof the right
to vote or to consent as a shareholder in respect of meetings of shareholders for the election of directors of the Company or
any other matters or any rights whatsoever as a shareholder of the Company. No dividends or interest shall be payable or accrued
in respect of this Warrant or the interest represented hereby or the shares purchasable hereunder until, and only to the extent
that, this Warrant shall have been exercised; provided, however, any extraordinary cash dividend, including without limitation
a dividend recapitalization, shall not constitute a cash dividend and shall be subject to adjustment in accordance with Section
4.2 hereof.

 

6. Amendment
and Waiver. Any term of this Warrant may be amended or waived upon written consent of the Company and the holders of a majority-in-interest
of the Warrant Stock issuable upon exercise of all outstanding Warrants issued pursuant to the Purchase Agreement, which must
include each of the following entities for so long as such entity owns a Warrant: BIOS Fund II, LP, BIOS Fund II NT, LP, and BIOS
Fund II QP, LP. By acceptance hereof, Holder acknowledges that in the event the required consent is obtained, any term of this
Warrant may be amended or waived with or without the consent of the Holder; provided, however, that any amendment hereof that
would materially adversely affect Holder in a manner different from the holders of the remaining Warrants issued pursuant to the
Purchase Agreement shall also require the consent of Holder.

 

7. Notices.
All notices, requests, demands, consents, instructions or other communications required or permitted hereunder shall be in writing
and faxed, mailed or delivered to each party:

 

(a) if
to Holder, to Holder’s address or facsimile number as shown in the Company’s records, which shall initially be as
set forth on the signature page to the Purchase Agreement and as may be updated in accordance with the provisions hereof;

 

(b) if
to any other holder of this Warrant or shares issuable upon conversion thereof, to such address or facsimile number as shown in
the Company’s records, or, until any such holder so furnishes an address or facsimile number to the Company, then to the
address or facsimile number of the last holder of this Warrant or shares issuable upon conversion thereof for which the Company
has contact information in its records; or

 

(c) if
to the Company, to the attention of the Chief Executive Officer of the Company at 1920 McKinney Ave, 7th floor, Dallas TX 75201,
or at such other current address as the Company shall have furnished to the Holder, with a copy to the Company’s counsel
at Investment Law Group, 545 Dutch Valley Road NE, Suite A, Atlanta, Georgia 30324, Attn: Counsel McCullen.

 

    - 7 -

     

    

 

Except
as otherwise provided in this Warrant, all such notices and communications shall be effective (i) when sent by Federal Express
or other overnight service of recognized standing, on the first business day following the deposit with such service; (ii) when
mailed, by registered or certified mail, first class postage prepaid and addressed as aforesaid through the United States Postal
Service, upon receipt; (iii) when delivered by hand, upon delivery; and (iv) when faxed, upon confirmation of receipt.

 

8. Descriptive
Headings and Governing Law. The descriptive headings of the sections of this Warrant are inserted for convenience only and
do not constitute a part of this Warrant. This Warrant and all acts and transactions pursuant hereto and the rights and obligations
of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of Texas, without
giving effect to principles of conflicts of law.

 

9. Lost
Warrants or Stock Certificates. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction,
or mutilation of any Warrant or stock certificate and, in the case of any such loss, theft or destruction, upon receipt of an
indemnity reasonably satisfactory to the Company, or in the case of any such mutilation upon surrender and cancellation of such
Warrant or stock certificate, the Company at its expense will make and deliver a new Warrant or stock certificate, of like tenor,
in lieu of the lost, stolen, destroyed or mutilated Warrant or stock certificate provided, however, that, if the Company’s
stock is publicly traded, the Company may require the posting of a bond in an amount and nature as is customary and reasonable
given the circumstances.

 

10. Reservation
of Capital Stock. The Company has reserved, and will at all times prior to the Expiration Date continue to reserve and keep
available, solely for issuance, sale and delivery upon the exercise of this Warrant, a number of shares of capital stock of the
Company equal to the number of shares of capital stock issuable upon the exercise of this Warrant.

 

11. Issue
Date. The provisions of this Warrant shall be construed and shall be given effect in all respects as if it had been issued
and delivered by the Company on the Date of Issuance set forth above.

 

12. Voting
Agreement. Upon exercise of this Warrant, in whole or in part, and prior to receipt of any Warrant Stock in connection therewith,
the Holder shall become a party to the Voting Agreement, agreeing to be bound by and subject to the terms of the Voting Agreement
as a Stockholder (as defined therein) and shall be deemed a Stockholder (as defined therein) for all purposes under the Voting
Agreement.

 

[Signature
Page Follows]

 

    - 8 -

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by its authorized officer as of the Date of Issuance.

 

 

	 	LANTERN
    PHARMA INC.
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	
	 	 	        
	 	Title:	

 

 

 

 

[Signature
Page to the Warrant]

 

    

     

    

 

EXHIBIT
A

Form
of Exercise Notice

 

(To
be executed by the Holder to purchase shares of 

Warrant
Stock under the foregoing Warrant)

 

To:
LANTERN PHARMA INC.

 

The
undersigned is the Holder of Warrant No. ___ (the “Warrant”) issued by Lantern Pharma Inc., a Texas corporation
(the “Company”). Capitalized terms used herein and not otherwise defined herein have the respective meanings
set forth in the Warrant; provided, however, that the term “Purchaser” shall refer to the undersigned and the term
“Securities” shall refer to the Warrant Stock and the Common Stock issuable upon conversion of the Warrant Stock.

 

Pursuant
to the provisions set forth in the attached Warrant, the undersigned hereby irrevocably elects to purchase ____________ shares
of Warrant Stock covered by such Warrant.

 

The
undersigned intends that payment of the Exercise Price shall be made as (check one):

 

(____)
Cash Exercise; or

 

(____)
Cashless Exercise pursuant to Section 1(b) of the Warrant.

 

If
the Holder has elected Cash Exercise, the Holder hereby makes payment of $________________, representing the full Exercise Price
for such shares of Warrant Stock at the price per share provided for in such Warrant.

 

If
the Holder has elected Cashless Exercise pursuant to Section 1(b) of the Warrant, the Holder wishes to exercise such Warrant for
_____________ shares of Warrant Stock purchasable under the Warrant pursuant to the provisions of Section 1(b) of such Warrant.

 

The
undersigned acknowledges that it has reviewed the representations and warranties contained in the Purchase Agreement (as defined
in the Warrant) and by its signature below the undersigned hereby makes such representations and warranties to the Company. The
undersigned further acknowledges that it has reviewed the lock-up provisions set forth in the Right of First Refusal and Co-Sale
Agreement and agrees to be bound by such provisions.

 

	 	Holder:	 
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Date:	 
	 	 	 
	 	Address:	 
	 	 	 

 

 
   

[Exhibit
A to the Warrant]Exhibit 10.1

 

AMENDED AND RESTATED LANTERN PHARMA INC.

2018 EQUITY INCENTIVE PLAN

 

I.
GENERAL PROVISIONS

 

1.1
Establishment. On August 29, 2018, the Board of Directors (“Board”) of Lantern Pharma Inc.,
a Texas corporation (“Corporation”) adopted the Lantern Pharma Inc. 2018 Equity Incentive Plan. The Lantern Pharma
Inc. 2018 Equity Incentive Plan was approved by the Corporation’s shareholders on August 29, 2018. On December 17, 2018,
the Board approved the amendments to the Lantern Pharma Inc. 2018 Equity Incentive Plan that are contained in this this Amended
and Restated Plan.

 

1.2
Purpose. The purpose of the Plan is to (a) promote the best interests of the Corporation and its shareholders
by encouraging Employees, non-Employee Directors and Consultants of the Corporation and its Subsidiaries to acquire an ownership
interest in the Corporation by granting stock-based Awards, thus aligning their interests with those of shareholders, and (b) enhance
the ability of the Corporation and its Subsidiaries to attract, motivate and retain qualified Employees, non-Employee Directors
and Consultants.

 

1.3
Plan Duration. The Plan became effective on August 29, 2018 and shall continue in effect until its termination
by the Board; provided, however, that no new Awards may be granted on or after August 28, 2028.

 

1.4
Definitions. As used in this Plan, the following terms have the meaning described below:

 

(a)
“Administrator” means the Board, unless the Board has appointed a committee to administer the Plan.

 

(b)
“Agreement” means the written document that sets forth the terms of a Participant's Award.

 

(c)
“Award” means any form of Option, Restricted Stock, Restricted Stock Unit, Performance Award or Stock
Bonus Award granted under the Plan.

 

(d)
“Board” means the Board of Directors of the Corporation.

 

(e)
“California Participant” means a Participant with one or more Awards issued in reliance on Section
25102(o) of the California Corporations Code.

 

     

     

    

 

(f)
“Cause” means (i) if the Employee is a party to a written employment agreement with the Corporation
or a Subsidiary, “Cause” as defined in such agreement, as in effect from time to time, and (ii) in all other cases,
(A) Employee’s continued failure substantially to perform Employee’s duties to the Corporation or its affiliates (other
than as a result of total or partial incapacity due to physical or mental illness) for a period of 10 days following written notice
by the Corporation to Employee of such failure, (B) dishonesty in the performance of Employee’s duties hereunder, (C) Employee’s
conviction of, or plea of nolo contendere to a crime constituting (x) a felony under the laws of the United States or any state
thereof, or (y) a misdemeanor involving moral turpitude, (D) Employee’s willful malfeasance or willful misconduct in connection
with Employee’s duties hereunder or any act or omission which is injurious to the financial condition or business reputation
of the Corporation or its affiliates, or (E) Employee’s breach of any non-compete or confidentiality obligations to the Corporation
or its affiliates.

 

(g)
“Change in Control” means the occurrence of any of the following events:

 

(i)
If any one person, or more than one person acting as a group (as defined in Code Section 409A and regulations thereunder),
acquires ownership of voting stock of the Corporation that, together with other voting stock held by such person or group, constitutes
more than fifty percent (50% ) of the total fair market value or total voting power of the capital stock of the Corporation (measured
on an as converted basis giving pro forma effect to the conversion of any outstanding convertible preferred stock into common stock,
but not assuming the exercise of any warrant or option to purchase such shares, and giving effect to the voting rights of any outstanding
shares of capital stock on matters submitted to the shareholders generally). However, if any one person or more than one person
acting as a group, is considered to own more than fifty percent (50%) of the total fair market value or total voting power of the
capital stock of the Corporation, the acquisition of additional stock by the same person or persons is not considered to cause
a Change in Control, or to cause a change in the effective control of the Corporation (within the meaning of Code Section 409A
and regulations thereunder). An increase in the percentage of capital stock owned by any one person, or persons acting as a group,
as a result of a transaction in which the Corporation acquires its stock in exchange for property shall be treated as an acquisition
of stock for purposes of this Section. This paragraph applies only when there is a transfer of stock of the Corporation (or issuance
of stock of the Corporation) and stock in such Corporation remains outstanding after the transaction;

 

(ii)
If a majority of members on the Corporation’s Board is replaced during any 12-month period by Directors whose appointment
or election is not endorsed by a majority of the members of the Corporation’s Board prior to the date of the appointment
or election (provided that for purposes of this paragraph, the term Corporation refers solely to the “relevant corporation,”
as defined in Code Section 409A and regulations thereunder, for which no other corporation is a majority shareholder); or

 

    2

     

    

 

(iii)
If there is a change in the ownership of a substantial portion of the Corporation’s assets, which shall occur on the
date that any one person, or more than one person acting as a group (within the meaning of Code Section 409A and regulations thereunder)
acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons)
assets from the Corporation that have a total gross fair market value equal to or more than forty percent (40%) of the total gross
fair market value of all of the assets of the Corporation immediately prior to such acquisition or acquisitions. For this purpose,
gross fair market value means the value of the assets of the Corporation, or the value of the assets being disposed of, determined
without regard to any liabilities associated with such assets.

 

(h)
“Common Stock” means shares of the Corporation's authorized common stock.

 

(i)
“Consultant” means a consultant or advisor (other than as an Employee or member of the Board) to
the Corporation or a Subsidiary; provided that such person (i) renders bona fide services that are not in connection with the offer
and sale of the Corporation’s securities in a capital-raising transaction, and (ii) does not promote or maintain a market
for the Corporation’s securities.

 

(j)
“Corporation” means Lantern Pharma Inc., a Texas corporation.

 

(k)
“Director” means an individual, other than an Employee, who has been elected or appointed to serve
as a member of the Board. For purposes of clarity, a Director may include a representative of an entity with a financial interest
in the Corporation, in which case settlement of an Award to a Director in such capacity may be issued or payable directly to the
represented entity (or an affiliate entity of such represented entity), if approved by the Administrator and in compliance with
applicable federal and state securities laws and regulations in effect at such time.

 

(l)
“Disability” means total and permanent disability, as defined in the Corporation’s long-term
disability benefits program, if any, as in effect from time to time or in the event no such program is in place means that the
Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental
impairment, as determined under procedures established from time to time by the Administrator; provided, however, that for purposes
of a Code Section 409A distribution event, “disability” shall be defined under Code Section 409A and regulations thereunder.
See Addendum A for special disability provisions related to California Particpants.

 

(m)
“Dividend Equivalent” means a credit, made at the discretion of the Board or as otherwise provided
by the Plan, to the account of a Participant in an amount equal to the cash dividend paid on one share of Common Stock for each
share of Common Stock represented by an Award held by such Participant. Dividend Equivalents shall not be paid on Option Awards.

 

    3

     

    

 

(n)
“Employee” means an individual who has an "employment relationship" with the Corporation
or a Subsidiary, as defined in Treasury Regulation 1.421-1(h), and the term "employment" means employment with the Corporation
or a Subsidiary, as applicable.

 

(o)
“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

(p)
“Fair Market Value” means as of any date, the per share fair market value of the Common Stock (or
other applicable security, payment or consideration as the case may be), in accordance with Code Section 409A and Regulations thereunder,
which shall be determined by the Administrator in good faith on such basis as it deems appropriate and applied consistently with
respect to Participants. If shares of the Corporation are Listed Securities, the determination of Fair Market Value shall be based
on the per share closing price as reported in the Wall Street Journal for the applicable date.

 

(q)
“Grant Date” means the date on which the Administrator authorizes an Award, or such later date as
shall be designated by the Administrator.

 

(r)
“Incentive Stock Option” means an Option granted pursuant to Article II that is intended to meet
the requirements of Code Section 422.

 

(s)
“Listed Security” means any security of the Corporation that is listed or approved for listing on
a Stock Exchange, or designated or approved for designation as a national market system security or an independent quotation system
by the National Association of Securities Dealers, Inc.

 

(t)
“Nonqualified Stock Option” means an Option granted pursuant to Article II that is not an Incentive
Stock Option.

 

(u)
“Option” means either an Incentive Stock Option or a Nonqualified Stock Option.

 

(v)
“Participant” means an Employee, Director or Consultant, who is designated by the Administrator to
participate in the Plan.

 

(w)
“Permitted Assignee” means a person described in Section 8.3(a).

 

(x)
“Performance Award” means any Award of Performance Shares granted pursuant to Article IV.

 

(y)
“Plan” means the Amended and Restated Lantern Pharma Inc. 2018 Equity Incentive Plan, the terms of
which are set forth herein, and any amendments thereto.

 

    4

     

    

 

(z)
“Restriction Period” means the period of time during which a Participant's Restricted Stock or Restricted
Stock Unit is subject to restrictions and is nontransferable.

 

(aa)
“Restricted Stock” means Common Stock granted pursuant to Article III that is subject to a Restriction
Period.

 

(bb)
“Restricted Stock Unit” means a right granted pursuant to Article III to receive Restricted Stock,
Common Stock or an equivalent value in cash.

 

(cc)
“Performance Award” means any Award of Performance Shares granted pursuant to Article IV.

 

(dd)
“Stock Bonus Award” means any Award of Common Stock Shares granted pursuant to Article V.

 

(ee)
“Stock Exchange” means the principal national securities exchange on which the Common Stock is listed
for trading, or, if the Common Stock is not listed for trading on a national securities exchange, such other recognized trading
market, if any, upon which the largest number of shares of Common Stock has been traded in the aggregate during the last 20 days
before the applicable date.

 

(ff)
“Subsidiary” means a corporation or other entity defined in Code Section 424(f).

 

(gg)
“Substitute Awards” shall mean Awards granted or shares issued by the Corporation in assumption of,
or in substitution or exchange for, awards previously granted, or the right or obligation to make future awards, by a company acquired
by the Corporation or any Subsidiary or with which the Corporation or any Subsidiary combines.

 

(hh)
“Vested” or “Vesting” means the extent to which an Award granted or issued hereunder
has become exercisable, any applicable Restriction Period has terminated or lapsed in accordance with the Plan and the terms of
any respective Agreement pursuant to which such Award was granted or issued, or has become payable in whole or in part due to the
satisfaction of performance goal(s) set forth in the respective Agreement pursuant to which such Award was granted or issued.

 

1.5
Administration.

 

(a)
The Plan shall be administered by the Board, unless the Board appoints a committee with the power and authority to administer
the Plan (either, the “Administrator”, as applicable). The Administrator shall interpret the Plan, prescribe, amend,
and rescind rules and regulations relating to the Plan, and make all other determinations necessary or advisable for its administration.
The decision of the Administrator on any question concerning the interpretation of the Plan or its administration with respect
to any Award granted under the Plan shall be final and binding upon all Participants. No member of the Board or any committee appointed
by the Board to serve as Administrator shall be liable for any action or determination made in good faith with respect to the Plan
or any Award hereunder.

 

    5

     

    

 

(b)
In addition to any other powers set forth in the Plan and subject to Code Section 409A and the provisions of the Plan,
the Administrator shall have the full and final power and authority, in its discretion to:

 

(i)
amend, modify, or cancel any Award, or to waive any restrictions or conditions applicable to any Award or any shares acquired
pursuant thereto;

 

(ii)
accelerate, continue, or defer the exercisability or Vesting of any Award or any shares acquired pursuant thereto;

 

(iii)
authorize, in conjunction with any applicable deferred compensation plan of the Corporation, that the receipt of cash or
Common Stock subject to any Award under this Plan may be deferred under the terms and conditions of such deferred compensation
plan;

 

(iv)
determine the terms and conditions of Awards granted to Participants and whether such terms and conditions have been satisfied;
and

 

(v)
establish such other Awards, besides those specifically enumerated in the Plan, which the Administrator determines are consistent
with the Plan’s purposes.

 

1.6
Participants. Participants in the Plan shall be such Employees, Directors and Consultants of the Corporation
and its Subsidiaries as the Administrator in its sole discretion may select from time to time. The Administrator may grant Awards
to an individual upon the condition that the individual become an Employee, Director or Consultant of the Corporation or of a Subsidiary,
provided that the Award shall be deemed to be granted only on the date that the individual becomes an Employee, Director or Consultant,
as applicable.

 

1.7
Stock.

 

(a)
The Corporation has reserved 756,138 shares of Common Stock for issuance pursuant to stock-based Awards under the Plan,
all of which shares may be granted pursuant to Incentive Stock Options under the Plan. All provisions in this Section 1.7 shall
be adjusted, as applicable, in accordance with Article VII.

 

(b)
Each share of Common Stock subject to any Award shall be counted against the aggregate reserved share limit in paragraph
(a) above as one share.

 

    6

     

    

 

(c)
The shares subject to any portion of an Award that is forfeited, cancelled, or expires or otherwise terminates without
issuance of such shares, or is settled for cash or otherwise does not result in the issuance of all or a portion of the shares
subject to such Award, shall, to the extent of such forfeiture, cancellation, expiration, termination, cash settlement or non-issuance,
again be available for issuance pursuant to Awards under the Plan and shall not be counted against the limitations in Section 1.7(a).

 

(d)
For the avoidance of doubt, the following shares of Common Stock, however, may not again be made available for issuance
as Awards under the Plan: (i) the full number of shares not issued or delivered as a result of the net settlement of an outstanding
Option, regardless of the number of shares actually used to make such settlement; (ii) shares used to pay the exercise price or
for settlement of any Award; (iii) shares used to satisfy withholding taxes related to the exercise or settlement of any Award;
and (iv) shares subject to a Restricted Stock Award that have been forfeited.

 

(e)
Substitute Awards shall not reduce the shares reserved for issuance under the Plan or authorized for grant to a Participant
in any fiscal year. Additionally, in the event that a company acquired by the Corporation or any Subsidiary or with which the Corporation
or any Subsidiary combines has shares available under a pre-existing plan approved by shareholders and not adopted in contemplation
of such acquisition or combination, the shares available for grant pursuant to the terms of such pre-existing plan (as adjusted,
to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition
or combination to determine the consideration payable to the holders of common stock of the entities party to such acquisition
or combination) may be used for Awards under the Plan and shall not reduce the shares authorized for issuance under the Plan; provided
that Awards using such available shares shall not be made after the date awards or grants could have been made under the terms
of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were not Employees or
Directors or an affiliate of the Corporation or its Subsidiaries prior to such acquisition or combination.

 

1.8
Repricing. Except as provided in Section 7.1, the Administrator shall not approve a program providing
for (a) the cancellation of outstanding Options and the grant in substitution therefor of any new Options under the Plan having
a lower exercise price than the Fair Market Value of the underlying Common Stock on the original Grant Date; (b) the amendment
of outstanding Options to reduce the exercise price thereof below the Fair Market Value of the underlying Common Stock on the original
Grant Date; or (c) the exchange of outstanding Options for cash or other Awards if the exercise price per share of such Options
is greater than the Fair Market Value per share as of the date of exchange. This Section shall not be construed to apply to “issuing
or assuming a stock option in a transaction to which section 424(a) applies,” within the meaning of Code Section 424.

 

II.
STOCK OPTIONS

 

2.1
Grant of Options. The Administrator, at any time and from time to time, subject to the terms and conditions
of the Plan, may grant Options to such Participants and for such number of shares of Common Stock as it shall designate, and shall
determine the general terms and conditions of exercise, which shall be set forth in a Participant's Agreement. Any Participant
may hold more than one Option under the Plan and any other plan of the Corporation or Subsidiary. No Option granted hereunder may
be exercised after the tenth anniversary of the Grant Date. The Administrator may designate any Option granted as either an Incentive
Stock Option or a Nonqualified Stock Option, or the Administrator may designate a portion of an Option as an Incentive Stock Option
or a Nonqualified Stock Option.

 

    7

     

    

 

2.2
Incentive Stock Options. Any Option intended to constitute an Incentive Stock Option shall comply with
the requirements of this Section 2.2. An Incentive Stock Option may only be granted to an Employee. No Incentive Stock Option shall
be granted with an exercise price below the Fair Market Value of Common Stock on the Grant Date nor with an exercise term that
extends beyond ten (10) years from the Grant Date. An Incentive Stock Option shall not be granted to any Participant who owns (within
the meaning of Code Section 424(d)) stock of the Corporation or any Subsidiary possessing more than 10% of the total combined voting
power of all classes of stock of the Corporation or a Subsidiary unless, at the Grant Date, the exercise price for the Option is
at least 110% of the Fair Market Value of the shares subject to the Option and the Option, by its terms, is not exercisable more
than five (5) years after the Grant Date. The aggregate Fair Market Value of the underlying Common Stock (determined at the Grant
Date) as to which Incentive Stock Options granted under the Plan (including a plan of a Subsidiary) may first be exercised by a
Participant in any one calendar year shall not exceed $100,000. To the extent that an Option intended to constitute an Incentive
Stock Option shall violate the foregoing $100,000 limitation (or any other limitation set forth in Code Section 422), the portion
of the Option that exceeds the $100,000 limitation (or violates any other Code Section 422 limitation) shall be deemed to constitute
a Nonqualified Stock Option.

 

2.3
Exercise Price. The Administrator shall determine the per share exercise price for each Option granted
under the Plan. No Option may be granted with an exercise price below 100% of the Fair Market Value of Common Stock on the Grant
Date.

 

2.4
Payment for Option Shares.

 

(a)
The purchase price for shares of Common Stock to be acquired upon exercise of an Option granted hereunder shall be paid
in full in cash or by personal check, bank draft or money order at the time of exercise; provided, however, that in lieu of such
form of payment, unless otherwise provided in a Participant’s Agreement, payment may be made by (i) tendering shares of Common
Stock to the Corporation having a Fair Market Value equal to the total purchase price on the exercise date, which shares are withheld
from the Option being exercised, or are freely owned and held by the Participant independent of any restrictions or hypothecations;
(ii) delivery of other consideration approved by the Administrator having a Fair Market Value on the exercise date equal to the
total purchase price; or (iii) any combination of the foregoing.

 

(b)
Notwithstanding the foregoing, an Option may not be exercised by delivery to or withholding by the Corporation of shares
of Common Stock to the extent that such delivery or withholding (i) would constitute a violation of the provisions of any law or
regulation, or (ii) if there is a substantial likelihood that the use of such form of payment would result in adverse accounting
treatment to the Corporation under generally accepted accounting principles. Until a Participant has been issued a certificate
or certificates for the shares of Common Stock so purchased (or the book entry representing such shares has been made), he or she
shall possess no rights as a record holder with respect to any such shares.

 

    8

     

    

 

III.
RESTRICTED STOCK AND RESTRICTED STOCK UNITS

 

3.1
Grant of Restricted Stock and Restricted Stock Units. Subject to the terms and conditions of the Plan,
the Administrator, at any time and from time to time, may grant Awards of Restricted Stock and Restricted Stock Units under the
Plan to such Participants and in such amounts as it shall determine.

 

3.2
Terms of Awards. Each Award of Restricted Stock or Restricted Stock Units shall be evidenced by an Agreement
that shall specify the terms of the restrictions, including the Restriction Period, or Restriction Periods, the number of Common
Stock shares or units subject to the Award, the purchase price for the shares of Restricted Stock, if any, the form of consideration
that may be used to pay the purchase price of the Restricted Stock, including those specified in Section 2.4, and such other general
terms and conditions, including performance goal(s), as the Administrator shall determine.

 

3.3
Transferability. Except as provided in this Article III and Section 8.3 of the Plan, the shares of Common
Stock subject to an Award of Restricted Stock or Restricted Stock Units granted hereunder may not be transferred, pledged, assigned,
or otherwise alienated or hypothecated until the termination of the applicable Restriction Period or for such period of time as
shall be established by the Administrator and specified in the applicable Agreement, or upon the earlier satisfaction of other
conditions as specified by the Administrator in its sole discretion and as set forth in the applicable Agreement.

 

3.4
Other Restrictions. The Administrator shall impose such other restrictions on any shares of Common Stock
subject to an Award of Restricted Stock or Restricted Stock Units under the Plan as it may deem advisable including, without limitation,
restrictions under applicable federal or state securities laws, and the issuance of a legended certificate of Common Stock representing
such shares to give appropriate notice of such restrictions (or, if issued in book entry form, a notation with similar restrictive
effect with respect to the book entry representing such shares). Subject to Code Section 409A, the Administrator shall have the
discretion to waive the applicable Restriction Period with respect to all or any part of the Common Stock subject to an Award of
Restricted Stock or Restricted Stock Units.

 

3.5
Voting Rights. During the Restriction Period, Participants holding issued and outstanding shares of Common
Stock subject to an Award of Restricted Stock may exercise full voting rights with respect to the Restricted Stock, while such
Award remains outstanding.

 

    9

     

    

 

3.6
Dividends and Dividend Equivalents.

 

(a)
Except as set forth below or in a Participant’s Agreement, a Participant shall be entitled to receive all dividends
and other distributions paid with respect to issued and outstanding shares of Common Stock subject to an Award of Restricted Stock,
while such Award remains outstanding. If any dividends or distributions are paid in shares of Common Stock during the Restriction
Period applicable to an Award of Restricted Stock, the dividend or other distribution shares shall be subject to the same restrictions
on transferability as the shares of Common Stock with respect to which they were paid.

 

(b)
The Administrator, in its discretion, may provide in the Agreement evidencing any Restricted Stock Unit Award that the
Participant shall be entitled to receive Dividend Equivalents with respect to the payment of cash dividends on Common Stock having
a record date prior to the date on which Restricted Stock Units held by such Participant are settled. Such Dividend Equivalents,
if any, shall be paid by crediting the Participant with additional whole Restricted Stock Units as of the date of payment of such
cash dividends on Common Stock. The number of additional Restricted Stock Units (rounded to the nearest whole number) to be so
credited shall be determined by dividing (i) the amount of cash dividends paid on such date with respect to the number of shares
of Common Stock represented by the Restricted Stock Units previously credited to the Participant as of the record date of such
dividend, by (ii) the Fair Market Value per share of Common Stock on such date. Such additional Restricted Stock Units shall be
subject to the same terms and conditions and shall be settled in the same manner and at the same time or times (or as soon thereafter
as practicable) as the corresponding Restricted Stock Units on which the Dividend Equivalent was paid. In the event of a dividend
or distribution paid in shares of Common Stock or any other adjustment made upon a change in the capital structure of the Corporation
as described in Article VII, appropriate adjustments shall be made in the Participant’s Restricted Stock Unit so that it
represents the right to receive upon settlement any and all new, substituted or additional securities or other property (other
than normal cash dividends) to which the Participant would be entitled by reason of the shares of Common Stock issuable upon settlement
of the Restricted Stock Unit, and all such new, substituted or additional securities or other property shall be immediately subject
to the same restrictions as are applicable to the Restricted Stock Unit.

 

3.7
Settlement of Restricted Stock Units. If a Restricted Stock Unit is payable in Common Stock, the Corporation
shall issue to a Participant on the date on which Restricted Stock Units subject to the Participant’s Award Vest or on such
other date determined by the Administrator, in its discretion, and set forth in the Agreement, one share of Common Stock and/or
any other new, substituted or additional securities or other property pursuant to an adjustment described in Section 7.1 for each
Restricted Stock Unit then becoming Vested or otherwise to be settled on such date, subject to the withholding of applicable taxes.
Notwithstanding any other provision in this Plan to the contrary, any Restricted Stock Unit, whether settled in Common Stock, cash
or other property, shall be paid no later than two and a half (21⁄2) months after the later of the end of the fiscal or calendar
year in which the Restricted Stock Unit Vests.

 

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IV.
PERFORMANCE AWARDS

 

4.1
Grant of Performance Awards. The Administrator, in its discretion, may grant Performance Awards to Participants
and may determine, on an individual or group basis, the performance goal(s) to be attained pursuant to each Performance Award.

 

4.2
Terms of Awards.

 

(a)
Performance Awards shall consist of rights to receive cash, Common Stock, other property or a combination thereof, if
designated performance goal(s) are achieved. The terms of a Participant's Performance Award shall be set forth in a Participant’s
Agreement. Each Agreement shall specify the performance goal(s), which may include the Performance Measures, applicable to a particular
Participant or group of Participants, the period over which the targeted goal(s) are to be attained, the payment schedule if the
goal(s) are attained, and any other general terms as the Administrator shall determine and conditions applicable to an individual
Performance Award. Subject to Code Section 409A, the Administrator, in its discretion, may waive all or part of the conditions,
goals and restrictions applicable to the receipt of full or partial payment of a Performance Award.

 

(b)
Performance Awards may be granted as Performance Shares or Performance Units, at the discretion of the Administrator.
Performance Awards shall be paid no later than two and a half (21⁄2) months after the later of the end of the fiscal or calendar
year in which the Performance Award is no longer subject to a substantial risk of forfeiture.

 

(i)
In the case of Performance Shares, the Participant shall receive a legended certificate of Common Stock, restricted from
transfer prior to the satisfaction of the designated performance goal(s) and restrictions (or shares may be issued in book entry
form with a notation having similar restrictive effect with respect to the book entry representing such shares), as determined
by the Administrator and specified in the Participant’s Agreement. Prior to satisfaction of the performance goal(s) and restrictions,
the Participant shall be entitled to vote the Performance Shares to the extent such shares are issued and outstanding. Further,
any dividends paid on such shares during the performance period automatically shall, as provided in the Participant’s Agreement:
(A) be reinvested on behalf of the Participant in additional Performance Shares under the Plan, and such additional shares shall
be subject to the same performance goal(s) and restrictions as the other shares under the Performance Share Award; (B) be payable
in cash upon satisfaction of, and subject to the same performance goal(s) and restrictions as the underlying shares for the Performance
Share Award; or (C) be provided in a combination thereof.

 

(ii)
In the case of Performance Units, the Participant shall receive an Agreement from the Administrator that specifies the performance
goal(s) and restrictions that must be satisfied before the Corporation shall issue the payment, which may be cash, a designated
number of shares of Common Stock, other property or a combination thereof.

 

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V.
STOCK BONUS AWARDS

 

5.1
Grant of Stock Bonus Awards. Subject to the terms and conditions of the Plan, the Administrator, at any
time and from time to time, may grant Stock Bonus Awards under the Plan to such Participants and in such amount as it shall determine.

 

5.2
Terms of Awards.

 

(a)
Stock Bonus Awards are intended to serve as a form of discretionary bonus to be paid in shares of Common Stock to Employees
selected by the Administrator. The number of shares in a Stock Bonus Award and any terms and restrictions applicable to the Stock
Bonus Award shall be designated by the Administrator at the time of grant and set forth in the Participant’s Award Agreement.
Stock Bonus Awards may be, but are not required to be, subject to Vesting requirements and/or other restrictions. The Administrator
shall have the authority to waive any Vesting or other restrictions applicable to a Stock Bonus Award. Stock Bonus Awards shall
be paid as soon as reasonably practical but not later than two and one half (2-1/2) months after the Grant Date.

 

(b)
In the case of Stock Bonus Awards that are subject to Vesting or other restrictions, the Participant shall receive a
legended certificate of Common Stock, restricted from transfer prior to the satisfaction of the designated restrictions (or shares
may be issued in book entry form with a notation having similar restrictive effect with respect to the book entry representing
such shares), as determined by the Administrator and specified in the Participant’s Agreement. Prior to satisfaction of the
restrictions, the Participant shall be entitled to vote the shares issued under a Stock Bonus Award to the extent such shares are
issued and outstanding. Further, any dividends paid on such shares while subject to restrictions shall, as provided in the Participant’s
Agreement, be reinvested on behalf of the Participant in additional Stock Bonus shares under the Plan, and such additional shares
shall be subject to the same restrictions as the other shares under the Stock Bonus Award.

 

VI.
TERMINATION OF EMPLOYMENT OR SERVICES

 

6.1
Options. Unless otherwise provided in a Participant’s Agreement:

 

(a)
If, prior to the date when an Option first becomes Vested, a Participant’s employment or services are terminated
for any reason, the Participant's right to exercise the Option shall terminate and all rights thereunder shall cease.

 

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(b)
If, on or after the date when an Option first becomes Vested, a Participant’s employment or services are terminated
for any reason other than the Participant’s death or Disability, the Participant shall have the right, within the earlier
of (i) the expiration of the Option and (ii) three (3) months after termination of employment or services, as applicable, to exercise
the Option to the extent that it was exercisable and unexercised on the date of the Participant's termination of employment or
services, subject to any other limitation on the exercise of the Option in effect on the date of exercise.

 

(c)
If, on or after the date when an Option first becomes Vested, a Participant’s employment or services are terminated
due to the Participant’s death while the Option is still exercisable, the person or persons to whom the Option shall have
been transferred by will or the laws of descent and distribution, shall have the right within the exercise period specified in
the Participant's Agreement to exercise the Option to the extent that it was exercisable and unexercised on the Participant's date
of death, subject to any other limitation on exercise in effect on the date of exercise. The beneficial tax treatment of an Incentive
Stock Option may be forfeited if the Option is exercised more than one year after a Participant's date of death.

 

(d)
If, on or after the date when an Option first becomes Vested, a Participant’s employment or services are terminated
due to the Participant’s Disability, the Participant shall have the right, within the exercise period specified in the Participant’s
Agreement, to exercise the Option to the extent that it was exercisable and unexercised on the date of the Participant's termination
of employment or services due to Disability, subject to any other limitation on the exercise of the Option in effect on the date
of exercise. If the Participant dies after termination of employment or services, as applicable, while the Option is still exercisable,
the Option shall be exercisable in accordance with the terms of paragraph (c) above.

 

(e)
For the avoidance of doubt, the Administrator, at the time of a Participant's termination of employment or services,
may accelerate a Participant's right to exercise an Option, or, subject to Code Section 409A, and Section 2.1, may extend the term
of the Option.

 

(f)
Shares subject to Options that are not exercised in accordance with the provisions of (a) through (e) above shall expire
and be forfeited by the Participant as of their expiration date.

 

6.2
Restricted Stock Awards, Restricted Stock Unit Awards, Performance Awards and Stock Bonus Awards.  With
respect to any Restricted Stock Award, Restricted Stock Unit Award, Performance Award or Stock Bonus Award, unless otherwise provided
in a Participant’s Agreement:

 

(a)
If a Participant’s employment or services are terminated for any reason, any portion of such an Award that is
not yet Vested automatically shall terminate and be forfeited by the Participant.

 

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(b)
If, with respect to a Restricted Stock Award or Restricted Stock Unit Award, the terminated Participant was required
to pay a purchase price for the Restricted Stock subject to such Award, other than for the performance of services, the Corporation
shall have the option to repurchase any shares acquired by the Participant which are still subject to any Restriction Period for
the purchase price paid by the Participant.

 

(c)
For the avoidance of doubt, the Administrator, in its discretion, may provide in a Participant’s Agreement for
the continuation of any such Award after a Participant’s employment or services are terminated or, subject to Code Section
409A, may waive or change the remaining conditions, goals or restrictions, or add additional conditions, goals or restrictions,
with respect to such Award, as it deems appropriate.

 

6.3
Other Provisions. The transfer of an Employee from one corporation to another among the Corporation and
any of its Subsidiaries, or a leave of absence under the leave policy of the Corporation or any of its Subsidiaries shall not be
a termination of employment for purposes of the Plan, unless a provision to the contrary is expressly stated by the Administrator
in a Participant's Agreement issued under the Plan.

 

VII.
ADJUSTMENTS AND CHANGE IN CONTROL

 

7.1
Adjustments. In the event of a merger, reorganization, statutory share exchange, consolidation, recapitalization,
dividend or distribution (whether in cash, shares or other property), stock split, reverse stock split, spin-off or similar transaction
or other change in corporate structure affecting the Common Stock or the value thereof, such adjustments and other substitutions
shall be made to the Plan and Awards as the Administrator, in its sole discretion, deems equitable or appropriate, including adjustments
in the aggregate number, class and kind of securities that may be delivered under the Plan and, in the aggregate or to any one
Participant, in the number, class, kind and option or exercise price of securities subject to outstanding Awards granted under
the Plan (including, if the Administrator deems appropriate, the substitution of cash, similar options to purchase the shares of,
or other awards denominated in the shares of, another company, or other property, as the Administrator may determine to be appropriate
in its sole discretion). Any of the foregoing adjustments may provide for the elimination of any fractional share which might otherwise
become subject to any Award.

 

7.2
Change in Control.

 

(a)
Notwithstanding anything contained herein to the contrary, unless otherwise provided in a Participant’s Agreement
to the contrary, upon a Change in Control, the Administrator may make any of the following determinations: (i) any outstanding
Option granted hereunder immediately shall become fully Vested and exercisable, regardless of any installment provision applicable
to such Option; (ii) the remaining Restriction Period on any shares of Common Stock subject to a Restricted Stock or Restricted
Stock Unit Award granted hereunder immediately shall lapse and the shares shall become fully transferable, subject to any applicable
federal or state securities laws; (iii) all performance goals and conditions shall be deemed to have been satisfied and all restrictions
shall lapse on any outstanding Performance Awards, which immediately shall become payable (either in full or pro-rata based on
the portion of the applicable performance period completed as of the Change in Control); and (iv) all Vesting and/.or other restrictions
shall lapse on any outstanding Stock Bonus Award shares that are subject to Vesting and/or other restrictions.

 

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(b)
The Administrator may, in its sole discretion and without the consent of any Participant, determine that, upon the occurrence
of a Change in Control, each or any Option outstanding immediately prior to the Change in Control shall be cancelled in exchange
for a payment with respect to each Vested share of Common Stock subject to such cancelled Option in (i) cash, (ii) stock of the
Corporation or of a corporation or other business entity that is a party to the Change in Control, or (iii) other property which,
in any such case, shall be in an amount having a Fair Market Value equal to the excess of the Fair Market Value of the consideration
to be paid per share of Common Stock in the Change in Control transaction over the exercise price per share under such Option (the
“Spread”). In the event such determination is made by the Administrator, the Spread (reduced by applicable withholding
taxes, if any, to the extent determined by the Administrator) shall be paid to a Participant in respect of the Participant’s
cancelled Options on or as soon as practicable following the date of the Change in Control.

 

(c)
The Administrator, in its sole discretion and without the consent of any Participant, may cancel at the time of a Change
in Control any outstanding Option that has an exercise price that exceeds the Fair Market Value of the consideration to be paid
per share of Common Stock in the Change in Control transaction.

 

VIII.
MISCELLANEOUS

 

8.1
Partial Exercise/Fractional Shares. The Administrator may permit, and shall establish procedures for,
the partial exercise of Options granted under the Plan. No fractional shares shall be issued in connection with the exercise of
an Option or payment of a Performance Award, Restricted Stock Award, or Restricted Stock Unit Award. Instead, the Fair Market Value
of the fractional shares shall be paid in cash, or at the discretion of the Administrator, the number of shares shall be rounded
down to the nearest whole number of shares and any fractional shares shall be disregarded.

 

8.2
Rights Prior to Issuance of Shares. No Participant shall have any rights as a shareholder with respect
to shares covered by an Award until the issuance of a stock certificate for such shares or electronic transfer of such shares (or
book entry representing such shares) to the Participant has been made. No adjustment shall be made for dividends or other rights
with respect to such shares for which the record date is prior to the date the certificate is issued (or electronic transfer or
book entry is made), except as otherwise provided in the Plan or a Participant’s Agreement or by the Administrator.

 

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8.3
Non-Assignability; Certificate Legend; Removal.

 

(a)
Except as described below or as otherwise determined by the Administrator in a Participant’s Agreement, no Award
shall be transferable by a Participant except by will or the laws of descent and distribution, and an Option shall be exercised
only by a Participant during the lifetime of the Participant. Notwithstanding the foregoing, with the consent of the Administrator,
a Participant may assign or transfer an Award that is not an Incentive Stock Option to (i) one or more members of the Participant’s
immediate family; (ii) a trust established by the Participant for the benefit of the Participant and/or one or more members of
the Participant’s immediate family; or (iii) an entity represented by a Director (or to an affiliate entity of such represented
entity), provided that there are available federal and state securities law exemptions for such assignment or transfer (“Permitted
Assignee”), provided further that any Permitted Assignee agrees in writing on a form prescribed by the Corporation to be
bound by all provisions of the Plan and applicable Award Agreement(s) and subject to all of the terms and conditions of the Plan
and any Agreement relating to the transferred Award and shall execute an agreement satisfactory to the Corporation evidencing such
obligations.

 

(b)
Each certificate representing shares of Common Stock subject to an Award, to the extent a certificate is issued, shall
bear the following legend:

 

The sale or other transfer of the
shares of stock represented by this certificate, whether voluntary, involuntary or by operation of law, is subject to certain restrictions
on transfer set forth in the Lantern Pharma Inc. 2018 Equity Incentive Plan, as amended and restated (“Plan”), rules
and administrative guidelines adopted pursuant to such Plan [and an Agreement dated ______ __, ____]. A copy of the Plan, such
rules and such Agreement may be obtained from the Secretary of Lantern Pharma Inc.

 

If shares are issued in book entry form, a
notation to the same restrictive effect as the legend above shall be placed on the transfer agent’s books in connection with
such shares.

 

(c)
Subject to applicable federal and state securities laws, issued shares of Common Stock subject to an Award shall become
freely transferable by the Participant after all applicable restrictions, limitations, performance requirements or other conditions
have terminated, expired, lapsed or been satisfied. Once such issued shares of Common Stock are released from such restrictions,
limitations, performance requirements or other conditions, the Participant shall be entitled to have the legend required by this
Section 8.3 removed from the applicable Common Stock certificate (or notation removed from such book entry).

 

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8.4
Securities Laws.

 

(a)
Anything to the contrary herein notwithstanding, the Corporation's obligation to sell and deliver Common Stock pursuant
to the exercise of an Option or deliver Common Stock pursuant to a Restricted Stock Award, Restricted Stock Unit Award, Performance
Award or Stock Bonus Award is subject to such compliance with federal and state laws, rules and regulations applying to the authorization,
issuance or sale of securities as the Corporation deems necessary or advisable. The Corporation shall not be required to sell and
deliver or issue Common Stock unless and until it receives satisfactory assurance that the issuance or transfer of such shares
shall not violate any of the provisions of the Securities Act or the Exchange Act, or the rules and regulations of the Securities
and Exchange Commission promulgated thereunder or those of the Stock Exchange or any stock exchange on which the Common Stock may
be listed, the provisions of any other applicable laws governing the sale of securities, or that there has been compliance with
the provisions of such acts, rules, regulations and laws.

 

(b)
The Administrator may impose such restrictions on any shares of Common Stock acquired pursuant to the exercise of an
Option or the grant of Restricted Stock or Restricted Stock Units or the payment of a Performance Award or Stock Bonus Award under
the Plan as it may deem advisable, including, without limitation, restrictions under applicable federal and state securities laws.

 

8.5
Withholding Taxes.

 

(a)
The Corporation shall have the right to withhold from a Participant’s compensation or require a Participant to
remit sufficient funds to satisfy applicable withholding for income and employment taxes upon the exercise of an Option or the
lapse of the Restriction Period on a Restricted Stock Award or Restricted Stock Unit Award, or the payment of a Performance Award
or Stock Bonus Award. If shares of the Corporation are Listed Securities, a Participant may in order to fulfill the withholding
obligation tender previously-acquired shares of Common Stock or have shares of stock withheld from the exercise, provided that
the shares have an aggregate Fair Market Value sufficient to satisfy in whole or in part the applicable withholding taxes. Other
payment methods as set forth in Section 2.4(a)(ii) may also be utilized to satisfy any applicable withholding requirements. At
no point shall the Corporation withhold from the exercise of an Option more shares than are necessary to meet the established tax
withholding requirements of federal, state and local obligations.

 

(b)
Notwithstanding the foregoing, a Participant may not use shares of Common Stock to satisfy the withholding requirements
to the extent that (i) such withholding would constitute a violation of the provisions of any law or regulation, or (iii) there
is a substantial likelihood that the use of such form of payment would result in adverse accounting treatment to the Corporation
under generally accepted accounting principles.

 

8.6
Termination and Amendment.

 

(a)
The Administrator may terminate the Plan, or the granting of Awards under the Plan, at any time.

 

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(b)
The Administrator may amend or modify the Plan at any time and from time to time, and the Administrator may amend or
modify the terms of an outstanding Agreement at any time and from time to time, but no amendment or modification, without the approval
of the shareholders of the Corporation, shall (i) materially increase the benefits accruing to Participants under the Plan; (ii)
increase the amount of Common Stock for which Awards may be made under the Plan, except as permitted under Sections 1.7 and Article
VII; or (iii) change the provisions relating to the eligibility of individuals to whom Awards may be made under the Plan.

 

(c)
No amendment, modification, or termination of the Plan or an outstanding Agreement shall in any manner materially and
adversely affect any then outstanding Award under the Plan without the consent of the Participant holding such Award, except as
set forth in any Agreement relating to the Award, or as set forth in Sections 7.2(c) and 8.10, or to bring the Plan and/or an Award
into compliance with the requirements of Code Section 409A or to qualify for an exemption under Code Section 409A.

 

8.7
Code Section 409A. It is intended that Awards granted under the Plan shall be exempt from or in compliance
with Code Section 409A, and the provisions of the Plan are to be construed accordingly. The Board reserves the right to amend the
terms of the Plan and any outstanding Agreement if necessary either to exempt such Award from Code Section 409A or comply with
the requirements of Code Section 409A, as applicable. However, unless otherwise specified herein or in a Participant’s Agreement,
in no event shall the Corporation or a Subsidiary be responsible for any tax or penalty owed by a Participant or beneficiary with
regard to an Award payment. For purposes of the Plan and any Agreement, the terms “separation from service” or “termination
of employment” (or variations thereof) shall be synonymous with the meaning given to the term “separation from service”
as defined in Code Section 409A and regulations thereunder. Any installment payments under the Plan shall be deemed to constitute
separate payments for Code Section 409A purposes.

 

8.8
Effect on Employment or Services. Neither the adoption of the Plan nor the granting of any Award pursuant
to the Plan shall be deemed to create any right in any individual to be retained or continued in the employment or services of
the Corporation or a Subsidiary.

 

8.9
Use of Proceeds. The proceeds received from the sale of Common Stock pursuant to the Plan shall be used
for general corporate purposes of the Corporation.

 

8.10
Severability. If any one or more of the provisions (or any part thereof) of this Plan or of any Agreement
issued hereunder, shall be held to be invalid, illegal or unenforceable in any respect, such provision shall be modified so as
to make it valid, legal and enforceable, and the validity, legality and enforceability of the remaining provisions (or any part
thereof) of the Plan or of any Agreement shall not in any way be affected or impaired thereby. The Board may, without the consent
of any Participant, and in a manner determined necessary solely in the discretion of the Board, amend the Plan and any outstanding
Agreement as the Corporation deems necessary to ensure the Plan and all Awards remain valid, legal or enforceable in all respects.

 

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8.11
Beneficiary Designation. Except as otherwise designated in a Participant’s Agreement, and subject
to local laws and procedures, each Participant may file a written beneficiary designation with the Corporation stating who is to
receive any benefit under the Plan to which the Participant is entitled in the event of such Participant's death before receipt
of any or all of a Plan benefit. Each designation shall revoke all prior designations by the same Participant, be in a form prescribed
by the Corporation, and become effective only when filed by the Participant in writing with the Corporation during the Participant's
lifetime. If a Participant dies without an effective beneficiary designation for a beneficiary who is living at the time of the
Participant's death, the Corporation shall pay any remaining unpaid benefits to the Participant's legal representative.

 

8.12
Unfunded Obligation. A Participant shall have the status of a general unsecured creditor of the Corporation.
Any amounts payable to a Participant pursuant to the Plan shall be unfunded and unsecured obligations for all purposes. The Corporation
shall not be required to segregate any monies from its general funds, or to create any trusts, or establish any special accounts
with respect to such obligations. The Corporation shall retain at all times beneficial ownership of any investments, including
trust investments, which the Corporation may make to fulfill its payment obligations hereunder. Any investments or the creation
or maintenance of any trust or any Participant account shall not create or constitute a trust or fiduciary relationship between
the Board or the Corporation and a Participant, or otherwise create any vested or beneficial interest in any Participant or the
Participant's creditors in any assets of the Corporation. A Participant shall have no claim against the Corporation for any changes
in the value of any assets which may be invested or reinvested by the Corporation with respect to the Plan.

 

8.13
Approval of Plan. The Lantern Pharma Inc. 2018 Equity Incentive Plan was approved by the holders of at
least a majority of the votes cast on a proposal to approve the Plan at a duly held meeting of shareholders of the Corporation
held on August 29, 2018.

 

8.14
Governing Law. Except to the extent governed by applicable federal law, the validity, interpretation,
construction and performance of the Plan and Agreements under the Plan, shall be governed by the laws of the State of Texas, without
regard to its conflict of law rules.

 

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IN WITNESS WHEREOF,
this Amended and Restated Lantern Pharma Inc. 2018 Equity Incentive Plan has been executed on behalf of the Corporation effective
as of December 17, 2018.

 

	 	LANTERN PHARMA INC.
	 	 	 
	 	By:	/s/ Panna Sharma
	 	Its:	Chief Executive Officer

  

DATE OF INITIAL SHAREHOLDER APPROVAL: August
29, 2018

 

DATE OF SHAREHOLDER APPROVAL 

OF AMENDED AND RESTATED PLAN: August 7, 2019

 

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ADDENDUM A

LANTERN PHARMA INC.

 

AMENDED AND RESTATED 2018 EQUITY INCENTIVE
PLAN

 

(California
Participants)

 

Prior to the date, if ever,
on which the Common Stock becomes a Listed Security and/or the Corporation is subject to the reporting requirements of the Exchange
Act, the terms set forth herein shall apply to Awards issued to California Participants. All capitalized terms used herein but
not otherwise defined shall have the respective meanings set forth in the Plan.

 

1. The following rules
shall apply to any Option in the event of a Participant’s separation from service with the Corporation:

 

(a) If such termination
was for reasons other than death, “disability” (as defined below), or Cause, the Participant shall have at least thirty
(30) days after the date of such termination to exercise his or her Option to the extent the Participant is entitled to exercise
such Option on his or her termination date, provided that in no event shall the Option be exercisable after the expiration of the
Option term as set forth in the Option Agreement.

 

(b) If such termination
was due to death or disability, the Participant shall have at least six (6) months after the date of such termination to exercise
his or her Option to the extent the Participant is entitled to exercise on his or her termination date, provided that in no event
shall the Option be exercisable after the expiration of the Option term as set forth in the Option Agreement.

 

“Disability”
for purposes of this Addendum shall mean the inability of the Participant, in the opinion of a qualified physician acceptable to
the Corporation, to perform the major duties of the Participant’s position with the Corporation or any Subsidiary because
of the sickness of injury of the Participant.

 

2. Notwithstanding anything
stated herein to the contrary, no Option shall be exercisable on or after the tenth anniversary of the date of grant and any Award
Agreement shall terminate on or before the tenth anniversary of the date of grant.

 

3. The Corporation shall
furnish summary financial information (audited or unaudited) of the Corporation’s financial condition and results of operations,
consistent with the requirements of Applicable Laws, at least annually to each California Participant during the period such Participant
has one or more Awards outstanding, and in the case of an individual who acquired Shares pursuant to the Plan, during the period
such Participant owns such Shares. The Corporation shall not be required to provide such information if (i) the issuance is limited
to key employees whose duties in connection with the Corporation assure their access to equivalent information or (ii) the Plan
or any agreement complies with all conditions of Rule 701 of the Securities Act of 1933, as amended; provided that for purposes
of determining such compliance, any registered domestic partner shall be considered a “family member” as that term
is defined in Rule 701.

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