Document:

Exhibit 10.1

 

EXECUTION VERSION

 

EXCHANGE AGREEMENT

 

This EXCHANGE AGREEMENT, dated
as of June 21, 2022 (this “Agreement”), is by and among Franklin BSP Realty Trust, Inc., a Maryland corporation (the
 “Company”), and Security Benefit Life Insurance Company (the “Purchaser”).

 

WHEREAS, the Purchaser desires
to exchange its existing shares of Series D convertible preferred stock of the Company (including Series D convertible preferred stock
of the Company held by its affiliates) $0.01 par value (the “Series D Preferred Stock”) for new shares of Series H
convertible preferred stock of the Company, $0.01 par value (the “Series H Preferred Stock”) in accordance with the
provisions of this Agreement.

 

NOW THEREFORE, in consideration
of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the Company and the Purchaser hereby agree as follows:

 

ARTICLE
I

 

DEFINITIONS

 

Section
1.1      Definitions.
As used in this Agreement, and unless the context requires a different meaning, the following terms have the meanings indicated:

 

“1940 Act”
has the meaning specified in Section 3.15.

 

“Additional Dividend
Amount” has the meaning specified in Section 5.7.

 

“Affiliate”
has the meaning specified in the Securities Act.

 

“Agreement”
has the meaning specified in the preamble to this Agreement.

 

“Agreements and Instruments”
has the meaning specified in Section 3.12.

 

“Ancillary Agreements”
means any agreement, document, instrument, certificate or contract entered into in connection with this Agreement, including, without
limitation, the Articles Supplementary and all letter agreements entered into between the Company and the Purchaser.

 

“Articles Supplementary”
means the articles supplementary for the Series H Preferred Stock, as will be filed with the Maryland State Department of Assessments
and Taxation, in substantially the same form as Annex A.

 

“Business Day”
means any day other than a Saturday, Sunday, any federal holiday or any other day on which banking institutions in the State of New York
are authorized or required to be closed by law or governmental action.

 

“Charter”
means the Articles of Amendment and Restatement of Franklin BSP Realty Trust, Inc., as amended.

 

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“Close Associate of a Senior Foreign Political
Figure” means a person who is widely and publicly known internationally to maintain an unusually close relationship with the
Senior Foreign Political Figure, and includes a person who is in a position to conduct substantial domestic and international financial
transactions on behalf of the Senior Foreign Political Figure.

 

“Closing”
has the meaning specified in Section 2.2.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Common Stock”
means shares of common stock of the Company, $0.01 par value.

 

“Company”
has the meaning specified in the preamble to this Agreement.

 

“Company Entities”
has the meaning specified in Section 3.12.

 

“Company Related
Parties” has the meaning specified in Section 6.2.

 

“Company SEC Documents”
has the meaning specified in Section 3.1.

 

“Conversion”
means the conversion of the Series H Preferred Stock into Common Stock in accordance with the provisions of the Articles Supplementary.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations of the Commission promulgated thereunder.

 

“Exchange Act Regulations”
has the meaning specified in Section 3.14.

 

“Exchange Shares”
has the meaning specified in Section 2.1.

 

“FATCA”
means (a) Sections 1471 to 1474 of the Code and any associated legislation, regulations or guidance, or similar legislation, regulations
or guidance enacted in any jurisdiction which seeks to implement similar tax reporting and/or withholding tax regimes; (b) the intergovernmental
agreement entered into between the Cayman Islands Government and the Government of the United States on 29 November 2013 (“US IGA”),
to give effect to the U.S. Foreign Account Tax Compliance Act and Rules promulgated thereunder, the intergovernmental agreement entered
into between the Cayman Islands Government and the United Kingdom on 5 November 2013 (“UK IGA”) and, together with the US
IGA, the “IGAs”) and any intergovernmental agreement, treaty, regulation, guidance or other agreement between the Cayman Islands
Government (or any Cayman Islands government body) and the US, UK or any other participating jurisdiction (including any government bodies
in such jurisdiction), entered into in order to comply with, facilitate, supplement, implement or give effect to: (i) the legislation,
regulations or guidance described above; or (ii) any similar regime, including any automatic exchange of information regime arising from
or in connection with the OECD Common Reporting Standard (“CRS”); and (c) any legislation, regulations or guidance in the
Cayman Islands that gives effect to the matters outlined in the preceding paragraph (i) including without limitation the Tax Information
Authority (International Tax Compliance) (United States of America) Regulations, 2014 (“US FATCA Regulations”), the Tax Information
Authority (International Tax Compliance) (United Kingdom) Regulations, 2014 (“UK FATCA Regulations”), the Tax Information
Authority (International Tax Compliance) (Common Reporting Standard) Regulations, 2015 (“CRS Regulations”) and, together with
the US FATCA Regulations and UK FATCA Regulations, the “Cayman Regulations”) and the Guidance Notes on the International Tax
Compliance Requirements of the Intergovernmental Agreements Between the Cayman Islands and the United States of America and the United
Kingdom, as amended from time to time, and any further guidance issued in relation to the CRS Regulations (“Cayman Guidance Notes”).

 

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“Foreign Shell Bank”
means a Foreign Bank without a Physical Presence in any country, but does not include a Regulated Affiliate. A “Foreign Bank”
means an organization that (i) is organized under the laws of a foreign country, (ii) engages in the business of banking, (iii) is recognized
as a bank by the bank supervisory or monetary authority of the country of its organization or principal banking operations, (iv) receives
deposits to a substantial extent in the regular course of its business, and (v) has the power to accept demand deposits, but does not
include the U.S. branches or agencies of a foreign bank. “Physical Presence” means a place of business that is maintained
by a Foreign Bank and is located at a fixed address, other than solely a post office box or an electronic address, in a country in which
the Foreign Bank is authorized to conduct banking activities, at which location the Foreign Bank (i) employs one or more individuals on
a full-time basis, (ii) maintains operating records related to its banking activities, and (iii) is subject to inspection by the banking
authority that licensed the Foreign Bank to conduct banking activities. “Regulated Affiliate” means a Foreign Shell Bank that
(i) is an affiliate of a depository institution, credit union or Foreign Bank that maintains a Physical Presence in the U.S. or a foreign
country regulating such affiliated depository institution, credit union or Foreign Bank.

 

“Form 10-K”
means the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 25, 2022.

 

“GAAP”
has the meaning specified in Section 3.3.

 

“Governmental Entity”
has the meaning specified in Section 3.12.

 

“Indemnified Party”
has the meaning specified in Section 6.3.

 

“Indemnifying Party”
has the meaning specified in Section 6.3.

 

“Law” means
any federal, state, local or foreign order, writ, injunction, judgment, settlement, award, decree, statute, law, rule or regulation.

 

“Lien”
means any interest in Property securing an obligation owed to, or a claim by, a Person other than the owner of the Property, whether such
interest is based on the common law, statute or contract, and whether such obligation or claim is fixed or contingent, and including the
lien or security interest arising from a mortgage, encumbrance, pledge, security agreement, conditional sale or trust receipt or a lease,
consignment or bailment for security purposes. For the purpose of this Agreement, a Person shall be deemed to be the owner of any Property
that it has acquired or holds subject to a conditional sale agreement, or leases under a financing lease or other arrangement pursuant
to which title to the Property has been retained by or vested in some other Person in a transaction intended to create a financing.

 

“Lock-Up Securities”
has the meaning specified in Section 5.6.

 

“Material Adverse
Effect” means a material adverse effect on the management, condition (financial or otherwise), results of operations, business
or properties of the Company and its Subsidiaries, taken as a whole; provided, however, that a Material Adverse Effect shall
not include any material and adverse effect on the foregoing to the extent such material and adverse effect results from, arises out of,
or relates to (x) a general deterioration in the economy or changes in the general state of the industries in which the Company operates,
except to the extent that the Company, taken as a whole, is adversely affected in a disproportionate manner as compared to other industry
participants, (y) the outbreak or escalation of hostilities involving the United States, the declaration by the United States of a national
emergency or war or the occurrence of any other calamity or crisis, including acts of terrorism or (z) any change in accounting requirements
or principles imposed upon the Company and its Subsidiaries or their respective businesses or any change in applicable Law, or the interpretation
thereof.

 

“Non-Cooperative
Jurisdiction” means any foreign country that has been designated as non-cooperative with international anti-money laundering
principles or procedures by an intergovernmental group or organization, such as the Financial Task Force on Money Laundering, of which
the U.S. is a member and with which designation the U.S. representative to the group or organization continues to concur.

 

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“Operating Subsidiary”
means each of the entities listed on Schedule C hereto.

 

“Person”
means an individual or a corporation, limited liability company, partnership, joint venture, trust, unincorporated organization, association,
government agency or political subdivision thereof or other form of entity.

 

“Preferred Stock
Exchange” has the meaning specified Section 2.1.

 

“Preferred Stock
Price” means the liquidation preference per share of the Series H Preferred Stock as set forth in the Articles Supplementary.

 

“Prohibited Purchaser”
means a person or entity whose name appears on (i) the List of Specially Designated Nationals and Blocked Persons maintained by the U.S.
Office of Foreign Assets Control; (ii) other lists of prohibited persons and entities as may be mandated by applicable law or regulation;
or (iii) such other lists of prohibited persons and entities as may be provided to the Company in connection therewith.

 

“Property”
means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible.

 

“Purchaser”
has the meaning specified in the preamble to this Agreement.

 

“Purchaser Related
Parties” has the meaning specified in Section 6.1.

 

“Representatives”
of any Person means the Affiliates, officers, directors, managers, employees, agents, counsel, accountants, investment bankers, investment
advisers and other representatives of such Person.

 

“Securities Act”
means the Securities Act of 1933, as amended from time to time, and the rules and regulations of the Commission promulgated thereunder.

 

“Senior Foreign Political
Figure” shall mean a senior official in the executive, legislative, administrative, military or judicial branches of a foreign
government (whether elected or not), a senior official of a major foreign political party, or a senior executive of a foreign government-owned
corporation. In addition, a Senior Foreign Political Figure includes any corporation, business or other entity that has been formed by,
or for the benefit of, a Senior Foreign Political Figure.

 

“Series D Preferred
Stock” has the meaning specified in the recitals to this Agreement.

 

“Series H Preferred
Stock” has the meaning specified in the recitals to this Agreement.

 

“Surrendered Shares”
has the meaning specified in Section 2.1.

 

ARTICLE
II

 

AGREEMENT TO SELL AND PURCHASE

 

Section
2.1      Exchange of Series D Preferred Stock.
Subject to the terms and conditions hereof, on the Closing Date (as defined in Section 2.2 of this Agreement), the Purchaser hereby agrees
to surrender to the Company for exchange all of its shares of Series D Preferred Stock of the Company (including shares of Series D Preferred
Stock held by its affiliates) (collectively, the “Surrendered Shares,” the amount of which is set forth on Schedule
A), and the Company agrees to subsequently cause its transfer agent and registrar to issue to the Purchaser (or the designated affiliate
of Purchaser) an equal amount of shares of Series H Preferred Stock (the “Preferred Stock Exchange,” and such new shares,
the “Exchange Shares”). If required by DST Systems, Inc., the Company’s transfer agent, the Purchaser agrees
to execute a customary letter of transmittal surrendering the Surrendered Shares. Following the Preferred Stock Exchange, the Surrendered
Shares will be classified as treasury shares on the books and records of the Company and the Purchaser (and/or the Purchaser’s designated
affiliate) shall own 17,949 shares of Series H Preferred Stock. The Company and Purchaser agree and acknowledge that there shall be no
additional consideration for any accrued dividends on the Series D Preferred Stock for the dividend period in which the Preferred Stock
Exchange occurs (the “Current Dividend Period”) since the terms of the Series H Preferred Stock will provide that dividends
on the Series H Preferred Stock for the initial dividend period will cumulate from the first day of the Current Dividend Period. 

 

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Section
2.2      Closing. Pursuant
to the terms of this Agreement, the settlement of the Preferred Stock Exchange (the “Closing”) will occur on June 24,
2022 or another date mutually agreed by the parties hereto (such date, the “Closing Date”), subject to the provisions
of this Agreement. The parties agree that the Closing may occur via delivery of electronic mail transmissions, .pdf transmissions, facsimiles
or photocopies of this Agreement and the closing deliverables contemplated hereby. The Closing shall take place at the offices of Hogan
Lovells US LLP, 555 Thirteenth Street, NW, Washington, District of Columbia 20004 at 10:00 a.m. (Eastern Time) on the applicable day,
or at such other time as the Company and the Purchaser determine. Unless otherwise provided herein, all proceedings to be taken and all
documents to be executed and delivered by all parties at the Closing will be deemed to have been taken and executed simultaneously, and
no proceedings will be deemed to have been taken nor documents executed or delivered until all have been taken.

 

Section
2.3      The Purchaser’s Conditions.
The obligation of the Purchaser to consummate the Preferred Stock Exchange at the Closing shall be subject to the satisfaction on or prior
to the Closing of each of the following conditions (any or all of which may be waived by the Purchaser at the Closing, in whole or in
part, to the extent permitted by applicable Law):

 

(a)               
the Company shall have performed and complied with the covenants, agreements, obligations and conditions contained in this Agreement
that are required to be performed or complied with by the Company on or prior to the Closing;

 

(b)               
(i) the representations and warranties of the Company contained in this Agreement that are qualified by materiality or a Material
Adverse Effect shall be true and correct when made and as of the Closing and (ii) all other representations and warranties of the Company
contained in this Agreement shall be true and correct in all material respects when made and as of the Closing, in each case as though
made at and as of the Closing (except that representations and warranties made as of a specific date shall be required to be true and
correct as of such date only); and

 

(c)               
the Company shall have delivered, or caused to be delivered, to the Purchaser the Company’s closing deliverables described
in Section 2.5.

 

Section
2.4      Company’s Conditions.
The obligation of the Company to consummate the Preferred Stock Exchange at the Closing shall be subject to the satisfaction on or prior
to the Closing of each of the following conditions with respect to the Purchaser (any or all of which may be waived by the Company in
writing, in whole or in part, to the extent permitted by applicable Law):

 

(a)               
(i) the representations and warranties of the Purchaser contained in this Agreement that are qualified by materiality shall be
true and correct when made and as of the Closing and (ii) all other representations and warranties of the Purchaser shall be true and
correct in all material respects as of the Closing (except that representations of the Purchaser made as of a specific date shall be required
to be true and correct as of such date only);

 

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(b)               
the Purchaser shall have performed and complied with the covenants and agreements contained in this Agreement that are required
to be performed and complied with by that Purchaser on or prior to the Closing; and

 

(c)               
the Purchaser shall have delivered, or caused to be delivered, to the Company at the Closing the Purchaser’s closing deliverables
described in Section 2.6.

 

Section
2.5      Deliverables by the Company.
Upon the terms and subject to the conditions of this Agreement, at the Closing the Company will deliver (or cause to be delivered) the
following:

 

(a)               
 evidence of the shares settled at the Closing credited to book-entry accounts maintained by the Company’s transfer agent,
bearing the legend or restrictive notation set forth in Section 4.9, free and clear of any Liens, other than transfer restrictions under
the Company’s Charter and applicable federal and state securities laws;

 

(b)               
a certificate of the Maryland State Department of Assessments and Taxation (“MSDAT”), dated as of a recent date,
to the effect that the Company is in good standing;

 

(c)               
a copy of the certified copy of the Articles Supplementary evidencing that it has been filed with the MSDAT;

 

(d)               
the executed Ancillary Agreements to which the Company is a party;

 

(e)               
to the extent the shares settled at the Closing would otherwise result in the Purchaser violating the ownership restrictions in
the Charter, including on an as-converted fully diluted basis, the Company will provide the Purchaser evidence reasonably acceptable to
the Purchaser that the board of directors of the Company (the “Board”) has granted a waiver of the ownership restrictions
such that the settlement will not result in Purchaser violating the ownership restrictions;

 

(f)                
a certificate of the Secretary of the Company, certifying as to (1) the Charter and bylaws of the Company, (2) resolutions
of the Board authorizing the execution and delivery of this Agreement, the Ancillary Agreements and the consummation of the transactions
contemplated hereby and thereby, including without limitation the issuance of the Exchange Shares and (3) the incumbency of the officers
authorized to execute this Agreement and the Ancillary Agreements, setting forth the name and title and bearing the signatures of such
officers.

 

Section
2.6      Purchaser Deliverables.
Upon the terms and subject to the conditions of this Agreement, at the Closing, the Purchaser will deliver (or cause to be delivered)
the following:

 

(a)               
to the extent the Company is required to deliver evidence of a Board ownership waiver described in Section 2.6(f), the Purchaser
will provide a representation letter reasonably required by the Board in connection with such waiver;

 

(b)               
the executed Ancillary Agreements to which the Purchaser is a party;

 

(c)               
if required by the Company’s transfer agent, an executed letter of transmittal with respect to the Surrendered Shares.

 

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ARTICLE
III

 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

The Company represents and
warrants to the Purchaser as follows:

 

Section
3.1      Accurate Disclosure.
All forms, registration statements, reports, schedules and statements required to be filed by the Company under the Exchange Act or the
Securities Act (all such documents, including the exhibits thereto, prior to the date hereof, collectively, the “Company SEC
Documents”) have been filed with the Commission. The Company SEC Documents, including, without limitation, any audited or unaudited
financial statements and any notes thereto or schedules included therein, at the time filed (or, in the case of registration statements,
solely on the dates of effectiveness) (except to the extent corrected by a subsequent Company SEC Document) (a) did not contain any untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading, and (b) complied as to form in all material respects
with the applicable requirements of the Exchange Act and the Securities Act, as applicable.

 

Section
3.2      Independent Accountants.
Ernst & Young LLP, the accountant who has reviewed and/or certified the financial statements included in the Company SEC Documents,
is an independent public accountant as required by the Securities Act and Securities Act regulations and the Public Company Accounting
Oversight Board.

 

Section
3.3      Financial Statements; Non-GAAP Financial Measures.
The historical consolidated financial statements of the Company, included in the Company SEC Documents, together with the related schedules
and notes thereto, present fairly in all material respects the financial position, results of operations and cash flows of the Company,
at the dates indicated and for the periods specified; said financial statements have been prepared in conformity with U.S. generally accepted
accounting principles (“GAAP”) applied on a consistent basis throughout the periods involved. Except as included therein,
no historical financial statements or supporting schedules are required to be included or incorporated by reference in the Company SEC
Documents under the Securities Act, Securities Act regulations, the Exchange Act, or the Exchange Act Regulations. All disclosures contained
in the Company SEC Documents regarding “non-GAAP financial measures” (as such term is defined by the rules and regulations
of the Commission) comply with Regulation G of the Exchange Act and Item 10 of Regulation S-K promulgated by the Commission, to the extent
applicable.

 

Section
3.4      No Material Adverse Change in Business.
Since December 31, 2021, no event or circumstance has occurred that, individually or in the aggregate, has had or would reasonably be
expected to have a Material Adverse Effect. 

 

Section
3.5      Good Standing of the Company.
The Company has been duly organized and is validly existing as a corporation in good standing under the laws of the State of Maryland
and has corporate power and authority to conduct its business as described in the Company SEC Documents and has presently proposed to
be conducted and to enter into and perform its obligations under this Agreement; and the Company is duly qualified as a foreign corporation
to transact business and is in good standing or equivalent status in each other jurisdiction in which such qualification is required,
except where the failure so to qualify or to be in good standing would not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect.

 

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Section
3.6      Good Standing of Subsidiaries.
Each Operating Subsidiary has been duly organized and is validly existing in good standing under the laws of the jurisdiction of its incorporation
or organization, has corporate or similar power and authority to conduct its business as described in the Company SEC Documents and as
presently proposed to be conducted and is duly qualified to transact business and is in good standing in each jurisdiction in which such
qualification is required, except where the failure to so qualify or to be in good standing would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. The only subsidiaries of the Company are the Operating Subsidiaries. As of the
date of this Agreement, the Company is not a party to any joint venture or similar arrangement and does not have any ownership interest
in any other Person other than the Operating Subsidiaries.

 

Section
3.7      Authorization of the Series H Preferred Stock.
The Series H Preferred Stock to be issued by the Company in the Preferred Stock Exchange has been duly authorized for issuance to the
Purchaser pursuant to this Agreement and, when issued and delivered by the Company pursuant to this Agreement against payment of the consideration
set forth herein, will be validly issued and fully paid and non-assessable. No holder of Series H Preferred Stock will be subject to personal
liability by reason of being such a holder. The Series H Preferred Stock ranks pari passu with the Company’s Series C convertible
preferred stock, the Company’s Series E cumulative redeemable preferred stock
and the Company’s Series G cumulative redeemable preferred stock
and senior to all other outstanding securities of the Company with respect to rights to receive dividends and to participate in distributions
or payments upon any voluntary or involuntary liquidation, dissolution or winding up of the Company. The Series H Preferred Stock is not
subject to any transfer restrictions other than any restrictions set forth under the Articles Supplementary, pursuant to applicable Law,
or as may be set forth in agreements entered into by the Purchaser.

 

Section
3.8      Capitalization Debt. The authorized, issued and outstanding
shares of capital stock of the Company and any outstanding debt are as set forth in the Company’s Form 10-K (except for subsequent
issuances, if any, pursuant to this Agreement, pursuant to the operation of the Company’s dividend
reinvestment plan, pursuant to share-based compensation awards or pursuant to the conversion of
convertible securities referred to in the Form 10-K). The outstanding shares of capital stock of the Company have been duly authorized
and validly issued and are fully paid and non-assessable. None of the outstanding shares of capital stock of the Company were issued
in violation of the preemptive or other similar rights of any securityholder of the Company.

 

Section
3.9      No Preemptive Rights.
Except as have been provided to the Purchaser, contained in the Charter or described in the Company SEC Documents or the Articles Supplementary,
there are no (A) preemptive rights or other rights to subscribe for or to purchase, nor any restriction or agreement relating to the voting
or transfer of, any equity securities of the Company, or (B) outstanding options or warrants to purchase any securities of the Company.

 

Section
3.10   Authorization of Agreement; Enforceability.
The Company has all requisite power and authority to execute and deliver this Agreement and perform its respective obligations hereunder.
This Agreement has been duly authorized, executed and delivered by the Company and this Agreement constitutes the legal, valid and binding
obligation of the Company, enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency,
fraudulent transfer and similar laws affecting creditors’ rights generally or by general principles of equity, including principles
of commercial reasonableness, fair dealing and good faith.

 

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Section
3.11   Authorization of Transactions.
As of the Closing, all corporate action required to be taken by the Company or any of its partners for the execution and delivery by the
Company of this Agreement and the consummation of the transactions contemplated by the Agreement, shall have been validly taken.

 

Section
3.12   Absence of Violations, Defaults and Conflicts.
None of the Company and the Operating Subsidiaries (collectively, the “Company Entities”) is (A) in violation of its
organizational documents, (B) in violation or breach of or in default in the performance or observance of any obligation, agreement, covenant
or condition contained in any contract, indenture, mortgage, deed of trust, loan or credit agreement, note, lease or other agreement or
instrument to which any such Company Entity is a party or by which it may be bound or to which any of the properties or assets of any
of the Company Entities is subject (collectively, “Agreements and Instruments”), except for such defaults that would
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (C) in violation of any law, statute,
rule, regulation, judgment, order, writ or decree of any arbitrator, court, governmental body, regulatory body, administrative agency
or other authority, body or agency having jurisdiction over any of the Company Entities or any of their respective properties, assets
or operations (each, a “Governmental Entity”), except for such violations that would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. The execution, delivery and performance of this Agreement and the consummation
of the transactions contemplated hereby will not, whether with or without the giving of notice or passage of time or, require consent
under, or constitute a breach of, or default or Repayment Event (as defined below) under, or result in the creation or imposition of any
Lien upon any properties or assets of the Company pursuant to, the Agreements and Instruments (except for such conflicts, breaches, defaults
or Repayment Events or Liens that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect),
nor will such actions (i) result in any violation of the provisions of the organizational documents of any of the Company Entities,
(ii) conflict with or constitute a breach of, or a default or a Repayment Event (as defined below) under, or result in the creation or
imposition of any Lien upon any property or assets of any of the Company Entities pursuant to, or require the consent of any other party
to, any Agreements and Instruments, except for such conflicts, breaches, defaults or Liens as would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect or (iii) result in any violation of any law, statute, rule, regulation, judgment,
order, writ or decree of any Governmental Entity, except for such violations as would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect. As used herein, a “Repayment Event” means any event or condition which gives
the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder’s behalf) the right to
require the repurchase, redemption or repayment of all or a portion of such indebtedness by any of the Company Entities.

 

Section
3.13   Absence of Proceedings. Except
as disclosed in the Company SEC Documents, there is no action, suit, proceeding, inquiry, claim or investigation before or brought by
any Governmental Entity or any other Person now pending or, to the knowledge of the Company, threatened, against or affecting the Company,
which would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, or which might materially and
adversely affect its assets or the consummation of the transactions contemplated in this Agreement or the performance by the Company of
its obligations hereunder.

 

Section
3.14   Compliance with Law. Since the Company’s formation, it has complied in all material respects with
applicable Law.

 

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Section
3.15   Accounting Controls. The Company
Entities maintain internal control over financial reporting (as defined under Rule 13a-15 and 15d-15 under the rules and regulations of
the Commission under the Exchange Act (the “Exchange Act Regulations”) and a system of internal accounting controls
sufficient to provide reasonable assurances that (A) transactions are executed in accordance with management’s general or specific
authorization; (B) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to
maintain accountability for assets; (C) access to assets is permitted only in accordance with management’s general or specific authorization;
and (D) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is
taken with respect to any differences. Except as described in the Company SEC Documents, since the Company’s inception, there has
been (1) no material weakness in the Company’s internal control over financial reporting (whether or not remediated) and (2) no
change in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially
affect, the Company’s internal control over financial reporting. “Material Weakness” has the meaning set forth under
Rule 1-02 of Regulation S-X promulgated by the Commission.

 

Section
3.16   Investment Company Act. None
of the Company Entities are required, and upon the issuance and sale of the Series H Preferred Stock as herein contemplated and the application
of the net proceeds therefrom, none of the Company Entities will be required, to register as an “investment company” under
the Investment Company Act of 1940, as amended (the “1940 Act”).

 

Section
3.17   No General Solicitation; No Advertising.
The Company has not solicited offers for, or offered or sold, and will not solicit offers for, or offer or sell, the Exchange Shares by
means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D or in any manner involving
a public offering within the meaning of Section 4(a)(2) of the Securities Act.

 

Section
3.18   No Registration Required. Assuming
the accuracy of the representations and warranties of the Purchaser contained in Article IV, the issuance of the Exchange Shares pursuant
to this Agreement shall have been issued, to the knowledge of the Company, in compliance with all applicable Laws, and is exempt from
the registration requirements of the Securities Act, and neither the Company nor, to the knowledge of the Company, any authorized Representative
acting on its behalf has taken or will take any action hereafter that would cause the loss of such exemption.

 

Section
3.19   No Integration. Neither the Company
nor any of its Affiliates have, directly or indirectly through any agent, sold, offered for sale, solicited offers to buy or otherwise
negotiated in respect of, any “security” (as defined in the Securities Act) that is or is likely to be integrated with the
issuance of the Exchange Shares in a manner that would require registration under the Securities Act.

 

Section
3.20   Rating. Prior to the time of
the Closing, the Series H Preferred Stock will have been rated “BB-” or better by a nationally recognized statistical ratings
organization. 

 

ARTICLE
IV

 

REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

 

The Purchaser hereby represents
and warrants to the Company that:

 

Section
4.1      Existence. The
Purchaser is duly organized and validly existing and in good standing under the Laws of its jurisdiction of organization, with all requisite
power and authority to own its assets and to conduct its business as currently conducted, except as would not prevent the consummation
of the transactions contemplated by this Agreement.

 

    10

     

    

 

Section
4.2      Authorization, Enforceability.
The Purchaser has all necessary corporate, limited liability company or partnership power and authority to execute, deliver and perform
its obligations under this Agreement and to consummate the transactions contemplated hereby, and the execution, delivery and performance
by the Purchaser of this Agreement has been duly authorized by all necessary action on the part of the Purchaser, and this Agreement constitutes
the legal, valid and binding obligations of the Purchaser, enforceable in accordance with its terms, except as such enforceability may
be limited by bankruptcy, insolvency, fraudulent transfer and similar laws affecting creditors’ rights generally or by general principles
of equity, including principles of commercial reasonableness, fair dealing and good faith.

 

Section
4.3      No Breach. The
execution, delivery and performance of this Agreement by the Purchaser and the consummation by the Purchaser of the transactions contemplated
hereby and thereby will not (a) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a
default under, any material agreement to which the Purchaser is a party or by which the Purchaser is bound or to which any of the property
or assets of the Purchaser is subject, (b) conflict with or result in any violation of the provisions of the organizational documents
of the Purchaser or (c) violate any statute, order, rule or regulation of any court or governmental agency or body having jurisdiction
over the Purchaser or the property or assets of the Purchaser, except in the cases of clauses (a) and (c), for such conflicts, breaches,
violations or defaults as would not prevent the consummation of the transactions contemplated by this Agreement.

 

Section
4.4      Certain Fees.
No fees or commissions are or will be payable by the Purchaser to brokers, finders or investment bankers with respect to the issuance
of the Exchange Shares or the consummation of the transaction contemplated by this Agreement. The Purchaser agrees that it will indemnify
and hold harmless the Company from and against any and all claims, demands or liabilities for broker’s, finder’s, placement
or similar fees or commissions incurred by the Purchaser in connection with the consummation of the transactions contemplated by this
Agreement.

 

Section
4.5       Investment.
The Exchange Shares are being acquired for the Purchaser’s own account (or its designated affiliates), the account of its Affiliates,
or the accounts of clients for whom the Purchaser exercises discretionary investment authority (all of whom the Purchaser hereby represents
and warrants are institutional “accredited investors” within the meaning of Rule 501(a) of Regulation D promulgated by the
Commission pursuant to the Securities Act), not as a nominee or agent, and with no present intention of distributing the Exchange Shares
or any part thereof, and the Purchaser has no present intention of selling or granting any participation in or otherwise distributing
the same in any transaction in violation of the securities laws of the United States or any state, without prejudice, however, to the
Purchaser’s right at all times to sell or otherwise dispose of all or any part of the Exchange Shares under an exemption from applicable
federal or state registration requirements (including, without limitation, if available, Rule 144 promulgated thereunder). If the Purchaser
should in the future decide to dispose of any of the Exchange Shares, the Purchaser understands and agrees (a) that it may do so only
in compliance with the Securities Act and applicable state securities law, as then in effect, including a sale contemplated by any registration
statement pursuant to which such securities are being offered, or pursuant to an exemption from the Securities Act, and (b) that stop-transfer
instructions to that effect will be in effect with respect to such securities.

 

Section
4.6      Nature of Purchaser.

 

(a)               
The Purchaser represents and warrants to the Company that, (a) it is (1) a “qualified institutional buyer” (as defined
in Rule 144A under the Securities Act) or (2) an “accredited investor” within the meaning of Rule 501 of Regulation D promulgated
by the Commission pursuant to the Securities Act acquiring Series H Preferred Stock for its own account (or accounts managed by it) and
(b) by reason of its business and financial experience it has such knowledge, sophistication and experience in making similar investments
and in business and financial matters generally so as to be capable of evaluating the merits and risks of the prospective investment in
the Exchange Shares, is able to bear the economic risk of such investment and, at the present time, would be able to afford a complete
loss of such investment.

 

    11

     

    

 

(b)               
The Purchaser or its Representatives have been furnished with materials relating to the business, finances and operations of the
Company and relating to the issuance of the Exchange Shares that have been requested by the Purchaser. The Purchaser or its Representatives
has or have been afforded the full opportunity to ask questions of and receive answers from the Company or its Representatives and no
statement or printed material which is contrary to the Company SEC Documents has been made or given to the Purchaser by or on behalf of
the Company. Neither such inquiries nor any other due diligence investigations conducted at any time by the Purchaser or its Representatives
shall modify, amend or affect the Purchaser’s right (i) to rely on the Company’s representations and warranties contained
in Article III above or (ii) to indemnification or any other remedy based on, or with respect to the accuracy or inaccuracy of,
or compliance with, the representations, warranties, covenants and agreements in this Agreement. The Purchaser understands and acknowledges
that its investment in the Exchange Shares involves a high degree of risk and uncertainty. The Purchaser has sought such accounting, legal
and tax advice as it has considered necessary to make an informed investment decision with respect to its investment in the Exchange Shares.

 

Section
4.7      Restricted Securities.
The Purchaser understands that the Exchange Shares are characterized as “restricted securities” under the federal securities
Laws in as much as they are being acquired from the Company in a transaction not involving a public offering and that under such Laws
and applicable regulations such securities may be resold without registration under the Securities Act only in certain limited circumstances.
The Purchaser represents that it is knowledgeable with respect to Rule 144 of the Commission promulgated under the Securities Act.

 

Section
4.8      Reliance Upon the Purchaser’s Representations and Warranties.
The Purchaser understands and acknowledges that the Exchange Shares are being offered and sold in reliance on a transactional exemption
from the registration requirements of federal and state securities laws, and that the Company is relying in part upon the truth and accuracy
of the representations, warranties, agreements, acknowledgments and understandings of the Purchaser set forth in this Agreement.

 

Section
4.9      Legend; Restrictive Notation.
The Purchaser understands that any certificates evidencing the Exchange Shares and the book-entry account maintained by the transfer agent
evidencing ownership of the Exchange Shares will bear the legend or restrictive notation required by the Charter of the Company as well
as the following legend or restrictive notation: “These securities have not been registered
under the Securities Act. These securities may not be sold, offered for sale, pledged or hypothecated in the absence of a registration
statement in effect with respect to the securities under the Securities Act or pursuant to an exemption from registration thereunder,
in each case in accordance with all applicable securities laws of the states or other jurisdictions, and, in the case of a transaction
exempt from registration, such securities may only be transferred if the transfer agent for such securities has received documentation
satisfactory to it that such transaction does not require registration under the Securities Act.”

 

Section
4.10 Anti-Money Laundering. The Purchaser hereby
acknowledges the Company’s intention to comply with all applicable laws concerning money laundering, terrorism and related activities,
including, without limitation, the provisions of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept
and Obstruct Terrorism Act of 2001, as amended (“PATRIOT Act”). In furtherance of such efforts, the Purchaser hereby
represents, warrants, and agrees that, to the best of the Purchaser’s knowledge based on reasonable diligence and investigation:

 

    12

     

    

 

(a)               
none of the Purchaser’s past or future capital contributions to the Company (whether payable in cash or otherwise) have been
or shall be derived from money laundering or similar activities deemed illegal under federal laws and regulations;

 

(b)               
none of the Purchaser’s past or future capital contributions to the Company will cause the Company or any of their personnel
to be in violation of United States federal or other anti-money laundering laws, including without limitation the United States Bank Secrecy
Act (31 U.S.C. § 5311, et seq.), the United States Money Laundering Control Act of 1986 or the International Money Laundering
Abatement and Anti-Terrorist Financing Act of 2001, and any regulations promulgated thereunder;

 

(c)               
to the best of its knowledge, none of (A) the Purchaser, (B) any person controlling or controlled by the Purchaser, (C) if the
Purchaser is a privately held entity, any person having a beneficial interest in the Purchaser, or (D) any person for whom the Purchaser
is acting as agent or nominee in connection with this investment, is, in the case of each of the foregoing, an individual, entity, country
or territory named on an U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) list, is located in a
country or territory named on an OFAC list or is a person or entity prohibited under the OFAC programs;

 

(d)               
when requested by the Company the Purchaser will provide any and all additional information that the Company deems necessary to
ensure compliance with all applicable laws and regulations concerning money laundering and similar activities. The Company may request
additional documentation and information to verify the identity of the Purchaser. The Purchaser acknowledges and agrees that the Purchaser
will not be in compliance with this Agreement until such time as the Company has received and is satisfied with all the information and
documentation requested to verify the Purchaser’s identity;

 

(e)               
the Purchaser shall promptly notify the Company in the event that any of the foregoing representations cease to be true and accurate
regarding the Purchaser; and

 

(f)                
the Purchaser will immediately notify the Company if Purchaser is or Purchaser knows, or has reason to suspect, that one of the
Purchaser’s underlying beneficial owners is:

 

(i)                
a Prohibited Purchaser;

 

(ii)              
a Senior Foreign Political Figure, any member of a Senior Foreign Political Figure’s “immediate family,”
which includes the figure’s parents, siblings, spouse, children and in-laws, or any Close Associate of a Senior Foreign Political
Figure, or a person or entity resident in, or organized or chartered under, the laws of a Non-Cooperative Jurisdiction;

 

(iii)            
a person or entity resident in, or organized or chartered under, the laws of a jurisdiction that has been designated by the U.S.
Secretary of the Treasury under Section 311 or 312 of the PATRIOT Act as warranting special measures due to money laundering concerns;
or

 

(iv)             
a person or entity who gives the Purchaser a reason to believe that its funds originate from, or will be or have been routed through,
an account maintained at a Foreign Shell Bank, an “offshore bank,” or a bank organized or chartered under the laws of a Non-Cooperative
Jurisdiction.

 

    13

     

    

 

The Purchaser understands
and agrees that if at any time it is discovered that any of the foregoing representations are incorrect, or if otherwise required by applicable
laws or regulations, the Company may, to the fullest extent permitted by law, undertake appropriate actions, and the Purchaser agrees
to cooperate with such actions, to ensure continued compliance with applicable laws or regulations. The Purchaser further understands
and agrees that the Company may release confidential information about the Purchaser (and, if applicable, any underlying beneficial owners
of the Purchaser) to appropriate authorities if the Company determines that it is in the Company’s best interests to do so in light
of applicable laws and regulations.

 

Section
4.11   FATCA. The Purchaser acknowledges
and agrees that:

 

(a)               
the Company may take such actions as it determines necessary or appropriate to comply with FATCA;

 

(b)               
it will furnish the Company with such information, documentation and certifications as the Company may request to comply with the
regulations governing FATCA and the obligations of withholding tax agents; any such forms or documentation requested by the Company pursuant
to this paragraph (b), or any financial or account information with respect to the Purchaser’s investment in the Company, may be
disclosed to the Cayman Islands Tax Information Authority (or any other Cayman Islands governmental body which collects information in
accordance with FATCA) and to any withholding agent where the provision of that information is required by such agent to avoid the application
of any withholding tax on any payments to the Company;

 

(c)               
it waives, and/or shall cooperate with the Company to obtain a waiver of, the provisions of any law which:

 

(i)                
prohibit the disclosure by the Company, or by any of its agents, of the information or documentation requested from the Purchaser
pursuant to paragraph (b) above;

 

(ii)               
prohibit the reporting of financial or account information by the Company or its agents required pursuant to FATCA; or

 

(iii)             
otherwise prevent compliance by the Company with its obligations under FATCA.

 

The Purchaser hereby indemnifies
the Company for any loss or liability arising in whole or in part from the Purchaser’s failure to establish that payments and allocations
to it are exempt from withholding under FATCA. This indemnification shall survive indefinitely. Notwithstanding any provision to the contrary
contained in this Agreement, each of the Affiliates of the Company may enforce directly its rights pursuant to this Section 4.12 of this
Agreement subject to and in accordance with the provisions of the Contracts (Rights of Third Parties) Law, 2014, as amended, modified,
re-enacted or replaced, or any law having similar effect. Notwithstanding any other term of this Agreement, the consent of any person
who is not a party to this Agreement (including any Affiliate of the Company) is not required for any variation of, amendment to, or release,
rescission, or termination of, this Agreement.

 

Section
4.13 Valid Title. The Purchaser represents and warrants to the Company that all of the Surrendered Shares are held either directly
by the Purchaser, or by an entity that is an affiliate of the Purchaser as contemplated under the Lock-Up Side Letter (the “Lock-Up
Side Letter”), dated March 15, 2021, by and between Benefit Street Partners L.L.C. (the Company’s external manager) and Purchaser,
and which affiliate is bound by the terms of the Lock-Up Side Letter. The Purchaser (and/or its designated affiliates) has and
at the Closing Time will have, valid title to the Surrendered Shares, free and clear of all security interests, claims, liens, equities
or other encumbrances (other than those set forth in the Purchaser’s organizational documents) and the legal right and power, and
all authorization and approval required by law, to enter into this Agreement and to exchange the Surrendered Shares in accordance with
this Agreement. Upon surrender in accordance with this Agreement, valid title (free and clear security interests, claims, liens, equities
or other encumbrances) will pass to the Company. All of the Surrendered Shares were acquired by the Purchaser directly from the Company.

 

    14

     

    

 

ARTICLE
V

 

COVENANTS

 

Section
5.1      Taking of Necessary Action.
Each of the parties hereto shall use its commercially reasonable efforts to take or cause to be taken all action and to do or cause to
be done all things necessary, proper or advisable under applicable Law and regulations to consummate and make effective the transactions
between the Company and the Purchaser contemplated by this Agreement. Without limiting the foregoing, each of the Company and the Purchaser
shall use its commercially reasonable efforts to make all filings and obtain all consents of Governmental Authorities that may be necessary
or, in the reasonable opinion of the other parties, as the case may be, advisable for the consummation of the transactions contemplated
by this Agreement. The Purchaser agrees that its trading activities, if any, with respect to Company’s securities will be in compliance
with all applicable state and federal securities laws and rules. The Company shall promptly and accurately respond, and shall use its
commercially reasonable efforts to cause its transfer agent to respond, to reasonable requests for information (which is otherwise not
publicly available) made by the Purchaser or its auditors relating to the actual holdings of the Purchaser or its accounts; provided that,
the Company shall not be obligated to provide any such information that could reasonably result in a violation of applicable law or conflict
with the Company’s insider trading policy or a confidentiality obligation of the Company. The Company shall use its commercially
reasonable efforts to cause its transfer agent to reasonably cooperate with the Purchaser to ensure that the Exchange Shares are validly
and effectively issued to the Purchaser and that the Purchaser’s ownership of the Exchange Shares following the Closing is accurately
reflected on the appropriate books and records of the Company’s transfer agent.

 

Section
5.2      Registration Rights.

 

(a)               
For a period of two years from the date of this Agreement, the Company agrees that, to the extent the Purchaser is not able to
freely resell without any limitations its Exchange Shares pursuant to an exemption from registration under the Securities Act, and upon
the written request of the Purchaser, the Company will use its reasonable best efforts to file a registration statement (the “Shelf
Registration Statement”) under the Securities Act or a prospectus supplement to an already effective Shelf Registration Statement
that registers the resale of all of the Common Stock held by the Purchaser (the “Registrable Securities”) within 60
days of such written request. Further, to the extent the Shelf Registration Statement is not already effective, the Company shall use
its reasonable best efforts to cause the Shelf Registration Statement to be declared effective under the Securities Act no later than
within 90 days of receipt of the written request.

 

(b)               
the Company agrees to use its reasonable efforts to keep any Shelf Registration Statement filed under
this Section 5.2 continuously effective for a period expiring on the earlier of (x) the date on which all of the Purchaser’s shares
have been sold pursuant to the Shelf Registration Statement, and (y) when all such shares may be resold without any limitations, including
any volume limitations pursuant to Rule 144 of the Securities Act (“Rule 144”) and further agrees during such period
to supplement or amend the Shelf Registration Statement, if and as required by the rules, regulations or instructions applicable to the
registration form used by the Company for such Shelf Registration Statement or by the Securities Act or by any other rules and regulations
thereunder for a shelf registration to the extent necessary to ensure that it is available for resales by the Purchaser of its shares;

 

    15

     

    

 

(c)               
the Company shall bear all expenses in connection with the procedures in this Section and the registration of the Registrable Securities
pursuant to any Shelf Registration Statement, other than fees and expenses, if any, of counsel or other advisers to the Purchaser or underwriting
discounts, brokerage fees and commissions incurred by the Purchaser, if any in connection with the offering of the shares pursuant to
any Shelf Registration Statement; and

 

(d)               
in order to enable Purchaser to sell the Registrable Securities under Rule 144, the Company shall use its commercially reasonable
efforts to comply with the conditions of Rule 144, including without limitation, with respect to public information about the Company
and timely file all reports required to be filed by the Company under the Exchange Act.

 

Section
5.4 Management Equity Investment. For
so long as the Series H Preferred Stock remains outstanding, the Company will not, without the consent of a majority of the Preferred
Shares outstanding, agree to amend or waive Section 22 of the Amended and Restated Advisory Agreement, dated as of January 19, 2018, by
and among the Company and the Company’s external advisor (the “Advisor”), to reduce the obligation of the Advisor
and its affiliates to acquire equity securities of the Company. 

 

Section
5.5 Intentionally Omitted.

 

Section
5.6 Underwriter Lock-Up.
If the Purchaser (including its designated affiliates) owns more than 5% of the Common Stock outstanding
as of the date of any underwritten public offering of securities of the Company, the Purchaser agrees to execute a customary lock-up
agreement for the benefit of the underwriters upon the request of a managing underwriter, which will provide that the Purchaser (and
its designated affiliates) will not directly or indirectly, offer, pledge, sell, including any sale pursuant to Rule 144 under the Securities
Act, contact to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant
to purchase or otherwise transfer or dispose of any securities of the same class as those to be distributed by the underwriters in such
public offering that are owned by the Purchaser (or its designated affiliates), and will not effect any sale or distribution of other
securities convertible into or exchangeable or exercisable for securities of such class (in each case, other than as part of such underwritten
public offering), whether now owned or hereafter acquired by the Purchaser (or its designated affiliates) or with respect to which the
Purchaser (or its designated affiliates) has or hereafter acquires the power of disposition (collectively, the “Lock-Up Securities”),
or exercise any right with respect to the registration of any Lock-Up Securities, or cause to be filed any registration statement in
connection therewith, under the Securities Act, or enter into any swap or any other agreement or any transaction that transfers, in whole
or in part, directly or indirectly, the economic consequence of ownership of the Lock-Up Securities, whether any such swap or transaction
is to be settled by delivery of the securities, in cash or otherwise, during such period as the managing underwriter may require, not
to exceed (90) calendar days after the sale of such underwritten securities (or such other period as may be requested by the managing
underwriter to comply with regulatory restrictions on (i) the publication or other distribution of research reports and (ii) analyst
recommendations and opinions, including, but not limited to, the restrictions contained in Rule 2711(f)(4) of the Financial Industry
Regulatory Authority, or any successor provisions or amendments thereto); provided, however, that the foregoing restrictions shall not
apply to any disposition or transfer to any affiliate of the Purchaser, provided that such affiliate agrees in writing to be bound by
the terms of the lock-up agreement. Notwithstanding anything to the contrary contained herein, the restrictions
contained herein shall only apply if all other stockholders who then own at least 5% of the capital stock of the Company, each director
and executive officer of the Company, and any other person reasonably requested by the managing underwriter to execute a customary lock-up
agreement, are also subject to the same restrictions contained herein.

 

    16

     

    

 

Section
5.7 Ratings. For so long as the Series H Preferred
Stock remains outstanding, the Company shall use commercially reasonable efforts to maintain a rating for the Series H Preferred Stock
(or for the Series H Preferred Stock and one or more other classes of Company parity preferred stock that are rated as a single class)
with a nationally recognized statistical ratings organization (“NRSRO”) and shall
not intentionally take any action that at the time of such action would be reasonably likely to result in the Company not being able to
maintain at least a “BB-” rating for such preferred stock with a NRSRO (the “Minimum Rating”), unless a
majority of the independent directors of the Board determine that taking such action would be in the best interests of the Company, in
which case the Company may take such action; provided that if the Company takes such action it shall increase any monthly dividend paid
pursuant to Section 4(b) of the Articles Supplementary by $4.166 per Series H Preferred Share (the “Additional Dividend Amount”)
for any full monthly dividend period during which the Minimum Rating is not maintained (and, in the event the Minimum Rating is not maintained
with respect to a portion of a month, the pro rata amount of such Additional Dividend Amount).

 

ARTICLE
VI

 

INDEMNIFICATION

 

Section
6.1      Indemnification by the Company.
The Company agrees to indemnify the Purchaser and its Representatives (collectively, “Purchaser Related Parties”) from
costs, losses, liabilities, damages or expenses of any kind or nature whatsoever, and hold each of them harmless against, any and all
actions, suits, proceedings (including any investigations, litigation or inquiries), demands and causes of action, and, in connection
therewith, and promptly upon demand, pay or reimburse each of them for all reasonable costs, losses, liabilities, damages or expenses
of any kind or nature whatsoever, including, without limitation, the reasonable fees and disbursements of counsel and all other reasonable
expenses incurred in connection with investigating, defending or preparing to defend any such matter that may be incurred by them or asserted
against or involve any of them as a result of, arising out of, or in any way related to the breach of any of the representations, warranties
or covenants of the Company contained herein, provided that such claim for indemnification relating to a breach of a representation or
warranty is made prior to the expiration of such representation or warranty; and provided further, that no Purchaser Related Party shall
be entitled to recover special, consequential (including lost profits) or punitive damages under this Section 6.1. The maximum liability
of the Company for any indemnification of the Purchaser and its respective Purchaser Related Parties pursuant to this Section 6.1 shall
not exceed $90,000,000.

 

Section
6.2      Indemnification by the Purchaser.
The Purchaser agrees to indemnify the Company and its respective Representatives (collectively, “Company Related Parties”)
from, and hold each of them harmless against, any and all actions, suits, proceedings (including any investigations, litigation or inquiries),
demands and causes of action, and, in connection therewith, and promptly upon demand, pay or reimburse each of them for all reasonable
costs, losses, liabilities, damages or expenses of any kind or nature whatsoever, including, without limitation, the reasonable fees and
disbursements of counsel and all other reasonable expenses incurred in connection with investigating, defending or preparing to defend
any such matter that may be incurred by them or asserted against or involve any of them as a result of, arising out of, or in any way
related to the breach of any of the representations, warranties or covenants of the Purchaser contained herein, provided that such claim
for indemnification relating to a breach of any representation or warranty is made prior to the expiration of such representation or warranty;
and provided further, that no Company Related Party shall be entitled to recover special, consequential (including lost profits) or punitive
damages. The maximum liability of the Purchaser for any indemnification of the Company and the Company Related Parties pursuant to this
Section 6.2 shall not exceed $90,000,000.

 

    17

     

    

 

Section
6.3      Indemnification Procedure.
Promptly after any Company Related Party or Purchaser Related Party (hereinafter, the “Indemnified Party”) has received
notice of any indemnifiable claim hereunder, or the commencement of any action, suit or proceeding by a third person, which the Indemnified
Party believes in good faith is an indemnifiable claim under this Agreement, the Indemnified Party shall give the indemnitor hereunder
(the “Indemnifying Party”) written notice of such claim or the commencement of such action, suit or proceeding, but
failure to so notify the Indemnifying Party will not relieve the Indemnifying Party from any liability it may have to such Indemnified
Party hereunder except to the extent that the Indemnifying Party is materially prejudiced by such failure. Such notice shall state the
nature and the basis of such claim to the extent then known. The Indemnifying Party shall have the right to defend and settle, at its
own expense and by its own counsel who shall be reasonably acceptable to the Indemnified Party, any such matter as long as the Indemnifying
Party pursues the same diligently and in good faith. If the Indemnifying Party undertakes to defend or settle, it shall promptly notify
the Indemnified Party of its intention to do so, and the Indemnified Party shall cooperate with the Indemnifying Party and its counsel
in all commercially reasonable respects in the defense thereof and the settlement thereof. Such cooperation shall include, but shall not
be limited to, furnishing the Indemnifying Party with any books, records and other information reasonably requested by the Indemnifying
Party and in the Indemnified Party’s possession or control. Such cooperation of the Indemnified Party shall be at the cost of the
Indemnifying Party. After the Indemnifying Party has notified the Indemnified Party of its intention to undertake to defend or settle
any such asserted liability, and for so long as the Indemnifying Party diligently pursues such defense, the Indemnifying Party shall not
be liable for any additional legal expenses incurred by the Indemnified Party in connection with any defense or settlement of such asserted
liability; provided, however, that the Indemnified Party shall be entitled (i) at its expense, to participate in the defense of such asserted
liability and the negotiations of the settlement thereof and (ii) if (A) the Indemnifying Party has failed to assume the defense or employ
counsel reasonably acceptable to the Indemnified Party or (B) if the defendants in any such action include both the Indemnified Party
and the Indemnifying Party and counsel to the Indemnified Party shall have concluded that there may be reasonable defenses available to
the Indemnified Party that are different from or in addition to those available to the Indemnifying Party or if the interests of the Indemnified
Party reasonably may be deemed to conflict with the interests of the Indemnifying Party, then the Indemnified Party shall have the right
to select a separate counsel and to assume such legal defense and otherwise to participate in the defense of such action, with the expenses
and fees of such separate counsel and other expenses related to such participation to be reimbursed by the Indemnifying Party as incurred.
Notwithstanding any other provision of this Agreement, the Indemnifying Party shall not settle any indemnified claim without the consent
of the Indemnified Party (which consent shall not be unreasonably withheld, delayed or conditioned), unless the settlement thereof imposes
no liability or obligation on, and includes a complete release from liability of, and does not include any admission of wrongdoing or
malfeasance by, the Indemnified Party. The remedies provided for in this Article VI are cumulative and are not exclusive of any remedies
that may be available to a party at law or in equity or otherwise.

 

    18

     

    

 

ARTICLE
VII

 

MISCELLANEOUS

 

Section
7.1      Interpretation and Severability.
Article, Section, Schedule, and Exhibit references are to this Agreement, unless otherwise specified. All references to instruments, documents,
contracts and agreements are references to such instruments, documents, contracts and agreements as the same may be amended, supplemented,
and otherwise modified from time to time, unless otherwise specified. The word “including” shall mean “including but
not limited to.” Whenever any party has an obligation under this Agreement, the expense of complying with that obligation shall
be an expense of such party unless otherwise specified. Whenever any determination, consent or approval is to be made or given by the
Purchaser, such action shall be in the Purchaser’s sole discretion unless otherwise specified in this Agreement. If any provision
in this Agreement is held to be illegal, invalid, not binding or unenforceable, such provision shall be fully severable and this Agreement
shall be construed and enforced as if such illegal, invalid, not binding or unenforceable provision had never comprised a part of this
Agreement, and the remaining provisions shall remain in full force and effect. This Agreement has been reviewed and negotiated by sophisticated
parties with access to legal counsel and shall not be construed against the drafter.

 

Section
7.2      Survival of Provisions.
Subject to Section 7.1, and except as otherwise provided herein, the representations and warranties contained in this Agreement shall
survive the execution and delivery of this Agreement and the Closing for a period of twelve (12) months. The respective covenants and
agreements of the Company and Purchaser contained in this Agreement made by or on behalf of the Company or Purchaser pursuant to this
Agreement shall survive the execution of this Agreement and shall remain in full force and effect, regardless of any termination of this
Agreement. All indemnification obligations of the Company and the Purchaser pursuant to this Agreement and the provisions of Article VI
shall remain operative and in full force and effect unless such obligations are expressly terminated in writing by the parties referencing
the particular Article or Section, regardless of any purported general termination of this Agreement.

 

Section
7.3      No Waiver; Modifications in Writing.

 

(a)               
Delay. No failure or delay on the part of any party in exercising any right, power or remedy hereunder shall operate as
a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof
or the exercise of any other right, power or remedy. The remedies provided for herein are cumulative and are not exclusive of any remedies
that may be available to a party at law or in equity or otherwise.

 

(b)               
Amendments and Waivers. Except as otherwise provided herein, including Section 7.13, no amendment, waiver, consent, modification
or termination of any provision of this Agreement shall be effective unless signed by each of the parties hereto or thereto affected by
such amendment, waiver, consent, modification or termination. Any amendment, supplement or modification of or to any provision of this
Agreement, any waiver of any provision of this Agreement, and any consent to any departure by the Company from the terms of any provision
of this Agreement shall be effective only in the specific instance and for the specific purpose for which made or given. Except where
notice is specifically required by this Agreement, no notice to or demand on the Company in any case shall entitle the Company to any
other or further notice or demand in similar or other circumstances.

 

    19

     

    

 

Section
7.4      Binding Effect; Assignment.

 

(a)               
Binding Effect. This Agreement shall be binding upon the Company, the Purchaser, and their respective successors and permitted
assigns. Except as expressly provided in this Agreement, this Agreement shall not be construed so as to confer any right or benefit upon
any Person other than the parties to this Agreement and their respective successors and permitted assigns.

 

(b)               
Assignment of Rights. No portion of the rights and obligations of the Purchaser under this Agreement may be transferred
by the Purchaser without the written consent of the Company; provided, however, that the Purchaser may transfer the Series H Preferred
Stock to any affiliate of Purchaser, and in connection therewith, may transfer its rights and obligations hereunder.

 

Section
7.5      Confidentiality.
Notwithstanding anything herein to the contrary, to the extent that the Purchaser has executed or is otherwise bound by a confidentiality
agreement in favor of the Company, the Purchaser shall continue to be bound by such confidentiality agreement.

 

Section
7.6      Communications.
All notices and demands provided for hereunder shall be in writing and shall be given by registered or certified mail, return receipt
requested, telecopy, air courier guaranteeing overnight delivery or personal delivery to the following addresses:

 

(a)            
If to the Purchaser:

 

To the respective address listed on
Schedule B hereof

 

(b)            
If to Franklin BSP Realty Trust, Inc.:

 

1345 Avenue of the Americas, Suite
32A

New York, New York 10105

Attention: Secretary

Phone: (212) 588-6770

 

With a copy to:

 

Hogan Lovells US LLP

555 Thirteenth Street, NW

Washington, DC 20004

Attention: Michael E. McTiernan

Facsimile: (202) 637-5684

Email: Michael.McTiernan@hoganlovells.com

 

or to such other address as the Company or the
Purchaser may designate in writing. All notices and communications shall be deemed to have been duly given: at the time delivered by hand,
if personally delivered; when notice is sent to the sender that the recipient has read the message, if sent by electronic mail; upon actual
receipt if sent by certified mail, return receipt requested, or regular mail, if mailed; when receipt acknowledged, if sent via facsimile;
and upon actual receipt when delivered to an air courier guaranteeing overnight delivery.

 

    20

     

    

 

Section
7.7      Removal of Legend.
In connection with a sale of the Exchange Shares (which for purposes of this section includes the underlying Common Stock) by the Purchaser
in reliance on Rule 144, the applicable Purchaser or its broker shall deliver to the transfer agent and the Company a customary broker
representation letter providing to the transfer agent and the Company any information the Company deems necessary to determine that the
sale of the Exchange Shares is made in compliance with Rule 144, including, as may be appropriate, a certification that the Purchaser
is not an Affiliate of the Company and regarding the length of time the Exchange Shares have been held. Upon receipt of such representation
letter, the Company shall promptly direct its transfer agent to remove the notation of a restrictive legend in the Purchaser’s book-entry
account maintained by the transfer agent, including the legend referred to in Section 4.9, and the Company shall bear all costs associated
therewith. After the Purchaser or its permitted assigns have held the Exchange Shares for six months, if the book-entry account of such
Exchange Shares still bears the notation of the restrictive legend referred to in Section 4.9, the Company agrees, upon request of the
Purchaser or permitted assignee, to take all steps necessary to promptly effect the removal of the legend described in Section 4.9 from
the Exchange Shares, and the Company shall bear all costs associated therewith, regardless of whether the request is made in connection
with a sale or otherwise, so long as the Purchaser or its permitted assigns provide to the Company any information the Company deems reasonably
necessary to determine that the legend is no longer required under the Securities Act or applicable state laws, including (if there is
no such registration statement) a certification that the holder is not an Affiliate of the Company (and a covenant to inform the Company
if it should thereafter become an Affiliate and to consent to the notation of an appropriate restriction) and regarding the length of
time the Exchange Shares have been held.

 

Section
7.8      Entire Agreement.
This Agreement and the other agreements and documents referred to herein are intended by the parties as a final expression of their agreement
and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject
matter contained herein and therein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred
to herein with respect to the rights granted by the Company or any of its Affiliates or the Purchaser or any of its Affiliates set forth
herein or therein. This Agreement and the other agreements and documents referred to herein supersede all prior agreements and understandings
between the parties with respect to such subject matter.

 

Section
7.9      Governing Law.
This Agreement, and all claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate to this
Agreement or the negotiation, execution or performance of this Agreement (including any claim or cause of action based upon, arising out
of or related to any representation or warranty made in or in connection with this Agreement), will be construed in accordance with and
governed by the laws of the State of New York without regard to principles of conflicts of laws. Any action against any party relating
to the foregoing shall be brought in any federal or state court of competent jurisdiction located within the State of New York, and the
parties hereto hereby irrevocably submit to the non-exclusive jurisdiction of any federal or state court located within the State of New
York over any such action. The parties hereby irrevocably waive, to the fullest extent permitted by applicable Law, any objection that
they may now or hereafter have to the laying of venue of any such dispute brought in such court or any defense of inconvenient forum for
the maintenance of such dispute.

 

Section
7.10   Execution in Counterparts. This
Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which counterparts,
when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but
one and the same Agreement.

 

Section
7.11   Termination. 

 

(a)               
Notwithstanding anything herein to the contrary, this Agreement shall automatically terminate at any time at or prior to the Closing
if a statute, rule, order, decree or regulation shall have been enacted or promulgated, or if any action shall have been taken by any
Governmental Entity of competent jurisdiction that permanently restrains, permanently precludes, permanently enjoins or otherwise permanently
prohibits the consummation of the transactions contemplated by this Agreement or makes the transactions contemplated by this Agreement
illegal.

 

    21

     

    

 

(b)               
In the event of the termination of this Agreement as provided in this Section 7.11, (1) this Agreement shall forthwith become null
and void and (2) there shall be no liability on the part of any party hereto, except as set forth in Article VI of this Agreement and
except with respect to the requirement to comply with any confidentiality agreement in favor of the Company; provided that nothing herein
shall relieve any party from any liability or obligation with respect to any willful breach of this Agreement.

 

Section
7.12   Recapitalization, Exchanges, Etc. Affecting the Series H Preferred Stock.
The provisions of this Agreement shall apply to the full extent set forth herein with respect to any and all equity interests of the Company
or any successor or assign of the Company (whether by merger, consolidation, sale of assets or otherwise) which may be issued in respect
of, in exchange for or in substitution of, the Series H Preferred Stock, and shall be appropriately adjusted for combinations, recapitalizations
and the like occurring after the date of this Agreement and prior to the Closing.

 

[Signature pages follow]

 

    22

     

    

 

IN WITNESS WHEREOF, the parties hereto execute
this Agreement, effective as of the date first above written.

 

	 	Franklin BSP Realty Trust, Inc.
	 	 
	 	By:	/s/ Jerome S. Baglien
	 	Name:	Jerome S. Baglien
	 	Title:	Chief Financial Officer, Chief Operating Officer and Treasurer

 

     

     

    

 

	 	SECURITY BENEFIT LIFE INSURANCE COMPANY
	 	 	 
	 	By:	/s/
    Blaine Hirsch
	 	 	Name:	Blaine Hirsch
	 	 	Title:	Head of Special Situations

 

     

     

    

 

Schedule A – 

 

	Surrendered Shares
	17,949 shares of Series D Preferred Stock
	Exchange Shares
	17,949 shares of Series H Preferred StockExhibit
10.1(a)

 

DARÉ
BIOSCIENCE, INC.

2022
STOCK INCENTIVE PLAN

 

Adopted
by the Board of Directors: April 11, 2022

Approved
by the Shareholders: June 23, 2022

 

1. Purpose

 

The
purpose of this 2022 Stock Incentive Plan (the “Plan”) of Daré Bioscience, Inc., a Delaware corporation
(the “Company”), is to advance the interests of the Company’s stockholders by enhancing the Company’s
ability to attract, retain and motivate persons who are expected to make important contributions to the Company and by providing such
persons with equity ownership opportunities and performance-based incentives that are intended to better align the interests of such
persons with those of the Company’s stockholders. Except where the context otherwise requires, the term “Company”
shall include any of the Company’s present or future parent or subsidiary corporations as defined in Sections 424(e) or (f) of
the Internal Revenue Code of 1986, as amended, and any regulations thereunder (the “Code”) and any other business
venture (including, without limitation, joint venture or limited liability company) in which the Company has a controlling interest,
as determined by the Board of Directors of the Company (the “Board”).

 

2. Eligibility

 

All
of the Company’s employees, officers and directors, as well as consultants and advisors to the Company (as the terms consultants
and advisors are defined and interpreted for purposes of Form S-8 under the Securities Act of 1933, as amended (the “Securities
Act”), or any successor form) are eligible to be granted Awards under the Plan. Each person who is granted an Award under
the Plan is deemed a “Participant.” “Award” means Options (as defined in Section
5), SARs (as defined in Section 6), Restricted Stock (as defined in Section 7), Restricted Stock Units (as defined in Section 7) and
Other Stock-Based Awards (as defined in Section 8).

 

3. Administration and Delegation

 

(a)
Administration by Board of Directors. The Plan will be administered by the Board. The Board shall have authority to grant Awards
and to adopt, amend and repeal such administrative rules, guidelines and practices relating to the Plan as it shall deem advisable. The
Board may construe and interpret the terms of the Plan and any Award agreements entered into under the Plan. The Board may correct any
defect, supply any omission or reconcile any inconsistency in the Plan or any Award in the manner and to the extent it shall deem expedient
and it shall be the sole and final judge of such expediency. All decisions by the Board shall be made in the Board’s sole discretion
and shall be final and binding on all persons having or claiming any interest in the Plan or in any Award.

 

(b)
Appointment of Committees. To the extent permitted by applicable law, the Board may delegate any or all of its powers under the
Plan to one or more committees or subcommittees of the Board (each, a “Committee”). All references in the Plan
to the “Board” shall mean the Board or a Committee of the Board or the officers referred to in Section 3(c)
to the extent that the Board’s powers or authority under the Plan have been delegated to such Committee or officers.

 

    	Page 1

     

    

 

(c)
Delegation to Officers. To the extent permitted by applicable law, the Board may delegate to one or more officers of the Company
the power to grant Options and other Awards that constitute rights under Delaware law (subject to any limitations under the Plan) to
employees or officers of the Company and to exercise such other powers under the Plan as the Board may determine, provided that
the Board shall fix the terms of such Awards to be granted by such officers (including the exercise price of such Awards, which may include
a formula by which the exercise price will be determined) and the maximum number of shares subject to such Awards that the officers may
grant; provided further, however, that no officer shall be authorized to grant such Awards to any “executive officer”
of the Company (as defined by Rule 3b-7 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”))
or to any “officer” of the Company (as defined by Rule 16a-1 under the Exchange Act). The Board may not delegate authority
under this Section 3(c) to grant Restricted Stock, unless Delaware law then permits such delegation.

 

4. Stock Available for Awards

 

(a)
Number of Shares; Share Counting.

 

(1)
Authorized Number of Shares. Subject to adjustment under Section 9, Awards may be made under the Plan (any or all of which Awards
may be in the form of Incentive Stock Options, as defined in Section 5(b)) for up to such number of shares of common stock, $0.0001 par
value per share, of the Company (the “Common Stock”) as is equal to the sum of:

 

(A)
9,400,000 shares of Common Stock; plus

 

(B)
such additional number of shares of Common Stock equal to the number of shares of Common Stock subject to awards granted under either
the Company’s Amended and Restated 2014 Stock Incentive Plan (“Prior Plan”) or the Company’s 2007
Stock Incentive Plan (collectively, “Prior Plan Awards”) that on or after the Effective Date expire, terminate
or are otherwise surrendered, canceled, forfeited or repurchased by the Company at their original issuance price pursuant to a contractual
repurchase right (subject, however, in the case of Incentive Stock Options to any limitations of the Code); plus

 

(C)
the number of unissued shares of Common Stock that were available for issuance under the Prior Plan as of the end of the day on the date
before the Effective Date; provided, that the aggregate number of shares that may be subject to Awards pursuant to this paragraph (C)
and paragraph (B), above, shall not exceed 6,919,457.

 

Shares
issued under the Plan may consist in whole or in part of authorized but unissued shares or treasury shares.

 

(2)
Share Counting. For purposes of counting the number of shares available for the grant of Awards under the Plan:

 

(A)
all shares of Common Stock covered by SARs shall be counted against the number of shares available for the grant of Awards under the
Plan; provided, however, that (i) SARs that may be settled only in cash shall not be so counted and (ii) if the Company grants
an SAR in tandem with an Option for the same number of shares of Common Stock and provides that only one such Award may be exercised
(a “Tandem SAR”), only the shares covered by the Option, and not the shares covered by the Tandem SAR, shall
be so counted, and the expiration of one in connection with the other’s exercise will not restore shares to the Plan;

 

    	Page 2

     

    

 

(B)
if any Award (i) expires or is terminated, surrendered or canceled without having been fully exercised or is forfeited in whole or in
part (including as the result of shares of Common Stock subject to such Award being repurchased by the Company at the original issuance
price pursuant to a contractual repurchase right) or (ii) results in any Common Stock not being issued (including as a result of an SAR
that was settleable either in cash or in stock actually being settled in cash), the unused Common Stock covered by such Award shall again
be available for the grant of Awards; provided, however, that (1) in the case of Incentive Stock Options, the foregoing shall
be subject to any limitations under the Code, (2) in the case of the exercise of an SAR, the number of shares counted against the shares
available under the Plan shall be the full number of shares subject to the SAR multiplied by the percentage of the SAR actually exercised,
regardless of the number of shares actually used to settle such SAR upon exercise and (3) the shares covered by a Tandem SAR shall not
again become available for grant upon the expiration or termination of such Tandem SAR; and

 

(C)
shares of Common Stock delivered (either by actual delivery, attestation, or net exercise) to the Company by a Participant to (i) purchase
shares of Common Stock upon the exercise of an Award or (ii) satisfy tax withholding obligations (including shares retained from the
Award creating the tax obligation) shall not be added back to the number of shares available for the future grant of Awards.

 

(3)
Grants to Non-Employee Directors. In no event shall Awards to be granted to any non-employee director under the Plan in any calendar
year exceed an aggregate grant date fair value of $500,000 except that the foregoing limitation shall not apply to awards granted (i)
pursuant to an election by a non-employee director to receive the award in lieu of cash for all or a portion of cash fees to be received
for service on the Board or any Committee or (ii) in connection with a non-employee director initially joining the Board.

 

(b)
Substitute Awards. In connection with a merger or consolidation of an entity with the Company or the acquisition by the Company
of property or stock of an entity, the Board may grant Awards in substitution for any options or other stock or stock-based awards granted
by such entity or an affiliate thereof. Substitute Awards may be granted on such terms as the Board deems appropriate in the circumstances,
notwithstanding any limitations on Awards contained in the Plan. Substitute Awards shall not count against the overall share limit set
forth in Section 4(a)(1), except as may be required by reason of Section 422 and related provisions of the Code.

 

5. Stock Options

 

(a)
General. The Board may grant options to purchase Common Stock (each, an “Option”) and determine the
number of shares of Common Stock to be covered by each Option, the exercise price of each Option and the conditions and limitations applicable
to the exercise of each Option, including conditions relating to applicable federal or state securities laws, as it considers necessary
or advisable.

 

    	Page 3

     

    

 

(b)
Incentive Stock Options. An Option that the Board intends to be an “incentive stock option” as defined in Section
422 of the Code (an “Incentive Stock Option”) shall only be granted to employees of Daré Bioscience,
Inc., any of Daré Bioscience, Inc.’s present or future parent or subsidiary corporations as defined in Sections 424(e) or
(f) of the Code, and any other entities the employees of which are eligible to receive Incentive Stock Options under the Code, and shall
be subject to and shall be construed consistently with the requirements of Section 422 of the Code. An Option that is not intended to
be an Incentive Stock Option shall be designated a “Nonstatutory Stock Option.” The Company shall have no liability
to a Participant, or any other party, if an Option (or any part thereof) that is intended to be an Incentive Stock Option is not an Incentive
Stock Option or if the Company converts an Incentive Stock Option to a Nonstatutory Stock Option.

 

(c)
Exercise Price. The Board shall establish the exercise price of each Option and specify the exercise price in the applicable Option
agreement. The exercise price shall be not less than 100% of the fair market value per share of Common Stock as determined by (or in
a manner approved by) the Board (“Fair Market Value”) on the date the Option is granted; provided that
if the Board approves the grant of an Option with an exercise price to be determined on a future date, the exercise price shall be not
less than 100% of the Fair Market Value on such future date. If an Incentive Stock Option is granted to an individual who owns more than
10% of the combined voting power of all classes of our capital stock, the exercise price may not be less than 110% of the Fair Market
Value of our Common Stock on the date of grant, and the term of the option may not be longer than five years.

 

(d)
Duration of Options. Each Option shall be exercisable at such times and subject to such terms and conditions as the Board may
specify in the applicable option agreement; provided, however, that no Option will be granted with a term in excess of 10 years.

 

(e)
Exercise of Options. Options may be exercised by delivery to the Company of a notice of exercise in a form (which may be electronic)
approved by the Company, together with payment in full (in the manner specified in Section 5(f)) of the exercise price for the number
of shares for which the Option is exercised. Shares of Common Stock subject to the Option will be delivered by the Company as soon as
practicable following exercise.

 

(f)
Payment Upon Exercise. Common Stock purchased upon the exercise of an Option granted under the Plan shall be paid for as follows:

 

(1)
in cash or by check, payable to the order of the Company;

 

(2)
except as may otherwise be provided in the applicable Option agreement or approved by the Board, in its sole discretion, by (i) delivery
of an irrevocable and unconditional undertaking by a creditworthy broker to deliver promptly to the Company sufficient funds to pay the
exercise price and any required tax withholding or (ii) delivery by the Participant to the Company of a copy of irrevocable and unconditional
instructions to a creditworthy broker to deliver promptly to the Company cash or a check sufficient to pay the exercise price and any
required tax withholding;

 

(3)
to the extent provided for in the applicable Option agreement or approved by the Board, in its sole discretion, by delivery (either by
actual delivery or attestation) of shares of Common Stock owned by the Participant valued at their Fair Market Value, provided (i) such
method of payment is then permitted under applicable law, (ii) such Common Stock, if acquired directly from the Company, was owned by
the Participant for such minimum period of time, if any, as may be established by the Board in its discretion and (iii) such Common Stock
is not subject to any repurchase, forfeiture, unfulfilled vesting or other similar requirements;

 

    	Page 4

     

    

 

(4)
to the extent provided for in the applicable Nonstatutory Stock Option agreement or approved by the Board in its sole discretion, by
delivery of a notice of “net exercise” to the Company, as a result of which the Participant would receive (i) the number
of shares underlying the portion of the Option being exercised, less (ii) such number of shares as is equal to (A) the aggregate exercise
price for the portion of the Option being exercised divided by (B) the Fair Market Value on the date of exercise;

 

(5)
to the extent permitted by applicable law and provided for in the applicable Option agreement or approved by the Board, in its sole discretion,
by payment of such other lawful consideration as the Board may determine (such as a loan from the Company); or

 

(6)
by any combination of the above permitted forms of payment.

 

(g)
Limitation on Repricing. Unless such action is approved by the Company’s stockholders, the Company may not (except as provided
for under Section 9): (1) amend any outstanding Option granted under the Plan to provide an exercise price per share that is lower than
the then-current exercise price per share of such outstanding Option, (2) cancel any outstanding option (whether or not granted under
the Plan) and grant in substitution therefor new Awards under the Plan (other than Awards granted pursuant to Section 4(b)) covering
the same or a different number of shares of Common Stock and having an exercise price per share lower than the then-current exercise
price per share of the cancelled option, (3) cancel in exchange for a cash payment any outstanding Option with an exercise price per
share above the then-current Fair Market Value, or (4) take any other action under the Plan that constitutes a “repricing”
within the meaning of the rules of the Nasdaq Stock Market (“Nasdaq”).

 

6. Stock Appreciation Rights

 

(a)
General. The Board may grant Awards consisting of stock appreciation rights (“SARs”) entitling the holder,
upon exercise, to receive an amount of Common Stock or cash or a combination thereof (such form to be determined by the Board) determined
by reference to appreciation, from and after the date of grant, in the Fair Market Value of a share of Common Stock over the measurement
price established pursuant to Section 6(b). The date as of which such appreciation is determined shall be the exercise date.

 

(b)
Measurement Price. The Board shall establish the measurement price of each SAR and specify it in the applicable SAR agreement.
The measurement price shall not be less than 100% of the Fair Market Value on the date the SAR is granted; provided that if the
Board approves the grant of an SAR effective as of a future date, the measurement price shall be not less than 100% of the Fair Market
Value on such future date.

 

(c)
Duration of SARs. Each SAR shall be exercisable at such times and subject to such terms and conditions as the Board may specify
in the applicable SAR agreement; provided, however, that no SAR will be granted with a term in excess of 10 years.

 

(d)
Exercise of SARs. SARs may be exercised by delivery to the Company of a notice of exercise in a form (which may be electronic)
approved by the Company, together with any other documents required by the Board.

 

    	Page 5

     

    

 

(e)
Limitation on Repricing. Unless such action is approved by the Company’s stockholders, the Company may not (except as provided
for under Section 9): (1) amend any outstanding SAR granted under the Plan to provide a measurement price per share that is lower than
the then-current measurement price per share of such outstanding SAR, (2) cancel any outstanding SAR (whether or not granted under the
Plan) and grant in substitution therefor new Awards under the Plan (other than Awards granted pursuant to Section 4(b)) covering the
same or a different number of shares of Common Stock and having an exercise or measurement price per share lower than the then-current
measurement price per share of the cancelled SAR, (3) cancel in exchange for a cash payment any outstanding SAR with a measurement price
per share above the then-current Fair Market Value, or (4) take any other action under the Plan that constitutes a “repricing”
within the meaning of the rules of Nasdaq.

 

7. Restricted Stock; Restricted Stock Units

 

(a)
General. The Board may grant Awards entitling recipients to acquire shares of Common Stock (“Restricted Stock”),
subject to the right of the Company to repurchase all or part of such shares at their issue price or other stated or formula price (or
to require forfeiture of such shares if issued at no cost) from the recipient in the event that conditions specified by the Board in
the applicable Award are not satisfied prior to the end of the applicable restriction period or periods established by the Board for
such Award. The Board may also grant Awards entitling the recipient to receive shares of Common Stock or cash to be delivered at the
time such Award vests (“Restricted Stock Units”) (Restricted Stock and Restricted Stock Units are each referred
to herein as a “Restricted Stock Award”).

 

(b)
Terms and Conditions for All Restricted Stock Awards. The Board shall determine the terms and conditions of a Restricted Stock
Award, including the conditions for vesting and repurchase (or forfeiture) and the issue price, if any.

 

(c)
Additional Provisions Relating to Restricted Stock.

 

(1)
Dividends. Unless otherwise provided in the applicable Award agreement, any dividends (whether paid in cash, stock or property)
declared and paid by the Company with respect to shares of Restricted Stock (“Accrued Dividends”) shall be
paid to the Participant only if and when such shares become free from the restrictions on transferability and forfeitability that apply
to such shares. Each payment of Accrued Dividends will be made no later than the end of the calendar year in which the dividends are
paid to stockholders of that class of stock or, if later, the 15th day of the third month following the lapsing of the restrictions on
transferability and the forfeitability provisions applicable to the underlying shares of Restricted Stock.

 

(2)
Stock Certificates. The Company may require that any stock certificates issued in respect of shares of Restricted Stock, as well
as dividends or distributions paid on such Restricted Stock, shall be deposited in escrow by the Participant, together with a stock power
endorsed in blank, with the Company (or its designee). At the expiration of the applicable restriction periods, the Company (or such
designee) shall deliver the certificates no longer subject to such restrictions to the Participant or if the Participant has died, to
his or her Designated Beneficiary. “Designated Beneficiary” means (i) the beneficiary designated, in a manner
determined by the Board, by a Participant to receive amounts due or exercise rights of the Participant in the event of the Participant’s
death or (ii) in the absence of an effective designation by a Participant, the Participant’s estate.

 

    	Page 6

     

    

 

(d)
Additional Provisions Relating to Restricted Stock Units.

 

(1)
Settlement. Upon the vesting of and/or lapsing of any other restrictions (i.e., settlement) with respect to each Restricted Stock
Unit, the Participant shall be entitled to receive from the Company such number of shares of Common Stock or (if so provided in the applicable
Award agreement) an amount of cash equal to the Fair Market Value of such number of shares of Common Stock as set forth in the applicable
Award agreement. The Board may, in its discretion, provide that settlement of Restricted Stock Units shall be deferred, on a mandatory
basis or at the election of the Participant in a manner that complies with Section 409A of the Code.

 

(2)
Voting Rights. A Participant shall have no voting rights with respect to any Restricted Stock Units.

 

(3)
Dividend Equivalents. The Award agreement for Restricted Stock Units may provide Participants with the right to receive an amount
equal to any dividends or other distributions declared and paid on an equal number of outstanding shares of Common Stock (“Dividend
Equivalents”). Dividend Equivalents may be paid currently or credited to an account for the Participant, may be settled
in cash and/or shares of Common Stock and may be subject to the same restrictions on transfer and forfeitability as the Restricted Stock
Units with respect to which paid, in each case to the extent provided in the Award agreement.

 

8. Other Stock-Based Awards

 

(a)
General. Other Awards of shares of Common Stock, and other Awards that are valued in whole or in part by reference to, or are
otherwise based on, shares of Common Stock or other property, may be granted hereunder to Participants (“Other Stock-Based-Awards”).
Such Other Stock-Based Awards shall also be available as a form of payment in the settlement of other Awards granted under the Plan or
as payment in lieu of compensation to which a Participant is otherwise entitled. Other Stock-Based Awards may be paid in shares of Common
Stock or cash, as the Board shall determine.

 

(b)
Terms and Conditions. Subject to the provisions of the Plan, the Board shall determine the terms and conditions of each Other
Stock-Based Award, including any purchase price applicable thereto.

 

9. Adjustments for Changes in Common Stock and Certain Other Events

 

(a)
Changes in Capitalization. In the event of any stock split, reverse stock split, stock dividend, recapitalization, combination
of shares, reclassification of shares, spin-off or other similar change in capitalization or event, or any dividend or distribution to
holders of Common Stock other than an ordinary cash dividend, (i) the number and class of securities available under the Plan, (ii) the
share counting rules set forth in Section 4(a), (iii) the number and class of securities and exercise price per share of each outstanding
Option, (iv) the share and per-share provisions and the measurement price of each outstanding SAR, (v) the number of shares subject to
and the repurchase price per share subject to each outstanding Restricted Stock Award and (vi) the share and per-share-related provisions
and the purchase price, if any, of each outstanding Other Stock-Based Award, shall be equitably adjusted by the Company (or substituted
Awards may be made, if applicable) in the manner determined by the Board. Without limiting the generality of the foregoing, in the event
the Company effects a split of the Common Stock by means of a stock dividend and the exercise price of and the number of shares subject
to an outstanding Option are adjusted as of the date of the distribution of the dividend (rather than as of the record date for such
dividend), then an optionee who exercises an Option between the record date and the distribution date for such stock dividend shall be
entitled to receive, on the distribution date, the stock dividend with respect to the shares of Common Stock acquired upon such Option
exercise, notwithstanding the fact that such shares were not outstanding as of the close of business on the record date for such stock
dividend.

 

    	Page 7

     

    

 

(b)
Reorganization Events.

 

(1)
Definition. A “Reorganization Event” shall mean: (a) any merger or consolidation of the Company with
or into another entity as a result of which all of the Common Stock of the Company is converted into or exchanged for the right to receive
cash, securities or other property or is cancelled, (b) any transfer or disposition of all of the Common Stock of the Company for cash,
securities or other property pursuant to a share exchange or other transaction or (c) any liquidation or dissolution of the Company.

 

(2)
Consequences of a Reorganization Event on Awards Other than Restricted Stock.

 

(A)
In connection with a Reorganization Event, the Board may take any one or more of the following actions as to all or any (or any portion
of) outstanding Awards other than Restricted Stock on such terms as the Board determines (except to the extent specifically provided
otherwise in an applicable Award agreement or another agreement between the Company and the Participant): (i) provide that such Awards
shall be assumed, or substantially equivalent Awards shall be substituted, by the acquiring or succeeding corporation (or an affiliate
thereof), (ii) upon written notice to a Participant, provide that all of the Participant’s unvested and/or unexercised Awards will
terminate immediately prior to the consummation of such Reorganization Event unless exercised by the Participant (to the extent then
exercisable) within a specified period following the date of such notice, (iii) provide that outstanding Awards shall become exercisable,
realizable, or deliverable, or restrictions applicable to an Award shall lapse, in whole or in part prior to or upon such Reorganization
Event, (iv) in the event of a Reorganization Event under the terms of which holders of Common Stock will receive upon consummation thereof
a cash payment for each share surrendered in the Reorganization Event (the “Acquisition Price”), make or provide
for a cash payment to Participants with respect to each Award held by a Participant equal to (A) the number of shares of Common Stock
subject to the vested portion of the Award (after giving effect to any acceleration of vesting that occurs upon or immediately prior
to such Reorganization Event) multiplied by (B) the excess, if any, of (I) the Acquisition Price over (II) the exercise, measurement
or purchase price of such Award and any applicable tax withholdings, in exchange for the termination of such Award, (v) provide that,
in connection with a liquidation or dissolution of the Company, Awards shall convert into the right to receive liquidation proceeds (if
applicable, net of the exercise, measurement or purchase price thereof and any applicable tax withholdings) and (vi) any combination
of the foregoing. In taking any of the actions permitted under this Section 9(b)(2), the Board shall not be obligated by the Plan to
treat all Awards, all Awards held by a Participant, or all Awards of the same type, identically.

 

(B)
Notwithstanding the terms of Section 9(b)(2)(A), in the case of outstanding Restricted Stock Units that are subject to Section 409A of
the Code: (i) if the applicable Restricted Stock Unit agreement provides that the Restricted Stock Units shall be settled upon a “change
in control event” within the meaning of Treasury Regulation Section 1.409A-3(i)(5)(i), and the Reorganization Event constitutes
such a “change in control event”, then no assumption or substitution shall be permitted pursuant to Section 9(b)(2)(A)(i)
and the Restricted Stock Units shall instead be settled in accordance with the terms of the applicable Restricted Stock Unit agreement;
and (ii) the Board may only undertake the actions set forth in clauses (iii), (iv) or (v) of Section 9(b)(2)(A) if the Reorganization
Event constitutes a “change in control event” as defined under Treasury Regulation Section 1.409A-3(i)(5)(i) and such action
is permitted or required by Section 409A of the Code; if the Reorganization Event is not a “change in control event” as so
defined or such action is not permitted or required by Section 409A of the Code, and the acquiring or succeeding corporation does not
assume or substitute the Restricted Stock Units pursuant to clause (i) of Section 9(b)(2)(A), then the unvested Restricted Stock Units
shall terminate immediately prior to the consummation of the Reorganization Event without any payment in exchange therefor.

 

    	Page 8

     

    

  

(C)
For purposes of Section 9(b)(2)(A)(i), an Award (other than Restricted Stock) shall be considered assumed if, following consummation
of the Reorganization Event, such Award confers the right to purchase or receive pursuant to the terms of such Award, for each share
of Common Stock subject to the Award immediately prior to the consummation of the Reorganization Event, the consideration (whether cash,
securities or other property) received as a result of the Reorganization Event by holders of Common Stock for each share of Common Stock
held immediately prior to the consummation of the Reorganization Event (and if holders were offered a choice of consideration, the type
of consideration chosen by the holders of a majority of the outstanding shares of Common Stock); provided, however, that if the
consideration received as a result of the Reorganization Event is not solely common stock of the acquiring or succeeding corporation
(or an affiliate thereof), the Company may, with the consent of the acquiring or succeeding corporation, provide for the consideration
to be received upon the exercise or settlement of the Award to consist solely of such number of shares of common stock of the acquiring
or succeeding corporation (or an affiliate thereof) that the Board determined to be equivalent in value (as of the date of such determination
or another date specified by the Board) to the per share consideration received by holders of outstanding shares of Common Stock as a
result of the Reorganization Event.

 

(3)
Consequences of a Reorganization Event on Restricted Stock. Upon the occurrence of a Reorganization Event other than a liquidation
or dissolution of the Company, the repurchase and other rights of the Company with respect to outstanding Restricted Stock shall inure
to the benefit of the Company’s successor and shall, unless the Board determines otherwise, apply to the cash, securities or other
property which the Common Stock was converted into or exchanged for pursuant to such Reorganization Event in the same manner and to the
same extent as they applied to such Restricted Stock; provided, however, that the Board may provide for termination or
deemed satisfaction of such repurchase or other rights under the instrument evidencing any Restricted Stock or any other agreement between
a Participant and the Company, either initially or by amendment. Upon the occurrence of a Reorganization Event involving the liquidation
or dissolution of the Company, except to the extent specifically provided to the contrary in the instrument evidencing any Restricted
Stock or any other agreement between a Participant and the Company, all restrictions and conditions on all Restricted Stock then outstanding
shall automatically be deemed terminated or satisfied.

 

10. General Provisions Applicable to Awards

 

(a)
Transferability of Awards. Awards shall not be sold, assigned, transferred, pledged or otherwise encumbered by the person to whom
they are granted, either voluntarily or by operation of law, except by will or the laws of descent and distribution or, other than in
the case of an Incentive Stock Option, pursuant to a qualified domestic relations order, and, during the life of the Participant, shall
be exercisable only by the Participant; provided, however, that the Board may permit or provide in an Award for the gratuitous
transfer of the Award by the Participant to or for the benefit of any immediate family member, family trust or other entity established
for the benefit of the Participant and/or an immediate family member thereof if the Company would be eligible to use a Form S-8 under
the Securities Act for the registration of the sale of the Common Stock subject to such Award to such proposed transferee; provided
further, that the Company shall not be required to recognize any such permitted transfer until such time as such permitted transferee
shall, as a condition to such transfer, deliver to the Company a written instrument in form and substance satisfactory to the Company
confirming that such transferee shall be bound by all of the terms and conditions of the Award. References to a Participant, to the extent
relevant in the context, shall include references to authorized transferees. For the avoidance of doubt, nothing contained in this Section
10(a) shall be deemed to restrict a transfer to the Company.

 

    	Page 9

     

    

 

(b)
Documentation. Each Award shall be evidenced in such form (written, electronic or otherwise) as the Board shall determine. Each
Award may contain terms and conditions in addition to those set forth in the Plan.

 

(c)
Board Discretion. Except as otherwise provided by the Plan, each Award may be made alone or in addition or in relation to any
other Award. The terms of each Award need not be identical, and the Board need not treat Participants uniformly.

 

(d)
Termination of Status. The Board shall determine the effect on an Award of the disability, death, termination or other cessation
of employment, authorized leave of absence or other change in the employment or other status of a Participant and the extent to which,
and the period during which, the Participant, or the Participant’s legal representative, conservator, guardian or Designated Beneficiary,
may exercise rights under the Award.

 

(e)
Withholding. The Participant must satisfy all applicable federal, state, and local or other income and employment tax withholding
obligations before the Company will deliver stock certificates or otherwise recognize ownership of Common Stock under an Award. The Company
may decide to satisfy the withholding obligations through additional withholding on salary or wages. If the Company elects not to or
cannot withhold from other compensation, the Participant must pay the Company the full amount, if any, required for withholding or have
a broker tender to the Company cash equal to the withholding obligations. Payment of withholding obligations is due before the Company
will issue any shares on exercise, vesting or release from forfeiture of an Award or at the same time as payment of the exercise or purchase
price, unless the Company determines otherwise. If provided for in an Award or approved by the Board in its sole discretion, a Participant
may satisfy such tax obligations in whole or in part by delivery (either by actual delivery or attestation) of shares of Common Stock,
including shares retained from the Award creating the tax obligation, valued at their Fair Market Value; provided, however, except
as otherwise provided by the Board, that the total tax withholding where stock is being used to satisfy such tax obligations cannot exceed
the maximum statutory withholding rates that are applicable to such supplemental taxable income. Shares used to satisfy tax withholding
requirements cannot be subject to any repurchase, forfeiture, unfulfilled vesting or other similar requirements.

 

(f)
Amendment of Award. Except as otherwise provided in Sections 5(g) and 6(e) with respect to repricings and Section 11(d) with respect
to actions requiring stockholder approval, the Board may amend, modify or terminate any outstanding Award, including but not limited
to, substituting therefor another Award of the same or a different type, changing the date of exercise or realization, and converting
an Incentive Stock Option to a Nonstatutory Stock Option. The Participant’s consent to such action shall be required unless (i)
the Board determines that the action, taking into account any related action, does not materially and adversely affect the Participant’s
rights under the Plan or (ii) the change is permitted under Section 9.

 

    	Page 10

     

    

 

(g)
Conditions on Delivery of Stock. The Company will not be obligated to deliver any shares of Common Stock pursuant to the Plan
or to remove restrictions from shares previously issued or delivered under the Plan until (i) all conditions of the Award have been met
or removed to the satisfaction of the Company, (ii) in the opinion of the Company’s counsel, all other legal matters in connection
with the issuance and delivery of such shares have been satisfied, including any applicable securities laws and regulations and any applicable
stock exchange or stock market rules and regulations, and (iii) the Participant has executed and delivered to the Company such representations
or agreements as the Company may consider appropriate to satisfy the requirements of any applicable laws, rules or regulations.

 

(h)
Acceleration. The Board may at any time provide that any Award shall become immediately exercisable in whole or in part, free
of some or all restrictions or conditions, or otherwise realizable in whole or in part, as the case may be.

 

(i)
Minimum Vesting. Notwithstanding anything to the contrary, with respect to at least 95% of the shares underlying all Awards granted
under the Plan on or after the Effective Date, such Awards shall have a minimum vesting period for every portion of the Award of at least
one year after the Award’s date of grant (the “Minimum Vesting Requirement”). The Minimum Vesting Requirement for such
covered Awards may not be superseded by an individual Award agreement or other agreement. Notwithstanding anything to the contrary, the
Minimum Vesting Requirement shall not apply to any Award granted to any non-employee director that vests (or, if applicable, becomes
exercisable) on the earlier of the first anniversary of the date of grant or the Company’s next annual meeting of stockholders.

 

(j)
Dividends. For all Awards and notwithstanding anything to the contrary, no payment of dividends (or dividend equivalents) shall
be made with respect to any unvested Awards. Dividends (and dividend equivalents) shall only be paid to a Participant to the extent that
the underlying Award to which the dividends/dividend equivalents are attached becomes vested. For avoidance of doubt, accrual of dividends
(and dividend equivalents) while the underlying Award is unvested and which are payable upon vesting is permitted to the extent provided
under this Plan or Award agreement.

 

(k)
Suspension or Termination of Awards. To the extent provided in an Award Agreement, if at any time (including after a notice of
exercise has been delivered) the Committee (or the Board), reasonably believes that a Participant has committed an act of Cause (as defined
below) (which includes a failure to act), the Committee (or Board) may suspend the Participant’s right to exercise any Option or
SAR (or vesting of Restricted Stock Grants or Stock Units) pending a determination of whether there was in fact an act of Cause. To the
extent provided in an Award Agreement, if the Committee (or the Board) determines a Participant has committed an act of Cause, neither
the Participant nor his or her estate shall be entitled to exercise the outstanding Option or SAR whatsoever and the Participant’s
outstanding Awards shall then terminate without consideration. Any determination by the Committee (or the Board) with respect to the
foregoing shall be final, conclusive and binding on all interested parties.

 

    	Page 11

     

    

 

For
purposes of this Plan, “Cause” means, with respect to a Participant, the occurrence of any of the following:
(i) a conviction of a Participant for a felony crime or the failure of a Participant to contest prosecution for a felony crime, or (ii)
a Participant’s misconduct, fraud, disloyalty or dishonesty (as such terms may be defined by the Committee in its sole discretion),
or (iii) any unauthorized use or disclosure of confidential information or trade secrets by a Participant, or (iv) a Participant’s
negligence, malfeasance, breach of fiduciary duties, neglect of duties, or (v) any material violation by a Participant of a written Company
or Subsidiary or Affiliate policy or any material breach by a Participant of a written agreement with the Company or Subsidiary or Affiliate,
or (vi) any other act or omission by a Participant that, in the opinion of the Committee, could reasonably be expected to adversely affect
the Company’s or a Subsidiary’s or an Affiliate’s business, financial condition, prospects and/or reputation. In each
of the foregoing subclauses (i) through (vi), whether or not a “Cause” event has occurred will be determined by the Committee
in its sole discretion or, in the case of Participants who are directors or “officer” of the Company (as defined by Rule
16a-1 under the Exchange Act) or who are required to file reports pursuant to Section 16 (a) of the Exchange Act, the Board, each of
whose determination shall be final, conclusive and binding. A Participant’s Service shall be deemed to have terminated for Cause
if, after the Participant’s Service has terminated, facts and circumstances are discovered that would have justified a termination
for Cause, including, without limitation, violation of material Company policies or breach of noncompetition, confidentiality or other
restrictive covenants that may apply to the Participant.

 

(l)
Clawback Policy. The Company may (i) cause the cancellation of any Award, (ii) require reimbursement of any Award by a Participant
and (iii) effect any other right of recoupment of equity or other compensation provided under this Plan or otherwise in accordance with
Company policies and/or applicable law (each, a “Clawback Policy”). In addition, a Participant may be required
to repay to the Company certain previously paid compensation, whether provided under this Plan or an Award Agreement or otherwise, in
accordance with the Clawback Policy.

 

11. Miscellaneous

 

(a)
No Right To Employment or Other Status. No person shall have any claim or right to be granted an Award by virtue of the adoption
of the Plan, and the grant of an Award shall not be construed as giving a Participant the right to continued employment or any other
relationship with the Company. The Company expressly reserves the right at any time to dismiss or otherwise terminate its relationship
with a Participant free from any liability or claim under the Plan, except as expressly provided in the applicable Award.

 

(b)
No Rights As Stockholder. Subject to the provisions of the applicable Award, no Participant or Designated Beneficiary shall have
any rights as a stockholder with respect to any shares of Common Stock to be distributed with respect to an Award until becoming the
record holder of such shares.

 

(c)
Effective Date and Term of Plan. The Plan was approved by the Board on April 11, 2022 (the “Adoption Date”)
and shall become effective on the date the Plan is approved by the Company’s stockholders (the “Effective Date”).
No Awards shall be granted under the Plan after the expiration of 10 years from the Adoption Date, but Awards previously granted under
the Plan may extend beyond that expiration date. If this Plan is not approved by Company stockholders in 2022, then the Prior Plan shall
continue to remain in full force and effect and this Plan shall not take effect. Upon the Effective Date, all future Awards shall be
issued under this Plan (and no further awards shall be issued under the Prior Plan), but outstanding Prior Plan Awards shall continue
to be governed by the terms of the Prior Plan.

 

    	Page 12

     

    

 

(d)
Amendment of Plan. The Board may amend, suspend or terminate the Plan or any portion thereof at any time provided that no amendment
that would require stockholder approval under the rules of Nasdaq may be made effective unless and until the Company’s stockholders
approve such amendment. In addition, if at any time the approval of the Company’s stockholders is required as to any other modification
or amendment under Section 422 of the Code or any successor provision with respect to Incentive Stock Options, the Board may not effect
such modification or amendment without such approval. Unless otherwise specified in the amendment, any amendment to the Plan adopted
in accordance with this Section 11(d) shall apply to, and be binding on the holders of, all Awards outstanding under the Plan at the
time the amendment is adopted, provided the Board determines that such amendment, taking into account any related action, does not materially
and adversely affect the rights of Participants under the Plan. No Award shall be made that is conditioned upon stockholder approval
of any amendment to the Plan unless the Award provides that (i) it will terminate or be forfeited if stockholder approval of such amendment
is not obtained within no more than 12 months from the date of grant and (2) it may not be exercised or settled (or otherwise result
in the issuance of Common Stock) prior to such stockholder approval.

 

(e)
Authorization of Sub-Plans (including for Grants to non-U.S. Employees). The Board may from time to time establish one or more
sub-plans under the Plan for purposes of satisfying applicable securities, tax or other laws of various jurisdictions. The Board shall
establish such sub-plans by adopting supplements to the Plan containing (i) such limitations on the Board’s discretion under the
Plan as the Board deems necessary or desirable or (ii) such additional terms and conditions not otherwise inconsistent with the Plan
as the Board shall deem necessary or desirable. All supplements adopted by the Board shall be deemed to be part of the Plan, but each
supplement shall apply only to Participants within the affected jurisdiction and the Company shall not be required to provide copies
of any supplement to Participants in any jurisdiction which is not the subject of such supplement.

 

(f)
Compliance with Section 409A of the Code. This Plan and its Awards are intended to the maximum extent to be exempt from the requirements
of Code Section 409A but in any event shall be interpreted to comply with Code Section 409A. Except as provided in individual Award agreements
initially or by amendment, if and to the extent (i) any portion of any payment, compensation or other benefit provided to a Participant
pursuant to the Plan in connection with his or her employment termination constitutes “nonqualified deferred compensation”
within the meaning of Section 409A of the Code and (ii) the Participant is a specified employee as defined in Section 409A(a)(2)(B)(i)
of the Code, in each case as determined by the Company in accordance with its procedures, by which determinations the Participant (through
accepting the Award) agrees that he or she is bound, such portion of the payment, compensation or other benefit shall not be paid before
the day that is six months plus one day after the date of “separation from service” (as determined under Section 409A of
the Code) (the “New Payment Date”), except as Section 409A of the Code may then permit. The aggregate of any
payments that otherwise would have been paid to the Participant during the period between the date of separation from service and the
New Payment Date shall be paid to the Participant in a lump sum on such New Payment Date, and any remaining payments will be paid on
their original schedule.

 

The
Company makes no representations or warranty and shall have no liability to the Participant or any other person if any provisions of
or payments, compensation or other benefits under the Plan are determined to constitute nonqualified deferred compensation subject to
Section 409A of the Code but do not satisfy the conditions of that Code section.

 

    	Page 13

     

    

 

(g)
Limitations on Liability. Notwithstanding any other provisions of the Plan, no individual acting as a director, officer, employee
or agent of the Company will be liable to any Participant, former Participant, spouse, beneficiary, or any other person for any claim,
loss, liability, or expense incurred in connection with the Plan, nor will such individual be personally liable with respect to the Plan
because of any contract or other instrument he or she executes in his or her capacity as a director, officer, employee or agent of the
Company. The Company will indemnify and hold harmless each director, officer, employee or agent of the Company to whom any duty or power
relating to the administration or interpretation of the Plan has been or will be delegated, against any cost or expense (including attorneys’
fees) or liability (including any sum paid in settlement of a claim with the Board’s approval) arising out of any act or omission
to act concerning the Plan unless arising out of such person’s own fraud or bad faith.

 

(h)
Governing Law. The provisions of the Plan and all Awards made hereunder shall be governed by and interpreted in accordance with
the laws of the State of Delaware, excluding choice-of-law principles of the law of such state that would require the application of
the laws of a jurisdiction other than the State of Delaware.

 

To
record the approval of this Plan by the Board, the Company has caused its duly authorized officer to execute this Plan on behalf of the
Company.

 

	 	DARÉ BIOSCIENCE, INC.
	 	 	 
	 	By:	/s/
    Lisa Walters-Hoffert
	 	Title:	Chief
    Financial Officer

 

    	Page 14

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