Document:

Exhibit 10.8

 

REIGN SAPPHIRE CORPORATION

AMENDED AND RESTATED

2015 EQUITY INCENTIVE PLAN

 

SECTION 1. PURPOSE

 

The purpose of the Reign Sapphire Corporation
2015 Equity Incentive Plan is to attract, retain and motivate employees, officers, directors, consultants, agents, advisors and
independent contractors of the Company and its Related Companies by providing them the opportunity to acquire a proprietary interest
in the Company and to link their interests and efforts to the long-term interests of the Company's stockholders.

 

SECTION 2. DEFINITIONS

 

Certain terms used in the Plan have the
meanings set forth in Appendix A.

 

SECTION 3. ADMINISTRATION

 

		3.1	Administration of the Plan

 

The Plan shall be administered by the Board.
All references in the Plan to the "Plan Administrator" shall be to the Board.

 

		3.2	Administration and Interpretation by Plan Administrator

 

(a)          Except
for the terms and conditions explicitly set forth in the Plan, the Plan Administrator shall have full power and exclusive authority,
to the extent permitted by applicable law and subject to such orders or resolutions not inconsistent with the provisions of the
Plan as may from time to time be adopted by the Board to (i) select the Eligible Persons to whom Awards may from time to time
be granted under the Plan; (ii) determine the type or types of Award to be granted to each Participant under the Plan; (iii) determine
the number of shares of Common Stock to be covered by each Award granted under the Plan; (iv) determine the terms and conditions
of any Award granted under the Plan; (v) approve the forms of notice or agreement for use under the Plan; (vi) determine
whether, to what extent and under what circumstances Awards may be settled in cash, shares of Common Stock or other property or
canceled or suspended; (vii) determine whether, to what extent and under what circumstances cash, shares of Common Stock,
other property and other amounts payable with respect to an Award shall be deferred either automatically or at the election of
the Participant; (viii) interpret and administer the Plan and any instrument evidencing an Award or notice or agreement entered
into under the Plan; (ix) establish such rules and regulations as it shall deem appropriate for the proper administration
of the Plan; (x) delegate ministerial duties to such of the Company's employees as it so determines; and (xi) make any
other determination and take any other action that the Plan Administrator deems necessary or desirable for administration of the
Plan.

 

     

     

    

 

(b)          The
effect on the vesting of an Award of a Company-approved leave of absence or a Participant's reduction in hours of employment or
service shall be determined by the Company's chief human resources officer or other person performing that function or, with respect
to directors or executive officers, by the Board, whose determination shall be final.

 

(c)          Decisions
of the Plan Administrator shall be final, conclusive and binding on all persons, including the Company, any Participant, any stockholder
and any Eligible Person. A majority of the members of the Plan Administrator may determine its actions.  

 

SECTION 4. SHARES SUBJECT TO THE
PLAN

 

		4.1	Authorized Number of Shares

 

Subject to adjustment from time to time
as provided in Section 14.1, a maximum of 14,000,000 (Fourteen Million) shares of Common Stock shall be available for issuance
under the Plan. Shares issued under the Plan shall be drawn from authorized and unissued shares or shares now held or subsequently
acquired by the Company as treasury shares.

 

		4.2	Share Usage

 

(a)          Shares
of Common Stock covered by an Award shall not be counted as used unless and until they are actually issued and delivered to a Participant.
If any Award lapses, expires, terminates or is canceled prior to the issuance of shares thereunder or if shares of Common Stock
are issued under the Plan to a Participant and thereafter are forfeited to or otherwise reacquired by the Company, the shares subject
to such Awards and the forfeited or reacquired shares shall again be available for issuance under the Plan. Any shares of Common
Stock (i) tendered by a Participant or retained by the Company as full or partial payment to the Company for the purchase
price of an Award or to satisfy tax withholding obligations in connection with an Award or (ii) covered by an Award that is
settled in cash or in a manner such that some or all of the shares covered by the Award are not issued shall be available for Awards
under the Plan. The number of shares of Common Stock available for issuance under the Plan shall not be reduced to reflect any
dividends or dividend equivalents that are reinvested into additional shares of Common Stock or credited as additional shares of
Common Stock subject or paid with respect to an Award.

 

(b)          The
Plan Administrator shall also, without limitation, have the authority to grant Awards as an alternative to or as the form of payment
for grants or rights earned or due under other compensation plans or arrangements of the Company.

 

     

     

    

 

(c)          Notwithstanding
anything in the Plan to the contrary, the Plan Administrator may grant Substitute Awards under the Plan. In the event that a written
agreement between the Company and an Acquired Entity pursuant to which a merger or consolidation is completed is approved by the
Board and that agreement sets forth the terms and conditions of the substitution for or assumption of outstanding awards of the
Acquired Entity, those terms and conditions shall be deemed to be the action of the Plan Administrator without any further action
by the Plan Administrator.

 

(d)          Notwithstanding
the foregoing, the maximum number of shares that may be issued upon the exercise of Incentive Stock Options shall equal the aggregate
share number stated in Section 4.1, subject to adjustment as provided in Section 14.1.

 

SECTION 5. ELIGIBILITY

 

An Award may be granted to any employee,
officer or director of the Company or a Related Company whom the Plan Administrator from time to time selects. An Award may also
be granted to any consultant, agent, advisor or independent contractor for bona fide services rendered to the Company or any Related
Company that (a) are not in connection with the offer and sale of the Company's securities in a capital-raising transaction
and (b) do not directly or indirectly promote or maintain a market for the Company's securities.

 

SECTION 6. AWARDS

 

		6.1	Form, Grant and Settlement of Awards

 

The Plan Administrator shall have the authority,
in its sole discretion, to determine the type or types of Awards to be granted under the Plan. Such Awards may be granted either
alone, in addition to or in tandem with any other type of Award. Any Award settlement may be subject to such conditions, restrictions
and contingencies as the Plan Administrator shall determine.

 

		6.2	Evidence of Awards

 

Awards granted under the Plan shall be
evidenced by a written, including an electronic, instrument that shall contain such terms, conditions, limitations and restrictions
as the Plan Administrator shall deem advisable and that are not inconsistent with the Plan.

 

		6.3	Deferrals

 

The Plan Administrator may permit or require
a Participant to defer receipt of the payment of any Award if and to the extent set forth in the notice or agreement evidencing
the Award at the time of grant. If any such deferral election is permitted or required, the Plan Administrator, in its sole discretion,
shall establish rules and procedures for such payment deferrals, which may include the grant of additional Awards or provisions
for the payment or crediting of interest or dividend equivalents, including converting such credits to deferred stock unit equivalents;
provided, however, that the terms of any deferrals under this Section 6.3 shall comply with all applicable law, rules and regulations,
including, without limitation, Section 409A of the Code.

 

     

     

    

 

		6.4	Dividends and Distributions

 

Participants may, if and to the extent
the Plan Administrator so determines and sets for in the notice or agreement evidencing the Award at the time of grant, be credited
with dividends paid with respect to shares underlying an Award or dividend equivalents in a manner determined by the Plan Administrator
in its sole discretion. The Plan Administrator may apply any restrictions to the dividends or dividend equivalents that the Plan
Administrator deems appropriate. The Plan Administrator, in its sole discretion, may determine the form of payment of dividends
or dividend equivalents, including cash, shares of Common Stock, Restricted Stock or Stock Units.

 

SECTION 7. OPTIONS

 

		7.1	Grant of Options

 

The Plan Administrator may grant Options
designated as Incentive Stock Options or Nonqualified Stock Options.

 

		7.2	Option Exercise Price

 

The exercise price for shares purchased
under an Option shall be at least 100% of the Fair Market Value of the Common Stock on the Grant Date as determined by the Board,
but shall not be less than the minimum exercise price required by Section 8.3 with respect to Incentive Stock Options, except
in the case of Substitute Awards.

 

		7.3	Term of Options

 

Subject to earlier termination in accordance
with the terms of the Plan and the instrument evidencing the Option, the maximum term of an Option (the "Option Term")
shall be ten years from the Grant Date. For Incentive Stock Options, the Option Term shall be as specified in Section 8.4.

 

		7.4	Exercise of Options

 

The Plan Administrator shall establish
and set forth in each instrument that evidences an Option the time at which, or the installments in which, the Option shall vest
and become exercisable, any of which provisions may be waived or modified by the Plan Administrator at any time. If not so established
in the instrument evidencing the Option, the Option shall vest and become exercisable according to the following schedule, which
may be waived or modified by the Plan Administrator at any time:

 

	Period of Participant's Continuous 

Employment or Service With the 

Company or Its Related Companies

 From the Vesting Commencement Date	 	  

Portion of Total Option That 

Is Vested and Exercisable
	 	 	 
	Annually	 	Equal Installments
	 	 	 
	After 3 years	 	100%

 

     

     

    

 

To the extent an Option has vested and
become exercisable, the Option may be exercised in whole or from time to time in part by delivery to the Company of a properly
executed stock option exercise agreement or notice, in a form and in accordance with procedures established by the Plan Administrator,
setting forth the number of shares with respect to which the Option is being exercised, the restrictions imposed on the shares
purchased under such exercise agreement or notice, if any, and such representations and agreements as may be required by the Plan
Administrator, accompanied by payment in full as described in Sections 7.5 and 12. An Option may be exercised only for whole
shares and may not be exercised for less than a reasonable number of shares at any one time, as determined by the Plan Administrator.

 

		7.5	Payment of Exercise Price

 

The exercise price for shares purchased
under an Option shall be paid in full to the Company by delivery of consideration equal to the product of the Option exercise price
and the number of shares purchased. Such consideration must be paid before the Company will issue the shares being purchased and
must be in a form or a combination of forms acceptable to the Plan Administrator for that purchase, which forms may include:

 

(a)          cash;

 

(b)          check
or wire transfer;

 

(c)          having
the Company withhold shares of Common Stock that would otherwise be issued on exercise of the Option that have a Fair Market Value
on the date of exercise of the Option equal to the exercise price of the Option and, if applicable, shares equal to or less than
the withholding required by Section 12 hereof;

 

(d)          tendering
(either actually or, if and as so long as the Common Stock is registered under Section 12(b) or 12(g) of the Exchange
Act, by attestation) shares of Common Stock owned by the Participant that on the day prior to the exercise date have a Fair Market
Value equal to the aggregate exercise price of the shares being purchased under the Option;

 

(e)          if
and so long as the Common Stock is registered under Section 12(b) or 12(g) of the Exchange Act, and to the extent permitted
by law, delivery of a properly executed exercise agreement or notice, together with irrevocable instructions to a brokerage firm
designated or approved by the Company to deliver promptly to the Company the aggregate amount of proceeds to pay the Option exercise
price and any withholding tax obligations that may arise in connection with the exercise, all in accordance with the regulations
of the Federal Reserve Board; or

 

     

     

    

 

(f)          such
other consideration as the Plan Administrator may permit.

 

In addition, to assist a Participant (including
directors and executive officers) in acquiring shares of Common Stock pursuant to an Option granted under the Plan, the Plan Administrator,
in its sole discretion and to the extent permitted by applicable law, may authorize, either at the Grant Date or at any time before
the acquisition of Common Stock pursuant to the Option, (i) the payment by a Participant of the purchase price of the Common
Stock by a promissory note or (ii) the guarantee by the Company of a loan obtained by the Participant from a third party.
Such notes or loans must be full recourse to the extent necessary to avoid adverse accounting charges to the Company's earnings
for financial reporting purposes. Subject to the foregoing, the Plan Administrator shall in its sole discretion specify the terms
of any loans or loan guarantees, including the interest rate and terms of and security for repayment.

 

		7.6	Effect of Termination of Service

 

The Plan Administrator shall establish
and set forth in each instrument that evidences an Option whether the Option shall continue to be exercisable, and the terms and
conditions of such exercise, after a Termination of Service, any of which provisions may be waived or modified by the Plan Administrator
at any time. If not so established in the instrument evidencing the Option, the Option shall be exercisable according to the following
terms and conditions, which may be waived or modified by the Plan Administrator at any time:

 

(a)          Any
portion of an Option that is not vested and exercisable on the date of a Participant's Termination of Service shall expire on such
date.

 

(b)          Any
portion of an Option that is vested and exercisable on the date of a Participant's Termination of Service shall expire on the earliest
to occur of:

 

(i)          if
the Participant's Termination of Service occurs for reasons other than Cause, Retirement, Disability or death, the date that is
three months after such Termination of Service;

 

(ii)         if
the Participant's Termination of Service occurs by reason of Retirement, Disability or death, the one-year anniversary of such
Termination of Service; and

 

(iii)        the
Option Expiration Date.

 

Notwithstanding the foregoing, if a Participant
dies after the Participant's Termination of Service but while an Option is otherwise exercisable, the portion of the Option that
is vested and exercisable on the date of such Termination of Service shall expire upon the earlier to occur of (y) the Option
Expiration Date and (z) the one-year anniversary of the date of death, unless the Plan Administrator determines otherwise.

 

     

     

    

 

Notwithstanding the foregoing, to the extent
required by applicable law, unless employment or services are terminated for Cause, the right to exercise an Option in the event
of Termination of Service, to the extent that the Participant is otherwise entitled to exercise an Option on the date of Termination
of Service, shall be

 

a.           at
least six months from the date of a Participant's Termination of Service if termination was caused by death or Disability; and

 

b.           at
least 30 days from the date of a Participant's Termination of Service if termination was caused by other than death or Disability;

 

c.           but
in no event later than the Option Expiration Date.

 

Also notwithstanding the foregoing, in
case a Participant's Termination of Service occurs for Cause, all Options granted to the Participant shall automatically expire
upon first notification to the Participant of such termination, unless the Plan Administrator determines otherwise. If a Participant's
employment or service relationship with the Company is suspended pending an investigation of whether the Participant shall be terminated
for Cause, all the Participant's rights under any Option shall likewise be suspended during the period of investigation. If any
facts that would constitute termination for Cause are discovered after a Participant's Termination of Service, any Option then
held by the Participant may be immediately terminated by the Plan Administrator, in its sole discretion.

 

(c)          A
Participant's change in status from an employee of the Company or a Related Company to a nonemployee director, consultant, advisor
or independent contractor of the Company or a Related Company or a change in status from a nonemployee director, consultant, advisor
or independent contractor of the Company or a Related Company to an employee of the Company or a Related Company shall not be considered
a Termination of Service for purposes of this Section 7.6.

 

SECTION 8. INCENTIVE STOCK OPTION
LIMITATIONS

 

Notwithstanding any other provisions of
the Plan, the terms and conditions of any Incentive Stock Options shall in addition comply in all respects with Section 422
of the Code or any successor provision, and any applicable regulations thereunder, including, to the extent required thereunder,
the following:

 

		8.1	Dollar Limitation

 

To the extent the aggregate Fair Market
Value (determined as of the Grant Date) of Common Stock with respect to which a Participant's Incentive Stock Options become exercisable
for the first time during any calendar year (under the Plan and all other stock option plans of the Company and its parent and
subsidiary corporations) exceeds $100,000, such portion in excess of $100,000 shall be treated as a Nonqualified Stock Option.
In the event the Participant holds two or more such Options that become exercisable for the first time in the same calendar year,
such limitation shall be applied on the basis of the order in which such Options are granted.

 

     

     

    

 

		8.2	Eligible Employees

 

Individuals who are not employees of the
Company or one of its parent or subsidiary corporations may not be granted Incentive Stock Options.

 

		8.3	Exercise Price

 

The exercise price of an Incentive Stock
Option shall be at least 100% of the Fair Market Value of the Common Stock on the Grant Date and, in the case of an Incentive Stock
Option granted to a Participant who owns more than 10% of the total combined voting power of all classes of the stock of the Company
or of its parent or subsidiary corporations (a "Ten Percent Stockholder"), shall not be less than 110%
of the Fair Market Value of the Common Stock on the Grant Date. The determination of more than 10% ownership shall be made in accordance
with Section 422 of the Code.

 

		8.4	Option Term

 

Subject to earlier termination in accordance
with the terms of the Plan and the instrument evidencing the Option, the Option Term of an Incentive Stock Option shall not exceed
ten years, and in the case of an Incentive Stock Option granted to a Ten Percent Stockholder, shall not exceed five years.

 

		8.5	Exercisability

 

An Option designated as an Incentive Stock
Option shall cease to qualify for favorable tax treatment as an Incentive Stock Option to the extent it is exercised (if permitted
by the terms of the Option) (a) more than three months after the date of a Participant's Termination of Service if termination
was for reasons other than death or Disability, (b) more than one year after the date of a Participant's Termination of Service
if termination was by reason of Disability, or (c) after the Participant has been on leave of absence for more than 90 days,
unless the Participant's reemployment rights are guaranteed by statute or contract.

 

		8.6	Taxation of Incentive Stock Options

 

In order to obtain certain tax benefits
afforded to Incentive Stock Options under Section 422 of the Code, the Participant must hold the shares acquired upon the
exercise of an Incentive Stock Option for two years after the Grant Date and one year after the date of exercise. A Participant
may be subject to the alternative minimum tax at the time of exercise of an Incentive Stock Option. The Participant shall give
the Company prompt notice of any disposition of shares acquired on the exercise of an Incentive Stock Option prior to the expiration
of such holding periods.

 

     

     

    

 

		8.7	Code Definitions

 

For the purposes of this Section 8,
"disability," "parent corporation" and "subsidiary corporation" shall have the meanings attributed
to those terms for purposes of Section 422 of the Code.

 

		8.8	Promissory Notes

 

The amount of any promissory note delivered
pursuant to Section 7.5 in connection with an Incentive Stock Option shall bear interest at a rate specified by the Plan Administrator,
but in no case less than the rate required to avoid imputation of interest (taking into account any exceptions to the imputed interest
rules) for federal income tax purposes.

 

SECTION 9. STOCK APPRECIATION
RIGHTS

 

		9.1	Grant of Stock Appreciation Rights

 

The Plan Administrator may grant Stock
Appreciation Rights to Participants at any time on such terms and conditions as the Plan Administrator shall determine in its sole
discretion. An SAR may be granted in tandem with an Option or alone ("freestanding"). The grant price of
a tandem SAR shall be equal to the exercise price of the related Option. The grant price of a freestanding SAR shall be established
in accordance with procedures for Options set forth in Section 7.2. An SAR may be exercised upon such terms and conditions
and for the term as the Plan Administrator determines in its sole discretion; provided, however, that, subject to earlier termination
in accordance with the terms of the Plan and the instrument evidencing the SAR, the maximum term of a freestanding SAR shall be
ten years, and in the case of a tandem SAR, (a) the term shall not exceed the term of the related Option and (b) the
tandem SAR may be exercised for all or part of the shares subject to the related Option upon the surrender of the right to exercise
the equivalent portion of the related Option, except that the tandem SAR may be exercised only with respect to the shares for which
its related Option is then exercisable.

 

		9.2	Payment of SAR Amount

 

Upon the exercise of an SAR, a Participant
shall be entitled to receive payment in an amount determined by multiplying: (a) the difference between the Fair Market Value
of the Common Stock for the date of exercise over the grant price of the SAR by (b) the number of shares with respect to which
the SAR is exercised. At the discretion of the Plan Administrator as set forth in the instrument evidencing the Award, the payment
upon exercise of an SAR may be in cash, in shares, in some combination thereof or in any other manner approved by the Plan Administrator
in its sole discretion.

 

     

     

    

 

		9.3	Waiver of Restrictions

 

Subject to Section 17.3, the Plan Administrator,
in its sole discretion, may waive any other terms, conditions or restrictions on any SAR under such circumstances and subject to
such terms and conditions as the Plan Administrator shall deem appropriate.

 

SECTION 10. STOCK AWARDS, RESTRICTED
STOCK AND STOCK UNITS

 

		10.1	Grant of Stock Awards, Restricted Stock and Stock Units

 

The Plan Administrator may grant Stock
Awards, Restricted Stock and Stock Units on such terms and conditions and subject to such repurchase or forfeiture restrictions,
if any, which may be based on continuous service with the Company or a Related Company or the achievement of any performance goals,
as the Plan Administrator shall determine in its sole discretion, which terms, conditions and restrictions shall be set forth in
the instrument evidencing the Award.

 

		10.2	Vesting of Restricted Stock and Stock Units

 

Upon the satisfaction of any terms, conditions
and restrictions prescribed with respect to Restricted Stock or Stock Units, or upon a Participant's release from any terms, conditions
and restrictions of Restricted Stock or Stock Units, as determined by the Plan Administrator, and subject to the provisions of
Section 12, (a) the shares of Restricted Stock covered by each Award of Restricted Stock shall become transferable by
the Participant subject to the terms and conditions of the Plan, the instrument evidencing the Award, and applicable securities
laws, and (b) Stock Units shall be paid in shares of Common Stock or, if set forth in the instrument evidencing the Awards,
in cash or a combination of cash and shares of Common Stock. Any fractional shares subject to such Awards shall be paid to the
Participant in cash.

 

		10.3	Waiver of Restrictions

 

Subject to Section 17.3, the Plan
Administrator, in its sole discretion, may waive the repurchase or forfeiture period and any other terms, conditions or restrictions
on any Restricted Stock or Stock Unit under such circumstances and subject to such terms and conditions as the Plan Administrator
shall deem appropriate.

 

SECTION 11. OTHER STOCK OR CASH-BASED
AWARDS

 

Subject to the terms of the Plan and such
other terms and conditions as the Plan Administrator deems appropriate, the Plan Administrator may grant other incentives payable
in cash or in shares of Common Stock under the Plan as it determines.

 

     

     

    

 

SECTION 12. WITHHOLDING

 

The Company may require the Participant
to pay to the Company the amount of (a) any taxes that the Company is required by applicable federal, state, local or foreign
law to withhold with respect to the grant, vesting or exercise of an Award ("tax withholding obligations")
and (b) any amounts due from the Participant to the Company or to any Related Company ("other obligations").
The Company shall not be required to issue any shares of Common Stock or otherwise settle an Award under the Plan until such tax
withholding obligations and other obligations are satisfied.

 

The Plan Administrator may permit or require
a Participant to satisfy all or part of the Participant's tax withholding obligations and other obligations by (a) paying
cash to the Company, (b) having the Company withhold an amount from any cash amounts otherwise due or to become due from the
Company to the Participant, (c) having the Company withhold a number of shares of Common Stock that would otherwise be issued
to the Participant (or become vested in the case of Restricted Stock) having a Fair Market Value equal to the tax withholding obligations
and other obligations, or (d) surrendering a number of shares of Common Stock the Participant already owns having a value
equal to the tax withholding obligations and other obligations. The value of the shares so withheld or tendered may not exceed
the employer's minimum required tax withholding rate.

 

SECTION 13. ASSIGNABILITY

 

No Award or interest in an Award may be
sold, assigned, pledged (as collateral for a loan or as security for the performance of an obligation or for any other purpose)
or transferred by a Participant or made subject to attachment or similar proceedings otherwise than by will or by the applicable
laws of descent and distribution, except to the extent the Participant designates one or more beneficiaries on a Company-approved
form who may exercise the Award or receive payment under the Award after the Participant's death. During a Participant's lifetime,
an Award may be exercised only by the Participant. Notwithstanding the foregoing and to the extent permitted by Section 422
of the Code, the Plan Administrator, in its sole discretion, may permit transfer to a revocable trust or as otherwise permitted
by Rule 701 of the Securities Act, subject to such terms and conditions as the Plan Administrator shall specify.

 

SECTION 14. ADJUSTMENTS

 

		14.1	Adjustment of Shares

 

In the event, at any time or from time
to time, a stock dividend, stock split, spin-off, combination or exchange of shares, recapitalization, merger, consolidation, distribution
to stockholders other than a normal cash dividend, or other change in the Company's corporate or capital structure results in (a) the
outstanding shares of Common Stock, or any securities exchanged therefor or received in their place, being exchanged for a different
number or kind of securities of the Company or any other company or (b) new, different or additional securities of the Company
or any other company being received by the holders of shares of Common Stock, then the Plan Administrator shall make proportional
adjustments in (i) the maximum number and kind of securities available for issuance under the Plan; (ii) the maximum
number and kind of securities issuable as Incentive Stock Options as set forth in Section 4.2(d); and (iii) the
number and kind of securities that are subject to any outstanding Award and the per share price of such securities, without any
change in the aggregate price to be paid therefor. The determination by the Plan Administrator as to the terms of any of the foregoing
adjustments shall be conclusive and binding.

 

     

     

    

 

Notwithstanding the foregoing, the issuance
by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, for cash or property,
or for labor or services rendered, either upon direct sale or upon the exercise of rights or warrants to subscribe therefor, or
upon conversion of shares or obligations of the Company convertible into such shares or other securities, shall not affect, and
no adjustment by reason thereof shall be made with respect to, outstanding Awards. Also notwithstanding the foregoing, a dissolution
or liquidation of the Company or a Company Transaction shall not be governed by this Section 14.1 but shall be governed by
Sections 14.2 and 14.3, respectively.

 

		14.2	Dissolution or Liquidation

 

To the extent not previously exercised
or settled, and unless otherwise determined by the Plan Administrator in its sole discretion, Options, Stock Appreciation Rights
and Stock Units shall terminate immediately prior to the dissolution or liquidation of the Company. To the extent a vesting condition,
forfeiture provision or repurchase right applicable to an Award has not been waived by the Plan Administrator, the Award shall
be forfeited immediately prior to the consummation of the dissolution or liquidation.

 

		14.3	Company Transaction

 

14.3.1      Effect
of a Company Transaction

 

Notwithstanding any other provision of
the Plan to the contrary, unless the Plan Administrator shall determine otherwise with respect to a particular Award in the instrument
evidencing the Award or in a written employment, services or other agreement between the Participant and the Company or a Related
Company, in the event of a Company Transaction that is not a Related Party Transaction, all outstanding Awards shall become fully
vested and exercisable or payable, and all applicable deferral and restriction limitations or forfeiture provisions shall lapse,
immediately prior to the Company Transaction, and then terminate upon effectiveness of the Company Transaction, unless such Awards
are assumed or substituted for by the Successor Company. Notwithstanding the foregoing, with respect to outstanding Options or
Stock Appreciation Rights, the Plan Administrator, in its sole discretion, may instead provide that such Awards shall terminate
upon consummation of such Company Transaction and that each such Participant shall receive, in exchange therefor, a cash payment
equal to the amount (if any) by which (a) the Acquisition Price multiplied by the number of shares of Common Stock subject to such
outstanding Options or SARs (either to the extent then vested and exercisable or whether or not then vested and exercisable, as
determined by the Plan Administrator in its sole discretion) exceeds (b) the respective aggregate exercise price for such Options
or grant price for such SARs. If and to the extent the Successor Company assumes or substitutes outstanding Awards, the vesting
and exercisability or payment provisions applicable to such Awards shall remain in full effect and continue with respect to the
Awards or any awards that may be issued in exchange or in substitution for such Awards, and the forfeiture provisions applicable
to Restricted Stock shall not lapse, and all such restrictions shall continue with respect to any shares of the Successor Company
or other consideration that may be issued in exchange or in substitution for such Restricted Stock.

 

     

     

    

 

14.3.2      Assumption
or Substitution

 

For the purposes of this Section 14.3,
an Award shall be considered assumed or substituted for if following the Company Transaction, an option or right confers the right
to purchase or receive, for each share of Common Stock subject to the Award immediately prior to the Company Transaction, the consideration
(whether stock, cash, or other securities or property) received in the Company Transaction by holders of Common Stock for each
share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration
chosen by the holders of a majority of the outstanding shares); provided, however, that if such consideration received in the Company
Transaction is not solely common stock of the Successor Company, the Plan Administrator may, with the consent of the Successor
Company, provide for the consideration to be received upon the exercise of the Option, for each share of Common Stock subject thereto,
to be solely common stock of the Successor Company substantially equal in fair market value to the per share consideration received
by holders of Common Stock in the Company Transaction. The determination of such substantial equality of value of consideration
shall be made by the Plan Administrator, and its determination shall be conclusive and binding.

 

		14.4	Further Adjustment of Awards

 

Subject to Sections 14.2 and 14.3,
the Plan Administrator shall have the discretion, exercisable at any time before a sale, merger, consolidation, reorganization,
liquidation, dissolution or change in control of the Company, as defined by the Plan Administrator, to take such further action
as it determines to be necessary or advisable with respect to Awards. Such authorized action may include (but shall not be limited
to) establishing, amending or waiving the type, terms, conditions or duration of, or restrictions on, Awards so as to provide for
earlier, later, extended or additional time for exercise, lifting restrictions and other modifications, and the Plan Administrator
may take such actions with respect to all Participants, to certain categories of Participants or only to individual Participants.
The Plan Administrator may take such action before or after granting Awards to which the action relates and before or after any
public announcement with respect to such sale, merger, consolidation, reorganization, liquidation, dissolution or change in control
that is the reason for such action.

 

		14.5	No Limitations

 

The grant of Awards shall in no way affect
the Company's right to adjust, reclassify, reorganize or otherwise change its capital or business structure or to merge, consolidate,
dissolve, liquidate or sell or transfer all or any part of its business or assets.

 

     

     

    

 

		14.6	Fractional Shares

 

In the event of any adjustment in the number
of shares covered by any Award, each such Award shall cover only the number of full shares resulting from such adjustment.

 

		14.7	Section 409A of the Code

 

Notwithstanding anything in this Plan to
the contrary, (a) any adjustments made pursuant to this Section 14 to Awards that are considered "deferred compensation"
within the meaning of Section 409A of the Code shall be made in compliance with the requirements of Section 409A of the
Code; (b) any adjustments made pursuant to Section 14 to Awards that are not considered "deferred compensation"
subject to Section 409A of the Code shall be made in such a manner as to ensure that after such adjustment the Awards either
(i) continue not to be subject to Section 409A of the Code or (ii) comply with the requirements of Section 409A
of the Code; and (c) in any event, the Plan Administrator shall not have the authority to make any adjustments pursuant to
Section 14 to the extent the existence of such authority would cause an Award that is not intended to be subject to Section 409A
of the Code at the time of grant to be subject thereto.

 

SECTION 15. FIRST REFUSAL RIGHTS

 

		15.1	First Refusal Rights

 

Until the date on which the initial registration
of the Common Stock under Section 12(b) or 12(g) of the Exchange Act first becomes effective, the Company shall have the right
of first refusal with respect to any proposed sale or other disposition by a Participant of any shares of Common Stock issued pursuant
to an Award. Such right of first refusal shall be exercisable in accordance with the terms and conditions established by the Plan
Administrator and set forth in the agreement evidencing the Participant's receipt of the shares.

 

		15.2	General

 

The Company's first refusal rights under
this Section 15 are assignable by the Company at any time.

 

SECTION 16. MARKET STANDOFF

 

In the event of an underwritten public
offering by the Company of its equity securities pursuant to an effective registration statement filed under the Securities Act,
including the Company's initial public offering, no person may sell, make any short sale of, loan, hypothecate, pledge, grant any
option for the purchase of, or otherwise dispose of or transfer for value or otherwise agree to engage in any of the foregoing
transactions with respect to any shares issued pursuant to an Award granted under the Plan without the prior written consent of
the Company or its underwriters. Such limitations shall be in effect for such period of time as may be requested by the Company
or such underwriters; provided, however, that in no event shall such period exceed (a) 180 days after the effective date
of the registration statement for such public offering or (b) such longer period requested by the underwriter as is necessary
to comply with regulatory restrictions on the publication of research reports (including, but not limited to, NYSE Rule 472 or
NASD Conduct Rule 2711). The limitations of this Section 16 shall in all events terminate two years after the effective
date of the Company's initial public offering.

 

     

     

    

 

In the event of any stock split, stock
dividend, recapitalization, combination of shares, exchange of shares or other change affecting the Company's outstanding Common
Stock effected as a class without the Company's receipt of consideration, any new, substituted or additional securities distributed
with respect to the shares issued under the Plan shall be immediately subject to the provisions of this Section 16, to the
same extent the shares issued under the Plan are at such time covered by such provisions.

 

In order to enforce the limitations of
this Section 16, the Company may impose stop-transfer instructions with respect to the purchased shares until the end of the
applicable standoff period.

 

SECTION 17. AMENDMENT AND TERMINATION

 

		17.1	Amendment, Suspension or Termination

 

The Board may amend, suspend or terminate
the Plan or any portion of the Plan at any time and in such respects as it shall deem advisable; provided, however, that, to the
extent required by applicable law, regulation or stock exchange rule, stockholder approval shall be required for any amendment
to the Plan. Subject to Section 17.3, the Board may amend the terms of any outstanding Award, prospectively or retroactively.

 

		17.2	Term of the Plan

 

The Plan shall terminate upon the earlier
of (a) ten years after the adoption of the Plan by the Board and (b) the approval of the Plan by the stockholders.  After
the Plan is terminated, no future Awards may be granted, but Awards previously granted shall remain outstanding in accordance with
their applicable terms and conditions and the Plan's terms and conditions.

 

		17.3	Consent of Participant

 

The amendment, suspension or termination
of the Plan or a portion thereof or the amendment of an outstanding Award shall not, without the Participant's consent, materially
adversely affect any rights under any Award theretofore granted to the Participant under the Plan. Any change or adjustment to
an outstanding Incentive Stock Option shall not, without the consent of the Participant, be made in a manner so as to constitute
a "modification" that would cause such Incentive Stock Option to fail to continue to qualify as an Incentive Stock Option.
Notwithstanding the foregoing, any adjustments made pursuant to Section 14 shall not be subject to these restrictions.

 

     

     

    

 

Notwithstanding any provision contained
in the Plan to the contrary, the Board shall have broad authority to amend the Plan or any outstanding Award without the consent
of a Participant to the extent the Board deems necessary or advisable to (a) comply with, or take into account, changes in applicable
tax laws, securities laws, accounting rules and other applicable law, rules and regulations or (b) to ensure that an Award is not
subject to additional taxes under Section 409A of the Code.

 

SECTION 18. GENERAL

 

		18.1	No Individual Rights

 

No individual or Participant shall have
any claim to be granted any Award under the Plan, and the Company has no obligation for uniformity of treatment of Participants
under the Plan.

 

Furthermore, nothing in the Plan or any
Award granted under the Plan shall be deemed to constitute an employment contract or confer or be deemed to confer on any Participant
any right to continue in the employ of, or to continue any other relationship with, the Company or any Related Company or limit
in any way the right of the Company or any Related Company to terminate a Participant's employment or other relationship at any
time, with or without cause.

 

		18.2	Issuance of Shares

 

Notwithstanding any other provision of
the Plan, the Company shall have no obligation to issue or deliver any shares of Common Stock under the Plan or make any other
distribution of benefits under the Plan unless, in the opinion of the Company's counsel, such issuance, delivery or distribution
would comply with all applicable laws (including, without limitation, the requirements of the Securities Act or the laws of any
state or foreign jurisdiction) and the applicable requirements of any securities exchange or similar entity.

 

The Company shall be under no obligation
to any Participant to register for offering or resale or to qualify for exemption under the Securities Act, or to register or qualify
under the laws of any state or foreign jurisdiction, any shares of Common Stock, security or interest in a security paid or issued
under, or created by, the Plan, or to continue in effect any such registrations or qualifications if made.

 

As a condition to the exercise of an Option
or any other receipt of Common Stock pursuant to an Award under the Plan, the Company may require (a) the Participant to represent
and warrant at the time of any such exercise or receipt that such shares are being purchased or received only for the Participant's
own account and without any present intention to sell or distribute such shares and (b) such other action or agreement by
the Participant as may from time to time be necessary to comply with the federal, state and foreign securities laws. At the option
of the Company, a stop-transfer order against any such shares may be placed on the official stock books and records of the Company,
and a legend indicating that such shares may not be pledged, sold or otherwise transferred, unless an opinion of counsel is provided
(concurred in by counsel for the Company) stating that such transfer is not in violation of any applicable law or regulation, may
be stamped on stock certificates to ensure exemption from registration. The Plan Administrator may also require the Participant
to execute and deliver to the Company a purchase agreement or such other agreement as may be in use by the Company at such time
that describes certain terms and conditions applicable to the shares.

 

     

     

    

 

To the extent the Plan or any instrument
evidencing an Award provides for issuance of stock certificates to reflect the issuance of shares of Common Stock, the issuance
may be effected on a noncertificated basis, to the extent not prohibited by applicable law or the applicable rules of any stock
exchange.

 

		18.3	Indemnification

 

Each person who is or shall have been a
member of the Board shall be indemnified and held harmless by the Company against and from any loss, cost, liability or expense
that may be imposed upon or reasonably incurred by such person in connection with or resulting from any claim, action, suit or
proceeding to which such person may be a party or in which such person may be involved by reason of any action taken or failure
to act under the Plan and against and from any and all amounts paid by such person in settlement thereof, with the Company's approval,
or paid by such person in satisfaction of any judgment in any such claim, action, suit or proceeding against such person; provided,
however, that such person shall give the Company an opportunity, at its own expense, to handle and defend the same before such
person undertakes to handle and defend it on such person's own behalf. Notwithstanding the prior sentence, the indemnification
provisions of this Section 18.3 shall not apply if such loss, cost, liability or expense is a result of such person's own willful
misconduct.

 

The foregoing right of indemnification
shall not be exclusive of any other rights of indemnification to which such person may be entitled under the Company's certificateof
incorporation or bylaws, as a matter of law, or otherwise, or of any power that the Company may have to indemnify or hold harmless.

 

		18.4	No Rights as a Stockholder

 

Unless otherwise provided by the Plan Administrator
or in the instrument evidencing the Award or in a written employment, services or other agreement, no Option, Stock Appreciation
Right or Stock Unit shall entitle the Participant to any cash dividend, voting or other right of a stockholder unless and until
the date of issuance under the Plan of the shares that are the subject of such Award.

 

		18.5	Compliance with Laws and Regulations

 

In interpreting and applying the provisions
of the Plan, any Option granted as an Incentive Stock Option pursuant to the Plan shall, to the extent permitted by law, be construed
as an "incentive stock option" within the meaning of Section 422 of the Code.

 

     

     

    

 

Any Award granted pursuant to the Plan
is intended to comply with the requirements of Section 409A of the Code, including any applicable regulations and guidance
issued thereunder, and including transition guidance, to the extent Section 409A of the Code is applicable thereto and the terms
of the Plan and any Award granted under the Plan shall be interpreted, operated and administered in a manner consistent with this
intention to the extent the Company deems necessary to comply with Section 409A of the Code and any official guidance issued
thereunder. Notwithstanding any other provision in the Plan, the Company, to the extent it deems necessary or advisable in its
sole discretion, reserves the right, but shall not be required, to unilaterally amend or modify the Plan and any Award granted
under the Plan so that the Award qualifies for exemption from or complies with Section 409A of the Code; provided, however,
that the Company makes no representations that the Awards shall be exempt from or comply with Section 409A of the Code and
makes no undertaking to preclude Section 409A of the Code from applying to Awards granted under the Plan. Also notwithstanding
the foregoing, if at the time of a scheduled vesting date for an Award granted under the Plan that is subject to Section 409A
of the Code the Participant is a “specified employee” of the Company within the meaning of that term under Section 409A
of the Code and as determined by the Company, and payment would be treated as a payment made on “separation from service”
within the meaning of that term under Section 409A of the Code, then, if such delayed commencement is otherwise required in
order to avoid a prohibited distribution under Section 409A of the Code, the payment shall be delayed until the date which
is six months after the date of such separation from service or, if earlier, the date of the Participant's death.

 

		18.6	Participants in Other Countries or Jurisdictions

 

Without amending the Plan, the Plan Administrator
may grant Awards to eligible persons who are foreign nationals on such terms and conditions different from those specified in the
Plan, which may, in the judgment of the Plan Administrator, be necessary or desirable to foster and promote achievement of the
purposes of the Plan and shall have the authority to adopt such modifications, procedures, subplans and the like as may be necessary
or desirable to comply with provisions of the laws or regulations of other countries or jurisdictions in which the Company or any
Related Company may operate or have employees to ensure the viability of the benefits from Awards granted to Participants employed
in such countries or jurisdictions, meet the requirements that permit the Plan to operate in a qualified or tax efficient manner,
comply with applicable foreign laws or regulations and meet the objectives of the Plan.

 

		18.7	No Trust or Fund

 

The Plan is intended to constitute an "unfunded"
plan. Nothing contained herein shall require the Company to segregate any monies or other property, or shares of Common Stock,
or to create any trusts, or to make any special deposits for any immediate or deferred amounts payable to any Participant, and
no Participant shall have any rights that are greater than those of a general unsecured creditor of the Company.

 

     

     

    

 

		18.8	Successors

 

All obligations of the Company under the
Plan with respect to Awards shall be binding on any successor to the Company, whether the existence of such successor is the result
of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all the business and/or assets of
the Company.

 

		18.9	Severability

 

If any provision of the Plan or any Award
is determined to be invalid, illegal or unenforceable in any jurisdiction, or as to any person, or would disqualify the Plan or
any Award under any law deemed applicable by the Plan Administrator, such provision shall be construed or deemed amended to conform
to applicable laws, or, if it cannot be so construed or deemed amended without, in the Plan Administrator's determination, materially
altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, person or Award, and the
remainder of the Plan and any such Award shall remain in full force and effect.

 

		18.10	Choice of Law and Venue

 

The Plan, all Awards granted thereunder
and all determinations made and actions taken pursuant hereto, to the extent not otherwise governed by the laws of the United States,
shall be governed by the laws of the State of California without giving effect to principles of conflicts of law. Participants
irrevocably consent to the nonexclusive jurisdiction and venue of the state and federal courts located in the State of California.

 

		18.11	Legal Requirements

 

The granting of Awards and the issuance
of shares of Common Stock under the Plan is subject to all applicable laws, rules and regulations, and to such approvals by any
governmental agencies or national securities exchanges as may be required.

 

SECTION 19. EFFECTIVE DATE

 

The effective date (the "Effective
Date") is the date on which the Plan is adopted by the Board. If the stockholders of the Company do not approve the
Plan within 12 months after the Board's adoption of the Plan, any Incentive Stock Options granted under the Plan will be treated
as Nonqualified Stock Options. To the extent required under applicable law, any Award exercised before the stockholders of the
Company approve the Plan shall be rescinded if the stockholders of the Company do not approve the Plan by the later of (a) within
12 months before or after the date on which the Board adopts the Plan and (b) prior to or within 12 months of the date on
which any Award under the Plan is granted in California.

 

     

     

    

 

PLAN ADOPTION

SUMMARY PAGE

 

	Date of

 Board Action	 	

Action	 	Date of 

Stockholder 

Approval
	 	 	 	 	 
	May 1, 2015	 	Initial Plan Adoption	 	May 1, 2015
	 	 	 	 	 
	December 22, 2015	 	Increase number of shares reserved for issuance under Plan from 10,000,000 to 14,000,000	 	December 22, 2015

 

     

     

    

 

APPENDIX A

 

"Acquired Entity"
means any entity acquired by the Company or a Related Company or with which the Company or a Related Company merges or combines.

 

"Acquisition Price"
means the fair market value of the securities, cash or other property, or any combination thereof, receivable upon consummation
of a Company Transaction in respect of a share of Common Stock.

 

"Award" means any
Option, Stock Appreciation Right, Stock Award, Restricted Stock, Stock Unit or cash-based award or other incentive payable in cash
or in shares of Common Stock, as may be designated by the Plan Administrator from time to time.

 

"Board" means the
Board of Directors of the Company.

 

"Cause," unless
otherwise defined in the instrument evidencing an Award or in a written employment, services or other agreement between the Participant
and the Company or a Related Company, means dishonesty, fraud, serious or willful misconduct, unauthorized use or disclosure of
confidential information or trade secrets, or conduct prohibited by law (except minor violations), in each case as determined by
the Company's chief human resources officer or other person performing that function or, in the case of directors and executive
officers, the Board, whose determination shall be conclusive and binding.

 

"Code" means the
Internal Revenue Code of 1986, as amended from time to time.

 

"Common Stock"
means the common stock, par value $0.0001 per share, of the Company.

 

"Company" means
Reign Sapphire Corporation, a Delaware corporation.

 

"Company Transaction,"
unless otherwise defined in the instrument evidencing the Award or in a written employment, services or other agreement between
the Participant and the Company or a Related Company, means consummation of:

 

(a)          a
merger or consolidation of the Company with or into any other company or other entity,

 

(b)          a
sale in one transaction or a series of transactions undertaken with a common purpose of all of the Company's outstanding voting
securities, or

 

(c)          a
sale, lease, exchange or other transfer in one transaction or a series of related transactions undertaken with a common purpose
of all or substantially all of the Company's assets.

 

Where a series of transactions undertaken
with a common purpose is deemed to be a Company Transaction, the date of such Company Transaction shall be the date on which the
last of such transactions is consummated.

 

     

     

    

 

"Disability," unless
otherwise defined by the Plan Administrator or in the instrument evidencing the Award or in a written employment, services or other
agreement between the Participant and the Company or a Related Company, means a mental or physical impairment of the Participant
that is expected to result in death or that has lasted or is expected to last for a continuous period of 12 months or more
and that causes the Participant to be unable to perform his or her material duties for the Company or a Related Company and to
be engaged in any substantial gainful activity, in each case as determined by the Company's chief human resources officer or other
person performing that function or, in the case of directors and executive officers, the Board, each of whose determination shall
be conclusive and binding.

 

"Effective Date"
has the meaning set forth in Section 19.

 

"Eligible Person"
means any person eligible to receive an Award as set forth in Section 5.

 

"Exchange Act"
means the Securities Exchange Act of 1934, as amended from time to time.

 

"Fair Market Value"
means the per share fair market value of the Common Stock as established in good faith by the Plan Administrator or, if the Common
Stock is publicly traded, the average of the high and low trading prices for the Common Stock on any given date during regular
trading, or if not trading on that date, such price on the last preceding date on which the Common Stock was traded, unless determined
otherwise by the Plan Administrator using such methods or procedures as it may establish.

 

"Grant Date"means
the later of (a) the date on which the Plan Administrator completes the corporate action authorizing the grant of an Award
or such later date specified by the Plan Administrator and (b) the date on which all conditions precedent to an Award have
been satisfied, provided that conditions to the exercisability or vesting of Awards shall not defer the Grant Date.

 

"Incentive Stock Option"means
an Option granted with the intention that it qualify as an "incentive stock option" as that term is defined for purposes
of Section 422 of the Code or any successor provision.

 

"Nonqualified Stock Option"means
an Option other than an Incentive Stock Option.

 

"Option"means a
right to purchase Common Stock granted under Section 7.

 

"Option Expiration Date"
means the last day of the maximum term of the Option.

 

"Option Term" means
the maximum term of an Option as set forth in Section 7.3.

 

"Participant" means
any Eligible Person to whom an Award is granted.

 

"Plan" means the
Reign Sapphire Corporation 2015 Equity Incentive Plan.

 

"Plan Administrator"
has the meaning set forth in Section 3.1.

 

     

     

    

 

"Related Company"
means any entity that, directly or indirectly, is in control of, is controlled by or is under common control with the Company.

 

"Related Party Transaction"
means (a) a merger or consolidation of the Company in which the holders of the outstanding voting securities of the Company
immediately prior to the merger or consolidation hold at least a majority of the outstanding voting securities of the Successor
Company immediately after the merger or consolidation; (b) a sale, lease, exchange or other transfer of all or substantially
all of the Company's assets to a majority-owned subsidiary company; or (c) a transaction undertaken for the principal purpose
of restructuring the capital of the Company, including, but not limited to, reincorporating the Company in a different jurisdiction,
converting the Company to a limited liability company or creating a holding company.

 

"Restricted Stock"
means an Award of shares of Common Stock granted under Section 10, the rights of ownership of which are subject to restrictions
prescribed by the Plan Administrator.

 

"Retirement," unless
otherwise defined in the instrument evidencing the Award or in a written employment, services or other agreement between the Participant
and the Company or a Related Company, means "retirement" as defined for purposes of the Plan by the Plan Administrator
or the Company's chief human resources officer or other person performing that function or, if not so defined, means Termination
of Service on or after the date the Participant reaches "normal retirement age," as that term is defined in Section 411(a)(8)
of the Code.

 

"Securities Act"
means the Securities Act of 1933, as amended from time to time.

 

"Stock Appreciation Right"
or "SAR" means a right granted under Section 9.1 to receive the excess of the Fair Market Value of
a specified number of shares of Common Stock over the grant price.

 

"Stock Award" means
an Award of shares of Common Stock granted under Section 10, the rights of ownership of which are not subject to restrictions
prescribed by the Plan Administrator.

 

"Stock Unit" means
an Award denominated in units of Common Stock granted under Section 10.

 

"Substitute Awards"
means Awards granted or shares of Common Stock issued by the Company in substitution or exchange for, awards previously granted
by an Acquired Entity.

 

"Successor Company"
means the surviving company, the successor company, the acquiring company or its parent, as applicable, in connection with a Company
Transaction.

 

"Termination of Service"
means a termination of employment or service relationship with the Company or a Related Company for any reason, whether voluntary
or involuntary, including by reason of death, Disability or Retirement. Any question as to whether and when there has been a Termination
of Service for the purposes of an Award and the cause of such Termination of Service shall be determined by the Company's chief
human resources officer or other person performing that function or, with respect to directors and executive officers, by the Board,
whose determination shall be conclusive and binding. Transfer of a Participant's employment or service relationship between the
Company and any Related Company shall not be considered a Termination of Service for purposes of an Award. Unless the Board determines
otherwise, a Termination of Service shall be deemed to occur if the Participant's employment or service relationship is with an
entity that has ceased to be a Related Company.

 

     

     

    

 

"Vesting Commencement Date"
means the Grant Date or such other date selected by the Plan Administrator as the date from which an Award begins to vest.Form of Medium-Term Notes, Series K

 Exhibit 4.1 

[Face of Note] 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as requested by an authorized representative
of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein. 
  

	 CUSIP NO. 94986RA59 
	
PRINCIPAL AMOUNT: $                   
          

 REGISTERED NO.      

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Notes Linked to the 10-Year Constant Maturity Swap Rate due December 24, 2025 

WELLS FARGO & COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter
called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, the principal sum of
                                         
                                         
                                       DOLLARS
($            ) on December 24, 2025 (the “Stated Maturity Date”) and to pay interest thereon from December 24, 2015 or from the most recent Interest
Payment Date to which interest has been paid or duly provided for quarterly on each March 24, June 24, September 24 and December 24, commencing March 24, 2016, and at Maturity (each, an “Interest Payment
Date”), at the rate per annum specified below until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest next preceding such Interest Payment Date. The Regular Record
Date for an Interest Payment Date shall be one Business Day prior to such Interest Payment Date. If an Interest Payment Date is not a Business Day, interest on this Security shall be payable on the next day that is a Business Day, with the same
force and effect as if made on such Interest Payment Date, and without any interest or other payment with respect to the delay. “Business Day” shall mean a day, other than a Saturday or Sunday, that is neither a legal holiday nor a
day on which banking institutions are authorized or required by law or regulation to close in New York, New York. 
 Except
as described below for the first Interest Period, on each Interest Payment Date, interest will be paid for the period commencing on and including the immediately preceding Interest Payment Date and ending on and including the day immediately
preceding that Interest Payment Date. This period is referred to as an “Interest Period.” The first Interest Period will 

 
commence on and include December 24, 2015 and end on and include March 23, 2016. Interest on this Security will be computed on the basis of a
360-day year of twelve 30-day months. 
 The
interest rate on this Security that will apply (A) during the first eight Interest Periods (up to and including the Interest Period ending December 23, 2017) will be equal to 4.00% per annum and (B) for all Interest Periods
commencing on or after December 24, 2017 will be determined by the calculation agent for this Security (the “Calculation Agent”) and will be equal to (i) the 10-Year Constant Maturity Swap Rate on the Determination Date
for such Interest Period multiplied by (ii) the Multiplier. 
 The “Determination Date” for an
Interest Period commencing on or after December 24, 2017 will be two U.S. Government Securities Business Days prior to the first day of such Interest Period. A “U.S. Government Securities Business Day” means any day except for
a Saturday, Sunday or a day on which the Securities Industry and Financial Markets Association recommends that the fixed income department of its members be closed for the entire day for purposes of trading in U.S. government securities. 

“10-Year Constant Maturity Swap Rate,” or “10-Year CMS Rate,” means, for any Determination
Date, the “USD-ISDA-Swap Rate,” which will be the rate for U.S. Dollar swaps with a designated maturity of 10 years, expressed as a percentage, that appears on the Reuters Screen ISDAFIX1 Page (or any successor page thereto) as
of 11:00 a.m., New York City time, on such Determination Date. 
 If such rate does not appear on the Reuters Screen
ISDAFIX1 Page (or any successor page thereto) at such time, the Calculation Agent shall determine the 10-Year CMS Rate for the relevant Determination Date on the basis of the Mid-market Semi-annual Swap Rate quotations provided by the Reference
Banks at approximately 11:00 a.m., New York City time, on such Determination Date. The Calculation Agent will request the principal New York City office of each of the Reference Banks to provide a quotation of its rate, and 

 

	 	(i)	 if at least three quotations are provided, the rate for that Determination Date will be the arithmetic mean of the quotations, eliminating the
highest quotation (or, in the event of equality, one of the highest) and the lowest quotation (or, in the event of equality, one of the lowest); and 

  

	 	(ii)	 if fewer than three quotations are provided, the Calculation Agent will determine the rate in its sole discretion. 

“Reference Banks” means five leading swap dealers selected by the Calculation Agent in its sole discretion in
the New York City interbank market. 
 “Mid-market Semi-annual Swap Rate” means, on any Determination Date,
the mean of the bid and offered rates for the semi-annual fixed leg, calculated on a 30/360 day count basis, of a fixed-for-floating U.S. Dollar interest rate swap transaction with a term equal to the applicable 10-year maturity commencing on
such Determination Date and in a Representative Amount with an acknowledged dealer of good credit in the swap market, where the floating leg, calculated on 

  
 2 

 
an actual/360 day count basis, is equivalent to U.S. Dollar LIBOR with a designated maturity of three months. 

“Representative Amount” means an amount that is representative for a single transaction in the relevant
market at the relevant time as determined by the Calculation Agent in its sole discretion. 
 The
“Multiplier” is 0.925. 
 The Calculation Agent shall, upon the request of a Holder of this Security,
provide the interest rate then in effect and, if determined, the interest rate that will become effective for the next Interest Period. All calculations of the Calculation Agent, in the absence of manifest error, shall be conclusive for all purposes
and binding on the Company and the Holder hereof. The Calculation Agent shall notify the Paying Agent of each determination of the interest applicable to this Security promptly after the determination is made. Wells Fargo Securities, LLC will
initially act as Calculation Agent. The Company may appoint a successor Calculation Agent with the written consent of the Trustee. 

Any interest not punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record
Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee,
notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange
on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

Payment of interest on this Security will be made in immediately available funds at the office or agency of the Company
maintained for that purpose in the City of Minneapolis, Minnesota in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that, at the option of
the Company, payment of interest may be paid by check mailed to the Person entitled thereto at such Person’s last address as it appears in the Security Register or by wire transfer to such account as may have been designated by such Person.
Payment of principal of and interest on this Security at Maturity will be made against presentation of this Security at the office or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota. Notwithstanding the
foregoing, for so long as this Security is a Global Security registered in the name of the Depositary, payments of principal and interest on this Security will be made to the Depositary by wire transfer of immediately available funds. 

This Security is not subject to redemption at the option of the Company or, except as provided in the next sentence, repayment
at the option of the Holder hereof prior to December 24, 2025. This Security may be subject to repayment if requested by an authorized representative of a beneficial owner of this Security as described on the reverse hereof. This Security is
not entitled to any sinking fund. 
  
  

  
 3 

 Reference is hereby made to the further provisions of this Security set forth on
the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual
signature or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 4 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed
under its corporate seal. 
 DATED:
                                 

 

					
	WELLS FARGO & COMPANY
		
	By:	 	 
		 	 
		 	Its:	 	 

 [SEAL] 
  

					
	Attest:	 	 
		 	 
		 	Its:	 	 

  

			
	 TRUSTEE’S CERTIFICATE OF

AUTHENTICATION
 This is one of the Securities of the

series designated therein described
 in the within-mentioned Indenture.

	
	 CITIBANK, N.A.,

      as Trustee

		
	By:	 	 
		 	Authorized Signature
	
	OR
	
	 WELLS FARGO BANK, N.A.,

  as Authenticating Agent for the Trustee

		
	By:	 	 
		 	Authorized Signature

  
 5 

 [Reverse of Note] 

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Notes Linked to the 10-Year Constant Maturity Swap Rate due December 24, 2025 

This Security is one of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and to be issued in one or more series under an indenture dated as of July 21, 1999, as amended or supplemented from time to time (herein called the “Indenture”), between the Company and
Citibank, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is
one of the series of the Securities designated as Medium-Term Notes, Series K, of the Company, which series is limited to an aggregate principal amount or face amount, as applicable, of $25,000,000,000 or the equivalent thereof in one or more
foreign or composite currencies. The amount payable on the Securities of this series may be determined by reference to the performance of one or more equity-, commodity- or currency-based indices, exchange traded funds, securities, commodities,
currencies, statistical measures of economic or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure or may bear interest at a fixed rate or a floating rate. The Securities of this series may
mature at different times, be redeemable at different times or not at all, be repayable at the option of the Holder at different times or not at all and be denominated in different currencies. 

Article Sixteen of the Indenture shall not apply to this Security. 

The Securities are issuable only in registered form without coupons and will be either
(a) book-entry securities represented by one or more Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated
securities issued to and registered in the names of, the beneficial owners or their nominees. 
 The Company agrees, to the
extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of interest against a Holder of this Security. 

Modification and Waivers 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the
Securities at the time Outstanding of all series to be affected, acting together as a class. The Indenture also contains 

  
 6 

 
provisions permitting the Holders of a majority in principal amount of the Securities of all series at the time Outstanding affected by certain provisions of the Indenture, acting together as a
class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with those provisions of the Indenture. Certain past defaults under the Indenture and their consequences may be waived under the Indenture by the
Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series. Any such consent or waiver by the Holder of this Security shall be conclusive and binding
upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 Defeasance 

Section 403 and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the
Indenture, relating to defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants and certain Events of Default, upon compliance by the Company with certain conditions set forth therein,
shall not apply to this Security. The remaining provisions of Section 401 of the Indenture shall apply to this Security. 
 Authorized
Denominations 
 This Security is issuable only in registered form without coupons in denominations of $1,000 or any
amount in excess thereof which is an integral multiple of $1,000. 
 Repayment upon Exercise of Survivor’s Option 

The Company has agreed to repay beneficial ownership interests in this Security, if requested by the authorized representative
of the beneficial owner of such beneficial ownership interest following the death of the beneficial owner, so long as the beneficial ownership interest in this Security was acquired by the beneficial owner at least six months prior to the request
(the “Survivor’s Option”). 
 Upon the valid exercise of the Survivor’s Option and the proper
tender of a beneficial ownership interest in this Security for repayment, the Company will repay such beneficial ownership interest in this Security, in whole or in part, at a price equal to 100% of the principal amount of the deceased beneficial
owner’s beneficial interest in this Security, plus any accrued and unpaid interest to the date of repayment. 
 To be
valid, the Survivor’s Option must be exercised by or on behalf of the Person who has authority to act on behalf of a deceased beneficial owner of this Security under the laws of the applicable jurisdiction (including, without limitation, the
personal representative of or the executor of the estate of the deceased beneficial owner or the surviving joint owner with the deceased beneficial owner). 

A beneficial owner of this Security is a Person who has the right, immediately prior to such Person’s death, to receive
the proceeds from the disposition of such beneficial owner’s interest in this Security, as well as the right to receive the principal amount of the deceased beneficial owner’s interest in this Security plus any accrued and unpaid interest
thereon. 

  
 7 

 The death of a Person holding a beneficial ownership interest in this Security as
a joint tenant or tenant by the entirety with another Person, or as a tenant in common with the deceased holder’s spouse, will be deemed the death of a beneficial owner of that beneficial ownership interest in this Security, and the entire
principal amount of the deceased beneficial owner’s interest in this Security held in this manner will be subject to repayment by the Company upon exercise of the Survivor’s Option. However, the death of a Person holding a beneficial
ownership interest in this Security as tenant in common with a Person other than such deceased holder’s spouse will be deemed the death of a beneficial owner only with respect to such deceased Person’s interest in this Security, and only
the deceased beneficial owner’s percentage interest in that beneficial ownership interest in the principal amount of this Security will be subject to repayment. 

The death of a Person who, during his or her lifetime, was entitled to substantially all of the beneficial ownership interests
in this Security will be deemed the death of the beneficial owner of this Security for purposes of the Survivor’s Option, regardless of whether that beneficial owner was the registered holder of this Security, if the beneficial ownership
interest can be established to the satisfaction of the Paying Agent. A beneficial ownership interest will be deemed to exist in typical cases of nominee ownership, ownership under the Uniform Transfers to Minors Act or Uniform Gifts to Minors Act,
community property, or other joint ownership arrangements between a husband and wife. In addition, the beneficial ownership interest in this Security will be deemed to exist in custodial and trust arrangements where one Person has all of the
beneficial ownership interest in this Security during his or her lifetime. In the case of a joint trust, the joint tenant rules above will apply to the respective beneficial ownership interests. 

The Company has the discretionary right to limit the aggregate principal amount of this Security as to which exercises of the
Survivor’s Option will be accepted by the Company in any calendar year to an amount equal to the greater of $2,500,000 or 2.5% of the principal amount of this Security outstanding as of the end of the most recent calendar year. The Company also
has the discretionary right to limit the aggregate amount of this Security as to which exercises of the Survivor’s Option will be accepted by the Company from the authorized representative for any individual deceased beneficial owner of this
Security in any calendar year to an amount equal to $300,000. In addition, the Company will not permit the exercise of the Survivor’s Option for any portion of this Security with a principal amount of less than $1,000, and the Company will not
permit the exercise of the Survivor’s Option if such exercise will result in this Security having a principal amount that is not an integral multiple of $1,000. 

An otherwise valid election to exercise the Survivor’s Option may not be withdrawn. An election to exercise the
Survivor’s Option will be accepted in the order that it was received by the Paying Agent, except for any beneficial ownership interest in this Security the acceptance of which would contravene the limitations described above. Beneficial
ownership interests in this Security accepted for repayment through the exercise of the Survivor’s Option normally will be repaid on the first Interest Payment Date that occurs 10 or more calendar days after the date of the acceptance. Each
tendered beneficial ownership interest in this Security that is not accepted in a calendar year due to the application of the limitations described in the preceding paragraph will be deemed to be tendered in the following calendar year in the order
in which all such beneficial interests were originally tendered. If a beneficial ownership interest in this Security tendered through a valid exercise of the Survivor’s Option is not accepted, the Paying Agent will

  
 8 

 
deliver a notice by first-class mail to the registered holder, at that registered holder’s last known address as indicated in the Security Register, that states the reason that the
beneficial ownership interest in this Security has not been accepted for repayment. 
 Since this Security is a Global
Security, DTC, as depository, or its nominee will be treated as the holder of this Security and will be the only entity that can exercise the Survivor’s Option. To obtain repayment of this Security pursuant to exercise of the Survivor’s
Option, the deceased beneficial owner’s authorized representative must provide the following items to the broker or other entity through which the beneficial interest in this Security is held by the deceased beneficial owner: 

 

	 	•	 	 appropriate evidence satisfactory to the Paying Agent that: 

 

	 	(a)	 the deceased was a beneficial owner of this Security at the time of death and his or her interest in this Security was acquired by the deceased
beneficial owner at least six months prior to the request for repayment, 

  

	 	(b)	 the death of the beneficial owner has occurred and the date of death, and 

 

	 	(c)	 the representative has authority to act on behalf of the deceased beneficial owner; 

 

	 	•	 	 if the beneficial interest in this Security is held by a nominee or trustee of, or custodian for, or other Person in a similar capacity to, the
deceased beneficial owner, a certificate satisfactory to the Paying Agent from the nominee, trustee, custodian or similar Person attesting to the deceased’s beneficial ownership in this Security; 

 

	 	•	 	 a written request for repayment signed by the authorized representative of the deceased beneficial owner with the signature guaranteed by a member
firm of a registered national securities exchange or of the Financial Industry Regulatory Authority, Inc. or a commercial bank or trust company having an office or correspondent in the United States; 

 

	 	•	 	 if applicable, a properly executed assignment or endorsement; 

 

	 	•	 	 tax waivers and any other instruments or documents that the Paying Agent reasonably requires in order to establish the validity of the beneficial
ownership in this Security and the claimant’s entitlement to payment; and 

  

	 	•	 	 any additional information the Paying Agent requires to evidence satisfaction of any conditions to the exercise of the Survivor’s Option or to
document beneficial ownership or authority to make the election and to cause the repayment of this Security. 

 In turn,
the broker or other entity will deliver each of these items to the Paying Agent and will certify to the Paying Agent that the broker or other entity represents the deceased beneficial owner. 

  
 9 

 The Company retains the right to limit the aggregate principal amount of this
Security as to which exercises of the Survivor’s Option will be accepted by the Company from the authorized representative for any individual deceased beneficial owner in this Security in any calendar year as described above. All other
questions regarding the eligibility or validity of any exercise of the Survivor’s Option will be determined by the Paying Agent, in its sole discretion, which determination will be final and binding on all parties. 

The broker or other entity will be responsible for disbursing payments received from the Paying Agent to the authorized
representative. Forms for the exercise of the Survivor’s Option may be obtained from the Paying Agent. 
 Registration of Transfer 

Upon due presentment for registration of transfer of this Security at the office or agency of the Company in the City of
Minneapolis, Minnesota, a new Security or Securities of this series, with the same terms as this Security, in authorized denominations for an equal aggregate principal amount will be issued to the transferee in exchange herefor, as provided in the
Indenture and subject to the limitations provided therein and to the limitations described below, without charge except for any tax or other governmental charge imposed in connection therewith. 

This Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the
Company that it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not
appointed within 90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines that this Security shall be exchangeable for definitive Securities in registered form
and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for
definitive Securities in registered form, bearing interest at the same rate, having the same date of issuance, Stated Maturity Date and other terms and of authorized denominations aggregating a like amount. 

This Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the
Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee of such successor. Except as provided above, owners of beneficial interests in this Global
Security will not be entitled to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under the Indenture. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary. 
 Obligation of the Company Absolute 

No reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay the 

  
 10 

 
principal of and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed, except as otherwise provided in this Security. 

No Personal Recourse 

No recourse shall be had for the payment of the principal of or the interest on this Security, or for any claim based hereon,
or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor
corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof,
expressly waived and released. 
 Defined Terms 

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture
unless otherwise defined in this Security. 
 Governing Law 

This Security shall be governed by and construed in accordance with the law of the State of New York, without regard to
principles of conflicts of laws. 

  
 11 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they
were written out in full according to applicable laws or regulations: 
  

					
	 TEN COM
	 	  -- 
	 	 as tenants in common

			
	 TEN ENT
	 	  -- 
	 	 as tenants by the entireties

			
	 JT TEN
	 	  -- 
	 	 as joint tenants with right

of survivorship and not
 as
tenants in common

  

									
	 UNIF GIFT MIN ACT
	 	  -- 
	 	 	 	 Custodian
	 	 
		 		 	(Cust)	 		 	(Minor)

  

	
	Under Uniform Gifts to Minors Act
	
	   

	(State)

 Additional abbreviations may also be used though not in the above list. 

FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto 

 

	
	 Please Insert Social Security or
 Other
Identifying Number of Assignee

	
	   

  
  

 
  
  

 
 (PLEASE
PRINT OR TYPE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE)

  
 12 

 the within Security of WELLS FARGO & COMPANY and does hereby irrevocably constitute and
appoint                                      attorney to
transfer the said Security on the books of the Company, with full power of substitution in the premises. 
 Dated:
                                         
        
  

	
	   

  

	
	   

 NOTICE: The signature to this assignment must correspond with the name as written upon the face of the
within instrument in every particular, without alteration or enlargement or any change whatever. 

  
 13

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