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  Exhibit 4.3    
    

        THIS
NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR THE SECURITIES LAWS OF ANY
STATE. THIS NOTE AND ANY OF SUCH SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT RELATING TO SUCH
TRANSACTION UNDER THE ACT AND ALL OTHER APPLICABLE SECURITIES LAWS, OR PURSUANT TO AN EXEMPTION FROM THE REGISTRATION PROVISIONS OF THE ACT AND OTHER APPLICABLE SECURITIES LAWS. 

UNSECURED
CONVERTIBLE PROMISSORY NOTE 

 

 

			
	$            .00	 	                       , 2010

 

         FOR
VALUE RECEIVED, Clarus Therapeutics, Inc., a Delaware corporation (the "Company"), hereby promises to pay to the order of                                      
(the "Holder") the sum of                                     
dollars ($            ) all as hereinafter provided with interest thereon from the date of issuance of this Unsecured
Convertible Promissory Note (this "Note") at the applicable rate set forth in Section 2 hereof. All payments to be made by the Company in
repayment of interest and principal or other amounts due hereunder shall be made in currency of the United States of America which at the time of payment shall be legal tender for the payment of
public or private debts. 

        This
Note is one of a series of notes (collectively, the "Notes") being issued from time-to-time pursuant to, and
is subject to the terms and conditions of, the Note and Warrant Purchase Agreement by and among the Company, the Holder and the other parties thereto, dated as of November     , 2010,
as amended (the "Agreement"). Capitalized terms used but not otherwise defined herein shall have the meanings given to such terms in the Agreement. 

	1.
	PAYMENT.

        1.1    Maturity.    Subject to (i) conversion into the capital stock of the Company in accordance with
Section 4 hereof, (ii) acceleration of the maturity of this Note in connection with the occurrence of an Event of Default (as hereinafter defined), (iii) prepayment in accordance
with Section 1.2 and (iv) repayment in an Acquisition Event in accordance with Section 1.4, the Holder of this Note shall have the right to demand repayment of the total amount of
outstanding principal under this Note and all accrued and unpaid interest thereon in a single lump sum on or after September 30, 2011 (the "Maturity
Date"), by giving the Company fifteen (15) days prior written notice of such demand for repayment. 

        1.2    Prepayment.    The Company may not prepay this Note without the unanimous written consent of the Purchasers (as
defined in the Agreement) (the "Requisite Consent"), and any such prepayment shall be pro-rata among the Purchasers based on the aggregate
principal amount of the Notes, which for purposes of this Section 1.2 shall include the New Notes, then outstanding. With the Requisite Consent, at any time prior to the Maturity Date, upon two
(2) Business Days prior written notice and without penalty, the Company may prepay the then outstanding amounts under this Note in whole or in part; provided, that if, at any time after the
date hereof and prior to the Maturity Date, the Company shall effect any investment by a third party in the capital stock or other equity securities of the Company, then with the consent of Holders
representing the Requisite Consent the Company shall use the proceeds from such investment to prepay the then outstanding amounts under this Note. Any such prepayment received with respect to this
Note shall first be applied toward the repayment of the accrued but unpaid interest then outstanding, with the remainder, if any, applied toward the payment of the then outstanding principal. 

        1.3    Form of Payment.    All payments of interest and principal or other amounts payable under this Note shall be
payable in immediately available funds to the account of the Holder as the Holder may from time to time designate in writing to the Company. 

 

        1.4    Repayment.    In the event of an Acquisition Event (as defined herein) and this Note has not previously been
converted, then unless the Holder elects to convert this Note pursuant to Section 4.2 below, the outstanding principal balance of this Note, together with interest accrued and unpaid to date,
shall be due and payable upon the closing of the Acquisition Event. "Acquisition Event" means (i) a consolidation or merger of the Company with
or into one or more other corporations or other business organizations, (ii) the sale, lease, exclusive license, transfer or other disposition of all or substantially all of the assets of the
Company, or (iii) any other form of corporate reorganization in which outstanding shares of the Company are exchanged for or converted into cash, securities of another corporation or business
organization, or other property (including the issuance and sale of a controlling interest in the Company), unless, in each case, the Company's
stockholders of record immediately prior to such event shall (by virtue of the securities issued as a part of such event) hold at least 50% of the voting power of the surviving or acquiring entity
immediately following such event. The Company shall give the Holder notice of a proposed Acquisition Event no less than fifteen (15) days prior to the closing of the Acquisition Event. 

	2.
	INTEREST. 

        This
Note shall accrue interest from the date hereof on the unpaid outstanding principal balance hereof at a rate (the "Base Rate") per
annum equal to ten percent (10%), compounded daily, calculated on the basis of a 365-day year and the actual days elapsed in the period in which such interest is payable hereunder;
provided, however, that upon and at all times during the continuation of any Event of Default, such Base Rate of interest shall be increased by two percent (2%) (the Base Rate, as so increased, the
"Default Rate"); provided, further, that in the event any interest is paid on this Note which is deemed to be in excess of the then legal maximum rate,
then that portion of the interest payment representing an amount in excess of the then legal maximum rate shall be deemed a payment toward and applied against the then outstanding principal under this
Note.  

	3.
	EXPENSES.

        The
Company shall pay to the Holder all reasonable out-of-pocket costs and expenses incurred by such Holder in any effort to collect any amounts due under this
Note, including, without limitation, all reasonable attorneys' fees and expenses for services rendered in connection therewith, and shall pay interest on such costs and expenses to the extent not paid
when due hereunder demanded at the Default Rate.  

	4.
	CONVERSION
OF NOTE. 

        4.1    Mandatory Conversion of Note upon Financing.    If this Note has not been repaid in accordance with
Section 1 above or previously converted in accordance with this Section 4, upon the closing of a Financing (as defined below), the total outstanding amount of principal and accrued and
unpaid interest of this Note shall automatically be converted into the number of fully paid and non-assessable shares of Financing Stock (as defined below) as is equal to (i) the
aggregate amount of such principal and accrued and unpaid interest then outstanding under this Note, divided by (ii) the Financing Purchase Price (as defined below). For purposes of this Note,
the term "Financing" shall mean (i) the Company's issuance and sale of shares of Common Stock in the Company's initial public offering, or
(ii) the Company's issuance and sale of shares of Preferred Stock to one or more investors in a private transaction following the date hereof; provided that in either case, the Company receives
aggregate gross proceeds of at least $10,000,000 (excluding the Notes), the term "Financing Stock" shall mean the shares of Common Stock or Preferred
Stock issued in the Financing, and the term "Financing Purchase Price" shall mean the per share purchase price paid for the Financing Stock in the
Financing. 

        4.2    Optional Conversion.    If this Note has not been repaid in accordance with Section 1 above or
previously converted in accordance with this Section 4, either (a) upon an Acquisition Event or 

2

 

(b) immediately
following the Maturity Date, in either case, at the option of the Holder, the total outstanding amount of principal and accrued and unpaid interest of this Note shall be
converted into the number of fully paid and non-assessable shares of the Company's Series C Convertible Preferred Stock, par value $0.001 per share (the
"Series C Preferred Stock") equal to (i) the aggregate amount of such principal and/or accrued and unpaid interest to be so converted by
the Holder, divided by (ii) $0.825 (the "Conversion Price"). 

        4.3    Manner of Exercise of Conversion Privilege.    

        (a)   In
order to exercise the conversion privilege under Section 4.2 above, the Holder of this Note shall give written notice to the Company that the Holder elects to
convert all or a portion of this Note which notice shall also specify the amount of principal and/or accrued and unpaid interest to which such conversion relates. Any such notice of conversion shall
supersede any obligation to pay principal or interest under this Note if such notice is received by the Company prior to the actual receipt by the Holder of the payment. 

        (b)   As
promptly as practicable after receipt of such notice, or the closing of the Financing, as the case may be, and upon satisfaction of the conditions of
Section 4.4 below, the Company shall issue or shall cause to be issued to the Holder or such person or persons designated by the Holder a certificate or certificates representing the number of
full shares of Common Stock, Preferred Stock or other equity securities, as applicable, issuable upon such conversion of principal and/or interest in accordance with the provisions hereof and any cash
adjustment payable pursuant to Section 4.4 hereof, without charge to the Holder for any issuance tax in respect thereof or other cost incurred by the Company in connection with such conversion
and the related issuance of the equity securities. The conversion shall become effective on the date the notice of conversion is received by the Company, or the closing of the Financing, as the case
may be, and the person or persons in whose name or names any certificate for the capital stock shall be issuable upon such conversion shall be deemed to have become on said date the holder or holders
of record of the Common Stock, Preferred Stock or other equity securities represented by that certificate. The Company will not close its books against the transfer of capital stock issued or issuable
upon conversion of this Note, or portion thereof, in any manner which would interfere with the timely conversion of this Note, or portion thereof. 

        (c)    Splits, Subdivisions or Combinations of Shares and Stock Dividends.    If the Company at any time while this
Note remains outstanding shall split, subdivide or combine its Common Stock, Preferred Stock, or other equity securities into which this Note is convertible or declare a stock dividend, the applicable
conversion price shall be proportionately decreased, in the case of a split or subdivision or share dividend, or proportionately increased, in the case of a combination. Any adjustment under this
Section 4.3(c) shall become effective when the split, subdivision or combination becomes effective or the dividend is paid (as the case may be). 

        (d)    No Impairment.    The Company will not, by amendment of its certificate of incorporation or Bylaws or through
any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of
the terms to be observed or performed hereunder by the Company, but will at all times in good faith assist in the carrying out of all the provisions of this Section 4 and in the taking of all
such action as may be necessary or appropriate in order to protect the exercise and conversion rights of the Holder against impairment. 

        (e)    Notice of Adjustments.    Upon the occurrence of each event establishing or adjusting the applicable conversion
price, the Company at its expense shall promptly furnish to the Holder written notice setting forth such established or adjusted conversion price. 

        4.4    Fractional Shares.    No fractional shares of Common Stock, Preferred Stock or other equity securities, as
applicable, shall be issued upon conversion of this Note. Instead of any fractional share 

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which
would otherwise be issuable upon conversion of this Note, the Company shall pay to the Holder of this Note a cash adjustment in respect of such fractional interest in an amount equal to
the portion of the then applicable conversion price for each share. 

        4.5    Other Agreements.    By converting this Note into shares of Common Stock, Preferred Stock, or other equity
securities, as applicable, the Holder shall be deemed to have accepted, and shall be bound by, the terms of the applicable financing documents, and to the extent not already a party to such financing
documents, as a condition precedent to the receipt of shares of Common Stock, Preferred Stock, or other equity securities, as applicable, issuable upon conversion of this Note, shall become a party to
such agreements. Upon any conversion of this Note, the Holder agrees to submit the original Note to the Company for cancellation in exchange for stock certificates representing such shares of Common
Stock, Preferred Stock, or other equity securities, as applicable, into which this Note was converted and to the extent applicable, a new Note issuable in connection with conversion hereof. 

        4.8   The
Company covenants that all shares of Common Stock, Preferred Stock, or other equity securities, when issued on conversion of this Note and any equity securities
issuable upon conversion thereof, shall be duly and validly issued and fully paid and nonassessable and free from all taxes, liens, charges and other encumbrances.  

	5.
	EVENTS
OF DEFAULT. 

        5.1    Events of Default Defined.    Without limiting the provisions of Section 2 hereof, including, without
limitation, the Company's obligation thereunder to pay the Default Rate, all principal, accrued and unpaid interest and other amounts outstanding under this Note shall become immediately due and
payable upon the occurrence of an Event of Default and such Event of Default has not been waived by the Requisite Consent. An "Event of Default" shall
occur if (a) the Company voluntarily files of a petition under any provision of applicable bankruptcy or similar laws, (b) the Company makes a general assignment for the benefit of its
creditors, (c) an involuntary petition is filed against the Company under any provision of applicable bankruptcy or similar laws, which petition is not dismissed within sixty (60) days
after the date it is filed, or (d) the Company fails to pay when due hereunder any principal, interest or any other amount, or otherwise breaches any of its obligations, under this Note. 

        5.2    Notification.    If an Event of Default shall occur, the Company shall promptly notify the Holder thereof in a
writing describing such Event of Default in reasonable detail, including a statement of the
nature and length of existence thereof, and what action (if any) the Company has taken and proposes to take with respect thereto.  

	6.
	SUITS
FOR ENFORCEMENT UPON DEFAULT. 

        In
case any Event of Default shall occur, the Holder may proceed to protect and enforce its rights hereunder by a suit in equity, action at law or any other appropriate proceeding or
remedy available to the Holder at law or in equity. The Company covenants that if default be made in any payment of any principal of or interest on this Note, it will pay to the Holder of this Note to
the extent permitted under applicable law such further reasonable amount as shall be sufficient to cover the cost and expenses of collection, including reasonable compensation to the attorneys which
the Holder retains and any court costs incurred for all services rendered in that connection. No course of dealing and no delay on the part of the Holder in exercising any rights shall operate as a
waiver thereof or otherwise prejudice their rights and no consent or waiver shall extend beyond the particular case involved.  

	7.
	UNITED
STATES TAX COVENANT. 

        The
parties hereto hereby acknowledge and agree that, notwithstanding that the Notes are titled as "Unsecured Convertible Promissory Notes," for United States federal and state income
tax purposes the Notes are, and at all times have been, more properly characterized as equity. Accordingly, the parties agree to treat the Notes as equity for all United States federal and state
income tax purposes 

4

 

(including,
without limitation, on their respective tax returns or other informational statements). For the avoidance of doubt, the Company hereby agrees that, with regard specifically to the rule set
forth in Section 385 of the Internal Revenue Code of 1986, as amended, the Company will treat the Notes as equity as of the time of issuance.  

	8.
	NOTICES.

        Any
request, demand, authorization, direction, notice, consent, waiver or other document permitted by this Note to be made upon, given or furnished to, or filed with the Company or the
Holder shall be
sufficient for every purpose hereunder if in writing and mailed to the Company, addressed to it at 555 Skokie Boulevard, Suite 340, Northbrook, Illinois 60062 (or such other address as the
Company shall advise the Holder hereof in writing) and if to the Holder at the address for the Holder reflected in the Company's records (or at such other address as the Holder hereof shall advise the
Company in writing). All notices required hereunder shall be deemed to have been given or made when actually delivered to or received by the party to which the notice is addressed at its respective
address.  

	9.
	MUTILATION,
DESTRUCTION, LOSS, OR REISSUANCE. 

        Upon
receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of a Note or any note issued in exchange therefor and, if requested in the
case of any such loss, theft or destruction, upon delivery of an indemnity bond or other agreement or security reasonably satisfactory to the Company, or, in the case of any such mutilation, upon
surrender and cancellation of such note, the Company will issue a new note, of like tenor and amount and dated the date to which interest hereunder has been paid, in lieu of such lost, stolen,
destroyed or mutilated note, provided, however, if any note of which the Holder, its nominee, or any of its partners or affiliates is the registered holder is lost, stolen or destroyed, the affidavit
of the registered holder setting forth the circumstances with respect to such loss, theft or destruction shall be accepted as satisfactory evidence thereof, and no indemnification bond or other
security shall be required as a condition to the execution and delivery by the Company of a new note in replacement of such lost, stolen or destroyed note other than the registered holder's written
agreement to indemnify the Company.  

	10.
	SUCCESSORS. 

        All
of the covenants, stipulations, promises and agreement in this Note contained by or on behalf of the Company shall bind and inure to the benefit of its successors whether so
expressed or not and also to the benefit of the Holder and its successors.  

	11.
	PRESENTMENT.

        The
Company hereby waives diligence, presentment, demand and protest of every kind whatsoever. The failure of the Holder hereof to exercise any of its rights hereunder in any particular
instance shall not constitute a waiver of the same or of any other right in that or any subsequent instance. 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK] 

5

  
        IN WITNESS WHEREOF, the Company has caused this Unsecured Convertible Promissory Note to be duly executed in its corporate name as of the date first above written. 

 

 

					
	 	 	 CLARUS THERAPEUTICS, INC.
	

 	
 	
 By:	
 	
  

  Name: Robert E. Dudley

Title: Chief Executive Officer

 

 

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Exhibit 4.3Ireland Inc.: Exhibit 4.1 - Filed by newsfilecorp.com

IRELAND INC.

2007 STOCK INCENTIVE PLAN

Established March 27, 2007

ARTICLE 1. 
THE PLAN

	1.1 	Title 

This plan is entitled the "2007 Stock Incentive Plan" (the
"Plan") of Ireland Inc., a Nevada corporation (the "Company").

	1.2 	Purpose 

The purpose of the Plan is to enhance the long-term stockholder
value of the Company by offering opportunities to directors, officers, employees
and eligible consultants of the Company and any Related Company, as defined
below, to acquire and maintain stock ownership in the Company in order to give
these persons the opportunity to participate in the Company's growth and
success, and to encourage them to remain in the service of the Company or a
Related Company. 

ARTICLE 2. 
DEFINITIONS 

	2.1 	Definitions 

The following terms will have the following meanings in the
Plan: 

"Award" means any Option granted under this Plan. 

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

"Cause," unless otherwise defined in the
instrument evidencing the award or in an employment or services agreement
between the Company or a Related Company and a Participant, means a material
breach of the employment or services agreement, dishonesty, fraud, misconduct,
unauthorized use or disclosure of confidential information or trade secrets, or
conviction or confession of a crime punishable by law (except minor violations),
in each case as determined by the Plan Administrator, and its determination
shall be conclusive and binding. 

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

"Common Stock" means the shares of common stock, par
value $0.001 per share, of the Company. 

“Consultant” means any consultant, agent, advisor or
independent contractor who provides services to the Company or a Related
Company, but does not include an officer or director of the Company.

"Consultant Participant" means a Participant who is
defined as a Consultant Participant in Article 5. 

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

1

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

	 	 
	(b) 	
      a sale, lease, exchange or other transfer in one
      transaction or a series of related transactions of all or substantially
      all the Company's outstanding securities or all or substantially all the
      Company's assets; provided, however, that a Corporate Transaction shall
      not include a Related Party Transaction.

"Disability," unless otherwise defined by the
Plan Administrator, 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 twelve months or more and that causes the Participant
to be unable, in the opinion of the Company, to perform his or her duties for
the Company or a Related Company and to be engaged in any substantial gainful
activity. 

"Employment Termination Date" means, with respect to a
Participant, the first day upon which the Participant no longer has an
employment or service relationship with the Company or any Related Company.

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

"Fair Market Value" means the per share value of the
Common Stock determined as follows: (a) if the Common Stock is listed on an
established stock exchange or exchanges or the NASDAQ National Market, the
average closing price per share during the ten (10) trading days immediately
preceding such date on the principal exchange on which it is traded or as
reported by NASDAQ; (b) if the Common Stock is not then listed on an exchange or
the NASDAQ National Market, but is quoted on the NASDAQ Capital Market, the OTC
Bulletin Board service or the Pink Sheets electronic quotation service, the
average of the closing bid and ask prices per share for the Common Stock as
quoted by NASD, the OTC Bulletin Board or the Pink Sheets, as the case may be,
during the ten (10) trading days immediately preceding such date; or (c) if
there is no such reported market for the Common Stock for the date in question,
then an amount determined in good faith by the Plan Administrator.

"Grant Date" means the date on which the Plan
Administrator completes the corporate action relating to the grant of an Award
or such later date specified by the Plan Administrator, and on which all
conditions precedent to the grant 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, as reflected in the instrument evidencing the Option, that it
qualify as an "incentive stock option" as that term is defined in Section 422 of
the Code. 

"Non-Qualified Stock Option" means an Option other than
an Incentive Stock Option. 

"Option" means the right to purchase Common
  Stock granted under Article 7. 

"Option Expiration Date" has the meaning
  set forth in Article 7.6. 

"Option Term" has the meaning set forth in Article 7.3.

"Participant" means the person to whom an Award is
granted and who meets the eligibility requirements imposed by Article 5,
including Consultant Participants, as defined in Article 5. 

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

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

2

"Related Party Transaction" means: (a) a merger or
consolidation of the Company in which the holders of shares of Common Stock
immediately prior to the merger hold at least a majority of the shares of Common
Stock in the Successor Corporation immediately after the merger; (b) a sale,
lease, exchange or other transaction in one transaction or a series of related
transactions of all or substantially all the Company's assets to a wholly-owned
subsidiary corporation; (c) a mere reincorporation of the Company; or (d) a
transaction undertaken for the sole purpose of creating a holding company that
will be owned in substantially the same proportion by the persons who held the
Company's securities immediately before such transaction. 

"Securities Act" means the Securities Act of 1933, as
amended. 

"Successor Corporation" has the meaning set forth in
Article 11.3(a) .

"Vesting Commencement Date" means the Grant Date or such
other date selected by the Plan Administrator as the date from which the Option
begins to vest for purposes of Article 7.4. 

ARTICLE 3. 
ADMINISTRATION 

	3.1 	Plan Administrator 

The Plan shall be administered by the Board or a committee
appointed by, and consisting of two or more members of, the Board (the "Plan
Administrator"). If and so long as the Common Stock is registered under Section
12(b) or 12(g) of the Exchange Act, the Board shall consider in selecting the
members of any committee acting as Plan Administrator, with respect to any
persons subject or likely to become subject to Section 16 of the Exchange Act,
the provisions regarding (a) "outside directors" as contemplated by Section
162(m) of the Code and (b) "non-employee directors" as contemplated by Rule
16b-3 under the Exchange Act. Committee members shall serve for such term as the
Board may determine, subject to removal by the Board at any time. At any time
when no committee has been appointed to administer the Plan, then the Board will
be the Plan Administrator.

	3.2 	Administration and Interpretation by Plan
      Administrator 

Except for the terms and conditions explicitly set forth in the
Plan, the Plan Administrator shall have exclusive authority, in its discretion,
to determine all matters relating to Awards under the Plan, including the
selection of individuals to be granted Awards, the type of Awards, the number of
shares of Common Stock subject to an Award, all terms, conditions, restrictions
and limitations, if any, of an Award and the terms of any instrument that
evidences the Award. The Plan Administrator shall also have exclusive authority
to interpret the Plan and the terms of any instrument evidencing the Award and
may from time to time adopt and change rules and regulations of general
application for the Plan's administration. The Plan Administrator's
interpretation of the Plan and its rules and regulations, and all actions taken
and determinations made by the Plan Administrator pursuant to the Plan, shall be
conclusive and binding on all parties involved or affected. The Plan
Administrator may delegate administrative duties to such of the Company's
officers as it so determines. 

ARTICLE 4. 
STOCK SUBJECT TO THE PLAN

	4.1 	Authorized Number of Shares
  

Subject to adjustment from time to time as provided in this
Article 4.1 and in Article 11.1, the maximum aggregate number of shares of
Common Stock available for issuance under the Plan shall be One Million Five
Hundred Thousand (1,500,000) shares.

3

The maximum aggregate number of shares of Common Stock that may
be optioned and sold under the Plan will be increased effective the first day of
each of the Company’s fiscal quarters, beginning with the fiscal quarter
commencing July 1, 2007, (the “Adjustment Date”) by an amount equal to the
lesser of:

	 	(1) 	
      that number of shares equal to 15% of the outstanding
      shares of Common Stock on the applicable Adjustment Date, less (a) the
      number of shares of Common Stock that may be optioned and sold under the
      Plan prior to the Adjustment Date, and (b) the number of shares of Common
      Sock that may be optioned and sold under any other stock option plan of
      the Company in effect as of the Adjustment Date; or

	 	 	 
	 	(2) 	
      such lesser number of shares of Common Stock as may be
      determined by the Board.

	4.2 	Reuse of Shares 

Any shares of Common Stock that have been made subject to an
Award that cease to be subject to the Award (other than by reason of exercise or
settlement of the Award to the extent it is exercised for or settled in shares)
shall again be available for issuance in connection with future grants of Awards
under the Plan. In the event shares issued under the Plan are reacquired by the
Company pursuant to any forfeiture provision or right of repurchase, such shares
shall again be available for the purposes of the Plan; provided, however, that
the maximum number of shares that may be issued upon the exercise of Incentive
Stock Options shall equal the share number stated in Article 4.1, subject to
adjustment from time to time as provided in Article 11.1; and provided, further,
that for purposes of Article 4.3, any such shares shall be counted in accordance
with the requirements of Section 162(m) of the Code. 

ARTICLE 5. 
ELIGIBILITY 

	5.1 	Plan Eligibility 

An Award may be granted to any officer, director or employee of
the Company or a Related Company that the Plan Administrator from time to time
selects. An Award may also be granted to any consultant, agent, advisor or
independent contractor who provides services to the Company or any Related
Company (a “Consultant Participant”), so long as such Consultant Participant:
(a) is a natural person; (b) renders bona fide services that are not in
connection with the offer and sale of the Company's securities in a
capital-raising transaction; and (c) does not directly or indirectly promote or
maintain a market for the Company's securities. 

ARTICLE 6. 
AWARDS 

	6.1 	Form and Grant 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. Awards may be granted singly or in combination. 

	6.2 	Settlement of Awards

The Company may settle Awards through the delivery of shares of
Common Stock, the granting of replacement Awards or any combination thereof as
the Plan Administrator shall determine. Any Award settlement, including payment
deferrals, may be subject to such conditions, restrictions and contingencies as
the Plan Administrator shall determine. The Plan Administrator may permit or
require the deferral of any Award payment, subject to such rules and
procedures as it may establish, which may include provisions for the payment or
crediting of interest, or dividend equivalents, including converting such
credits into deferred stock equivalents. 

4

ARTICLE 7.

AWARDS OF OPTIONS

	7.1 	Grant of Options 

The Plan Administrator shall have the authority, in its sole
discretion, to grant Options to Participants as Incentive Stock Options or as
Non-Qualified Stock Options, which shall be appropriately designated.

	7.2 	Option Exercise Price

The exercise price for shares purchased under an Option shall
be as determined by the Plan Administrator, provided that:

	(a) 	
      the exercise price for Options granted to Participants
      other than Consultant Participants shall not be less than the minimum
      exercise price required by Article 8.3 with respect to Incentive Stock
      Options and shall not be less than 75% of the Fair Market Value of the
      Common Stock on the Grant Date with respect to Non-Qualified Stock
      Options;

	 	 
	(b) 	
      the exercise price for Options granted to Consultant
      Participants shall not be less than 75% of the Fair Market Value of the
      Common Stock on the Grant Date.

	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 as established for that Option by the Plan
Administrator or, if not so established, shall be ten years from the Grant
Date.

	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. 

The Plan Administrator, in its sole discretion, may adjust the
vesting schedule of an Option held by a Participant who works less than
"full-time" as that term is defined by the Plan Administrator or who takes a
Company-approved leave of absence. 

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 written 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, if
any, and such representations and agreements as may be required by the Plan
Administrator, accompanied by payment in full as described in Article 7.5. 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 the 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 delivered in the form of a
check or bank draft or other method of payment or some combination thereof as
may be acceptable to the Plan Administrator for that purchase.

5

	7.6 	Post-Termination Exercises

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, if the Participant
ceases to be employed by, or to provide services to, the Company or a Related
Company, 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) 	
      Except as otherwise set forth in this Article 7.6, any
      portion of an Option that is not vested and exercisable on the Employment
      Termination Date shall expire on such date.

	 	 	 
	(b) 	
      Any portion of an Option that is vested and exercisable
      on the Employment Termination Date shall expire on the earliest to occur
      of:

	 	 	 
		(i) 	
      if the Participant's Employment Termination Date occurs
      by reason of retirement, resignation or for any other reasons other than
      for Cause, Disability or death, the day which is thirty (30) days after
      such Employment Termination Date;

	 	 	 
		(ii) 	
      if the Participant's Employment Termination Date occurs
      by reason of Disability or death, the day which is six (6) months after
      such Employment Termination Date; and

	 	 	 
		(iii) 	
      the last day of the Option Term (the "Option Expiration
      Date").

	 	 	 
		
      Notwithstanding the foregoing, if the Participant dies
      after his or her Employment Termination Date, but while an Option is
      otherwise exercisable, the portion of the Option that is vested and
      exercisable on such Employment Termination Date shall expire upon the
      earlier to occur of: (A) the Option Expiration Date, and (B) the day which
      is six (6) months after the date of death, unless the Plan Administrator
      determines otherwise.

	 	 
		
      Also notwithstanding the foregoing, in case of
      termination of the Participant's employment or service relationship for
      Cause, all Options granted to that 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 the Participant's relationship
      with the Company or a Related Company has ended, any Option then held by
      the Participant may be immediately terminated by the Plan Administrator,
      in its sole discretion.

	 	 	 
	(c) 	
      Unless the Plan Administrator determines otherwise, a
      termination of the Participant’s status as an employee, officer, director
      or Consultant of the Company or any Related Company (the “Original
      Position”), other than a termination for Cause, death or Disability, the
      Participant shall not be deemed to have ceased to be employed by or to
      have ceased providing services to the Company or any Related Company,
      provided that the Participant acts as an employee, officer, director or
      Consultant of the Company or a Related Company eligible to receive an
      Award under the provisions of Article 5, in another capacity, immediately
      upon the termination of the Original Position.

6

	(d) 	
      The effect of a Company-approved leave of absence on the
      application of this Article 7 shall be determined by the Plan
      Administrator, in its sole discretion.

	 	 
	(e) 	
      If a Participant's employment or service relationship
      with the Company or a Related Company terminates by reason of Disability
      or death, the Option shall become fully vested and exercisable for all the
      shares subject to the Option. Such Option shall remain exercisable for the
      time period set forth in this Article 7.6.

ARTICLE 8. 
INCENTIVE STOCK OPTION LIMITATIONS

Notwithstanding any other provisions of the Plan, and to the
extent required by Section 422 of the Code, Incentive Stock Options shall be
subject to the following additional terms and conditions: 

	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 Incentive Stock Options
are exercisable for the first time during any calendar year (under the Plan and
all other stock option plans of the Company) exceeds $100,000, such portion in
excess of $100,000 shall be treated as a Non-Qualified 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 corporations 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 	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 Employment Termination Date if termination was for
reasons other than death or disability, (b) more than one year after the
Employment Termination Date 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.

	8.5 	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. 

7

	8.6 	Code Definitions 

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

ARTICLE 9. 
WITHHOLDING 

	9.1 	General 

The Company may require the Participant to pay to the Company
the amount of 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. The Company shall not be required to issue any shares
Common Stock under the Plan until such obligations are satisfied. 

	9.2 	Payment of Withholding Obligations in Cash
      or Shares 

The Plan Administrator may permit or require a Participant to
satisfy all or part of his or her tax withholding obligations by: (a) paying
cash to the Company, (b) having the Company withhold from any cash amounts
otherwise due or to become due from the Company to the Participant, (c) having
the Company withhold a portion of any shares of Common Stock that would
otherwise be issued to the Participant having a value equal to the tax
withholding obligations (up to the employer's minimum required tax withholding
rate), or (d) surrendering any shares of Common Stock that the Participant
previously acquired having a value equal to the tax withholding obligations (up
to the employer's minimum required tax withholding rate to the extent the
Participant has held the surrendered shares for less than six months). 

ARTICLE 10. 
ASSIGNABILITY 

	10.1 	Assignment 

Neither an Award nor any interest therein may be assigned,
pledged or transferred by the Participant or made subject to attachment or
similar proceedings other than by will or by the applicable laws of descent and
distribution, and, during the Participant's lifetime, such Awards 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 a Participant to assign or transfer an Award or may
permit a Participant to designate a beneficiary who may exercise the Award or
receive payment under the Award after the Participant's death; provided,
however, that any Award so assigned or transferred shall be subject to all the
terms and conditions of the Plan and those contained in the instrument
evidencing the Award. 

ARTICLE 11.
 ADJUSTMENTS 

	11.1 	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, including, without limitation, a Related Party Transaction, 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 of any other corporation, or (b) new, different or additional
securities of the Company or of any other corporation being received by the
holders of shares of Common Stock of the Company, then the Plan Administrator
shall make proportional adjustments in: (i) the maximum number and kind of
securities subject to the Plan and issuable as Incentive Stock Options as set
forth in Article 4 and the maximum number and kind of securities that may be
made subject to Awards to any individual as set forth in Article 4.3, and (ii)
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, a dissolution or liquidation of the Company or a
Corporate Transaction shall not be governed by this Article 11.1 but shall be
governed by Articles 11.2 and 11.3, respectively. 

8

	11.2 	Dissolution or Liquidation

To the extent not previously exercised or settled, and unless
otherwise determined by the Plan Administrator in its sole discretion, Options
denominated in units shall terminate immediately prior to the dissolution or
liquidation of the Company. To the extent a 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. 

	11.3 	Corporate Transaction

Options 

	(a) 	
      In the event of a Corporate Transaction, except as
      otherwise provided in the instrument evidencing an Option (or in a written
      employment or services agreement between a Participant and the Company or
      Related Company) and except as provided in subsection (b) below, each
      outstanding Option shall be assumed or an equivalent option or right
      substituted by the surviving corporation, the successor corporation or its
      parent corporation, as applicable (the "Successor Corporation").

	 	 
	(b) 	
      If, in connection with a Corporate Transaction, the
      Successor Corporation refuses to assume or substitute for an Option, then
      each such outstanding Option shall become fully vested and exercisable
      with respect to 100% of the unvested portion of the Option. In such case,
      the Plan Administrator shall notify the Participant in writing or
      electronically that the unvested portion of the Option specified above
      shall be fully vested and exercisable for a specified time period. At the
      expiration of the time period, the Option shall terminate, provided that
      the Corporate Transaction has occurred.

	 	 
	(c) 	
      For the purposes of this Article 11.3, the Option shall
      be considered assumed or substituted for if following the Corporate
      Transaction the option or right confers the right to purchase or receive,
      for each share of Common Stock subject to the Option immediately prior to
      the Corporate Transaction, the consideration (whether stock, cash, or
      other securities or property) received in the Corporate 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 Corporate Transaction is not solely common stock of the
      Successor Corporation, the Plan Administrator may, with the consent of the
      Successor Corporation, 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 Corporation
      substantially equal in fair market value to the per share consideration
      received by holders of Common Stock in the Corporate 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.

9

	(d) 	
      All Options shall terminate and cease to remain
      outstanding immediately following the Corporate Transaction, except to the
      extent assumed by the Successor Corporation.

	11.4 	Further Adjustment of Awards
  

Subject to Articles 11.2 and 11.3, the Plan Administrator shall
have the discretion, exercisable at any time before a sale, merger,
consolidation, reorganization, liquidation or change of control of the Company,
as defined by the Plan Administrator, to take such further action as it
determines to be necessary or advisable, and fair and equitable to the
Participants, 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 or change of control that is the reason for such action. 

	11.5 	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. 

	11.6 	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. 

ARTICLE 12. 
AMENDMENT AND TERMINATION 

	12.1 	Amendment or Termination of Plan
  

The Board may suspend, amend 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 for compliance with Section 422
of the Code or any applicable law or regulation, stockholder approval shall be
required for any amendment that would: (a) increase the total number of shares
available for issuance under the Plan, (b) modify the class of employees
eligible to receive Options, or (c) otherwise require stockholder approval under
any applicable law or regulation. Any amendment made to the Plan that would
constitute a "modification" to Incentive Stock Options outstanding on the date
of such amendment shall not, without the consent of the Participant, be
applicable to such outstanding Incentive Stock Options but shall have
prospective effect only. 

	12.2 	Term of Plan 

Unless sooner terminated as provided herein, the Plan shall
terminate ten years after the earlier of the Plan's adoption by the Board and
approval by the stockholders. 

	12.3 	Consent of Participant

The suspension, amendment 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 Article 11 shall not be subject to these
restrictions. 

10

ARTICLE 13. 
GENERAL 

	13.1 	Evidence of Awards 

Awards granted under the Plan shall be evidenced by a written
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. 

	13.2 	No Individual Rights

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. 

	13.3 	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), 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 state securities laws, 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. The Company may issue certificates for shares with such legends and
subject to such restrictions on transfer and stop-transfer instructions as
counsel for the Company deems necessary or desirable for compliance by the
Company with federal and state securities laws. 

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. 

	13.4 	No Rights as a Stockholder

No Option denominated in units 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. 

	13.5 	Compliance With Laws and Regulations
  

Notwithstanding anything in the Plan to the contrary, the Plan
Administrator, in its sole discretion, may bifurcate the Plan so as to restrict,
limit or condition the use of any provision of the Plan to Participants who are
officers or directors subject to Section 16 of the Exchange Act without so
restricting, limiting or conditioning the Plan with respect to other
Participants. Additionally, 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. 

11

	13.6 	Participants in Other Countries
  

The Plan Administrator shall have the authority to adopt such
modifications, procedures and subplans as may be necessary or desirable to
comply with provisions of the laws of other countries in which the Company or
any Related Company may operate to assure the viability of the benefits from
Awards granted to Participants employed in such countries and to meet the
objectives of the Plan. 

	13.7 	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. 

	13.8 	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. 

	13.9 	Choice of Law 

The Plan 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 Nevada without giving effect to
principles of conflicts of law. 

ARTICLE 14. 
EFFECTIVE DATE 

	14.1 	Effective Date of Plan

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
twelve months after the Board's adoption of the Plan, any Incentive Stock
Options granted under the Plan will be treated as Non-Qualified Stock Options.

12

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