Document:

Exhibit 10.9

 

SALES/MARKETING
AGREEMENT

 

THIS SALES/MARKETING
AGREEMENT (this “Agreement”) dated as of November 17, 2017 (the “Effective Date”), is entered into
between AL PHARMA, INC, an Oklahoma corporation (“AL”), with a place of business at 7301 Broadway Extension, Suite
110, Oklahoma City, Oklahoma 73116, SCS NATIONAL, LLC, an Oklahoma limited liability company with a mailing address of P.O. Box
54606, Oklahoma City, OK 73154 (“SCS”), DRY CREEK PROJECT, LLC with a mailing address of 5105 108th Ave.,
SE, Noble, OK 73068 (“DCP”), and ETON PHARMACEUTICALS, INC., a Delaware corporation (“Eton”), with a place
of business at 21925 Field Pkwy, Suite 235, Deer Park, Illinois 60010. The parties hereby agree as follows:

 

1.          Definitions.
For the purposes of this Agreement, the following terms shall have the respective meanings set forth below and grammatical variations
of such terms shall have corresponding meanings:

 

1.1           “Affiliate”
shall mean, with respect to any Person, any other Person which directly or indirectly controls, is controlled by, or is under
common control with, such Person. A Person shall be regarded as in control of another Person if it owns, or directly or indirectly
controls, more than fifty percent (50%) of the voting stock or other ownership interest of the other Person, or if it directly
or indirectly possesses the power to direct or cause the direction of the management and policies of the other Person by any means
whatsoever.

 

1.2           “AL
IP Rights” shall mean, collectively, the AL Patent Rights and the AL Know-How Rights.

 

1.3           “AL
Know-How Rights” shall mean all trade secret and other know-how rights in the Territory, in which AL or its Affiliates heretofore
or hereafter during the term of this Agreement has an ownership or (sub) licensable interest, in and to the Technology.

 

1.4           “AL
Patent Rights” shall mean (a) all patents and patent applications in the Territory that claim or cover the Technology in
which AL or its Affiliates heretofore or hereafter during the term of this Agreement has an ownership or (sub)licensable interest,
(b) all divisions, continuations, continuations-in-part, that claim priority to, or common priority with, the patent applications
described in clause (a) above or the patent applications that resulted in the patents described in clause (a) above, and (c) all
patents that have issued or in the future issue from any of the foregoing patent applications, including utility models, design
patents and certificates of invention, together with any reissues, reexaminations, renewals, extensions or additions thereto.

 

1.5           “ANDA”
shall mean an Abbreviated New Drug Application, or similar application for marketing approval of a Product submitted to the FDA.

 

1.6           “CMO”
– the contract manufacturing organization designated by Eton who shall manufacture the Product for Eton. 

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1.7           “Commercialize”
or “Commercialization” means those activities relating to the manufacturing, having manufactured, promotion, marketing,
distribution, importation, offering to sell and/or sale of Licensed Products.

 

1.8           “Commercially
Reasonable Efforts” means, with respect to specific tasks or activities conducted under this Agreement, the level of efforts
and resources commonly used in the diagnostics, pharmaceutical and medical device industry, as applicable, to conduct such tasks
or activities with respect to products at a similar stage (to the applicable Licensed Product) in its product life and of similar
market potential, based on information and conditions then-prevailing, in each case, by a similarly situated pharmaceutical company.

 

1.9           “FDA”
shall mean the Food and Drug Administration of the United States or any successor thereto.

 

1.10         “First
Commercial Sale” shall mean, with respect to any Product, the first sale of such Product after all applicable marketing
and pricing approvals (if any) have been granted by the FDA.

 

1.11         “Gross
Profits” shall mean Net Sales less all product costs incurred by Eton, including but not limited to transfer price, manufacturing
fees, API expenses, and shipping costs.

 

1.12         “Insignia”
shall mean trademarks, trade names, logos, symbols, badges, labels, decorative designs, packaging designs or similar trade dress.

 

1.13         “NDA”
shall mean a New Drug Application, or similar application for marketing approval of a Product submitted to the FDA.

 

1.14         “Net
Sales” shall mean the gross sales price of Products invoiced with respect to sales of the Product by Eton, an Affiliate
(but excluding sales by Eton to customers who are Affiliates unless such Affiliates are the end users of such Product less (a)
credits, allowances, returns, discounts and rebates to, and chargebacks from the account of, such customers; (b) freight and insurance
costs in transporting Products; (c) cash, quantity and trade discounts, rebates and other price reductions for Products; (d) sales,
use, value-added and other direct taxes; and (e) customs duties, tariffs, surcharges and other governmental charges incurred in
exporting or importing Products.

 

1.15         “Person”
shall mean any individual, partnership, firm, corporation, association, trust, unincorporated organization or other entity, as
well as any syndicate or group of any of the foregoing. 

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1.16         “Product”
shall mean any product, in any form or formulation for injectable administration, containing ***.

 

1.17         “Product
Profits” shall mean Gross Profits, less litigation expenses, if any; pharmacovigilance and REMS expenses, if any; recall
related expenses, if any; PDUFA/GDUFA fees or any other registration and regulatory fees; and 5% of Net Sales for SG&A costs,
up to a maximum of $2 million per calendar year.

 

1.18         “Registration”
shall mean any registration, license, permit or governmental approval or clearance necessary for the purchase, distribution, promotion,
marketing or sale of a product.

 

1.19         “Technology”
shall mean, collectively, all forms and formulations comprising ***, all methods of manufacture or use thereof, and all data,
information, compositions and other technology (including formulae, procedures, protocols, techniques and results of experimentation
and testing) which are necessary or useful to make, use, sell, offer for sale, import, develop, seek regulatory approval, market,
commercialize or otherwise exploit the foregoing.

 

1.20         “Territory”
shall mean collectively all the territories and possessions of the United States of America.

 

1.21         “Third
Party” shall mean any Person other than Eton, AL or their respective Affiliates.

 

2.          Grant
of Rights. Subject to the terms and conditions of this Agreement, AL hereby grants to Eton an exclusive right and license
under the AL IP Rights to develop, make, have made, use, offer for sale, sell, import, or otherwise exploit, commercialize or
dispose of Products in the Territory. Eton may sublicense the AL IP Rights as necessary to any Third Party to manufacture Product;
Eton shall obtain the prior written approval of AL to sublicense any AL IP Rights to a Third Party for any other purpose.

 

3.          Product
Development and Registration.

 

3.1           FDA
Submission. AL shall take all reasonably necessary actions to support submission and approval of an NDA or ANDA for
Product by performing such development and obtaining such data and information as reasonably necessary therefor at its own expense;
provided, however, that AL shall not be responsible for engaging the CMO or the performance of the obligations of the CMO that
are necessary to support the submission and approval of the NDA or ANDA for Product, including the manufacture of exhibit batches
and the payment of transfer costs, which costs shall be paid by Eton.

 

 

***Text
has been omitted pursuant to Registrant’s confidential treatment request filed with the Securities and Exchange Commission
(“Commission”) pursuant to Rule 24b-2 under the Securities Exchange Act of 1934. The omitted text has been filed separately
with the Commission.

 

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3.2           Other
Regulatory Submissions. Other than FDA Registration, Eton shall be responsible for Registration of Product in the Territory.
AL agrees to provide advisory assistance when requested from Eton. Eton shall be responsible for payment of all registration and
filing costs and fees related to Product. Without limiting anything set forth herein, AL shall reasonably assist, execute such
certificates and other instruments and otherwise cooperate with Eton in obtaining any Registrations as necessary to permit the
promotion, marketing and sale of the Products in the Territory and comply with all Registration requirements therein. Without
limiting the generality of the foregoing, AL shall execute such certificates and other instruments, take such actions and otherwise
cooperate as reasonably requested by Eton in connection with all regulatory filings and Registrations for the Products and all
contacts with the applicable regulatory authorities in connection therewith.

 

3.3           Commercialization
of Product. Eton shall use commercially reasonable efforts to commercialize Product in the Territory.

 

4.          Product
Manufacture and Supply.

 

4.1           Eton
Manufacture. Eton, by itself or through its CMO, shall manufacture the Product in conformity with the applicable law,
requirements and specifications. Any changes to the manufacturing of Product that would require FDA approval must be pre-approved
by AL in order that AL may appropriately update the NDA. All manufacturers, including the CMO, shall purchase raw materials and
components through vendors approved for the Product by the FDA pursuant to the NDA. Eton shall be responsible for ensuring that
each manufacturer, including the CMO, complies with the terms of this Agreement and delivers Product in conformance with the requirements
of (a) all applicable law; and (b) current Good Manufacturing Practices (“cGMP”); and (c) this Agreement. Any and
all manufacturers manufacturing the Product or any component thereof must have received and continue to maintain satisfactory
cGMP inspection status.

 

4.2           Eton
Oversight. Eton shall be wholly responsible for and ensure that CMO complies with all the requirements under this Agreement
as if CMO were a party to this Agreement, and expressly acknowledges that any act or omission by CMO, which would constitute a
breach of this Agreement, constitutes a breach hereof by Eton.

 

5.          Product
Branding.

 

5.1           Eton
shall label and package all Product in accordance with applicable laws.

 

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6.          Representations
and Warranties; Covenants.

 

6.1           Representations
and Warranties of AL. AL hereby represents and warrants to Eton as follows:

 

6.1.1           AL
is a corporation duly organized, validly existing and in good standing under the laws of the State of Oklahoma.

 

6.1.2           AL
(a) has the requisite power and authority and the legal right to enter into this Agreement and to perform its obligations hereunder,
and (b) has taken all necessary action on its part to authorize the execution and delivery of this Agreement and the performance
of its obligations hereunder. This Agreement has been duly executed and delivered on behalf of AL, and constitutes a legal, valid,
binding obligation, enforceable against AL in accordance with its terms.

 

6.1.3           All
necessary consents, approvals and authorizations of all governmental authorities and other Persons required to be obtained by
AL in connection with this Agreement have been obtained.

 

6.1.4           The
execution and delivery of this Agreement and the performance of AL’s obligations hereunder (a) do not conflict with or violate
any requirement of applicable laws or regulations, and (b) do not conflict with, or constitute a default under, any of its contractual
obligation. Neither AL, its (sub)contractors, nor any of its or their officers, directors, employees or consultants, have been
debarred by the FDA or other applicable governing health authority (or authorities), under any existing or prior law or regulation.

 

6.1.5           Neither
the Product nor any use thereof violates or infringes upon or misappropriate the intellectual property rights of any Third Party.
There is neither pending nor threatened any claim, litigation or proceeding in any way contesting AL’s rights to manufacture
or supply the Product or attacking the validity or enforceability of any AL IP Rights related to its manufacturing processes.

 

6.2           Representations
and Warranties of Eton. Eton hereby represents and warrants to AL as follows:

 

6.2.1           Eton
is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware.

 

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6.2.2           Eton
(a) has the corporate power and authority and the legal right to enter into this Agreement and to perform its obligations hereunder,
and (b) has taken all necessary corporate action on its part to authorize the execution and delivery of this Agreement and the
performance of its obligations hereunder. This Agreement has been duly executed and delivered on behalf of Eton, and constitutes
a legal, valid, binding obligation, enforceable against Eton in accordance with its terms.

 

6.2.3           All
necessary consents, approvals and authorizations of all governmental authorities and other Persons required to be obtained by
Eton in connection with this Agreement have been obtained.

 

6.2.4           The
execution and delivery of this Agreement and the performance of Eton’s obligations hereunder (a) do not conflict with or
violate any requirement of applicable laws or regulations, and (b) do not conflict with, or constitute a default under, any contractual
obligation of it. Neither Eton, its (sub)contractors, nor any of its or their officers, directors, employees or consultants, have
been debarred by the FDA or other applicable governing health authority (or authorities), under any existing or prior law or regulation.

 

6.2.5           Eton
shall manufacture, store and supply the Product in conformity with, and otherwise perform its obligations hereunder in accordance
with all applicable laws (including cGMP and all applicable FDA regulatory requirements), this Agreement and generally accepted
professional standards

 

6.3           Product
Warranties. Eton covenants and warrants that (a) the Product shall be free from defect in workmanship and materials;
(b) the Product shall meet all required specifications; and (c) upon delivery of a Product and during such time as such Product
was under Eton’s control, the Product shall be in conformity with applicable law, and shall not be adulterated, misbranded,
misused, contaminated, tampered with or otherwise altered, mishandled, or subjected to negligence. Eton additionally covenants
and warrants that the Product supplied hereunder shall only be manufactured using components purchased from vendors approved by
the FDA pursuant to the NDA or ANDA.

 

7.          Financial
Terms

 

7.1           Profit
Share Amount. AL shall receive 100% of the first $1 million of lifetime Product Profit as compensation for previously
incurred development costs; thereafter, AL shall receive 25% of all Product Profit, SCS shall receive 12.5% of all Product Profits,
and DCP shall receive 12.5% of all Product Profit (collectively the “Profit Shares”), and Eton shall retain the remaining
50% of the Product Profits.

 

7.1.1           Combination/Bundled
Products. In the event that a Product is sold by Eton or its Affiliates in combination with one or more products which is
itself not a Product, then Net Sales shall be calculated by multiplying the sales price of such combination sale by the fraction
A/(A+B) where A is the fair market value of the Product(s) and B is the fair market value of the other product(s) in the combination
sale, each as reasonably determined by Eton.

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7.2           Reports
and Remittance Payments. Within thirty (30) days after the end of each calendar quarter, Eton shall deliver to each
of AL, SCS, and DCP a report showing for such calendar quarter in reasonably specific detail the calculation of the Profit Share
amount payable. Eton shall remit the total payments due during such calendar quarter at the time such report is made. No such
reports or payments shall be due for any Product before the First Commercial Sale of such Product. With respect to amounts received
in United States dollars, all amounts shall be expressed in United States dollars.

 

7.3           Payment
Provisions.

 

7.3.1           Payment
Terms. The compensation due AL, SCS, and DCP as provided in Section 7.1 shown to have accrued by each report provided for
under Section 7.2 shall be due and paid on the date such report is due. Payment of any Compensation Payments may be made in whole
or in part in advance of such due date.

 

7.3.2           Withholding
Taxes. Eton shall be entitled to deduct the amount of any withholding taxes, value-added taxes or other taxes, levies or charges
with respect to such amounts payable by Eton or its Affiliates, or any taxes required to be withheld by Eton or its Affiliates,
to the extent Eton or its Affiliates pay to the appropriate governmental authority on behalf of AL, SCS, or DCP, such taxes, levies
or charges. Eton shall use reasonable efforts to minimize any such taxes, levies or charges required to be withheld on behalf
of AL, SCS, or DCP, by Eton or its Affiliates. Eton promptly shall deliver to AL, SCS, and DCP proof of payment of all such taxes,
levies and other charges, together with copies of all communications from or with such governmental authority with respect thereto.

 

7.4           Audits.
Eton and its Affiliates shall keep complete and accurate records of the underlying revenue and expense data relating to the calculations
of Product Profits and payments required under this Agreement for three (3) years from the end of the calendar quarter in which
the Profit Shares were accrued. Upon the written request of AL, SCS, or DCP, and not more than once in each calendar year, Eton
shall permit an independent certified public accounting firm of nationally recognized standing selected by the party requesting
the audit and reasonably acceptable to Eton, at the party requesting the audit’s expense, to have access during normal business
hours to such of the financial records of Eton as may be reasonably necessary to verify the accuracy of the reports hereunder
for the eight (8) calendar quarters immediately prior to the date of such request (other than records for which a party has already
conducted an audit under this Section). If such accounting firm concludes that additional amounts were owed during the audited
period, Eton shall pay such additional amounts within thirty (30) days after the date the party requesting the audit delivers
to Eton such accounting firm’s written report so concluding. The fees charged by such accounting firm shall be paid by the
party requesting the audit; provided, however, if the audit discloses that the Profit Share payments due for such period are more
than one hundred five percent (105%) of the Profit Share payments actually paid for such period, then Eton shall pay the reasonable
fees and expenses charged by such accounting firm. The party requesting the audit shall cause its accounting firm to retain all
financial information subject to review under this Section 7.5 in strict confidence; provided, however, that Eton shall have the
right to require that such accounting firm, prior to conducting such audit, enter into an appropriate non-disclosure agreement
with Eton regarding such financial information. The parties shall treat all such financial information as Eton’s confidential
information, and shall not disclose such financial information to any Third Party or use it for any purpose other than as specified
in this Section 7.4.

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8.          Indemnification
and Insurance.

 

8.1           Indemnification
by AL, SCS, and DCP. Each of AL, SCS, and DCP shall severally and not jointly (in proportion to its Pro Rata Share)
indemnify, defend and hold harmless Eton, its Affiliates, and its and their respective officers, directors, shareholders, employees,
agents and representatives (collectively “Eton Indemnitees”) from any and all losses, liabilities, damages and expenses,
including reasonable attorneys’ fees and costs (collectively, “Losses”) arising from any claim, demand, action
or other proceeding by a Third Party, to the extent arising out of or caused by (a) any dispute or claim that AL IT Rights infringe,
misappropriate or violate any Third Party’s intellectual property rights; (b) any negligent act or omission, recklessness,
willful misconduct or fraud of AL, SCS, DCP, or any of their respective agents, or subcontractors; (c) any breach of any representation
or warranty of this Agreement by AL, whether resulting from the conduct of AL, the CMO or otherwise; or (d) any claim of a Third
Party that any right granted to Eton under this Agreement is in conflict with any of the rights granted to such Third Party or
otherwise infringes, conflicts with, breaches or results in a default under any agreement to which such Third Party is or claims
to be entitled. For purposes of this Section 8, “Pro Rata Share” shall mean, with respect to AL: 50%, and with respect
to each of SCS and DCP: 25%; and in any event, neither AL, SCS, nor DCP shall ever be required to indemnify Eton for any sum in
excess of the aggregate respective Profit Shares payment received by such indemnifying party.

 

8.2           Indemnification
by Eton. Eton shall indemnify, defend and hold harmless AL, SCS, DCP and their Affiliates, and its and their respective
officers, directors, shareholders, employees, agents and representatives (collectively “AL Indemnitees”) from any
and all Losses arising from any claim, demand, action or other proceeding by a Third Party, to the extent arising out of or caused
by (a) any dispute or claim that any of Eton’s marks Insignia or any of their elements, or that the Product, its design
or any of its elements, or any Eton manufacturing processes or methods employed or to be employed by or on behalf of Eton or its
CMO (other than the AL IT Rights) infringe or violate any Third Party’s intellectual property rights; (b) product liability
claims, injury to or death of persons or damage to property that may have been caused, or that may be alleged to have been caused,
directly or indirectly, by Eton, the CMO or any the manufacturing, storage or transportation processes or methods employed or
to be employed at a manufacturing facility used by or on behalf of, Eton, the CMO, any Affiliate thereof, any (sub)contractor
of Eton, or any of their respective employees or agents; (c) any defect in the Product, its design, manufacture, or other failure
of the Product to comply with its respective specifications, applicable law (including cGMPs) or the other requirements of this
Agreement, including any costs associated with a recall; (d) any negligent act or omission, recklessness, willful misconduct or
fraud of Eton, its agents, or Affiliates; (e) any breach of any representation or warranty of this Agreement by Eton; or (f) Eton’s
failure to fully conform to applicable laws which affect the Product, its use, or any part thereof.

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8.3           Procedure.
A party seeking indemnification (the “Indemnitee”) shall promptly notify the other party (the “Indemnifying
Party”) in writing of a claim, demand, action or proceeding; provided that an Indemnitee’s failure to give such notice
or delay in giving such notice shall not affect such Indemnitee’s right to indemnification under this Section 8 except to
the extent that the Indemnifying Party has been prejudiced by such failure or delay. The Indemnifying Party shall have the right
to control the defense of all indemnification claims hereunder. The Indemnitee shall have the right to participate at its own
expense in the claim, demand, action or proceeding with counsel of its own choosing. The Indemnifying Party shall consult with
the Indemnitee in good faith with respect to all non-privileged aspects of the defense strategy. The Indemnitee shall cooperate
with the Indemnifying Party as reasonably requested, at the Indemnitee’s sole cost and expense. The Indemnifying Party shall
not settle any claim, demand, action or proceeding with respect to which without the Indemnitee’s prior written consent,
which consent shall not be unreasonably withheld.

 

8.4           Offset.
Any party may offset any amounts owing to another party under Section 8 against any amounts otherwise owing by such party to the
other party hereunder without otherwise limiting any other rights or remedies available to such party.

 

8.5           Insurance.
Eton shall obtain the following minimum insurance coverages during the Term and for five (5) years thereafter. Such insurance
shall be obtained at Eton’s sole expense; provided, however, that the cost of the products liability insurance shall be
deemed a product cost for purposes of calculating the Gross Profits. Eton shall provide a certificate of insurance evidencing
such coverage to the other party upon request.

 

8.5.1           Eton
shall obtain the following insurance coverages:

 

(a)          worker’s
compensation insurance as required by applicable law;

 

(b)          product
liability insurance with respect to the Product with a minimum of five million dollars ($5,000,000) per occurrence and five million
dollars ($5,000,000) annual aggregate for bodily injury and property damage, with each of AL, SCS, and DCP, named as additional
insureds; and

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(c)          commercial
general liability insurance with a minimum of five million dollars ($5,000,000) per occurrence and five million dollars ($5,000,000)
annual aggregate.

 

8.6           LIMITATION
OF LIABILITY. NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, EXCEPT FOR THE OBLIGATIONS TO INDEMNIFY, DEFEND AND
HOLD HARMLESS PURSUANT TO THIS SECTION 8 OR THE CONFIDENTIALITY OBLIGATIONS PURSUANT TO SECTION 9 , NO PARTY SHALL BE LIABLE FOR
ANY SPECIAL, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES, WHETHER FORESEEABLE OR NOT, ARISING OUT OF THIS AGREEMENT OR THE EXERCISE
OF HIS OR ITS RIGHTS HEREUNDER, REGARDLESS OF ANY NOTICE OF SUCH DAMAGES.

 

9.          Confidentiality.

 

9.1           Confidential
Information. During the Term and for a period of five (5) years thereafter, each party shall maintain in confidence
all information of the other party that is disclosed by the other party and identified as, or acknowledged to be, confidential
at the time of disclosure (the “Confidential Information”), and shall not use, disclose or grant the use of the Confidential
Information except on a need-to-know basis to those directors, officers, affiliates, employees, permitted licensees, permitted
assignees and agents, consultants, clinical investigators or contractors, to the extent such disclosure is reasonably necessary
in connection with performing its obligations or exercising its rights under this Agreement. To the extent that disclosure is
authorized by this Agreement, prior to disclosure, each party hereto shall obtain agreement of any such Person to hold in confidence
and not make use of the Confidential Information for any purpose other than those permitted by this Agreement. Each party shall
notify the other promptly upon discovery of any unauthorized use or disclosure of the other party’s Confidential Information.

 

9.2           Permitted
Disclosures. The confidentiality obligations contained in Section 9.1 above shall not apply to the extent that (a)
any receiving party (the “Recipient”) is required (i) to disclose information by law, regulation or order of a governmental
agency or a court of competent jurisdiction, or (ii) to disclose information to any governmental agency for purposes of obtaining
approval to test or market a product, provided in either case that the Recipient shall provide written notice thereof to the other
party and sufficient opportunity to object to any such disclosure or to request confidential treatment thereof; or (b) the Recipient
can demonstrate that (i) the disclosed information was public knowledge at the time of such disclosure to the Recipient, or thereafter
became public knowledge, other than as a result of actions of the Recipient in violation hereof; (ii) the disclosed information
was rightfully known by the Recipient (as shown by its written records) prior to the date of disclosure to the Recipient by the
other party hereunder; (iii) the disclosed information was disclosed to the Recipient on an unrestricted basis from a source unrelated
to any party to this Agreement and not under a duty of confidentiality to the other party; or (iv) the disclosed information was
independently developed by the Recipient without use of the Confidential Information disclosed by the other party.

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9.3           Terms
of this Agreement. Except as otherwise provided in Section 9.2 above, neither party shall disclose any terms or conditions
of this Agreement to any Third Party without the prior consent of the other party.

 

9.4           Injunctive
Relief. Each party acknowledges that it will be impossible to measure in money the damage to the other party if such
party fails to comply with the obligations imposed by this Section 9, and that, in the event of any such failure, the other party
may not have an adequate remedy at law or in damages. Accordingly, each party agrees that injunctive relief or other equitable
remedy, in addition to remedies at law or damages, is an appropriate remedy for any such failure and shall not oppose the granting
of such relief on the basis that the disclosing party has an adequate remedy at law. Each party agrees that it shall not seek,
and agrees to waive any requirement for, the securing or posting of a bond in connection with the other party seeking or obtaining
such equitable relief.

 

10.         Term
and Termination.

 

10.1         Term.
The Agreement shall commence on the Effective Date and shall continue for a period of ten (10) years after First Commercial Sale
of Product unless earlier terminated under Section 10.3 (the “Term”). The Term shall also include any renewal term
pursuant to Section 10.2 below.

 

10.2         Renewal
Term. This Agreement shall automatically renew for one five (5) year term unless Eton provides to AL, SCS, and DCP
written notice of non-renewal at least ninety (90) days prior to the end of the then-current term.

 

10.3         Termination.

 

10.3.1           In
                                         the event of a material breach of this Agreement by either party, the non-breaching party
                                         may provide written notice of such breach to the breaching party, including a description
                                         of the breach, and indicating the non-breaching party’s intent to terminate this
                                         Agreement. The breaching party will have thirty (30) days from its receipt of such notice
                                         to cure the breach, provided the breach is capable of being cured within the thirty (30)
                                         day period. If the breaching party fails to cure the breach within such period, then
                                         unless otherwise agreed by the non-breaching party, this Agreement shall terminate on
                                         the date that is thirty (30) days following the breaching party’s receipt of the
                                         notice of breach from the non-breaching party. If the breach is not capable of being
                                         remedied within thirty (30) days, the Agreement terminates upon the written notice.

 

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10.3.2           Eton
may terminate the Agreement upon ten (10) days written notice to AL regarding the rejection of the NDA from the FDA due to a breach
by AL of any of its obligations or warranties hereunder, including AL’s (or any manufacturer’s, including CMO’s)
failure to comply with cGMP, any delivery deadlines set forth in any schedule provided by Eton in writing, or otherwise comply
with approved specifications for Product.

 

10.3.3           AL,
SCS, and DCP may jointly terminate this Agreement upon 30 days notice if (A) Eton chooses not to launch product for solely commercial
reasons for a period of more than three (3) months after the FDA has approved the NDA for the Product; or (B) beginning the first
calendar year after the First Commercial Sale, annual Net Sales do not exceed $1,000,000. In lieu of termination; AL, SCS, and
DCP may jointly eliminate the exclusivity of Eton’s license to the AL IP Rights granted pursuant to this Agreement, such
that AL may thereafter grant one or more similar licenses to Third Parties.

 

10.3.4           AL
may terminate this Agreement on written notice in the event any of the following occurs with respect to Eton: (a) Eton files a
petition in bankruptcy or makes a general assignment for the benefit of creditors or otherwise acknowledges in writing insolvency,
or is adjudged bankrupt, and Eton, (i) fails to assume this Agreement in any such bankruptcy proceeding within thirty (30) days
after filing or (ii) assumes and assigns this Agreement to a Third Party; (b) Eton goes into or is placed in a process of complete
liquidation; (c) a trustee or receiver is appointed for any substantial portion of Eton’s business and such trustee or receiver
is not discharged within sixty (60) days after appointment; (d) any case or proceeding shall have been commenced or other action
taken against Eton in bankruptcy or seeking liquidation, reorganization, dissolution, a winding-up arrangement, composition or
readjustment of its debts or any other relief under any bankruptcy, insolvency, reorganization or similar act or law of any jurisdiction
now or hereafter in effect is not dismissed or converted into a voluntary proceeding governed by clause (a) above within sixty
(60) days after filing; or (e) there shall have been issued a warrant of attachment, execution, distraint or similar process against
any substantial part of the property of Eton and such event shall have continued for a period of sixty (60) days and none of the
following has occurred: (i) it is dismissed, (ii) it is bonded in a manner reasonably satisfactory to AL, or (iii) it is discharged.

 

10.3.5           Eton
has the option, but not the obligation, to terminate the Agreement upon ten (10) days written notice to AL at its sole discretion
if one or more versions of the Product is approved by any party other than AL. AL would keep all manufacturing amounts paid by
Eton.

 

    	 	12	 

     

    

 

10.4         Effect
of Termination or Expiration.

 

10.4.1           Upon
termination of this Agreement pursuant to Section 10: (i) all licenses and rights granted under this Agreement to Eton and its
Affiliates shall terminate and revert exclusively to AL; and (ii) Eton (and its Affiliates) shall immediately cease all development
and Commercialization of Products.

 

10.4.2           Termination
or expiration of this Agreement shall be without prejudice to any rights which shall have accrued to the benefit of any party
prior to such termination or expiration. Without limiting the foregoing, Sections 3, 4, 6, 7, 8, 9, 10, and 11, shall survive
any termination or expiration of this Agreement.

 

11.         Miscellaneous.

 

11.1         Relationship
of Parties. The relationship among the parties with respect to this Agreement, is only that of independent contractors
notwithstanding any activities set forth in this Agreement. No party is the agent or legal representative of any other party,
and no party has the right or authority to bind any other party in any way. This Agreement creates no relationship as partners
or a joint venture, and creates no pooling arrangement.

 

11.2         Governing
Law and Resolution of Disputes.

 

11.2.1           This
Agreement shall be governed by and construed in accordance with the laws of the State of Oklahoma without reference to its conflict
of laws principles.

 

11.2.2           Any
and all disputes or claims arising or out of this Agreement shall be litigated exclusively before a court in Oklahoma City, Oklahoma.
Each party hereto hereby irrevocably and unconditionally consents to the exclusive personal jurisdiction and service of, and venue
of, any such court, and further irrevocably and unconditionally waives and agrees not to plead or claim that any action, lawsuit
or proceeding brought in any such court has been brought in an inconvenient forum. Any judgment issued by such a court may be
enforced in any court having jurisdiction.

 

11.3         Assignment.
No party shall assign its rights or obligations under this Agreement without the prior written consent of the other party, which
shall not be unreasonably withheld or delayed; provided, however, that a party may, without such consent, assign this Agreement
and its rights and obligations hereunder (a) to any Affiliate, or (b) in connection with the transfer or sale of all or substantially
all of its business to which this Agreement relates, or in the event of its merger, consolidation, change in control or similar
transaction, (c) or, in the case of AL, SCS, or DCP, to one or more of its equity owners, or (d) in the case of any permitted
assign that is an individual, to such Person’s heirs. Any permitted assignee shall assume all obligations of its assignor
under this Agreement. Any purported assignment in violation of this Section 11.3 shall be void.

    	 	13	 

     

    

 

11.4         Counterparts.
This Agreement may be executed in several counterparts that together shall be originals and constitute one and the same instrument.

 

11.5         Waiver.
The failure of any party to enforce any of its rights hereunder or at law shall not be deemed a waiver of any of its rights or
remedies against another party, unless such waiver is in writing and signed by the party to be charged. No such waiver shall be
deemed a waiver of any subsequent breach or default of the same or similar nature or any other breach or default by such other
party. All rights and remedies conferred herein shall be cumulative and in addition to all of the rights and remedies available
to each party at law, equity or otherwise.

 

11.6         Severability.
If any provision of this Agreement, or part thereof, is declared by a court of competent jurisdiction to be invalid, void or unenforceable,
each and every other provision, or part thereof, shall nevertheless continue in full force and effect.

 

11.7         Notices.
Any consent, notice or report required or permitted to be given or made under this Agreement by a party to the other party shall
be in writing, delivered by any lawful means to such other party at its address indicated below, or to such other address as the
addressee shall have last furnished in writing to the addressor and (except as otherwise provided in this Agreement) shall be
effective upon receipt by the addressee.

 

	If to AL:	For Overnight Delivery:
	 	AL Pharma, Inc
	 	7301 Broadway Extension, Suite 110
	 	Oklahoma City, Oklahoma 73116
	 	Attention:  Warren Johnson
	 	 
	 	All Other Notices:
	 	AL Pharma, Inc
	 	P.O. Box 18815
	 	Oklahoma City, Oklahoma 73154
	 	Attention:  Warren Johnson

    	 	14	 

     

    

 

	If to SCS:	For Overnight Delivery:
	 	SCS National, LLC
	 	2400 NW 55th Street
	 	Oklahoma City, Oklahoma 73112
	 	Attention:  Stan Cunningham
	 	 
	 	All Other Notices:
	 	SCS National, LLC
	 	P.O. Box 54606
	 	Oklahoma City, Oklahoma 73154
	 	Attention:  Stan Cunningham
	 	 
	If to DCP:	Dry Creek Project, LLC
	 	5105 108th Ave, SE
	 	Noble, OK 73068
	 	Attention:  John Hofstetter
	 	 
	If to Eton:	Eton Pharmaceuticals, Inc.
	 	21925 Field Pkwy, Suite 235
	 	Deer Park, Illinois 60010
	 	Attention:  Chief Executive Officer

 

11.8         Further
Assurances. The parties agree to execute such additional documents and perform such acts as are reasonably necessary
to effectuate the intent of this Agreement.

 

11.9         Compliance
With Laws. Each party agrees to comply with (and Eton shall ensure the compliance of CMO with) all Applicable Laws,
including GDUFA or PDUFA, cGMPs and state licensing laws, in its performance under this Agreement.

 

11.10         Entire
Agreement. This Agreement constitutes the entire agreement between the parties regarding the subject matter hereof,
and supersedes all prior or contemporaneous understandings or agreements regarding the subject matter hereof, whether oral or
written. This Agreement shall be modified or amended only by a writing specifically referring to this Agreement signed by each
of Eton, AL, SCS, and DCP.

 

11.11         Force
Majeure. Neither Party shall be liable for delays in its performance caused by events beyond its control, such as fires,
floods, labor shortages, strikes, epidemics, computer virus, earthquakes, riots, acts of terror, acts of God, storms, acts of
civil or military authority or similar occurrences, provided the affected party gives the other party written notice of such event
within three (3) business days of its occurrence. Such notice shall state the estimated duration of such event and the cause thereof
and the affected party shall use commercially reasonable efforts to work around such event beyond its control.

    	 	15	 

     

    

 

11.12         Headings
and Construction. No rule of construction shall be applied to the disadvantage of a party because that party was responsible
for the preparation of this Agreement or any part of this Agreement. The Article and Section headings in this Agreement are for
convenient reference only, and shall be given no substantive or interpretive effect. With respect to all terms used in this Agreement,
words used in the singular include the plural and words used in the plural include the singular. The word ‘including’
means including without limitation, and the words ‘herein’, ‘hereby’, ‘hereto’ and ‘hereunder’
refer to this Agreement as a whole. Unless the context otherwise requires, references found in this Agreement: (i) to Articles
and Sections mean the Articles and Sections of this Agreement, as amended, supplemented and modified from time to time; (ii) to
an agreement, instrument or other document means such agreement; (iii) to an agreement, instrument or other document means such
agreement, instrument or other document as amended, supplemented and modified from time to time, to the extent provided by the
provisions thereof and by this Agreement; and (iv) to a statute or a regulation mean such statute or regulation as amended from
time to time.

 

[Remainder of
Page Intentionally Left Blank]

 

    	 	16	 

     

    

 

IN WITNESS WHEREOF,
each party has caused a duly authorized representative to execute this Agreement as of the Effective Date.

 

	 

         
	AL PHARMA, INC

                            

        By: /s/ Warren Johnson

         

        Name: Warren Johnson

         

        Title: Vice President

	 	 
	 	SCS NATIONAL, LLC

         

        By: /s/ Stanley W. Cunningham

         

        Name: Stanley W. Cunningham

         

        Title: President

	 	 
	 	DRY CREEK PROJECT, LLC

         

        By: /s/ John Hofstetter,
        D.Ph.

         

        Name: John Hofstetter, D.Ph.

         

        Title: President

	 	 
	 	ETON PHARMACEUTICALS, INC.

         

        By: /s/ Sean Brynjelsen

         

        Name: Sean Brynjelsen

         

        Title: CEO

  

    	 	17Exhibit 10.10

 

Eton
Pharmaceuticals, Inc.

 

2017
Equity Incentive Plan

 

Adopted
by the Board of Directors: May 1, 2017

Approved
by the Stockholders: May 1, 2017

Termination
Date: April 30, 2027

 

1.          General.

 

(a)          Eligible
Stock Award Recipients. Employees, Directors and Consultants are eligible to receive Stock Awards.

 

(b)          Available
Stock Awards. The Plan provides for the grant of the following types of Stock Awards: (i) Incentive Stock Options, (ii) Nonstatutory
Stock Options, (iii) Stock Appreciation Rights, (iv) Restricted Stock Awards, (v) Restricted Stock Unit Awards and (vi) Other Stock
Awards.

 

(c)          Purpose.
The Plan, through the granting of Stock Awards, is intended to help the Company secure and retain the services of eligible award
recipients, provide incentives for such persons to exert maximum efforts for the success of the Company and any Affiliate and provide
a means by which the eligible recipients may benefit from increases in value of the Common Stock.

 

2.          Administration.

 

(a)          Administration
by Board. The Board will administer the Plan. The Board may delegate administration of the Plan to a Committee or Committees,
as provided in Section 2(c).

 

(b)          Powers
of Board. The Board will have the power, subject to, and within the limitations of, the express provisions of the Plan:

 

(i)          To
determine (A) who will be granted Stock Awards; (B) when and how each Stock Award will be granted; (C) what type of Stock Award
will be granted; (D) the provisions of each Stock Award (which need not be identical), including when a person will be permitted
to exercise or otherwise receive cash or Common Stock under the Stock Award; (E) the number of shares of Common Stock subject to
a Stock Award; and (F) the Fair Market Value applicable to a Stock Award.

 

(ii)         To
construe and interpret the Plan and Stock Awards granted under it, and to establish, amend and revoke rules and regulations for
administration of the Plan and Stock Awards. The Board, in the exercise of these powers, may correct any defect, omission or inconsistency
in the Plan or in any Stock Award Agreement, in a manner and to the extent it will deem necessary or expedient to make the Plan
or Stock Award fully effective.

 

    	 	 1.	 

     

    

 

(iii)        To
settle all controversies regarding the Plan and Stock Awards granted under it.

 

(iv)        To
accelerate, in whole or in part, the time at which a Stock Award may be exercised or vest (or at which cash or shares of Common
Stock may be issued).

 

(v)         To
suspend or terminate the Plan at any time. Except as otherwise provided in the Plan or a Stock Award Agreement, suspension or termination
of the Plan will not impair a Participant’s rights under his or her then-outstanding Stock Award without his or her written
consent except as provided in subsection (viii) below.

 

(vi)        To
amend the Plan in any respect the Board deems necessary or advisable, including, without limitation, by adopting amendments relating
to Incentive Stock Options and certain nonqualified deferred compensation under Section 409A of the Code and/or to make the Plan
or Stock Awards granted under the Plan compliant with the requirements for Incentive Stock Options or exempt from or compliant
with the requirements for nonqualified deferred compensation under Section 409A of the Code, subject to the limitations, if any,
of applicable law. However, if required by applicable law, and except as provided in Section 9(a) relating to Capitalization
Adjustments, the Company will seek stockholder approval of any amendment of the Plan that (A) materially increases the number
of shares of Common Stock available for issuance under the Plan, (B) materially expands the class of individuals eligible
to receive Stock Awards under the Plan, (C) materially increases the benefits accruing to Participants under the Plan, (D)
materially reduces the price at which shares of Common Stock may be issued or purchased under the Plan, (E) materially extends
the term of the Plan, or (F) materially expands the types of Stock Awards available for issuance under the Plan. Except as
provided in the Plan (including subsection (viii) below) or a Stock Award Agreement, no amendment of the Plan will impair a Participant’s
rights under an outstanding Stock Award unless (1) the Company requests the consent of the affected Participant, and (2) such Participant
consents in writing.

 

(vii)       To
submit any amendment to the Plan for stockholder approval, including, but not limited to, amendments to the Plan intended to satisfy
the requirements of Section 422 of the Code regarding Incentive Stock Options.

 

(viii)      To
approve forms of Stock Award Agreements for use under the Plan and to amend the terms of any one or more Stock Awards, including,
but not limited to, amendments to provide terms more favorable to the Participant than previously provided in the Stock Award Agreement,
subject to any specified limits in the Plan that are not subject to Board discretion; provided however, that a Participant’s
rights under any Stock Award will not be impaired by any such amendment unless (A) the Company requests the consent of the
affected Participant, and (B) such Participant consents in writing. Notwithstanding the foregoing, (1) a Participant’s
rights will not be deemed to have been impaired by any such amendment if the Board, in its sole discretion, determines that the
amendment, taken as a whole, does not materially impair the Participant’s rights, and (2) subject to the limitations of applicable
law, if any, the Board may amend the terms of any one or more Stock Awards without the affected Participant’s consent (A) to
maintain the qualified status of the Stock Award as an Incentive Stock Option under Section 422 of the Code; (B) to change the
terms of an Incentive Stock Option, if such change results in impairment of the Stock Award solely because it impairs the qualified
status of the Stock Award as an Incentive Stock Option under Section 422 of the Code; (C) to clarify the manner of exemption from,
or to bring the Stock Award into compliance with, Section 409A of the Code; or (D) to comply with other applicable laws.

 

    	 	 2.	 

     

    

 

(ix)         Generally,
to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the best interests of the
Company and that are not in conflict with the provisions of the Plan or Stock Awards.

 

(x)          To
adopt such procedures and sub-plans as are necessary or appropriate to permit participation in the Plan by Employees, Directors
or Consultants who are foreign nationals or employed outside the United States (provided that Board approval will not be necessary
for immaterial modifications to the Plan or any Stock Award Agreement that are required for compliance with the laws of the relevant
foreign jurisdiction).

 

(xi)         To
effect, with the consent of any adversely affected Participant, (A) the reduction of the exercise, purchase or strike price of
any outstanding Stock Award; (B) the cancellation of any outstanding Stock Award and the grant in substitution therefor of a new
(1) Option or SAR, (2) Restricted Stock Award, (3) Restricted Stock Unit Award, (4) Other Stock Award, (5) cash and/or (6) other
valuable consideration determined by the Board, in its sole discretion, with any such substituted award (x) covering the same or
a different number of shares of Common Stock as the cancelled Stock Award and (y) granted under the Plan or another equity or compensatory
plan of the Company; or (C) any other action that is treated as a repricing under generally accepted accounting principles.

 

(c)          Delegation
to Committee. The Board may delegate some or all of the administration of the Plan to a Committee or Committees. If administration
of the Plan is delegated to a Committee, the Committee will have, in connection with the administration of the Plan, the powers
theretofore possessed by the Board that have been delegated to the Committee, including the power to delegate to a subcommittee
of the Committee any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board
will thereafter be to the Committee or subcommittee). Any delegation of administrative powers will be reflected in resolutions,
not inconsistent with the provisions of the Plan, adopted from time to time by the Board or Committee (as applicable). The Committee
may, at any time, abolish the subcommittee and/or revest in the Committee any powers delegated to the subcommittee. The Board may
retain the authority to concurrently administer the Plan with the Committee and may, at any time, revest in the Board some or all
of the powers previously delegated.

 

(d)          Delegation
to an Officer. The Board may delegate to one (1) or more Officers the authority to do one or both of the following: (i) designate
Employees who are not Officers to be recipients of Options and SARs (and, to the extent permitted by applicable law, other Stock
Awards) and, to the extent permitted by applicable law, the terms of such Stock Awards, and (ii) determine the number of shares
of Common Stock to be subject to such Stock Awards granted to such Employees; provided, however, that the Board resolutions regarding
such delegation will specify the total number of shares of Common Stock that may be subject to the Stock Awards granted by such
Officer and that such Officer may not grant a Stock Award to himself or herself. Any such Stock Awards will be granted on the form
of Stock Award Agreement most recently approved for use by the Committee or the Board, unless otherwise provided in the resolutions
approving the delegation authority. The Board may not delegate authority to an Officer who is acting solely in the capacity of
an Officer (and not also as a Director) to determine the Fair Market Value pursuant to Section 13(u) below.

 

    	 	 3.	 

     

    

 

(e)          Effect
of Board’s Decision. All determinations, interpretations and constructions made by the Board in good faith will not be
subject to review by any person and will be final, binding and conclusive on all persons.

 

3.          Shares
Subject to the Plan.

 

(a)          Share
Reserve.

 

(i)          Subject
to Section 9(a) relating to Capitalization Adjustments, the aggregate number of shares of Common Stock that may be issued
pursuant to Stock Awards from and after the Effective Date will not exceed five million (5,000,000) shares (the “Share Reserve”).

 

(ii)         For
clarity, the Share Reserve in this Section 3(a) is a limitation on the number of shares of Common Stock that may be issued
pursuant to the Plan. Accordingly, this Section 3(a) does not limit the granting of Stock Awards except as provided in Section 7(a).

 

(b)          Reversion
of Shares to the Share Reserve. If a Stock Award or any portion thereof (i) expires or otherwise terminates without all
of the shares covered by such Stock Award having been issued or (ii) is settled in cash (i.e., the Participant receives
cash rather than stock), such expiration, termination or settlement will not reduce (or otherwise offset) the number of shares
of Common Stock that may be available for issuance under the Plan. If any shares of Common Stock issued pursuant to a Stock Award
are forfeited back to or repurchased or reacquired by the Company for any reason, including because of the failure to meet a contingency
or condition required to vest such shares in the Participant, then the shares that are forfeited, reacquired or repurchased will
revert to and again become available for issuance under the Plan. For the avoidance of doubt, any shares reacquired by the Company
in satisfaction of tax withholding obligations on a Stock Award or as consideration for the exercise or purchase price of a Stock
Award will again become available for issuance under the Plan.

 

(c)          Incentive
Stock Option Limit. Subject to the Share Reserve and Section 9(a) relating to Capitalization Adjustments, the aggregate
maximum number of shares of Common Stock that may be issued pursuant to the exercise of Incentive Stock Options will be one million
two hundred fifty thousand shares (1,250,000) shares of Common Stock.

 

(d)          Source
of Shares. The stock issuable under the Plan will be shares of authorized but unissued or reacquired Common Stock, including
shares repurchased by the Company on the open market or otherwise.

 

    	 	 4.	 

     

    

 

4.          Eligibility.

 

(a)          Eligibility
for Specific Stock Awards. Incentive Stock Options may be granted only to employees of the Company or a “parent corporation”
or “subsidiary corporation” thereof (as such terms are defined in Sections 424(e) and 424(f) of the Code). Stock
Awards other than Incentive Stock Options may be granted to Employees, Directors and Consultants; provided, however, that
Stock Awards may not be granted to Employees, Directors and Consultants who are providing Continuous Service only to any “parent”
of the Company, as such term is defined in Rule 405, unless (i) the stock underlying such Stock Awards is treated as “service
recipient stock” under Section 409A of the Code (for example, because the Stock Awards are granted pursuant to a corporate
transaction such as a spin off transaction), or (ii) the Company, in consultation with its legal counsel, has determined that such
Stock Awards are otherwise exempt from or alternatively comply with the distribution requirements of Section 409A of the Code.

 

(b)          Ten
Percent Stockholders. A Ten Percent Stockholder will not be granted an Incentive Stock Option unless the exercise price of
such Option is at least one hundred ten percent (110%) of the Fair Market Value on the date of grant and the Option is not
exercisable after the expiration of five (5) years from the date of grant.

 

(c)          Consultants.
A Consultant will not be eligible for the grant of a Stock Award if, at the time of grant, either the offer or sale of the
Company’s securities to such Consultant is not exempt under Rule 701 because of the nature of the services that the
Consultant is providing to the Company, because the Consultant is not a natural person, or because of any other provision of Rule 701,
unless the Company determines that such grant need not comply with the requirements of Rule 701 and will satisfy another exemption
under the Securities Act as well as comply with the securities laws of all other relevant jurisdictions.

 

5.          Provisions
Relating to Options and Stock Appreciation Rights.

 

Each Option or SAR
will be in such form and will contain such terms and conditions as the Board deems appropriate. All Options will be separately
designated Incentive Stock Options or Nonstatutory Stock Options at the time of grant, and, if certificates are issued, a separate
certificate or certificates will be issued for shares of Common Stock purchased on exercise of each type of Option. If an Option
is not specifically designated as an Incentive Stock Option, or if an Option is designated as an Incentive Stock Option but some
portion or all of the Option fails to qualify as an Incentive Stock Option under the applicable rules, then the Option (or portion
thereof) will be a Nonstatutory Stock Option. The provisions of separate Options or SARs need not be identical; provided, however,
that each Stock Award Agreement will conform to (through incorporation of provisions hereof by reference in the applicable Stock
Award Agreement or otherwise) the substance of each of the following provisions:

 

(a)          Term.
Subject to the provisions of Section 4(b) regarding Ten Percent Stockholders, no Option or SAR will be exercisable after the
expiration of ten (10) years from the date of its grant or such shorter period specified in the Stock Award Agreement.

 

    	 	 5.	 

     

    

  

(b)          Exercise
Price. Subject to the provisions of Section  4(b) regarding Ten Percent Stockholders, the exercise or strike price of
each Option or SAR will be not less than one hundred percent (100%) of the Fair Market Value of the Common Stock subject to
the Option or SAR on the date the Stock Award is granted. Notwithstanding the foregoing, an Option or SAR may be granted with an
exercise or strike price lower than one hundred percent (100%) of the Fair Market Value of the Common Stock subject to the
Stock Award if such Stock Award is granted pursuant to an assumption of or substitution for another option or stock appreciation
right pursuant to a Corporate Transaction and in a manner consistent with the provisions of Section 409A of the Code and, if applicable,
Section 424(a) of the Code. Each SAR will be denominated in shares of Common Stock equivalents.

 

(c)          Purchase
Price for Options. The purchase price of Common Stock acquired pursuant to the exercise of an Option may be paid, to the extent
permitted by applicable law and as determined by the Board in its sole discretion, by any combination of the methods of payment
set forth below. The Board will have the authority to grant Options that do not permit all of the following methods of payment
(or otherwise restrict the ability to use certain methods) and to grant Options that require the consent of the Company to use
a particular method of payment. The permitted methods of payment are as follows:

 

(i)          by
cash, check, bank draft or money order payable to the Company;

 

(ii)         pursuant
to a program developed under Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance of the stock
subject to the Option, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions
to pay the aggregate exercise price to the Company from the sales proceeds;

 

(iii)        by
delivery to the Company (either by actual delivery or attestation) of shares of Common Stock;

 

(iv)        if
an Option is a Nonstatutory Stock Option, by a “net exercise” arrangement pursuant to which the Company will reduce
the number of shares of Common Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value that
does not exceed the aggregate exercise price; provided, however, that the Company will accept a cash or other payment from the
Participant to the extent of any remaining balance of the aggregate exercise price not satisfied by such reduction in the number
of whole shares to be issued. Shares of Common Stock will no longer be subject to an Option and will not be exercisable thereafter
to the extent that (A) shares issuable upon exercise are used to pay the exercise price pursuant to the “net exercise,”
(B) shares are delivered to the Participant as a result of such exercise, and (C) shares are withheld to satisfy tax withholding
obligations;

 

(v)         according
to a deferred payment or similar arrangement with the Optionholder; provided, however, that interest will compound at least
annually and will be charged at the minimum rate of interest necessary to avoid (A) the imputation of interest income to the
Company and compensation income to the Optionholder under any applicable provisions of the Code, and (B) the classification
of the Option as a liability for financial accounting purposes; or

 

    	 	 6.	 

     

    

 

(vi)        in
any other form of legal consideration that may be acceptable to the Board and specified in the applicable Stock Award Agreement.

 

(d)          Exercise
and Payment of a SAR. To exercise any outstanding SAR, the Participant must provide written notice of exercise to the Company
in compliance with the provisions of the Stock Award Agreement evidencing such SAR. The appreciation distribution payable on the
exercise of a SAR will be not greater than an amount equal to the excess of (A) the aggregate Fair Market Value (on the date
of the exercise of the SAR) of a number of shares of Common Stock equal to the number of Common Stock equivalents in which the
Participant is vested under such SAR, and with respect to which the Participant is exercising the SAR on such date, over (B) the
aggregate strike price of the number of Common Stock equivalents with respect to which the Participant is exercising the SAR on
such date. The appreciation distribution may be paid in Common Stock, in cash, in any combination of the two or in any other form
of consideration, as determined by the Board and contained in the Stock Award Agreement evidencing such SAR.

 

(e)          Transferability
of Options and SARs. The Board may, in its sole discretion, impose such limitations on the transferability of Options and SARs
as the Board will determine. In the absence of such a determination by the Board to the contrary, the following restrictions on
the transferability of Options and SARs will apply:

 

(i)          Restrictions
on Transfer. An Option or SAR will not be transferable except by will or by the laws of descent and distribution (and pursuant
to subsections (ii) and (iii) below), and will be exercisable during the lifetime of the Participant only by the Participant. The
Board may permit transfer of the Option or SAR in a manner that is not prohibited by applicable tax and securities laws. Except
as explicitly provided herein, neither an Option nor a SAR may be transferred for consideration.

 

(ii)         Domestic
Relations Orders. Subject to the approval of the Board or a duly authorized Officer, an Option or SAR may be transferred pursuant
to the terms of a domestic relations order, official marital settlement agreement or other divorce or separation instrument as
permitted by Treasury Regulation 1.421-1(b)(2). If an Option is an Incentive Stock Option, such Option may be deemed to be a Nonstatutory
Stock Option as a result of such transfer.

 

(iii)        Beneficiary
Designation. Subject to the approval of the Board or a duly authorized Officer, a Participant may, by delivering written notice
to the Company, in a form approved by the Company (or the designated broker), designate a third party who, upon the death of the
Participant, will thereafter be entitled to exercise the Option or SAR and receive the Common Stock or other consideration resulting
from such exercise. In the absence of such a designation, upon the death of the Participant, the executor or administrator of the
Participant’s estate will be entitled to exercise the Option or SAR and receive the Common Stock or other consideration resulting
from such exercise. However, the Company may prohibit designation of a beneficiary at any time, including due to any conclusion
by the Company that such designation would be inconsistent with the provisions of applicable laws.

 

    	 	 7.	 

     

    

  

(f)          Vesting
Generally. The total number of shares of Common Stock subject to an Option or SAR may vest and become exercisable in periodic
installments that may or may not be equal. The Option or SAR may be subject to such other terms and conditions on the time or times
when it may or may not be exercised (which may be based on the satisfaction of performance goals or other criteria) as the Board
may deem appropriate. The vesting provisions of individual Options or SARs may vary. The provisions of this Section 5(f) are
subject to any Option or SAR provisions governing the minimum number of shares of Common Stock as to which an Option or SAR may
be exercised.

 

(g)          Termination
of Continuous Service. Except as otherwise provided in the applicable Stock Award Agreement or other agreement between the
Participant and the Company, if a Participant’s Continuous Service terminates (other than for Cause and other than upon the
Participant’s death or Disability), the Participant may exercise his or her Option or SAR (to the extent that the Participant
was entitled to exercise such Stock Award as of the date of termination of Continuous Service) within the period of time ending
on the earlier of (i) the date three (3) months following the termination of the Participant’s Continuous
Service (or such longer or shorter period specified in the applicable Stock Award Agreement, which period will not be less than
thirty (30) days if necessary to comply with applicable laws unless such termination is for Cause) and (ii) the
expiration of the term of the Option or SAR as set forth in the Stock Award Agreement. If, after termination of Continuous Service,
the Participant does not exercise his or her Option or SAR within the applicable time frame, the Option or SAR (as applicable)
will terminate.

 

(h)          Extension
of Termination Date. Except as otherwise provided in the applicable Stock Award Agreement or other agreement between the Participant
and the Company, if the exercise of an Option or SAR following the termination of the Participant’s Continuous Service (other
than for Cause and other than upon the Participant’s death or Disability) would be prohibited at any time solely because
the issuance of shares of Common Stock would violate the registration requirements under the Securities Act, then the Option or
SAR will terminate on the earlier of (i) the expiration of a total period of time (that need not be consecutive) equal to
the applicable post termination exercise period after the termination of the Participant’s Continuous Service during which
the exercise of the Option or SAR would not be in violation of such registration requirements, or (ii) the expiration of the
term of the Option or SAR as set forth in the applicable Stock Award Agreement. In addition, unless otherwise provided in a Participant’s
Stock Award Agreement, if the sale of any Common Stock received upon exercise of an Option or SAR following the termination of
the Participant’s Continuous Service (other than for Cause) would violate the Company’s insider trading policy, then
the Option or SAR will terminate on the earlier of (i) the expiration of a period of time (that need not be consecutive) equal
to the applicable post-termination exercise period after the termination of the Participant’s Continuous Service during which
the sale of the Common Stock received upon exercise of the Option or SAR would not be in violation of the Company’s insider
trading policy, or (ii) the expiration of the term of the Option or SAR as set forth in the applicable Stock Award Agreement.

 

    	 	 8.	 

     

    

  

(i)          Disability
of Participant. Except as otherwise provided in the applicable Stock Award Agreement or other agreement between the Participant
and the Company, if a Participant’s Continuous Service terminates as a result of the Participant’s Disability, the
Participant may exercise his or her Option or SAR (to the extent that the Participant was entitled to exercise such Option or SAR
as of the date of termination of Continuous Service), but only within such period of time ending on the earlier of (i) the
date twelve (12) months following such termination of Continuous Service (or such longer or shorter period specified
in the Stock Award Agreement, which period will not be less than six (6) months if necessary to comply with applicable
laws), and (ii) the expiration of the term of the Option or SAR as set forth in the Stock Award Agreement. If, after termination
of Continuous Service, the Participant does not exercise his or her Option or SAR within the applicable time frame, the Option
or SAR (as applicable) will terminate.

 

(j)          Death
of Participant. Except as otherwise provided in the applicable Stock Award Agreement or other agreement between the Participant
and the Company, if (i) a Participant’s Continuous Service terminates as a result of the Participant’s death, or (ii)
the Participant dies within the period (if any) specified in the Stock Award Agreement for exercisability after the termination
of the Participant’s Continuous Service (for a reason other than death), then the Option or SAR may be exercised (to the
extent the Participant was entitled to exercise such Option or SAR as of the date of death) by the Participant’s estate,
by a person who acquired the right to exercise the Option or SAR by bequest or inheritance or by a person designated to exercise
the Option or SAR upon the Participant’s death, but only within the period ending on the earlier of (i) the date eighteen
(18) months following the date of death (or such longer or shorter period specified in the Stock Award Agreement, which period
will not be less than six (6) months if necessary to comply with applicable laws), and (ii) the expiration of the
term of such Option or SAR as set forth in the Stock Award Agreement. If, after the Participant’s death, the Option or SAR
is not exercised within the applicable time frame, the Option or SAR (as applicable) will terminate.

 

(k)          Termination
for Cause. Except as explicitly provided otherwise in a Participant’s Stock Award Agreement or other individual written
agreement between the Company or any Affiliate and the Participant, if a Participant’s Continuous Service is terminated for
Cause, the Option or SAR will terminate immediately upon such Participant’s termination of Continuous Service, and the Participant
will be prohibited from exercising his or her Option or SAR from and after the time of such termination of Continuous Service.

 

(l)          Non-Exempt
Employees. If an Option or SAR is granted to an Employee who is a non-exempt employee for purposes of the Fair Labor Standards
Act of 1938, as amended, the Option or SAR will not be first exercisable for any shares of Common Stock until at least six (6)
months following the date of grant of the Option or SAR (although the Stock Award may vest prior to such date). Consistent with
the provisions of the Worker Economic Opportunity Act, (i) if such non-exempt Employee dies or suffers a Disability, (ii) upon
a Corporate Transaction in which such Option or SAR is not assumed, continued, or substituted, (iii) upon a Change in Control,
or (iv) upon the Participant’s retirement (as such term may be defined in the Participant’s Stock Award Agreement,
in another agreement between the Participant and the Company, or, if no such definition, in accordance with the Company's then
current employment policies and guidelines), the vested portion of any Options and SARs may be exercised earlier than six (6) months
following the date of grant. The foregoing provision is intended to operate so that any income derived by a non-exempt employee
in connection with the exercise or vesting of an Option or SAR will be exempt from his or her regular rate of pay. To the extent
permitted and/or required for compliance with the Worker Economic Opportunity Act to ensure that any income derived by a non-exempt
employee in connection with the exercise, vesting or issuance of any shares under any other Stock Award will be exempt from the
employee’s regular rate of pay, the provisions of this Section 5(l) will apply to all Stock Awards and are hereby incorporated
by reference into such Stock Award Agreements.

 

    	 	 9.	 

     

    

 

(m)          Early
Exercise of Options. An Option may, but need not, include a provision whereby the Optionholder may elect at any time before
the Optionholder’s Continuous Service terminates to exercise the Option as to any part or all of the shares of Common Stock
subject to the Option prior to the full vesting of the Option. Subject to the “Repurchase Limitation” in Section 8(l),
any unvested shares of Common Stock so purchased may be subject to a repurchase right in favor of the Company or to any other restriction
the Board determines to be appropriate. Provided that the “Repurchase Limitation” in Section 8(l) is not
violated, the Company will not be required to exercise its repurchase right until at least six (6) months (or such longer
or shorter period of time required to avoid classification of the Option as a liability for financial accounting purposes) have
elapsed following exercise of the Option unless the Board otherwise specifically provides in the Option Agreement.

 

(n)          Right
of Repurchase. Subject to the “Repurchase Limitation” in Section 8(l), the Option or SAR may include
a provision whereby the Company may elect to repurchase all or any part of the vested shares of Common Stock acquired by the Participant
pursuant to the exercise of the Option or SAR.

 

(o)          Right
of First Refusal. The Option or SAR may include a provision whereby the Company may elect to exercise a right of first refusal
following receipt of notice from the Participant of the intent to transfer all or any part of the shares of Common Stock received
upon the exercise of the Option or SAR. Such right of first refusal will be subject to the “Repurchase Limitation”
in Section 8(l). Except as expressly provided in this Section 5(o) or in the Stock Award Agreement, such right of first
refusal will otherwise comply with any applicable provisions of the bylaws of the Company.

 

6.          Provisions
of Stock Awards Other than Options and SARs.

 

(a)          Restricted
Stock Awards. Each Restricted Stock Award Agreement will be in such form and will contain such terms and conditions as the
Board deems appropriate. To the extent consistent with the Company’s bylaws, at the Board’s election, shares of Common
Stock underlying a Restricted Stock Award may be (i) held in book entry form subject to the Company’s instructions until
any restrictions relating to the Restricted Stock Award lapse; or (ii) evidenced by a certificate, which certificate will
be held in such form and manner as determined by the Board. The terms and conditions of Restricted Stock Award Agreements may change
from time to time, and the terms and conditions of separate Restricted Stock Award Agreements need not be identical. Each Restricted
Stock Award Agreement will conform to (through incorporation of the provisions hereof by reference in the agreement or otherwise)
the substance of each of the following provisions:

 

    	 	 10.	 

     

    

 

(i)          Consideration.
A Restricted Stock Award may be awarded in consideration for (A) cash, check, bank draft or money order payable to the Company,
(B) past services to the Company or an Affiliate, or (C) any other form of legal consideration (including future services)
that may be acceptable to the Board, in its sole discretion, and permissible under applicable law.

 

(ii)         Vesting.
Subject to the “Repurchase Limitation” in Section 8(l), shares of Common Stock awarded under the Restricted
Stock Award Agreement may be subject to forfeiture to the Company in accordance with a vesting schedule to be determined by the
Board.

 

(iii)        Termination
of Participant’s Continuous Service. If a Participant’s Continuous Service terminates, the Company may receive
through a forfeiture condition or a repurchase right, any or all of the shares of Common Stock held by the Participant as of the
date of termination of Continuous Service under the terms of the Restricted Stock Award Agreement.

 

(iv)        Transferability.
Rights to acquire shares of Common Stock under the Restricted Stock Award Agreement will be transferable by the Participant only
upon such terms and conditions as are set forth in the Restricted Stock Award Agreement, as the Board will determine in its sole
discretion, so long as Common Stock awarded under the Restricted Stock Award Agreement remains subject to the terms of the Restricted
Stock Award Agreement.

 

(v)         Dividends.
A Restricted Stock Award Agreement may provide that any dividends paid on Restricted Stock will be subject to the same vesting
and forfeiture restrictions as apply to the shares subject to the Restricted Stock Award to which they relate.

 

(b)          Restricted
Stock Unit Awards. Each Restricted Stock Unit Award Agreement will be in such form and will contain such terms and conditions
as the Board deems appropriate. The terms and conditions of Restricted Stock Unit Award Agreements may change from time to time,
and the terms and conditions of separate Restricted Stock Unit Award Agreements need not be identical. Each Restricted Stock Unit
Award Agreement will conform to (through incorporation of the provisions hereof by reference in the Agreement or otherwise) the
substance of each of the following provisions:

 

(i)          Consideration.
At the time of grant of a Restricted Stock Unit Award, the Board will determine the consideration, if any, to be paid by the Participant
upon delivery of each share of Common Stock subject to the Restricted Stock Unit Award. The consideration to be paid (if any) by
the Participant for each share of Common Stock subject to a Restricted Stock Unit Award may be paid in any form of legal consideration
that may be acceptable to the Board, in its sole discretion, and permissible under applicable law.

 

(ii)         Vesting.
At the time of the grant of a Restricted Stock Unit Award, the Board may impose such restrictions on or conditions to the vesting
of the Restricted Stock Unit Award as it, in its sole discretion, deems appropriate.

 

    	 	 11.	 

     

    

 

(iii)        Payment.
A Restricted Stock Unit Award may be settled by the delivery of shares of Common Stock, their cash equivalent, any combination
thereof or in any other form of consideration, as determined by the Board and contained in the Restricted Stock Unit Award Agreement.

 

(iv)        Additional
Restrictions. At the time of the grant of a Restricted Stock Unit Award, the Board, as it deems appropriate, may impose such
restrictions or conditions that delay the delivery of the shares of Common Stock (or their cash equivalent) subject to a Restricted
Stock Unit Award to a time after the vesting of such Restricted Stock Unit Award.

 

(v)         Dividend
Equivalents. Dividend equivalents may be credited in respect of shares of Common Stock covered by a Restricted Stock Unit Award,
as determined by the Board and contained in the Restricted Stock Unit Award Agreement. At the sole discretion of the Board, such
dividend equivalents may be converted into additional shares of Common Stock covered by the Restricted Stock Unit Award in such
manner as determined by the Board. Any additional shares covered by the Restricted Stock Unit Award credited by reason of such
dividend equivalents will be subject to all of the same terms and conditions of the underlying Restricted Stock Unit Award Agreement
to which they relate.

 

(vi)        Termination
of Participant’s Continuous Service. Except as otherwise provided in the applicable Restricted Stock Unit Award Agreement,
such portion of the Restricted Stock Unit Award that has not vested will be forfeited upon the Participant’s termination
of Continuous Service.

 

(vii)       Compliance
with Section 409A of the Code. Notwithstanding anything to the contrary set forth herein, any Restricted Stock Unit Award
granted under the Plan that is not exempt from the requirements of Section 409A of the Code shall contain such provisions
so that such Restricted Stock Unit Award will comply with the requirements of Section 409A of the Code. Such restrictions,
if any, shall be determined by the Board and contained in the Restricted Stock Unit Award Agreement evidencing such Restricted
Stock Unit Award. For example, such restrictions may include, without limitation, a requirement that any Common Stock that is to
be issued in a year following the year in which the Restricted Stock Unit Award vests must be issued in accordance with a fixed
pre-determined schedule.

 

(c)          Other
Stock Awards. Other forms of Stock Awards valued in whole or in part by reference to, or otherwise based on, Common Stock,
including the appreciation in value thereof (e.g., options or stock rights with an exercise price or strike price less than one
hundred percent (100%) of the Fair Market Value of the Common Stock at the time of grant) may be granted either alone or in addition
to Stock Awards provided for under Section 5 and the preceding provisions of this Section 6. Subject to the provisions of the Plan,
the Board will have sole and complete authority to determine the persons to whom and the time or times at which such Other Stock
Awards will be granted, the number of shares of Common Stock (or the cash equivalent thereof) to be granted pursuant to such Other
Stock Awards and all other terms and conditions of such Other Stock Awards.

 

    	 	 12.	 

     

    

 

7.          Covenants
of the Company.

 

(a)          Availability
of Shares. The Company will keep available at all times the number of shares of Common Stock reasonably required to satisfy
then-outstanding Stock Awards.

 

(b)          Securities
Law Compliance. The Company will seek to obtain from each regulatory commission or agency having jurisdiction over the Plan
such authority as may be required to grant Stock Awards and to issue and sell shares of Common Stock upon exercise of the Stock
Awards; provided, however, that this undertaking will not require the Company to register under the Securities Act the Plan,
any Stock Award or any Common Stock issued or issuable pursuant to any such Stock Award. If, after reasonable efforts and at a
reasonable cost, the Company is unable to obtain from any such regulatory commission or agency the authority that counsel for the
Company deems necessary for the lawful issuance and sale of Common Stock under the Plan, the Company will be relieved from any
liability for failure to issue and sell Common Stock upon exercise of such Stock Awards unless and until such authority is obtained.
A Participant will not be eligible for the grant of a Stock Award or the subsequent issuance of cash or Common Stock pursuant to
the Stock Award if such grant or issuance would be in violation of any applicable securities law.

 

(c)          No
Obligation to Notify or Minimize Taxes. The Company will have no duty or obligation to any Participant to advise such holder
as to the time or manner of exercising such Stock Award. Furthermore, the Company will have no duty or obligation to warn or otherwise
advise such holder of a pending termination or expiration of a Stock Award or a possible period in which the Stock Award may not
be exercised. The Company has no duty or obligation to minimize the tax consequences of a Stock Award to the holder of such Stock
Award.

 

8.          Miscellaneous.

 

(a)          Use
of Proceeds from Sales of Common Stock. Proceeds from the sale of shares of Common Stock pursuant to Stock Awards will constitute
general funds of the Company.

 

(b)          Corporate
Action Constituting Grant of Stock Awards. Corporate action constituting a grant by the Company of a Stock Award to any Participant
will be deemed completed as of the date of such corporate action, unless otherwise determined by the Board, regardless of when
the instrument, certificate, or letter evidencing the Stock Award is communicated to, or actually received or accepted by, the
Participant. In the event that the corporate records (e.g., Board consents, resolutions or minutes) documenting the corporate action
constituting the grant contain terms (e.g., exercise price, vesting schedule or number of shares) that are inconsistent with those
in the Stock Award Agreement as a result of a clerical error in the papering of the Stock Award Agreement, the corporate records
will control and the Participant will have no legally binding right to the incorrect term in the Stock Award Agreement.

 

    	 	 13.	 

     

    

  

(c)          Stockholder
Rights. No Participant will be deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares
of Common Stock subject to a Stock Award unless and until (i) such Participant has satisfied all requirements for exercise
of, or the issuance of shares of Common Stock under, the Stock Award pursuant to its terms, and (ii) the issuance of the Common
Stock subject to the Stock Award has been entered into the books and records of the Company.

 

(d)          No
Employment or Other Service Rights. Nothing in the Plan, any Stock Award Agreement or any other instrument executed thereunder
or in connection with any Stock Award granted pursuant thereto will confer upon any Participant any right to continue to serve
the Company or an Affiliate in the capacity in effect at the time the Stock Award was granted or will affect the right of the Company
or an Affiliate to terminate (i) the employment of an Employee with or without notice and with or without cause, (ii) the
service of a Consultant pursuant to the terms of such Consultant’s agreement with the Company or an Affiliate, or (iii) the
service of a Director pursuant to the bylaws of the Company or an Affiliate, and any applicable provisions of the corporate law
of the state in which the Company or the Affiliate is incorporated, as the case may be.

 

(e)          Change
in Time Commitment. In the event a Participant’s regular level of time commitment in the performance of his or her services
for the Company and any Affiliates is reduced (for example, and without limitation, if the Participant is an Employee of the Company
and the Employee has a change in status from a full-time Employee to a part-time Employee) after the date of grant of any Stock
Award to the Participant, the Board has the right in its sole discretion to (x) make a corresponding reduction in the number of
shares subject to any portion of such Stock Award that is scheduled to vest or become payable after the date of such change in
time commitment, and (y) in lieu of or in combination with such a reduction, extend the vesting or payment schedule applicable
to such Stock Award. In the event of any such reduction, the Participant will have no right with respect to any portion of the
Stock Award that is so reduced or extended.

 

(f)          Incentive
Stock Option Limitations. To the extent that the aggregate Fair Market Value (determined at the time of grant) of Common Stock
with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar year (under
all plans of the Company and any Affiliates) exceeds one hundred thousand dollars ($100,000) (or such other limit established
in the Code) or otherwise does not comply with the rules governing Incentive Stock Options, the Options or portions thereof that
exceed such limit (according to the order in which they were granted) or otherwise do not comply with such rules will be treated
as Nonstatutory Stock Options, notwithstanding any contrary provision of the applicable Option Agreement(s).

 

    	 	 14.	 

     

    

 

(g)          Investment
Assurances. The Company may require a Participant, as a condition of exercising or acquiring Common Stock under any Stock Award,
(i) to give written assurances satisfactory to the Company as to the Participant’s knowledge and experience in financial
and business matters and/or to employ a purchaser representative reasonably satisfactory to the Company who is knowledgeable and
experienced in financial and business matters and that he or she is capable of evaluating, alone or together with the purchaser
representative, the merits and risks of exercising the Stock Award; and (ii) to give written assurances satisfactory to the
Company stating that the Participant is acquiring Common Stock subject to the Stock Award for the Participant’s own account
and not with any present intention of selling or otherwise distributing the Common Stock. The foregoing requirements, and any assurances
given pursuant to such requirements, will be inoperative if (A) the issuance of the shares upon the exercise or acquisition
of Common Stock under the Stock Award has been registered under a then currently effective registration statement under the Securities
Act, or (B) as to any particular requirement, a determination is made by counsel for the Company that such requirement need
not be met in the circumstances under the then applicable securities laws. The Company may, upon advice of counsel to the Company,
place legends on stock certificates issued under the Plan as such counsel deems necessary or appropriate in order to comply with
applicable securities laws, including, but not limited to, legends restricting the transfer of the Common Stock.

 

(h)          Withholding
Obligations. Unless prohibited by the terms of a Stock Award Agreement, the Company may, in its sole discretion, satisfy any
federal, state or local tax withholding obligation relating to a Stock Award by any of the following means or by a combination
of such means: (i) causing the Participant to tender a cash payment; (ii) withholding shares of Common Stock from the
shares of Common Stock issued or otherwise issuable to the Participant in connection with the Stock Award; provided, however,
that no shares of Common Stock are withheld with a value exceeding the minimum amount of tax required to be withheld by law (or
such lesser amount as may be necessary to avoid classification of the Stock Award as a liability for financial accounting purposes);
(iii) withholding cash from a Stock Award settled in cash; (iv) withholding payment from any amounts otherwise payable to
the Participant; or (v) by such other method as may be set forth in the Stock Award Agreement.

 

(i)          Electronic
Delivery. Any reference herein to a “written” agreement or document will include any agreement or document delivered
electronically or posted on the Company’s intranet (or other shared electronic medium controlled by the Company to which
the Participant has access).

 

(j)          Deferrals.
To the extent permitted by applicable law, the Board, in its sole discretion, may determine that the delivery of Common Stock or
the payment of cash, upon the exercise, vesting or settlement of all or a portion of any Stock Award may be deferred and may establish
programs and procedures for deferral elections to be made by Participants. Deferrals by Participants will be made in accordance
with Section 409A of the Code. Consistent with Section 409A of the Code, the Board may provide for distributions while a Participant
is still an employee or otherwise providing services to the Company. The Board is authorized to make deferrals of Stock Awards
and determine when, and in what annual percentages, Participants may receive payments, including lump sum payments, following the
Participant’s termination of Continuous Service, and implement such other terms and conditions consistent with the provisions
of the Plan and in accordance with applicable law.

 

(k)          Compliance
with Section 409A of the Code. To the extent that the Board determines that any Stock Award granted hereunder is subject to
Section 409A of the Code, the Stock Award Agreement evidencing such Stock Award shall incorporate the terms and conditions
necessary to avoid the consequences specified in Section 409A(a)(1) of the Code. To the extent applicable, the Plan and Stock
Award Agreements shall be interpreted in accordance with Section 409A of the Code.

 

    	 	 15.	 

     

    

 

(l)          Repurchase
Limitation. The terms of any repurchase right will be specified in the Stock Award Agreement. The repurchase price for vested
shares of Common Stock will be the Fair Market Value of the shares of Common Stock on the date of repurchase. The repurchase price
for unvested shares of Common Stock will be the lower of (i) the Fair Market Value of the shares of Common Stock on the date
of repurchase or (ii) their original purchase price. However, the Company will not exercise its repurchase right until at
least six (6) months (or such longer or shorter period of time necessary to avoid classification of the Stock Award as
a liability for financial accounting purposes) have elapsed following delivery of shares of Common Stock subject to the Stock Award,
unless otherwise specifically provided by the Board.

 

9.          Adjustments
upon Changes in Common Stock; Other Corporate Events.

 

(a)          Capitalization
Adjustments. In the event of a Capitalization Adjustment, the Board will appropriately and proportionately adjust: (i) the
class(es) and maximum number of securities subject to the Plan pursuant to Section 3(a), (ii) the class(es) and maximum
number of securities that may be issued pursuant to the exercise of Incentive Stock Options pursuant to Section 3(c), and
(iii) the class(es) and number of securities and price per share of stock subject to outstanding Stock Awards. The Board will
make such adjustments, and its determination will be final, binding and conclusive.

 

(b)          Dissolution.
Except as otherwise provided in the Stock Award Agreement, in the event of a Dissolution of the Company, all outstanding Stock
Awards (other than Stock Awards consisting of vested and outstanding shares of Common Stock not subject to a forfeiture condition
or the Company’s right of repurchase) will terminate immediately prior to the completion of such Dissolution, and the shares
of Common Stock subject to the Company’s repurchase rights or subject to a forfeiture condition may be repurchased or reacquired
by the Company notwithstanding the fact that the holder of such Stock Award is providing Continuous Service, provided, however,
that the Board may, in its sole discretion, cause some or all Stock Awards to become fully vested, exercisable and/or no longer
subject to repurchase or forfeiture (to the extent such Stock Awards have not previously expired or terminated) before the Dissolution
is completed but contingent on its completion.

 

(c)          Corporate
Transactions.  The following provisions will apply to Stock Awards in the event of a Transaction unless otherwise provided
in the Stock Award Agreement or any other written agreement between the Company or any Affiliate and the Participant or unless
otherwise expressly provided by the Board at the time of grant of a Stock Award. In the event of a Transaction, then, notwithstanding
any other provision of the Plan, the Board may take one or more of the following actions with respect to Stock Awards, contingent
upon the closing or completion of the Transaction:

 

(i)          arrange
for the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company) to assume
or continue the Stock Award or to substitute a similar stock award for the Stock Award (including, but not limited to, an award
to acquire the same consideration paid to the stockholders of the Company pursuant to the Transaction);

 

    	 	 16.	 

     

    

 

(ii)         arrange
for the assignment of any reacquisition or repurchase rights held by the Company in respect of Common Stock issued pursuant to
the Stock Award to the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent
company);

 

(iii)        accelerate
the vesting, in whole or in part, of the Stock Award (and, if applicable, the time at which the Stock Award may be exercised) to
a date prior to the effective time of such Transaction as the Board determines (or, if the Board does not determine such a date,
to the date that is five (5) days prior to the effective date of the Transaction), with such Stock Award terminating
if not exercised (if applicable) at or prior to the effective time of the Transaction; provided, however, that the Board may require
Participants to complete and deliver to the Company a notice of exercise before the effective date of a Transaction, which exercise
is contingent upon the effectiveness of such Transaction;

 

(iv)        arrange
for the lapse, in whole or in part, of any reacquisition or repurchase rights held by the Company with respect to the Stock Award;

 

(v)         cancel
or arrange for the cancellation of the Stock Award, to the extent not vested or not exercised prior to the effective time of the
Transaction, in exchange for such cash consideration, if any, as the Board, in its sole discretion, may consider appropriate; and

 

(vi)        make
a payment, in such form as may be determined by the Board equal to the excess, if any, of (A) the value of the property the
Participant would have received upon the exercise of the Stock Award immediately prior to the effective time of the Transaction,
over (B) any exercise price payable by such holder in connection with such exercise. For clarity, this payment may be zero
($0) if the value of the property is equal to or less than the exercise price. Payments under this provision may be delayed to
the same extent that payment of consideration to the holders of the Company’s Common Stock in connection with the Transaction
is delayed as a result of escrows, earn outs, holdbacks or any other contingencies.

 

The Board need not take the same action
or actions with respect to all Stock Awards or portions thereof or with respect to all Participants. The Board may take different
actions with respect to the vested and unvested portions of a Stock Award.

 

(d)          Change
in Control. A Stock Award may be subject to additional acceleration of vesting and exercisability upon or after a Change in
Control as may be provided in the Stock Award Agreement for such Stock Award or as may be provided in any other written agreement
between the Company or any Affiliate and the Participant, but in the absence of such provision, no such acceleration will automatically
occur.

 

    	 	 17.	 

     

    

 

10.         Plan
Term; Earlier Termination or Suspension of the Plan.

 

(a)          Plan
Term. The Board may suspend or terminate the Plan at any time. Unless terminated sooner by the Board, the Plan will automatically
terminate on the day before the tenth (10th) anniversary of the earlier of (i) the date the Plan is adopted by the Board,
or (ii) the date the Plan is approved by the stockholders of the Company. No Stock Awards may be granted under the Plan while
the Plan is suspended or after it is terminated.

 

(b)          No
Impairment of Rights. Suspension or termination of the Plan will not impair rights and obligations under any Stock Award granted
while the Plan is in effect except with the written consent of the affected Participant or as otherwise permitted in the Plan.

 

11.         Effective
Date of Plan.

 

This Plan will become
effective on the Effective Date.

 

12.         Choice
of Law.

 

The laws of the State
of Delaware will govern all questions concerning the construction, validity and interpretation of this Plan, without regard to
that state’s conflict of laws rules.

 

13.         Definitions.
As used in the Plan, the following definitions will apply to the capitalized terms indicated below:

 

(a)          “Affiliate”
means, at the time of determination, any “parent” or “majority-owned subsidiary” of the Company, as such
terms are defined in Rule 405. The Board will have the authority to determine the time or times at which “parent”
or “majority-owned subsidiary” status is determined within the foregoing definition.

 

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

 

(c)          “Capitalization
Adjustment” means any change that is made in, or other events that occur with respect to, the Common Stock subject
to the Plan or subject to any Stock Award after the Effective Date without the receipt of consideration by the Company through
merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash,
large nonrecurring cash dividend, stock split, reverse stock split, liquidating dividend, combination of shares, exchange of shares,
change in corporate structure, or any similar equity restructuring transaction, as that term is used in Statement of Financial
Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto). Notwithstanding the foregoing,
the conversion of any convertible securities of the Company will not be treated as a Capitalization Adjustment.

 

    	 	 18.	 

     

    

 

(d)          “Cause”
will have the meaning ascribed to such term in any written agreement between the Participant and the Company defining such term
and, in the absence of such agreement, such term means, with respect to a Participant, the occurrence of any of the following events:
(i) such Participant’s commission of any felony or any crime involving fraud, dishonesty or moral turpitude under the
laws of the United States or any state thereof; (ii) such Participant’s attempted commission of, or participation in, a fraud
or act of dishonesty against the Company; (iii) such Participant’s intentional, material violation of any contract or
agreement between the Participant and the Company or of any statutory duty owed to the Company; (iv) such Participant’s
unauthorized use or disclosure of the Company’s confidential information or trade secrets; or (v) such Participant’s
gross misconduct. The determination that a termination of the Participant’s Continuous Service is either for Cause or without
Cause will be made by the Company, in its sole discretion. Any determination by the Company that the Continuous Service of a Participant
was terminated with or without Cause for the purposes of outstanding Stock Awards held by such Participant will have no effect
upon any determination of the rights or obligations of the Company or such Participant for any other purpose.

 

(e)          “Change
in Control” means the occurrence, in a single transaction or in a series of related transactions, of any one or more
of the following events:

 

(i)          any
Exchange Act Person becomes the Owner, directly or indirectly, of securities of the Company representing more than fifty percent (50%)
of the combined voting power of the Company’s then outstanding securities other than by virtue of a merger, consolidation
or similar transaction. Notwithstanding the foregoing, a Change in Control will not be deemed to occur (A) on account of the
acquisition of securities of the Company directly from the Company, (B) on account of the acquisition of securities of the Company
by an investor, any affiliate thereof or any other Exchange Act Person that acquires the Company’s securities in a transaction
or series of related transactions the primary purpose of which is to obtain financing for the Company through the issuance of equity
securities or (C) solely because the level of Ownership held by any Exchange Act Person (the “Subject Person”)
exceeds the designated percentage threshold of the outstanding voting securities as a result of a repurchase or other acquisition
of voting securities by the Company reducing the number of shares outstanding, provided that if a Change in Control would occur
(but for the operation of this sentence) as a result of the acquisition of voting securities by the Company, and after such share
acquisition, the Subject Person becomes the Owner of any additional voting securities that, assuming the repurchase or other acquisition
had not occurred, increases the percentage of the then outstanding voting securities Owned by the Subject Person over the designated
percentage threshold, then a Change in Control will be deemed to occur;

 

(ii)         there
is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and, immediately after
the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior thereto
do not Own, directly or indirectly, either (A) outstanding voting securities representing more than fifty percent (50%)
of the combined outstanding voting power of the surviving Entity in such merger, consolidation or similar transaction or (B) more
than fifty percent (50%) of the combined outstanding voting power of the parent of the surviving Entity in such merger,
consolidation or similar transaction, in each case in substantially the same proportions as their Ownership of the outstanding
voting securities of the Company immediately prior to such transaction;

 

    	 	 19.	 

     

    

 

(iii)        the
stockholders of the Company approve or the Board approves a plan of complete dissolution or liquidation of the Company, or a complete
dissolution or liquidation of the Company will otherwise occur, except for a liquidation into a parent corporation; or

 

(iv)        there
is consummated a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated assets of
the Company and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated
assets of the Company and its Subsidiaries to an Entity, more than fifty percent (50%) of the combined voting power of
the voting securities of which are Owned by stockholders of the Company in substantially the same proportions as their Ownership
of the outstanding voting securities of the Company immediately prior to such sale, lease, license or other disposition.

 

Notwithstanding the foregoing definition
or any other provision of this Plan, (A) the term Change in Control will not include a sale of assets, merger or other transaction
effected exclusively for the purpose of changing the domicile of the Company, and (B) the definition of Change in Control
(or any analogous term) in an individual written agreement between the Company or any Affiliate and the Participant will supersede
the foregoing definition with respect to Stock Awards subject to such agreement; provided, however, that if no definition
of Change in Control or any analogous term is set forth in such an individual written agreement, the foregoing definition will
apply.

 

(f)          “Code”
means the Internal Revenue Code of 1986, as amended, including any applicable regulations and guidance thereunder.

 

(g)          “Committee”
means a committee of one (1) or more Directors to whom authority has been delegated by the Board in accordance with Section 2(c).

 

(h)          “Common
Stock” means the common stock of the Company.

 

(i)          “Company”
means Eton Pharmaceuticals, Inc., a Delaware corporation.

 

(j)          “Consultant”
means any person, including an advisor, who is (i) engaged by the Company or an Affiliate to render consulting or advisory
services and is compensated for such services, or (ii) serving as a member of the board of directors of an Affiliate and is
compensated for such services. However, service solely as a Director, or payment of a fee for such service, will not cause a Director
to be considered a “Consultant” for purposes of the Plan.

 

    	 	 20.	 

     

    

 

(k)          “Continuous
Service” means that the Participant’s service with the Company or an Affiliate, whether as an Employee, Director
or Consultant, is not interrupted or terminated. A change in the capacity in which the Participant renders service to the Company
or an Affiliate as an Employee, Director or Consultant or a change in the Entity for which the Participant renders such service,
provided that there is no interruption or termination of the Participant’s service with the Company or an Affiliate, will
not terminate a Participant’s Continuous Service; provided, however, that if the Entity for which a Participant is
rendering services ceases to qualify as an Affiliate, as determined by the Board in its sole discretion, such Participant’s
Continuous Service will be considered to have terminated on the date such Entity ceases to qualify as an Affiliate. For example,
a change in status from an Employee of the Company to a Consultant of an Affiliate or to a Director will not constitute an interruption
of Continuous Service. To the extent permitted by law, the Board or the chief executive officer of the Company, in that party’s
sole discretion, may determine whether Continuous Service will be considered interrupted in the case of (i) any leave of absence
approved by the Board or chief executive officer, including sick leave, military leave or any other personal leave, or (ii) transfers
between the Company, an Affiliate, or their successors. Notwithstanding the foregoing, a leave of absence will be treated as Continuous
Service for purposes of vesting in a Stock Award only to such extent as may be provided in the Company’s leave of absence
policy, in the written terms of any leave of absence agreement or policy applicable to the Participant, or as otherwise required
by law.

 

(l)          “Corporate
Transaction” means the consummation, in a single transaction or in a series of related transactions, of any one or
more of the following events:

 

(i)          a
sale or other disposition of all or substantially all, as determined by the Board in its sole discretion, of the consolidated assets
of the Company and its Subsidiaries;

 

(ii)         a
sale or other disposition of more than fifty percent (50%) of the outstanding securities of the Company;

 

(iii)        a
merger, consolidation or similar transaction following which the Company is not the surviving corporation; or

 

(iv)        a
merger, consolidation or similar transaction following which the Company is the surviving corporation but the shares of Common
Stock outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of
the merger, consolidation or similar transaction into other property, whether in the form of securities, cash or otherwise.

 

(m)          “Director”
means a member of the Board.

 

(n)          “Disability”
means, with respect to a Participant, the inability of such Participant to engage in any substantial gainful activity by reason
of any medically determinable physical or mental impairment that can be expected to result in death or that has lasted or can be
expected to last for a continuous period of not less than twelve (12) months as provided in Sections 22(e)(3) and
409A(a)(2)(c)(i) of the Code, and will be determined by the Board on the basis of such medical evidence as the Board deems warranted
under the circumstances.

 

(o)          “Dissolution”
means when the Company, after having executed a certificate of dissolution with the State of Delaware, has completely wound up
its affairs. Conversion of the Company into a Limited Liability Company will not be considered a “Dissolution” for
purposes of the Plan.

 

    	 	 21.	 

     

    

 

(p)          “Effective
Date” means the effective date of this Plan, which is the earlier of (i) the date that this Plan is first approved
by the Company’s stockholders, and (ii) the date this Plan is adopted by the Board.

 

(q)          “Employee”
means any person employed by the Company or an Affiliate. However, service solely as a Director, or payment of a fee for such services,
will not cause a Director to be considered an “Employee” for purposes of the Plan.

 

(r)          “Entity”
means a corporation, partnership, limited liability company or other entity.

 

(s)          “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

(t)          “Exchange
Act Person” means any natural person, Entity or “group” (within the meaning of Section 13(d) or
14(d) of the Exchange Act), except that “Exchange Act Person” will not include (i) the Company or any
Subsidiary of the Company, (ii) any employee benefit plan of the Company or any Subsidiary of the Company or any trustee or
other fiduciary holding securities under an employee benefit plan of the Company or any Subsidiary of the Company, (iii) an
underwriter temporarily holding securities pursuant to an offering of such securities, (iv) an Entity Owned, directly or indirectly,
by the stockholders of the Company in substantially the same proportions as their Ownership of stock of the Company; or (v) any
natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act) that, as
of the Effective Date, is the Owner, directly or indirectly, of securities of the Company representing more than fifty percent (50%)
of the combined voting power of the Company’s then outstanding securities.

 

(u)          “Fair
Market Value” means, as of any date, the value of the Common Stock determined by the Board in compliance with Section
409A of the Code or, in the case of an Incentive Stock Option, in compliance with Section 422 of the Code.

 

(v)         “Incentive
Stock Option” means an option granted pursuant to Section 5 of the Plan that is intended to be, and that qualifies
as, an “incentive stock option” within the meaning of Section 422 of the Code.

 

(w)          “Nonstatutory
Stock Option” means any option granted pursuant to Section 5 of the Plan that does not qualify as an Incentive Stock
Option.

 

(x)          “Officer”
means any person designated by the Company as an officer.

 

(y)          “Option”
means an Incentive Stock Option or a Nonstatutory Stock Option to purchase shares of Common Stock granted pursuant to the Plan.

 

(z)          “Option
Agreement” means a written agreement between the Company and an Optionholder evidencing the terms and conditions
of an Option grant. Each Option Agreement will be subject to the terms and conditions of the Plan.

 

    	 	 22.	 

     

    

 

(aa)         “Optionholder”
means a person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding
Option.

 

(bb)         “Other
Stock Award” means an award based in whole or in part by reference to the Common Stock which is granted pursuant
to the terms and conditions of Section 6(c).

 

(cc)         “Other
Stock Award Agreement” means a written agreement between the Company and a holder of an Other Stock Award evidencing
the terms and conditions of an Other Stock Award grant. Each Other Stock Award Agreement will be subject to the terms and conditions
of the Plan.

 

(dd)         “Own,”
“Owned,” “Owner,” “Ownership” A person or Entity
will be deemed to “Own,” to have “Owned,” to be the “Owner” of, or to have acquired “Ownership”
of securities if such person or Entity, directly or indirectly, through any contract, arrangement, understanding, relationship
or otherwise, has or shares voting power, which includes the power to vote or to direct the voting, with respect to such securities.

 

(ee)         “Participant”
means a person to whom a Stock Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding
Stock Award.

 

(ff)         “Plan”
means this Eton Pharmaceuticals, Inc. 2017 Equity Incentive Plan, as it may be amended from time to time.

 

(gg)         “Restricted
Stock Award” means an award of shares of Common Stock which is granted pursuant to the terms and conditions of Section 6(a).

 

(hh)         “Restricted
Stock Award Agreement” means a written agreement between the Company and a holder of a Restricted Stock Award evidencing
the terms and conditions of a Restricted Stock Award grant. Each Restricted Stock Award Agreement will be subject to the terms
and conditions of the Plan.

 

(ii)         “Restricted
Stock Unit Award” means a right to receive shares of Common Stock which is granted pursuant to the terms and conditions
of Section 6(b).

 

(jj)         “Restricted
Stock Unit Award Agreement” means a written agreement between the Company and a holder of a Restricted Stock Unit
Award evidencing the terms and conditions of a Restricted Stock Unit Award grant. Each Restricted Stock Unit Award Agreement will
be subject to the terms and conditions of the Plan.

 

(kk)       “Rule
405” means Rule 405 promulgated under the Securities Act.

 

(ll)         “Rule
701” means Rule 701 promulgated under the Securities Act.

 

(mm)     “Securities
Act” means the Securities Act of 1933, as amended.

 

(nn)         “Stock
Appreciation Right” or “SAR” means a right to receive the appreciation on Common Stock
that is granted pursuant to the terms and conditions of Section 5.

 

    	 	 23.	 

     

    

 

(oo)         “Stock
Appreciation Right Agreement” means a written agreement between the Company and a holder of a Stock Appreciation
Right evidencing the terms and conditions of a Stock Appreciation Right grant. Each Stock Appreciation Right Agreement will be
subject to the terms and conditions of the Plan.

 

(pp)         “Stock
Award” means any right to receive Common Stock granted under the Plan, including an Incentive Stock Option, a Nonstatutory
Stock Option, a Restricted Stock Award, a Restricted Stock Unit Award, a Stock Appreciation Right or any Other Stock Award.

 

(qq)         “Stock
Award Agreement” means a written agreement between the Company and a Participant evidencing the terms and conditions
of a Stock Award grant. Each Stock Award Agreement will be subject to the terms and conditions of the Plan.

 

(rr)         “Subsidiary”
means, with respect to the Company, (i) any corporation of which more than fifty percent (50%) of the outstanding
capital stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether,
at the time, stock of any other class or classes of such corporation will have or might have voting power by reason of the happening
of any contingency) is at the time, directly or indirectly, Owned by the Company, and (ii) any partnership, limited liability
company or other entity in which the Company has a direct or indirect interest (whether in the form of voting or participation
in profits or capital contribution) of more than fifty percent (50%) .

 

(ss)         “Ten
Percent Stockholder” means a person who Owns (or is deemed to Own pursuant to Section 424(d) of the Code) stock
possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any
Affiliate.

 

(tt)         “Transaction”
means a Corporate Transaction or a Change in Control.

 

    	 	 24.

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