Document:

Exhibit
10.3

 

Cariloha, Inc.

Change in Control Severance Plan

 

		I.	Purposes of the Plan. Cariloha, Inc., a Delaware corporation (the “Company”),
establishes this Change in Control Severance Plan (the “Plan”) to provide severance benefits to certain key executives
and other employees in the event of a termination of employment in connection with a Change in Control (as defined below) in return for
a waiver and release of all employment-related claims against the Company. The purposes of this Plan include to encourage continued service
of the Plan’s participants to the Company, to alleviate some of the financial uncertainty such individuals may otherwise have in
circumstances surrounding a Change in Control, and to finally resolve potential employment claims with participants receiving benefits
under the Plan.

 

		II.	Definitions. As used in the Plan, the following terms shall have the meanings set forth below:

 

		A.	“Administrator” means the Board of Directors of the Company or any committee duly authorized
by the Board of Directors of the Company to administer the Plan or, subject to Section IX of the Plan, any delegee
thereof.

 

		B.	“Affiliate” means any entity that directly or indirectly controls, is controlled by
or is under common control with the Company.

 

		C.	“Board” means the Board of Directors of Cariloha, Inc.

 

		D.	“Cause” is to be construed the same as such similar term is defined in any employment
agreement, offer letter, or service provider agreement between a Participant and the Company as may be in force from time to time, and
in the absence of such agreement or letter, shall mean, as determined by the Company, the Participant’s (i) failure to reasonably
perform the Participant’s duties to the Company or to follow the lawful instructions of his or her superiors in a manner that could
reasonably be expected to result in harm to the Company, other than as a result of incapacity due to physical or mental illness or injury;
(ii) willful violation of the Company’s written policies that could reasonably be expected to result in harm to the Company;
(iii) engaging in conduct that is, or could reasonably expected to be, materially damaging to the Company; (iv) willful misconduct
or gross negligence that could reasonably be expected to result in harm to the Company; (v) act of fraud or misappropriation, embezzlement
or misuse of funds or property belonging to the Company; (vi) conviction of, or plea of guilty or no contest to, a felony or any
crime involving as a material element fraud or dishonesty; or (vii) willful breach of a fiduciary duty owed to the Company.

 

		E.	“Change in Control” means “Change in Control” as defined under the Company’s
2022 Incentive Award Plan, as it may be amended, restated or replaced from time to time.

 

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		F.	“Change-in-Control Period” means the period from the date of the Change in Control
to the end of the 12-month period immediately following the Change in Control.

 

		G.	“Code” means the Internal Revenue Code of 1986, as amended from time to time.

 

		H.	“Company” means Cariloha, Inc. and, unless the context indicates otherwise, its
Affiliates.

 

		I.	“Eligible Employee” means any management or highly compensated employee of the Company
or an Affiliate, which category may be further limited by the Administrator to a more selective group of officers or executives.

 

		J.	“ERISA” means the Employee Retirement Income Security Act of 1974, as it may be amended
from time to time.

 

		K.	“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.

 

		L.	“Good Reason” is to be construed the same as such similar term is defined in any employment
agreement or offer letter between a Participant and the Company as may be in force from time to time, and in the absence of such agreement
or letter, shall mean the occurrence of any of the following circumstances, without the Participant’s written consent, which remains
uncured by the Company for at least 15 days after the Company’s receipt of notice thereof from the Participant; provided that such
notice must be received by the Company within 20 days after the date the circumstance constituting Good Reason first came into existence:
(i) a material reduction in the Participant’s base salary or target annual bonus opportunity, other than a reduction that is
part of and consistent with a reduction in compensation of all similarly situated employees of the Company; (ii) a material diminution
of the Participant’s titles, duties, responsibilities or authority; provided that, for the avoidance of doubt, a change in title,
duties, responsibilities or authority that arises from a reorganization or integration undertaken in connection with a Change in Control
shall not be construed to be a material diminution if the duties, responsibilities and authority after the change are reasonably comparable
in the aggregate to those existing prior to the change; or (iii) a relocation of the Participant’s principal place of employment
that results in an increase by more than 100 miles from the Participant’s then-current principal residence.

 

		M.	“Participant” means an Eligible Employee who has been selected to participate in the
Plan pursuant to Section III.

 

		N.	“Plan” means this Change in Control Severance Plan, as it may be amended from time
to time.

 

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		O.	“Qualifying Termination” means a termination of a Participant’s employment with
the Company during the Change in Control Period, which employment termination is initiated either (i) by the Company as a termination
without Cause or (ii) by the Participant as a resignation for Good Reason. For the avoidance of doubt, no Qualifying Termination
shall have occurred as a result of a termination of employment that is on account of the Participant’s death, disability or voluntary
retirement, or due to a termination for Cause.

 

		P.	“Qualifying Termination Date” means, with respect to a Qualifying Termination, the
date on which a Participant’s employment with the Company is to terminate pursuant to a notice of termination from the Company to
the Participant or a notice of resignation for Good Reason from the Participant to the Company, as the case may be.

 

		Q.	“Qualifying Termination Payments” means the payments and benefits for which Participants
experiencing a Qualifying Termination are eligible pursuant to Section IV.

 

		R.	“Section 409A” means section 409A of the Code, any successor provisions thereto,
and the guidance issued thereunder, as amended from time to time.

 

		III.	Plan Participation. The Administrator shall designate, from time to time, the Eligible Employees
who may become participants in the Plan upon signing an acknowledgement of participation in such form as may be required by the Administrator
(each, a “Participant”). An Eligible Employee who becomes a Participant shall continue to be a Participant eligible
for benefits under the Plan until (i) the individual is no longer employed by the Company under circumstances not constituting a
Qualifying Termination, (ii) the Plan term expires without a Change in Control, (iii) the individual has a Qualifying Termination
and all of the Qualifying Termination Payments owed to the individual have been made, or (iv) the individual ceases to be a Participant
pursuant to an amendment of the Plan, subject to the restrictions under Section VIII.

 

		IV.	Qualifying Termination Payments. A Participant experiencing a Qualifying Termination shall be eligible
for the cash severance payments described in this Section IV, subject to (i) the Participant’s continued
employment through the Qualifying Termination Date (unless this condition is waived by the Company), and (ii) the Participant’s
timely execution, delivery and non-revocation of a general release of claims against the Company in such form as may be required by the
Administrator (“General Release”).

 

		A.	The Participant shall be eligible for a cash payment equal to the sum of (A) the number of months
(as specified in the acknowledgement of participation described in Section III) of the Participant’s annual base
salary as in effect immediately prior to the Qualifying Termination Date (or, if greater, prior to a reduction in annual base salary constituting
the grounds for a Good Reason resignation resulting in the Participant’s Qualifying Termination), plus (B) the average of the
Participant’s annual bonuses earned, if any, during the three-year period ending on the Qualifying Termination Date.

 

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		B.	Subject to Section V (six month delay) and unless installments are specified in the
Participant’s acknowledgement of participation described in Section III, the cash payment shall be made in a
lump sum within 60 days after the Qualifying Termination Date, but in no case prior to the expiration of the revocation period of the
General Release. Notwithstanding the foregoing, if the payment constitutes nonqualified deferred compensation subject to Section 409A
and the time in which the Participant delivers an executed General Release could affect whether the Participant would receive the payment
in the Participant’s taxable year in which the General Release review period begins or the subsequent taxable year, then the payment
will be made (absent a revocation of the General Release) as soon as practicable after the later of the first business day of the subsequent
taxable year or the day following the expiration of the revocation period.

 

		C.	For any Qualifying Termination, the Participant shall only be eligible for the severance benefits constituting
Qualifying Termination Payments under this Plan and no other severance benefits for which the Participant may otherwise have been eligible
under any other severance plan of the Company and/or an individual agreement between the Company and the Participant (collectively, “Other
Severance Benefits”) for the same employment termination event. By accepting participation in this Plan, the Participant waives
any and all rights and interest in any Other Severance Benefits that may have otherwise arisen in connection with a Qualifying Termination;
provided that, for the avoidance of doubt, the Participant shall be entitled to all accrued and non-forfeitable compensation and benefits
owed to him or her in connection with the Participant’s employment with the Company.

 

		D.	Notwithstanding anything in the Plan to the contrary, the Company will be entitled to the extent permitted
or required by applicable law, Company policy or the requirements of an exchange on which the Company’s common stock may be listed
for trading, in each case, as in effect from time to time, to effectuate a forfeiture of all or part of the Qualifying Termination Payments
and/or recoup compensation of whatever kind paid by the Company pursuant to the Plan.

 

		E.	A Participant’s entitlement to cash payment under this Section IV is subject
to the Participant’s continued compliance with any non-competition, non-solicitation, non-disclosure or similar restrictive covenant
obligation owed to the Company for a period equal to the number of months of severance pay specified in the Participant’s acknowledgement
of participation, commencing on the Qualifying Termination Date (the “Prohibited Period”). If a Participant fails to comply
with any such obligations after benefits under this Plan have already been paid, such benefits shall be subject to recoupment by the Company.

 

		V.	Six-Month Delay for Specified Employees. Notwithstanding any provision of this Plan to the contrary,
if a Participant is a “specified employee,” then, to the extent required under Treasury Regulation section 1.409A-3(i)(2),
any payments that constitute “nonqualified deferral of compensation” that become due upon the Participant’s “separation
from service” (other than due to the Participant’s death) and that would have been made under the terms of the Plan within
the six-month period commencing on the Participant’s “separation from service” shall be delayed and instead be made
as soon as practicable after the end of such six-month period. For purposes of this paragraph, the terms “specified employee,”
 “nonqualified deferral of compensation,” and “separation from service” have the meanings given to them under Section 409A.

 

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		VI.	Section 280G Golden Parachute Cutback (“Best Net”). Notwithstanding anything in
the Plan to the contrary, if any Qualifying Termination Payments payable to the Participant under the Plan would constitute “parachute
payments” and, either alone or when combined with any other “parachute payments” payable to the Participant (collectively,
the “Total Payments”), would result in any “excess parachute payments” becoming subject to the excise tax imposed
by section 4999 of the Code, or any successor provision thereto (the “Excise Tax”), then the Total Payments shall be reduced
to an amount equal to One Dollar ($1) less than the maximum amount that could be paid to Executive without giving rise to any Excise Tax
(the “Safe Harbor Cap”); provided that the reduction contemplated by this section shall be applied only if the net after-tax
benefit to the Participant after such reduction would be greater than the net after-tax benefit to Participant without such reduction
(notwithstanding the application of any Excise Tax on the unreduced Total Payments). For the avoidance of doubt, Participant shall be
responsible for the payment of any Excise Tax arising from the Total Payments. For purposes of this paragraph, the terms “parachute
payment” and “excess parachute payment” have the meanings given to them under section 280G of the Code. Any reduction
required by this paragraph shall be applied, first, to any Qualifying Termination Payments that do not constitute nonqualified deferred
compensation subject to Section 409A, in the order elected by the Company and, second, to any Qualifying Termination Payments that
do constitute such nonqualified deferred compensation, in reverse order of the date the payment is to be made (or the benefit is to be
provided). Unless otherwise agreed in writing by the Company and the Participant, all determinations required under this paragraph shall
be made by the Company or its delegate and shall be conclusive and binding on all persons.

 

		VII.	Term of the Plan. The Plan shall remain in effect for a term of 5 years after the date of its approval
by the Board (subject to an extension of the term by the Company), unless a Change in Control occurs prior to the expiration of the term.
No Qualifying Termination Payments shall be due with respect to a Change in Control that occurs after the term of the Plan has expired.
If a Change in Control occurs within the term of the Plan, the Plan shall terminate automatically immediately following the satisfaction
of any Qualifying Termination Payments owed with respect to such Change in Control, but in no case shall any rights accrue under the Plan
with respect to any subsequent Change in Control.

 

		VIII.	Amendment and Termination. The Plan may be amended or terminated by the Company at any time.

 

		IX.	Administration of the Plan. The Plan shall be administered by the Administrator, whose actions
and determinations in such capacity shall be final, conclusive and binding upon all persons. The Administrator may employ attorneys, consultants,
accountants, agents and other individuals to assist in administration of the Plan, and the Company and its officers and directors shall
be entitled to rely upon the advice, opinions or valuations of any such individuals. The Administrator shall have full authority to interpret
the terms and the intent of the Plan and to adopt such rules, regulations, forms, and guidelines for administering the Plan as the Administrator
may deem necessary or proper. The Administrator may delegate administrative authority of the Plan (other than the selection of Participants),
in whole or in part, to one or more officers or employees of the Company, provided that no such delegees shall have the authority to interpret
or administer the terms of the Plan pertaining to Participants who are subject to section 16 of the Exchange Act.

 

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		X.	Claims. The claims procedures of this Section X shall be construed and interpreted
in a manner consistent with the applicable provisions of section 503 of ERISA.

 

		A.	Initial Claim for Benefits. A Participant may submit a claim for the benefits provided under this
Plan to the Administrator in writing, along with any information or documentation needed to process the claim. The Administrator will
respond to the claim request by written notice within ninety (90) days after it receives the request and any such information and documentation.
If the Administrator denies the claim, in whole or in part, it will give written notice of the decision to the claimant (which term includes
the claimant’s authorized representative) that sets forth, in a manner calculated to be understood by the claimant, (i) the
specific reason(s) for the denial, (ii) a specific reference to the pertinent Plan provision(s) on which the denial is
based, (iii) any additional information or documentation the claimant may need to perfect the claim, along with an explanation of
why the additional information or documentation is needed, and (iv) the procedure and timeframe for further review of the claim,
including a statement regarding the claimant’s right to bring a civil action under section 502(a) of ERISA following an adverse
benefit determination upon review.

 

		B.	Request for Review of Claim Denial. The claimant shall have the right to make a request in writing
to the Administrator to review any initial claim denial within sixty (60) days after receiving the notice of the denial. The claimant
has the right, upon written request, to review or receive copies, free of charge, any documents, records or other information relevant
to the claimant’s denied claim, and may submit written comments, documents, records and other information in connection with the
request for review (even if not submitted with the initial claim). The Administrator will respond to the request for review by written
notice within sixty (60) days after receiving the request. If the Administrator continues to deny the claim, in whole or in part, the
notice will set forth, in a manner calculated to be understood by the claimant, (i) the specific reason(s) for the denial, (ii) a
specific reference to the pertinent Plan provision(s) on which the decision is based, (iii) a statement that the claimant has
the right, upon written request, to review or receive copies, free of charge, any documents, records or other information relevant to
the claimant’s denied claim, and (iv) a statement regarding the claimant’s right to bring a civil action under section
502(a) of ERISA.

 

		XI.	Miscellaneous Provisions.

 

		A.	Governing Law. To the extent not preempted by ERISA or any other federal law, the Plan and the
rights of all persons under the Plan shall be construed and interpreted in accordance with the laws of the State of Delaware without regard
to its conflict of law principles.

 

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		B.	Severability. If any part of the Plan is declared by any court or governmental authority to be
unlawful or invalid, such unlawfulness or invalidity shall not serve to invalidate any portion of the Plan not declared to be unlawful
or invalid. Any section or part of a section so declared to be unlawful or invalid shall, if possible, be construed in a manner that will
give effect to the terms of such section or part of a section to the fullest extent possible while remaining lawful and valid.

 

		C.	Section 409A. It is intended that the Plan will comply with Section 409A, including to
the fullest extent applicable any exceptions to the requirements of Section 409A thereunder (such as, without limitation, for short-term
deferrals, separation pay arrangements, reimbursements, and in-kind distributions), and the Plan shall be administered accordingly and
interpreted and construed on a basis consistent with such intent. To the extent that any provision of the Plan would fail to comply with
the applicable requirements of Section 409A, the Administrator may, in its sole and absolute discretion and without requiring a Participant’s
consent, make such modifications to the Plan and/or Qualifying Termination Payments to the extent it determines necessary or advisable
to comply with the requirements of Section 409A; provided, however, that the Company shall in no event be obligated to pay any interest,
compensation, or penalties in respect of any such modifications. If any amount payable to a Participant under the Plan is to be paid in
two or more installments, each installment shall be treated as a separate payment for purposes of Section 409A.

 

		D.	No Implied Rights. No individual shall have any claim or right to become a Participant in the Plan,
except pursuant to Section III hereof. Nothing contained in the Plan shall confer upon any Participant any right with
respect to the continuation of his or her employment by the Company or interfere in any way with the right of the Company at any time
to terminate such employment. No Qualifying Termination Payments shall be treated as compensation for purposes of determining any benefits
payable under any Company retirement, life insurance or other employee benefit plan, unless otherwise required by the terms of the plan
or local law.

 

		E.	Withholding. The Company shall withhold from any Qualifying Termination Payment all federal, state,
local or other taxes as it deems necessary or appropriate to comply with applicable law.

 

		F.	No Assignment; Successors to Participants. Except as provided below or required under applicable
law, none of a Participant’s rights or interest under the Plan, or with respect to any Qualifying Termination Payments, shall be
assigned, transferred or alienated, in whole or in part, including, without limitation, by execution, levy, garnishment, attachment, pledge
or in any manner. Notwithstanding the foregoing, if a Participant dies after becoming entitled to any Qualifying Termination Payments
(including satisfaction of the condition that a General Release has become effective without revocation through the entire revocation
period) but before the full amount of such Qualifying Termination Payments are paid, any unpaid cash amounts shall be paid as soon as
administratively practicable to the Participant’s heirs, or to the authorized representative of the participant’s estate.

 

		G.	Unfunded Plan. The Plan shall be unfunded. The adoption of the Plan shall not be deemed to create
a trust or other funded arrangement. Any rights to Qualifying Termination Payments under the Plan shall be those of a general unsecured
creditor of the Company.

 

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Appendix
A

 

Cariloha, Inc.

 

Change
in Control Severance Plan

 

Sample
Participation Agreement

 

    8Exhibit 10.7

 

 

CARILOHA, INC.

 

2022 EMPLOYEE STOCK
PURCHASE PLAN

 

 

Article I.

PURPOSE

 

The purpose of this Plan is
to assist Eligible Employees of the Company and its Designated Entities in acquiring a share ownership interest in the Company.

 

The Plan permits two types
of Offerings: a Section 423 Offering and a Non-Section 423 Offering. It is the intention of the Company to have each Section 423
Offering qualify as an “employee stock purchase plan” under Section 423 of the Code and to have each Non-Section 423
Offering be exempt from the requirements of Section 409A of the Code. The provisions of the Plan with respect to any Section 423
Offering shall, accordingly, be construed and administered consistently with that intention. Except as otherwise provided in the Plan
or determined by the Administrator, each Non-Section 423 Offering will operate and be administered in the same manner as any Section 423
Offering.

 

For purposes of this Plan,
the Administrator may designate separate Offerings under the Plan in which Eligible Employees will participate and whether the Offering
is a Section 423 Offering or a Non-Section 423 Offering. The terms of these Offerings need not be identical, even if the dates
of the applicable Offering Period(s) in each such Offering are identical, provided that the terms of participation are the same within
each separate Offering.

 

Article II.

DEFINITIONS AND CONSTRUCTION

 

Wherever the following terms are used in the Plan
they shall have the meanings specified below, unless the context clearly indicates otherwise.

 

2.1            “Administrator”
means the entity, group or person that conducts the general administration of the Plan as provided in Article XI.

 

2.2            “Affiliate”
means any Person, other than a Subsidiary, whether or not such Person now exists or is hereafter organized or acquired by the Company
or an Affiliate, directly or indirectly, controlling, controlled by or under common control with the Company, whether by management authority,
contract, equity interest or otherwise. “Control,” “Person” and other correlative terms will have the meanings
ascribed to such terms in Rule 12b-2 of the Exchange Act.

 

2.3            “Agent”
means the brokerage firm, bank or other financial institution, entity or person(s), if any, engaged, retained, appointed or authorized
to act as the agent of the Company or an Eligible Employee with regard to the Plan.

 

2.4            “Applicable
Law” means the requirements relating to the administration of equity incentive plans or employee stock purchase plans under
U.S. federal and state securities, tax and other applicable laws, rules and regulations, the applicable rules of any stock exchange
or quotation system on which Shares are listed or quoted and the applicable laws and rules of any foreign country or other jurisdiction
where rights under this Plan are granted or exercised.

 

2.5            “Board”
means the Board of Directors of the Company.

 

    

     

    

 

2.6            “Cashless
Participation Agreement” means a cashless participation agreement in such form as may be adopted or amended by the Administrator
from time to time.

 

2.7            “Cashless
Participation Amount” means a loan provided by the Cashless Participation Provider to the Participant, pursuant to the Cashless
Participation Agreement.

 

2.8            “Cashless
Participation Program” means the program described in Section 6.2.

 

2.9            “Cashless
Participation Program Documents” means the Cashless Participation Agreement, the Irrevocable Contract, and such other documents
required for participation in the Cashless Participation Program.

 

2.10          “Cashless
Participation Provider” means the party identified in the Cashless Participation Agreement.

 

2.11          “Code”
means the U.S. Internal Revenue Code of 1986, as amended, and the regulations issued thereunder.

 

2.12          “Company”
means Cariloha, Inc., a Delaware corporation, or any successor.

 

2.13          “Company’s
401(k) Savings Plan” means any cash or deferred plan within the meaning of Section 401(k) of the Code as
may be sponsored by the Company and/or any Designated Entity.

 

2.14          “Compensation”
of an Eligible Employee means, unless otherwise determined by the Administrator with respect to an Offering and set forth in the applicable
Offering Document, the gross cash compensation paid by the Company or any Designated Entity to such Eligible Employee as compensation
for services to the Company or Designated Entity, including any prior-week adjustments, overtime payments, and shift differential payments,
and excluding any commissions, cash incentive compensation and bonuses (including retention or sign on bonuses), statutory disability
pay and disability benefits, education or tuition reimbursements, car expenses, travel expenses, business and moving reimbursements, income
received in connection with any stock options, stock appreciation rights, restricted stock, restricted stock units or other compensatory
equity awards, gifts and awards, fringe benefits, other special payments and all contributions made by the Company or any Designated Entity
for the Employee’s benefit under any employee benefit plan now or hereafter established. Compensation will not be reduced for any
pre-tax or Roth post-tax contributions to the Company’s 401(k) Savings Plan, any salary reduction contributions to a cafeteria
plan under Section 125 of the Code, any elective amounts that are not includible in gross income under Section 132(f)(4) of
the Code, and any contributions of such Eligible Employee to any deferred compensation maintained by the Company or any Designated Entity.

 

2.15          “Designated
Beneficiary” means the beneficiary or beneficiaries the Participant designates, in a manner the Administrator determines
(including the requirement that to be effective, any beneficiary designation must be received by the Administrator prior to a Participant’s
death), to receive amounts due or exercise the Participant’s rights if the Participant dies or becomes incapacitated. Without a
Participant’s effective designation, “Designated Beneficiary” will mean the Participant’s estate.

 

2.16          “Designated
Entity” means any Subsidiary or Affiliate that has been designated by the Administrator in its sole discretion as eligible
to participate in an Offering under the Plan. For purposes of any Section 423 Offering, only the Company and its Subsidiaries may
be Designated Entities, provided that a Subsidiary that is a Designated Entity under a Section 423 Offering may not simultaneously
be a Designated Entity under a Non-Section 423 Offering. An Affiliate and/or Subsidiary will be designated by the Administrator in
accordance with Section 11.2(b).

 

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2.17          “Effective
Date” means the date specified in Schedule A, which is the date the Board approved the Plan.

 

2.18          “Eligible
Employee” means an Employee of the Company or a Designated Entity provided that such Employee does not, immediately after
any rights under this Plan are granted, own (directly or through attribution) stock possessing five percent (5%) or more of the total
combined voting power or value of all classes of shares and other securities of the Company, a Parent or a Subsidiary (as determined under
Section 423(b)(3) of the Code). For purposes of the foregoing, the rules of Section 424(d) of the Code with regard
to the attribution of stock ownership shall apply in determining the stock ownership of an individual, and stock that an Employee may
purchase under outstanding options shall be treated as stock owned by the Employee. Notwithstanding the foregoing, the Administrator may
provide in an Offering Document that an Employee shall not be eligible to participate in an Offering Period if: (a) such Employee
is a highly compensated employee within the meaning of Section 423(b)(4)(D) of the Code; (b) such Employee has not met
service or other eligibility requirements designated by the Administrator (which must in all events be less than two (2) years);
(c) such Employee’s customary employment is for twenty (20) hours per week or less; (d) such Employee’s customary
employment is for five (5) months or less in any calendar year; (e) such Employee is a citizen or resident of a foreign jurisdiction
and the grant of a right to purchase Shares under the Plan to such Employee would be prohibited under the laws of such foreign jurisdiction
or the grant of a right to purchase Shares under the Plan to such Employee in compliance with the laws of such foreign jurisdiction would
cause the Plan to violate the requirements of Section 423 of the Code, as determined by the Administrator in its sole discretion;
(f) the Employee is subject to a collective bargaining agreement that does not provide for participation in the Plan, subject to
Applicable Law; and/or (g) for a Non-Section 423 Offering, such Employee does not meet other eligibility requirements as specified
in the Offering Document; provided, that any exclusion in clauses (a), (b), (c), (d) or (e) shall be applied in an identical
manner within any Offering for an Offering Period to all Employees.

 

2.19          “Employee”
means, unless otherwise determined by the Administrator with respect to an Offering, any individual who renders services to the Company
or any Designated Entity and is classified by the Company or any Designated Entity as an employee, and who is an employee of the Company
or any Designated Entity within the meaning of Section 3401(c) of the Code. For purposes of an individual’s participation
in, or other rights under the Plan, all determinations by the Administrator shall be final, binding and conclusive, notwithstanding that
any court of law or governmental agency subsequently makes a contrary determination. For purposes of the Plan, the employment relationship
shall be treated as continuing intact while the individual is on sick leave or other leave of absence approved by the Company or Designated
Entity and meeting the requirements of Treasury Regulation Section 1.421-1(h)(2). Where the period of leave exceeds three (3) months
and the individual’s right to reemployment is not guaranteed either by statute or by contract, the employment relationship shall
be deemed to have terminated on the first day immediately following such three-month period.

 

2.20          “Enrollment
Date” means the first Trading Day of each Offering Period.

 

2.21          “Exchange
Act” means the U.S. Securities Exchange Act of 1934, as amended.

 

2.22          “Fair
Market Value” means, as of any date, the value of Shares determined as follows: (a) if the Shares are listed or readily
tradable on an established securities market, Fair Market Value will be the closing sales price for such Shares (or the closing bid, if
no sales were reported) as quoted on such market for the day of determination, as reported in The Wall Street Journal or such other source
as the Administrator deems reliable; (b) if the Shares are not readily tradable on an established securities market, but are quoted
on a national market or other quotation system, Fair Market Value will be the closing sales price on such date, or if no sales occurred
on such date, then on the last date preceding such date during which a sale occurred, as reported in The Wall Street Journal or another
source the Administrator deems reliable; or (c) without an established market for the Shares, the Administrator will determine the
Shares’ Fair Market Value in its discretion.

 

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2.23         “Irrevocable
Contract” means an irrevocable enforceable contract in such form as may be adopted or amended by the Committee from time
to time.

 

2.24          “Non-Section 423
Offering” means an Offering under the component of the Plan that is not intended to qualify as an “employee
stock purchase plan” under Code Section 423.

 

2.25          “Offering”
means an offer by the Company under the Plan to Eligible Employees of the Company or a Designated Entity of a right to purchase Shares
that may be exercised during an Offering Period, as further described in Article IV hereof.

 

2.26          “Offering
Document” has the meaning given to such term in Section 4.1.

 

2.27          “Offering
Period” has the meaning given to such term in Section 4.1.

 

2.28          “Parent”
means any corporation, other than the Company, in an unbroken chain of corporations ending with the Company if, at the time of the determination,
each of the corporations other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of
stock in one of the other corporations in such chain.

 

2.29          “Participant”
means any Eligible Employee who been granted rights to purchase Shares pursuant to the Plan for the applicable Offering Period.

 

2.30          “Plan”
means this Cariloha, Inc. 2022 Employee Stock Purchase Plan, as amended from time to time.

 

2.31          “Purchase
Date” means the last Trading Day of each Purchase Period, or such other date as determined by the Administrator and set
forth in the Offering Document.

 

2.32          “Purchase
Period” shall refer to one or more specified periods within an Offering Period, as designated in the applicable Offering
Document; provided, however, that, if no Purchase Period is designated by the Administrator in the applicable Offering
Document, the Purchase Period for each Offering Period covered by such Offering Document shall be the same as the applicable Offering
Period.

 

2.33          “Purchase
Price” means the purchase price designated by the Administrator in the applicable Offering Document, provided that the Purchase
Price of Section 423 Offerings shall not be less than eight-five percent (85%) of the Fair Market Value of a Share on the Enrollment
Date or on the Purchase Date, whichever is lower. If no Purchase Price is designated by the Administrator in the applicable Offering Document,
the Purchase Price for the Offering Periods covered by such Offering Document shall be eighty-five percent (85%) of the Fair Market Value
of a Share on the Enrollment Date or on the Purchase Date, whichever is lower. Notwithstanding the foregoing, the Purchase Price may be
adjusted by the Administrator pursuant to Article VIII and shall not be less than the par value of a Share.

 

2.34          “Section 423
Offering” means an Offering under the component of the Plan that is intended to qualify as an “employee stock purchase
plan” under Code Section 423. For purposes of Section 423 Offerings, the Plan shall be administered, interpreted and construed
in a manner consistent with the requirements of Section 423 of the Code.

 

2.35          “Securities
Act” means the U.S. Securities Act of 1933, as amended.

 

    4

     

    

 

2.36          “Share”
means a share of common stock, par value $0.0001 per share, of the Company and such other securities of the Company that may be substituted
therefor.

 

2.37          “Subsidiary”
means any corporation, other than the Company, whether or not such corporation now exists or is hereafter organized or acquired by the
Company or a Subsidiary, in an unbroken chain of corporations beginning with the Company if, at the time of the determination, each of
the corporations other than the last corporation in an unbroken chain owns stock possessing fifty percent (50%) or more of the total combined
voting power of all classes of stock in one of the other corporations in such chain; provided, however, that a limited liability company
or partnership may be treated as a Subsidiary to the extent either (a) such entity is treated as a disregarded entity under Treasury
Regulation Section 301.7701-3(a) by reason of the Company or any other Subsidiary that is a corporation being the sole owner
of such entity, or (b) such entity elects to be classified as a corporation under Treasury Regulation Section 301.7701-3(a) and
such entity would otherwise qualify as a Subsidiary.

 

2.38          “Taxes”
has the meaning given to such term in Section 6.5.

 

2.39          “Trading
Day” means a day on which the national stock exchange in the United States on which the Shares are traded is open for trading.

 

Article III.

SHARES SUBJECT TO THE PLAN

 

3.1            Number
of Shares. Subject to Article VIII, the aggregate number of Shares that may be issued or transferred pursuant to rights granted
under the Plan shall be the number of Shares specified in Schedule A. In addition to the foregoing, subject to Article VIII, and
subject to the limit in the next following sentence, on the first day of each calendar year beginning on January 1, 2023 and ending
on and including January 1, 2032, the number of Shares available for issuance under the Plan shall be increased by that number of
Shares equal to the lesser of (a) one percent (1%) of the aggregate number of Shares outstanding on the final day of the immediately
preceding calendar year or (b) such smaller number of Shares as determined by the Board. Notwithstanding anything in this Section 3.1
to the contrary, the number of Shares that may be issued or transferred pursuant to the rights granted under the Plan shall not exceed
an aggregate of the number of Shares specified in Schedule A, subject to Article VIII. If any right granted under the Plan shall
for any reason terminate without having been exercised, the Shares not purchased under such right shall again become available for issuance
under the Plan.

 

3.2            Shares
Distributed. Any Shares distributed pursuant to the Plan may consist, in whole or in part, of authorized and unissued Shares, treasury
shares or Shares purchased on the open market.

 

Article IV.

Offering Periods; Offering Documents; Purchase Dates

 

4.1            Offering
Periods. The Administrator may from time to time grant or provide for the grant of rights to purchase Shares under the Plan to Eligible
Employees during one or more periods (each, an “Offering Period”) selected by the Administrator. The terms
and conditions applicable to each Offering Period shall be set forth in an “Offering Document” adopted by the
Administrator from time to time, which Offering Document shall be in such form and shall contain such terms and conditions as the Administrator
shall deem appropriate and shall be incorporated by reference into and made part of the Plan. The Administrator may establish in each
Offering Document one or more Purchase Periods within such Offering Period during which rights granted under the Plan shall be exercised
and purchases of Shares carried out in accordance with such Offering Document and the Plan. The provisions of separate Offerings or Offering
Periods under the Plan may be partially or wholly concurrent and need not be identical.

 

    5

     

    

 

4.2            Offering
Documents. Each Offering Document with respect to an Offering Period shall specify (through incorporation of the provisions of this
Plan by reference or otherwise):

 

(a)            the
length of the Offering Period, which period shall not exceed twenty-seven (27) months;

 

(b)           the
length of the Purchase Period(s) within the Offering Period, which period(s) shall not exceed 12 months;

 

(c)            in
connection with each Section 423 Offering that contains more than one Purchase Period, the maximum aggregate number of Shares which
may be purchased by any Eligible Employee during each Purchase Period (if applicable), which, in the absence of a contrary designation
by the Administrator, shall be the number of Shares specified in Schedule A, subject to the limitations described in Section 5.5;

 

(d)            in
connection with each Section 423 Offering that does not contain more than one Purchase Period, the maximum aggregate number of Shares
which may be purchased by any Eligible Employee during such Purchase Period (if applicable), which, in the absence of a contrary designation
by the Administrator, shall be the number of Shares specified in Schedule A, subject to the limitations described in Section 5.5;

 

(e)            that
each Purchase Period within an Offering Period must have an Enrollment Date that is the first Trading Day of the Offering Period;

 

(f)            whether
the Offering for such Offering Period is intended to be a Section 423 Offering or a Non-Section 423 Offering; and

 

(g)           such
other provisions as the Administrator determines are appropriate, subject to the Plan.

 

Article V.

ELIGIBILITY AND PARTICIPATION

 

5.1            Eligibility.
Any Eligible Employee who shall be employed by the Company or a Designated Entity on a given Enrollment Date for an Offering Period shall
be eligible to participate in the Plan during such Offering Period, subject to the requirements of this Article V and, with respect
to Section 423 Offerings, the limitations imposed by Section 423(b) of the Code.

 

5.2            Enrollment
in Plan.

 

(a)            Except
as otherwise set forth herein or in an Offering Document or determined by the Administrator, an Eligible Employee may become a Participant
in the Plan for an Offering Period by (i) delivering a subscription agreement to the Company (or executing such electronic subscription
agreement as required by the Administrator), and (ii) if the Participant elects to participate in the Cashless Participation Program
(if adopted by the Administrator for the Offering), agreeing to the terms of the Cashless Participation Program Documents, by such time
prior to the Enrollment Date for such Offering Period (or such other date specified in the Offering Document) designated by the Administrator
and in such form as the Administrator provides.

 

    6

     

    

 

(b)            Each
subscription agreement shall designate a whole percentage or a fixed dollar amount, as designated by the Administrator, of such Eligible
Employee’s Compensation to be withheld by the Company or the Designated Entity employing such Eligible Employee on each payday during
the Offering Period as payroll deductions under the Plan. The percentage of Compensation designated by an Eligible Employee may not be
less than one percent (1%) and may not be more than the maximum percentage specified by the Administrator in the applicable Offering Document
(which maximum percentage shall be fifteen percent (15%) in the absence of any such designation) as payroll deductions. The fixed dollar
amount of Compensation designated by an Eligible Employee may not be more than the maximum dollar amount specified by the Administrator
in the applicable Offering Document; provided that, in no event shall the actual amount withheld on any payday hereunder exceed the net
amount payable to the Eligible Employee on such payday after taxes and any other applicable deductions therefrom (and if amounts to be
withheld hereunder would otherwise result in a negative payment to the Eligible Employee on such payday, the amount to be withheld hereunder
shall instead be reduced by the least amount necessary to avoid a negative payment amount for the Eligible Employee on such payday, as
determined by the Administrator). The payroll deductions made for each Participant shall be credited to an account for such Participant
under the Plan and shall be deposited with the general funds of the Company.

 

(c)            Unless
otherwise provided in the terms of an Offering Document, a Participant may increase or decrease the percentage or fixed amount of Compensation
designated in the subscription agreement, subject to the limits of this Section 5.2, or may suspend payroll deductions entirely,
in any case, at any time during an Offering Period; provided, however, that the Administrator may limit or eliminate
the type or number of changes a Participant may make to payroll deduction elections during each Offering Period in the applicable Offering
Document (and in the absence of any specific designation by the Administrator, and unless provided otherwise in the Offering Document,
a Participant shall be allowed to decrease (but not increase) or suspend payroll deduction elections entirely, in either case,
once during each Purchase Period. Any such change or suspension of payroll deductions shall be effective with the first full payroll period
starting thirty (30) days after the Company’s receipt of the new subscription agreement (or such shorter or longer period as
may be specified by the Administrator in the applicable Offering Document). If a Participant suspends payroll deductions during an Offering
Period, such Participant’s cumulative unapplied payroll deductions prior to the suspension (if any) shall remain in the Participant’s
account and shall be applied to the purchase of Shares on the next occurring Purchase Date. For clarity, if a Participant who suspends
participation in an Offering Period ceases to be an Eligible Employee or withdraws from participation in such Offering Period, in either
case, prior to the Purchase Date next following the Participant’s suspension of participation in the Offering Period, in any case,
such Participant’s cumulative unapplied payroll deductions shall be returned to the Participant in accordance with Article VII.

 

(d)            Except
as otherwise set forth herein or in an Offering Document or as otherwise determined by the Administrator, a Participant may participate
in the Plan only by means of payroll deduction and may not make contributions by lump-sum payment for any Offering Period.

 

5.3            Payroll
Deductions. Except as otherwise provided herein (including the provisions relating to the Cashless Participation Program, if applicable)
or in the applicable Offering Document, payroll deductions for a Participant shall commence on the first payday in the Offering Period
and shall end on the last payday in the Offering Period to which the Participant’s authorization is applicable, unless sooner terminated
by the Participant as provided in Article VII or suspended by the Participant or the Administrator as provided in Section 5.2
or Section 5.6, respectively.

 

5.4            Effect
of Enrollment. A Participant’s delivery of a subscription agreement will enroll such Participant in the Plan for each subsequent
Offering Period on the terms contained therein until the Participant either submits a new subscription agreement, withdraws from participation
under the Plan as provided in Article VII or otherwise becomes ineligible to participate in the Plan, except as otherwise set forth
in Section 7.1.

 

    7

     

    

 

5.5            Statutory
Limit on Purchase of Shares. An Eligible Employee may be granted rights under the Section 423 Offerings only if such rights,
together with any other rights granted to such Eligible Employee under “employee stock purchase plans” of the Company, any
Parent or any Subsidiary, as specified by Section 423(b)(8) of the Code, do not permit such employee to purchase stock of the
Company or any Parent or Subsidiary at a rate that exceeds $25,000 of the fair market value of such stock (determined as of the first
day of the Offering Period during which such rights are granted) for each calendar year in which such rights are outstanding at any time.
This limitation for Section 423 Offerings shall be applied in accordance with Section 423(b)(8) of the Code.

 

5.6            Suspension
of Payroll Deductions. Notwithstanding the foregoing, to the extent necessary for Section 423 Offerings to comply with Section 423(b)(8) of
the Code and Section Error! Reference source not found. or the other limitations set forth in this Plan, a Participant’s
payroll deductions may be suspended by the Administrator at any time during an Offering Period. The balance of the amount credited to
the account of each Participant that has not been applied to the purchase of Shares by reason of Section 423(b)(8) of the Code
or Section Error! Reference source not found. of the Plan shall be paid to such Participant in one lump sum in cash, without
interest, as soon as reasonably practicable after the Purchase Date (but no later than thirty (30) days thereafter).

 

5.7            Leave
of Absence. During leaves of absence approved by the Company (or Designated Entity employing the Participant) that meet the requirements
of Treasury Regulation Section 1.421-1(h)(2), unless otherwise set forth in the terms of an Offering Document, a Participant may
continue participation in the Plan by making cash payments to the Company on the Participant’s normal payday equal to the Participant’s
authorized payroll deduction, notwithstanding Section 5.2(d).

 

Article VI.

grant and Exercise of rights

 

6.1            Grant
of Rights. On the Enrollment Date of each Offering Period, each Eligible Employee participating in such Offering Period shall be
granted a right to purchase the maximum number of Shares specified under Section 4.2, subject to the limits in Section 5.5,
and shall have the right to buy, on each Purchase Date during such Offering Period (at the applicable Purchase Price), such number of
whole Shares (and a right to obtain a fractional Share as may be provided in the Offering Document) as is determined by dividing (a) the
sum of (I) such Participant’s payroll deductions accumulated prior to such Purchase Date and retained in the Participant’s
account as of the Purchase Date, and (II) the proceeds of any Cashless Participation Amount, if the Participant has agreed to participate
in the Cashless Participation Program (if applicable, by (b) the applicable Purchase Price (rounded down to the nearest Share).
The right shall expire on the earliest of (i) the last Purchase Date of an Offering Period, (ii) the last day of the Offering
Period, or (iii) the date on which the Participant withdraws from the Plan in accordance with Section 7.1 or Section 7.3.

 

6.2            Cashless
Participation Program. If the Company determines that a Cashless Participation Program will be offered for an Offering Period, an
Eligible Employee may become a participant in the Cashless Participation Program by completing and submitting to the Company, the Administrator,
or the Cashless Participation Provider, the Cashless Participation Program Documents, which shall contain terms and conditions of the
Eligible Employee’s participation in the Cashless Participation Program, including, without limitation, the level of participation,
sale price, loan terms, interest and repayment provisions. Such Cashless Participation Program Documents shall be delivered to the Administrator
by such time prior to the Enrollment Date for such Offering Period (or such other date specified in the Offering Document) designated
by the Administrator and in such form as the Company, the Administrator, or the Cashless Participation Provider provides. The aggregate
outstanding principal amount of any loan to a Participant under the Cashless Participation Program will be equal to the difference between
the Participant’s selected payroll contribution rate pursuant to Section 5.2(b) and the maximum allowable under the Plan
for such Offering Period pursuant to Section 4.2, but not in excess of any loan limit imposed by the Administrator. Participation
in the Cashless Participation Program is available to all Eligible Employees other than employees subject to the disclosure requirements
of Section 16(a) of the Exchange Act, unless prohibited by Applicable Law or unless the Administrator determines otherwise
in accordance with Applicable Law. A Participant must contribute a minimum of one percent (1%) of Compensation (or such higher amount
as the Administrator may specify) to be able to participate in the Cashless Participation Program.

 

    8

     

    

 

6.3           Exercise
of Rights. On each Purchase Date, each Participant’s accumulated payroll deductions and any other additional payments specifically
provided for herein or in the applicable Offering Document (including the proceeds of any Cashless Participation Amount, if the Participant
has agreed to participate in the Cashless Participation Program) will be applied to the purchase of whole Shares, up to the number of
Shares permitted pursuant to the terms of the Plan and the applicable Offering Document, at the Purchase Price. No fractional Shares
shall be issued upon the exercise of rights granted under the Plan, unless the Offering Document specifically provides otherwise. Unless
the Offering Document provides for the right to obtain fractional Shares, any cash remaining in the Participant’s account after
the purchase of whole Shares will be carried forward and applied toward the purchase of whole Shares for the next following Offering
Period, unless the Participant has suspended payroll deductions, withdrawn from the Plan or is otherwise ineligible to participate in
the Plan, in which case such cash shall be paid to such Participant in one lump sum, without interest, as soon as reasonably practicable
after the Purchase Date (but no later than thirty (30) days thereafter).

 

6.4            Pro
Rata Allocation of Shares. If the Administrator determines that, on a given Purchase Date, the number of Shares with respect to which
rights are to be exercised may exceed (a) the number of Shares that were available for issuance under the Plan on the Enrollment
Date of the applicable Offering Period, or (b) the number of Shares available for issuance under the Plan on such Purchase Date,
the Administrator may in its sole discretion provide that the Company shall make a pro rata allocation of the Shares available for purchase
in as uniform a manner as shall be practicable and as it shall determine in its sole discretion to be equitable among all Participants
for whom rights to purchase Shares are to be exercised on such Purchase Date, and shall either (i) continue all Offering Periods
then in effect, or (ii) terminate any or all Offering Periods then in effect pursuant to Article IX. The Administrator may
make pro rata allocation of the Shares available on the Enrollment Date of any applicable Offering Period pursuant to the preceding sentence,
notwithstanding any authorization of additional Shares for issuance under the Plan by the Company’s stockholders subsequent to
such Enrollment Date. The balance of the amount credited to the account of each Participant that has not been applied to the purchase
of Shares shall be paid to such Participant without interest in one lump sum in cash, without interest, as soon as reasonably practicable
after the Purchase Date, or such earlier date as determined by the Administrator.

 

6.5            Withholding.
At the time a Participant’s rights under the Plan are exercised, in whole or in part, or at the time some or all of the Shares
issued under the Plan are disposed of, the Participant must make adequate provision for the Company’s (or a Designated Entity’s)
obligation to withhold, collect or account for federal, state, local, foreign or other income taxes, employment taxes, social insurance,
payroll taxes, national insurance contributions and other contributions, payment on account obligations or other amounts (the “Taxes”),
if any, that arise upon the grant or exercise of any purchase right under the Plan or the disposition of the Shares. At any time, the
Company may, but shall not be obligated to, withhold from the Participant’s compensation or Shares to be received pursuant to the
Plan the amount necessary for the Company (or a Designated Entity) to meet applicable obligations with respect to Taxes, including any
withholding required to make available to the Company any tax deductions or benefits attributable to sale or early disposition of Shares
by the Participant, if applicable.

 

    9

     

    

 

6.6            Conditions
to Issuance of Shares. The Company shall not be required to issue or deliver any certificate or certificates for, or make any book
entries evidencing, Shares purchased upon the exercise of purchase rights under the Plan prior to fulfillment of all of the following
conditions: (a) the admission of such Shares to listing on all stock exchanges, if any, on which the Shares are then listed; (b) the
completion of any registration or other qualification of such Shares under any state, federal or foreign law or under the rulings or
regulations of the Securities and Exchange Commission or any other governmental regulatory body, that the Company shall, in its absolute
discretion, deem necessary or desirable; (c) the obtaining of any approval or other clearance from any state, federal or foreign
governmental agency that the Company shall, in its absolute discretion, determine to be necessary or desirable; (d) the payment
to the Company of all amounts that it (or a Designated Entity) is required to withhold with respect to Taxes, if any; and (e) the
lapse of such reasonable period of time following the exercise of the rights as the Administrator may from time to time establish for
reasons of administrative convenience.

 

6.7            Vesting.
A Participant’s interest in the Shares purchased under the Plan shall be immediately vested and nonforfeitable in full upon issuance.

 

Article VII.

WITHDRAWAL; CESSATION OF ELIGIBILITY

 

7.1            Withdrawal.
A Participant may withdraw all, but not less than all, of the payroll deductions credited to the Participant’s account and not
yet used to exercise the Participant’s purchase rights under the Plan at any time by giving written notice to the Administrator
in a form acceptable to the Administrator no later than thirty (30) days prior to the end of the then-applicable Purchase Period (or
such shorter or longer period as may be specified by the Administrator in the applicable Offering Document). All of the payroll deductions
credited to the Participant’s account during such Purchase Period and not yet used to exercise purchase rights under the Plan shall
be paid to such Participant as soon as reasonably practicable after receipt of notice of withdrawal (but no later than thirty (30) days
following receipt of such notice), such Participant’s rights for the Offering Period shall be automatically terminated, and no
further payroll deductions for the purchase of Shares shall be made for such Offering Period. If a Participant withdraws from an Offering
Period (including by virtue of a suspension as described in Section 5.2(c)), payroll deductions shall not resume at the beginning
of any subsequent Offering Period unless the Participant is an Eligible Employee and timely delivers to the Administrator a new subscription
agreement by the applicable enrollment deadline for any such subsequent Offering Period, as determined by the Administrator.

 

7.2            Future
Participation. A Participant’s withdrawal from an Offering Period shall not have any effect upon the Participant’s eligibility
to participate in any similar plan that may hereafter be adopted by the Company or a Designated Entity or in any subsequent Offering
Period that commences on or after the Participant’s withdrawal from any Offering Period, subject to the terms of such similar plan
or subsequent Offering.

 

7.3            Cessation
of Eligibility. Upon a Participant’s ceasing to be an Eligible Employee for any reason (which shall include an employment transfer
from the Company or any Designated Entity participating in the Plan to any Subsidiary that is not participating in the Plan), the Participant
shall be deemed to have elected to withdraw from the Plan pursuant to this Article VII and the payroll deductions credited to such
Participant’s account during the then-current Purchase Period shall be paid to such Participant or, in the case of the Participant’s
death, to the Participant’s Designated Beneficiary, as soon as reasonably practicable (but no later than thirty (30) days following
such Participant’s cessation as an Eligible Employee), and such Participant’s rights for the Offering Period shall be automatically
terminated.

 

    10

     

    

 

Article VIII.

Adjustments upon Changes in SHARES

 

8.1            Changes
in Capitalization. Subject to Section 8.3, in the event that the Administrator determines that any dividend or other distribution
(whether in the form of cash, Shares, other securities, or other property), stock split, change in control, reorganization, merger, amalgamation,
consolidation, combination, repurchase, redemption, recapitalization, liquidation, dissolution, or sale, transfer, exchange or other
disposition of all or substantially all of the assets of the Company, or sale or exchange of Shares or other securities of the Company,
issuance of warrants or other rights to purchase Shares or other securities of the Company, or other similar corporate transaction or
event, as determined by the Administrator, affects the Shares such that an adjustment is determined by the Administrator to be appropriate
in order to prevent dilution or enlargement of the benefits or potential benefits intended by the Company to be made available under
the Plan or with respect to any outstanding rights under the Plan, the Administrator shall make equitable adjustments, if any, to reflect
such change with respect to (a) the aggregate number and type of Shares (or other securities or property) that may be issued under
the Plan (including, but not limited to, adjustments of the limitations in Section 3.1 and the limitations established in each Offering
Document pursuant to Section 4.2 on the maximum number of Shares that may be purchased); (b) the kind, class, number and per-Share
price of Shares subject to outstanding rights; and (c) the Purchase Price with respect to any outstanding rights.

 

8.2            Other
Adjustments. Subject to Section 8.3, in the event of any transaction or event described in Section 8.1 or any unusual or
nonrecurring transactions or events affecting the Company, any affiliate of the Company, or the financial statements of the Company or
any affiliate, or of changes in Applicable Law or accounting principles, the Administrator, in its discretion, and on such terms and
conditions as it deems appropriate, is hereby authorized to take any one or more of the following actions whenever the Administrator
determines that such action is appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended
by the Company to be made available under the Plan or with respect to any outstanding rights under the Plan, to facilitate such transactions
or events or to give effect to such changes in laws, regulations or principles:

 

(a)            To
provide for either (i) termination of any outstanding right in exchange for an amount of cash, if any, equal to the amount that would
have been obtained upon the exercise of such right had such right been currently exercisable or (ii) the replacement of such outstanding
right with other rights or property selected by the Administrator in its sole discretion;

 

(b)            To
provide that the outstanding rights under the Plan shall be assumed by the successor or survivor entity, or a parent or subsidiary thereof,
or shall be substituted for by similar rights covering the shares of the successor or survivor entity, or a parent or subsidiary thereof,
with appropriate adjustments as to the number and kind of shares and prices;

 

(c)            To
make adjustments in the number, kind and class of Shares (or other securities or property) subject to outstanding rights under the Plan
and/or in the terms and conditions of outstanding rights and rights that may be granted in the future;

 

(d)            To
provide that Participants’ accumulated payroll deductions may be used to purchase Shares prior to the next occurring Purchase Date
on such date as the Administrator determines in its sole discretion and the Participants’ rights under the ongoing Offering Period(s) shall
be terminated; and

 

(e)            To
provide that all outstanding rights shall terminate without being exercised.

 

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8.3            No
Adjustment Under Certain Circumstances. Unless determined otherwise by the Administrator, no adjustment or action described in this
Article VIII or in any other provision of the Plan shall be authorized to the extent that such adjustment or action would cause
the Plan to fail to satisfy the requirements of Applicable Law.

 

8.4            No
Other Rights. Except as expressly provided in the Plan, no Participant shall have any rights by reason of any subdivision or consolidation
of shares of any class, the payment of any dividend, any increase or decrease in the number of shares of any class or any dissolution,
liquidation, merger, or consolidation of the Company or any other corporation. Except as expressly provided in the Plan or pursuant to
action of the Administrator under the Plan, no issuance by the Company of shares of any class, or securities convertible into shares
of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number of Shares subject to outstanding
rights under the Plan or the Purchase Price with respect to any outstanding rights.

 

Article IX.

Amendment, modification and termination

 

9.1            Amendment,
Modification and Termination. The Administrator may amend, suspend or terminate the Plan at any time and from time to time; provided,
however, that approval of the Company’s stockholders shall be required to amend the Plan to increase the aggregate number,
or change the type, of shares that may be sold pursuant to rights under the Plan under Section 3.1 (other than an adjustment as
provided by Article VIII) or as may otherwise be required under Section 423 of the Code with respect to Section 423 Offerings
or as may otherwise be required by applicable stock exchange requirements; provided further that that, if a Cashless Participation Program
is implemented as provided in Section 6.2, any Cashless Participation Program Document may only be amended in accordance with its
terms; provided further that, if a Cashless Participation Program is implemented as provided in Section 6.2, any Cashless Participation
Program Document may only be amended in accordance with its terms.

 

9.2            Certain
Changes to Plan. Without stockholder consent and without regard to whether any Participant rights may be considered to have been
adversely affected (and to the extent permitted by Applicable Law, including, with respect to a Section 423 Offering, Section 423
of the Code), the Administrator shall be entitled to change or terminate the Offering Periods, limit the frequency and/or number of changes
in the amount withheld from Compensation during an Offering Period, establish the exchange ratio applicable to amounts withheld in a
currency other than U.S. dollars, permit payroll withholding in excess of the amount designated by a Participant in order to adjust for
delays or mistakes in the processing of payroll withholding elections by the Company or a Designated Entity, establish reasonable waiting
and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Shares for each
Participant properly correspond with amounts withheld from the Participant’s Compensation, and establish such other limitations
or procedures as the Administrator determines in its sole discretion to be advisable that are consistent with the Plan.

 

9.3            Actions
In the Event of Unfavorable Financial Accounting Consequences. In the event the Administrator determines that the ongoing operation
of the Plan may result in unfavorable financial accounting consequences, the Administrator may, in its discretion and, to the extent
necessary or desirable, modify or amend the Plan to reduce or eliminate such accounting consequence including, but not limited to:

 

(a)            altering
the Purchase Price for any Offering Period including an Offering Period underway at the time of the change in Purchase Price;

 

(b)            shortening
any Offering Period so that the Offering Period ends on a new Purchase Date, including an Offering Period underway at the time of the
Administrator action;

 

    12

     

    

 

(c)            allocating
Shares; and

 

(d)           such
other changes and modifications as the Administrator determines are necessary or appropriate.

 

Such modifications or amendments
shall not require stockholder approval or the consent of any Participant.

 

9.4            Payments
Upon Termination of Plan. Upon termination of the Plan, the balance in each Participant’s Plan account shall be refunded as
soon as practicable after such termination (but no later than thirty (30) days thereafter), without any interest thereon, or if the Administrator
so determines, the Offering Period may be shortened so that the purchase of Shares occurs prior to the termination of the Plan.

 

Article X.

TERM OF PLAN

 

The Plan shall become effective
on the Effective Date and shall continue until the first to occur of (i) the date the Plan is terminated by the Administrator in
accordance with Section 9.1, (ii) no Shares remain available for purchase, or (iii) ten (10) years from the date of
adoption by the Board. The effectiveness of the Plan shall be subject to approval of the Plan by the Company’s stockholders within
twelve (12) months following the date the Plan is first approved by the Board. No right may be granted under the Plan prior to such stockholder
approval. No rights may be granted under the Plan during any period of suspension of the Plan or after termination of the Plan.

 

Article XI.

ADMINISTRATION

 

11.1          Administrator.
Unless otherwise determined by the Board, the Administrator of the Plan shall be the Compensation Committee of the Board (or any other
committee or subcommittee of the Board to which the Board delegates administration of the Plan). The Board may at any time vest in the
Compensation Committee or any other committee or subcommittee any other authority or duties for administration of the Plan. The Administrator
may delegate administrative tasks under the Plan to the services of an Agent or Employees to assist in the administration of the Plan,
including establishing and maintaining an individual securities account under the Plan for each Participant.

 

11.2          Authority
of Administrator. The Administrator shall have the power, subject to, and within the limitations of, the express provisions of the
Plan to:

 

(a)           determine
when and how rights to purchase Shares shall be granted and the provisions of each offering of such rights (which need not be identical);

 

(b)           designate
from time to time which Affiliates or Subsidiaries of the Company shall be Designated Entities, which designation may be made without
the approval of the stockholders of the Company;

 

(c)            impose
a mandatory holding period pursuant to which Participants may not dispose of or transfer Shares purchased under the Plan (except for Shares
disposed of pursuant to the terms of the Cashless Participation Program Documents, if applicable) for a period of time determined by the
Administrator in its discretion;

 

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(d)           adopt
rules, procedures or sub-plans or different terms as may be necessary or desirable to comply with provisions of the Applicable Law of
other countries or jurisdictions to ensure the viability of the benefits from purchase rights granted to Participants employed in such
countries or jurisdictions or to meet the requirements that permit the Plan to operate in a qualified or tax efficient manner;

 

(e)            construe
and interpret the Plan and rights granted under it, including the terms of any Offering Document, and to establish, amend and revoke rules and
regulations for its administration;

 

(f)            correct
any defect, omission or inconsistency in the Plan or any Offering Document, in a manner and to the extent it shall deem necessary or desirable
to make the Plan or Offering Document fully effective;

 

(g)           amend,
suspend or terminate the Plan as provided in Article IX; and

 

(h)           generally
exercise such powers and to perform such acts as the Administrator deems necessary or desirable to promote the best interests of the Company
and its Subsidiaries and to carry out the intent that the component of the Plan relating to Section 423 Offerings be treated as an
 “employee stock purchase plan” within the meaning of Section 423 of the Code.

 

11.3          Decisions
Binding. The Administrator’s interpretation of the Plan, any rights granted pursuant to the Plan, any subscription agreement
and all decisions and determinations by the Administrator with respect to the Plan are final, binding, and conclusive on all parties.

 

Article XII.

MISCELLANEOUS

 

12.1          Restriction
upon Assignment. A right granted under the Plan shall not be transferable other than
by will or the Applicable Law of descent and distribution, and is exercisable during the Participant’s lifetime only by the Participant.
Except in the case of a Participant’s death, a right under the Plan may not be exercised to any extent except by the Participant.
The Company shall not recognize and shall be under no duty to recognize any assignment or alienation of the Participant’s interest
in the Plan or the Participant’s rights under the Plan. For the avoidance of doubt, participation in the Cashless Participation
Program (if adopted by the Administrator as provided in Section 6.2), including without limitation, the delivery to the Cashless
Participation Provider of any Shares required for the repayment by the Participant of any Cashless Participation Amount, will not be deemed
to violate this Section 12.1.

 

12.2          Rights
as a Stockholder. With respect to Shares subject to a right granted under the Plan, no Participant or Designated Beneficiary shall
be deemed to be a stockholder of the Company, and no Participant or Designated Beneficiary shall have any of the rights or privileges
of a stockholder, until such Shares have been issued to the Participant or the Designated Beneficiary following exercise of the Participant’s
rights under the Plan. No adjustments shall be made for dividends (ordinary or extraordinary, whether in cash, securities, or other property)
or distribution or other rights for which the record date occurs prior to the date of such issuance, except as otherwise expressly provided
herein or as determined by the Administrator.

 

12.3          Interest.
No interest shall accrue on the payroll deductions or other contributions of a Participant under the Plan.

 

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12.4          Notices.
All notices or other communications by a Participant to the Administrator under or in connection with the Plan shall be deemed to have
been duly given when received in the form specified by the Administrator at the location, or by the person, Administrator by the Company
for the receipt thereof.

 

12.5          Equal
Rights and Privileges. Subject to Section 0, all Eligible Employees will have equal rights and privileges under any particular
Offering under the Plan, to the extent necessary for any Section 423 Offering to comply with Section 423 of the Code. With
respect to Section 423 Offerings, any provision of the Plan that is inconsistent with Section 423 of the Code will, without
further act or amendment by the Company, the Board, or the Administrator, be reformed to comply with the equal rights and privileges
requirement of Section 423 of the Code.

 

12.6          Use
of Funds. All payroll deductions received or held by the Company under the Plan may be used by the Company for any corporate purpose,
and the Company shall not be obligated to segregate such payroll deductions.

 

12.7          Reports.
Statements of account shall be given to Participants at least annually, which statements shall set forth the amounts of payroll deductions,
the Purchase Price, the number of Shares purchased and the remaining cash balance, if any.

 

12.8          No
Employment Rights. Nothing in the Plan shall be construed to give any person (including any Eligible Employee or Participant) the
right to employment or service (or to remain in the employ or service) with the Company or any Parent, Subsidiary or Affiliate or affect
the right of the Company or any Parent, Subsidiary or Affiliate to terminate the employment or service of any person (including any Eligible
Employee or Participant) at any time, with or without cause.

 

12.9          Notice
of Disposition of Shares. This Section 12.9 shall apply only to Shares purchased pursuant to Section 423 Offerings. Each
Participant shall give prompt notice to the Company of any disposition or other transfer of any Shares purchased upon exercise of a right
under the Plan if such disposition or transfer is made: (a) within two (2) years from the Enrollment Date of the Offering Period
in which the Shares were purchased or (b) within one (1) year after the Purchase Date on which such Shares were purchased.
Such notice shall specify the date of such disposition or other transfer and the amount realized, in cash, other property, assumption
of indebtedness or other consideration, by the Participant in such disposition or other transfer. At the Company’s request, Participants
will be required to provide the Company or a Designated Entity with any information reasonably required for tax reporting purposes.

 

12.10        Limitations
on Liability. Notwithstanding any other provisions of the Plan, no individual acting as a director, officer, employee or agent of
the Company, any Subsidiary, the Administrator, the Agent, the Cashless Participation Provider or its clearing broker will be liable to
any Participant, former Participant, Designated Beneficiary or any other person for any claim, loss, liability, or expense incurred in
connection with the Plan or any Offering Period, and such individual will not be personally liable with respect to the Plan because of
any contract or other instrument executed in the capacity as an Administrator, director, officer, other employee or agent of the Company,
any Subsidiary, the Agent, the Cashless Participation Provider or its clearing broker. The Company will indemnify and hold harmless each
director, officer, other employee and agent of the Company or any Subsidiary that has been or will be granted or delegated any duty or
power relating to the Plan’s administration or interpretation (including any Offering Document), against any cost or expense (including
attorneys’ fees) or liability (including any sum paid in settlement of a claim with the Administrator’s approval) arising
from any act or omission concerning this Plan unless arising from such person’s own fraud or bad faith.

 

12.11        Severability.
If any portion of the Plan or any Offering Document or any action taken under it is held illegal or invalid for any reason, the illegality
or invalidity will not affect the remaining parts of the Plan and Offering Document, and the Plan and Offering Document will be construed
and enforced as if the illegal or invalid provisions had been excluded, and the illegal or invalid action will be null and void.

 

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12.12        Titles
and Headings. The titles and headings in the Plan are for convenience of reference only and, if any conflict, the Plan’s
text, rather than such titles or headings, will control.

 

12.13        Conformity
to Securities Laws. The Plan is intended to conform to the extent necessary with Applicable Law.  Notwithstanding anything
herein to the contrary, the Plan and all Offering Periods will be administered only in conformance with Applicable Law.  To the extent
Applicable Law permits, the Plan and all Offering Periods will be deemed amended as necessary to conform to Applicable Law.

 

12.14        Relationship
to Other Benefits. No payment under the Plan will be taken into account in determining any benefits under any pension, retirement,
savings, profit sharing, group insurance, welfare, or other benefit plan of the Company or any Subsidiary except as expressly provided
in writing in such other plan or an agreement thereunder.

 

12.15        Governing
Law. The Plan and any agreements hereunder shall be administered, interpreted, and enforced in accordance with the laws of the State
of Delaware, disregarding any state’s choice of law principles requiring the application of a jurisdiction’s laws other than
the State of Delaware.

 

12.16        Electronic
Forms. To the extent permitted by Applicable Law and in the discretion of the Administrator, an Eligible Employee may submit any
form or notice as set forth herein or as set forth in any Offering Document by means of an electronic form approved by the Administrator.
Before the commencement of an Offering Period, the Administrator shall prescribe the time limits within which any such electronic form
shall be submitted to the Administrator with respect to such Offering Period in order to be a valid election.

 

12.17        Section 409A.
The Plan, the Offering Documents, and the rights to purchase Shares granted pursuant to Offerings thereunder are intended to be exempt
from the application of Section 409A of the Code and the U.S. Department of Treasury Regulations and other interpretive guidance
issued thereunder (collectively, “Section 409A”). Notwithstanding any provision of the Plan or any Offering
Document to the contrary, if the Administrator determines that any right to purchase Shares granted under the Plan may be or become subject
to Section 409A or that any provision of the Plan or any Offering Document may cause a right to purchase Shares granted under the
Plan to be or become subject to Section 409A, the Administrator may adopt such amendments to the Plan, the applicable Offering Document,
and/or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other
actions as the Administrator determines are necessary or desirable to avoid the imposition of taxes under Section 409A, either through
compliance with the requirements of Section 409A or with an available exemption therefrom. Notwithstanding any other provision of
the Plan, none of the Company or any of its Parents or Subsidiaries, or any of their officers, directors, employees or agents, including
the Administrator, shall be liable to any Eligible Employee, Participant, Designated Beneficiary or other person if the Plan does not
comply with, or is not exempt from, Section 409A.

 

12.18        Plan
Not Subject to ERISA. The Plan is not intended to be subject to the Employee Retirement Income Security Act of 1974, as amended.

 

* * * * *

 

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Schedule
A

 

Applicable
Limits

 

		·	Section 2.17 – Effective Date: _____

 

		·	Section 3.1 – Aggregate number of Shares that may be issued or transferred pursuant to rights granted under the Plan: _____

 

		·	Section 3.1 – Number of Shares that may be issued or transferred pursuant to the rights granted under the Plan shall not
exceed an aggregate of: _____

 

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