Document:

Exhibit 10.18

 

 

INDEMNIFICATION AGREEMENT

 

     This INDEMNIFICATION
AGREEMENT (this “Agreement”) is made and entered into this       day
of                                         2020 (the
“Effective Date”) by and between Zhong Yuan Bio-Technology Holdings Limited, a Cayman Islands exempted company
the “Company”), and                                (the
“Indemnitee”).

 

     WHEREAS, the
Company believes it is essential to retain and attract qualified directors and officers;

 

     WHEREAS, the
Indemnitee is a director and/or officer of the Company;

 

     WHEREAS, both
the Company and the Indemnitee recognize the increased risk of litigation and other claims that may be asserted against directors
and officers of public companies, as well as the possibility that in certain situations a threat of litigation may be employed
to deter them from exercising their judgment in the best interests of the Company, and the consequent need to allocate the risk
of personal liability through indemnification and insurance;

 

     WHEREAS, the
Company’s Memorandum and Articles of Association, as amended from time to time (the “Memorandum and Articles of Association”),
provide for the Company to indemnify its directors and officers against all actions, proceedings, costs, charges, expenses, losses,
damages or liabilities incurred or sustained by him/her in connection with the execution or discharge of his duties, powers, authorities
or discretions as a Director or officer of the Company, including without prejudice to the generality of the foregoing, any costs,
expenses, losses or liabilities incurred by him/her in defending (whether successfully or otherwise) any civil proceedings concerning
the Company or its affairs in any court whether in the Cayman Islands or elsewhere.

 

     WHEREAS, in recognition
of the Indemnitee’s need for (i) substantial protection against personal liability and (ii) an inducement to continue
to provide effective services to the Company as a director and/or officer thereof, the Company wishes to provide for the indemnification
of the Indemnitee and to advance expenses to the Indemnitee to the fullest extent permitted by law and as set forth in this Agreement,
and, to the extent insurance is maintained by the Company, to provide for the continued coverage of the Indemnitee under the Company’s
directors’ and officers’ liability insurance policies.

 

     NOW, THEREFORE,
in consideration of the premises contained herein and of the Indemnitee continuing to serve the Company directly or, at its request,
with another enterprise, and intending to be legally bound hereby, the parties hereto agree as follows:

 

		1.	Certain Definitions.

 

          (a) A
“Change in Control” shall be deemed to have occurred if:

 

               (i) any
“person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended, and
the rules and regulations thereunder (the “Exchange Act”), other than (a) a trustee or other fiduciary
holding securities under an employee benefit plan of the Company; (b) a corporation owned, directly or indirectly, by the
shareholders of the Company in substantially the same proportions as their ownership of stock of the Company; or (c) any current
beneficial shareholder or group, as defined by Rule 13d-5 of the Exchange Act, including the heirs, assigns and successors
thereof, of beneficial ownership, within the meaning of Rule 13d-3 of the Exchange Act, of securities possessing more than
50% of the total combined voting power of the Company’s outstanding securities; hereafter becomes the “beneficial owner,”
as defined in Rule 13d-3 of the Exchange Act, directly or indirectly, of securities of the Company representing 20% or more
of the total combined voting power represented by the Company’s then outstanding Voting Securities;

 

               (ii) during
any period of two consecutive years, individuals who at the beginning of such period constitute the Board and any new director
whose election by the Board or nomination for election by the Company’s shareholders was approved by a vote of at least two-thirds
of the directors then in office who either were directors at the beginning of the period or whose election or nomination for election
was previously so approved, cease for any reason to constitute a majority thereof; or

 

               (iii) the
shareholders of the Company approve a merger or consolidation of the Company with any other corporation, other than a merger or
consolidation which would result in the Voting Securities of the Company outstanding immediately prior thereto continuing to represent
(either by remaining outstanding or by being converted into Voting Securities of the surviving entity) at least 80% of the total
voting power represented by the Voting Securities of the Company or such surviving entity outstanding immediately after such merger
or consolidation, or the shareholders of the Company approve a plan of complete liquidation of the Company or an agreement for
the sale or disposition by the Company, in one transaction or a series of transactions, of all or substantially all of the Company’s
assets.

 

    	1 

    	 

    

 

 

          (b)
“Expense” shall mean attorneys’ fees and all other costs, expenses and obligations paid or incurred in
connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing for any of
the foregoing, any Proceeding relating to any Indemnifiable Event.

 

          (c)
“Indemnifiable Event” shall mean any event or occurrence that takes place either prior to or after the execution
of this Agreement, related to the fact that the Indemnitee is or was a director or officer of the Company, or is or was serving
at the request of the Company as a director, officer, employee, or agent of another corporation or of a partnership, joint venture,
trust or other enterprise, including service with respect to employee benefit plans, or by reason of anything done or not done
by the Indemnitee in any such capacity.

 

          (d)
“Proceeding” shall mean any threatened, pending or completed action, suit, investigation or proceeding, and
any appeal thereof, whether civil, criminal, administrative or investigative and/or any inquiry or investigation, whether conducted
by the Company or any other party, that the Indemnitee in good faith believes might lead to the institution of any such action.

 

          
(e) “Reviewing Party” shall mean any appropriate person or body consisting of a member or members of the Company’s
Board or any other person or body appointed by the Board (including the special independent counsel referred to in Section 6)
who is not a party to the particular Proceeding with respect to which the Indemnitee is seeking indemnification.

 

           (f)
“Voting Securities” shall mean any securities of the Company which vote generally in the election of directors.

 

     2. Indemnification. Subject
to Section 4 below, in the event the Indemnitee was or is a party to or is involved (as a party, witness, or otherwise) in
any Proceeding by reason of (or arising in part out of) an Indemnifiable Event, whether the basis of the Proceeding is the Indemnitee’s
alleged action in an official capacity as a director or officer or in any other capacity while serving as a director or officer,
the Company shall indemnify the Indemnitee to the fullest extent permitted by the laws of the Cayman Islands and the Memorandum
and Articles of Association against any and all Expenses, liability, and loss (including judgments, fines, penalties and amounts
paid or to be paid in settlement, and any interest, assessments, or other charges imposed thereon, and any taxes imposed on any
director or officer as a result of the actual or deemed receipt of any payments under this Agreement) (collectively, “Liabilities”)
actually incurred or suffered by such person in connection with such Proceeding. The Company shall provide indemnification pursuant
to this Section 2 as soon as practicable, but in no event later than 30 days after it receives written demand from the Indemnitee.
Notwithstanding anything in this Agreement to the contrary and except as provided in Section 5 below, the Indemnitee shall
not be entitled to indemnification pursuant to this Agreement in connection with any Proceeding initiated by the Indemnitee against
the Company or any director or officer of the Company unless the Company has joined in or consented to the initiation of such Proceeding.

 

     3. Advancement
of Expenses. Subject to Section 4 below, the Company shall advance Expenses to the Indemnitee within 30 business
days of such request (an “Expense Advance”); provided, however, that if required by applicable laws such Expenses
shall be advanced only upon delivery to the Company of an undertaking by or on behalf of the Indemnitee to repay such amount if
it is ultimately determined that the Indemnitee is not entitled to be indemnified by the Company; and provided further, that the
Company shall make such advances only to the extent permitted by law. Expenses incurred by the Indemnitee while not acting in his/her
capacity as a director or officer, including service with respect to employee benefit plans, may be advanced upon such terms and
conditions as the Board, in its sole discretion, deems appropriate.

 

    	2 

    	 

    

 

 

     4. Review
Procedure for Indemnification. Notwithstanding the foregoing, (i) the obligations of the Company under Sections 2
and 3 above shall be subject to the condition that the Reviewing Party shall not have determined (in a written opinion, in any
case in which the special independent counsel referred to in Section 6 hereof is involved) that the Indemnitee would not be
permitted to be indemnified under applicable law or the Memorandum and Articles of Association, and (ii) the obligation of
the Company to make an Expense Advance pursuant to Section 3 above shall be subject to the condition that, if, when and to
the extent that the Reviewing Party determines that the Indemnitee would not be permitted to be so indemnified under applicable
law or the Memorandum and Articles of Association, the Company shall be entitled to be reimbursed by the Indemnitee (who hereby
agrees to reimburse the Company) for all such amounts theretofore paid; provided, however, that if the Indemnitee has commenced
legal proceedings in a court of competent jurisdiction pursuant to Section 5 below to secure a determination that the Indemnitee
should be indemnified under applicable law, any determination made by the Reviewing Party that the Indemnitee would not be permitted
to be indemnified under applicable law shall not be binding and the Indemnitee shall not be required to reimburse the Company for
any Expense Advance until a final judicial determination is made with respect thereto (as to which all rights of appeal therefrom
have been exhausted or have lapsed). The Indemnitee’s obligation to reimburse the Company for Expense Advances pursuant to
this Section 4 shall be unsecured and no interest shall be charged thereon. If there has not been a Change in Control, the
Reviewing Party shall be selected by the Board, and if there has been such a Change in Control, other than a Change in Control
which has been approved by a majority of the Company’s Board who were directors immediately prior to such Change in Control,
the Reviewing Party shall be the special independent counsel referred to in Section 6 hereof.

 

     5. Enforcement
of Indemnification Rights. If the Reviewing Party determines that the Indemnitee would not be permitted to be indemnified
in whole or in part under applicable law, or if the Indemnitee has not otherwise been paid in full pursuant to Sections 2
and 3 above within 30 days after a written demand has been received by the Company, the Indemnitee shall have the right to commence
litigation in any court having subject matter jurisdiction thereof and in which venue is proper to recover the unpaid amount of
the demand (an “Enforcement Proceeding”) and, if successful in whole or in part, the Indemnitee shall be entitled
to be paid any and all Expenses in connection with such Enforcement Proceeding. The Company hereby consents to service of process
for such Enforcement Proceeding and to appear in any such Enforcement Proceeding. Any determination by the Reviewing Party otherwise
shall be conclusive and binding on the Company and the Indemnitee.

 

     6. Change
in Control. The Company agrees that if there is a Change in Control of the Company, other than a Change in Control which has
been approved by a majority of the Company’s Board who were directors immediately prior to such Change in Control, then with
respect to all matters thereafter arising concerning the rights of the Indemnitee to indemnity payments and Expense Advances under
this Agreement or any other agreement or under applicable law or the Memorandum and Articles of Association now or hereafter in
effect relating to indemnification for Indemnifiable Events, the Company shall seek legal advice only from special independent
counsel selected by the Indemnitee and approved by the Company, which approval shall not be unreasonably withheld. Such special
independent counsel shall not have otherwise performed services for the Company or the Indemnitee, other than in connection with
such matters, within the last five years. Such independent counsel shall not include any person who, under the applicable standards
of professional conduct then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee
in an action to determine the Indemnitee’s rights under this Agreement. Such counsel, among other things, shall render its
written opinion to the Company and the Indemnitee as to whether and to what extent the Indemnitee would be permitted to be indemnified
under applicable law. The Company agrees to pay the reasonable fees of the special independent counsel referred to above and to
indemnify fully such counsel against any and all expenses (including attorneys’ fees), claims, liabilities and damages arising
out of or relating to this Agreement or the engagement of special independent counsel pursuant to this Agreement.

 

     7. Partial
Indemnity. If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or
a portion of the Expenses and Liabilities, but not, however, for all of the total amount thereof, the Company shall nevertheless
indemnify the Indemnitee for the portion thereof to which the Indemnitee is entitled. Moreover, notwithstanding any other provision
of this Agreement, to the extent that the Indemnitee has been successful on the merits or otherwise in defence of any or all Proceedings
relating in whole or in part to an Indemnifiable Event or in defense of any issue or matter therein, including dismissal without
prejudice, the Indemnitee shall be indemnified against all Expenses incurred in connection therewith. In connection with any determination
by the Reviewing Party or otherwise as to whether the Indemnitee is entitled to be indemnified hereunder, the burden of proof shall
be on the Company to establish that the Indemnitee is not so entitled.

 

     8. Non-exclusivity.
The rights of the Indemnitee hereunder shall be in addition to any other rights the Indemnitee may have under any statute, provision
of the Memorandum and Articles of Association, vote of shareholders or disinterested directors or otherwise, both as to action
in an official capacity and as to action in another capacity while holding such office. In the event of any change, after the date
of this Agreement, in any applicable law, statute, or rule which expands the right of a Cayman Islands company to indemnify a member
of its board of directors, such changes shall be, ipso facto, within the purview of the Indemnitee’s rights and
the Company’s obligations, under this Agreement. In the event of any change in any applicable law, statute or rule which
narrows the right of a Cayman Islands company to indemnify a member of its board of directors, such changes, to the extent not
otherwise required by such law, statute or rule to be applied to this Agreement shall have no effect on this Agreement or the parties’
rights and obligations hereunder.

 

    	3 

    	 

    

 

 

     9. Liability
Insurance. To the extent the Company maintains an insurance policy or policies providing directors’ and officers’
liability insurance, the Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the
maximum extent of the coverage available for any director or officer of the Company. If at the time a claim for indemnification
arises hereunder in connection with a Proceeding the Company has director and officer liability insurance in effect, the Company
shall give prompt notice of the commencement of such Proceeding to the insurers in accordance with the procedures set forth in
the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on
behalf of the Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.

 

     10. Settlement
of Claims. The Company shall not be liable to indemnify the Indemnitee under this Agreement (a) for any amounts paid in
settlement of any action or claim effected without the Company’s written consent, which consent shall not be unreasonably
withheld; or (b) for any judicial award if the Company was not given a reasonable and timely opportunity, at its expense,
to participate in the defense of such action.

 

     11. No
Presumption. For purposes of this Agreement, to the fullest extent permitted by law, the termination of any Proceeding, action,
suit or claim, by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere,
or its equivalent, shall not create a presumption that the Indemnitee did not meet any particular standard of conduct or have any
particular belief or that a court has determined that indemnification is not permitted by applicable law.

 

     12. Consent
and Waiver by Third Parties. The Indemnitee hereby represents and warrants that he or she has obtained all waivers and/or consents
from third parties which are necessary for his or her employment with the Company on the terms and conditions set forth herein
and to execute and perform this Agreement without being in conflict with any other agreement, obligation or understanding with
any such third party. The Indemnitee represents that he or she is not bound by any agreement or any other existing or previous
business relationship which conflicts with, or may conflict with, the performance of his or her obligations hereunder or prevent
the full performance of his or her duties and obligations hereunder.

 

     13. Amendment
of this Agreement. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by
both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of
any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically
provided herein, no failure to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.

 

     14. Subrogation.
In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of the Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such
rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights.

 

     15. No
Duplication of Payments. The Company shall not be liable under this Agreement to make any payment in connection with any claim
made against the Indemnitee to the extent the Indemnitee has otherwise actually received payment (under any insurance policy, vote,
agreement or otherwise) of the amounts otherwise indemnifiable hereunder.

 

     16. Binding
Effect. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their
respective successors, assigns, including any direct or indirect successor by purchase, merger, consolidation or otherwise to all
or substantially all of the business and/or assets of the Company, spouses, heirs, and personal and legal representatives. The
Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all,
substantially all, or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance
satisfactory to the Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent
that the Company would be required to perform if no such succession had taken place. This Agreement shall continue in effect regardless
of whether the Indemnitee continues to serve as a director or officer of the Company or of any other enterprise at the Company’s
request.

 

    	4 

    	 

    

 

 

     17. Severability.
The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any provision within
a single section, paragraph or sentence) is held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable,
and the remaining provisions shall remain enforceable to the fullest extent permitted by law. Furthermore, to the fullest extent
possible, the provisions of this Agreement (including, without limitation, each portion of this Agreement containing any provision
held to be invalid, void or otherwise unenforceable, that is not itself invalid, void or unenforceable) shall be construed so as
to give effect to the intent manifested by the provision held invalid, illegal or unenforceable.

 

     18. Governing
Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the Cayman Islands applicable
to contracts made and to be performed in such jurisdiction without giving effect to the principles of conflicts of laws.

 

     19. Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.

 

     20. Notices.
All notices, demands, and other communications required or permitted hereunder shall be made in writing and shall be deemed to
have been duly given (a) if delivered by hand, when received (b) if transmitted by facsimile, on receipt of an error-free
confirmation, or (c) if by international courier service, on the fourth (4th) business day following the date of deposit with
such courier service, or such earlier delivery date as may be confirmed in writing to the sender by the courier service. All such
notices, demands and other communications shall be addressed as follows:

 

          If
to the Company:

Zhong Yuan Bio-Technology Holding Limited

Suite 2432, Sun Hung Kai Centre

30 Harbour Road

Wanchai, Hong Kong

Telephone: + 852 2919-8916

 

          If
to the Indemnitee:

               
                              
           

                                  
                       

                                  
                       

                                  
                       

 

     Notice of change
of address shall be effective only when done in accordance with this Section. All notices complying with this Section shall be
deemed to have been received on the date of delivery or on the third business day after mailing.

 

     21. Specific
Performance. The failure of the Company to perform any of its obligations hereunder shall entitle the Indemnitee, as a matter
of course, to request an injunction from any court of competent jurisdiction to enforce such obligations. Such right to request
specific performance shall be cumulative and in addition to any other rights and remedies to which the Indemnitee shall be entitled.

 

     IN WITNESS WHEREOF,
the parties hereto have duly executed and delivered this Agreement as of the day first set forth above.

	 	 	 	 	 
	 	THE COMPANY:

Zhong Yuan Bio-Technology Holdings Limited

 	 
	 	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 

 

	 	 	 	 	 
	 	INDEMNITEE:

 	 
	 	 	 
	 	Signature 	 
	 	Print Name:  	 	 
	 

 

 

 

    	5Exhibit
10.1

 

QUALIGEN
THERAPEUTICS, INC.

STOCK
OPTION AGREEMENT

 

The
Board of Directors of Qualigen Therapeutics, Inc., a Delaware corporation (the “Company”), has approved a grant
to «First_Name» «Last_Name», an individual (the “Optionee”), of an option (the “Option”)
to purchase shares of Common Stock of the Company, $0.001 par value per share (the “Shares”), pursuant to the
Company’s 2020 Stock Incentive Plan (the “Plan”) and this Stock Option Agreement (the “Option
Agreement”), as follows:

 

	Grant
    Date	«Grant_Date»
	Total
    Number of Shares	«Total_Number_of_Shares»
    Shares
	Exercise
    Price Per Share	«Exercise_Price_per_Share»
	Type
    of Option (check one)	[  ]
                                         NSO

        [  ]
        ISO

	Vesting
    Commencement Date	«Vesting_Commencement_Date»
	Vesting
    Schedule	The
                                         Options granted hereunder shall vest in accordance with the following schedule: _________________________.

         

	Term
    of Option	The
    Option will expire 10 years from the Grant Date1, unless terminated earlier as provided in the Option Agreement.

 

By
their signatures below, the Company and the Optionee agree that the Option is subject to this Option Agreement, including the
Additional Terms and Conditions (the “Terms”) attached hereto and incorporated herein as part of this Option
Agreement, and the provisions of the Plan. In the event there is a conflict or inconsistency between any provision in this Option
Agreement and one or more provisions of the Plan, the provisions of the Plan shall govern. Capitalized terms used in this Option
Agreement that are not otherwise defined herein shall have the same meanings as defined in the Plan. The Optionee acknowledges
receipt of copies of both this Option Agreement (including the Terms) and the Plan, and hereby accepts the Option subject to all
of their terms and conditions.

 

	OPTIONEE
	 	COMPANY

	«First_Name»
    «Last_Name»	 	Qualigen Therapeutics, Inc.
	 	 	 	 
		 	By:	              
	Signature	 	 	 
	 	 	 	 
	Date:
_____________________________________	 	Date:
	_____________________________________
	 	 	 	 
	Address:
__________________________________	 	Address: 2042 Corte Del Nogal
	__________________________________________	 	Carlsbad, CA 92011

 

Attachments:
Additional Terms and Conditions; Notice of Exercise of Stock Option; Qualigen Therapeutics, Inc. 2020 Stock Incentive Plan.

 

 

1
If Optionee is a Ten Percent Stockholder as of the Grant Date, and the Option is an ISO, the Option will expire five years
from the Grant Date, unless terminated earlier as provided in the Option Agreement.

 

    	 

    	 

    

 

Additional
Terms and Conditions

 

The
terms and conditions set forth below constitute part of the Stock Option Agreement to which they are attached, and references
herein to the “Option Agreement” include both documents as one agreement.

 

1. Grant
of Option. The Company has granted to the Optionee an Option to purchase all or any portion of the number of Shares
at the exercise price per share (the “Exercise Price”) stated on the first page of this Option Agreement.
If the box marked “ISO” on the first page hereof is checked, then this Option is intended to qualify as an
“incentive stock option” as defined in Section 422 of the Internal Revenue Code of l986, as amended (the
“Code”). If this Option fails in whole or in part to qualify as an incentive stock option, or if the box
marked “NSO” on the first page hereof is checked, then this Option shall to that extent constitute a nonqualified
stock option.

 

2. Vesting
of Option. The right to exercise this Option shall vest and become exercisable as set forth on the first page of this
Option Agreement. No additional Shares shall vest after the date of termination of Optionee’s Service, but this Option
shall continue to be exercisable in accordance with Section 3 hereof with respect to that number of Shares that have vested
as of the date of termination of Optionee’s Service.

 

3. Term
of Option. The right of the Optionee to exercise this Option shall terminate upon the first to occur of the
following:

 

(a)
the expiration of 10 years from the Grant Date;2

 

(b)
the expiration of one year from the date of termination of Optionee’s Service if such termination is due to Disability
of the Optionee;

 

(c)
the expiration of one year from the date of termination of Optionee’s Service if such termination is due to Optionee’s
death or if death occurs during either the three-month or 30 day period following termination of Optionee’s Service pursuant
to Section 3(d) or 3(e) below, as the case may be;

 

(d)
the expiration of three months from the date of termination of Optionee’s Service if such termination occurs for any
reason other than Disability, death, voluntary resignation or Cause; provided, however, that if Optionee dies during such three-month
period the provisions of Section 3(c) above shall apply;

 

(e)
the expiration of 30 days from the date of termination of Optionee’s Service if such termination occurs due to voluntary
resignation; provided, however, that if Optionee dies during such 30 day period the provisions of Section 3(c) above shall apply;

 

(f)
the termination of Optionee’s Service, if such termination is for Cause; or

 

(g)
upon the consummation of a Corporate Transaction, unless otherwise provided pursuant to Section 8 below.

 

 

2
If Optionee is a Ten Percent Stockholder as of the Grant Date, and to the extent that the Option is an ISO the Option will
expire five years from the Grant Date.

 

    	2

    	 

    

 

4.
Exercise of Option.

 

(a)
General. On or after the vesting of any portion of this Option in accordance with Sections 2 or 8 hereof, and until termination
of the right to exercise this Option in accordance with Section 3 above, the portion of this Option that has vested may be exercised
in whole or in part by the Optionee (or, after his or her death, by the person designated pursuant to Section 5 below) upon delivery
of the following to the Company at its principal executive offices:

 

(i)
Notice of Exercise of Stock Option, in the form attached as Exhibit A to this Option Agreement, which identifies
this Option Agreement, states the number of Shares then being purchased, and sets forth the investment intent of the Optionee
or person designated pursuant to Section 5 below, as the case may be;

 

(ii)
payment of the total Exercise Price for the Shares being purchased in accordance with Section 4(b) below; and

 

(iii)
payment of any applicable withholding taxes in accordance with Section 4(c) below.

 

(b)
Payment of Exercise Price. Subject to the approval of the Committee at the time of exercise and restrictions under applicable
law, the Optionee may elect to pay the Exercise Price by any of the following methods of payment:

 

(i)
cash or check;

 

(ii)
a “net exercise” arrangement pursuant to which the Company will reduce the number of Shares to be issued upon
exercise by the number of Shares having an aggregate Fair Market Value as of the date of exercise equal to the total Exercise
Price. The Shares used to pay the Exercise Price under this “net exercise” provision shall be considered to have resulted
from the exercise of this Option, and accordingly, this Option will not again be exercisable with respect to such Shares, as well
as any Shares actually delivered to Optionee;

 

(iii)
delivery of Shares already owned by Optionee having an aggregate Fair Market Value as of the date of exercise equal to the
total Exercise Price. “Delivery” for these purposes, in the sole discretion of the Committee at the time of exercise,
shall include delivery to the Company of the certificate(s) representing the Shares or Optionee’s attestation of ownership
of such Shares in a form approved by the Committee;

 

(iv)
such other form of consideration as may be approved by the Committee from time to time to the extent permitted by applicable
law; or

 

(v)
any combination of the foregoing.

 

(c)
Withholding. At the time of exercise of this Option, Optionee shall deliver to the Company a check or cash in the amount reasonably
requested by the Company to satisfy the Company’s withholding obligations under federal, state or other applicable tax laws
with respect to the taxable income, if any, recognized by the Optionee in connection with the exercise of this Option, unless
the Company and Optionee shall have made other arrangements for deductions or withholding from Optionee’s wages, bonus or
other compensation payable to Optionee, or by reduction of the number of Shares to be issued upon exercise of this Option or the
delivery of Shares already owned by Optionee (so long as such withholding will not result in adverse accounting consequences to
the Company), provided such arrangements satisfy the requirements of applicable law.

 

    	3

    	 

    

 

5.
Death of Optionee; No Assignment. The rights of the Optionee under this Option Agreement may not be assigned or transferred
except by will, the laws of descent and distribution or pursuant to a domestic relations order, and may be exercised during the
lifetime of the Optionee only by such Optionee. Any attempt to sell, pledge, assign, hypothecate, transfer or dispose of this
Option in contravention of this Option Agreement or the Plan shall be void and shall have no effect. If the Optionee’s Service
terminates as a result of his or her death, and provided Optionee’s rights hereunder shall have vested pursuant to Section
2 hereof, Optionee’s legal representative, his or her legatee, or the person who acquired the right to exercise this Option
by reason of the death of the Optionee (individually, a “Successor”) shall succeed to the Optionee’s
rights and obligations under this Option Agreement. After the death of the Optionee, only a Successor may exercise this Option.

 

6.
Representations and Warranties of Optionee.

 

(a)
Shares May Be Unregistered. Optionee acknowledges that the Company may issue Shares upon the exercise of the Option
without registering such Shares under the Securities Act, on the basis of certain exemptions from such registration requirement.
IN SUCH EVENT:

 

(i)
Optionee agrees that his or her exercise of the Option may be expressly conditioned upon his or her delivery to the Company
of an investment certificate including such representations and undertakings as the Company may reasonably require in order to
assure the availability of such exemptions, including a representation that Optionee is acquiring the Shares for investment and
not with a present intention of selling or otherwise disposing thereof and an agreement by Optionee that the certificates evidencing
the Shares may bear a legend indicating such non-registration under the Securities Act and the resulting restrictions on transfer.

 

(ii)
Optionee acknowledges that, because Shares received upon exercise of an Option may be unregistered, Optionee may be required
to hold the Shares indefinitely unless they are subsequently registered for resale under the Securities Act or an exemption from
such registration is available.

 

(iii)
Option is familiar with the restrictions and risks of Rule 144 promulgated under the Securities Act.

 

(iv)
Optionee acknowledges that federal securities laws and the securities laws of the state in which he or she resides may require
the placement of certain restrictive legends upon the Shares issued upon exercise of this Option.

 

(b)
Agrees to Terms of the Plan. Optionee has received a copy of the Plan and has read and understands the terms of the
Plan and this Option Agreement, and agrees to be bound by their terms and conditions. Optionee understands that all rights and
obligations connected with this Option are set forth in this Option Agreement and in the Plan.

 

    	4

    	 

    

 

(c)
Tax Consequences. Optionee acknowledges that there may be adverse tax consequences upon exercise of this Option or
disposition of the Shares, and that Optionee should consult a tax adviser before such exercise or disposition. Optionee acknowledges
that the Exercise Price has been determined by the Committee based upon the best evidence available to the Committee and is intended
to equal the Fair Market Value of the Shares as of the date of grant, or in some cases 110% of Fair Market Value, as required
by the Code. However, the tax treatment of this Option is not guaranteed. Optionee agrees to bear the entire risk of adverse tax
consequences if this Option Agreement is later determined to be have been granted at below Fair Market Value and acknowledges
and agrees that neither the Company, the Committee nor any of their designees shall be liable for any taxes, penalties or other
monetary amounts owed by the Optionee, employee, beneficiary or other person as a result of the grant, amendment, modification,
exercise and/or payment of, or under, this Option Agreement, notwithstanding any challenge made to the determination of Fair Market
Value by any taxing authority. Optionee represents that before purchase or disposition of the Shares, Optionee will consult with
his/her own tax advisor who Optionee deems advisable in connection with the purchase or disposition of the Shares and Optionee
is not relying on the Company for any tax advice. Optionee will not be permitted to exercise this Option unless Optionee has made
arrangements acceptable to the Company to pay any withholding taxes that may be due as a result of the Option exercise. If Optionee
sells or otherwise disposes of any of the Shares acquired pursuant to an ISO on or before the later of (i) two years after the
Grant Date, or (ii) one year after the date such ISO is exercised, Optionee shall immediately notify the Company in writing of
such disposition. Optionee agrees that Optionee may be subject to income tax withholding by the Company on the compensation income
recognized from such early disposition of Shares acquired pursuant to an ISO by payment in cash or out of the current compensation
paid to Optionee.

 

(d)
Personal Data. Optionee acknowledges and agrees to the collection, use and transfer, in electronic or other form, of
Optionee’s personal data in order to implement, administer and manage the Plan. Optionee acknowledges that the Company holds
certain personal information regarding the Optionee (including, but not limited to, name, home address and telephone number, date
of birth, social security or insurance number or other identification number, salary, nationality, job title, any shares of stock
or directorships held in the Company, details of all Awards or any other entitlement to Shares awarded, cancelled, purchased,
exercised, vested, unvested or outstanding in Optionee’s favor (“Data”). Optionee acknowledges that the
Data may be transferred to any third-parties assisting in the implementation, administration and management of the Plan, that
third-parties may be located in the United States or elsewhere. Optionee authorizes recipients of the Data to receive, possess,
use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing Optionee’s
participation in the Plan, including any requisite transfer of such Data, as may be required to a broker or other third party
with whom Optionee may elect to deposit any Shares acquired under the Plan. Optionee understands that the Data will be held only
as long as is necessary to implement, administer and manage participation in the Plan. Optionee understands that he/she may view
his/her Data, request additional information about the storage and processing of the Data, require any necessary amendments to
the Data or refuse or withdraw the consents herein, in any case without cost, by contacting the Company in writing. Optionee understands
that refusing or withdrawing consent may affect Optionee’s ability to participate in the Plan.

 

    	5

    	 

    

 

7. Adjustments
Upon Changes in Capital Structure. In the event that the outstanding shares of Common Stock of the Company are hereafter
increased or decreased or changed into or exchanged for a different number or kind of shares or other securities of the Company
by reason of a recapitalization, stock split, combination of shares, reclassification, stock dividend or other change in the capital
structure of the Company, then appropriate adjustment shall be made by the Committee to the number of Shares subject to the unexercised
portion of this Option and to the Exercise Price per share, in order to preserve, as nearly as practical, but not to increase,
the benefits of the Optionee under this Option, in accordance with the provisions of Section 3.5 of the Plan. Notwithstanding
anything in this Option Agreement to the contrary, (a) any adjustments made pursuant to this Section 7 to Options that are considered
“deferred compensation” within the meaning of Section 409A of the Code shall be made in compliance with the requirements
of Section 409A of the Code; (b) any adjustments made pursuant to this Section 10 to Options that are not considered “deferred
compensation” subject to Section 409A of the Code shall be made in such a manner as to ensure that after such adjustment
the Options either (i) continue not to be subject to Section 409A of the Code or (ii) comply with the requirements of Section
409A of the Code; and (c) in any event, the Committee shall not have the authority to make any adjustments pursuant to this Section
7 to the extent the existence of such authority would cause an Option that is not intended to be subject to Section 409A of the
Code at the time of grant to be subject thereto.

 

8. Corporate
Transaction. In the event of a Corporate Transaction:

 

(a) The
right to exercise this Option shall accelerate automatically and vest in full (notwithstanding the provisions of Section 2 above)
effective as of immediately before the consummation of the Corporate Transaction unless this Option is to be assumed by the acquiring
or successor entity (or parent or subsidiary thereof) or new options under a new stock incentive program (“New Incentives”)
of comparable value are to be issued in exchange therefor, as provided in subsection (b) below. If vesting of this Option will
accelerate pursuant to the preceding sentence, the Committee in its discretion may provide, in connection with the Corporate Transaction,
for the purchase or exchange of this Option for an amount of cash or other property having a value equal to the difference (or
“spread”) between: (x) the value of the cash or other property that the Optionee would have received pursuant
to the Corporate Transaction in exchange for the Shares issuable upon exercise of this Option had this Option been exercised immediately
before the Corporate Transaction, and (y) the aggregate Exercise Price for such Shares. If the vesting of this Option will accelerate
pursuant to this subsection (a), then the Committee shall cause written notice of the Corporate Transaction to be given to the
Optionee not less than 15 days before the anticipated effective date of the proposed transaction.

 

(b) The
vesting of this Option shall not accelerate if and to the extent that: (i) this Option (including the unvested portion thereof)
is to be assumed by the acquiring or successor entity (or parent or subsidiary thereof) pursuant to the terms of the Corporate
Transaction, or (ii) this Option (including the unvested portion thereof) is to be replaced by the acquiring or successor entity
(or parent or subsidiary thereof) with New Incentives of comparable value containing such terms and provisions as the Committee
in its discretion may consider equitable. If this Option is assumed, or if New Incentives of comparable value are issued in exchange
therefor, then this Option or the New Incentives shall be appropriately adjusted, concurrently with the Corporate Transaction,
to apply to the number and class of securities or other property that the Optionee would have received pursuant to the Corporate
Transaction in exchange for the Shares issuable upon exercise of this Option had this Option been exercised immediately before
the Corporate Transaction, and appropriate adjustment also shall be made to the Exercise Price such that the aggregate Exercise
Price of this Option or the New Incentives shall remain the same as nearly as practicable.

 

(c) If
the provisions of subsection (b) above apply, then this Option or the New Incentives, as the case may be, shall continue to vest
in accordance with the provisions of Section 2 hereof and shall continue in effect for the remainder of the term of this Option
in accordance with the provisions of Section 3 hereof. However, in the event of an Involuntary Termination (as defined below)
of Optionee’s Continuous Service within 12 months following such Corporate Transaction, then vesting of this Option or the
New Incentives, as the case may be, shall accelerate in full automatically effective upon such Involuntary Termination.

 

    	6

    	 

    

 

For
purposes of this Section 8, the following terms shall have the meanings set forth below:

 

(i) “Involuntary
Termination” shall mean the termination of Optionee’s Continuous Service by reason of:

 

(A) Optionee’s
involuntary dismissal or discharge by the Company, or by the acquiring or successor entity (or parent or any subsidiary thereof
employing the Optionee) for reasons other than Cause, or

 

(B) Optionee’s
voluntary resignation following (x) a change in Optionee’s position with the Company, the acquiring or successor entity
(or parent or any subsidiary thereof) which materially reduces Optionee’s duties and responsibilities or the level of management
to which Optionee reports, (y) a reduction in Optionee’s level of compensation (including base salary, fringe benefits and
target bonus under any performance based bonus or incentive programs) by more than 10%, or (z) a relocation of Optionee’s
principal place of employment by more than 30 miles, provided and only if such change, reduction or relocation is effected without
Optionee’s written consent.

 

9. Limitation
of Company’s Liability for Nonissuance. The Company agrees to use its reasonable best efforts to obtain from any
applicable regulatory agency such authority or approval as may be required in order to issue and sell the Shares to the Optionee
pursuant to this Option. Inability of the Company to obtain, from any such regulatory agency, authority or approval deemed by
the Company’s counsel to be necessary for the lawful issuance and sale of the Shares hereunder and under the Plan shall
relieve the Company of any liability in respect of the nonissuance or sale of such shares as to which such requisite authority
or approval shall not have been obtained.

 

10. No
Retention Rights. Nothing in this Option Agreement shall obligate the Company or any Affiliate, or their respective stockholders,
directors, officers or employees, to continue any relationship that Optionee might have as a Director, Employee or Consultant
of the Company. The right of the Company or any Affiliate to terminate at will Optionee’s employment at any time (whether
by dismissal, discharge or otherwise), with or without Cause, is specifically reserved. Moreover, the Optionee acknowledges and
agrees that the vesting of right to exercise the Option pursuant to this Option Agreement is earned only by continuing service
as a service provider at will. The Optionee further acknowledges and that this Option Agreement, the transactions contemplated
hereunder and the vesting schedule, if any, do not constitute an express or implied promise of continued employment or engagement
as a service provider for the vesting period, or for any period at all, and shall not interfere with the Optionee’s right
or the Company’s or Affiliate’s right to terminate the Optionee’s relationship with the Company or Affiliate
at any time, with or without Cause or notice.

 

11. Rights
as Stockholder. The Optionee (or transferee of this option by will or by the laws of descent and distribution) shall have
no rights as a stockholder with respect to any Shares covered by this Option until such person has duly exercised this Option,
paid the Exercise Price and become a holder of record of the Shares purchased.

 

    	7

    	 

    

 

12. Interpretation.
This Option is granted pursuant to the terms of the Plan, and shall in all respects be interpreted in accordance therewith. To
the extent of any conflict or ambiguity between the terms of the this Option Agreement and the Plan, the terms of the Plan shall
govern, and the Committee shall interpret and construe this Option Agreement and the Plan, and any action, decision, interpretation
or determination made in good faith by the Committee shall be final and binding on the Company and the Optionee.

 

13. Notices.
Any notice, demand, offer, request or other communication required or permitted to be given by either the Company or the Optionee
pursuant to the terms of this Option Agreement shall be in writing and shall be deemed effectively given the earliest of (a) when
received, (b) when delivered personally, (c) one business day after being deposited with an overnight courier service for overnight
delivery, or (e) four days after being deposited in the U.S. mail, First Class with postage prepaid and return receipt requested,
and addressed to the parties at the addresses provided to the Company (which the Company agrees to disclose to the other parties
upon request) or such other address as a party may request by notifying the other in writing.

 

14. Governing
Law. The validity, construction, interpretation, and effect of this Option shall be governed by and determined in accordance
with the laws of the State of Delaware.

 

15. Severability.
Should any provision or portion of this Option Agreement be held to be unenforceable or invalid for any reason, the remaining
provisions and portions of this Option Agreement shall be unaffected by such holding.

 

16. Attorneys’
Fees. If any party shall bring an action in law or equity against another to enforce or interpret any of the terms, covenants
and provisions of this Option Agreement, the prevailing party in such action shall be entitled to recover reasonable attorneys’
fees and costs.

 

17. Counterparts.
This Option Agreement may be executed in counterparts, each of which shall be deemed an original and all of which together shall
be deemed one instrument.

 

18. Reliance
on Counsel and Advisors. The Optionee acknowledges that he or she has had the opportunity to review this Option Agreement,
including all attachments hereto, and the transactions contemplated by this Option Agreement with his or her own legal counsel,
tax advisors and other advisors. The Optionee is relying solely on his or her own counsel and advisors and not on any statements
or representations of the Company or its agents for legal or other advice with respect to this investment or the transactions
contemplated by this Option Agreement.

 

19. 409A
Waiver. Optionee agrees to all terms and conditions as described in the waiver attached in Exhibit B, which
is incorporated into this Option Agreement by this reference.

 

    	8

    	 

    

 

EXHIBIT
A

 

NOTICE
OF EXERCISE OF

 

STOCK
OPTION

 

Name
of Optionee: _________________

 

Qualigen
Therapeutics, Inc.

____________________ 

____________________ 

Attention:
_____________

 

Ladies
and Gentlemen:

 

I
hereby exercise my option (the “Option”) to purchase shares of Common Stock, $0.001 par value per share (the
“Shares”), of Qualigen Therapeutics, Inc., a Delaware corporation (the “Company”), pursuant
to the Stock Option Agreement, dated _____________, 202_, granted to me under the Company’s 2020 Stock Incentive Plan. The
number of Shares that I am purchasing at this time is set forth below, and my check payable to the Company in the amount of the
Total Exercise Price is enclosed with this Notice of Exercise:

 

	Number
    of Shares purchased hereby:	 	 		 
	Exercise Price per
    Share:	 	$		 
	Total Exercise Price:	 	$		 

 

In
connection with the exercise of my Option, I hereby represent to the Company that I acknowledge receipt of all information as
I deem necessary and appropriate to enable me to evaluate the merits and risks of my investment in the Shares, including information
concerning the business and financial condition of the Company, and that I have had the opportunity to discuss such information
with, and ask questions of, an officer of the Company.

 

	 	 
		«First_Name»
«Last_Name» (Signature)
	 	 
	 	 
	 	Date

 

    	1

    	 

    

 

EXHIBIT
B

 

CODE
SECTION 409A WAIVER AND RELEASE

 

THIS
WAIVER AND RELEASE (“Waiver”) is made as of the date set forth above by the Optionee holding an option to purchase
shares of Common Stock, $0.001 par value per share (the “Shares”) of Qualigen Therapeutics, Inc., a Delaware
corporation (the “Company”), pursuant to the Stock Option Agreement to which this Exhibit B is attached,
granted under the Company’s 2020 Stock Incentive Plan (the “Plan”).

 

All
capitalized terms in this Waiver shall have the meaning assigned to them in the Plan.

 

Optionee
hereby agrees and acknowledges that the Board has taken reasonable steps to value the Shares and to set the Exercise Price at
the Fair Market Value per share of Shares on the Grant Date so that the Option will not be treated as an item of deferred compensation
subject to Code Section 409A.
Were the Internal Revenue Service to conclude that the Exercise Price is in fact less than such fair market value and that the
Option is accordingly subject to Code Section 409A, then Optionee would be subject to the following adverse tax consequences:

 

(i) As
the Option vests in accordance with the vesting schedule, Optionee would immediately recognize taxable income for federal income
tax purposes equal to the amount by which the fair market value of the Shares with respect to which the Option vests at that time
exceeds the Exercise Price payable for those shares. The Company would also have to collect from Optionee the federal income and
employment taxes which must be withheld on that income. Taxation would occur in this manner even though the Option remains unexercised.

 

(ii) Optionee
may also be subject to additional income taxation and withholding taxes on any subsequent increases to the fair market value of
the Shares purchasable under the vested Option until the Option is exercised or cancelled as to those shares.

 

(iii) In
addition to normal income taxes payable as the Option vests, Optionee would also be subject to a federal tax penalty equal to
20% and a California tax penalty (if applicable) equal to 5% of the amount of income Optionee recognizes under Code Section 409A
when the Option vests and may also be subject to such penalty as the underlying shares subsequently increase in fair market value
for the period the Option continues to remain outstanding.

 

(iv) There
will also be interest penalties if the resulting taxes are not paid on a timely basis.

 

Optionee
hereby further agrees and acknowledges that Optionee will accept the risk of any unfavorable tax consequences under the laws of
the state where the Optionee resides.

 

Optionee
hereby agrees to bear the entire risk of such adverse federal and state tax consequences in the event the Option is deemed to
be subject to Code Section 409A and hereby knowingly and voluntarily, in consideration for the grant of the Option, waives and
releases any and all claims or causes of action that Optionee might otherwise have against the Company and/or its Board, officers,
employees or stockholders arising from or relating to the tax treatment of the Option under Code Section 409A and the corresponding
provisions of any applicable state income tax laws and shall not seek any indemnification or other recovery of damages against
the Company and/or its Board, officers, employees or stockholders with respect to any adverse federal and State tax consequences
or other related costs and expenses Optionee may in fact incur under Code Section 409A (or the corresponding provisions of State
income tax laws) as a result of the Option.

 

    	1

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