Document:

Exhibit 10.1

Eyegate
pharmaceuticals, InC.

 

2005
EQUITY INCENTIVE PLAN

 

		1.	Purpose

 

This Plan is intended
to encourage ownership of Common Stock by employees, consultants and directors of the Company and its Affiliates and to provide
additional incentive for them to promote the success of the Company’s business. The Plan is intended to be an incentive stock
option plan within the meaning of Section 422 of the Code but not all Awards granted hereunder are required to be Incentive Options.

 

		2.	Definitions

 

As used in the Plan
the following terms shall have the respective meanings set out below, unless the context clearly requires otherwise:

 

2.1.     Accelerate,
Accelerated, and Acceleration, when used with respect to an Option, means that as of the time of reference such Option will become
exercisable with respect to some or all of the shares of Common Stock for which it was not then otherwise exercisable by its terms,
and, when used with respect to Restricted Stock, means that the Risk of Forfeiture otherwise applicable to such Common Stock shall
expire with respect to some or all of the shares of Restricted Stock then still otherwise subject to the Risk of Forfeiture.

 

2.2.     Acquiring
Person means, with respect to any Transaction or any acquisition described in clause (ii) of the definition of Change of
Control, the surviving or acquiring person or entity in connection with such Transaction or acquisition, as the case may be, provided
that if such surviving or acquiring person or entity is controlled, directly or indirectly, by an Ultimate Parent Entity,
then the term “Acquiring Person” shall mean such Ultimate Parent Entity.

 

2.3.     Affiliate
means, with respect to any person or entity, any other person or entity controlling, controlled by or under common control with
the first person or entity.

 

2.4.     Applicable
Voting Control Percentage means (i) at any time prior to the initial public offering of the Company, a percentage greater than
fifty percent (50%) and (ii) at any time from and after the initial public offering of the Company, a percentage equal to
or greater than twenty percent (20%).

 

2.5.     Award
means any grant or sale pursuant to the Plan of Options, Restricted Stock, or Stock Grants.

 

2.6.     Award
Agreement means an agreement between the Company and the recipient of an Award, setting forth the terms and conditions of the Award.

 

    	 

    	 

    

 

2.7.     Beneficial
Ownership has the meaning ascribed to such term in Rule 13d-3, or any successor rule thereto, promulgated by the Securities and
Exchange Commission pursuant to the Exchange Act.

 

2.8.     Board
means the Company’s Board of Directors.

 

2.9.     Change
of Control means (i) the closing of any Sale of the Company Transaction or (ii) the direct or indirect acquisition, in a single
transaction or a series of related transactions, by any person or Group (other than the Company or a Controlled Affiliate of the
Company) of Beneficial Ownership of previously outstanding shares of capital stock of the Company if (A) immediately after such
acquisition, such person or Group, together with their respective Affiliates, shall own or hold shares of capital stock of the
Company possessing at least the Applicable Voting Control Percentage of the total voting power of the outstanding capital stock
of the Company and (B) immediately prior to such acquisition, such person or Group, together with their respective Affiliates,
did not own or hold shares of capital stock of the Company possessing at least the Applicable Voting Control Percentage of the
total voting power of the outstanding capital stock of the Company. Notwithstanding the foregoing provisions of this definition,
any acquisition that meets the criteria of clause (ii) above in this definition shall nevertheless not be deemed or treated for
any and all purposes of this Plan as a Change of Control if, within thirty days after the Company is notified or first becomes
aware of such acquisition, whichever is earlier, a majority of the members of the Board as constituted immediately prior to such
acquisition vote (or consent in writing) to treat such acquisition as if it were not a Change of Control.

 

2.10.     Code
means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto, and any regulations issued
from time to time thereunder.

 

2.11.     Controlled
Affiliate means, with respect to any person or entity, any other person or entity that is controlled by such person or entity.

 

2.12.     Committee
means any committee of the Board delegated responsibility by the Board for the administration of the Plan, as provided in Section
5 of the Plan. For any period during which no such committee is in existence, “Committee” shall mean the Board and
all authority and responsibility assigned the Committee under the Plan shall be exercised, if at all, by the Board.

 

2.13.     Common
Stock means common stock, par value $0.01 per share, of the Company.

 

2.14.     Company
means Eyegate Pharmaceuticals, Inc., a corporation organized under the laws of the State of Delaware.

 

2.15.     Grant
Date means the date as of which an Option is granted, as determined under Section 7.1(a).

 

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2.16.     Group
has the meaning ascribed to such term in Section 13(d)(3) of the Exchange Act or any successor section thereto.

 

2.17.     Incentive
Option means an Option which by its terms is to be treated as an “incentive stock option” within the meaning of Section
422 of the Code.

 

2.18.     Market
Value means the value of a share of Common Stock on any date as determined by the Committee.

 

2.19.     Nonstatutory
Option means any Option that is not an Incentive Option.

 

2.20.         Option
means an option to purchase shares of Common Stock.

 

2.21.         Optionee
means a Participant to whom an Option shall have been granted under the Plan.

 

2.22.         Participant
means any holder of an outstanding Award under the Plan.

 

2.23.         Plan
means this 2005 Equity Incentive Plan of the Company, as amended and in effect from time to time.

 

2.24.         Restricted
Stock means a grant or sale of shares of Common Stock to a Participant subject to a Risk of Forfeiture.

 

2.25.         Restriction
Period means the period of time, established by the Committee in connection with an Award of Restricted Stock, during which the
shares of Restricted Stock are subject to a Risk of Forfeiture described in the applicable Award Agreement.

 

2.26.         Risk
of Forfeiture means a limitation on the right of a Participant to retain an Award of Restricted Stock, including a right in the
Company to reacquire such Restricted Stock at less than their then Market Value, arising because of the occurrence or non-occurrence
of specified events or conditions.

 

2.27.         Sale
of the Company Transaction means any Transaction in which the stockholders of the Company immediately prior to such Transaction,
together with any and all of such stockholders’ Affiliates, do not own or hold, immediately after consummation of such Transaction,
shares of capital stock of the Acquiring Person in connection with such Transaction possessing at least a majority of the total
voting power of the outstanding capital stock of such Acquiring Person.

 

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

 

2.29.         Stock
Grant means the grant of shares of Common Stock not subject to restrictions or other forfeiture conditions.

 

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2.30.         Stockholder
Agreement means one agreement, or, collectively, two or more agreements, by and between the Company and one or more stockholders
of the Company setting forth, among other provisions, (i) restrictions upon the right of such stockholder or stockholders to transfer
shares of capital stock of the Company owned or held by such stockholder or stockholders or (ii) restrictions on the exercise by
such stockholder or stockholders of rights appurtenant to any shares of capital stock of the Company owned or held by such stockholder
or stockholders (including, but not limited to, restrictions on voting rights) .

 

2.31.         Ten
Percent Owner means a person who owns, or is deemed within the meaning of Section 422(b)(6) of the Code to own, stock possessing
more than 10% of the total combined voting power of all classes of stock of the Company (or any parent or subsidiary corporations
of the Company, as defined in Section 424(e) and (f), respectively, of the Code). Whether a person is a Ten Percent Owner shall
be determined with respect to each Option based on the facts existing immediately prior to the Grant Date of such Option.

 

2.32.         Transaction
means any merger or consolidation of the Company with or into another person or entity or the sale or transfer of all or substantially
all of the assets of the Company, in each case in a single transaction or in a series of related transactions.

 

2.33.         Ultimate
Parent Entity means, with respect to any entity or person that is not an individual, any other entity or person that (i)
is also not an individual, (ii) that controls, directly or indirectly, such entity or person and (iii) is not itself controlled,
directly or indirectly, by an entity or person that is not an individual.

 

		3.	Term of the Plan

 

Unless the Plan shall
have been earlier terminated by the Board, Awards may be granted under this Plan at any time in the period commencing on the effective
date of approval of the Plan by the Board and ending immediately prior to the tenth anniversary of the earlier of the adoption
of the Plan by the Board or approval of the Plan by the Company’s stockholders. Awards granted pursuant to the Plan within
such period shall not expire solely by reason of the termination of the Plan. Awards of Incentive Options granted prior to stockholder
approval of the Plan are hereby expressly conditioned upon such approval, but in the event of the failure of the stockholders to
approve the Plan shall thereafter and for all purposes be deemed to constitute Nonstatutory Options.

 

		4.	Stock Subject to the Plan

 

At
no time shall the number of shares of Common Stock issued pursuant to or subject to outstanding Awards granted under the Plan
(including, without limitation, pursuant to Incentive Options) exceed nine million seven hundred eight-five thousand six hundred
seventeen (9,785,617) shares of Common Stock; subject, however, to the provisions
of Section 8 of the Plan. For purposes of applying the foregoing limitation, (a) if any Option expires, terminates, or is
cancelled for any reason without having been exercised in full, or if any Award of Restricted Stock is forfeited by the recipient,
the shares not purchased by the Optionee or forfeited by the recipient shall again be available for Awards thereafter to be granted
under the Plan, and (b) if any Option is exercised by delivering previously owned shares in payment of the exercise price therefor,
only the net number of shares, that is, the number of shares issued minus the number received by the Company in payment of the
exercise price, shall be considered to have been issued pursuant to an Award granted under the Plan. Shares of Common Stock issued
pursuant to the Plan may be either authorized but unissued shares or shares held by the Company in its treasury.

 

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		5.	Administration

 

The Plan shall be administered
by the Committee; provided, however, that at any time and on any one or more occasions the Board may itself exercise any
of the powers and responsibilities assigned the Committee under the Plan and when so acting shall have the benefit of all of the
provisions of the Plan pertaining to the Committee’s exercise of its authorities hereunder; and provided further that
the Committee may delegate to an executive officer or officers the authority to grant Awards hereunder to employees who are not
officers, and to consultants, in accordance with such guidelines as the Committee shall set forth at any time or from time to time.
Subject to the provisions of the Plan, the Committee shall have complete authority, in its discretion, to make or to select the
manner of making all determinations with respect to each Award to be granted by the Company under the Plan in addition to any other
determination allowed the Committee under the Plan including, without limitation: (a) the employee, consultant or director to receive
the Award; (b) the form of Award; (c) whether an Option (if granted to an employee) will be an Incentive Option or a Nonstatutory
Option; (d) the time of granting an Award; (e) the number of shares subject to an Award; (f) the exercise price of an Option or
purchase price for shares of Restricted Stock or for a Stock Grant and the method of payment of such exercise price or such purchase
price; (g) the term of an Option; (h) the vesting period of shares of Restricted Stock and any acceleration thereof; (i) the exercise
date or dates of an Option and any acceleration thereof; and (j) the effect of termination of any employment, consulting or Board
member relationship with the Company or any of its Affiliates on the subsequent exercisability of an Option or on the Risk of Forfeiture
of Restricted Stock. In making such determinations, the Committee may take into account the nature of the services rendered by
the respective employees, consultants and directors, their present and potential contributions to the success of the Company and
its Affiliates, and such other factors as the Committee in its discretion shall deem relevant. Subject to the provisions of the
Plan, the Committee shall also have complete authority to interpret the Plan, to prescribe, amend and rescind rules and regulations
relating to it, to determine the terms and provisions of the respective Award Agreements (which need not be identical), and to
make all other determinations necessary or advisable for the administration of the Plan. The Committee’s determinations made
in good faith on matters referred to in this Plan shall be final, binding and conclusive on all persons having or claiming any
interest under the Plan or an Award made pursuant hereto.

 

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		6.	Authorization and Eligibility

 

The Committee may grant
from time to time and at any time prior to the termination of the Plan one or more Awards, either alone or in combination with
any other Awards, to any employee of or consultant to one or more of the Company and its Affiliates or to any non-employee member
of the Board or of any board of directors (or similar governing authority) of any Affiliate. However, only employees of the Company,
and of any parent or subsidiary corporations of the Company, as defined in Sections 424(e) and (f), respectively, of the Code,
shall be eligible for the grant of an Incentive Option. Further, in no event shall the number of shares of Common Stock covered
by Options or other Awards granted to any one person in any one calendar year (or portion of a year) ending after such date exceed
50% of the aggregate number of shares of Common Stock subject to the Plan.

 

Each grant of an Award
shall be subject to all applicable terms and conditions of the Plan (including but not limited to any specific terms and conditions
applicable to that type of Award set out in the following Section), and such other terms and conditions, not inconsistent with
the terms of the Plan, as the Committee may prescribe. No prospective Participant shall have any rights with respect to an Award,
unless and until such Participant has executed an agreement evidencing the Award, delivered a fully executed copy thereof to the
Company, and otherwise complied with the applicable terms and conditions of such Award.

 

		7.	Specific Terms of Awards

 

7.1.     Options.

 

(a)          Date
of Grant. The granting of an Option shall take place at the time specified in the Award Agreement. Only if expressly so provided
in the applicable Award Agreement shall the Grant Date be the date on which the Award Agreement shall have been duly executed and
delivered by the Company and the Optionee.

 

(b)          Exercise
Price. The price at which shares of Common Stock may be acquired under each Incentive Option shall be not less than 100% of the
Market Value of Common Stock on the Grant Date, or not less than 110% of the Market Value of Common Stock on the Grant Date if
the Optionee is a Ten Percent Owner. The price at which shares may be acquired under each Nonstatutory Option shall not be so limited
solely by reason of this Section.

 

(c)          Option
Period. No Incentive Option may be exercised on or after the tenth anniversary of the Grant Date, or on or after the fifth anniversary
of the Grant Date if the Optionee is a Ten Percent Owner. The Option period under each Nonstatutory Option shall not be so limited
solely by reason of this Section.

 

(d)          Exercisability.
An Option may be immediately exercisable or become exercisable in such installments, cumulative or non-cumulative, as the Committee
may determine. In the case of an Option not otherwise immediately exercisable in full, the Committee may Accelerate such Option
in whole or in part at any time; provided, however, that in the case of an Incentive Option, any such Acceleration
of such Incentive Option would not cause such Incentive Option to fail to comply with the provisions of Section 422 of the
Code or the Optionee consents to such Acceleration.

 

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(e)          Effect
of Termination of Employment, Consulting or Board Member Relationship. Unless the Committee shall provide otherwise with respect
to any Option, if the Optionee’s employment, consulting or Board member relationship with the Company and its Affiliates
ends for any reason, including because an entity with which the Optionee has an employment, consulting or Board member relationship
ceases to be an Affiliate of the Company, any outstanding Option held by the Optionee shall cease to be exercisable in any respect
not later than ninety (90) days following that event and, for the period it remains exercisable following that event, shall be
exercisable only to the extent exercisable at the date of that event. Military or sick leave or other bona fide leave shall not
be deemed a termination of employment, provided that it does not exceed the longer of ninety (90) days or the period during
which the absent Optionee’s reemployment rights, if any, are guaranteed by statute or by contract.

 

(f)          Transferability.
Except as otherwise provided in this subsection (f), Options shall not be transferable, and no Option or interest therein may be
sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and
distribution. Except as otherwise provided in this subsection (f), all of a Participant’s rights in any Option may be exercised
during the life of the Participant only by the Participant or the Participant’s legal representative. However, the Committee
may, at or after the grant of a Nonstatutory Option, provide that such Option may be transferred by the recipient to a family member;
provided, however, that any such transfer is without payment of any consideration whatsoever and that no transfer of an
Option shall be valid unless first approved by the Committee, acting in its sole discretion. For this purpose, “family member”
means any child, stepchild, grandchild, parent, stepparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the Participant’s
household (other than a tenant or employee), a trust in which the foregoing persons have more than fifty (50) percent of the beneficial
interests, a foundation in which the foregoing persons (or the Participant) control the management of assets, and any other entity
in which these persons (or the Participant) own more than fifty (50) percent of the voting interests.

 

(g)          Method
of Exercise. An Option may be exercised by the Optionee giving written notice, in the manner provided in Section 15, specifying
the number of shares of Common Stock with respect to which the Option is then being exercised. The notice shall be accompanied
by payment in the form of cash or check payable to the order of the Company in an amount equal to the exercise price of the shares
of Common Stock to be purchased or, subject in each instance to the Committee’s approval, acting in its sole discretion and
to such conditions, if any, as the Committee may deem necessary to avoid adverse accounting effects to the Company, by delivery
to the Company of (i) shares of Common Stock having a Market Value equal to the exercise price of the shares to be purchased, or
(ii) the Optionee’s executed promissory note in the principal amount equal to the exercise price of the shares to be purchased
and otherwise in such form as the Committee shall have approved. Receipt by the Company of such notice and payment in any authorized
or combination of authorized means shall constitute the exercise of the Option. Within thirty (30) days thereafter but subject
to the remaining provisions of the Plan, the Company shall deliver or cause to be delivered to the Optionee or his agent a certificate
or certificates for the number of shares then being purchased. Such shares shall be fully paid and nonassessable. Notwithstanding
any of the foregoing provisions in this subsection (g) to the contrary, (A) no Option shall be considered to have been exercised
unless and until all of the provisions governing such exercise specified in the Plan and in the relevant Award Agreement shall
have been duly complied with; and (B) the obligation of the Company to issue any shares upon exercise of an Option is subject to
the provisions of Section 9.1 hereof and to compliance by the Optionee with all of the provisions of the Plan and the relevant
Award Agreement.

 

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(h)          Limit
on Incentive Option Characterization. An Incentive Option shall be considered to be an Incentive Option only to the extent that
the number of shares of Common Stock for which the Option first becomes exercisable in a calendar year do not have an aggregate
Market Value (as of the date of the grant of the Option) in excess of the “current limit”. The current limit for any
Optionee for any calendar year shall be $100,000 minus the aggregate Market Value at the date of grant of the number of
shares of Common Stock available for purchase for the first time in the same year under each other Incentive Option previously
granted to the Optionee under the Plan, and under each other incentive stock option previously granted to the Optionee under any
other incentive stock option plan of the Company and its Affiliates, after December 31, 1986. Any shares of Common Stock which
would cause the foregoing limit to be violated shall be deemed to have been granted under a separate Nonstatutory Option, otherwise
identical in its terms to those of the Incentive Option.

 

(i)          Notification
of Disposition. Each person exercising any Incentive Option granted under the Plan shall be deemed to have covenanted with the
Company to report to the Company any disposition of such shares prior to the expiration of the holding periods specified by Section
422(a)(1) of the Code and, if and to the extent that the realization of income in such a disposition imposes upon the Company federal,
state, local or other withholding tax requirements, or any such withholding is required to secure for the Company an otherwise
available tax deduction, to remit to the Company an amount in cash sufficient to satisfy those requirements.

 

(j)          Rights
Pending Exercise. No person holding an Option shall be deemed for any purpose to be a stockholder of the Company with respect to
any of the shares of Common Stock issuable pursuant to his Option, except to the extent that the Option shall have been exercised
with respect thereto and, in addition, a certificate shall have been issued therefor and delivered to such holder or his agent.

 

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7.2.     Restricted
Stock.

 

(a)          Purchase
Price. Shares of Restricted Stock shall be issued under the Plan for such consideration, in cash, other property or services, or
any combination thereof, as is determined by the Committee.

 

(b)          Issuance
of Certificates. Subject to subsection (c) below, each Participant receiving an Award of Restricted Stock shall be issued a stock
certificate in respect of such shares of Restricted Stock. Such certificate shall be registered in the name of such Participant,
and, if applicable, shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Award
substantially in the following form:

 

The transferability of this certificate
and the shares represented by this certificate are subject to the terms and conditions of Eyegate Pharmaceuticals, Inc. 2005 Equity
Incentive Plan and an Award Agreement entered into by the registered owner and Eyegate Pharmaceuticals, Inc. Copies of such Plan
and Agreement are on file in the offices of Eyegate Pharmaceuticals, Inc.

 

(c)          Escrow
of Shares. The Committee may require that the stock certificates evidencing shares of Restricted Stock be held in custody by a
designated escrow agent (which may but need not be the Company) until the restrictions thereon shall have lapsed, and that the
Participant deliver a stock power, endorsed in blank, relating to the Common Stock covered by such Award.

 

(d)          Restrictions
and Restriction Period. During the Restriction Period applicable to shares of Restricted Stock, such shares shall be subject to
limitations on transferability and a Risk of Forfeiture arising on the basis of such conditions related to the performance of services,
Company or Affiliate performance or otherwise as the Committee may determine and provide for in the applicable Award Agreement.
Any such Risk of Forfeiture may be waived or terminated, or the Restriction Period shortened, at any time by the Committee on such
basis as it deems appropriate.

 

(e)          Rights
Pending Lapse of Risk of Forfeiture or Forfeiture of Award. Except as otherwise provided in the Plan or the applicable Award Agreement,
at all times prior to lapse of any Risk of Forfeiture applicable to, or forfeiture of, an Award of Restricted Stock, the Participant
shall have all of the rights of a stockholder of the Company, including the right to vote the shares of Restricted Stock.

 

(f)          Effect
of Termination of Employment, Consulting or Board Member Relationship. Unless otherwise determined by the Committee at or after
grant and subject to the applicable provisions of the Award Agreement, if a Participant’s employment, consulting or Board
member relationship with the Company and its Affiliates ends for any reason during the Restriction Period, including because an
entity with which the Participant has an employment, consulting or Board member relationship ceases to be an Affiliate of the Company,
all shares of Restricted Stock still subject to Risk of Forfeiture shall be forfeited or otherwise subject to return to or repurchase
by the Company on the terms specified in the Award Agreement; provided, however, that military or sick leave or other bona
fide leave shall not be deemed a termination of employment, if it does not exceed the longer of ninety (90) days or the period
during which the absent Participant’s reemployment rights, if any, are guaranteed by statute or by contract.

 

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(g)          Lapse
of Restrictions. If and when the Restriction Period expires without a prior forfeiture of the Restricted Stock, the certificates
for such shares shall be delivered to the Participant promptly if not theretofore so delivered.

 

7.3.     Stock
Grants.

 

(a)          In
General. Stock Grants shall be issued for such consideration, in cash, other property or services, or any combination thereof,
as is determined by the Committee. Without limiting the generality of the foregoing, Stock Grants may be awarded in such circumstances
as the Committee deems appropriate, including without limitation in recognition of significant contributions to the success of
the Company or its Affiliates or in lieu of compensation otherwise already due. Stock Grants shall be made without forfeiture conditions
of any kind.

 

(b)          Issuance
of Certificates. Each Participant receiving a Stock Grant shall be issued a stock certificate in respect of such Stock Grant. Such
certificate shall be registered in the name of such Participant, and, if applicable, shall bear an appropriate legend referring
to the terms, conditions, and restrictions applicable to such Award substantially in the following form:

 

The transferability
of this certificate and the shares represented by this certificate are subject to the terms and conditions of Eyegate Pharmaceuticals,
Inc. 2005 Equity Incentive Plan. A copy of such Plan is on file in the offices of Eyegate Pharmaceuticals, Inc.

 

7.4.     Awards
to Participants Outside the United States. The Committee may modify the terms of any Award under the Plan granted to a Participant
who is, at the time of grant or during the term of the Award, resident or primarily employed outside of the United States in any
manner deemed by the Committee to be necessary or appropriate in order that such Award shall conform to laws, regulations, and
customs of the country in which the Participant is then resident or primarily employed, or so that the value and other benefits
of the Award to the Participant, as affected by foreign tax laws and other restrictions applicable as a result of the Participant’s
residence or employment abroad, shall be comparable to the value of such an Award to a Participant who is resident or primarily
employed in the United States. An Award may be modified under this Section 7.4 in a manner that is inconsistent with the express
terms of the Plan, so long as such modifications will not contravene any applicable law or regulation.

 

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		8.	Adjustment Provisions

 

8.1.     Adjustment
for Corporate Actions. All of the share numbers set forth in the Plan reflect the capital structure of the Company as of [October
__], 2005 (after giving effect to the 1-for-3 reverse stock split of Common Stock that became effective on such date). Subject
to the provisions of Section 8.2, if subsequent to such date the outstanding shares of Common Stock (or any other securities covered
by the Plan by reason of the prior application of this Section) are increased, decreased, or exchanged for a different number or
kind of shares or other securities, or if additional shares or new or different shares or other securities are distributed with
respect to such shares of Common Stock or other securities, through merger, consolidation, sale of all or substantially all the
property of the Company, reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split,
or other distribution with respect to such shares of Common Stock, or other securities, an appropriate and proportionate adjustment
will be made in (i) the maximum numbers and kinds of shares provided in Section 4, (ii) the numbers and kinds of shares
or other securities subject to the then outstanding Awards, (iii) the exercise price for each share or other unit of any other
securities subject to then outstanding Options (without change in the aggregate purchase price as to which such Options remain
exercisable), and (iv) the repurchase price of each share of Restricted Stock then subject to a Risk of Forfeiture in the form
of a Company repurchase right.

 

8.2.     Change
of Control. Subject to the applicable provisions of the Award Agreement, in the event of a Change of Control, the Committee shall
have the discretion, exercisable in advance of, at the time of, or (except to the extent otherwise provided below) at any time
after, the Change of Control, to provide for any or all of the following (subject to and upon such terms as the Committee may deem
appropriate): (A) the Acceleration, in whole or in part, of any or all outstanding Options (including Options that are assumed
or replaced pursuant to clause (C) below) that are not exercisable in full at the time the Change of Control, such Acceleration
to become effective at the time of the Change of Control, or at such time following the Change of Control that the employment,
consulting or Board member relationship of the applicable Optionee or Optionees with the Company and its Affiliates terminates,
or at such other time or times as the Committee shall determine; (B) the termination of any or all of the Company’s repurchase
rights with respect to Restricted Stock Awards, such termination to become effective at the time of the Change of Control, or at
such time following the Change of Control that the employment, consulting or Board member relationship with the Company and its
Affiliates of the Participant or Participants that hold such Restricted Stock Awards terminates, or at such other time or times
as the Committee shall determine; (C) the assumption of outstanding Options, or the substitution of outstanding Options with equivalent
options, by the acquiring or succeeding corporation or entity (or an affiliate thereof); or (D) the termination of all Options
(other than Options that are assumed or substituted pursuant to clause (C) above) that remain outstanding at the time of the consummation
of the Change of Control, provided that, the Committee shall have made the determination to effect such termination prior
to the consummation of the Change of Control and the Committee shall have given, or caused to be given, to all Optionees written
notice of such potential termination at least five business days prior to the consummation of the Change of Control, and provided,
further, that, if the Committee shall have determined in its sole and absolute discretion that the Corporation make payment
or provide consideration to the holders of such terminated Options on account of such termination, which payment or consideration
shall be on such terms and conditions as the Committee shall have determined (and which could consist of, in the Committee’s
sole and absolute discretion, payment to the applicable Optionee or Optionees of an amount of cash equal to the difference between
the Market Value of the shares of Common Stock for which the Option is then exercisable and the aggregate exercise price for such
shares under the Option), then the Corporation shall be required to make such payment or provide such consideration in accordance
with the terms and conditions so determined by the Committee; otherwise the Corporation shall not be required to make any payment
or provide any consideration in connection with, or as a result of, the termination of Options pursuant to the foregoing provisions
of this clause (D). The provisions of this Section 8.2 shall not be construed as to limit or restrict in any way the Committee’s
general authority under Sections 7.1(d) or 7.2(d) hereof to Accelerate Options in whole or in part at any time or to waive or terminate
at any time any Risk of Forfeiture applicable to shares of Restricted Stock. Each outstanding Option that is assumed in connection
with a Change of Control, or is otherwise to continue in effect subsequent to a Change of Control, will be appropriately adjusted,
immediately after the Change of Control, as to the number and class of securities and the price at which it may be exercised in
accordance with Section 8.1.

 

    	- 11 -

    	 

    

 

8.3.     Dissolution
or Liquidation. Upon dissolution or liquidation of the Company, each outstanding Option shall terminate, but the Optionee (if at
the time he or she has an employment, consulting or Board member relationship with the Company or any of its Affiliates) shall
have the right, immediately prior to such dissolution or liquidation, to exercise the Option to the extent exercisable on the date
of such dissolution or liquidation.

 

8.4.     Related
Matters. Any adjustment in Awards made pursuant to this Section 8 shall be determined and made, if at all, by the Committee
and shall include any correlative modification of terms, including of Option exercise prices, rates of vesting or exercisability,
Risks of Forfeiture and applicable repurchase prices for Restricted Stock, which the Committee may deem necessary or appropriate
so as to ensure that the rights of the Participants in their respective Awards are not substantially diminished nor enlarged as
a result of the adjustment and corporate action other than as expressly contemplated in this Section 8. No fraction of a share
shall be purchasable or deliverable upon exercise, but in the event any adjustment hereunder of the number of shares covered by
an Award shall cause such number to include a fraction of a share, such number of shares shall be adjusted to the nearest smaller
whole number of shares. No adjustment of an Option exercise price per share pursuant to this Section 8 shall result in an exercise
price which is less than the par value of the Common Stock.

 

    	- 12 -

    	 

    

 

		9.	Settlement of Awards

 

9.1.     Violation
of Law. Notwithstanding any other provision of the Plan or the relevant Award Agreement, if, at any time, in the reasonable opinion
of the Company, the issuance of shares of Common Stock covered by an Award may constitute a violation of law, then the Company
may delay such issuance and the delivery of a certificate for such shares until (i) approval shall have been obtained from such
governmental agencies, other than the Securities and Exchange Commission, as may be required under any applicable law, rule, or
regulation and (ii) in the case where such issuance would constitute a violation of a law administered by or a regulation of the
Securities and Exchange Commission, one of the following conditions shall have been satisfied:

 

(a)          the
shares are at the time of the issue of such shares effectively registered under the Securities Act; or

 

(b)          the
Company shall have determined, on such basis as it deems appropriate (including an opinion of counsel in form and substance satisfactory
to the Company) that the sale, transfer, assignment, pledge, encumbrance or other disposition of such shares or such beneficial
interest, as the case may be, does not require registration under the Securities Act or any applicable state securities laws.

 

9.2.     Corporate
Restrictions on Rights in Stock. Any Common Stock to be issued pursuant to Awards granted under the Plan shall be subject to all
restrictions upon the transfer thereof which may be now or hereafter imposed by the Certificate of Incorporation and the By-laws
of the Company, each as amended and in effect from time to time. Whenever Common Stock is to be issued pursuant to an Award, if
the Committee so directs at the time of grant (or, if such Award is an Option, at any time prior to the exercise thereof), the
Company shall be under no obligation, notwithstanding any other provision of the Plan or the relevant Award Agreement to the contrary,
to issue such shares until such time, if ever, as the recipient of the Award (and any person who exercises any Option, in whole
or in part), shall have become a party to and bound by any Stockholder Agreement that the Committee shall require in its sole discretion.

 

9.3.     Investment
Representations. The Company shall be under no obligation to issue any shares covered by an Award unless the shares to be issued
pursuant to Awards granted under the Plan have been effectively registered under the Securities Act or the Participant shall have
made such written representations to the Company (upon which the Company believes it may reasonably rely) as the Company may deem
necessary or appropriate for purposes of confirming that the issuance of such shares will be exempt from the registration requirements
of that Act and any applicable state securities laws and otherwise in compliance with all applicable laws, rules and regulations,
including but not limited to that the Participant is acquiring shares for his or her own account for the purpose of investment
and not with a view to, or for sale in connection with, the distribution of any such shares.

 

    	- 13 -

    	 

    

 

9.4.     Registration.
If the Company shall deem it necessary or desirable to register under the Securities Act or other applicable statutes any shares
of Common Stock issued or to be issued pursuant to Awards granted under the Plan, or to qualify any such shares of Common Stock
for exemption from the Securities Act or other applicable statutes, then the Company shall take such action at its own expense.
The Company may require from each recipient of an Award, or each holder of shares of Common Stock acquired pursuant to the Plan,
such information in writing for use in any registration statement, prospectus, preliminary prospectus or offering circular as is
reasonably necessary for such purpose and may require reasonable indemnity to the Company and its officers and directors from such
holder against all losses, claims, damage and liabilities arising from such use of the information so furnished and caused by any
untrue statement of any material fact therein or caused by the omission to state a material fact required to be stated therein
or necessary to make the statements therein not misleading in the light of the circumstances under which they were made.

 

9.5.     Lock-Up.
Without the prior written consent of the Company or the managing underwriter in any public offering of shares of Common Stock,
no Participant shall sell, make any short sale of, loan, grant any option for the purchase of, pledge or otherwise encumber, or
otherwise dispose of, any shares of Common Stock during the one hundred-eighty (180) day period commencing on the effective date
of the registration statement relating to any underwritten public offering of securities of the Company. The foregoing restrictions
are intended and shall be construed so as to preclude any Participant from engaging in any hedging or other transaction that is
designed to or reasonably could be expected to lead to or result in, a sale or disposition of any shares of Common Stock during
such period even if such shares of Common Stock are or would be disposed of by someone other than such Participant. Such prohibited
hedging or other transactions would include, without limitation, any short sale (whether or not against the box) or any purchase,
sale or grant of any right (including without limitation any put or call option) with respect to any shares of Common Stock or
with respect to any security that includes, relates to, or derives any significant part of its value from any shares of Common
Stock. Without limiting the generality of the foregoing provisions of this Section 9.5, if, in connection with any underwritten
public offering of securities of the Company, the managing underwriter of such offering requires that the Company’s directors
and officers enter into a lock-up agreement containing provisions that are more restrictive than the provisions set forth in the
preceding sentence, then (a) each Participant (regardless of whether or not such Participant has complied or complies with the
provisions of clause (b) below) shall be bound by, and shall be deemed to have agreed to, the same lock-up terms as those to which
the Company’s directors and officers are required to adhere; and (b) at the request of the Company or such managing underwriter,
each Participant shall execute and deliver a lock-up agreement in form and substance equivalent to that which is required to be
executed by the Company’s directors and officers.

 

    	- 14 -

    	 

    

 

9.6.     Placement
of Legends; Stop Orders; etc. Each share of Common Stock to be issued pursuant to Awards granted under the Plan may bear a reference
to the investment representations made in accordance with Section 9.3 in addition to any other applicable restrictions under
the Plan, the terms of the Award and, if applicable, under any Stockholder Agreement and to the fact that no registration statement
has been filed with the Securities and Exchange Commission in respect to such shares of Common Stock. All certificates for shares
of Common Stock or other securities delivered under the Plan shall be subject to such stock transfer orders and other restrictions
as the Committee may deem advisable under the rules, regulations, and other requirements of any stock exchange upon which the Common
Stock is then listed, and any applicable federal or state securities law, and the Committee may cause a legend or legends to be
placed on any such certificates to make appropriate reference to such restrictions.

 

9.7.     Tax
Withholding. Whenever shares of Common Stock are issued or to be issued pursuant to Awards granted under the Plan, the Company
shall have the right to require the recipient to remit to the Company an amount sufficient to satisfy federal, state, local or
other withholding tax requirements if, when, and to the extent required by law (whether so required to secure for the Company
an otherwise available tax deduction or otherwise) prior to the delivery of any certificate or certificates for such shares. The
obligations of the Company under the Plan shall be conditional on satisfaction of all such withholding obligations and the Company
shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the
recipient of an Award. However, in such cases Participants may elect, subject to the approval of the Committee, acting in its
sole discretion, to satisfy an applicable withholding requirement, in whole or in part, by having the Company withhold shares
to satisfy their tax obligations. Participants may only elect to have Shares withheld having a Market Value on the date the tax
is to be determined equal to the minimum statutory total tax which could be imposed on the transaction. All elections shall be
irrevocable, made in writing, signed by the Participant, and shall be subject to any restrictions or limitations that the Committee
deems appropriate

 

		10.	Reservation of Stock

 

The Company shall at
all times during the term of the Plan and any outstanding Options granted hereunder reserve or otherwise keep available such number
of shares of Common Stock as will be sufficient to satisfy the requirements of the Plan (if then in effect) and such Options and
shall pay all fees and expenses necessarily incurred by the Company in connection therewith.

 

		11.	No Special Service Rights

 

Nothing contained in
the Plan or in any Award Agreement shall confer upon any recipient of an Award any right with respect to the continuation of his
or her employment, consulting or Board member relationship with the Company (or any Affiliate), or interfere in any way with the
right of the Company (or any Affiliate), subject to the terms of any separate employment, consulting or Board member agreement
or provision of law or corporate articles or by-laws to the contrary, at any time to terminate such employment, consulting or Board
member agreement or to increase or decrease, or otherwise adjust, the other terms and conditions of the recipient’s employment,
consulting or Board member relationship with the Company and its Affiliates.

 

    	- 15 -

    	 

    

 

 

		12.	Nonexclusivity of the Plan

 

Neither the adoption
of the Plan by the Board nor the submission of the Plan to the stockholders of the Company shall be construed as creating any limitations
on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including without limitation, the
granting of stock options and restricted stock other than under the Plan, and such arrangements may be either applicable generally
or only in specific cases.

 

		13.	Termination and Amendment of the Plan

 

The Board may at any
time terminate the Plan or make such amendments or modifications of the Plan as it shall deem advisable. In the event of the termination
of the Plan, the terms of the Plan shall survive any such termination with respect to any Award that is outstanding on the date
of such termination, unless the holder of such Award agrees in writing to terminate such Award or to terminate all or any of the
provisions of the Plan that apply to such Award. Unless the Board otherwise expressly provides, any amendment or modification of
the Plan shall affect the terms of any Award outstanding on the date of such amendment or modification as well as the terms of
any Award made from and after the date of such amendment or modification; provided, however, that, except to the extent otherwise
provided in the last sentence of this paragraph, (i) no amendment or modification of the Plan shall apply to any Award that is
outstanding on the date of such amendment or modification if such amendment or modification would reduce the number of shares subject
to such Award, increase the purchase price applicable to shares subject to such Award or materially adversely affect the provisions
applicable to such Award that relate to the vesting or exercisability of such Award or of the shares subject to such Award, (ii)
no amendment or modification of the Plan shall apply to any Incentive Option that is outstanding on the date of such amendment
or modification if such amendment or modification would result in such Incentive Option no longer being treated as an “incentive
stock option” within the meaning of Section 422 of the Code and (iii) no amendment or modification of the Plan shall apply
to any Award that is outstanding on the date of such amendment or modification unless such amendment or modification of the Plan
shall also apply to all other Awards outstanding on the date of such amendment or modification. In the event of any amendment or
modification of the Plan that is described in clause (i), (ii) or (iii) of the foregoing proviso, such amendment or modification
of the Plan shall apply to any Award outstanding on the date of such amendment or modification only if the recipient of such Award
consents in writing thereto.

 

    	- 16 -

    	 

    

 

The Committee may amend
or modify, prospectively or retroactively, the terms of any outstanding Award without amending or modifying the terms of the Plan
itself, provided that as amended or modified such Award is consistent with the terms of the Plan as in effect at the time of the
amendment or modification of such Award, but no such amendment or modification of such Award shall, without the written consent
of the recipient of such Award, reduce the number of shares subject to such Award, increase the purchase price applicable to shares
subject to such Award, adversely affect the provisions applicable to such Award that relate to the vesting or exercisability of
such Award or of the shares subject to such Award, or otherwise materially adversely affect the terms of such Award (except for
amendments or modifications to the terms of such Award or of the stock subject to such Award that are expressly permitted by the
terms of the Plan or that result from any amendment or modification of the Plan in accordance with the provisions of the first
paragraph of this Section 13), or, if such Award is an Incentive Option, result in such Incentive Option no longer being treated
as an “incentive stock option” within the meaning of Section 422 of the Code.

 

In
addition, notwithstanding anything express or implied in any of the foregoing provisions of this Section 13 to the contrary, the
Committee may amend or modify, prospectively or retroactively, the terms of any outstanding Award to the extent the Committee reasonably
determines necessary or appropriate to conform such Award to the requirements of Section 409A of the Code (concerning non-qualified
deferred compensation), if applicable.

 

		14.	Interpretation of the Plan

 

In the event of any
conflict between the provisions of this Plan and the provisions of any applicable Award Agreement, the provisions of this Plan
shall control, except if and to the extent that the conflicting provision in such Award Agreement was authorized and approved by
the Committee at the time of the grant of the Award evidenced by such Award Agreement or is ratified by the Committee at any time
subsequent to the grant of such Award, in which case the conflicting provision in such Award Agreement shall control. Without limiting
the generality of the foregoing provisions of this Section 14, insofar as possible the provisions of the Plan and such Award Agreement
shall be construed so as to give full force and effect to all such provisions. In the event of any conflict between the provisions
of this Plan and the provisions of any applicable Stockholder Agreement, the provisions of such Stockholder Agreement shall control
except as required to fulfill the intention that this Plan constitute an incentive stock option plan within the meaning of Section
422 of the Code, but insofar as possible the provisions of the Plan and any such Stockholder Agreement shall be construed so as
to give full force and effect to all such provisions.

 

		15.	Notices and Other Communications

 

Any notice, demand,
request or other communication hereunder to any party shall be deemed to be sufficient if contained in a written instrument delivered
in person or duly sent by first class registered, certified or overnight mail, postage prepaid, or telecopied with a confirmation
copy by regular, certified or overnight mail, addressed or telecopied, as the case may be, (i) if to the recipient of an Award,
at his or her residence address last filed with the Company and (ii) if to the Company, at its principal place of business, addressed
to the attention of its Chief Executive Officer, or to such other address or telecopier number, as the case may be, as the addressee
may have designated by notice to the addressor. All such notices, requests, demands and other communications shall be deemed to
have been received: (i) in the case of personal delivery, on the date of such delivery; (ii) in the case of mailing,
when received by the addressee; and (iii) in the case of facsimile transmission, when confirmed by facsimile machine report.

 

    	- 17 -

    	 

    

 

		16.	Governing Law

 

The Plan and all Award
Agreements and actions taken thereunder shall be governed, interpreted and enforced in accordance with the laws of the Commonwealth
of Massachusetts, without regard to the conflict of laws principles thereof.

 

	 	Name:  	/s/ Stephen From

	 	Title:	Chief Executive Officer

 

    	- 18 -Exhibit 10.2

 

EYEGATE PHARMACEUTICALS, INC.

2014 EQUITY INCENTIVE PLAN

 

ARTICLE 1.          INTRODUCTION.

 

The Board adopted the Plan to become effective
immediately, although no Awards may be granted prior to the Registration Date. The purpose of the Plan is to promote the long-term
success of the Company and the creation of stockholder value by (a) encouraging Service Providers to focus on critical long-range
corporate objectives, (b) encouraging the attraction and retention of Service Providers with exceptional qualifications and (c)
linking Service Providers directly to stockholder interests through increased stock ownership. The Plan seeks to achieve this purpose
by providing for Awards in the form of Options (which may constitute ISOs or NSOs), SARs, Restricted Shares, Stock Units and Performance
Cash Awards.

 

ARTICLE 2.          ADMINISTRATION.

 

2.1           General.
The Plan may be administered by the Board or one or more Committees. Each Committee shall have the authority and be responsible
for such functions as have been assigned to it.

 

2.2           Section
162(m). To the extent an Award is intended to qualify as “performance-based compensation” within the meaning of
Code Section 162(m), the Plan will be administered by a Committee of two or more “outside directors” within the meaning
of Code Section 162(m).

 

2.3           Section
16. To the extent desirable to qualify transactions hereunder as exempt under Exchange Act Rule 16b-3, the transactions contemplated
hereunder will be approved by the entire Board or a Committee of two or more “non-employee directors” within the meaning
of Exchange Act Rule 16b-3.

 

2.4           Powers
of Administrator. Subject to the terms of the Plan, and in the case of a Committee, subject to the specific duties delegated
to the Committee, the Administrator shall have the authority to (a) select the Service Providers who are to receive Awards under
the Plan, (b) determine the type, number, vesting requirements and other features and conditions of such Awards, (c) determine
whether and to what extent any Performance Goals have been attained, (d) interpret the Plan and Awards granted under the Plan,
(e) make, amend and rescind rules relating to the Plan and Awards granted under the Plan, including rules relating to sub-plans
established for the purposes of satisfying applicable foreign laws or for qualifying for favorable tax treatment under applicable
foreign laws, (f) impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner
of any resales by a Participant of any Common Shares issued pursuant to an Award, including restrictions under an insider trading
policy and restrictions as to the use of a specified brokerage firm for such resales, and (g) make all other decisions relating
to the operation of the Plan and Awards granted under the Plan.

 

2.5           Effect
of Administrator’s Decisions. The Administrator’s decisions, determinations and interpretations shall be final
and binding on all Participants and any other holders of Awards.

 

    	 

    	 

    

 

2.6           Governing
Law. The Plan shall be governed by, and construed in accordance with, the laws of the State of Delaware (except its choice-of-law
provisions).

 

ARTICLE 3.          SHARES
AVAILABLE FOR GRANTS. 

 

3.1           Basic
Limitation. Common Shares issued pursuant to the Plan may be authorized but unissued shares or treasury shares. The aggregate
number of Common Shares issued under the Plan shall not exceed the sum of (a)            Common Shares and (b) the additional Common Shares
described in Articles 3.2 and 3.3. The number of Common Shares that are subject to Stock Awards outstanding at any time under the
Plan may not exceed the number of Common Shares that then remain available for issuance under the Plan. The numerical limitations
in this Article 3.1 shall be subject to adjustment pursuant to Article 9.

 

3.2           Annual
Increase in Shares. As of the first business day of each fiscal year of the Company during the term of the Plan, commencing
on the first day of the Company’s 2015 fiscal year, the aggregate number of Common Shares that may be issued under the Plan
shall automatically increase by a number equal to the least of (a) % of the total number of Common Shares outstanding on the last
calendar day of the prior fiscal year, (b) subject to adjustment under Article 9,                 Common Shares, or (c) a number of Common Shares
determined by the Board.

 

3.3           Shares
Returned to Reserve. To the extent that Options, SARs or Stock Units granted under this Plan are forfeited or expire for any
other reason before being exercised or settled in full, the Common Shares subject to such Options, SARs or Stock Units shall again
become available for issuance under the Plan. If SARs are exercised, then only the number of Common Shares (if any) actually issued
to the Participant in settlement of such SARs shall reduce the number available under Article 3.1 and the balance shall again become
available for issuance under the Plan. If Stock Units are settled, then only the number of Common Shares (if any) actually issued
to the Participant in settlement of such Stock Units shall reduce the number available under Article 3.1 and the balance shall
again become available for issuance under the Plan. If Restricted Shares or Common Shares issued upon the exercise of Options or
otherwise under the Plan are reacquired by the Company pursuant to a forfeiture provision, repurchase right or for any other reason
prior to the shares having become vested, then such Common Shares shall again become available for issuance under the Plan. Common
Shares applied to pay the Exercise Price of Options or to satisfy tax withholding obligations related to any Award shall again
become available for issuance under the Plan. To the extent that an Award is settled in cash rather than Common Shares, the cash
settlement shall not reduce the number of Shares available for issuance under the Plan.

 

3.4           Awards
Not Reducing Share Reserve in Article 3.1. Any dividend equivalents paid or credited under the Plan with respect to Stock Units
shall not be applied against the number of Common Shares that may be issued under the Plan, whether or not such dividend equivalents
are converted into Stock Units. In addition, Common Shares subject to Substitute Awards granted by the Company shall not reduce
the number of Common Shares that may be issued under Article 3.1, nor shall shares subject to Substitute Awards again be available
for Awards under the Plan in the event of any forfeiture, expiration or cash settlement of such Substitute Awards.

 

    	 

    	 

    

 

3.5           Code
Section 162(m) and 422 Limits. Subject to adjustment in accordance with Article 9:

 

(a) The aggregate number of Common Shares
subject to Options and SARs that may be granted under this Plan during any fiscal year to any one Participant shall not exceed
            , except that the Company may grant to a new Employee in
the fiscal year in which his or her Service as an Employee first commences Options and/or SARs that cover (in the aggregate) up
to an additional                  Common Shares;

 

(b) The aggregate number of Common Shares
subject to Restricted Share awards and Stock Units that may be granted under this Plan during any fiscal year to any one Participant
shall not exceed                  , except
that the Company may grant to a new Employee in the fiscal year in which his or her Service as an Employee first commences Restricted
Share awards and Stock Units that cover (in the aggregate) up to an additional              
Common Shares;

 

(c) No Participant shall be paid more than
$6 million in cash in any fiscal year pursuant to Performance Cash Awards granted under the Plan; and

 

(d) No more than              
Common Shares plus the additional Common Shares described in Article 3.2 may be issued under the Plan upon the exercise of ISOs.

 

ARTICLE 4.          ELIGIBILITY.

 

4.1           Incentive
Stock Options. Only Employees who are common-law employees of the Company, a Parent or a Subsidiary shall be eligible for the
grant of ISOs. In addition, an Employee who owns more than 10% of the total combined voting power of all classes of outstanding
stock of the Company or any of its Parents or Subsidiaries shall not be eligible for the grant of an ISO unless the additional
requirements set forth in Code Section 422(c)(5) are satisfied.

 

4.2           Other
Awards. Awards other than ISOs may only be granted to Service Providers.

 

ARTICLE 5.          OPTIONS.

 

5.1           Stock
Option Agreement. Each grant of an Option under the Plan shall be evidenced by a Stock Option Agreement between the Optionee
and the Company. Such Option shall be subject to all applicable terms of the Plan and may be subject to any other terms that are
not inconsistent with the Plan. The Stock Option Agreement shall specify whether the Option is intended to be an ISO or an NSO.
The provisions of the various Stock Option Agreements entered into under the Plan need not be identical.

 

5.2           Number
of Shares. Each Stock Option Agreement shall specify the number of Common Shares subject to the Option, which number shall
adjust in accordance with Article 9.

 

    	 

    	 

    

 

5.3           Exercise
Price. Each Stock Option Agreement shall specify the Exercise Price, which shall not be less than 100% of the Fair Market Value
of a Common Share on the date of grant. The preceding sentence shall not apply to an Option that is a Substitute Award granted
in a manner that would satisfy the requirements of Code Section 409A and, if applicable, Code Section 424(a).

 

5.4           Exercisability
and Term. Each Stock Option Agreement shall specify the date or event when all or any installment of the Option is to become
vested and/or exercisable. The Stock Option Agreement shall also specify the term of the Option; provided that, except to the extent
necessary to comply with applicable foreign law, the term of an Option shall in no event exceed 10 years from the date of grant.
A Stock Option Agreement may provide for accelerated vesting and/or exercisability upon certain specified events and may provide
for expiration prior to the end of its term in the event of the termination of the Optionee’s Service.

 

5.5           Death
of Optionee. After an Optionee’s death, any vested and exercisable Options held by such Optionee may be exercised by
his or her beneficiary or beneficiaries. Each Optionee may designate one or more beneficiaries for this purpose by filing the prescribed
form with the Company. A beneficiary designation may be changed by filing the prescribed form with the Company at any time before
the Optionee’s death. If no beneficiary was designated or if no designated beneficiary survives the Optionee, then any vested
and exercisable Options held by the Optionee may be exercised by his or her estate.

 

5.6           Modification
or Assumption of Options. Within the limitations of the Plan, the Administrator may modify, reprice, extend or assume outstanding
options or may accept the cancellation of outstanding options (whether granted by the Company or by another issuer) in return for
the grant of new Options for the same or a different number of shares and at the same or a different exercise price or in return
for the grant of a different type of Award. The foregoing notwithstanding, no modification of an Option shall, without the consent
of the Optionee, impair his or her rights or obligations under such Option.

 

5.7           Buyout
Provisions. The Administrator may at any time (a) offer to buy out for a payment in cash or cash equivalents an Option previously
granted or (b) authorize an Optionee to elect to cash out an Option previously granted, in either case at such time and based upon
such terms and conditions as the Administrator shall establish.

 

5.8           Payment
for Option Shares. The entire Exercise Price of Common Shares issued upon exercise of Options shall be payable in cash or cash
equivalents at the time when such Common Shares are purchased. In addition, the Administrator may, in its sole discretion and to
the extent permitted by applicable law, accept payment of all or a portion of the Exercise Price through any one or a combination
of the following forms or methods:

 

(a) Subject to any conditions or limitations
established by the Administrator, by surrendering, or attesting to the ownership of, Common Shares that are already owned by the
Optionee with a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Common Shares as to which
such Option will be exercised;

 

    	 

    	 

    

 

(b) By delivering (on a form prescribed
by the Company) an irrevocable direction to a securities broker approved by the Company to sell all or part of the Common Shares
being purchased under the Plan and to deliver all or part of the sales proceeds to the Company;

 

(c) Subject to such conditions and requirements
as the Administrator may impose from time to time, through a net exercise procedure;

 

(d) By delivering a full-recourse promissory
note, on such terms approved by the Administrator; or

 

(e) Through any other form or method consistent
with applicable laws, regulations and rules.

 

ARTICLE 6.          STOCK
APPRECIATION RIGHTS. 

 

6.1           SAR
Agreement. Each grant of a SAR under the Plan shall be evidenced by a SAR Agreement between the Optionee and the Company. Such
SAR shall be subject to all applicable terms of the Plan and may be subject to any other terms that are not inconsistent with the
Plan. The provisions of the various SAR Agreements entered into under the Plan need not be identical.

 

6.2           Number
of Shares. Each SAR Agreement shall specify the number of Common Shares to which the SAR pertains, which number shall adjust
in accordance with Article 9.

 

6.3           Exercise
Price. Each SAR Agreement shall specify the Exercise Price, which shall in no event be less than 100% of the Fair Market Value
of a Common Share on the date of grant. The preceding sentence shall not apply to a SAR that is a Substitute Award granted in a
manner that would satisfy the requirements of Code Section 409A.

 

6.4           Exercisability
and Term. Each SAR Agreement shall specify the date when all or any installment of the SAR is to become vested and exercisable.
The SAR Agreement shall also specify the term of the SAR; provided that except to the extent necessary to comply with applicable
foreign law, the term of a SAR shall not exceed 10 years from the date of grant. A SAR Agreement may provide for accelerated vesting
and exercisability upon certain specified events and may provide for expiration prior to the end of its term in the event of the
termination of the Optionee’s Service.

 

6.5           Exercise
of SARs. Upon exercise of a SAR, the Optionee (or any person having the right to exercise the SAR after his or her death) shall
receive from the Company (a) Common Shares, (b) cash or (c) a combination of Common Shares and cash, as the Administrator shall
determine. The amount of cash and/or the Fair Market Value of Common Shares received upon exercise of SARs shall, in the aggregate,
not exceed the amount by which the Fair Market Value (on the date of surrender) of the Common Shares subject to the SARs exceeds
the Exercise Price. If, on the date when a SAR expires, the Exercise Price is less than the Fair Market Value on such date but
any portion of such SAR has not been exercised or surrendered, then such SAR shall automatically be deemed to be exercised as of
such date with respect to such portion. A SAR Agreement may also provide for an automatic exercise of the SAR on an earlier date.

 

    	 

    	 

    

 

6.6           Death
of Optionee. After an Optionee’s death, any vested and exercisable SARs held by such Optionee may be exercised by his
or her beneficiary or beneficiaries. Each Optionee may designate one or more beneficiaries for this purpose by filing the prescribed
form with the Company. A beneficiary designation may be changed by filing the prescribed form with the Company at any time before
the Optionee’s death. If no beneficiary was designated or if no designated beneficiary survives the Optionee, then any vested
and exercisable SARs held by the Optionee at the time of his or her death may be exercised by his or her estate.

 

6.7           Modification
or Assumption of SARs. Within the limitations of the Plan, the Administrator may modify, reprice, extend or assume outstanding
SARs or may accept the cancellation of outstanding SARs (whether granted by the Company or by another issuer) in return for the
grant of new SARs for the same or a different number of shares and at the same or a different exercise price or in return for the
grant of a different type of Award. The foregoing notwithstanding, no modification of a SAR shall, without the consent of the Optionee,
impair his or her rights or obligations under such SAR.

 

ARTICLE 7.          RESTRICTED
SHARES. 

 

7.1           Restricted
Stock Agreement. Each grant of Restricted Shares under the Plan shall be evidenced by a Restricted Stock Agreement between
the recipient and the Company. Such Restricted Shares shall be subject to all applicable terms of the Plan and may be subject to
any other terms that are not inconsistent with the Plan. The provisions of the various Restricted Stock Agreements entered into
under the Plan need not be identical.

 

7.2           Payment
for Awards. Restricted Shares may be sold or awarded under the Plan for such consideration as the Administrator may determine,
including (without limitation) cash, cash equivalents, property, cancellation of other equity awards, full-recourse promissory
notes, past services and future services, and such other methods of payment as are permitted by applicable law.

 

7.3           Vesting
Conditions. Each Award of Restricted Shares may or may not be subject to vesting and/or other conditions as the Administrator
may determine. Vesting shall occur, in full or in installments, upon satisfaction of the conditions specified in the Restricted
Stock Agreement. Such conditions, at the Administrator’s discretion, may include one or more Performance Goals. A Restricted
Stock Agreement may provide for accelerated vesting upon certain specified events.

 

7.4           Voting
and Dividend Rights. The holders of Restricted Shares awarded under the Plan shall have the same voting, dividend and other
rights as the Company’s other stockholders, unless the Administrator otherwise provides. A Restricted Stock Agreement, however,
may require that any cash dividends paid on Restricted Shares (a) be accumulated and paid when such Restricted Shares vest, or
(b) be invested in additional Restricted Shares. Such additional Restricted Shares shall be subject to the same conditions and
restrictions as the shares subject to the Stock Award with respect to which the dividends were paid. In addition, unless the Administrator
provides otherwise, if any dividends or other distributions are paid in Common Shares, such Common Shares shall be subject to the
same restrictions on transferability and forfeitability as the Restricted Shares with respect to which they were paid.

 

    	 

    	 

    

 

ARTICLE 8.          STOCK
UNITS. 

 

8.1           Stock
Unit Agreement. Each grant of Stock Units under the Plan shall be evidenced by a Stock Unit Agreement between the recipient
and the Company. Such Stock Units shall be subject to all applicable terms of the Plan and may be subject to any other terms that
are not inconsistent with the Plan. The provisions of the various Stock Unit Agreements entered into under the Plan need not be
identical.

 

8.2           Payment
for Awards. To the extent that an Award is granted in the form of Stock Units, no cash consideration shall be required of the
Award recipients.

 

8.3           Vesting
Conditions. Each Award of Stock Units may or may not be subject to vesting, as determined by the Administrator. Vesting shall
occur, in full or in installments, upon satisfaction of the conditions specified in the Stock Unit Agreement. Such conditions,
at the Administrator’s discretion, may include one or more Performance Goals. A Stock Unit Agreement may provide for accelerated
vesting upon certain specified events.

 

8.4           Voting
and Dividend Rights. The holders of Stock Units shall have no voting rights. Prior to settlement or forfeiture, Stock Units
awarded under the Plan may, at the Administrator’s discretion, provide for a right to dividend equivalents. Such right entitles
the holder to be credited with an amount equal to all cash dividends paid on one Common Share while the Stock Unit is outstanding.
Dividend equivalents may be converted into additional Stock Units. Settlement of dividend equivalents may be made in the form of
cash, in the form of Common Shares, or in a combination of both. Prior to distribution, any dividend equivalents shall be subject
to the same conditions and restrictions as the Stock Units to which they attach.

 

8.5           Form
and Time of Settlement of Stock Units. Settlement of vested Stock Units may be made in the form of (a) cash, (b) Common Shares
or (c) any combination of both, as determined by the Administrator. The actual number of Stock Units eligible for settlement may
be larger or smaller than the number included in the original Award, based on predetermined performance factors, including Performance
Goals. Methods of converting Stock Units into cash may include (without limitation) a method based on the average Fair Market Value
of Common Shares over a series of trading days. Vested Stock Units shall be settled in such manner and at such time(s) as specified
in the Stock Unit Agreement. Until an Award of Stock Units is settled, the number of such Stock Units shall be subject to adjustment
pursuant to Article 9.

 

8.6           Death
of Recipient. Any Stock Units that become payable after the recipient’s death shall be distributed to the recipient’s
beneficiary or beneficiaries. Each recipient of Stock Units under the Plan may designate one or more beneficiaries for this purpose
by filing the prescribed form with the Company. A beneficiary designation may be changed by filing the prescribed form with the
Company at any time before the Award recipient’s death. If no beneficiary was designated or if no designated beneficiary
survives the Award recipient, then any Stock Units that become payable after the recipient’s death shall be distributed to
the recipient’s estate.

 

    	 

    	 

    

 

8.7           Modification
or Assumption of Stock Units. Within the limitations of the Plan, the Administrator may modify or assume outstanding stock
units or may accept the cancellation of outstanding stock units (whether granted by the Company or by another issuer) in return
for the grant of new Stock Units for the same or a different number of shares or in return for the grant of a different type of
Award. The foregoing notwithstanding, no modification of a Stock Unit shall, without the consent of the Participant, impair his
or her rights or obligations under such Stock Unit.

 

8.8           Creditors’
Rights. A holder of Stock Units shall have no rights other than those of a general creditor of the Company. Stock Units represent
an unfunded and unsecured obligation of the Company, subject to the terms and conditions of the applicable Stock Unit Agreement.

 

ARTICLE 9.          ADJUSTMENTS;
DISSOLUTIONS AND LIQUIDATIONS; CORPORATE TRANSACTIONS. 

 

9.1           Adjustments.
In the event of a subdivision of the outstanding Common Shares, a declaration of a dividend payable in Common Shares or a combination
or consolidation of the outstanding Common Shares (by reclassification or otherwise) into a lesser number of Common Shares, corresponding
proportionate adjustments shall automatically be made in each of the following:

 

(a) The number and kind of shares available
for issuance under Article 3, including the numerical share limits in Articles 3.1, 3.2 and 3.5;

 

(b) The number and kind of shares covered
by each outstanding Option, SAR and Stock Unit; and

 

(c) The Exercise Price applicable to each
outstanding Option and SAR, and the repurchase price, if any, applicable to Restricted Shares.

 

In the event of a declaration of an extraordinary
dividend payable in a form other than Common Shares in an amount that has a material effect on the price of Common Shares, a recapitalization,
a spin-off or a similar occurrence, the Administrator shall make such adjustments as it, in its sole discretion, deems appropriate
in one or more of the foregoing. Any adjustment in the number of and kind of shares subject to an Award under this Article 9.1
shall be rounded down to the nearest whole share, although the Administrator in its sole discretion may make a cash payment in
lieu of a fractional share. Except as provided in this Article 9, a Participant shall have no rights by reason of any issuance
by the Company of stock of any class or securities convertible into stock of any class, any subdivision or consolidation of shares
of stock of any class, the payment of any stock dividend or any other increase or decrease in the number of shares of stock of
any class.

 

9.2           Dissolution
or Liquidation. To the extent not previously exercised or settled, Options, SARs and Stock Units shall terminate immediately
prior to the dissolution or liquidation of the Company.

 

    	 

    	 

    

 

9.3           Corporate
Transactions. In the event that the Company is a party to a merger, consolidation, or a Change in Control (other than one described
in Article 14.6(d)), all Common Shares acquired under the Plan and all Awards outstanding on the effective date of the transaction
shall be treated in the manner described in the definitive transaction agreement (or, in the event the transaction does not entail
a definitive agreement to which the Company is party, in the manner determined by the Administrator, with such determination having
final and binding effect on all parties), which agreement or determination need not treat all Awards (or portions thereof) in an
identical manner. Unless an Award Agreement provides otherwise, the treatment specified in the transaction agreement or by the
Administrator shall include (without limitation) one or more of the following with respect to each outstanding Award:

 

(a) The continuation of such outstanding
Awards by the Company (if the Company is the surviving entity);

 

(b) The assumption of such outstanding Awards
by the surviving entity or its parent, provided that the assumption of an Option or a SAR shall comply with applicable tax requirements;

 

(c) The substitution by the surviving entity
or its parent of an equivalent award for outstanding Awards (including, but not limited to, an award to acquire the same consideration
paid to the holders of Common Shares in the transaction), provided that the substitution of an Option or a SAR shall comply with
applicable tax requirements;

 

(d) The cancellation of outstanding Options
and SARs without payment of any consideration. The Optionees shall be able to exercise such Options and SARs (to the extent the
Options and SARs are vested or become vested as of the effective date of the transaction) during a period of not less than five
full business days preceding the closing date of the transaction, unless (i) a shorter period is required to permit a timely closing
of the transaction and (ii) such shorter period still offers the Optionees a reasonable opportunity to exercise such Options and
SARs. Any exercise of such Options and SARs during such period may be contingent on the closing of the transaction;

 

(e) Full exercisability of outstanding Options
and SARs and full vesting of the Common Shares subject to Options and SARs, followed by cancellation of such Options and SARs.
The full exercisability of such Options and SARs and full vesting of such Common Shares may be contingent on the closing of the
transaction. The Optionees shall be able to exercise such Options and SARs during a period of not less than five full business
days preceding the closing date of such merger or consolidation, unless (i) a shorter period is required to permit a timely closing
of such merger or consolidation and (ii) such shorter period still offers the Optionees a reasonable opportunity to exercise such
Options and SARs. Any exercise of such Options and SARs during such period may be contingent on the closing of such merger or consolidation;

 

    	 

    	 

    

 

(f) The cancellation of the Options and
SARs and a payment to the Optionee with respect to each Share subject to the portion of the Award that is vested as of the transaction
date equal to the excess of (A) the value, as determined by the Administrator in its absolute discretion, of the property (including
cash) received by the holder of a Common Share as a result of the transaction, over (B) the per-share Exercise Price of the Option
or SAR (such excess, the “Spread”). Such payment shall be made in the form of cash, cash equivalents, or securities
of the surviving entity or its parent having a value equal to the Spread. In addition, any escrow, holdback, earn-out or similar
provisions in the transaction agreement may apply to such payment to the same extent and in the same manner as such provisions
apply to the holders of Common Shares, but only to the extent the application of such provisions does not adversely affect the
status of the Option or SAR as exempt from Code Section 409A. If the Spread applicable to an Option or SAR is zero or a negative
number, then the Option or SAR may be cancelled without making a payment to the Optionee;

 

(g) The cancellation of outstanding Stock
Units and a payment to the holder thereof with respect to each Common Share subject to the Stock Unit (whether or not such Stock
Unit is then vested) equal to the value, as determined by the Administrator in its absolute discretion, of the property (including
cash) received by the holder of a Common Share as a result of the transaction (the “Transaction Value”). Such
payment shall be made in the form of cash, cash equivalents, or securities of the surviving entity or its parent having a value
equal to the Transaction Value. In addition, such payment may be subject to vesting based on the Participant’s continuing
Service, provided that the vesting schedule shall not be less favorable to the Participant than the schedule under which such Stock
Units would have vested, and if required under applicable tax rules, such payment may be deferred until the settlement date specified
in the Stock Unit Agreement. In addition, any escrow, holdback, earn-out or similar provisions in the transaction agreement may
apply to such payment to the same extent and in the same manner as such provisions apply to the holders of Common Shares. In the
event that a Stock Unit is subject to Code Section 409A, the payment described in this clause (g) shall be made on the settlement
date specified in the applicable Stock Unit Agreement, provided that settlement may be accelerated in accordance with Treasury
Regulation Section 1.409A-3(j)(4); or

 

(h) The assignment of any reacquisition
or repurchase rights held by the Company in respect of an Award of Restricted Shares to the surviving entity or its parent, with
corresponding proportionate adjustments made to the price per share to be paid upon exercise of any such reacquisition or repurchase
rights.

 

For avoidance of doubt, the Administrator
shall have the discretion, exercisable either at the time an Award is granted or at any time while the Award remains outstanding,
to provide for the acceleration of vesting upon the occurrence of a Change in Control, whether or not the Award is to be assumed
or replaced in the transaction, or in connection with a termination of the Participant’s Service following a transaction.

 

Any action taken under this Article 9.3
shall either preserve an Award’s status as exempt from Code Section 409A or comply with Code Section 409A.

 

    	 

    	 

    

 

ARTICLE 10.         OTHER
AWARDS. 

 

10.1         Performance
Cash Awards. A Performance Cash Award is a cash award that may be granted subject to the attainment of specified Performance
Goals during a Performance Period. A Performance Cash Award may also require the completion of a specified period of continuous
Service. The length of the Performance Period, the Performance Goals to be attained during the Performance Period, and the degree
to which the Performance Goals have been attained shall be determined conclusively by the Administrator. Each Performance Cash
Award shall be set forth in a written agreement or in a resolution duly adopted by the Administrator which shall contain provisions
determined by the Administrator and not inconsistent with the Plan. The terms of various Performance Cash Awards need not be identical.

 

10.2         Awards
Under Other Plans. The Company may grant awards under other plans or programs. Such awards may be settled in the form of Common
Shares issued under this Plan. Such Common Shares shall be treated for all purposes under the Plan like Common Shares issued in
settlement of Stock Units and shall, when issued, reduce the number of Common Shares available under Article 3.

 

ARTICLE 11.         LIMITATION
ON RIGHTS. 

 

11.1         Retention
Rights. Neither the Plan nor any Award granted under the Plan shall be deemed to give any individual a right to remain a Service
Provider. The Company and its Parents, Subsidiaries and Affiliates reserve the right to terminate the Service of any Service Provider
at any time, with or without cause, subject to applicable laws, the Company’s Restated Certificate of Incorporation and Amended
and Restated Bylaws and a written employment agreement (if any).

 

11.2         Stockholders’
Rights. Except as set forth in Article 7.4 or 8.4 above, a Participant shall have no dividend rights, voting rights or other
rights as a stockholder with respect to any Common Shares covered by his or her Award prior to the time when a stock certificate
for such Common Shares is issued or, if applicable, the time when he or she becomes entitled to receive such Common Shares by filing
any required notice of exercise and paying any required Exercise Price. No adjustment shall be made for cash dividends or other
rights for which the record date is prior to such time, except as expressly provided in the Plan.

 

11.3         Regulatory
Requirements. Any other provision of the Plan notwithstanding, the obligation of the Company to issue Common Shares under the
Plan shall be subject to all applicable laws, rules and regulations and such approval by any regulatory body as may be required.
The Company reserves the right to restrict, in whole or in part, the delivery of Common Shares pursuant to any Award prior to the
satisfaction of all legal requirements relating to the issuance of such Common Shares, to their registration, qualification or
listing or to an exemption from registration, qualification or listing. The inability of the Company to obtain authority from any
regulatory body having jurisdiction, which authority is deemed necessary by the Company’s counsel to be necessary to the
lawful issuance and sale of any Common Shares hereunder, will relieve the Company of any liability in respect of the failure to
issue or sell such Common Shares as to which such requisite authority will not have been obtained.

 

    	 

    	 

    

 

11.4         Transferability
of Awards. The Administrator may, in its sole discretion, permit transfer of an Award in a manner consistent with applicable
law. Unless otherwise determined by the Administrator, Awards shall be transferable by a Participant only by (a) beneficiary designation,
(b) a will or (c) the laws of descent and distribution. An ISO may only be transferred by will or by the laws of descent and distribution
and may be exercised during the lifetime of the Optionee only by the Optionee or by the Optionee’s guardian or legal representative.

 

11.5         Other
Conditions and Restrictions on Common Shares. Any Common Shares issued under the Plan shall be subject to such forfeiture conditions,
rights of repurchase, rights of first refusal, other transfer restrictions and such other terms and conditions as the Administrator
may determine. Such conditions and restrictions shall be set forth in the applicable Award Agreement and shall apply in addition
to any restrictions that may apply to holders of Common Shares generally. In addition, Common Shares issued under the Plan shall
be subject to such conditions and restrictions imposed either by applicable law or by Company policy, as adopted from time to time,
designed to ensure compliance with applicable law or laws with which the Company determines in its sole discretion to comply including
in order to maintain any statutory, regulatory or tax advantage.

 

ARTICLE 12.         TAXES.

 

12.1         General.
As a condition to an Award under the Plan, a Participant or his or her successor shall make arrangements satisfactory to the Company
for the satisfaction of any federal, state, local or foreign withholding tax obligations that arise in connection with any Award
granted under the Plan. The Company shall not be required to issue any Common Shares or make any cash payment under the Plan until
such obligations are satisfied.

 

12.2         Share
Withholding. To the extent that applicable law subjects a Participant to tax withholding obligations, the Administrator may
permit such Participant to satisfy all or part of such obligations by having the Company withhold all or a portion of any Common
Shares that otherwise would be issued to him or her or by surrendering all or a portion of any Common Shares that he or she previously
acquired. Such Common Shares shall be valued at their Fair Market Value on the date when they are withheld or surrendered. Any
payment of taxes by assigning Common Shares to the Company may be subject to restrictions including any restrictions required by
SEC, accounting or other rules.

 

12.3         Section
162(m) Matters. The Administrator, in its sole discretion, may determine whether an Award is intended to qualify as “performance-based
compensation” within the meaning of Code Section 162(m). The Administrator may grant Awards that are based on Performance
Goals but that are not intended to qualify as performance-based compensation. With respect to any Award that is intended to qualify
as performance-based compensation, the Administrator shall designate the Performance Goal(s) applicable to, and the formula for
calculating the amount payable under, an Award within 90 days following commencement of the applicable Performance Period (or such
earlier time as may be required under Code Section 162(m)), and in any event at a time when achievement of the applicable Performance
Goal(s) remains substantially uncertain. Prior to the payment of any Award that is intended to constitute performance-based compensation,
the Administrator shall certify in writing whether and the extent to which the Performance Goal(s) were achieved for such Performance
Period. The Administrator shall have the right to reduce or eliminate (but not to increase) the amount payable under an Award that
is intended to constitute performance-based compensation.

 

    	 

    	 

    

 

12.4         Section
409A Matters. Except as otherwise expressly set forth in an Award Agreement, it is intended that Awards granted under the Plan
either be exempt from, or comply with, the requirements of Code Section 409A. To the extent an Award is subject to Code Section
409A (a “409A Award”), the terms of the Plan, the Award and any written agreement governing the Award shall
be interpreted to comply with the requirements of Code Section 409A so that the Award is not subject to additional tax or interest
under Code Section 409A, unless the Administrator expressly provides otherwise. A 409A Award shall be subject to such additional
rules and requirements as specified by the Administrator from time to time in order for it to comply with the requirements of Code
Section 409A. In this regard, if any amount under a 409A Award is payable upon a “separation from service” to an individual
who is considered a “specified employee” (as each term is defined under Code Section 409A), then no such payment shall
be made prior to the date that is the earlier of (i) six months and one day after the Participant’s separation from service
or (ii) the Participant’s death, but only to the extent such delay is necessary to prevent such payment from being subject
to Code Section 409A(a)(1).

 

12.5         Limitation
on Liability. Neither the Company nor any person serving as Administrator shall have any liability to a Participant in the
event an Award held by the Participant fails to achieve its intended characterization under applicable tax law.

 

ARTICLE 13.         FUTURE
OF THE PLAN. 

 

13.1         Term
of the Plan. The Plan, as set forth herein, shall become effective on the Registration Date. The Plan shall remain in effect
until the earlier of (a) the date when the Plan is terminated under Article 13.2 or (b) the 10th anniversary of the date when the
Board adopted the Plan.

 

13.2         Amendment
or Termination. The Board may, at any time and for any reason, amend or terminate the Plan. No Awards shall be granted under
the Plan after the termination thereof. The termination of the Plan, or any amendment thereof, shall not affect any Award previously
granted under the Plan.

 

13.3         Stockholder
Approval. An amendment of the Plan shall be subject to the approval of the Company’s stockholders only to the extent
required by applicable laws, regulations or rules.

 

ARTICLE 14.         DEFINITIONS.

 

“Administrator” means
the Board or any Committee administering the Plan in accordance with Article 2.

 

“Affiliate” means any entity other than a
Subsidiary, if the Company and/or one or more Subsidiaries own not less than 50% of such entity. 

 

    	 

    	 

    

 

“Award” means any award granted under the
Plan, including as an Option, a SAR, a Restricted Share, a Stock Unit or a Performance Cash Award.

 

“Award Agreement” means a Stock Option Agreement,
an SAR Agreement, a Restricted Stock Agreement, a Stock Unit Agreement or such other agreement evidencing an Award granted under
the Plan.

 

“Board” means the Company’s Board of
Directors, as constituted from time to time.

 

“Change in Control” means:

 

(a) Any “person” (as such term
is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of
the Exchange Act), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the total
voting power represented by the Company’s then-outstanding voting securities;

 

(b) The consummation of the sale or disposition
by the Company of all or substantially all of the Company’s assets;

 

(c) The consummation of a merger or consolidation
of the Company with or into any other entity, 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 or its parent) more than fifty percent (50%) of the total voting power represented
by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation;
or

 

(d) Individuals who are members of the Board
(the “Incumbent Board”) cease for any reason to constitute at least a majority of the members of the Board over
a period of 12 months; provided, however, that if the appointment or election (or nomination for election) of any new Board member
was approved or recommended by a majority vote of the members of the Incumbent Board then still in office, such new member shall,
for purposes of this Plan, be considered as a member of the Incumbent Board.

 

A transaction shall not constitute
a Change in Control if its sole purpose is to change the state of the Company’s incorporation or to create a holding company
that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before
such transaction. In addition, if a Change in Control constitutes a payment event with respect to any Award which provides for
a deferral of compensation and is subject to Code Section 409A, then notwithstanding anything to the contrary in the Plan or applicable
Award Agreement the transaction with respect to such Award must also constitute a “change in control event” as defined
in Treasury Regulation Section 1.409A-3(i)(5) to the extent required by Code Section 409A.

 

“Code” means the Internal Revenue Code of
1986, as amended.

 

    	 

    	 

    

 

“Committee” means a committee of one or more
members of the Board, or of other individuals satisfying applicable laws, appointed by the Board to administer the Plan.

 

“Common Share” means one share of the common
stock of the Company.

 

“Company” means Eyegate Pharmaceuticals,
Inc., a Delaware corporation.

 

“Consultant” means a consultant or adviser
who provides bona fide services to the Company, a Parent, a Subsidiary or an Affiliate as an independent contractor and
who qualifies as a consultant or advisor under Instruction A.1.(a)(1) of Form S-8 under the Securities Act of 1933, as amended.

 

“Employee” means a common-law employee of
the Company, a Parent, a Subsidiary or an Affiliate.

 

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

 

“Exercise Price,” in the case of an Option,
means the amount for which one Common Share may be purchased upon exercise of such Option, as specified in the applicable Stock
Option Agreement. “Exercise Price,” in the case of a SAR, means an amount, as specified in the applicable SAR Agreement,
which is subtracted from the Fair Market Value of one Common Share in determining the amount payable upon exercise of such SAR.

 

“Fair Market Value” means the closing price
of a Common Share on any established stock exchange or a national market system on the applicable date or, if the applicable date
is not a trading day, on the last trading day prior to the applicable date, as reported in a source that the Administrator deems
reliable. If Common Shares are no longer traded on an established stock exchange or a national market system, the Fair Market Value
shall be determined by the Administrator in good faith on such basis as it deems appropriate. The Administrator’s determination
shall be conclusive and binding on all persons.

 

“ISO” means an incentive stock option described
in Code Section 422(b).

 

“NSO” means a stock option not described
in Code Sections 422 or 423.

 

“Option” means an ISO or NSO granted under
the Plan and entitling the holder to purchase Common Shares.

 

“Optionee” means an individual or estate
holding an Option or SAR.

 

“Outside Director” means a member of the
Board who is not an Employee.

 

“Parent” means any corporation (other than
the Company) in an unbroken chain of corporations ending with the Company, if 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. A corporation that attains the status of a Parent on a date after the adoption of the Plan shall be considered a Parent
commencing as of such date.

 

    	 

    	 

    

 

“Participant” means an individual or estate
holding an Award.

 

“Performance Cash Award” means an award of
cash granted under Article 10.1 of the Plan.

 

“Performance Goal” means a goal established
by the Administrator for the applicable Performance Period based on one or more of the performance criteria set forth in Appendix
A. Depending on the performance criteria used, a Performance Goal may be expressed in terms of overall Company performance
or the performance of a business unit, division, Subsidiary, Affiliate or an individual. A Performance Goal may be measured either
in absolute terms or relative to the performance of one or more comparable companies or one or more relevant indices. The Administrator
may adjust the results under any performance criterion to exclude any of the following events that occurs during a Performance
Period: (a) asset write-downs, (b) litigation, claims, judgments or settlements, (c) the effect of changes in tax laws, accounting
principles or other laws or provisions affecting reported results, (d) accruals for reorganization and restructuring programs,
(e) extraordinary, unusual or non-recurring items, (f) exchange rate effects for non-U.S. dollar denominated net sales and operating
earnings, or (g) statutory adjustments to corporate tax rates; provided, however, that if an Award is intended to qualify as “performance-based
compensation” within the meaning of Code Section 162(m), such adjustment(s) shall only be made to the extent consistent with
Code Section 162(m). 

 

“Performance Period” means a period of time
selected by the Administrator over which the attainment of one or more Performance Goals will be measured for the purpose of determining
a Participant’s right to a Performance Cash Award or an Award of Restricted Shares or Stock Units that vests based on the
achievement of Performance Goals. Performance Periods may be of varying and overlapping duration, at the discretion of the Administrator.

 

“Plan” means this Eyegate Pharmaceuticals,
Inc. 2014 Equity Incentive Plan, as amended from time to time.

 

“Registration Date” means the effective date
of the registration statement filed by the Company with the Securities and Exchange Commission pursuant to Form S-1.

 

“Restricted Share” means a Common Share awarded
under the Plan.

 

“Restricted Stock Agreement” means the agreement
between the Company and the recipient of a Restricted Share that contains the terms, conditions and restrictions pertaining to
such Restricted Share. 

 

“SAR” means a stock appreciation right granted
under the Plan.

 

“SAR Agreement” means the agreement between
the Company and an Optionee that contains the terms, conditions and restrictions pertaining to his or her SAR. 

 

    	 

    	 

    

 

“Service” means service as an Employee, Outside
Director or Consultant.

 

“Service Provider” means any individual who
is an Employee, Outside Director or Consultant.

 

“Stock Award” means any award of an Option,
a SAR, a Restricted Share or a Stock Unit under the Plan.

 

“Stock Option Agreement” means the agreement
between the Company and an Optionee that contains the terms, conditions and restrictions pertaining to his or her Option.

 

“Stock Unit” means a bookkeeping entry representing
the equivalent of one Common Share, as awarded under the Plan.

 

“Stock Unit Agreement” means the agreement
between the Company and the recipient of a Stock Unit that contains the terms, conditions and restrictions pertaining to such Stock
Unit.

 

“Subsidiary” means any corporation (other
than the Company) in an unbroken chain of corporations beginning with the Company, if each of the corporations other than the last
corporation in the unbroken chain 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. A corporation that attains the status of a Subsidiary on a date after the adoption
of the Plan shall be considered a Subsidiary commencing as of such date

 

“Substitute Awards” means Awards or Common
Shares issued by the Company in assumption of, or substitution or exchange for, Awards previously granted, or the right or obligation
to make future awards, in each case by a corporation acquired by the Company or any Affiliate or with which the Company or any
Affiliate combines to the extent permitted by NASDAQ Marketplace Rule 5635 or any successor thereto.

 

    	 

    	 

    

 

APPENDIX A

PERFORMANCE CRITERIA 

 

The Administrator may establish Performance
Goals derived from one or more of the following criteria when it makes Awards of Restricted Shares or Stock Units that vest entirely
or in part on the basis of performance or when it makes Performance Cash Awards:

 

	• Earnings (before or after taxes)	 	• Sales or revenue (using a measure thereof that complies with Section 162(m))
	 	 	 
	• Earnings per share	 	• Expense or cost reduction
	 	 	 
	• Earnings before interest, taxes and depreciation	 	• Working capital
	 	 	 
	• Earnings before interest, taxes, depreciation and amortization	 	• Economic value added (or an equivalent metric)
	 	 	 
	• Total stockholder return	 	• Market share
	 	 	 
	• Return on equity or average stockholders’ equity	 	• Cash measures including cash flow and cash balance
	 	 	 
	• Return on assets, investment or capital employed	 	• Operating cash flow
	 	 	 
	• Operating income	 	• Cash flow per share
	 	 	 
	• Gross margin	 	• Share price
	 	 	 
	• Operating margin	 	• Debt reduction
	 	 	 
	• Net operating income	 	• Customer satisfaction
	 	 	 
	• Net operating income after tax	 	• Stockholders’ equity
	 	 	 
	• Return on operating revenue	 	• Contract awards or backlog
	 	 	 
	• Objective corporate or individual strategic goals	 	• Objective individual performance goals

 

• To the extent that an
Award is not intended to comply with Code Section 162(m), other measures of performance selected by the Administrator

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