Document:

Exhibit 10.15

 

Disclaimer: This is a form document. It
is incomplete and has not been prepared to address a particular situation or a particular set of facts. It is intended to be used
as a starting point and should not be relied upon as a final document.

 

EVO
Transportation & Energy Services, Inc.

AMENDED
AND RESTATED

2018
Stock Incentive Plan

 

STOCK OPTION AGREEMENT

 

THIS STOCK OPTION AGREEMENT (“Option
Agreement”) is entered into as of the “Grant Date” set forth below, by and between EVO Transportation
& Energy Services, Inc., a Delaware corporation (the “Company”) and the person named below (the “Optionee”).
The Option granted hereby is granted under the EVO Transportation & Energy Services, Inc. Amended and Restated 2018 Stock Incentive
Plan (the “Plan”). Unless otherwise defined herein, terms used in this Option Agreement that are defined in
the Plan will have the meanings given to them in the Plan.

 

1. Grant
of Option. The Company hereby grants to the Optionee an option (the “Option”) to purchase the number of
shares of Common Stock of the Company (the “Shares”) set forth below, at the exercise price per Share set forth
below (the “Exercise Price”), subject to the terms and conditions of the Plan, which is incorporated herein
by reference. In the event of a conflict between the terms and conditions of the Plan and the terms and conditions of this Option
Agreement, the terms and conditions of the Plan will prevail.

 

	
        Grant Number:
	______________
	 	 
	Optionee:	______________________________________
	 	 
	Grant Date:	_______________, 20__
	 	 
	Vesting Commencement Date:	_______________, 20__
	 	 
	Total Number of Shares of Stock Subject to the Option:	
         

        ______________ Shares

	 	 
	Exercise Price per Share:	$_____ per Share
	 	 
	Total Exercise Price:	$______________
	 	 
	Type of Option (check one):	
        _____Incentive Stock Option

        _____Non-Statutory Stock Option

	 	 
	Term/Expiration Date:	_______________, 20__
	 	 
	Earlier Expiration:	See Section 6.

 

2. Vesting
Schedule. This Option may be exercised, in whole or in part, in accordance with the following schedule:

 

(a) Time-Based
Vesting. This Option will vest and become exercisable with respect to one-fourth (1/4th) of the Shares subject to the Option
on the Vesting Commencement Date, and with respect to an additional one-fourth of the Shares on the one (1) year anniversary thereafter
until fully vested; provided, however, that if the Optionee ceases to be employed by the Company or to provide services
to the Company as a director, consultant or independent contractor before this Option has become exercisable with respect to all
of the Shares, no additional Shares will vest after the termination of such services. Notwithstanding the foregoing, all unvested
Shares subject to the Option shall vest immediately upon the Company’s closing on an aggregate of at least $30,000,000 in
any combination of public and private equity and debt financings after the date hereof. This Option may be exercised, in whole
or in part, at any time or from time to time after it vests and until this Option expires pursuant Section 6 of this Option Agreement.

 

     

     

    

 

(b) Treatment
Upon a Change in Control. In the event of a Change in Control of the Company, the Committee administering the Plan may take
any of the actions described in Section 14 of the Plan with respect to this Option.

 

3. Type
of Option. If designated above as an Incentive Stock Option (“ISO”), this Option is intended to qualify
as an Incentive Stock Option under Section 422 of the Code. However, if this Option is intended to be an Incentive Stock Option,
to the extent that it exceeds the $100,000 rule of Code Section 422(d) or otherwise fails to satisfy the requirements of Code Section
422, it will be treated as a Non-Statutory Stock Option (“NSO”).

 

4. Exercise
of Option.

 

(a) Right
to Exercise. This Option will be exercisable during its term in accordance with the vesting schedule set forth in Section 2
of this Option Agreement and with the applicable provisions of the Plan and this Option Agreement. This Option may not be exercised
for a fraction of a Share. No portion of the Option which has not become vested and exercisable at the date of the Optionee’s
termination of service to the Company will thereafter become vested and exercisable, except as may be set forth in a written agreement
between the Company and the Optionee.

 

(b) Duration
of Exercisability. The installments provided in the vesting schedule set forth in Section 2 of this Option Agreement are cumulative.
Each such installment which becomes vested and exercisable pursuant to the vesting schedule set forth in Section 2 of this Option
Agreement will remain vested and exercisable until this Option expires pursuant Section 6 of this Option Agreement.

 

(c) Method
of Exercise. This Option will be exercisable by delivery of an exercise notice in the form attached hereto as Exhibit A
(the “Exercise Notice”), stating the election to exercise the Option and the number of Shares with respect to
which the Option is being exercised (the “Exercised Shares”), and containing such other representations and
agreements as may be required by the Company pursuant to the provisions of the Plan. The Exercise Notice must be accompanied by
payment of the aggregate Exercise Price as to all Exercised Shares. The Optionee will also be required to make adequate provision
for all withholding taxes relating to the exercise as a condition to the exercise of the Option. This Option will be deemed to
be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by the aggregate Exercise Price and
arrangement for the adequate provision for the withholding taxes relating to the exercise.

 

    	 	2	 

     

    

 

(d) Issuance
of Shares. No Shares will be issued pursuant to the exercise of the Option unless such issuance and exercise complies with
applicable laws. Assuming such compliance, for income tax purposes the Shares will be considered transferred to the Optionee on
the date on which the Option is exercised with respect to such Exercised Shares.

 

(e) Restrictions
on Exercise. This Option may not be exercised if the issuance of Shares upon such exercise or the method of payment of consideration
for such shares would constitute a violation of any applicable law.

 

(f) Investment
Representations. Unless the Shares have been registered under the Securities Act, at the time this Option is exercised, the
Exercise Notice delivered to the Company by the Optionee will, if required by the Company, contain the investment representations
included in the form of Exercise Notice attached hereto as Exhibit A.

 

5. Method
of Payment. The aggregate Exercise Price may be paid by any of the following methods, or a combination thereof, at the election
of the Optionee:

 

(a) cash
or check; or

 

(b) surrender
of other shares of Common Stock which (i) in the case of shares acquired from the Company, have been owned by the Optionee for
more than six (6) months on the date of surrender, and (ii) have a Fair Market Value on the date of the exercise equal to the aggregate
Exercise Price of the Exercised Shares.

 

6. Expiration
of Option. This Option will expire and may not be exercised to any extent by anyone after the first to occur of the following
events:

 

(a) Expiration
of Term of Option. The Term/Expiration Date set forth in Section 1 of this Option Agreement;

 

(b) Termination
of Service without Cause. The expiration of three months from the date of the Optionee’s voluntary or involuntary termination
of service to the Company, unless the Optionee’s service is terminated for Cause or such termination occurs by reasons of
the Optionee’s death or Disability;

 

(c) Cause.
The date of the Optionee’s termination of service if the Optionee’s service is terminated for Cause, or the date of
written notice from the Company to the Optionee of a material breach of any confidentiality or non-compete agreement entered into
with the Company, if the Optionee commits such a material breach either during or after the Optionee’s period of service
to the Company;

 

(d) Death
or Disability. The expiration of one year from the date of the Optionee’s death, either during or after the Optionee’s
period of service to the Company, or of termination of the Optionee’s service by reason of the Optionee’s Disability;
or

 

    	 	3	 

     

    

 

(e) Cancellation
upon Change in Control. The cancellation of this Option by action of the Committee pursuant to Section 14 of the Plan, in connection
with a Change in Control of the Company.

 

7. Non-Transferability
of Option. This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution
and may be exercised during the lifetime of the Optionee only by the Optionee. The terms of the Plan and this Option Agreement
will be binding upon the executors, administrators, heirs, successors and assigns of the Optionee.

 

8. Lock-Up
Period. The Optionee hereby agrees that, if so requested by the Company or the representative of the underwriters (the “Managing
Underwriter”) in connection with an underwritten public offering of Common Stock of the Company under the Securities
Act, the Optionee will not sell, offer to sell or otherwise transfer or dispose of, directly or indirectly, any shares of Common
Stock (or other securities) of the Company held by the Optionee (other than those included in the registration) for such period
of time after execution of an underwriting agreement in connection with such offering for which all of the Company’s then
directors and executive officers agree to be similarly bound (the “Market Standoff Period”). The Optionee agrees
to execute and deliver such other agreements as may be reasonably requested by the Company or the Managing Underwriter which are
consistent with the foregoing or which are necessary to give further effect thereto; but the Optionee will be bound by the provisions
of this Section whether or not the Optionee executes such other agreements requested by the Company or the Managing Underwriter.
The Company may impose stop-transfer instructions with respect to the shares of Common Stock (or other securities) subject to the
foregoing restriction until the end of such Market Standoff Period. The Optionee agrees that any transferee of the Option or shares
acquired pursuant to the Option will be bound by this Section.

 

9. Tax
Obligations.

 

(a) Withholding
Taxes. The Optionee agrees to make appropriate arrangements with the Company (or the Parent or Subsidiary employing or retaining
the Optionee) for the satisfaction of all Federal, state, local and foreign income and employment tax withholding requirements
applicable to the Option exercise. The Optionee acknowledges and agrees that the Company may refuse to honor the exercise and refuse
to deliver Shares if such withholding amounts are not delivered at the time of exercise.

 

(b) Notice
of Disqualifying Disposition of ISO Shares. If the Option granted to the Optionee herein is an ISO, and if the Optionee sells
or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (i) the date two years after
the Date of Grant, or (ii) the date one year after the date of exercise, the Optionee must immediately notify the Company
in writing of such disposition. The Optionee acknowledges and agrees that the Optionee may be subject to income tax withholding
by the Company on the compensation income recognized by the Optionee.

 

10. NO
GUARANTEE OF CONTINUED SERVICE. THE OPTIONEE ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE
HEREOF IS EARNED ONLY BY CONTINUING AS AN EMPLOYEE, DIRECTOR, OR CONSULTANT AT THE WILL OF THE COMPANY (AND NOT THROUGH THE ACT
OF BEING HIRED, BEING GRANTED AN OPTION OR PURCHASING SHARES HEREUNDER). THE OPTIONEE FURTHER ACKNOWLEDGES AND AGREES THAT THIS
AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED
PROMISE OF CONTINUED ENGAGEMENT AS AN EMPLOYEE, DIRECTOR, OR CONSULTANT FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND
WILL NOT INTERFERE WITH THE OPTIONEE’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE THE OPTIONEE’S RELATIONSHIP
(A) AS AN EMPLOYEE AT ANY TIME, WITH OR WITHOUT CAUSE; (B) AS A CONSULTANT PURSUANT TO THE TERMS OF THE OPTIONEE’S AGREEMENT
WITH THE COMPANY OR AN AFFILIATE; OR (C) AS A DIRECTOR PURSUANT TO THE BYLAWS OF THE COMPANY AND ANY APPLICABLE PROVISIONS OF THE
CORPORATE LAW OF THE STATE OR OTHER JURISDICTION IN WHICH THE COMPANY IS DOMICILED, AS THE CASE MAY BE.

 

11. Entire
Agreement; Governing Law. The Plan is incorporated herein by reference. The Plan and this Option Agreement constitute the entire
agreement of the parties regarding the acquisition of stock in the Company and supersede in their entirety all prior oral and written
undertakings and agreements of the Company and the Optionee on that subject, with the exception of any other options previously
granted and delivered to the Optionee under the Plan or any similar plan maintained by the Company or its Affiliates. This agreement
may not be modified adversely to the Optionee’s interest except by means of a writing signed by the Company and the Optionee.
This Option Agreement is governed by the internal substantive laws but not the choice of law rules of the State of Minnesota.

 

[Signature page follows]

 

    	 	4	 

     

    

 

Disclaimer: This is a form document. It
is incomplete and has not been prepared to address a particular situation or a particular set of facts. It is intended to be used
as a starting point and should not be relied upon as a final document.

 

By the Optionee’s signature and the
signature of the Company’s representative below, the Optionee and the Company agree that this Option is granted under and
governed by the terms and conditions of the Plan and this Option Agreement. The Optionee has reviewed the Plan and this Option
Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Option Agreement and
fully understands all provisions of the Plan and Option Agreement. The Optionee hereby agrees to accept as binding, conclusive
and final all decisions or interpretations of the Board of Directors (or any Committee to whom the Board has delegated administration
of the Plan) upon any questions relating to the Plan and this Option Agreement.

 

The Optionee further agrees to notify the
Company of any change in the Optionee’s residence address indicated below.

 

	
        OPTIONEE:
	 	EVO TRANSPORTATION & ENERGY SERVICES, INC.
	 	 	 	 
	
        

        
	 	By:	
        

	(Signature)	 	Title:	 
	 	 	 	 
	
         
	 	 	 
	
        (Print Name)

         

        Address:
	 	 	
        (Print Name)

         

        Address: 8285 West Lake Pleasant Parkway,
        Peoria, AZ 85382

	
        

        

         
	 	 	 
	 	 	 	 
	 	 	 	 

 

     

     

    

 

Exhibit A

 

EVO
Transportation & Energy Services, Inc.

2018 STOCK INCENTIVE
PLAN

 

EXERCISE NOTICE

 

EVO Transportation & Energy Services, Inc.

 

1. Exercise
of Option. Effective as of the Exercise Date set forth below, the undersigned (the “Purchaser”) hereby elects
to exercise the Purchaser’s Option to purchase shares of the Common Stock (the “Shares”) of EVO Transportation
& Energy Services, Inc. (the “Company”) under and pursuant to the EVO Transportation & Energy Services,
Inc. Amended and Restated 2018 Stock Incentive Plan (the “Plan”) and the Stock Option Agreement bearing
the Grant Number and Grant Date set forth below (the “Option Agreement”). The Option is being exercised with
respect to the number of Shares stated below (the “Exercised Shares”).

 

	
        Exercise Date:
	_______________, 20__
	 	 
	Purchaser:	______________________________________
	 	 
	Grant Number:	______________
	 	 
	Grant Date:	_______________, 20__
	 	 
	Number of Exercised Shares:	______________ Shares
	 	 
	Exercise Price per Share:	$_____ per Share
	 	 
	Total Exercise Price:	$______________

 

2. Delivery
of Payment. The Purchaser herewith delivers to the Company the total Exercise Price for the Shares, and any and all withholding
taxes due in connection with the exercise of the Option, in the form of (check one or more):

 

		☐	Cash or check; or

 

		☐	Surrender of other shares of Common Stock that, in the
case of shares acquired from the Company, have been owned by the Purchaser for more than six (6) months on the date of surrender.

 

3. Representations
of Purchaser. In connection with the purchase of the Shares, the Purchaser represents to the Company as follows:

 

(a) The
Purchaser (i) acknowledges that the Purchaser has received, read and understood the Plan and the Option Agreement, (ii) agrees
that the Shares are being acquired in accordance with and subject to the terms, provisions and conditions of the Plan and the Option
Agreement, and (iii) agrees to abide by and be bound by their terms and conditions.

 

    	 	A-1	 

     

    

 

(b) The
Purchaser agrees (i) to provide such additional documents as the Company may require pursuant to the terms of the Plan, (ii) to
provide for the payment by the Purchaser to the Company (in the manner designated by the Company) of the Company’s withholding
obligation, if any, relating to the exercise of the Option, and (iii) if this exercise relates to an Incentive Stock Option, to
notify the Company in writing promptly after the date of any disposition of any of the shares of Common Stock issued upon exercise
of the Option that occurs within two (2) years after the date of grant of the Option or within one (1) year after such shares of
Common Stock are issued upon exercise of the Option.

 

(c) The
Purchaser is aware of the Company’s business affairs and financial condition and has acquired sufficient information about
the Company to reach an informed and knowledgeable decision to acquire the Shares.

 

(d) The
Purchaser is acquiring these Shares for investment for the Purchaser’s own account only and not with a view to, or for resale
in connection with, any “distribution” thereof within the meaning of the Securities Act of 1933, as amended (the “Securities
Act”).

 

(e) The
Purchaser acknowledges and understands that the Shares constitute “restricted securities” under the Securities Act
and have not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends
upon, among other things, the bona fide nature of the Purchaser’s investment intent as expressed herein. The Purchaser further
understands that the Shares must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption
from such registration is available. The Purchaser further acknowledges and understands that the Company is under no obligation
to register the Shares.

 

(f) The
Purchaser understands that the certificate evidencing the Shares will be imprinted with a legend that prohibits the transfer of
the Shares unless they are registered or such registration is not required in the opinion of counsel satisfactory to the Company
and any other legend required under applicable state securities laws.

 

4. Rights
as Stockholder. Until the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or of a
duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder will
exist with respect to the shares of Common Stock subject to the Option, notwithstanding the exercise of the Option. The Shares
will be issued to the Purchaser as soon as practicable after the Option is exercised in accordance with the Option Agreement. No
adjustment will be made for a dividend or other right for which the record date is prior to the date of issuance of the Shares.

 

5. Tax
Consultation. The Purchaser understands that the Purchaser’s purchase or disposition of the Shares will have certain
tax consequences, some of which may be adverse tax consequences. The Purchaser represents that the Purchaser has consulted with
any tax consultants the Purchaser deems advisable in connection with the purchase or disposition of the Shares and that the Purchaser
is not relying on the Company for any tax advice.

 

    	 	A-2	 

     

    

 

6. Restrictive
Legends and Stop-Transfer Orders.

 

(a) Legends.
The Purchaser understands and agrees that the Company will cause the legends set forth below or legends substantially equivalent
thereto, to be placed upon any certificate(s) evidencing ownership of the Shares together with any other legends that may be required
by the Company or by state or federal securities laws:

 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED
UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COMPANY COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES,
SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE THEREWITH.

 

THE SHARES EVIDENCED BY THIS CERTIFICATE AND ANY TRANSFER
THEREOF ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND A RIGHT OF FIRST REFUSAL HELD BY THE COMPANY OR ITS ASSIGNEE(S) AS
SET FORTH IN THE EXERCISE NOTICE BETWEEN THE COMPANY AND THE ORIGINAL HOLDERS OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED
AT THE PRINCIPAL OFFICE OF THE COMPANY. SUCH TRANSFER RESTRICTIONS AND RIGHT OF FIRST REFUSAL ARE BINDING ON TRANSFEREES OF THESE
SHARES.

 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT
TO RESTRICTIONS ON TRANSFER FOR A MARKET STANDOFF PERIOD FOLLOWING THE EFFECTIVE DATE OF THE UNDERWRITTEN PUBLIC OFFERING OF THE
COMPANY’S SECURITIES AND MAY NOT BE SOLD OR OTHERWISE DISPOSED OF BY THE HOLDER WITHOUT THE CONSENT OF THE COMPANY OR THE
MANAGING UNDERWRITER.

 

(b) Stop-Transfer
Notices. The Purchaser agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may
issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its
own securities, it may make appropriate notations to the same effect in its own records.

 

(c) Refusal
to Transfer. The Company will not be required (i) to transfer on its books any Shares that have been sold or otherwise
transferred in violation of any of the provisions of this Exercise Notice or (ii) to treat as owner of such Shares or to accord
the right to vote or pay dividends to any purchaser or other transferee to whom such Shares are transferred in violation of any
of the provisions of this Exercise Notice.

 

7. Binding
Effect. Subject to the restrictions on transfer herein set forth, this Exercise Notice will inure to the benefit of and be
binding upon the Purchaser and his or her heirs, executors, administrators, successors and assigns.

 

8. Entire
Agreement; Governing Law. The Plan and Option Agreement are incorporated herein by reference. This Exercise Notice, the Plan
and the Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede
in their entirety all prior undertakings and agreements of the Company and the Purchaser with respect to the subject matter hereof,
and may not be modified adversely to the Purchaser’s interest except by means of a writing signed by the Company and the
Purchaser. This Option Agreement is governed by the internal substantive laws but not the choice of law rules, of the State of
Minnesota.

 

[Signature page follows]

 

    	 	A-3	 

     

    

 

[To be signed upon the exercise of the
Option]

 

	
        Submitted by:
	 	Accepted by:
	 	 	 
	PURCHASER:	 	EVO Transportation & Energy Services, Inc.
	 	 	 	 
	 	 	By:	
	
        

        (Signature)
	 	Title: 	
        

        

	 	 	 	 
	
         
	 	 	
	
        (Print Name)

         

        Address:
	 	 	
        (Print Name)

         

        Address:

	
        

        

        
		 	
         

	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	
        

        (Date Received)

 

[Signature Page to Exercise Notice]Exhibit 10.16

 

 

 

 

 

 

 

 

 

 

  

EVO TRANSPORTATION & ENERGY SERVICES,
INC.

 

AMENDED AND RESTATED

 

2018 STOCK INCENTIVE PLAN

 

 

 

 

 

 

Adopted August 13, 2018

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	1.	Purpose of Plan	1
	2.	Definitions	1
	3.	Effective Date and Duration of the Plan	4
	 	3.1	Effective Date and Duration	4
	 	3.2	Stockholder Approval	4
	4.	Shares Available for Issuance	4
	 	4.1	Maximum Number of Shares Available	4
	 	4.2	Accounting for Incentive Awards	4
	 	4.3	Adjustments to Shares and Incentive Awards	4
	5.	Plan Administration	5
	 	5.1	The Committee	5
	 	5.2	Authority of the Committee	5
	6.	Participation	6
	7.	Options	7
	 	7.1	Grant	7
	 	7.2	Exercise Price	7
	 	7.3	Exercisability and Duration	7
	 	7.4	Payment of Exercise Price	7
	 	7.5	Manner of Exercise	7
	 	7.6	Aggregate Limitation of Stock Subject to Incentive Stock Options	7
	8.	Stock Appreciation Rights	8
	 	8.1	Grant	8
	 	8.2	Exercise Price	8
	 	8.3	Exercisability and Duration	8
	9.	Restricted Stock Awards	8
	 	9.1	Grant	8
	 	9.2	Rights as a Stockholder; Transferability	8
	 	9.3	Dividends and Distributions	9
	 	9.4	Enforcement of Restrictions	9
	10.	Performance Units	9
	11.	Stock Bonuses	9
	12.	Effect of Termination of Employment or Other Service	10
	 	12.1	Termination Due to Death, Disability or Retirement	10
	 	12.2	Termination for Reasons Other than Death, Disability or Retirement	10
	 	12.3	Modification of Rights Upon Termination	11
	 	12.4	Exercise of Incentive Stock Options Following Termination	11
	 	12.5	Date of Termination of Employment or Other Service	11
	13.	Payment of Withholding Taxes	11
	 	13.1	General Rules	11
	 	13.2	Special Rules	12
	14.	Action upon Change in Control	12
	15.	Rights of Eligible Recipients and Participants; Transferability	12
	 	15.1	Employment or Service	12
	 	15.2	Rights as a Stockholder	13
	 	15.3	Restrictions on Transfer	13
	 	15.4	Breach of Confidentiality or Non-Compete Agreements	13
	 	15.5	Non-Exclusivity of the Plan	13
	16.	Securities Law and Other Restrictions	13
	17.	Plan Amendment, Modification and Termination	14
	18.	Miscellaneous	14
	 	18.1	Governing Law	14
	 	18.2	Successors and Assigns	14

 

    i

     

    

 

EVO TRANSPORTATION & ENERGY SERVICES,
INC.

AMENDED AND RESTATED 2018 STOCK INCENTIVE
PLAN

 

1. Purpose
of Plan.

 

The purpose of the
EVO Transportation & Energy Services, Inc. Amended and Restated 2018 Stock Incentive Plan (the “Plan”) is
to advance the interests of EVO Transportation & Energy Services, Inc., a Delaware corporation (the “Company”)
and its stockholders by enabling the Company and its Subsidiaries to attract and retain persons of skill and ability to perform
services for the Company and its Subsidiaries by providing an incentive to such individuals through equity participation in the
Company and by rewarding such individuals who contribute to the achievement by the Company of its economic objectives.

 

2. Definitions.

 

The following terms
will have the meanings set forth below, unless the context clearly otherwise requires:

 

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

 

2.2. “Broker
Exercise Notice” means a written notice pursuant to which a Participant, upon exercise of an Option, irrevocably instructs
a broker or dealer to sell a sufficient number of shares or lend a sufficient amount of money to pay all or a portion of the exercise
price of the Option and/or any related withholding tax obligations and remit such sums to the Company and directs the Company to
deliver stock certificates to be issued upon such exercise directly to such broker or dealer.

 

2.3. “Cause”
means:

 

(a) “Cause”
as defined in any employment or other agreement or policy applicable to the Participant; or

 

(b) If
no such agreement or policy exists, (i) dishonesty, fraud, misrepresentation, embezzlement or deliberate injury or attempted injury,
in each case related to the Company or any Subsidiary, (ii) substantial failure on the part of the Participant to perform his or
her duties to the Company or any Subsidiary or gross negligence on the part of the Participant in the performance of such duties,
(iii) any unlawful or criminal activity of a serious nature, or (iv) any material breach of any employment, service, confidentiality
or non-compete agreement entered into with the Company or any Subsidiary.

 

    1

     

    

 

2.4. “Change
in Control” of the Company means the occurrence of any of the following events:

 

(a) the
sale, lease, exchange or other transfer of all or substantially all of the assets of the Company (in one transaction or in a series
of related transactions) except where such sale, lease, exchange or other transfer is to an entity controlled by the Company;

 

(b) the
approval by the stockholders of the Company of any plan or proposal for the liquidation or dissolution of the Company; or

 

(c) any
person becomes after the effective date of the Plan the “beneficial owner” (as defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of fifty percent (50%) or more of the combined voting power of the Company’s outstanding securities
ordinarily having the right to vote at elections of directors; or

 

(d) a
merger or consolidation to which the Company is a party if the persons who are the stockholders of the Company immediately prior
to effective date of such merger or consolidation have “beneficial ownership” (as defined in Rule l3d-3 under the Exchange
Act), immediately following the effective date of such merger or consolidation, of securities of the surviving corporation representing
50% or less of the combined voting power of the surviving corporation’s then outstanding securities ordinarily having the
right to vote at elections of directors.

 

To the extent required, the determination of whether a Change
in Control has occurred shall be made in accordance with Code Section 409A and the regulations, notices and other guidance of general
applicability issued thereunder.

 

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

 

2.6. “Committee”
means the group of individuals administering the Plan, as provided in Section 5 of the Plan.

 

2.7. “Common
Stock” means the common stock of the Company, $0.0001 par value, or the number and kind of shares of stock or other securities
into which such common stock may be changed in accordance with Section 4.3 of the Plan.

 

2.8. “Disability”
means the disability of the Participant such as would entitle the Participant to receive disability income benefits pursuant to
the long-term disability plan of the Company or Subsidiary then covering the Participant or, if no such plan exists or is applicable
to the Participant, the permanent and total disability of the Participant within the meaning of Section 22(e)(3) of the Code. Notwithstanding
the foregoing, for all Incentive Stock Options, “disability” means the permanent and total disability of the Participant
within the meaning of Section 22(e)(3) of the Code.

 

2.9. “Effective
Date” shall mean August 13, 2018, the date this Plan was adopted by the Board.

 

2.10. “Eligible
Recipient” means any employee of the Company or any Subsidiary and any non-employee director, consultant or independent
contractor of the Company or any Subsidiary.

 

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

 

    2

     

    

 

2.12. “Fair
Market Value” means, with respect to the Common Stock, as of any date: (i) the last reported sale price of a share of
Common Stock as of such date during the regular daily trading session on the Nasdaq Stock Market or on any national exchange (or,
if no shares were traded or quoted on such date, as of the next preceding date on which there was such a trade or quote); or (ii)
if the Common Stock is publicly traded but is not so listed, the average of the closing bid and asked prices on such date, as reported
by The Wall Street Journal, in the over-the-counter market (or, if no shares were quoted on such date, as of the next preceding
date on which there was such a quote); or (iii) if the Common Stock is not so listed or reported, such price as the Committee determines
in good faith in the exercise of its reasonable discretion, taking into account all available information material to the value
of the Common Stock, and consistent with the definition of “fair market value” under Section 409A of the Code.

 

2.13. “Incentive
Award” means an Option, Stock Appreciation Right, Restricted Stock Award, Performance Unit or Stock Bonus granted to
an Eligible Recipient pursuant to the Plan.

 

2.14. “Incentive
Stock Option” means a right to purchase Common Stock granted to an Eligible Recipient pursuant to Section 7 of the
Plan that qualifies as an “incentive stock option” within the meaning of Section 422 of the Code.

 

2.15. “Non-Statutory
Stock Option” means a right to purchase Common Stock granted to an Eligible Recipient pursuant to Section 7 of the
Plan that does not qualify as an Incentive Stock Option.

 

2.16. “Option”
means an Incentive Stock Option or a Non-Statutory Stock Option.

 

2.17. “Participant”
means an Eligible Recipient who receives one or more Incentive Awards under the Plan.

 

2.18. “Performance
Unit” means a right granted to an Eligible Recipient pursuant to Section 10 of the Plan to receive a payment from
the Company, in the form of stock, cash or a combination of both, upon the achievement of established employment, service, performance
or other goals.

 

2.19. “Previously
Acquired Shares” means shares of Common Stock that are already owned by the Participant or, with respect to any Incentive
Award, that are to be issued upon the grant, exercise or vesting of such Incentive Award.

 

2.20. “Restricted
Stock Award” means an award of Common Stock granted to an Eligible Recipient pursuant to Section 9 of the Plan that
is subject to the restrictions on transferability and the risk of forfeiture imposed by the provisions of such Section 9.

 

2.21. “Retirement”
means termination of employment or service pursuant to and in accordance with the regular (or, if approved by the Board for purposes
of the Plan, early) retirement/pension plan or practice of the Company or Subsidiary then covering the Participant, provided that
if the Participant is not covered by any such plan or practice, the Participant will be deemed to be covered by the Company’s
plan or practice for purposes of this determination.

 

2.22. “Securities
Act” means the Securities Act of 1933, as amended.

 

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2.23. “Stock
Appreciation Right” means a right granted to an Eligible Recipient pursuant to Section 8 of the Plan to receive
a payment from the Company at the time of exercise, in the form of stock, cash or a combination of both, equal to the difference
between the Fair Market Value of one or more shares of Common Stock and the exercise price of such shares under the terms of such
Stock Appreciation Right.

 

2.24. “Stock
Bonus” means an award of Common Stock granted to an Eligible Recipient pursuant to Section 11 of the Plan.

 

2.25. “Subsidiary”
means any entity that is directly or indirectly controlled by the Company or any entity in which the Company has a significant
equity interest, as determined by the Committee.

 

2.26. “Tax
Date” means the date any withholding tax obligation arises under the Code or other applicable tax statute for a Participant
with respect to an Incentive Award.

 

3. Effective
Date and Duration of the Plan.

 

3.1. Effective
Date and Duration. The Plan is effective as of the Effective Date. The Plan will terminate at midnight on the tenth (10th)
anniversary of the Effective Date and may be terminated prior to such time by Board action, and no Incentive Award may be granted
after such termination. Incentive Awards outstanding upon termination of the Plan may continue to be exercised, or become free
of restrictions, in accordance with their terms.

 

3.2. Stockholder
Approval. The Plan shall be submitted to the stockholders of the Company for approval within twelve (12) months before or after
the Effective Date. Incentive Awards may be granted prior to the date this Plan is approved by the stockholders of the Company;
provided, however, that any incentive stock options granted after adoption of the Plan by the Board shall be treated as nonqualified
stock options if stockholder approval is not obtained within such twelve-month period.

 

4. Shares
Available for Issuance.

 

4.1. Maximum
Number of Shares Available. Subject to adjustment as provided in Section 4.3 of the Plan or by amendment, the maximum
number of shares of Common Stock that will be available for issuance under the Plan will be Six Million Two Hundred Fifty Thousand
(6,250,000); provided, that all shares of Common Stock reserved and available under the Plan shall constitute the maximum aggregate
number of shares of Common Stock that may be issued through Incentive Stock Options.

 

4.2. Accounting
for Incentive Awards. Shares of Common Stock that are issued under the Plan or that are subject to outstanding Incentive Awards
will be applied to reduce the maximum number of shares of Common Stock remaining available for issuance under the Plan. Any shares
of Common Stock that are subject to an Incentive Award that lapse, expire, are forfeited or for any reason are terminated unexercised
or unvested and any shares of Common Stock that are subject to an Incentive Award that is settled or paid in cash or any form other
than shares of Common Stock will automatically again become available for issuance under the Plan.

 

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4.3. Adjustments
to Shares and Incentive Awards. In the event of any reorganization, merger, consolidation, recapitalization, liquidation, reclassification,
stock dividend, stock split, combination of shares, rights offering, divestiture or extraordinary dividend (including a spin-off)
or any other similar change in the corporate structure or shares of the Company, the Committee (or, if the Company is not the surviving
corporation in any such transaction, the board of directors of the surviving corporation) will make appropriate adjustment (which
determination will be conclusive) as to the number and kind of securities or other property (including cash) available for issuance
or payment under the Plan and, in order to prevent dilution or enlargement of the rights of Participants, (a) the number and kind
of securities or other property (including cash) subject to outstanding Options, and (b) the exercise price of outstanding Options.

 

5. Plan
Administration.

 

5.1. The
Committee. The Plan will be administered by the Board or by a committee of the Board. So long as the Company has a class of
its equity securities registered under Section 12 of the Exchange Act, any committee administering the Plan will consist solely
of two or more members of the Board who are “non-employee directors” within the meaning of Rule 16b-3 under the Exchange
Act and, if the Board so determines in its sole discretion, who are “outside directors” within the meaning of Section
162(m) of the Code. Such a committee, if established, will act by majority approval of the members (but may also take action with
the written consent of a majority of the members of such committee), and a majority of the members of such a committee will constitute
a quorum. As used in the Plan “Committee” will refer to the Board or to such a committee, if established. To the extent
consistent with corporate law, the Committee may delegate to any officers of the Company the duties, power and authority of the
Committee under the Plan pursuant to such conditions or limitations as the Committee may establish; provided, however,
that only the Committee may exercise such duties, power and authority with respect to Eligible Recipients who are subject to Section
16 of the Exchange Act. The Committee may exercise its duties, power and authority under the Plan in its sole and absolute discretion
without the consent of any Participant or other party, unless the Plan specifically provides otherwise. Each determination, interpretation
or other action made or taken by the Committee pursuant to the provisions of the Plan will be final, conclusive and binding for
all purposes and on all persons, including, without limitation, the Company, the stockholders of the Company, the participants
and their respective successors-in-interest. No member of the Committee will be liable for any action or determination made in
good faith with respect to the Plan or any Incentive Award granted under the Plan.

 

5.2. Authority
of the Committee.

 

(a) In
accordance with and subject to the provisions of the Plan, the Committee will have the authority to determine all provisions of
Incentive Awards as the Committee may deem necessary or desirable and as consistent with the terms of the Plan, including, without
limitation, the following: (i) the Eligible Recipients to be selected as Participants; (ii) the nature and extent of the Incentive
Awards to be made to each Participant (including the number of shares of Common Stock to be subject to each Incentive Award, any
exercise price, the manner in which Incentive Awards will vest or become exercisable and whether Incentive Awards will be granted
in tandem with other Incentive Awards) and the form of written agreement, if any, evidencing such Incentive Award; (iii) the time
or times when Incentive Awards will be granted; (iv) the duration of each Incentive Award; and (v) the restrictions and other conditions
to which the payment or vesting of Incentive Awards may be subject. In addition, the Committee will have the authority under the
Plan in its sole discretion to pay the economic value of any Incentive Award in the form of cash, Common Stock or any combination
of both.

 

    5

     

    

 

(b) The
Committee will have the authority under the Plan to amend or modify the terms of any outstanding Incentive Award in any manner,
including, without limitation, the authority to modify the number of shares or other terms and conditions of an Incentive Award,
extend the term of an Incentive Award, accelerate the exercisability or vesting or otherwise terminate any restrictions relating
to an Incentive Award, accept the surrender of any outstanding Incentive Award or, to the extent not previously exercised or vested,
authorize the grant of new Incentive Awards in substitution for surrendered Incentive Awards; provided, however,
that the amended or modified terms are permitted by the Plan as then in effect, that such amendment
or modification does not cause the Incentive Award to become subject to Section 409A of the Code, and that any Participant
adversely affected by such amended or modified terms has consented to such amendment or modification. No amendment or modification
to an Incentive Award, however, whether pursuant to this Section 5.2 or any other provisions of the Plan, will be deemed to
be a re-grant of such Incentive Award for purposes of the Plan.

 

(c) In
the event of (i) any reorganization, merger, consolidation, recapitalization, liquidation, reclassification, stock dividend, stock
split, combination of shares, rights offering, extraordinary dividend or divestiture (including a spin-off) or any other similar
change in corporate structure or shares, (ii) any purchase, acquisition, sale or disposition of a significant amount of assets
or a significant business, (iii) any change in accounting principles or practices, or (iv) any other similar change, in each case
with respect to the Company or any other entity whose performance is relevant to the grant or vesting of an Incentive Award, the
Committee (or, if the Company is not the surviving corporation in any such transaction, the board of directors of the surviving
corporation) may, without the consent of any affected Participant, amend or modify the vesting criteria of any outstanding Incentive
Award that is based in whole or in part on the financial performance of the Company (or any Subsidiary or division thereof) or
such other entity so as equitably to reflect such event, with the desired result that the criteria for evaluating such financial
performance of the Company or such other entity will be substantially the same (in the sole discretion of the Committee or the
board of directors of the surviving corporation) following such event as prior to such event; provided, however,
that the amended or modified terms are permitted by the Plan as then in effect.

 

6. Participation.

 

Participants in the
Plan will be those Eligible Recipients who, in the judgment of the Committee, have contributed, are contributing or are expected
to contribute to the achievement of economic objectives of the Company or its Subsidiaries. Eligible Recipients may be granted
from time to time one or more Incentive Awards, singly or in combination or in tandem with other Incentive Awards, as may be determined
by the Committee in its sole discretion. Incentive Awards will be deemed to be granted as of the date specified in the grant resolution
of the Committee, which date will be the date of any related agreement with the Participant.

 

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7. Options.

 

7.1. Grant.
An Eligible Recipient may be granted one or more Options under the Plan, and such Options will be subject to such terms and conditions,
consistent with the other provisions of the Plan, as may be determined by the Committee in its sole discretion. The Committee may
designate whether an Option is to be considered an Incentive Stock Option or a Non-Statutory Stock Option. To the extent that any
Incentive Stock Option granted under the Plan ceases for any reason to qualify as an “incentive stock option” for purposes
of Section 422 of the Code, such Incentive Stock Option will continue to be outstanding for purposes of the Plan but will thereafter
be deemed to be a Non-Statutory Stock Option.

 

7.2. Exercise
Price. The per share price to be paid by a Participant upon exercise of an Option will be determined by the Committee in its
discretion at the time of the Option grant; provided, however, that such price will not be less than one hundred
percent (100%) of the Fair Market Value of one share of Common Stock on the date of grant (or, with respect to an Incentive Stock
Option, one hundred ten percent (110%) of the Fair Market Value if, at the time the Incentive Stock Option is granted, the Participant
owns, directly or indirectly, more than ten percent (10%) of the total combined voting power of all classes of stock of the Company
or any parent or subsidiary corporation of the Company).

 

7.3. Exercisability
and Duration. An Option will become exercisable at such times and in such installments as may be determined by the Committee
in its sole discretion at the time of grant; provided, however, that no Incentive Stock Option may be exercisable
after ten (10) years from its date of grant (five (5) years from its date of grant if, at the time the Incentive Stock Option is
granted, the Participant owns, directly or indirectly, more than ten percent (10%) of the total combined voting power of all classes
of stock of the Company or any parent or subsidiary corporation of the Company).

 

7.4. Payment
of Exercise Price. The total purchase price of the shares to be purchased upon exercise of an Option will be paid entirely
in cash (including check, bank draft or money order); provided, however, that the Committee, in its sole discretion
and upon terms and conditions established by the Committee, may allow such payments to be made, in whole or in part, by tender
of a Broker Exercise Notice, Previously Acquired Shares, a promissory note (on terms acceptable to the Committee in its sole discretion)
or a combination of such methods, or by any other form of payment the Committee may authorize.

 

7.5. Manner
of Exercise. An Option may be exercised by a Participant in whole or in part from time to time, subject to the conditions contained
in the Plan and in the agreement evidencing such Option, by delivery in person, by facsimile or electronic transmission or through
the mail of written notice of exercise to the Company (Attention: Chief Financial Officer) at its principal executive office, and
by paying in full the total exercise price for the shares of Common Stock to be purchased in accordance with Section 7.4 of
the Plan.

 

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7.6. Aggregate
Limitation of Stock Subject to Incentive Stock Options. To the extent that the aggregate Fair Market Value (determined as of
the date an Incentive Stock Option is granted) of the shares of Common Stock with respect to which incentive stock options (within
the meaning of Section 422 of the Code) are exercisable for the first time by a Participant during any calendar year (under the
Plan and any other incentive stock option plans of the Company or any subsidiary or parent corporation of the Company (within the
meaning of the Code)) exceeds $100,000 (or such other amount as may be prescribed by the Code from time to time), such excess Options
will be treated as Non-Statutory Stock Options. The determination will be made by taking incentive stock options into account in
the order in which they were granted. If such excess only applies to a portion of an Incentive Stock Option, the Committee, in
its discretion, will designate which shares will be treated as shares to be acquired upon exercise of an Incentive Stock Option.

 

8. Stock
Appreciation Rights.

 

8.1. Grant.
An Eligible Recipient may be granted one or more Stock Appreciation Rights under the Plan, and such Stock Appreciation Rights will
be subject to such terms and conditions, consistent with the other provisions of the Plan, as may be determined by the Committee
in its sole discretion. The Committee will have the sole discretion to determine the form in which payment of the economic value
of Stock Appreciation Rights will be made to a Participant (i.e., cash, Common Stock or any combination thereof) or to consent
to or disapprove the election by a Participant of the form of such payment.

 

8.2. Exercise
Price. The exercise price of a Stock Appreciation Right will be determined by the Committee, in its discretion, at the date
of grant but may not be less than one hundred percent (100%) of the Fair Market Value of one share of Common Stock on the date
of grant.

 

8.3. Exercisability
and Duration. A Stock Appreciation Right will become exercisable at such time and in such installments as may be determined
by the Committee in its sole discretion at the time of grant; provided, however, that no Stock Appreciation Right
may be exercisable after ten (10) years from its date of grant. A Stock Appreciation Right will be exercised by giving notice in
the same manner as for Options, as set forth in Section 7.5 of the Plan.

 

9. Restricted
Stock Awards.

 

9.1. Grant.
An Eligible Recipient may be granted one or more Restricted Stock Awards under the Plan, and such Restricted Stock Awards will
be subject to such terms and conditions, consistent with the other provisions of the Plan, as may be determined by the Committee
in its sole discretion. The Committee may impose such restrictions or conditions, such as forfeiture or a repurchase option, not
inconsistent with the provisions of the Plan, to the vesting of or the lapse of restrictions or conditions for any such Restricted
Stock Awards as it deems appropriate, including, without limitation, that the Participant remain in the continuous employ or service
of the Company or a Subsidiary for a certain period or that the Participant or the Company (or any Subsidiary or division thereof)
satisfy certain performance goals or criteria.

 

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9.2. Rights
as a Stockholder; Transferability. Except as provided in Sections 9.1, 9.3 and 15.3 of the Plan, a Participant will have
all voting, dividend, liquidation and other rights with respect to shares of Common Stock issued to the Participant as a Restricted
Stock Award under this Section 9 upon the Participant becoming the holder of record of such shares as if such Participant
were a holder of record of shares of unrestricted Common Stock.

 

9.3. Dividends
and Distributions. Unless the Committee determines otherwise in its sole discretion (either in the agreement evidencing the
Restricted Stock Award at the time of grant or at any time after the grant of the Restricted Stock Award), any dividends or distributions
(including regular quarterly cash dividends) paid with respect to shares of Common Stock subject to the unvested portion of a Restricted
Stock Award will be subject to the same restrictions as the shares to which such dividends or distributions relate. In the event
the Committee determines not to pay dividends or distributions currently, the Committee will determine in its sole discretion whether
any interest will be paid on such dividends or distributions. In addition, the Committee in its sole discretion may require such
dividends and distributions to be reinvested (and in such case the Participant consents to such reinvestment) in shares of Common
Stock that will be subject to the same restrictions as the shares to which such dividends or distributions relate.

 

9.4. Enforcement
of Restrictions. To enforce the restrictions referred to in this Section 9, the Committee may place a legend on the stock
certificates referring to such restrictions and may require the Participant, until the restrictions have lapsed, to keep the stock
certificates, together with duly endorsed stock powers, in the custody of the Company or its transfer agent or to maintain evidence
of stock ownership, together with duly endorsed stock powers, in a certificateless book-entry stock account with the Company’s
transfer agent.

 

10. Performance
Units.

 

An Eligible Recipient
may be granted one or more Performance Units under the Plan, and such Performance Units will be subject to such terms and conditions,
consistent with the other provisions of the Plan, as may be determined by the Committee in its sole discretion. The Committee may
impose such restrictions or conditions, not inconsistent with the provisions of the Plan, to the vesting of such Performance Units
as it deems appropriate, including, without limitation, that the Participant remain in the continuous employ or service of the
Company or any Subsidiary for a certain period or that the Participant or the Company (or any Subsidiary or division thereof) satisfy
certain performance goals or criteria. The Committee will have the sole discretion to determine the form in which payment of the
economic value of Performance Units will be made to a Participant (i.e., cash, Common Stock or any combination thereof) or to consent
to or disapprove the election by a Participant of the form of such payment.

 

11. Stock
Bonuses.

 

An Eligible Recipient
may be granted one or more Stock Bonuses under the Plan, and such Stock Bonuses will be subject to such terms and conditions, consistent
with the other provisions of the Plan, as may be determined by the Committee. The Participant will have all voting, dividend, liquidation
and other rights with respect to the shares of Common Stock issued to a Participant as a Stock Bonus under this Section 11
upon the Participant becoming the holder of record of such shares; provided, however, that the Committee may impose
such restrictions on the assignment or transfer of a Stock Bonus as it deems appropriate.

 

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12. Effect
of Termination of Employment or Other Service.

 

12.1. Termination
Due to Death, Disability or Retirement. Unless otherwise provided by the Committee in its sole discretion in the agreement
evidencing an Incentive Award:

 

(a) In
the event a Participant’s employment or other service with the Company and all Subsidiaries is terminated by reason of death
or Disability:

 

(i) all
outstanding Options and Stock Appreciation Rights then held by the Participant will become immediately exercisable in full and
remain exercisable for a period of six (6) months after such termination (but in no event after the expiration date of any such
Option or Stock Appreciation Right);

 

(ii) all
Restricted Stock Awards then held by the Participant will become fully vested; and

 

(iii) all
Performance Units and Stock Bonuses then held by the Participant will vest and/or continue to vest in the manner determined by
the Committee and set forth in the agreement evidencing such Performance Units or Stock Bonuses.

 

(b) In
the event a Participant’s employment or other service with the Company and all Subsidiaries is terminated by reason of Retirement:

 

(i) all
outstanding Options and Stock Appreciation Rights then held by the Participant will remain exercisable, to the extent exercisable
as of the date of such termination, for a period of six (6) months after such termination (but in no event after the expiration
date of any such Option or Stock Appreciation Right);

 

(ii) all
Restricted Stock Awards then held by the Participant that have not vested as of such termination will be terminated and forfeited;
and

 

(iii) all
Performance Units and Stock Bonuses then held by the Participant will vest and/or continue to vest in the manner determined by
the Committee and set forth in the agreement evidencing such Performance Units or Stock Bonuses.

 

12.2. Termination
for Reasons Other than Death, Disability or Retirement. Unless otherwise provided by the Committee in its sole discretion in
the agreement evidencing an Incentive Award, in the event a Participant’s employment or other service with the Company and
all Subsidiaries is terminated for any reason other than death, Disability or Retirement, or a Participant is in the employ or
service of a Subsidiary and the Subsidiary ceases to be a Subsidiary of the Company (unless the Participant continues in the employ
or service of the Company or another Subsidiary), all rights of the Participant under the Plan and any agreements evidencing an
Incentive Award will immediately terminate without notice of any kind, and no Options or Stock Appreciation Rights then held by
the Participant will thereafter be exercisable, all Restricted Stock Awards then held by the Participant that have not vested will
be terminated and forfeited, and all Performance Units and Stock Bonuses then held by the Participant will vest and/or continue
to vest in the manner determined by the Committee and set forth in the agreement evidencing such Performance Units or Stock Bonuses;
provided, however, that if such termination is due to any reason other than voluntary termination by the Participant
or termination by the Company or any Subsidiary for “Cause,” all outstanding Options and Stock Appreciation Rights
then held by such Participant will remain exercisable, to the extent exercisable as of such termination, for a period of ninety
(90) days after such termination (but in no event after the expiration date of any such Option or Stock Appreciation Right).

 

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12.3. Modification
of Rights Upon Termination. Notwithstanding the other provisions of this Section 12, upon a Participant’s termination
of employment or other service with the Company and all Subsidiaries, the Committee may, in its sole discretion (which may be exercised
at any time on or after the date of grant, including following such termination), cause Options and Stock Appreciation Rights (or
any part thereof) then held by such Participant to become or continue to become exercisable and/or remain exercisable following
such termination of employment or service and Restricted Stock Awards, Performance Units and Stock Bonuses then held by such Participant
to vest and/or continue to vest or become free of transfer restrictions, as the case may be, following such termination of employment
or service, in each case in the manner determined by the Committee; provided, however, that no Incentive Award may
remain exercisable or continue to vest beyond its expiration date. Notwithstanding the foregoing, no extension to exercise will
be permitted if such extension would cause the Award to become subject to Section 409A of the Code.

 

12.4. Exercise
of Incentive Stock Options Following Termination. Any Incentive Stock Option that remains exercisable pursuant to an agreement
with the Company following termination of employment and is unexercised more than one (1) year following termination of employment
by reason of death or Disability or more than three (3) months following termination for any reason other than death or Disability
will thereafter be deemed to be a Non-Statutory Stock Option.

 

12.5. Date
of Termination of Employment or Other Service. Unless the Committee otherwise determines in its sole discretion, a Participant’s
employment or other service will, for purposes of the Plan, be deemed to have terminated on the date recorded on the personnel
or other records of the Company or the Subsidiary for which the Participant provides employment or other service, as determined
by the Committee in its sole discretion based upon such records.

 

13. Payment
of Withholding Taxes.

 

13.1. General
Rules. The Company is entitled to (a) withhold and deduct from future wages of the Participant (or from other amounts that
may be due and owing to the Participant from the Company or a Subsidiary), or make other arrangements for the collection of, all
legally required amounts necessary to satisfy any and all foreign, federal, state and local withholding and employment-related
tax requirements attributable to an Incentive Award, including, without limitation, the grant, exercise or vesting of, or payment
of dividends with respect to, an Incentive Award or a disqualifying disposition of stock received upon exercise of an Incentive
Stock Option, or (b) require the Participant promptly to remit the amount of such withholding to the Company before taking any
action, including issuing any shares of Common Stock, with respect to an Incentive Award.

 

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13.2. Special
Rules. The Committee may, in its sole discretion and upon terms and conditions established by the Committee, permit or require
a Participant to satisfy, in whole or in part, any withholding or employment-related tax obligation described in Section 13.1
of the Plan by electing to tender Previously Acquired Shares, a Broker Exercise Notice or a promissory note (on terms acceptable
to the Committee in its sole discretion), or by a combination of such methods.

 

14. Action
upon Change in Control.

 

If a Change in Control
of the Company occurs or is about to occur, the Committee, in its sole discretion, may provide for one or more of the following:

 

(a) the
partial or full acceleration of the exercisability of outstanding Incentive Awards held by some or all Participants, provided
that the Committee, in its sole discretion, may condition such acceleration (or the Participant’s receipt of any securities
or payments with respect to such acceleration) upon the Participant’s continued service to the Company or to the successor
person in the Change in Control;

 

(b) the
complete termination of the Plan and cancellation of outstanding Incentive Awards not exercised prior to a date specified by the
Committee;

 

(c) the
continuance of the Plan with respect to outstanding Incentive Awards;

 

(d) replacement
or exchange of the Incentive Awards for options to purchase similar securities of the successor person in the Change in Control;

 

(e) the
substitution for outstanding Incentive Awards of shares of common stock of the person acquiring control of the Company or a related
corporation; or

 

(f) the
receipt by some or all Participants holding outstanding Incentive Awards with respect to some or all of the shares of Common Stock
subject to such Incentive Awards, as of the effective date of any such Change in Control of the Company, of cash in an amount equal
to the excess of the per share price paid in connection with the Change in Control of the Company over the exercise price per share
of such Incentive Awards, multiplied by the number of shares subject to such Incentive Awards.

 

15. Rights
of Eligible Recipients and Participants; Transferability.

 

15.1. Employment
or Service. Nothing in the Plan will interfere with or limit in any way the right of the Company or any Subsidiary to terminate
the employment or service of any Eligible Recipient or Participant at any time, nor confer upon any Eligible Recipient or Participant
any right to continue in the employ or service of the Company or any Subsidiary.

 

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15.2. Rights
as a Stockholder. As a holder of Incentive Awards (other than Restricted Stock Awards and Stock Bonuses), a Participant will
have no rights as a stockholder unless and until such Incentive Awards are exercised for, or paid in the form of, shares of Common
Stock and the Participant becomes the holder of record of such shares. Except as otherwise provided in the Plan, no adjustment
will be made for dividends or distributions with respect to such Incentive Awards as to which there is a record date preceding
the date the Participant becomes the holder of record of such shares, except as the Committee may determine in its discretion.

 

15.3. Restrictions
on Transfer. Except pursuant to testamentary will or the laws of descent and distribution or as otherwise expressly permitted
by the Plan, unless approved by the Committee in its sole discretion, no right or interest of any Participant in an Incentive Award
prior to the exercise or vesting of such Incentive Award will be assignable or transferable, or subjected to any lien, during the
lifetime of the Participant, either voluntarily or involuntarily, directly or indirectly, by operation of law or otherwise. A Participant
will, however, be entitled to designate a beneficiary to receive an Incentive Award upon such Participant’s death, and in
the event of a Participant’s death, payment of any amounts due under the Plan will be made to, and exercise of any Options
(to the extent permitted pursuant to Section 12 of the Plan) may be made by, the Participant’s legal representatives,
heirs and legatees.

 

15.4. Breach
of Confidentiality, Assignment of Inventions or Non-Compete Agreements. Notwithstanding anything in the Plan to the contrary,
in the event that a Participant materially breaches the terms of any confidentiality, assignment of inventions or non-compete agreement
entered into with the Company or any Subsidiary, whether such breach occurs before or after termination of such Participant’s
employment or other service with the Company or any Subsidiary, the Committee in its sole discretion may immediately terminate
all rights of the Participant under the Plan and any agreements evidencing an Incentive Award then held by the Participant without
notice of any kind.

 

15.5. Non-Exclusivity
of the Plan. Nothing contained in the Plan is intended to modify or rescind any previously or subsequently approved compensation
plans or programs of the Company or create any limitations on the power or authority of the Board to adopt such additional or other
compensation arrangements as the Board may deem necessary or desirable.

 

16. Securities
Law and Other Restrictions.

 

Notwithstanding any
other provision of the Plan or any agreements entered into pursuant to the Plan, the Company will not be required to issue any
shares of Common Stock under the Plan, and a Participant may not sell, assign, transfer or otherwise dispose of shares of Common
Stock issued pursuant to Incentive Awards granted under the Plan, unless (a) there is in effect with respect to such shares a registration
statement under the Securities Act and any applicable state or foreign securities laws or an exemption from such registration under
the Securities Act and applicable state or foreign securities laws, and (b) there has been obtained any other consent, approval
or permit from any other regulatory body which the Committee, in its sole discretion, deems necessary or advisable. The Company
may condition such issuance, sale or transfer upon the receipt of any representations or agreements from the parties involved,
and the placement of any legends on certificates representing shares of Common Stock, as may be deemed necessary or advisable by
the Company in order to comply with such securities law or other restrictions.

 

    13

     

    

 

17. Plan
Amendment, Modification and Termination.

 

The Board may suspend
or terminate the Plan or any portion thereof at any time, and may amend the Plan from time to time in such respects as the Board
may deem advisable in order that Incentive Awards under the Plan will conform to any change in applicable laws or regulations or
in any other respect the Board may deem to be in the best interests of the Company; provided, however, that no amendments
to the Plan will be effective without approval of the stockholders of the Company if shareholder approval of the amendment is then
required pursuant to Section 422 of the Code or the rules of any stock exchange or Nasdaq or similar regulatory body. No termination,
suspension or amendment of the Plan may adversely affect any outstanding Incentive Award without the consent of the affected Participant;
provided, however, that this sentence will not impair the right of the Committee to take whatever action it deems
appropriate under Sections 5.2, 4.3 and 14 of the Plan.

 

To the extent applicable,
the Plan and all any agreements entered into pursuant to the Plan shall be interpreted to be exempt from or comply with the requirements
of Code Section 409A and, if applicable, to comply with Code Section 422, in each case including the regulations, notices, and
other guidance of general applicability issued thereunder. Furthermore, notwithstanding anything in the Plan or any agreements
entered into pursuant to the Plan to the contrary, the Board may amend the Plan or any agreements entered into pursuant to the
Plan to the extent necessary or desirable to comply with such requirements without the consent of the Participant.

 

18. Miscellaneous.

 

18.1. Governing
Law. The validity, construction, interpretation, administration and effect of the Plan and any rules, regulations and actions
relating to the Plan will be governed by and construed exclusively in accordance with the laws of the State of Delaware, notwithstanding
the conflicts of laws principles of any jurisdictions.

 

18.2. Successors
and Assigns. The Plan will be binding upon and inure to the benefit of the successors and permitted assigns of the Company
and the Participants.

 

    14

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