Document:

Exhibit 10.4

 

VOTING
AGREEMENT

 

This VOTING AGREEMENT
(this “Agreement”) is entered into as of April 11, 2014 (the “Effective Date”) by and
among Corbus Pharmaceuticals Holdings, Inc., a Delaware corporation (the “Company”), the parties listed as
stockholders of JB Therapeutics, Inc. (the “JB Therapeutics Stockholders”) on the signature pages hereto and
the parties listed as stockholders of the Company (the “Holdings Stockholders”) on the signature pages hereto
(each, a “Stockholder” and collectively, the “Stockholders”).

 

WITNESSETH:

 

WHEREAS, as of
the date hereof, each Stockholder holds and is entitled to vote (or to direct the voting of) shares of voting common stock, par
value $0.0001 per share (the “Voting Common Shares”), of the Company, (such Voting Common Shares, together
with any other Voting Common Shares the voting power of which is acquired by such Stockholders during the period from the date
hereof through the date on which this Agreement is terminated in accordance with its terms (such period, the “Voting
Period”), are collectively referred to herein as the “Subject Shares”);

 

WHEREAS, the
Company has entered into an Agreement and Plan of Merger with JB Therapeutics, Inc., a Delaware corporation (“JB Therapeutics”),
pursuant to which a newly organized, wholly-owned subsidiary of the Company has merged with and into JB Therapeutics, with JB
Therapeutics remaining as the surviving entity and a wholly-owned subsidiary of the Company (the “Merger”);

 

WHEREAS, simultaneously
with the Merger and to provide the capital required by the Company for working capital and other purposes, the Company has offered
in compliance with Rule 506 of Regulation D of the Securities Act of 1933, as amended, to investors in a private placement transaction
(the “PPO”), units (“Units”) of its securities, each Unit consisting of Two Hundred Fifty
Thousand (250,000) shares of Common Stock (the “Investor Shares”) and Two Hundred Fifty Thousand (250,000)
warrants (the “Investor Warrants”) to purchase Two Hundred Fifty Thousand (250,000) shares of Common Stock;

 

WHEREAS, the
initial closing of the PPO and the closing of the Merger have taken place as of the Effective Date; and

 

WHEREAS, as an
inducement to the parties’ willingness to consummate the transactions contemplated by the Merger Agreement, the Company
and the Stockholders are entering into this Agreement.

 

Now,
Therefore, in consideration of the mutual promises, representations, warranties, covenants, and conditions set forth
herein, the parties mutually agree as follows:

 

    	 

    	 

    

 

ARTICLE
I

DEFINITIONS

 

Section
1.1      Capitalized Terms. For purposes of this Agreement, capitalized terms
used and not defined herein shall have the respective meanings ascribed to them in the Merger Agreement.

 

ARTICLE
II

VOTING
AGREEMENT AND IRREVOCABLE PROXY

 

Section
2.1      Agreement to Vote the Subject Shares. Each Stockholder hereby agrees
that, during the Voting Period, at any duly called meeting of the stockholders of the Company (or any adjournment or postponement
thereof) or action taken by written consent in lieu of a meeting, each Stockholder shall, if a meeting is held, appear at the
meeting, in person or by proxy, or otherwise cause his Subject Shares owned at any time to be counted as present thereat for purposes
of establishing a quorum, and he shall vote (or cause to be voted), in person or by proxy, all of his Subject Shares:

 

(a)          to
ensure that the size of the Board shall be set and remain at five (5) directors unless increased by the Board.

 

(b)          to
ensure that at each annual or special meeting of stockholders at which an election of directors is held or pursuant to any written
consent of the Stockholders, the following persons shall be elected to the Board:

 

(i)       One
person designated by Aegis Capital Corp. (the “Aegis Designee”), which individual shall initially be David
Hochman;

 

(ii)      Three
people designated by the JB Therapeutics Stockholders (the “JB Therapeutics Designees”), two of which shall
initially be Yuval Cohen and Alan Holmer and one of which shall be an independent person who shall be designated following the
Merger; and

 

(iii)     One
independent person acceptable to the Aegis Designee and the JB Therapeutics Designees.

 

Section
2.2         Grant of Irrevocable Proxy. If requested by the Company,
each Stockholder shall appoint the Company and any designee of the Company, and each of them individually, as each Stockholder’s
proxy, with full power of substitution and resubstitution, to vote during the Voting Period with respect to any and all of the
Subject Shares on the matters and in the manner specified in Section 2.1. Each Stockholder shall take such further
action or execute such other instruments as may be reasonably necessary to effectuate the intent of any such proxy. Each Stockholder
affirms that any irrevocable proxy given by him with respect to this Agreement and the transactions contemplated hereby shall
be given to the Company by such Stockholder to secure the performance of the obligations of the Stockholder under this Agreement.
It is agreed that the Company (and its officers on behalf of the Company) will use the irrevocable proxy that may be granted by
each Stockholder only in accordance with applicable law and only if such Stockholder fails to comply with Section 2.1
and that, to the extent the Company (and its officers on behalf of the Company) uses any such irrevocable proxy, he will only
vote the Subject Shares subject to such irrevocable proxy with respect to the matters specified in, and in accordance with the
provisions of, Section 2.1.

 

    	-2-

    	 

    

 

Section
2.3         Nature of Irrevocable Proxy. Any proxy granted pursuant
to Section 2.2 to the Company by the Stockholders shall be irrevocable during the term of this Agreement, shall be
deemed to be coupled with an interest sufficient in law to support an irrevocable proxy and shall revoke any and all prior proxies
granted by the Stockholders. Any proxy that may be granted hereunder shall terminate upon the termination of this Agreement.

 

ARTICLE
III 

COVENANTS

 

Section
3.1         Subject Shares.

 

(a)           Each
Stockholder agrees that during the Voting Period he shall not, without the Company’s prior written consent, grant any proxies
or powers of attorney with respect to any or all of the Subject Shares or agree to vote the Subject Shares on any matter inconsistent
with the terms described herein; provided, however, that in the event a Stockholder transfers all
or any portion of his Subject Shares such Stockholder shall be permitted to grant stock powers with respect to such transferred
Subject Shares.

 

(b)           In
the event of a stock dividend or distribution, or any change in the Subject Shares by reason of any stock dividend or distribution,
split-up, recapitalization, combination, conversion, exchange of shares or the like, the term “Subject Shares” shall
be deemed to refer to and include the Subject Shares as well as all such stock dividends and distributions and any securities
into which or for which any or all of the Subject Shares may be changed or exchanged or which are received in such transaction.

 

Section
3.2         Voting Trusts. Each Stockholder agrees that he will
not, nor will he permit any entity under his control to, deposit any of his Subject Shares in a voting trust or subject any of
his Subject Shares to any arrangement with respect to the voting of such Subject Shares other than as provided herein. Notwithstanding
the foregoing, each Stockholder shall be permitted to transfer all or any portion of his Subject Shares to third parties subject
to any contractual restrictions on transfer applicable to his Subject Shares.

 

    	-3-

    	 

    

 

ARTICLE
IV 

REPRESENTATIONS AND WARRANTIES Of each STOCKHOLDER

 

Each Stockholder hereby represents and
warrants to the Company, severally, but not jointly, as follows:

 

Section
4.1         Authority, etc. The Stockholder (i) if a natural person,
represents that the Stockholder has reached the age of 21 and has full power and authority to execute and deliver this Agreement
and all other related agreements or certificates and to carry out the provisions hereof and thereof; (ii) if a corporation, partnership,
or limited liability company or partnership, or association, joint stock company, trust, unincorporated organization or other
entity, represents that such entity was not formed for the specific purpose of acquiring the Units, such entity is duly organized,
validly existing and in good standing under the laws of the state of its organization, the consummation of the transactions contemplated
hereby is authorized by, and will not result in a violation of state law or its charter or other organizational documents, such
entity has full power and authority to execute and deliver this Agreement and all other related agreements or certificates and
to carry out the provisions hereof and thereof, the execution and delivery of this Agreement has been duly authorized by all necessary
action, this Agreement has been duly executed and delivered on behalf of such entity and is a legal, valid and binding obligation
of such entity; or (iii) if executing this Agreement in a representative or fiduciary capacity, represents that it has full power
and authority to execute and deliver this Agreement in such capacity and on behalf of the subscribing individual, ward, partnership,
trust, estate, corporation, or limited liability company or partnership, or other entity for whom the Stockholder is executing
this Agreement, and such individual, partnership, ward, trust, estate, corporation, or limited liability company or partnership,
or other entity has full right and power to perform pursuant to this Agreement and represents that this Agreement constitutes
a legal, valid and binding obligation of such entity. This Agreement has been duly executed and delivered by each Stockholder
and (assuming the due authorization, execution and delivery by the Company) constitutes a valid and binding obligation of such
Stockholder, enforceable against such Stockholder in accordance with its terms, except to the extent enforcement is limited by
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to
or affecting creditors’ rights and by general equitable principles.

 

Section
4.2        Ownership of Shares. As of the date hereof, each Stockholder
is the lawful owner of the Voting Common Shares owned by such Stockholder and has the sole power to vote or cause to be voted
such shares or shares power to vote or cause to be voted such shares solely with one or more other persons. Each Stockholder has
good and valid title to the Voting Common Shares owned by each Stockholder, free and clear of any and all pledges, mortgages,
liens, charges, proxies, voting agreements, encumbrances, adverse claims, options, security interests and demands of any nature
or kind whatsoever, other than (i) those created by this Agreement, or (ii) those existing under applicable securities laws.

 

Section
4.3        No Conflicts. (a) No authorization, consent or approval
of any other person is necessary for the execution of this Agreement by each Stockholder and (b) none of the execution and delivery
of this Agreement by each Stockholder, the consummation by each Stockholder of the transactions contemplated hereby or compliance
by each Stockholder with any of the provisions hereof shall (i) result in, or give rise to, a violation or breach of or a default
under any of the terms of any material contract, understanding, agreement or other instrument or obligation to which each Stockholder
is a party or by which each Stockholder or any of the Subject Shares or its assets may be bound or (ii) violate any applicable
order, writ, injunction, decree, judgment, statute, rule or regulation, except for any of the foregoing as would not reasonably
be expected to materially impair each Stockholder’s ability to perform his obligations under this Agreement.

 

    	-4-

    	 

    

 

ARTICLE
V 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

The Company hereby represents and warrants
to each Stockholder as follows:

 

Section
5.1        Due Organization, etc. The Company is a Delaware corporation
duly organized and validly existing under the laws of Delaware. The Company has all necessary corporate power and authority to
execute and deliver this Agreement and to consummate the transactions contemplated hereby. The execution and delivery of this
Agreement and the consummation of the transactions contemplated hereby by the Company have been duly authorized by all necessary
corporate action on the part of the Company. This Agreement has been duly executed and delivered by the Company and (assuming
the due authorization, execution and delivery by each Stockholder) constitutes a valid and binding obligation of the Company,
enforceable against the Company in accordance with its terms, except to the extent enforcement is limited by bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’
rights and by general equitable principles.

 

Section
5.2        No Conflicts. (a) No authorization, consent or approval of
any other person is necessary for the execution of this Agreement by the Company and (b) none of the execution and delivery of
this Agreement by the Company, the consummation by the Company of the transactions contemplated hereby or compliance by the Company
with any of the provisions hereof shall (i) conflict with or result in any breach of the organizational documents of the Company,
(ii) result in, or give rise to, a violation or breach of or a default under any of the terms of any material contract, understanding,
agreement or other instrument or obligation to which the Company is a party or by which the Company or any of its assets may be
bound or (iii) violate any applicable order, writ, injunction, decree, judgment, statute, rule or regulation, except for any of
the foregoing as would not reasonably be expected to materially impair the Company’s ability to perform its obligations
under this Agreement.

 

ARTICLE
VI 

TERMINATION

 

Section
6.1        Termination. This Agreement shall automatically terminate,
and neither the Company nor the Stockholders shall have any rights or obligations hereunder and this Agreement shall become null
and void and have no effect upon the earliest to occur of: (a) the approval of the holders of at least 75% of the Subject Shares
or (b) the closing of a firm commitment underwritten public offering of the Company’s shares of Common Stock resulting in
gross proceeds of at least $20 million. The termination of this Agreement shall not prevent either party from seeking any remedies
(at law or in equity) against the other party or relieve any party from liability for such party’s willful and material
breach of any terms of this Agreement. Notwithstanding anything to the contrary herein, (i) the provisions of Article VII
shall survive the termination of this Agreement and (ii) if a Stockholder effectuates a sale, transfer or other disposition of
his Subject Shares to a party that is not a Stockholder following the expiration of any contractual restrictions applicable to
such disposition but during the Voting Period, the transferee shall not acquire Subject Shares subject to the terms of this Agreement.

 

    	-5-

    	 

    

 

ARTICLE
VII 

MISCELLANEOUS

 

Section
7.1        Further Actions. Each
of the parties hereto agrees to take any all actions and to do all things reasonably necessary or appropriate to effectuate
this Agreement.

 

Section
7.2        Amendments, Waivers, etc.
This Agreement may not be amended, changed, supplemented, waived or otherwise modified, except upon the execution and delivery
of a written agreement executed by the holders of at least 75% of the Subject Shares. The failure of any party hereto to exercise
any right, power or remedy provided under this Agreement or otherwise available in respect hereof at law or in equity, or to insist
upon compliance by any other party hereto with its obligations hereunder, and any custom or practice of the parties at variance
with the terms hereof shall not constitute a waiver by such party of its right to exercise any such or other right, power or remedy
or to demand such compliance.

 

Section
7.3        Notices. All
notices or other communications which are required or permitted under this Agreement shall be in writing and sufficient if delivered
by hand, by facsimile transmission, by registered or certified mail, post pre-paid, or by courier or overnight carrier, to the
persons at the addresses set forth below (or at such other address as may be provided hereunder), and shall be deemed to have
been delivered as of the date so delivered:

 

If to the Company to:

 

Corbus Pharmaceuticals Holdings,
Inc.

One Kendall Square,
Bldg 200

Cambridge, MA 02139

Attention: CEO

Facsimile: (617) 244-3885

 

with copy to:

 

Lowenstein Sandler LLP

1251 Avenue of the Americas

New York, NY 10020

Attn: Steven M. Skolnick, Esq.

Facsimile: (973) 597 2477

 

If to the Stockholders:

 

To each Stockholder at the address set
forth on the signature page hereto or at such other address as any party shall have furnished to the other parties in writing.

 

Section
7.4        Headings. Headings of the Articles and Sections of this Agreement
are for convenience of the parties only, and shall be given no substantive or interpretive effect whatsoever.

 

    	-6-

    	 

    

 

Section
7.5        Severability. The provisions of this Agreement shall be deemed
severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other
provisions hereof. If any provision of this Agreement, or the application of such provision to any person or any circumstance,
is invalid or unenforceable (a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far
as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this
Agreement and the application of such provision to other persons or circumstances shall not be affected by such invalidity or
unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the
application of such provision, in any other jurisdiction.

 

Section
7.6        Entire Agreement; Assignment. This Agreement constitutes
the entire agreement, and supersedes all other prior agreements and understandings, both written and oral, between the parties,
or any of them, with respect to the subject matter hereof. Neither this Agreement nor any of the rights, interests or obligations
hereunder shall be assigned by any of the parties hereto (whether by operation of law or otherwise) without the prior written
consent of the other parties. Subject to the preceding two sentences, this Agreement will be binding upon, inure to the benefit
of and be enforceable by the parties hereto and their respective successors and permitted assigns.

 

Section
7.7        Parties in Interest. The Company and the Stockholders hereby
agree that their respective representations, warranties and covenants set forth herein are solely for the benefit of the other
party hereto, in accordance with and subject to the terms of this Agreement, and this Agreement is not intended to, and does not,
confer upon any person other than the parties hereto any rights or remedies hereunder, including, without limitation, the right
to rely upon the representations and warranties set forth herein. The representations and warranties in this Agreement are the
product of negotiations among the parties hereto and are for the sole benefit of the parties hereto. Any inaccuracies in such
representations and warranties are subject to waiver by the parties hereto in accordance with Section 7.2 without notice
or liability to any other person. In some instances, the representations and warranties in this Agreement may represent an allocation
among the parties hereto of risks associated with particular matters regardless of the knowledge of any of the parties hereto.
Consequently, persons other than the parties hereto may not rely upon the representations and warranties in this Agreement as
characterizations of actual facts or circumstances as of the date of this Agreement or as of any other date.

 

    	-7-

    	 

    

 

Section
7.8        Interpretation. When a reference is made in this Agreement
to an Article or Section, such reference shall be to an Article or Section of this Agreement unless otherwise indicated. Whenever
the words “include,” or “including” are used in this Agreement, they shall be deemed to be followed by
the words “without limitation.” The words “hereof,” “herein” and “hereunder” and
words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision
of this Agreement. All terms defined in this Agreement shall have the defined meanings when used in any certificate or other document
made or delivered pursuant thereto unless otherwise defined therein. The definitions contained in this Agreement are applicable
to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of
such term. Any agreement, instrument or statute defined or referred to herein or in any agreement or instrument that is referred
to herein means such agreement, instrument or statute as from time to time amended, modified or supplemented in accordance with
the terms hereof, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by succession
of comparable successor statutes and references to all attachments thereto and instruments incorporated therein. References to
a person are also to its permitted successors and assigns. Each of the parties has participated in the drafting and negotiation
of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement must be construed as if drafted
by all the parties and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of authorship
of any of the provisions of this Agreement.

 

Section
7.9        Governing Law.  THIS AGREEMENT SHALL BE DEEMED TO BE MADE
IN AND IN ALL RESPECTS SHALL BE INTERPRETED, CONSTRUED AND GOVERNED BY AND IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK
WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF.

 

Section
7.10      Specific Performance. The parties
acknowledge that any breach of this Agreement would give rise to irreparable harm for which monetary damages would not be an adequate
remedy and that, in addition to other rights or remedies, the parties shall be entitled to seek enforcement of any provision of
this Agreement by a decree of specific performance and to temporary, preliminary and permanent injunctive relief to prevent breaches
or threatened breaches of any of the provisions of this Agreement, without the necessity of proving the inadequacy of monetary
damages as a remedy.

 

Section
7.11     Submission to Jurisdiction. The parties hereby irrevocably submit to the exclusive
jurisdiction of the United States District Court for the Southern District of New York located in the borough of Manhattan in
the City of New York, or if such court does not have jurisdiction, the Supreme Court of the State of New York, New York County,
for the purposes of any suit, action or other proceeding arising out of this Agreement or any transaction contemplated hereby.
Each of the parties hereto further agrees that service of any process, summons, notice or document by registered mail to such
party’s respective address set forth in Section 7.3 (or to such other address for notices as provided by such party
pursuant to Section 7.3) or in any other manner permitted by law shall be effective service of process for any action,
suit or proceeding in New York with respect to any matters to which it has submitted to jurisdiction as set forth above in the
immediately preceding sentence. Each of the parties hereto irrevocably and unconditionally waives any objection to the laying
of venue of any action, suit or proceeding arising out of this Agreement or the transactions contemplated hereby in (i) the United
States District Court for the Southern District of New York or (ii) the Supreme Court of the State of New York, New York County,
and hereby further irrevocably and unconditionally waives and agrees not to please or claim in any such court that any such action,
suit or proceeding brought in any such court has been brought in an inconvenient forum.

 

    	-8-

    	 

    

 

Section
7.12     Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY
WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY
OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES
AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) EACH PARTY UNDERSTANDS AND
HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III) EACH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (IV) EACH PARTY HAS BEEN INDUCED
TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 7.12.

 

Section
7.13     Counterparts. This Agreement may be executed in two or more counterparts (including
by facsimile or electronic submission via .pdf file), each of which shall be an original, with the same effect as if the signatures
thereto and hereto were upon the same instrument, and shall become effective when one or more counterparts have been signed by
each of the parties and delivered (including by facsimile or electronic submission via .pdf file) to the other parties.

 

[Signature Pages Follow] 

 

    	-9-

    	 

    

 

IN WITNESS WHEREOF, the undersigned
have caused this Agreement to be duly executed as of the day and year first above written.

 

	 	CORBUS PHARMACEUTICALS 
	 	HOLDINGS, INC.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Mark Tepper
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Amar Kapur
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Robert Zurier
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Lisa Kirby-Gibbs
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Summer Burstein
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Rohit D. Vakil
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Kollol Pal
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Bhalchandra G. Parulkar
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Peter Aranow
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Sandeep Shah
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Philip Morgan
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	John B. Goodrich
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Michael Gregoire
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	Floyd Roos Properties LLC
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	Lauer-Williams Family Trust
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	George Xixis
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Donald E. Bates
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	Brenden Mckernan Courtagen Angel Fund
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	Diamond MGT Holdings, LLC
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	Equity Trust Co Cust. FBO Lawrence Mintzer IRA
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Allen Michel (aka "Alan Michel")
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Carl Berke
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	McKernan Family Partnership
	 	 	 
	 	By:	 
	 	Name:	Brendan McKernan
	 	Title:	 
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Howard Bilow
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Mark Butler
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Richard Fedorowich
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Stuart Wolpoff
	 	 	 
	 	By:	 
	 	Name:	Lee Rosner
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Karen Donovan
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	Venture Law Inc.
	 	Kenneth Merritt Defined Pension Plan
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Jeff Arnold
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	John M. Dacey
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Richard Anders
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Andrew Douglas
	 	 	 
	 	By:	 
	 	Name:	Barbara J. Douglas
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Michael Mark
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	Berenson Ventures
	 	 	 
	 	By:	 
	 	Name:	Richard Berenson
	 	Title:	 
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Mark R. Cote
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Anup Patel
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Ethan S. Burstein
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Lee Chartrock
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Terry Plasse
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Bilcare-Sharpe
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Adam Stern
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	SLD Capital Corp.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	David Hochman
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Derek J. Sroufe
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	NSH 2008 Family Trust
	 	 	 
	 	By:	 
	 	Name:	David Hochman, Co-Trustee
	 	Title:	 
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Roger K. Baumberger
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Darren Sherman
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Ramnarain Jaigobind
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	Montaque Capital Partners, LLC
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	PPG Trading, Inc.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Robert J. Eide
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	George Karfunkel
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	DB Investor Group, LLC
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	Collier Holdings LLC
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Anthony Lapadula
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Steven B. Rossner
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	Wiltain Investors, LLC
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Jennifer Lorenzo
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	RBC Capital Cust. FBO Laurence G. Allen, IRA
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	By:	 
	 	Name:	Keith Murphy
	 	 	 
	 	Address:	 
	 	 	 

 

    	[Signatures Continue on the Next Page]

    	 

    

 

Voting Agreement

 

	 	Europa International, Inc.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Address:Exhibit 10.5

 

CORBUS PHARMACEUTICALS HOLDINGS, INC.

 

2014 EQUITY COMPENSATION PLAN 

 

1.           Establishment
and Purpose 

 

1.1         The
purpose of the Corbus Pharmaceuticals Holdings, Inc. 2014 Equity Compensation Plan (the “Plan”) is to provide a means
whereby eligible employees, officers, non-employee directors and other individual service providers develop a sense of proprietorship
and personal involvement in the development and financial success of the Company and to encourage them to devote their best efforts
to the business of the Company, thereby advancing the interests of the Company and its stockholders. The Company, by means of the
Plan, seeks to retain the services of such eligible persons and to provide incentives for such persons to exert maximum efforts
for the success of the Company and its Subsidiaries.

 

1.2         The
Plan permits the grant of Nonqualified Stock Options, Incentive Stock Options, Stock Appreciation Rights, Restricted Stock, Stock
Units, Performance Shares, Performance Units, Incentive Bonus Awards, Other Cash-Based Awards and Other Stock-Based Awards. This
Plan shall become effective upon the date set forth in Section 18.1 hereof.

 

2.           Definitions

 

Wherever the following
capitalized terms are used in the Plan, they shall have the meanings specified below:

 

2.1          “Affiliate”
means, with respect to a Person, a Person that directly or indirectly Controls, or is Controlled by, or is under common Control
with, such Person.

 

2.2          “Applicable
Law” means the requirements relating to the administration of equity-based awards or equity compensation plans under
U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the
Common Stock is listed or quoted and the applicable laws of any foreign country or jurisdiction where Awards are, or will be, granted
under the Plan.

 

2.3          “Award”
means an award of a Stock Option, Stock Appreciation Right, Restricted Stock, Stock Unit, Performance Share, Performance Unit,
Incentive Bonus Award, Other Cash-Based Award and/or Other Stock-Based Award granted under the Plan.

 

2.4         “Award
Agreement” means either (i) a written or electronic agreement entered into between the Company and a Participant setting
forth the terms and conditions of an Award including any amendment or modification thereof, or (ii) a written or electronic statement
issued by the Company to a Participant describing the terms and provisions of such Award, including any amendment or modification
thereof. The Committee may provide for the use of electronic, internet or other non-paper Award Agreements, and the use of electronic,
internet or other non-paper means for the acceptance thereof and actions thereunder by a Participant. Each Award Agreement shall
be subject to the terms and conditions of the Plan and need not be identical.

 

    	 

    	 

    

 

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

 

2.6         “Cause”
means (i) conviction of, or the entry of a plea of guilty or no contest to, a felony or any other crime that causes the Company
or its Affiliates public disgrace or disrepute, or materially and adversely affects the Company’s or its Affiliates’
operations or financial performance or the relationship the Company has with its customers, (ii) gross negligence or willful misconduct
with respect to the Company or any of its Affiliates, including, without limitation fraud, embezzlement, theft or proven dishonesty
in the course of his or her employment; (iii) refusal to perform any lawful, material obligation or fulfill any duty (other than
any duty or obligation of the type described in clause (v) below) to the Company or its Affiliates (other than due to a Disability),
which refusal, if curable, is not cured within 10 days after delivery of written notice thereof; (iv) material breach of any agreement
with or duty owed to the Company or any of its Affiliates, which breach, if curable, is not cured within 10 days after the delivery
of written notice thereof; or (v) any breach of any obligation or duty to the Company or any of its Affiliates (whether arising
by statute, common law or agreement) relating to confidentiality, noncompetition, nonsolicitation or proprietary rights. Notwithstanding
the foregoing, if a Participant and the Company (or any of its Affiliates) have entered into an employment agreement, consulting
agreement or other similar agreement that specifically defines “cause,” then with respect to such Participant, “Cause”
shall have the meaning defined in that employment agreement, consulting agreement or other agreement.

 

2.7         “Change
in Control” means, unless otherwise provided in an Award Agreement, the occurrence of any one of the following events:

 

(i)          any
“person,” including a “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act,
but excluding the Company, any entity controlling, controlled by or under common control with the Company, any trustee, fiduciary
or other person or entity holding securities under any employee benefit plan or trust of the Company or any such entity, and, with
respect to any particular Participant, the Participant and any “group” (as such term is used in Section 13(d)(3) of
the Exchange Act) of which the Participant is a member), is or becomes the “beneficial owner” (as defined in Rule 13(d)(3)
under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of either (A) the combined
voting power of the Company’s then outstanding securities or (B) the then outstanding shares of Common Stock (in either such
case other than as a result of an acquisition of securities directly from the Company); or

 

(ii)         any
consolidation or merger of the Company where the stockholders of the Company, immediately prior to the consolidation or merger,
would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, shares representing in the aggregate 50% or more of the combined voting power of the securities of
the corporation issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any); or

 

    	-2-

    	 

    

 

(iii)        there
shall occur (A) any sale, lease, exchange or other transfer (in one transaction or a series of transactions contemplated or arranged
by any party as a single plan) of all or substantially all of the assets of the Company, other than a sale or disposition by the
Company of all or substantially all of the Company’s assets to an entity, at least 50% of the combined voting power of the
voting securities of which are owned by “persons” (as defined above) in substantially the same proportion as their
ownership of the Company immediately prior to such sale or (B) the approval by stockholders of the Company of any plan or proposal
for the liquidation or dissolution of the Company; or

 

(iv)        the
members of the Board at the beginning of any consecutive 24-calendar-month period (the “Incumbent Directors”) cease
for any reason other than due to death to constitute at least a majority of the members of the Board; provided that any Director
whose election, or nomination for election by the Company’s stockholders, was approved or ratified by a vote of at least
a majority of the members of the Board then still in office who were members of the Board at the beginning of such 24-calendar-month
period, shall be deemed to be an Incumbent Director.

 

Notwithstanding
the foregoing, no event or condition shall constitute a Change in Control to the extent that, if it were, a 20% tax would be imposed
under Section 409A of the Code; provided that, in such a case, the event or condition shall continue to constitute a Change in
Control to the maximum extent possible (e.g., if applicable, in respect of vesting without an acceleration of distribution) without
causing the imposition of such 20% tax.

 

2.8           “Code”
means the Internal Revenue Code of 1986, as amended. For purposes of this Plan, references to sections of the Code shall be deemed
to include references to any applicable regulations thereunder and any successor or similar provision.

 

2.9           “Committee”
means the committee of the Board delegated with the authority to administer the Plan, or the full Board, as provided in Section
3 of the Plan. With respect to any decision involving an Award intended to satisfy the requirements of Section 162(m) of the Code,
the Committee shall consist of two or more directors of the Company who are “outside directors” within the meaning
of Section 162(m) of the Code. With respect to any decision relating to a Reporting Person, the Committee shall consist solely
of two or more directors who are disinterested within the meaning of Rule 16b-3 promulgated under the Exchange Act, as amended
from time to time, or any successor provision. The fact that a Committee member shall fail to qualify under any of these requirements
shall not invalidate an Award if the Award is otherwise validly made under the Plan. The Board may at any time appoint additional
members to the Committee, remove and replace members of the Committee with or without cause, and fill vacancies on the Committee
however caused.

 

2.10         
“Common Stock” means the Company’s Common Stock, par value $.0001 per share.

 

2.11         
“Company” means Corbus Pharmaceuticals Holdings, Inc., a Delaware corporation, and any successor thereto as
provided in Section 16.8.

 

    	-3-

    	 

    

 

2.12         “Control”
means, as to any Person, the power to direct or cause the direction of the management and policies of such Person, or the power
to appoint directors of the Company, whether through the ownership of voting securities, by contract or otherwise (the terms “Controlled
by” and “under common Control with” shall have correlative meanings).

 

2.13         “Date
of Grant” means the date on which an Award under the Plan is granted by the Committee, or such later date as the Committee
may specify to be the effective date of an Award.

 

2.14         “Disability”
means a Participant being considered “disabled” within the meaning of Section 409A of the Code and Treasury Regulation
1.409A-3(i)(4), as well as any successor regulation or interpretation.

 

2.15         “Effective
Date” means the date set forth in Section 18.1 hereof.

 

2.16         
“Eligible Person” means any person who is an employee, officer, director, consultant, advisor or other individual
service provider of the Company or any Subsidiary, or any person who is determined by the Committee to be a prospective employee,
officer, director, consultant, advisor or other individual service provider of the Company or any Subsidiary.

 

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

 

2.18         “Fair
Market Value” of a share of Common Stock shall be, as applied to a specific date, (i) the closing price of a share
of Common Stock as of such date on the principal established stock exchange or national market system on which the Common
Stock is then traded (or, if there is no trading in the Common Stock as of such date, the closing price of a share of Common
Stock on the most recent date preceding such date on which trades of the Common Stock were recorded), or (ii) if the shares
of Common Stock are not then traded on an established stock exchange or national market system but are then traded in an
over-the-counter market, the average of the closing bid and asked prices for the shares of Common Stock in such
over-the-counter market as of such date (or, if there are no closing bid and asked prices for the shares of Common Stock as
of such date, the average of the closing bid and the asked prices for the shares of Common Stock on the most recent date
preceding such date on which such closing bid and asked prices are available on such over-the-counter market), or (iii) if
the shares of Common Stock are not then listed on a national securities exchange or national market system or traded in an
over-the-counter market, the price of a share of Common Stock as determined by the Committee in its discretion in a manner
consistent with Section 409A of the Code and Treasury Regulation 1.409A-1(b)(5)(iv), as well as any successor regulation or
interpretation. Notwithstanding the preceding sentence, if the date for which Fair Market Value is determined is the date on
which the final prospectus relating to the Company’s Initial Public Offering is filed, the Fair Market Value shall be
the “Price to the Public” (or equivalent) set forth on the cover page for the final prospectus relating to the
Company’s Initial Public Offering.

 

2.19         “Fully
Diluted” means, as applied to a specific date, the total number of shares of Common Stock outstanding as of such date,
including preferred stock on an as-converted to common basis, plus the number of shares of Common Stock issuable upon the exercise
of outstanding warrants, stock options and other awards exercisable for (or convertible into) Common Stock under an equity compensation
plan of the Company.

 

2.20         “Incentive
Bonus Award” means an Award granted under Section 12 of the Plan.

 

    	-4-

    	 

    

 

2.21         “Incentive
Stock Option” means a Stock Option granted under Section 6 hereof that is intended to meet the requirements of Section
422 of the Code and the regulations promulgated thereunder.

 

2.22         
“Initial Public Offering” means the consummation of the first underwritten, firm commitment public offering
pursuant to an effective registration statement under the Securities Act covering the offer and sale by the Company of its equity
securities, or such other event as a result of or following which the Common Stock shall be publicly held.

 

2.23         
“Nonqualified Stock Option” means a Stock Option granted under Section 6 hereof that is not an Incentive Stock
Option.

 

2.24         “Other
Cash-Based Award” means a contractual right granted to an Eligible Person under Section 13 hereof entitling such Eligible
Person to receive a cash payment at such times, and subject to such conditions, as are set forth in the Plan and the applicable
Award Agreement.

 

2.25         “Other
Stock-Based Award” means a contractual right granted to an Eligible Person under Section 13 representing a notional unit
interest equal in value to a share of Common Stock to be paid and distributed at such times, and subject to such conditions as
are set forth in the Plan and the applicable Award Agreement.

 

2.26         “Participant”
means any Eligible Person who holds an outstanding Award under the Plan.

 

2.27         “Person”
shall mean any individual, partnership, firm, trust, corporation, limited liability company or other similar entity. When two or
more Persons act as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing
of Common Stock, such partnership, limited partnership, syndicate or group shall be deemed a “Person”

 

2.28         “Performance
Measures” mean the measures of performance of the Company and its Subsidiaries as more fully described in Section 14
of the Plan and Exhibit A hereto.

 

2.29         “Performance
Shares” means a contractual right granted to an Eligible Person under Section 10 hereof representing a notional unit
interest equal in value to a share of Common Stock to be paid and distributed at such times, and subject to such conditions, as
are set forth in the Plan and the applicable Award Agreement.

 

2.30         “Performance
Unit” means a contractual right granted to an Eligible Person under Section 11 hereof representing a notional dollar
interest as determined by the Committee to be paid and distributed at such times, and subject to such conditions, as are set forth
in the Plan and the applicable Award Agreement.

 

2.31         “Plan”
means this Corbus Pharmaceuticals, Inc. 2014 Equity Compensation Plan, as it may be amended from time to time.

 

    	-5-

    	 

    

 

2.32         “Private
Placement” means the private placement of units consisting of shares of Common Stock and warrants to purchase Common
Stock pursuant to the Private Placement Memorandum of Corbus Pharmaceuticals Holdings, Inc. dated March 27, 2014.

 

2.33         “Reporting
Person” means an officer, director or greater than ten percent stockholder of the Company within the meaning of Rule
16a-2 under the Exchange Act, who is required to file reports pursuant to Rule 16a-3 under the Exchange Act.

 

2.34         “Restricted
Stock Award” means a grant of shares of Common Stock to an Eligible Person under Section 8 hereof that are issued subject
to such vesting and transfer restrictions and such other conditions as are set forth in the Plan and the applicable Award Agreement.

 

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

 

2.36         “Service”
means a Participant’s employment or other service relationship with the Company or any Subsidiary.

 

2.37         “Stock
Appreciation Right” means a contractual right granted to an Eligible Person under Section 7 hereof entitling such Eligible
Person to receive a payment, upon the exercise of such right, in such amount and at such time, and subject to such conditions,
as are set forth in the Plan and the applicable Award Agreement.

 

2.38         “Stock
Option” means a contractual right granted to an Eligible Person under Section 6 hereof to purchase shares of Common Stock
at such time and price, and subject to such conditions, as are set forth in the Plan and the applicable Award Agreement.

 

2.39         “Stock
Unit Award” means a contractual right granted to an Eligible Person under Section 9 hereof representing notional unit
interests equal in value to a share of Common Stock to be paid and distributed at such times, and subject to such conditions, as
are set forth in the Plan and the applicable Award Agreement.

 

2.40         “Subsidiary”
means an entity (whether or not a corporation) that is wholly or majority owned or controlled, directly or indirectly, by the Company;
provided, however, that with respect to Incentive Stock Options, the term “Subsidiary” shall include only an entity
that qualifies under section 424(f) of the Code as a “subsidiary corporation” with respect to the Company.

 

3.           Administration

 

3.1           Committee
Members. The Plan shall be administered by the Committee; provided that the entire Board may act in lieu of the Committee on
any matter, subject to Code Section 162(m) and 16b-3 Award requirements referred to in Section 2.9 of the Plan. If and to the extent
permitted by Applicable Law, the Committee may authorize one or more Reporting Persons (or other officers) to make Awards to Eligible
Persons who are not Reporting Persons (or other officers whom the Committee has specifically authorized to make Awards). Subject
to Applicable Law and the restrictions set forth in the Plan, the Committee may delegate administrative functions to individuals
who are Reporting Persons, officers, or employees of the Company or its Subsidiaries.

 

    	-6-

    	 

    

 

3.2           Committee
Authority. The Committee shall have such powers and authority as may be necessary or appropriate for the Committee to carry
out its functions as described in the Plan. Subject to the express limitations of the Plan, the Committee shall have authority
in its discretion to determine the Eligible Persons to whom, and the time or times at which, Awards may be granted, the number
of shares, units or other rights subject to each Award, the exercise, base or purchase price of an Award (if any), the time or
times at which an Award will become vested, exercisable or payable, the performance criteria, performance goals and other conditions
of an Award, the duration of the Award, and all other terms of the Award. Subject to the terms of the Plan, the Committee shall
have the authority to amend the terms of an Award in any manner that is not inconsistent with the Plan (including to extend the
post-termination exercisability period of Stock Options and Stock Appreciation Rights), provided that no such action shall adversely
affect the rights of a Participant with respect to an outstanding Award without the Participant’s consent. The Committee
shall also have discretionary authority to interpret the Plan, to make all factual determinations under the Plan, and to make all
other determinations necessary or advisable for Plan administration, including, without limitation, to correct any defect, to supply
any omission or to reconcile any inconsistency in the Plan or any Award Agreement hereunder. The Committee may prescribe, amend,
and rescind rules and regulations relating to the Plan. The Committee’s determinations under the Plan need not be uniform
and may be made by the Committee selectively among Participants and Eligible Persons, whether or not such persons are similarly
situated. The Committee shall, in its discretion, consider such factors as it deems relevant in making its interpretations, determinations
and actions under the Plan including, without limitation, the recommendations or advice of any officer or employee of the Company
or such attorneys, consultants, accountants or other advisors as it may select. All interpretations, determinations, and actions
by the Committee shall be final, conclusive, and binding upon all parties.

 

3.3           No
Liability; Indemnification. Neither the Board nor any Committee member, nor any Person acting at the direction of the Board
or the Committee, shall be liable for any act, omission, interpretation, construction or determination made in good faith with
respect to the Plan, any Award or any Award Agreement.  The Company and its Subsidiaries shall pay or reimburse any member
of the Committee, as well as any other Person who takes action on behalf of the Plan, for all reasonable expenses incurred with
respect to the Plan, and to the full extent allowable under Applicable Law shall indemnify each and every one of them for any claims,
liabilities, and costs (including reasonable attorney’s fees) arising out of their good faith performance of duties on behalf
of the Company with respect to the Plan.  The Company and its Subsidiaries may, but shall not be required to, obtain liability
insurance for this purpose.

 

4.           Shares
Subject to the Plans

 

4.1         Share
Limitation.

 

(a)          Subject
to adjustment pursuant to Section 4.2 hereof, the maximum aggregate number of shares of Common Stock which may be issued
under all Awards granted to Participants under the Plan initially shall be 4,000,000 shares, which number shall increase to
15% of the total number of shares of the Company outstanding, on a Fully Diluted basis, immediately following the
final closing of the Private Placement (at such time as the Board determines that the final closing has occurred), up to a
maximum of 7,905,334 shares. All of the shares available pursuant to this Section 4.1(a) may, but need not, be issued in
respect of Incentive Stock Options.

 

    	-7-

    	 

    

 

(b)          The
number of shares of Common Stock available for issuance under the Plan shall automatically increase on January 1st of each
year for a period of ten years commencing on January 1, 2015 and ending on (and including) January 1, 2024, in an amount
equal to the greater of (i) seven percent (7%) of the total number of shares of Common Stock outstanding on December 31st of
the preceding calendar year, or (ii) the difference between (x) twenty percent (20%) of the total number of shares of Common
Stock outstanding on December 31st of the preceding calendar year, and (y) the total number of shares of Common Stock
reserved under the Plan on December 31st of such preceding calendar year (including shares subject to outstanding Awards,
issued pursuant to Awards or available for future Awards). Notwithstanding the foregoing, the Board may act prior to the
first day of any calendar year, to provide that there shall be no increase in the share reserve for such calendar year or
that the increase in the share reserve for such calendar year shall be a lesser number of shares of Common Stock than would
otherwise occur pursuant to the preceding sentence. None of the shares of Common Stock available for issuance pursuant to
this Section 4.1(b) shall be issued in respect of Incentive Stock Options.

 

(c)          Shares
of Common Stock issued under the Plan may be either authorized but unissued shares or shares held in the Company’s treasury.
Any shares of Common Stock subject to Awards that are settled in Common Stock shall be counted against the maximum share limitations
of this Section 4.1 as one share of Common Stock for every share of Common Stock subject thereto, regardless of the number of shares
of Common Stock actually issued to settle the Stock Option or Stock Appreciation Right upon exercise. To the extent that any Award
under the Plan payable in shares of Common Stock is forfeited, cancelled, returned to the Company for failure to satisfy vesting
requirements or upon the occurrence of other forfeiture events, or otherwise terminates without payment being made thereunder,
the shares of Common Stock covered thereby will no longer be counted against the foregoing maximum share limitations and may again
be made subject to Awards under the Plan pursuant to such limitations. Shares of Common Stock that otherwise would have been issued
upon the exercise of a Stock Option or in payment with respect to any other form of Award, that are surrendered in payment or partial
payment of taxes required to be withheld with respect to the exercise of such Stock Option or the making of such payment, will
no longer be counted against the foregoing maximum share limitations and may again be made subject to Awards under the Plan pursuant
to such limitations.

 

    	-8-

    	 

    

 

4.2         Adjustments.
If there shall occur any change with respect to the outstanding shares of Common Stock by reason of any recapitalization, reclassification,
stock dividend, extraordinary dividend, stock split, reverse stock split, or other distribution with respect to the shares of Common
Stock, or any merger, reorganization, consolidation, combination, spin-off or other similar corporate change, or any other change
affecting the Common Stock, the Committee shall, in the manner and to the extent that it deems appropriate and equitable to the
Participants and consistent with the terms of the Plan, cause an adjustment to be made in (i) the maximum numbers and kind of shares
provided in Section 4.1 hereof, (ii) the numbers and kind of shares of Common Stock, units, or other rights subject to then outstanding
Awards, (iii) the price for each share or unit or other right subject to then outstanding Awards, (iv) the performance measures
or goals relating to the vesting of an Award and (v) any other terms of an Award that are affected by the event to prevent dilution
or enlargement of a Participant’s rights under an Award. Notwithstanding the foregoing, in the case of Incentive Stock Options,
any such adjustments shall, to the extent practicable, be made in a manner consistent with the requirements of Section 424(a) of
the Code.

 

5.           Participation
and Awards

 

5.1         Designation
of Participants. All Eligible Persons are eligible to be designated by the Committee to receive Awards and become Participants
under the Plan. The Committee has the authority, in its discretion, to determine and designate from time to time those Eligible
Persons who are to be granted Awards, the types of Awards to be granted and the number of shares of Common Stock or units subject
to Awards granted under the Plan. In selecting Eligible Persons to be Participants and in determining the type and amount of Awards
to be granted under the Plan, the Committee shall consider any and all factors that it deems relevant or appropriate.

 

5.2         Determination
of Awards. The Committee shall determine the terms and conditions of all Awards granted to Participants in accordance with
its authority under Section 3.2 hereof. An Award may consist of one type of right or benefit hereunder or of two or more such rights
or benefits granted in tandem or in the alternative. To the extent deemed appropriate by the Committee, an Award shall be evidenced
by an Award Agreement as described in Section 16.1 hereof.

 

6.           Stock
Options

 

6.1         Grant
of Stock Option. A Stock Option may be granted to any Eligible Person selected by the Committee. Subject to the provisions
of Section 6.6 hereof and Section 422 of the Code, each Stock Option shall be designated, in the discretion of the Committee, as
an Incentive Stock Option or as a Nonqualified Stock Option.

 

6.2          Exercise
Price. The exercise price per share of a Stock Option shall not be less than 100% of the Fair Market Value of a share of Common
Stock on the Date of Grant, subject to adjustments as provided for under Section 4.2, provided that the Committee may in its discretion
specify for any Stock Option an exercise price per share that is higher than the Fair Market Value on the Date of Grant.

 

6.3         Vesting
of Stock Options. The Committee shall in its discretion prescribe the time or times at which, or the conditions upon which,
a Stock Option or portion thereof shall become vested and/or exercisable. The requirements for vesting and exercisability of a
Stock Option may be based on the continued Service of the Participant with the Company or a Subsidiary for a specified time period
(or periods) and/or on the attainment of a specified performance goal (or goals) established by the Committee in its discretion.
The Committee may, in its discretion, accelerate the vesting or exercisability of any Stock Option at any time. The Committee in
its sole discretion may allow a Participant to exercise unvested Nonqualified Stock Options, in which case the shares of Common
Stock then issued shall be Restricted Stock having analogous vesting restrictions to the unvested Nonqualified Stock Options.

 

    	-9-

    	 

    

 

6.4         Term
of Stock Options. The Committee shall in its discretion prescribe in an Award Agreement the period during which a vested Stock
Option may be exercised, provided that the maximum term of a Stock Option shall be ten (10) years from the Date of Grant. A Stock
Option may be earlier terminated as specified by the Committee and set forth in an Award Agreement upon or following the termination
of a Participant’s Service with the Company or any Subsidiary, including by reason of voluntary resignation, death, Disability,
termination for Cause or any other reason. Except as otherwise provided in this Section 6 or in an Award Agreement as such agreement
may be amended from time to time upon authorization of the Committee, no Stock Option may be exercised at any time during the term
thereof unless the Participant is then in the Service of the Company or one of its Subsidiaries. Notwithstanding the foregoing,
unless an Award Agreement provides otherwise:

 

(a)          If
a Participant who holds a Stock Option incurs a termination of Service with the Company (including, if applicable, any of its Subsidiaries)
by reason of his or her death, such Stock Option may, to the extent then exercisable, be exercised by such Participant’s
estate or any person who acquires the right to exercise such Stock Option by bequest or inheritance at any time in accordance with
its terms for up to one year after the date of such Participant’s death (but in no event after the earlier of the expiration
of the term of such Stock Option or such time as the Stock Option is otherwise canceled or terminated in accordance with its terms).
Upon expiration of such one-year period, no portion of the Stock Option held by such Participant shall be exercisable and the Stock
Option shall be deemed to be canceled, forfeited and of no further force or effect.

 

(b)          If
a Participant who holds a Stock Option incurs a termination of Service with the Company (including, if applicable, any of its Subsidiaries)
by reason of his or her Disability, such Stock Option may, to the extent then exercisable, be exercised by the Participant or his
or her personal representative at any time in accordance with its terms for up to one year after the date of such Participant’s
termination of Service (but in no event after the earlier of the expiration of the term of such Stock Option or such time as the
Stock Option is otherwise canceled or terminated in accordance with its terms). Upon expiration of such one-year period, no portion
of the Stock Option held by such Participant shall be exercisable and the Stock Option shall be deemed to be canceled, forfeited
and of no further force or effect.

 

(c)          If
a Participant who holds a Stock Option incurs a termination of Service with the Company (including, if applicable, any of its Subsidiaries)
for any reason other than death, Disability or Cause, such Stock Option may, to the extent then exercisable, be exercised up until
ninety (90) days following such termination of Service (but in no event after the earlier of the expiration of the term of such
Stock Option or such time as the Stock Option is otherwise canceled or terminated in accordance with its terms). Upon expiration
of such 90-day period, no portion of the Stock Option held by such Participant shall be exercisable and the Stock Option shall
be deemed to be canceled, forfeited and of no further force or effect.

 

    	-10-

    	 

    

 

6.5         Stock
Option Exercise. Subject to such terms and conditions as shall be specified in an Award Agreement, a Stock Option may be exercised
in whole or in part at any time during the term thereof by notice in the form required by the Company, and payment of the aggregate
exercise price by certified or bank check, or such other means as the Committee may accept. As set forth in an Award Agreement
or otherwise determined by the Committee, in its sole discretion, at or after grant, payment in full or in part of the exercise
price of an Option may be made: (i) in the form of shares of Common Stock that have been held by the Participant for such period
as the Committee may deem appropriate for accounting purposes or otherwise, valued at the Fair Market Value of such shares on the
date of exercise; (ii) by surrendering to the Company shares of Common Stock otherwise receivable on exercise of the Option; (iii)
by a cashless exercise program implemented by the Committee in connection with the Plan; and/or (iv) by such other method as may
be approved by the Committee and set forth in an Award Agreement. Subject to any governing rules or regulations, as soon as practicable
after receipt of written notification of exercise and full payment of the exercise price and satisfaction of any applicable tax
withholding pursuant to Section 17.5, the Company shall deliver to the Participant evidence of book entry shares of Common Stock,
or upon the Participant’s request, Common Stock certificates in an appropriate amount based upon the number of shares of
Common Stock purchased under the Option. Unless otherwise determined by the Committee, all payments under all of the methods indicated
above shall be paid in United States dollars or shares of Common Stock, as applicable.

 

6.6         Additional
Rules for Incentive Stock Options.

 

(a)          Eligibility.     An
Incentive Stock Option may only be granted to an Eligible Person who is considered an employee under Treasury Regulation §1.421-7(h)
of the Company or any Subsidiary.

 

(b)          Annual
Limits.     No Incentive Stock Option shall be granted to an Eligible Person as a result of which
the aggregate Fair Market Value (determined as of the Date of Grant) of the stock with respect to which Incentive Stock Options
are exercisable for the first time in any calendar year under the Plan and any other stock option plans of the Company or any Subsidiary
would exceed $100,000, determined in accordance with Section 422(d) of the Code. This limitation shall be applied by taking Incentive
Stock Options into account in the order in which granted.

 

(c)          Ten
Percent Stockholders.     If a Stock Option granted under the Plan is intended to be an Incentive
Stock Option, and if the Participant, at the time of grant, owns stock possessing ten percent or more of the total combined voting
power of all classes of Common Stock of the Company or any Subsidiary, then (A) the Stock Option exercise price per share shall
in no event be less than 110% of the Fair Market Value of the Common Stock on the date of such grant and (B) such Stock Option
shall not be exercisable after the expiration of five (5) years following the date such Stock Option is granted.

 

    	-11-

    	 

    

 

(d)          Termination
of Employment.     An Award of an Incentive Stock Option shall provide that such Stock Option may
be exercised not later than three (3) months following termination of employment of the Participant with the Company and all Subsidiaries,
or not later than one (1) year following death or a permanent and total disability within the meaning of Section 22(e)(3) of the
Code, as and to the extent determined by the Committee to be necessary to comply with the requirements of Section 422 of the Code.

 

(e)          Disqualifying
Dispositions.     If shares of Common Stock acquired by exercise of an Incentive Stock Option are
disposed of within two (2) years following the Date of Grant or one (1) year following the transfer of such shares to the Participant
upon exercise, the Participant shall, promptly following such disposition, notify the Company in writing of the date and terms
of such disposition and provide such other information regarding the disposition as the Company may reasonably require.

 

7.           Stock
Appreciation Rights

 

7.1           Grant
of Stock Appreciation Rights. A Stock Appreciation Right may be granted to any Eligible Person selected by the Committee. Stock
Appreciation Rights may be granted on a basis that allows for the exercise of the right by the Participant or that provides for
the automatic payment of the right upon a specified date or event.

 

7.2           Base
Price. The base price of a Stock Appreciation Right shall be determined by the Committee in its sole discretion; provided,
however, that the base price for any grant of a Stock Appreciation Right shall not be less than 100% of the Fair Market Value of
a share of Common Stock on the Date of Grant, subject to adjustments as provided for under Section 4.2.

 

7.3           Vesting
Stock Appreciation Rights. The Committee shall in its discretion prescribe the time or times at which, or the conditions upon
which, a Stock Appreciation Right or portion thereof shall become vested and/or exercisable. The requirements for vesting and exercisability
of a Stock Appreciation Right may be based on the continued Service of a Participant with the Company or a Subsidiary for a specified
time period (or periods) or on the attainment of a specified performance goal (or goals) established by the Committee in its discretion.
The Committee may, in its discretion, accelerate the vesting or exercisability of any Stock Appreciation Right at any time.

 

7.4           Term
of Stock Appreciation Rights. The Committee shall in its discretion prescribe in an Award Agreement the period during which
a vested Stock Appreciation Right may be exercised, provided that the maximum term of a Stock Appreciation Right shall be ten (10)
years from the Date of Grant. A Stock Appreciation Right may be earlier terminated as specified by the Committee and set forth
in an Award Agreement upon or following the termination of a Participant’s Service with the Company or any Subsidiary, including
by reason of voluntary resignation, death, Disability, termination for Cause or any other reason. Except as otherwise provided
in this Section 7 or in an Award Agreement as such agreement may be amended from time to time upon authorization of the Committee,
no Stock Appreciation Right may be exercised at any time during the term thereof unless the Participant is then in the Service
of the Company or one of its Subsidiaries.

 

    	-12-

    	 

    

 

7.5           Payment
of Stock Appreciation Rights. Subject to such terms and conditions as shall be specified in an Award Agreement, a vested Stock
Appreciation Right may be exercised in whole or in part at any time during the term thereof by notice in the form required by the
Company and payment of any exercise price. Upon the exercise of a Stock Appreciation Right and payment of any applicable exercise
price, a Participant shall be entitled to receive an amount determined by multiplying: (i) the excess of the Fair Market Value
of a share of Common Stock on the date of exercise of the Stock Appreciation Right over the base price of such Stock Appreciation
Right, by (ii) the number of shares as to which such Stock Appreciation Right is exercised. Payment of the amount determined under
the immediately preceding sentence may be made, as approved by the Committee and set forth in the Award Agreement, in shares of
Common Stock valued at their Fair Market Value on the date of exercise, in cash, or in a combination of shares of Common Stock
and cash, subject to applicable tax withholding requirements set forth in Section 17.5. If Stock Appreciation Rights are settled
in shares of Common Stock, then as soon as practicable following the date of settlement the Company shall deliver to the Participant
evidence of book entry shares of Common Stock, or upon the Participant’s request, Common Stock certificates in an appropriate
amount.

 

8.           Restricted
Stock Awards

 

8.1           Grant
of Restricted Stock Awards. A Restricted Stock Award may be granted to any Eligible Person selected by the Committee. The Committee
may require the payment by the Participant of a specified purchase price in connection with any Restricted Stock Award. The Committee
may provide in an Award Agreement for the payment of dividends and distributions to the Participant at such times as paid to stockholders
generally or at the times of vesting or other payment of the Restricted Stock Award. If any dividends or distributions are paid
in stock while a Restricted Stock Award is subject to restrictions under Section 8.3 of the Plan or Code Section 162(m), the dividends
or other distributions shares shall be subject to the same restrictions on transferability as the shares of Common Stock to which
they were paid unless otherwise set forth in the Award Agreement. The Committee may also subject the grant of any Restricted Stock
Award to the execution of a voting agreement with the Company or with any Affiliate of the Company.

 

8.2           Vesting
Requirements. The restrictions imposed on shares of Common Stock granted under a Restricted Stock Award shall lapse in accordance
with the vesting requirements specified by the Committee in the Award Agreement. Upon vesting of a Restricted Stock Award, such
Award shall be subject to the tax withholding requirement set forth in Section 17.5. The requirements for vesting of a Restricted
Stock Award may be based on the continued Service of the Participant with the Company or its Subsidiaries for a specified time
period (or periods) or on the attainment of a specified performance goal (or goals) established by the Committee in its discretion.
The Committee may, in its discretion, accelerate the vesting of a Restricted Stock Award at any time. If the vesting requirements
of a Restricted Stock Award shall not be satisfied, the Award shall be forfeited and the shares of Common Stock subject to the
Award shall be returned to the Company. In the event that the Participant paid any purchase price with respect to such forfeited
shares, unless otherwise provided by the Committee in an Award Agreement, the Company will refund to the Participant the lesser
of (i) such purchase price and (ii) the Fair Market Value of such shares on the date of forfeiture.

 

    	-13-

    	 

    

 

8.3           Restrictions.
Shares granted under any Restricted Stock Award may not be transferred, assigned or subject to any encumbrance, pledge, or charge
until all applicable restrictions are removed or have expired, unless otherwise allowed by the Committee. The Committee may require
in an Award Agreement that certificates representing the shares granted under a Restricted Stock Award bear a legend making appropriate
reference to the restrictions imposed, and that certificates representing the shares granted or sold under a Restricted Stock Award
will remain in the physical custody of an escrow holder until all restrictions are removed or have expired.

 

8.4           Rights
as Stockholder. Subject to the foregoing provisions of this Section 8 and the applicable Award Agreement, the Participant to
whom a Restricted Stock Award is made shall have all rights of a stockholder with respect to the shares granted to the Participant
under the Restricted Stock Award, including the right to vote the shares and receive all dividends and other distributions paid
or made with respect thereto, unless the Committee determines otherwise at the time the Restricted Stock Award is granted.

 

8.5           Section
83(b) Election. If a Participant makes an election pursuant to Section 83(b) of the Code with respect to a Restricted Stock
Award, the Participant shall file, within 30 days following the Date of Grant, a copy of such election with the Company (directed
to the Secretary thereof) and with the Internal Revenue Service, in accordance with the regulations under Section 83 of the Code.
The Committee may provide in an Award Agreement that the Restricted Stock Award is conditioned upon the Participant’s making
or refraining from making an election with respect to the Award under Section 83(b) of the Code.

 

9.           Stock
Unit Awards

 

9.1           Grant
of Stock Unit Awards. A Stock Unit Award may be granted to any Eligible Person selected by the Committee. The value of each
stock unit under a Stock Unit Award is equal to the Fair Market Value of the Common Stock on the applicable date or time period
of determination, as specified by the Committee. A Stock Unit Award shall be subject to such restrictions and conditions as the
Committee shall determine. A Stock Unit Award may be granted together with a dividend equivalent right with respect to the shares
of Common Stock subject to the Award, which may be accumulated and may be deemed reinvested in additional stock units, as determined
by the Committee in its discretion. If any dividend equivalents are paid while a Stock Unit Award is subject to restrictions under
Section 9 of the Plan or Code Section 162(m), the dividend equivalents shall be subject to the same restrictions on transferability
as the Stock Units to which they were paid, unless otherwise set forth in the Award Agreement.

 

9.2           Vesting
of Stock Unit Awards. On the Date of Grant, the Committee shall, in its discretion, determine any vesting requirements with
respect to a Stock Unit Award, which shall be set forth in the Award Agreement. The requirements for vesting of a Stock Unit Award
may be based on the continued Service of the Participant with the Company or its Subsidiaries for a specified time period (or periods)
or on the attainment of a specified performance goal (or goals) established by the Committee in its discretion. The Committee may,
in its discretion, accelerate the vesting of a Stock Unit Award at any time. A Stock Unit Award may also be granted on a fully
vested basis, with a deferred payment date as may be determined by the Committee or elected by the Participant in accordance with
rules established by the Committee.

 

    	-14-

    	 

    

 

9.3           Payment
of Stock Unit Awards. A Stock Unit Award shall become payable to a Participant at the time or times determined by the Committee
and set forth in the Award Agreement, which may be upon or following the vesting of the Award. Payment of a Stock Unit Award may
be made, at the discretion of the Committee, in cash or in shares of Common Stock, or in a combination thereof as described in
the Award Agreement, subject to applicable tax withholding requirements set forth in Section 17.5. Any cash payment of a Stock
Unit Award shall be made based upon the Fair Market Value of the Common Stock, determined on such date or over such time period
as determined by the Committee. Notwithstanding the foregoing, unless specified otherwise in the Award Agreement, any Stock Unit,
whether settled in Common Stock or cash, shall be paid no later than two and one-half months after the later of the calendar year
or fiscal year in which the Stock Units vest. If Stock Unit Awards are settled in shares of Common Stock, then as soon as practicable
following the date of settlement, the Company shall deliver to the Participant evidence of book entry shares of Common Stock, or
upon the Participant’s request, Common Stock certificates in an appropriate amount.

 

10.           Performance
Shares

 

10.1         Grant
of Performance Shares. Performance Shares may be granted to any Eligible Person selected by the Committee. A Performance Share
Award shall be subject to such restrictions and condition as the Committee shall specify. A Performance Share Award may be granted
with a dividend equivalent right with respect to the shares of Common Stock subject to the Award, which may be accumulated and
may be deemed reinvested in additional stock units, as determined by the Committee in its discretion.

 

10.2         Value
of Performance Shares. Each Performance Share shall have an initial value equal to the Fair Market Value of a Share on the
Date of Grant. The Committee shall set performance goals in its discretion that, depending on the extent to which they are met
over a specified time period, shall determine the number of Performance Shares that shall be paid to a Participant.

 

10.3         Earning
of Performance Shares. After the applicable time period has ended, the number of Performance Shares earned by the Participant
over such time period shall be determined as a function of the extent to which the applicable corresponding performance goals
have been achieved. This determination shall be made solely by the Committee. The Committee may, in its discretion, waive any performance
or vesting conditions relating to a Performance Share Award.

 

10.4         Form
and Timing of Payment of Performance Shares. The Committee shall pay at the close of the applicable Performance Period, or
as soon as practicable thereafter, any earned Performance Shares in the form of cash or in shares of Common Stock or in a combination
thereof, as specified in a Participant’s Award Agreement, subject to applicable tax withholding requirements set forth in
Section 17.5. Notwithstanding the foregoing, unless otherwise specified in an Award Agreement, all Performance Shares shall be
paid no later than two and one-half months following the later of the calendar year or fiscal year in which such Performance Shares
vest. Any shares of Common Stock paid to a Participant under this Section 10.4 may be subject to any restrictions deemed appropriate
by the Committee. If Performance Shares are settled in shares of Common Stock, then as soon as practicable following the date of
settlement the Company shall deliver to the Participant evidence of book entry shares of Common Stock, or upon the Participant’s
request, Common Stock certificates in an appropriate amount.

 

    	-15-

    	 

    

 

11.           Performance
Units

 

11.1         Grant
of Performance Units. Performance Units may be granted to any Eligible Person selected by the Committee. A Performance Unit
Award shall be subject to such restrictions and condition as the Committee shall specify in a Participant’s Award Agreement.

 

11.2         Value
of Performance Units. Each Performance Unit shall have an initial notional value equal to a dollar amount determined by the
Committee, in its sole discretion. The Committee shall set performance goals in its discretion that, depending on the extent to
which they are met over a specified time period, will determine the number of Performance Units that shall be settled and paid
to the Participant.

 

11.3         Earning
of Performance Units. After the applicable time period has ended, the number of Performance Units earned by the Participant,
and the amount payable in cash, in shares or in a combination thereof, over such time period shall be determined as a function
of the extent to which the applicable corresponding performance goals have been achieved. This determination shall be made
solely by the Committee. The Committee may, in its discretion, waive any performance or vesting conditions relating to a Performance
Unit Award.

 

11.4         Form
and Timing of Payment of Performance Units. The Committee shall pay at the close of the applicable Performance Period, or as
soon as practicable thereafter, any earned Performance Units in the form of cash or in shares of Common Stock or in a combination
thereof, as specified in a Participant’s Award Agreement, subject to applicable tax withholding requirements set forth in
Section 17.5. Notwithstanding the foregoing, unless otherwise specified in an Award Agreement, all Performance Units shall be paid
no later than two and one-half months following the later of the calendar year or fiscal year in which such Performance Units vest.
Any shares of Common Stock paid to a Participant under this Section 11.4 may be subject to any restrictions deemed appropriate
by the Committee. If Performance Units are settled in shares of Common Stock, then as soon as practicable following the date of
settlement the Company shall deliver to the Participant evidence of book entry shares of Common Stock, or upon the Participant’s
request, Common Stock certificates in an appropriate amount.

 

12.           Incentive
Bonus Awards

 

12.1         Incentive
Bonus Awards. The Committee, at its discretion, may grant Incentive Bonus Awards to such Participants as it may designate from
time to time. The terms of a Participant’s Incentive Bonus Award shall be set forth in the Participant’s Award Agreement.
Each Award Agreement shall specify such general terms and conditions as the Committee shall determine.

 

    	-16-

    	 

    

 

12.2         Incentive
Bonus Award Performance Criteria. The determination of Incentive Bonus Awards for a given year or years may be based upon the
attainment of specified levels of Company or Subsidiary performance as measured by pre-established, objective performance criteria
determined at the discretion of the Committee, including any or all of the Performance Measures set forth in Exhibit A hereto.
The Committee shall (i) select those Participants who shall be eligible to receive an Incentive Bonus Award, (ii) determine the
performance period, (iii) determine target levels of performance, and (iv) determine the level of Incentive Bonus Award to be paid
to each selected Participant upon the achievement of each performance level. The Committee generally shall make the foregoing determinations
prior to the commencement of services to which an Incentive Bonus Award relates (or for Incentive Bonus Awards intended to satisfy
Code Section 162(m), within the permissible time period established for exemption under Code Section 162(m) and the regulations
promulgated thereunder), to the extent applicable, and while the outcome of the performance goals and targets is uncertain.

 

12.3         Payment
of Incentive Bonus Awards.

 

(a) Incentive
Bonus Awards shall be paid in cash or Common Stock, as set forth in a Participant’s Award Agreement. Payments shall be made
following a determination by the Committee that the performance targets were attained and shall be made within two and one-half
months after the later of the end of the fiscal or calendar year in which the Incentive Award is no longer subject to a substantial
risk of forfeiture.

 

(b) The amount
of an Incentive Bonus Award to be paid upon the attainment of each targeted level of performance shall equal a percentage of a
Participant’s base salary for the fiscal year, a fixed dollar amount, or such other formula, as determined by the Committee.

 

13.           Other
Cash-Based Awards and Other Stock-Based Awards

 

13.1         Other
Cash-Based and Stock-Based Awards. The Committee may grant other types of equity-based or equity-related Awards not otherwise
described by the terms of this Plan (including the grant or offer for sale of unrestricted Shares) in such amounts and subject
to such terms and conditions, as the Committee shall determine. Such Awards may involve the transfer of actual shares of Common
Stock to a Participant, or payment in cash or otherwise of amounts based on the value of shares of Common Stock. In addition, the
Committee, at any time and from time to time, may grant Cash-Based Awards to a Participant in such amounts and upon such terms
as the Committee shall determine, in its sole discretion.

 

13.2         Value
of Cash-Based Awards and Other Stock-Based Awards. Each Other Stock-Based Award shall be expressed in terms of shares of Common
Stock or units based on shares of Common Stock, as determined by the Committee, in its sole discretion. Each Other Cash-Based Award
shall specify a payment amount or payment range as determined by the Committee, in its sole discretion. If the Committee exercises
its discretion to establish performance goals, the value of Other Cash-Based Awards that shall be paid to the Participant will
depend on the extent to which such performance goals are met.

 

13.3         Payment
of Cash-Based Awards and Other Stock-Based Awards. Payment, if any, with respect to Other Cash-Based Awards and Other Stock-Based
Award shall be made in accordance with the terms of the Award, in cash or Shares as the Committee determines.

 

    	-17-

    	 

    

 

14.           Code
Section 162(m) Awards

 

14.1         Awards
Granted Under Code Section 162(m). The Committee, at its discretion, may designate that a Restricted Stock, Stock Unit, Performance
Share, Performance Unit, Incentive Bonus, Other Stock Award or Other Cash Award shall be granted as a Code Section 162(m) Award.
Such an Award must comply with the following additional requirements, which shall control over any other provision that pertains
to such Award.

 

14.2         Performance
Measures.

 

(a)          Each
Code Section 162(m) Award shall be based upon the attainment of specified levels of pre-established, objective Performance Measures
that are intended to satisfy the performance based compensation exemption requirements of Code Section 162(m) and the regulations
promulgated thereunder. Further, at the discretion of the Committee, an Award also may be subject to goals and restrictions in
addition to the Performance Measures.

 

(b)          “Performance
Measures” means the measures of performance of the Company and its Subsidiaries used to determine a Participant’s entitlement
to an Award under the Plan. Such performance measures shall have the same meanings as used in the Company’s financial statements,
or, if such terms are not used in the Company’s financial statements, they shall have the meaning applied pursuant to generally
accepted accounting principles, or as used generally in the Company’s industry. Performance Measures shall be calculated
with respect to the Company and each Subsidiary consolidated therewith for financial reporting purposes or such division or other
business unit as may be selected by the Committee. For purposes of the Plan, the Performance Measures shall be calculated in accordance
with generally accepted accounting principles to the extent applicable, but, unless otherwise determined by the Committee, prior
to the accrual or payment of any Award under this Plan for the same performance period and excluding the effect (whether positive
or negative) of any change in accounting standards or any extraordinary, unusual or nonrecurring item, as determined by the Committee,
occurring after the establishment of the performance goals. Performance Measures shall be based on one or more of the criteria
set forth in Exhibit A which is hereby incorporated by reference, as determined by the Committee.

 

(c)          For
each Code Section 162(m) Award, the Committee shall (i) select the Participant who shall be eligible to receive a Code Section
162(m) Award, (ii) determine the applicable performance period, (iii) determine the target levels of the Company or Subsidiary
Performance Measures, and (iv) determine the number of shares of Common Stock or cash or other property (or combination thereof)
subject to an Award to be paid to each selected Participant. The Committee shall make the foregoing determinations prior to the
commencement of services to which an Award relates (or within the permissible time period established under Code Section 162(m))
and while the outcome of the performance goals and targets is uncertain.

 

    	-18-

    	 

    

 

14.3         Attainment
of Code Section 162(m) Goals.

 

(a)          After
each performance period, the Committee shall certify in writing (which may include the written minutes for any meeting of the Committee):
(i) if the Company has attained the performance targets, and (ii) the number of shares pursuant to the Award that are to become
freely transferable, if applicable, or the cash or other property payable under the Award. The Committee shall have no discretion
to waive all or part of the conditions, goals and restrictions applicable to the receipt of full or partial payment of an Award
except in the case of a Change in Control of the Corporation or the death or Disability of a Participant.

 

(b)          Notwithstanding
the foregoing, the Committee may, in its discretion, reduce any Award based on such factors as may be determined by the Committee,
including, without limitation, a determination by the Committee that such a reduction is appropriate in light of pay practices
of competitors, or the performance of the Company, a Subsidiary or a Participant relative to the performance of competitors, or
performance with respect to the Company’s strategic business goals.

 

14.4         Individual
Participant Limitations. Subject to adjustment as provided in Section 4.2, with respect to Awards intended to be Code Section
162(m) Awards and Stock Option and Stock Appreciation Rights Awards intended to be exempt from the deductibility limitation in
Code Section 162(m), (i) no Participant in any one fiscal year of the Company may be granted (x) Stock Options or Stock Appreciation
Rights with respect to more than 3,000,000 shares of Common Stock in the aggregate, and (y) Restricted Stock, Stock Units, Performance
Shares Awards, Incentive Bonus Awards and Other Stock Based Awards that are denominated in shares of Common Stock with respect
to more than 3,000,000 shares in the aggregate, and (ii) the maximum dollar value payable to any Participant in any one (1) fiscal
year of the Company with respect to Stock Units, Performance Units or Incentive Bonus Awards or Other Stock-Based Awards that may
be settled in cash or other property (other than Common Stock) is $3,000,000. If an Award is cancelled, the cancelled Award shall
continue to be counted towards the applicable limitations.

 

15.           Change
in Control

 

15.1         Effect
of Change in Control.

 

(a)          The
Committee may, at the time of the grant of an Award and as set forth in an Award Agreement, provide for the effect of a “Change
in Control” on an Award. Such provisions may include any one or more of the following: (i) the acceleration or extension
of time periods for purposes of exercising, vesting in, or realizing gain from any Award, (ii) the elimination or modification
of performance or other conditions related to the payment or other rights under an Award, (iii) provision for the cash settlement
of an Award for an equivalent cash value, as determined by the Committee, or (iv) such other modification or adjustment to an Award
as the Committee deems appropriate to maintain and protect the rights and interests of Participants upon or following a Change
in Control. To the extent necessary for compliance with Section 409A of the Code, an Award Agreement shall provide that an Award
subject to the requirements of Section 409A that would otherwise become payable upon a Change in Control shall only become payable
to the extent that the requirements for a “change in control” for purposes of Section 409A have been satisfied.

 

    	-19-

    	 

    

 

(b)          Notwithstanding
anything to the contrary set forth in the Plan, unless otherwise provided by an Award Agreement, upon or in anticipation of
any Change in Control, the Committee may, in its sole and absolute discretion and without the need for the consent of any
Participant, take one or more of the following actions contingent upon the occurrence of that Change in Control: (i) cause
any or all outstanding Stock Options and Stock Appreciation Rights held by Participants affected by the Change in Control to
become vested and immediately exercisable, in whole or in part; (ii) cause any or all outstanding Restricted Stock, Stock
Units, Performance Shares, Performance Units, Incentive Bonus Award and any other Award held by Participants affected by the
Change in Control to become non-forfeitable, in whole or in part; (iii) cancel any Stock Option or Stock Appreciation Right
in exchange for a substitute option in a manner consistent with the requirements of Treasury
Regulation. §1.424-1(a) (notwithstanding the fact that the original Stock Option may never have been intended to
satisfy the requirements for treatment as an Incentive Stock Option); (iv) cancel any Restricted Stock, Stock Units,
Performance Shares or Performance Units held by a Participant in exchange for restricted stock or performance shares of or
stock or performance units in respect of the capital stock of any successor corporation; (v) redeem any Restricted Stock held
by a Participant affected by the Change in Control for cash and/or other substitute consideration with a value equal to the
Fair Market Value of an unrestricted share of Common Stock on the date of the Change in Control; (vi) cancel any Stock
Option or Stock Appreciation Right held by a Participant affected by the Change in Control in exchange for cash and/or other
substitute consideration with a value equal to (A) the number of shares of Common Stock subject to that Stock Option or Stock
Appreciation Right, multiplied by (B) the difference, if any, between the Fair Market Value per share of Common Stock on the
date of the Change in Control and the exercise price of that Stock Option or Stock Appreciation Right; provided, that
if the Fair Market Value per share of Common Stock on the date of the Change in Control does not exceed the exercise price of
any such Stock Option or Stock Appreciation Right, the Committee may cancel that Stock Option or Stock Appreciation Right
without any payment of consideration therefor; (vii) cancel any Stock Unit or Performance Unit held by a Participant affected
by the Change in Control in exchange for cash and/or other substitute consideration with a value equal to the Fair Market
Value per share of Common Stock on the date of the Change in Control (provided that such cancelation and exchange does not
violate Section 409A of the Code); or (ix) make such other modifications, adjustments or amendments to outstanding Awards or
this Plan as the Committee deems necessary or appropriate.

 

    	-20-

    	 

    

 

16.           General
Provisions

 

16.1         Award
Agreement. To the extent deemed necessary by the Committee, an Award under the Plan shall be evidenced by an Award Agreement
in a written or electronic form approved by the Committee setting forth the number of shares of Common Stock or units subject to
the Award, the exercise price, base price, or purchase price of the Award, the time or times at which an Award will become vested,
exercisable or payable and the term of the Award. The Award Agreement may also set forth the effect on an Award of termination
of Service under certain circumstances. The Award Agreement shall be subject to and incorporate, by reference or otherwise, all
of the applicable terms and conditions of the Plan, and may also set forth other terms and conditions applicable to the Award as
determined by the Committee consistent with the limitations of the Plan. Award Agreements evidencing Incentive Stock Options shall
contain such terms and conditions as may be necessary to meet the applicable provisions of Section 422 of the Code. The grant of
an Award under the Plan shall not confer any rights upon the Participant holding such Award other than such terms, and subject
to such conditions, as are specified in the Plan as being applicable to such type of Award (or to all Awards) or as are expressly
set forth in the Award Agreement.

 

16.2         Forfeiture
Events/Representations. The Committee may specify in an Award Agreement at the time of the Award that the Participant’s
rights, payments and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon
the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions of an Award.
Such events shall include, but shall not be limited to, termination of Service for Cause, violation of material Company policies,
breach of noncompetition, confidentiality or other restrictive covenants that may apply to the Participant, or other conduct by
the Participant that is detrimental to the business or reputation of the Company. The Committee may also specify in an Award Agreement
that the Participant’s rights, payments and benefits with respect to an Award shall be conditioned upon the Participant making
a representation regarding compliance with noncompetition, confidentiality or other restrictive covenants that may apply to the
Participant and providing that the Participant’s rights, payments and benefits with respect to an Award shall be subject
to reduction, cancellation, forfeiture or recoupment on account of a breach of such representation. In addition and without limitation
of the foregoing, any amounts paid hereunder shall be subject to recoupment in accordance with The Dodd–Frank Wall Street
Reform and Consumer Protection Act and any implementing regulations thereunder, any “clawback” policy adopted by the
Company or as is otherwise required by applicable law or stock exchange listing condition.

 

16.3         No
Assignment or Transfer; Beneficiaries.

 

(a)          Awards
under the Plan shall not be assignable or transferable by the Participant, except by will or by the laws of descent and distribution,
and shall not be subject in any manner to assignment, alienation, pledge, encumbrance or charge. Notwithstanding the foregoing,
the Committee may provide in an Award Agreement that the Participant shall have the right to designate a beneficiary or beneficiaries
who shall be entitled to any rights, payments or other benefits specified under an Award following the Participant’s death.
During the lifetime of a Participant, an Award shall be exercised only by such Participant or such Participant’s guardian
or legal representative. In the event of a Participant’s death, an Award may, to the extent permitted by the Award Agreement,
be exercised by the Participant’s beneficiary as designated by the Participant in the manner prescribed by the Committee
or, in the absence of an authorized beneficiary designation, by the legatee of such Award under the Participant’s will or
by the Participant’s estate in accordance with the Participant’s will or the laws of descent and distribution, in each
case in the same manner and to the same extent that such Award was exercisable by the Participant on the date of the Participant’s
death.

 

    	-21-

    	 

    

 

(b)          Limited
Transferability Rights. Notwithstanding anything else in this Section 16.3 to the contrary, the Committee may in
its discretion provide in an Award Agreement that an Award in the form of a Nonqualified Stock Option, share-settled Stock
Appreciation Right, Restricted Stock, Performance Share or share-settled Other Stock-Based Award may be transferred, on such
terms and conditions as the Committee deems appropriate, either (i) by instrument to the Participant’s “Immediate
Family” (as defined below), (ii) by instrument to an inter vivos or testamentary trust (or other entity) in which the
Award is to be passed to the Participant’s designated beneficiaries, or (iii) by gift to charitable institutions. Any
transferee of the Participant’s rights shall succeed and be subject to all of the terms of the applicable Award
Agreement and the Plan. “Immediate Family” means any child, stepchild, grandchild, parent, stepparent,
grandparent, 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, and shall include adoptive relationships.

 

16.4         Rights
as Stockholder. A Participant shall have no rights as a holder of shares of Common Stock with respect to any unissued securities
covered by an Award until the date the Participant becomes the holder of record of such securities. Except as provided in Section
4.2 hereof, no adjustment or other provision shall be made for dividends or other stockholder rights, except to the extent that
the Award Agreement provides for dividend payments or dividend equivalent rights.

 

16.5         Employment
or Service. Nothing in the Plan, in the grant of any Award or in any Award Agreement shall confer upon any Eligible Person
or Participant any right to continue in the Service of the Company or any of its Subsidiaries, or interfere in any way with the
right of the Company or any of its Subsidiaries to terminate the employment or other service relationship of an Eligible Person
or Participant for any reason at any time.

 

16.6         Fractional
Shares. In the case of any fractional share or unit resulting from the grant, vesting, payment or crediting of dividends or
dividend equivalents under an Award, the Committee shall have the discretionary authority to (i) disregard such fractional share
or unit, (ii) round such fractional share or unit to the nearest lower or higher whole share or unit, or (iii) convert such fractional
share or unit into a right to receive a cash payment.

 

16.7         Other
Compensation and Benefit Plans. The amount of any compensation deemed to be received by a Participant pursuant to an Award
shall not constitute includable compensation for purposes of determining the amount of benefits to which a Participant is entitled
under any other compensation or benefit plan or program of the Company or any Subsidiary, including, without limitation, under
any bonus, pension, profit-sharing, life insurance, salary continuation or severance benefits plan, except to the extent specifically
provided by the terms of any such plan.

 

16.8         Plan
Binding on Transferees. The Plan shall be binding upon the Company, its transferees and assigns, and the Participant, the Participant’s
executor, administrator and permitted transferees and beneficiaries. In addition, all obligations of the Company under this Plan
with respect to Awards granted hereunder shall be binding on any successor to the Company, whether the existence of such successor
is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business
and/or assets of the Company.

 

    	-22-

    	 

    

 

16.9         Foreign
Jurisdictions. The Committee may adopt, amend and terminate such arrangements and grant such Awards, not inconsistent with
the intent of the Plan, as it may deem necessary or desirable to comply with any tax, securities, regulatory or other laws of other
jurisdictions with respect to Awards that may be subject to such laws. The terms and conditions of such Awards may vary from the
terms and conditions that would otherwise be required by the Plan solely to the extent the Committee deems necessary for such purpose.
Moreover, the Board may approve such supplements to or amendments, restatements or alternative versions of the Plan, not inconsistent
with the intent of the Plan, as it may consider necessary or appropriate for such purposes, without thereby affecting the terms
of the Plan as in effect for any other purpose.

 

16.10         Substitute
Awards in Corporate Transactions. Nothing contained in the Plan shall be construed to limit the right of the Committee to grant
Awards under the Plan in connection with the acquisition, whether by purchase, merger, consolidation or other corporate transaction,
of the business or assets of any corporation or other entity. Without limiting the foregoing, the Committee may grant Awards under
the Plan to an employee or director of another corporation who becomes an Eligible Person by reason of any such corporate transaction
in substitution for awards previously granted by such corporation or entity to such person. The terms and conditions of the substitute
Awards may vary from the terms and conditions that would otherwise be required by the Plan solely to the extent the Committee deems
necessary for such purpose. Any shares of Common Stock subject to these substitute Awards shall not be counted against any of the
maximum share limitations set forth in the Plan.

 

17.           Legal
Compliance

 

17.1         Securities
Laws. No shares of Common Stock will be issued or transferred pursuant to an Award unless and until all then applicable requirements
imposed by Federal and state securities and other laws, rules and regulations and by any regulatory agencies having jurisdiction,
and by any exchanges upon which the shares of Common Stock may be listed, have been fully met. As a condition precedent to the
issuance of shares pursuant to the grant or exercise of an Award, the Company may require the Participant to take any reasonable
action to meet such requirements. The Committee may impose such conditions on any shares of Common Stock issuable under the Plan
as it may deem advisable, including, without limitation, restrictions under the Securities Act, as amended, under the requirements
of any exchange upon which such shares of the same class are then listed, and under any blue sky or other securities laws applicable
to such shares. The Committee may also require the Participant to represent and warrant at the time of issuance or transfer that
the shares of Common Stock are being acquired only for investment purposes and without any current intention to sell or distribute
such shares. All Common Stock issued pursuant to the terms of this Plan shall constitute “restricted securities,” as
that term is defined in Rule 144 promulgated pursuant to the Securities Act, and may not be transferred except in compliance herewith
and with the registration requirements of the Securities Act or an exemption therefrom. Certificates representing Common Stock
acquired pursuant to an Award may bear such legend as the Company may consider appropriate under the circumstances. If an Award
is made to an Eligible Person who is subject to Chinese jurisdiction, and approval of the Award by China’s State Administration
of Foreign Exchange is needed, the Award may be converted to cash or other equivalent amount if and to the extent that such approval
is not obtained.

 

    	-23-

    	 

    

 

17.2         Incentive
Arrangement. The Plan is designed to provide an on-going, pecuniary incentive for Participants to produce their best efforts
to increase the value of the Company. The Plan is not intended to provide retirement income or to defer the receipt of payments
hereunder to the termination of a Participant’s employment or beyond. The Plan is thus intended not to be a pension or welfare
benefit plan that is subject to Employee Retirement Income Security Act of 1974 (“ERISA”), and shall be construed accordingly.
All interpretations and determinations hereunder shall be made on a basis consistent with the Plan’s status as not an employee
benefit plan subject to ERISA.

 

17.3         Unfunded
Plan. The adoption of the Plan and any reservation of shares of Common Stock or cash amounts by the Company to discharge its
obligations hereunder shall not be deemed to create a trust or other funded arrangement. Except upon the issuance of Common Stock
pursuant to an Award, any rights of a Participant under the Plan shall be those of a general unsecured creditor of the Company,
and neither a Participant nor the Participant’s permitted transferees or estate shall have any other interest in any assets
of the Company by virtue of the Plan. Notwithstanding the foregoing, the Company shall have the right to implement or set aside
funds in a grantor trust, subject to the claims of the Company’s creditors or otherwise, to discharge its obligations under
the Plan.

 

17.4         Section
409A Compliance. To the extent applicable, it is intended that the Plan and all Awards hereunder comply with the requirements
of Section 409A of the Code or an exemption thereto, and the Plan and all Award Agreements shall be interpreted and applied by
the Committee in a manner consistent with this intent in order to avoid the imposition of any additional tax under Section 409A
of the Code. Notwithstanding anything in the Plan or an Award Agreement to the contrary, in the event that any provision of the
Plan or an Award Agreement is determined by the Committee, in its sole discretion, to not comply with the requirements of Section
409A of the Code or an exemption thereto, the Committee shall, in its sole discretion, have the authority to take such actions
and to make such interpretations or changes to the Plan or an Award Agreement as the Committee deems necessary, regardless of whether
such actions, interpretations, or changes shall adversely affect a Participant, subject to the limitations, if any, of applicable
law. In no event whatsoever shall the Company be liable for any additional tax, interest or penalties that may be imposed on any
Participant by Section 409A of the Code or any damages for failing to comply with Section 409A of the Code.

 

17.5         Tax
Withholding.

 

(a)          The
Company shall have the power and the right to deduct or withhold, or require a participant to remit to the Company, the minimum
statutory amount to satisfy federal, state, and local taxes, domestic or foreign, required by law or regulation to be withheld
with respect to any taxable event arising as a result of this Plan, but in no event shall such deduction or withholding or remittance
exceed the minimum statutory withholding requirements. Notwithstanding the foregoing, if a minimum statutory amount of withholding
does not apply under the laws of any foreign jurisdiction, the Company may withhold such amount for remittance to the applicable
taxing authority of such jurisdiction as the Company determines in its discretion, uniformly applied, to be appropriate.

 

    	-24-

    	 

    

 

(b)          A
Participant may, in order to fulfill the withholding obligation, tender previously-acquired shares of Common Stock or have shares
of stock withheld from the exercise, provided that the shares have an aggregate Fair Market Value sufficient to satisfy in whole
or in part the applicable withholding taxes. The broker-assisted exercise procedure described in Section 6.5 may also be utilized
to satisfy the withholding requirements related to the exercise of a Stock Option.

 

(c)          Notwithstanding
the foregoing, a Participant may not use shares of Common Stock to satisfy the withholding requirements to the extent that (i)
there is a substantial likelihood that the use of such form of payment or the timing of such form of payment would subject the
Participant to a substantial risk of liability under Section 16 of the Exchange Act; or (ii) such withholding would constitute
a violation of the provisions of any law or regulation (including the Sarbanes-Oxley Act of 2002).

 

17.6         No
Guarantee of Tax Consequences. Neither the Company, the Board, the Committee nor any other Person make any commitment or guarantee
that any federal, state, local or foreign tax treatment will apply or be available to any Participant or any other person hereunder.

 

17.7         Severability.
If any provision of the Plan or any Award Agreement shall be determined to be illegal or unenforceable by any court of law in any
jurisdiction, the remaining provisions hereof and thereof shall be severable and enforceable in accordance with their terms, and
all provisions shall remain enforceable in any other jurisdiction.

 

17.8         Stock
Certificates; Book Entry Form. Notwithstanding any provision of the Plan to
the contrary, unless otherwise determined by the Committee or required by any applicable law, rule or regulation, any
obligation set forth in the Plan pertaining to the delivery or issuance of stock
certificates evidencing shares of Common Stock may be satisfied by having issuance and/or ownership of such shares recorded
on the books and records of the Company (or, as applicable, its transfer agent
or stock plan administrator).

 

17.9         Governing
Law. The Plan and all rights hereunder shall be subject to and interpreted in accordance with the laws of the State of Delaware,
without reference to the principles of conflicts of laws, and to applicable Federal securities laws.

 

18.           Effective
Date, Amendment and Termination

 

18.1         Effective
Date. The effective date of the Plan shall be the date on which the Plan is approved by the requisite percentage of the holders
of the Common Stock of the Company; provided, however, that Awards granted under the Plan subsequent to the approval of the Plan
by the Board shall be valid if such stockholder approval occurs within one year of the date on which such Board approval occurs.

 

    	-25-

    	 

    

 

18.2         Amendment;
Termination. The Board may suspend or terminate the Plan (or any portion thereof) at any time and may amend the Plan at any
time and from time to time in such respects as the Board may deem advisable or in the best interests of the Company or any Subsidiary;
provided, however, that (a) no such amendment, suspension or termination shall materially and adversely affect the rights of any
Participant under any outstanding Awards, without the consent of such Participant, (b) to the extent necessary and desirable to
comply with any applicable law, regulation, or stock exchange rule, the Company shall obtain stockholder approval of any Plan amendment
in such a manner and to such a degree as required, and (c) stockholder approval is required for any amendment to the Plan
that (i) increases the number of shares of Common Stock available for issuance under the Plan, or (ii) changes the persons
or class of persons eligible to receive Awards. The Plan will continue in effect until terminated in accordance with this Section
18.2; provided, however, that no Award will be granted hereunder on or after the 10th anniversary of the date of the Plan’s
initial adoption by the Board; but provided further, that Awards granted prior to such 10th anniversary may extend beyond
that date.

 

INITIAL BOARD APPROVAL: ___/__/2014

 

INITIAL STOCKHOLDER APPROVAL: __/__/2014

 

    	-26-

    	 

    

EXHIBIT A

 

PERFORMANCE MEASURES

 

Code Section 162(m)
Awards shall be based on the attainment of objective performance goals that are established by the Committee and relate to one
or more Performance Measures, in each case on specified date or over any period, up to 10 years, as determined by the Committee.

 

“Performance
Measures” means the following business criteria (or any combination thereof) with respect to one or more of the Company,
any Subsidiary or any division or operating unit thereof:

 

·  pre-tax
income,

 

·  after-tax
income,

 

·  net
income (meaning net income as reflected in the Company’s financial reports for the applicable period, on an aggregate, diluted
and/or per share basis, or economic net income),

 

·  operating
income or profit,

 

·  cash
flow, free cash flow, cash flow return on investment (discounted or otherwise), net cash provided by operations, or cash flow in
excess of cost of capital,

 

·  earnings
per share (basic or diluted),

 

·  return
on equity,

 

·  returns
on sales or revenues,

 

·  return
on invested capital or assets (gross or net),

 

·  cash,
funds or earnings available for distribution,

 

·  appreciation
in the fair market value of the Common Stock,

 

·  operating
expenses,

 

·  implementation
or completion of critical projects or processes,

 

·  return
on investment,

 

·  total
return to stockholders (meaning the aggregate Common Stock price appreciation and dividends paid (assuming full reinvestment of
dividends) during the applicable period),

 

·  net
earnings growth,

 

    	-27-

    	 

    

 

·  return
measures (including but not limited to return on assets, capital, equity, or sales),

 

·  increase
in revenues,

 

·  the
Company’s published ranking against its peer group of pharmaceutical companies based on total stockholder return,

 

·  net
earnings,

 

·  changes
(or the absence of changes) in the per share price of the Company’s Common Stock,

 

·  clinical
or regulatory milestones,

 

·
 earnings
before or after any one or more of the following items: interest, taxes, depreciation or amortization, as reflected in the Company’s
financial reports for the applicable period,

 

·
 total
revenue growth (meaning the increase in total revenues after the date of grant of an award and during the applicable period, as
reflected in the Company’s financial reports for the applicable period),

 

·
 economic
value created,

 

·
 operating
margin or profit margin,

 

·
 share
price or total shareholder return,

 

·
 cost
targets, reductions and savings, productivity and efficiencies,

 

·
 strategic
business criteria, consisting of one or more objectives based on meeting objectively determinable criteria: specified market penetration,
geographic business expansion, investor satisfaction, employee satisfaction, human resources management, supervision of litigation,
information technology, and goals relating to acquisitions, divestitures, joint ventures and similar transactions, and budget comparisons,

 

·
objectively
determinable personal or professional objectives, including any of the following performance goals: the implementation of policies
and plans, the negotiation of transactions, the development of long term business goals, formation of joint ventures, research
or development collaborations, and the completion of other corporate transactions, and

 

·

 any
combination of, or a specified increase or improvement in, any of the foregoing.

 

    	-28-

    	 

    

 

Where applicable, the
Performance Measures may be expressed in terms of attaining a specified level of the particular criteria or the attainment of a
percentage increase or decrease in the particular criteria, and may be applied to one or more of the Company, a Subsidiary or affiliate,
or a division or strategic business unit of the Company, or may be applied to the performance of the Company relative to a market
index, a group of other companies or a combination thereof, all as determined by the Committee.

 

The Performance Measures
may include a threshold level of performance below which no payment shall be made (or no vesting shall occur), levels of performance
at which specified payments shall be made (or specified vesting shall occur), and a maximum level of performance above which no
additional payment shall be made (or at which full vesting shall occur).

 

Except as otherwise
expressly provided, all financial terms are used as defined under Generally Accepted Accounting Principles (“GAAP”)
and all determinations shall be made in accordance with GAAP, as applied by the Company in the preparation of its periodic reports
to stockholders.

 

To the extent permitted
by Section 162(m) of the Code, unless the Committee provides otherwise at the time of establishing the performance goals, for each
fiscal year of the Company, the Committee shall have the authority to make equitable adjustments to the Performance Measures in
recognition of unusual or non-recurring events affecting the Company or any Subsidiary or affiliate or the financial statements
of the Company or any Subsidiary or affiliate and may provide for objectively determinable adjustments, as determined in accordance
with GAAP, to any of the Performance Measures described above for one or more of the items of gain, loss, profit or expense: (A)
determined to be extraordinary or unusual in nature or infrequent in occurrence, (B) related to the disposal of a segment of a
business, (C) related to a change in accounting principle under GAAP or a change in applicable laws or regulations, (D) related
to discontinued operations that do not qualify as a segment of a business under GAAP, and (E) attributable to the business operations
of any entity acquired by the Company during the fiscal year.

 

    	-29-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00235-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00235-of-00352.parquet"}]]