Document:

Exhibit 10.4

 

NEITHER THIS SECURITY NOR THE SECURITIES FOR WHICH
THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE
IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND,
ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT
TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN
CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

COMMON STOCK PURCHASE WARRANT

 

RENOVARE
ENVIRONMENTAL, INC.

 

	Warrant Shares: ______	Initial Exercise Date: January __, 2022

 

	 	Issue Date: January __, 2022

 

THIS COMMON STOCK PURCHASE WARRANT
(the “Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after
the date hereof (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on January __,
2027 (the “Termination Date”) but not thereafter, to subscribe for and purchase from Renovare Environmental, Inc.,
a Delaware corporation (the “Company”), up to ______ shares (as subject to adjustment hereunder, the “Warrant
Shares”) of Common Stock. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise
Price, as defined in Section 2(b).

 

Section 1.               Definitions.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement
(the “Purchase Agreement”), dated January __, 2022, among the Company and the purchasers signatory thereto.

 

     

     

    

 

Section 2.               Exercise.

 

a)             Exercise
of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on
or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile copy
or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”).
Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period
(as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise
Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States
bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise.
No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of
any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender
this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised
in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of
the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of
a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant
Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall
maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection
to any Notice of Exercise within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of
this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant
Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on
the face hereof.

 

b)             Exercise
Price. The exercise price per share of Common Stock under this Warrant shall be $[___], subject to adjustment hereunder (the
 “Exercise Price”).

 

c)             Cashless
Exercise. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus contained
therein is not available for the resale of the Warrant Shares by the Holder, then this Warrant may also be exercised, in whole or in part,
at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant Shares
equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A) = as applicable:
(i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is
(1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed
and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as
defined in Rule 600(b) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the
option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise
or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. (“Bloomberg”)
as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular
trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after
the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on
the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both
executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading
Day;

 

     

     

    

 

(B) = the
Exercise Price of this Warrant, as adjusted hereunder; and

 

(X) = the
number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise
were by means of a cash exercise rather than a cashless exercise.

 

If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of
the Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period of the
Warrant Shares being issued may be tacked on to the holding period of this Warrant.  The Company agrees not to take any position
contrary to this Section 2(c).

 

“Bid Price”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date) on the Trading
Market on which the Common Stock is then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New York
City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted average price
of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not
then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported on The Pink Open Market (or a
similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock
so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser
selected in good faith by the Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the
Company, the fees and expenses of which shall be paid by the Company.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date)
on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New
York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted average
price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock
is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in The Pink Open Market
(or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common
Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser
selected in good faith by the Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the
Company, the fees and expenses of which shall be paid by the Company.

 

     

     

    

 

Notwithstanding
anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant
to this Section 2(c).

 

 d)             Mechanics of Exercise.

 

i.            Delivery
of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer
Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company
through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system
and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant
Shares by the Holder or (B) the Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale limitations
pursuant to Rule 144 (assuming cashless exercise of the Warrants), and otherwise by physical delivery of a certificate, registered
in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder
is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earliest
of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise, (ii) one (1) Trading Day
after delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement
Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”).
Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of
the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares,
provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of
(i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery
of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise
by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each
$1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise),
$10 per Trading Day (increasing to $20 per Trading Day on the third Trading Day after the Warrant Share Delivery Date) for each Trading
Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees
to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As
used herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days,
on the Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise.

 

     

     

    

 

ii.           Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and
upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing
the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects
be identical with this Warrant.

 

iii.          Rescission
Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by
the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

iv.          Compensation
for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder, if
the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above
pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase
(in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver
in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”),
then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price
(including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying
(1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue
times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the
Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in
which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been
issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common
Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with
an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence
the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable
to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit
a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree
of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock
upon exercise of the Warrant as required pursuant to the terms hereof.

 

     

     

    

 

v.           No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this
Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall,
at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the
Exercise Price or round up to the next whole share.

 

vi.          Charges,
Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental
expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant
Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however,
that, in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for
exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as
a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all
Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another
established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

 

vii.         Closing
of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant,
pursuant to the terms hereof.

 

     

     

    

 

e)            Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise
any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise
as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting
as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)),
would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes of the foregoing sentence,
the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number
of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude
the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant
beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised
or nonconverted portion of any other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject
to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its
Affiliates or Attribution Parties.  Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial
ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated
thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance
with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance
therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant
is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which
portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall
be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the
Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject
to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination.
In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of
the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the
number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the
Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement
by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common
Stock outstanding.  Upon the written or oral request of a Holder, the Company shall within one Trading Day confirm orally and in
writing to the Holder the number of shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common
Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the
Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported.
The “Beneficial Ownership Limitation” shall be 4.99% (or 9.99% at the election of the Purchaser) of the number of shares
of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this
Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e),
provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately
after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this
Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st
day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise
than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be
defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary
or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder
of this Warrant.

 

     

     

    

 

Section 3.              Certain
Adjustments.

 

a)            Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes
a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of
Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this
Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way
of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of
shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction
of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before
such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the
number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this
Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the
record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately
after the effective date in the case of a subdivision, combination or re-classification.

 

b)            Reserved.

 

     

     

    

 

c)            Subsequent
Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues
or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders
of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the
terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the
number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof,
including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant,
issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common
Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, that, to the extent
that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership
Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such
shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance
for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

d)            Pro
Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution
of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including,
without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification,
corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after
the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent
that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete
exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership
Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as
of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided,
however, that, to the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding
the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in
the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution
shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder
exceeding the Beneficial Ownership Limitation). To the extent that this Warrant has not been partially or completely exercised at the
time of such Distribution, such portion of the Distribution shall be held in abeyance for the benefit of the Holder until the Holders
has exercised this Warrant.

 

     

     

    

 

e)            Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company (or any Subsidiary),
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender
or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding
Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into
or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization,
spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than
50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making
or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business
combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall
have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence
of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise
of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving
corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental
Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental
Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise,
the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of
Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion
the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components
of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received
in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise
of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which
the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company
under this Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(e) pursuant to written
agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to
such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of
the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable
for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common
Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior
to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock
(but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such
shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic
value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in
form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and
be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction
Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power
of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents with the
same effect as if such Successor Entity had been named as the Company herein.

 

     

     

    

 

f)            Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For
purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be
the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

g)            Notice
to Holder.

 

i.            Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly
deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment
to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii.           Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the
Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of
capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection
with any reclassification of the Common Stock, any consolidation or merger to which the Company (or any of its Subsidiaries) is a party,
any sale or transfer of all or substantially all of its assets, or any compulsory share exchange whereby the Common Stock is converted
into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation
or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the
Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar
days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to
be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as
of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are
to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected
to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to
exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation,
merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof
shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided
in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company
shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled
to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice
except as may otherwise be expressly set forth herein.

 

     

     

    

 

h)            Voluntary
Adjustment By Company. Subject to the rules and regulations of the Trading Market, the Company may at any time during the term
of this Warrant, subject to the prior written consent of the Holder, reduce the then current Exercise Price to any amount and for any
period of time deemed appropriate by the board of directors of the Company.

 

Section 4.              Transfer
of Warrant.

 

a)            Transferability.
Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d) hereof and to the provisions
of Section 4.1 of the Purchase Agreement, this Warrant and all rights hereunder (including, without limitation, any registration
rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated
agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its
agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if
required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable,
and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing
the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding
anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder
has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading
Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if
properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant
issued.

 

     

     

    

 

b)            New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company,
together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or
its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination,
the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance
with such notice. All Warrants issued on transfers or exchanges shall be dated the Initial Exercise Date and shall be identical with this
Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

c)            Warrant
Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder
of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other
purposes, absent actual notice to the contrary.

 

d)            Transfer
Restrictions. If, at the time of the surrender of
this Warrant in connection with any transfer of this Warrant, the transfer of this Warrant shall not be either (i) registered pursuant
to an effective registration statement under the Securities Act and under
applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions or current
public information requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer, that the
Holder or transferee of this Warrant, as the case may be, comply with the provisions of Section 5.7 of the Purchase Agreement.

 

e)            Representation
by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any exercise
hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing or
reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities law, except pursuant
to sales registered or exempted under the Securities Act.

 

Section 5.              Miscellaneous.

 

a)            No
Rights as Stockholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting rights, dividends
or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly
set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a “cashless exercise” pursuant
to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in
no event shall the Company be required to net cash settle an exercise of this Warrant.

 

     

     

    

 

b)            Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory
to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case
of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include
the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make
and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

 

c)            Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or
granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business
Day.

 

d)            Authorized
Shares.

 

The Company covenants
that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number
of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further
covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing the
necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action
as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation,
or of any requirements of the Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares
which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented
by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable
and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any
transfer occurring contemporaneously with such issue).

 

Except and to the
extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate
of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or
any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all
times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate
to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the
Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately
prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly
and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable
efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may
be, necessary to enable the Company to perform its obligations under this Warrant.

 

     

     

    

 

Before taking any
action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price,
the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory
body or bodies having jurisdiction thereof.

 

e)            Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance
with the provisions of the Purchase Agreement.

 

f)             Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not
utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

g)            Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as
a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this
Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results
in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and
expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder
in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

 

h)            Notices.
Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in
accordance with the notice provisions of the Purchase Agreement.

 

i)             Limitation
of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant
Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase
price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the
Company.

 

j)             Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific
performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss
incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any
action for specific performance that a remedy at law would be adequate.

 

     

     

    

 

k)            Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the
benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder.
The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable
by the Holder or holder of Warrant Shares.

 

l)            Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

 

m)           Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the
extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

 

n)            Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

 

********************

 

(Signature Page Follows)

 

     

     

    

 

IN WITNESS WHEREOF, the Company
has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

	 	renovare environmental, inc.
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name: Brian C. Essman
	 	 	Title: Chief Financial OfficerExhibit 10.1

 

logiq,
Inc.

 

SECOND AMENDED AND RESTATED 2020 EQUITY INCENTIVE
PLAN

Plan Adopted by the Board: September 30, 2020

Amended: April 21, 2021

Further
Amended: October 22, 2021

 

Termination
Date: September 29, 2030

 

1. General.

 

(a) Purposes.
The purposes of the Plan are as follows:

 

(i) To
provide additional incentive for selected Employees, Directors and Consultants to further the growth, development and financial success
of the Company by providing a means by which such persons can personally benefit through the ownership of capital stock of the Company;
and

 

(ii) To
enable the Company to secure and retain key Employees, Directors and Consultants considered important to the long-term success of the
Company by offering such persons an opportunity to own capital stock of the Company.

 

(b) Eligible
Stock Award Recipients. The persons eligible to receive Stock Awards under the Plan are the Employees, Directors and Consultants
of the Company and its Affiliates.

 

(c) Available
Stock Awards. The following Stock Awards are available under the Plan: (i) Incentive Stock Options; (ii) Nonstatutory Stock
Options; (iii) Restricted Stock awards, (iv) Restricted Stock Units; (v) Stock Bonus awards; and (vi) Performance-Based Awards.

 

2. Definitions.

 

(a) “Administrator”
means the entity that conducts the general administration of the Plan as provided herein. The term “Administrator” shall refer
to the Board unless the Board has delegated administration to a Committee as provided in Article 3.

 

(b) “Affiliate”
means:

 

(i) with
respect to Incentive Stock Options, any “parent corporation” or “subsidiary corporation” of the Company, whether
now existing or hereafter created or acquired, as those terms are defined in Sections 424(e) and 424(f) of the Code, respectively; and

 

(ii) with
respect to Stock Awards other than Incentive Stock Options, any entity described in paragraph (a) of this Section 2(b), plus any other
corporation, limited liability company, partnership or joint venture, whether now existing or hereafter created or acquired, with respect
to which the Company beneficially owns more than fifty percent (50%) of: (1) the total combined voting power of all outstanding voting
securities or (2) the capital or profits interests of a limited liability company, partnership or joint venture.

 

     

     

    

 

(c) “Award
Shares” means the shares of Common Stock of the Company issued or issuable pursuant to a Stock Award, including Option Shares
issued or issuable pursuant to an Option.

 

(d) “Board”
means the Board of Directors of the Company.

 

(e) “Change
in Control” shall mean:

 

(i) The
direct or indirect sale or transfer, in a single transaction or a series of related transactions, by the stockholders of the Company of
voting securities, in which the holders of the outstanding voting securities of the Company immediately prior to such transaction or series
of transactions hold, as a result of holding Company securities prior to such transaction, in the aggregate, securities possessing less
than fifty percent (50%) of the total combined voting power all outstanding voting securities of the Company or of the acquiring entity
immediately after such transaction or series of related transactions;

 

(ii) A
merger or consolidation in which the Company is not the surviving entity, except for a transaction in which the holders of the outstanding
voting securities of the Company immediately prior to such merger or consolidation hold as a result of holding Company securities prior
to such transaction, in the aggregate, securities possessing more than fifty percent (50%) of the total combined voting power of all outstanding
voting securities of the surviving entity (or the parent of the surviving entity) immediately after such merger or consolidation;

 

(iii) A
reverse merger in which the Company is the surviving entity but in which the holders of the outstanding voting securities of the Company
immediately prior to such merger hold as a result of holding Company securities prior to such transaction, in the aggregate, securities
possessing less than fifty percent (50%) of the total combined voting power of all outstanding voting securities of the Company or of
the acquiring entity immediately after such merger;

 

(iv) The
sale, transfer or other disposition (in one transaction or a series of related transactions) of all or substantially all of the assets
of the Company, except for a transaction in which the holders of the outstanding voting securities of the Company immediately prior to
such transaction(s) receive as a distribution with respect to securities of the Company, in the aggregate, securities possessing more
than fifty percent (50%) of the total combined voting power of all outstanding voting securities of the acquiring entity immediately after
such transaction(s); or

 

(v) Any
time individuals who, on the date this Plan is adopted by the Board, are members of the Board (the “Incumbent Board”) cease
for any reason to constitute at least a majority of the members of the Board; provided, however, that if the appointment or election
(or nomination for election) of any new Board member was approved or recommended by a majority vote of the members of the Incumbent Board
then still in office, such new member shall, for purposes of this Plan, be considered as a member of the Incumbent Board.

 

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

 

    2

     

    

 

(g) “Committee”
means a committee appointed by the Board in accordance with Section 3(c).

 

(h) “Common
Stock” means the shares of common stock of the Company.

 

(i) “Company”
means Logiq, Inc., a Delaware corporation.

 

(j) “Consultant”
means any consultant or adviser if:

 

(a) The
consultant or adviser renders bona fide services to the Company or any Affiliate;

 

(b) The
services rendered by the consultant or adviser are not in connection with the offer or sale of securities in a capital-raising transaction
and do not directly or indirectly promote or maintain a market for the Company’s securities; and

 

(i) The
consultant or adviser is a natural person who has contracted directly with the Company or any Affiliate to render such services.

 

(k) “Covered
Employee” means an Employee who is, or is likely to become, a “covered employee” within the meaning of Section 162(m)(3)
of the Code.

 

(l) “Director”
means a member of the Board.

 

(m) “Disability”
means total and permanent disability as defined in Section 22(e)(3) of the Code and as interpreted by the Administrator in each case.

 

(n) “Effective
Date” shall have the meaning given in Section 18 herein.

 

(o) “Employee”
means a regular employee of the Company or an Affiliate, including an Officer or Director, who is treated as an employee in the personnel
records of the Company or an Affiliate, but not individuals who are classified by the Company or an Affiliate as: (i) leased from
or otherwise employed by a third party, (ii) independent contractors, or (iii) intermittent or temporary workers. The Company’s
or an Affiliate’s classification of an individual as an “Employee” (or as not an “Employee”) for purposes
of this Plan shall not be altered retroactively even if that classification is changed retroactively for another purpose as a result of
an audit, litigation or otherwise. Neither service as a Director nor receipt of a director’s fee shall be sufficient to make a Director
an “Employee.”

 

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

 

    3

     

    

 

(q) “Fair
Market Value” means, as of any date, the value of the Common Stock of the Company determined as follows:

 

(i) If
the Common Stock is then listed or admitted to trading on a national stock exchange, the Fair Market Value shall be:

 

(a) the
five-day volume weighted average trading price, calculated by dividing the total value by the total volume of securities traded on a national
stock exchange on which the Company’s securities are listed for the relevant period; or

 

(b) the
closing price of the Common Stock on a national stock exchange on which the Company’s securities are listed on the previous trading
day prior to the date of grant of the award; or

 

(ii) If
the Common Stock is not then listed or admitted to trading on a national stock exchange, the Fair Market Value shall be determined by
the Administrator in good faith using any reasonable method of valuation, which determination shall be conclusive and binding on all interested
parties.

 

(r) “Incentive
Stock Option” means an Option intended to qualify as an incentive stock option within the meaning of Section 422 of the Code
and the regulations promulgated thereunder.

 

(s) “Non-Employee
Director” means a member of the Board who qualifies as a “Non-Employee Director” as defined in Rule 16b-3(b)(3)
of the Exchange Act, or any successor rule.

 

(t) “Nonstatutory
Stock Option” means an Option not intended to qualify as an Incentive Stock Option.

 

(u) “Officer”
means any person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated
thereunder.

 

(v) “Option”
means a stock option granted pursuant to the Plan.

 

(w) “Option
Agreement” means a written or electronic agreement between the Company and an Optionee evidencing the terms and conditions of
an individual Option grant. Each Option Agreement shall be subject to the terms and conditions of the Plan and any rules and regulations
adopted by the Administrator and incorporated therein.

 

(x) “Optionee”
means the Participant to whom an Option is granted or, if applicable, such other person who holds an outstanding Option.

 

(y) “Option
Shares” means the shares of Common Stock of the Company issued or issuable pursuant to the exercise of an Option.

 

(z) “Outside
Director” means a Director who either (i) is not a current employee of the Company or an “affiliated corporation”
(within the meaning of Treasury Regulations promulgated under Section 162(m) of the Code), is not a former employee of the Company or
an “affiliated corporation” who receives compensation for prior services (other than benefits under a tax-qualified retirement
plan) during the taxable year, has not been an officer of the Company or an “affiliated corporation”, and does not receive
remuneration from the Company or an “affiliated corporation,” either directly or indirectly, in any capacity other than as
a Director or (ii) is otherwise considered an “outside director” for purposes of Section 162(m) of the Code.

 

    4

     

    

 

(aa) “Participant”
means an Optionee or any other person to whom a Stock Award is granted pursuant to the Plan or, if applicable, such other person who holds
an outstanding Stock Award.

 

(bb) “Performance-Based
Award” means a Stock Award granted to selected Covered Employees pursuant to Article 7, but which is subject to the terms and
conditions set forth in Article 8.

 

(cc) “Performance
Criteria” means the criteria that the Administrator selects for purposes of establishing the Performance Goal or Performance
Goals for a Participant for a Performance Period. The Performance Criteria that will be used to establish Performance Goals are limited
to the following: net earnings (either before or after interest, taxes, depreciation and amortization), sales or revenue, net income (either
before or after taxes), operating earnings, cash flow (including, but not limited to, operating cash flow and free cash flow), return
on net assets, return on stockholders’ equity, return on sales, gross or net profit margin, working capital, earnings per share
and price per share of Common Stock, the achievement of certain milestones, customer retention rates, licensing, partnership or other
strategic transactions, obtaining a specified level of financing for the Company, as determined by the Administrator, including the issuance
of securities, or the achievement of one or more corporate, divisional or individual scientific or inventive measures. Any of the criteria
identified above may be measured either in absolute terms or as compared to any incremental increase or as compared to results of a peer
group. The Administrator shall, within the time prescribed by Section 162(m) of the Code, define in an objective fashion the manner of
calculating the Performance Criteria it selects to use for such Performance Period for such Participant.

 

(dd) “Performance
Goals” means, for a Performance Period, the goals established in writing by the Administrator for the Performance Period based
upon the Performance Criteria. Depending on the Performance Criteria used to establish such Performance Goals, the Performance Goals may
be expressed in terms of overall Company performance or the performance of a Subsidiary, division or other operational unit, or an individual.
The Administrator, in its discretion, may, within the time prescribed by Section 162(m) of the Code, adjust or modify the calculation
of Performance Goals for such Performance Period in order to prevent the dilution or enlargement of the rights of Participants (i) in
the event of, or in anticipation of, any unusual or extraordinary corporate item, transaction, event, or development, or (ii) in recognition
of, or in anticipation of, any other unusual or nonrecurring events affecting the Company, or the financial statements of the Company,
or in response to, or in anticipation of, changes in applicable laws, regulations, accounting principles, or business conditions.

 

(ee) “Performance
Period” means the one or more periods of time, which may be of varying and overlapping durations, as the Administrator may select,
over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s right
to, and the payment of, a Performance-Based Award.

 

(ff) “Plan”
means this Second Amended and Restated 2020 Equity Incentive Plan.

 

    5

     

    

 

(gg) “Qualified
Performance-Based Compensation” means any compensation that is intended to qualify as “qualified performance-based compensation”
as described in Section 162(m)(4)(C) of the Code

 

(hh) “Restricted
Stock” means Common Stock awarded to a Participant pursuant to Section 7(b) that is subject to certain restrictions and may
be subject to risk of forfeiture or repurchase.

 

(ii) “Restricted
Stock Award Agreement” means a written or electronic agreement between the Company and a Participant evidencing the terms and
conditions of a Restricted Stock award. Each Restricted Stock Award Agreement shall be subject to the terms and conditions of the Plan
and any rules and regulations adopted by the Administrator and incorporated therein.

 

(jj) “Restricted
Stock Unit” means a right to receive a share of Common Stock during specified time periods granted pursuant to Section 7(c).

 

(kk) “Securities
Act” means the Securities Act of 1933, as amended.

 

(ll) “Stock Award”
means any right granted under the Plan, including an Option, a right to acquire Restricted Stock, a Restricted Stock Unit, a Stock Bonus
or a Performance-Based Award.

 

(mm) “Stock Award
Agreement” means any written or electronic agreement, including an Option Agreement, Stock Bonus Agreement, or Restricted Stock
Award Agreement, between the Company and a holder of a Stock Award evidencing the terms and conditions of an individual Stock Award grant.
Each Stock Award Agreement shall be subject to the terms and conditions of the Plan and any additional rules and regulations adopted by
the Administrator and incorporated therein.

 

(nn) “Stock
Bonus” means a payment in the form of shares of Common Stock, or as part of any bonus, deferred compensation or other arrangement,
made in lieu of all or any portion of the compensation, granted pursuant to Section 7(a).

 

(oo) “Stock
Bonus Agreement” means a written or electronic agreement between the Company and a Participant evidencing the terms and conditions
of a Stock Bonus. Each Stock Bonus Agreement shall be subject to the terms and conditions of the Plan and any rules and regulations adopted
by the Administrator and incorporated therein.

 

(pp) “Ten Percent
Stockholder” means a person who owns (or is deemed to own pursuant to Section 424(d) of the Code) stock possessing more than
ten percent (10%) of the total combined voting power of all classes of stock of the Company or of any of its Affiliates.

 

    6

     

    

 

(qq) “Termination
of Service” means:

 

(i) With
respect to Stock Awards granted to a Participant in his or her capacity as an Employee, the time when the employer-employee relationship
between the Participant and the Company (or an Affiliate) is terminated for any reason, including, without limitation a termination by
resignation, discharge, death or retirement;

 

(ii) With
respect to Stock Awards granted to a Participant in his or her capacity as a Director, the time when the Participant ceases to be a Director
for any reason, including without limitation a cessation by resignation, removal, failure to be reelected, death or retirement, but excluding
cessations where there is a simultaneous or continuing employment of the former Director by the Company (or an Affiliate) and the Administrator
expressly deems such cessation not to be a Termination of Service;

 

(iii) With
respect to Stock Awards granted to a Participant in his or her capacity as a Consultant, the time when the contractual relationship between
the Participant and the Company (or an Affiliate) is terminated for any reason; and

 

(iv) With
respect to Stock Awards granted to a Participant in his or her capacity as an Employee, Director or Consultant of an Affiliate, when such
entity ceases to qualify as an Affiliate under this Plan, unless earlier terminated as set forth above.

 

The Administrator, in its
sole and absolute discretion, shall determine the effect of all other matters and issues relating to a Termination of Service.

 

3. Administration.

 

(a) Administration
by Board. The Plan shall be administered by the Administrator unless and until the Board delegates administration to a Committee
or an Officer, as provided in Section 3(c) below.

 

(b) Powers
of the Administrator. The Administrator shall have the power, except as otherwise provided herein:

 

(i) To
determine from time to time (A) which of the persons eligible under the Plan shall be granted Stock Awards; (B) when and how the Stock
Awards shall be granted; (C) what type or combination of types of Stock Awards will be granted; (D) the terms and conditions of each Stock
Award granted (which need not be identical), including, without limitation, the transferability or repurchase of such Stock Awards (except
that Options shall not be transferrable) or Award Shares issuable thereunder, as applicable, and the circumstances under which Stock Awards
become exercisable or vested or are forfeited or expire, which terms may but need not be conditioned upon the passage of time, continued
employment, the satisfaction of performance criteria, the occurrence of certain events, or other factors; and (E) the number of Award
Shares subject to a Stock Award that shall be granted to a Participant.

 

(ii) To
construe and interpret the Plan and Stock Awards granted under it, and to make exceptions to any such provisions in good faith and for
the benefit of the Company, and to establish, amend and revoke rules and regulations for the Plan’s administration. The Administrator,
in the exercise of its power, may correct any defect, omission or inconsistency in the Plan or in any Stock Award Agreement in a manner
and to the extent it shall deem necessary or expedient to make the Plan fully effective.

 

    7

     

    

 

(iii) To
settle all controversies regarding the Plan and Stock Awards granted under it.

 

(iv) To
accelerate the time at which a Stock Award may first be exercised or the time during which a Stock Award or any part thereof will vest
in accordance with the Plan, notwithstanding the provisions in the Stock Award stating the time at which it may first be exercised or
the time during which it will vest.

 

(v) To
suspend or terminate the Plan at any time. Suspension or termination of the Plan shall not impair rights and obligations under any Stock
Award granted while the Plan is in effect except with the written consent of the affected Participant.

 

(vi) To
submit any amendment to the Plan for stockholder approval.

 

(vii) To
amend the Plan in any respect the Administrator deems necessary or advisable to provide Participants with the maximum benefits provided
or to be provided under the provisions of the Code and the regulations promulgated thereunder relating to Incentive Stock Options or to
bring the Plan or Incentive Stock Options granted under it into compliance therewith.

 

(viii) To
amend the terms of any one or more Stock Awards, including, but not limited to, amendments to provide terms more favorable than previously
provided in the Stock Award Agreement, subject to any specified limits in the Plan that are not subject to Administrator discretion; provided,
however, that the rights under any Stock Award shall not be impaired by any such amendment unless (a) the Company requests the consent
of the affected Participant, and (b) such Participant consents in writing. Notwithstanding the foregoing, subject to the limitations of
applicable law, if any, and without the affected Participant’s consent, the Administrator may amend the terms of any one or more
Stock Awards if necessary to maintain the qualified status of the Stock Award as an Incentive Stock Option or to bring the Stock Award
into compliance with Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder.

 

(ix) To
amend the Plan as provided in Section 16.

 

(x) To
prescribe and amend the terms of the agreements or other documents evidencing Stock Awards made under this Plan (which need not be identical).

 

(xi) To
place such restrictions on the sale or other disposition of Award Shares as may be deemed appropriate by the Administrator.

 

(xii) To
determine whether, and the extent to which, adjustments are required pursuant to Section 11.

 

(xiii) Generally,
to exercise such powers and to perform such acts as the Administrator deems necessary or expedient to promote the best interests of the
Company.

 

    8

     

    

 

(c) Delegation
to a Committee.

 

(i) General.
The Board may delegate administration of the Plan to a committee of the Board composed of not fewer than two (2) members (the “Committee”).
If administration is delegated to a Committee, the Committee shall have, in connection with the administration of the Plan, the powers
theretofore possessed by the Board (and references in the Plan to the Administrator shall thereafter be deemed to be references to the
Committee), subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time
by the Board. The Board may abolish the Committee at any time and revest in the Board the administration of the Plan. Appointment of Committee
members shall be effective upon acceptance of appointment. In its sole discretion, the Board may at any time and from time to time exercise
any and all rights and duties of the Administrator under the Plan except with respect to matters which under Rule 16b-3 under the Exchange
Act or Section 162(m) of the Code, or any regulations or rules issued thereunder, are required to be determined in the sole discretion
of the Committee. Committee members may resign at any time by delivering written notice to the Board. Vacancies in the Committee may only
be filled by the Board.

 

(ii) Section
162(m) and Rule 16b-3 Compliance.  In the discretion of the Board, the Committee may consist solely of two or more Outside
Directors, in accordance with Section 162(m) of the Code, and/or solely of two or more Non-Employee Directors, in accordance with Rule
16b-3 of the Exchange Act.  In addition, the Board or the Committee, in its discretion, may (1) delegate to a committee of one or
more members of the Board who need not be Outside Directors the authority to grant Stock Awards to eligible persons who are either (a)
not then Covered Employees and are not expected to be Covered Employees at the time of recognition of income resulting from such Stock
Award, or (b) not persons with respect to whom the Company wishes to comply with Section 162(m) of the Code, and/or (2) delegate to a
committee of one or more members of the Board who need not be Non-Employee Directors the authority to grant Stock Awards to eligible persons
who are not then subject to Section 16 of the Exchange Act.

 

(d) Effect
of Change in Status. The Administrator shall have the absolute discretion to determine the effect upon a Stock Award, and
upon an individual’s status as an Employee, Consultant or Director under the Plan, including whether a Participant shall be deemed
to have experienced a Termination of Service or other change in status, and upon the vesting, expiration or forfeiture of a Stock Award
or Award Shares issuable in respect thereof, in the case of (i) a Termination of Service for cause, (ii) any leave of absence approved
by the Company or an Affiliate, (iii) any transfer between the Company and any Affiliate or between any Affiliates, (iii) any change in
the Participant’s status from an Employee to a Consultant or member of the Administrator of Directors, or vice versa, and (v) any
Employee who becomes employed by any partnership, joint venture, corporation or other entity not meeting the requirements of an Affiliate.

 

(e) Determinations
of the Administrator. All decisions, determinations and interpretations by the Administrator regarding this Plan shall be final
and binding on all Participants or other persons claiming rights under the Plan or any Stock Award. The Administrator shall consider such
factors as it deems relevant to making such decisions, determinations and interpretations including, without limitation, the recommendations
or advice of any Director, Officer or Employee of the Company and such attorneys, consultants and accountants as it may select. A Participant
or other holder of a Stock Award may contest a decision or action by the Administrator with respect to such person or Stock Award only
on the grounds that such decision or action was arbitrary or capricious or was unlawful, and any review of such decision or action shall
be limited to determining whether the Administrator’s decision or action was arbitrary or capricious or was unlawful.

 

    9

     

    

 

(f) Arbitration.
Any dispute or claim concerning any Stock Awards granted (or not granted) pursuant to the Plan or any disputes or claims relating
to or arising out of the Plan shall be fully, finally and exclusively resolved by binding and confidential arbitration conducted pursuant
to the rules of Judicial Arbitration and Mediation Services, Inc. (“JAMS”) in the County of San Diego, California.
In addition to any other relief, the arbitrator may award to the prevailing party recovery of its attorneys’ fees and costs. By
accepting a Stock Award, Participants and the Company waive their respective rights to have any such disputes or claims tried by a judge
or jury.

 

4. Shares
Subject to the Plan; Overall Limitation.

 

(a) Shares
Subject to the Plan. Subject to the provisions of Section 11 relating to adjustments upon changes in stock, the Award Shares that
may be issued pursuant to Stock Awards shall not exceed in the aggregate Five Million] (5,000,000) shares of the Company’s Common
Stock. Of such amount, Five Million] (5,000,000) Award Shares may be issued pursuant to Incentive Stock Options. In the event that (a)
all or any portion of any Stock Award granted or offered under the Plan can no longer under any circumstances be exercised or otherwise
become vested, or (b) any Award Shares are reacquired by the Company which were initially the subject of a Stock Award Agreement, the
Award Shares allocable to the unexercised or unvested portion of such Stock Award, or the Award Shares so reacquired, shall again be available
for grant or issuance under the Plan.

 

(b) Individual
Participant Limitations. Notwithstanding any provision in the Plan to the contrary, and subject to Article 11 below, the maximum
number of shares of Common Stock with respect to one or more Stock Awards that may be granted to any one Participant during any calendar
year shall be Two Million Five Hundred Thousand (2,500,000).

 

5. Eligibility.

 

(a) General.
Incentive Stock Options may be granted only to Employees; all other Stock Awards may be granted only to Employees, Directors and Consultants.
In the event a Participant is both an Employee and a Director, or a Participant is both a Director and a Consultant, the Stock Award Agreement
shall specify the capacity in which the Participant is granted the Stock Award; provided, however, if the Stock Award Agreement
is silent as to such capacity, the Stock Award shall be deemed to be granted to the Participant as an Employee or as a Consultant, as
applicable.

 

(b) Ten
Percent Stockholders. A Ten Percent Stockholder shall not be granted an Incentive Stock Option unless the exercise price of such
Option is at least one hundred ten percent (110%) of the Fair Market Value of the Common Stock at the date of grant and the Option is
not exercisable after the expiration of five (5) years from the date of grant.

 

    10

     

    

 

6. Option
Agreement Provisions.

 

Each Option shall be granted
pursuant to a written Option Agreement, signed by an Officer of the Company and by the Optionee, which shall be in such form and shall
contain such terms and conditions as the Administrator shall deem appropriate. The provisions of separate Option Agreements need not be
identical, but each Option Agreement shall include (through incorporation of the provisions hereof by reference in the Option Agreement
or otherwise) the substance of each of the following provisions (except to the extent that any such provision indicates it is permissible
rather than mandatory):

 

(a) Term.
No Incentive Stock Option shall be exercisable after the expiration of ten (10) years from the date of its grant or such shorter
period specified in the Option Agreement; provided, however, that an Incentive Stock Option granted to a Ten Percent Stockholder
shall be subject to the provisions of Section 5(b).

 

(b) Exercise
Price of an Option. Subject to the provisions of Section 5(b) regarding Incentive Stock Options granted to Ten Percent Stockholders,
the exercise price of each Option, whether an Incentive Stock Option or a Nonstatutory Stock Option, shall be not less than the Fair Market
Value of the Common Stock subject to the Option on the date the Option is granted.

 

(c) Consideration.
The purchase price of Common Stock acquired pursuant to the exercise of an Option shall be paid, to the extent permitted by applicable
law and as determined by the Administrator in its sole discretion, by any combination of the methods of payment set forth below. The Administrator
shall have the authority to grant Options that do not permit all of the following methods of payment (or otherwise restrict the ability
to use certain methods) and to grant Options that require the consent of the Company to utilize a particular method of payment. The methods
of payment permitted by this Section 6(c) are:

 

(i) by
cash or check;

 

(ii) pursuant
to a program developed under Regulation T as promulgated by the Federal Reserve Administrator that, prior to the issuance of Common Stock,
results in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions to pay the aggregate exercise
price to the Company from the sales proceeds;

 

(iii) by
delivery to the Company (either by actual delivery or attestation) of shares of Common Stock;

 

(iv) by
a “cashless exercise” arrangement pursuant to which the Company will reduce the number of shares of Common Stock issued upon
exercise by the largest whole number of shares with a Fair Market Value that does not exceed the aggregate exercise price; provided,
however, that the Company shall accept a cash or other payment from the Participant to the extent of any remaining balance of the
aggregate exercise price not satisfied by such reduction in the number of whole shares to be issued; provided, further, however, that
shares of Common Stock will no longer be outstanding under an Option and will not be exercisable thereafter to the extent that (A) shares
are used to pay the exercise price pursuant to the “cashless exercise,” (B) shares are delivered to the Participant as a result
of such exercise, and (C) shares are withheld to satisfy tax withholding obligations; or

 

    11

     

    

 

(v) in
any other form of legal consideration that may be acceptable to the Administrator.

 

(d) Vesting.
Each Option shall vest and become exercisable in one or more installments, at such time or times and subject to such conditions, including
without limitation the achievement of specified performance goals or objectives established with respect to one or more performance criteria,
as shall be determined by the Administrator.

 

(e) Termination
of Service. In the event of the Termination of Service of an Optionee for any reason (other than for “Cause,” as defined
in an Option Agreement, or upon the Optionee’s death or Disability), the Optionee may exercise his or her Option, but only within
such period of time as is set forth in the Option Agreement (and in no event later than the expiration of the term of such Option as set
forth in the Option Agreement). In the case of an Incentive Stock Option, such exercise period provided in the Option Agreement shall
not exceed three (3) months from the date of termination.

 

(f) Disability
of Optionee. In the event of a Termination of Service of an Optionee as a result of the Optionee’s Disability, the Optionee
may exercise his or her Option within the period specified in the Option Agreement (in no event to exceed twelve (12) months from the
date of such termination in the case of an Incentive Stock Option), and only to the extent that the Optionee was entitled to exercise
the Option at the date of such termination (but in no event later than the expiration of the term of such Option as set forth in the Option
Agreement).

 

(g) Death
of Optionee. In the event that (i) an Optionee’s Termination of Service occurs as a result of the Optionee’s death,
or (ii) an Optionee dies within the period (if any) specified in the Option Agreement after the Optionee’s Termination of Service
for a reason other than death, then, notwithstanding Section 6(e) above, the Option may be exercised (to the extent the Optionee was entitled
to exercise such Option as of the date of death) by the Optionee’s estate, by a person who acquired the right to exercise the Option
by bequest or inheritance or by a person designated to exercise the option upon the Optionee’s death, but only within the period
ending on the earlier of (i) the date that is twelve (12) months after the date of Termination of Service, or (ii) the expiration of the
term of such Option as set forth in the Option Agreement.

 

(h) Termination
for Cause. In the event of the Termination of Service of an Optionee for Cause, except as otherwise determined by the Administrator
in the specific situation, all Options granted to such Optionee shall expire as set forth in the Option Agreement.

 

(i) Extension
of Termination Date. An Optionee’s Option Agreement may provide that if the exercise of the Option following an Optionee’s
Termination of Service (other than for Cause or upon the Optionee’s death or Disability) would be prohibited at any time solely
because the issuance of shares of Common Stock would violate the registration requirements under the Securities Act, then the Option shall
terminate on the earlier of (i) the expiration of a period of three (3) months after the termination of the Optionee’s Continuous
Service during which the exercise of the Option would not be in violation of such registration requirements, or (ii) the expiration of
the term of the Option as set forth in the Option Agreement.

 

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(j) Non-Exempt
Employees. Unless otherwise determined by the Administrator of Directors, no Option granted to an Employee that is a non-exempt
employee for purposes of the Fair Labor Standards Act of 1938, as amended, shall be first exercisable for any shares of Common Stock until
at least six months following the date of grant of the Option. The foregoing provision is intended to operate so that any income derived
by a non-exempt employee in connection with the exercise or vesting of an Option will be exempt from his or her regular rate of pay.

 

(k) Early
Exercise. The Option may, but need not, include a provision whereby the Optionee may elect at any time prior to a Termination
of Service to exercise the Option as to any part or all of the Option Shares prior to the full vesting of the Option. Any unvested Option
Shares so purchased may be subject to an unvested share repurchase option in favor of the Company or to any other restriction the Administrator
determines to be appropriate.

 

7. Provisions
of Stock Awards Other Than Options.

 

(a) Stock
Bonus Awards. Stock Bonus awards shall be made pursuant to Stock Bonus Agreements in such form and containing such terms and conditions
as the Administrator shall deem appropriate. The terms and conditions of Stock Bonus Agreements may change from time to time, and the
terms and conditions of separate Stock Bonus Agreements need not be identical, but each Stock Bonus Agreement shall include (through incorporation
of provisions hereof by reference in the agreement or otherwise) the substance of each of the following provisions (except to the extent
that any such provision indicates it is permissible rather than mandatory):

 

(i) Consideration.
A Stock Bonus may be awarded in consideration for past services actually rendered to the Company or an Affiliate for its benefit, provided
that the Participant remains eligible to receive Stock Awards hereunder at the time of the award.

 

(ii) Vesting.
Award Shares issued pursuant to a Stock Bonus Agreement may, but need not, be subject to a share repurchase option in favor of the Company
in accordance with a vesting schedule to be determined by the Administrator.

 

(iii) Termination
of Service. In the event of a Termination of Service, the Company may reacquire any or all of the Award Shares held by the Participant
which have or have not vested as of the date of termination under the terms of the Stock Bonus Agreement.

 

(iv) Transferability.
Unless otherwise determined by the Administrator, rights to acquire Award Shares under the Stock Bonus Agreement shall not be transferable
except by will or by the laws of descent and distribution, or, to the extent permitted by the Administrator, to a revocable trust.

 

(b) Restricted
Stock Awards. Each Restricted Stock award shall be made pursuant to a Restricted Stock Award Agreement in such form and containing
such terms and conditions as the Administrator shall deem appropriate. The terms and conditions of the Restricted Stock Award Agreements
may change from time to time, and the terms and conditions of separate Restricted Stock Award Agreements need not be identical, but each
Restricted Stock Award Agreement shall include (through incorporation of provisions hereof by reference in the agreement or otherwise)
the substance of each of the following provisions (except to the extent that any such provision indicates it is permissible rather than
mandatory):

 

(i) Purchase
Price. The purchase price under each Restricted Stock Award Agreement shall be such amount as the Administrator shall determine
and designate in such Restricted Stock Award Agreement, including no consideration or such minimum consideration as may be required by
applicable law.

 

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(ii) Consideration.
The purchase price of Common Stock acquired pursuant to the Restricted Stock Award Agreement, if any, shall be paid either: (a) in cash
at the time of purchase; (b) at the discretion of the Administrator, according to a deferred payment or other similar arrangement with
the Participant; or (c) in any other form of legal consideration that may be acceptable to the Administrator in its discretion.

 

(iii) Vesting.
Award Shares acquired under the Restricted Stock Award Agreement may, but need not, be subject to a share repurchase option in favor of
the Company in accordance with a vesting schedule to be determined by the Administrator.

 

(iv) Termination
of Service. In the event of a Participant’s Termination of Service, the Company may repurchase or otherwise reacquire any
or all of the Award Shares held by the Participant which have or have not vested as of the date of termination under the terms of the
Restricted Stock Award Agreement.

 

(v) Transferability.
Unless otherwise determined by the Administrator, rights to acquire Award Shares under the Restricted Stock Award Agreement shall not
be transferable except by will, by the laws of descent and distribution, or, to the extent permitted by the Administrator, to a revocable
trust.

 

(c) Restricted
Stock Units. The Administrator is authorized to make Awards of Restricted Stock Units to any Participant selected by the Administrator
in such amounts and subject to such terms and conditions as determined by the Administrator. At the time of grant, the Administrator shall
specify the date or dates on which the Restricted Stock Units shall become fully vested and nonforfeitable, and may specify such conditions
to vesting as it deems appropriate. Alternatively, Restricted Stock Units may become fully vested and nonforfeitable pursuant to the satisfaction
of one or more Performance Goals or other specific performance goals as the Administrator determines to be appropriate at the time of
the grant of the Restricted Stock Units or thereafter, in each case on a specified date or dates or over any period or periods determined
by the Administrator. At the time of grant, the Administrator shall specify the maturity date applicable to each grant of Restricted Stock
Units which shall be no earlier than the vesting date or dates of the Award and may be determined at the election of the Participant to
whom the Award is granted. On the maturity date, the Company shall transfer to the Participant one unrestricted, fully transferable share
of Stock for each Restricted Stock Unit that is vested and scheduled to be distributed on such date and not previously forfeited. The
Administrator shall specify the purchase price, if any, to be paid by the Participant to the Company for such shares of Stock. All Restricted
Stock Unit awards shall be subject to such additional terms and conditions as determined by the Administrator and shall be evidenced by
a written Stock Award Agreement.

 

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8. Performance-Based
Awards.

 

(a) Purpose.
The purpose of this Article 8 is to provide the Administrator the ability to qualify Stock Awards other than Options as Qualified Performance-Based
Compensation. If the Administrator, in its discretion, decides to grant a Performance-Based Award to a Covered Employee, the provisions
of this Article 8 shall control over any contrary provision contained in Article 7; provided, however, that the Administrator may
in its discretion grant Stock Awards to Covered Employees that are based on Performance Criteria or Performance Goals but that do not
satisfy the requirements of this Article 8.

 

(b) Applicability.
This Article 8 shall apply only to those Covered Employees selected by the Administrator to receive Performance-Based Awards. The designation
of a Covered Employee as a Participant for a Performance Period shall not in any manner entitle the Participant to receive an Award for
the period. Moreover, designation of a Covered Employee as a Participant for a particular Performance Period shall not require designation
of such Covered Employee as a Participant in any subsequent Performance Period and designation of one Covered Employee as a Participant
shall not require designation of any other Covered Employees as a Participant in such period or in any other period.

 

(c) Procedures
with Respect to Performance-Based Awards.  To the extent necessary to comply with the Qualified Performance-Based Compensation
requirements of Section 162(m)(4)(C) of the Code, with respect to any Award granted under Article 7 which may be granted to one or more
Covered Employees, no later than ninety (90) days following the commencement of any fiscal year in question or any other designated fiscal
period or period of service (or such other time as may be required or permitted by Section 162(m) of the Code), the Administrator shall,
in writing, (a) designate one or more Covered Employees, (b) select the Performance Criteria applicable to the Performance Period, (c)
establish the Performance Goals, and amounts of such Awards, as applicable, which may be earned for such Performance Period, and (d) specify
the relationship between Performance Criteria and the Performance Goals and the amounts of such Awards, as applicable, to be earned by
each Covered Employee for such Performance Period. Following the completion of each Performance Period, the Administrator shall certify
in writing whether the applicable Performance Goals have been achieved for such Performance Period. In determining the amount earned by
a Covered Employee, the Administrator shall have the right to reduce or eliminate (but not to increase) the amount payable at a given
level of performance to take into account additional factors that the Administrator may deem relevant to the assessment of individual
or corporate performance for the Performance Period.

 

(d) Payment
of Performance-Based Awards. Unless otherwise provided in the applicable Stock Award Agreement, a Participant must be employed
by the Company or a Parent or Subsidiary on the day a Performance-Based Award for such Performance Period is paid to the Participant.
Furthermore, a Participant shall be eligible to receive payment pursuant to a Performance-Based Award for a Performance Period only if
the Performance Goals for such period are achieved.

 

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(e) Additional
Limitations. Notwithstanding any other provision of the Plan, any Award which is granted to a Covered Employee and is intended
to constitute Qualified Performance-Based Compensation shall be subject to any additional limitations set forth in Section 162(m) of the
Code (including any amendment to Section 162(m) of the Code) or any regulations or rulings issued thereunder that are requirements for
qualification as qualified performance-based compensation as described in Section 162(m)(4)(C) of the Code, and the Plan shall be deemed
amended to the extent necessary to conform to such requirements.

 

9. Covenants
of the Company.

 

(a) Availability
of Shares. During the terms of the Stock Awards, the Company shall keep available at all times the number of shares of Common
Stock required to satisfy such Stock Awards.

 

(b) Compliance
with Laws and Regulations. This Plan, the grant and exercise of Stock Awards thereunder, and the obligation of the Company to
sell, issue or deliver Award Shares under such Stock Awards, shall be subject to all applicable federal, state and local laws, rules and
regulations and to such approvals by any governmental or regulatory agency as may be required. The Company shall not be required to register
in a Participant’s name or deliver any Award Shares prior to the completion of any registration or qualification of such Shares
under any federal, state or local law or any ruling or regulation of any government body which the Administrator shall determine to be
necessary or advisable. To the extent the Company is unable to or the Administrator deems it infeasible to obtain authority from any regulatory
body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary or advisable for the lawful issuance
and sale of any Award Shares hereunder, the Company shall be relieved of any liability with respect to the failure to issue or sell such
Award Shares as to which such requisite authority shall not have been obtained. No Option shall be exercisable and no Award Shares shall
be issued and/or transferable under any other Stock Award unless a registration statement with respect to the Award Shares underlying
such Stock Award is effective and current or the Company has determined that such registration is unnecessary.

 

10. Use
of Proceeds.

 

Proceeds from the sale of
Award Shares shall constitute general funds of the Company and shall be used for general operating capital of the Company.

 

11. Adjustments
Upon Change in Common Stock.

 

If any change is made in the
Common Stock subject to the Plan or subject to any Stock Award without the receipt of consideration by the Company (through merger, consolidation,
reorganization, recapitalization, reclassification, stock dividend, dividend in property other than cash, stock split, reverse stock split,
liquidating dividend, exchange of shares, change in corporate structure or other distribution of the Company’s equity securities),
the Plan and all outstanding Stock Awards will be appropriately adjusted in the class and maximum number of shares subject to the Plan
and the class and number of shares and price per share of Common Stock subject to outstanding Stock Awards. Such adjustment shall be made
by the Administrator, the determination of which shall be final, binding and conclusive.

 

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12. Adjustments
Upon Change in Control.

 

(a) The
Administrator shall have the discretion to provide in each Stock Award Agreement the terms and conditions that relate to (i) vesting of
such Stock Award in the event of a Change in Control, and (ii) assumption of such Stock Award Agreements or issuance of comparable securities
under an incentive program in the event of a Change in Control. The aforementioned terms and conditions may vary in each Stock Award Agreement.

 

(b) If
the terms of an outstanding Option Agreement provide for accelerated vesting in the event of a Change in Control, or to the extent that
an Option is vested and not yet exercised, the Administrator in its discretion may provide, in connection with the Change in Control transaction,
for the purchase or exchange of each Option for an amount of cash or other property having a value equal to the difference (or “spread”)
between: (x) the value of the cash or other property that the Optionee would have received pursuant to the Change in Control transaction
in exchange for the vested Option Shares issuable upon exercise of the Option had the Option been exercised immediately prior to the Change
in Control, and (y) the aggregate exercise price of the vested Option Shares. If in such case the aggregate exercise price of the vested
Option Shares is greater than or equal to the value of the cash or other property that the Optionee would have received pursuant to the
Change in Control transaction in exchange for the vested Option Shares had the Option been exercised immediately prior to the Change in
Control, then the Option shall be cancelled and Optionee shall receive no payment for such Option Shares. Upon such purchase, exchange
or cancellation, the Option shall be terminated and Optionee shall have no further rights with respect to such Option.

 

(c) Outstanding
Options shall terminate and cease to be exercisable upon consummation of a Change in Control except to the extent that the Options are
assumed by the successor entity (or parent thereof) pursuant to the terms of the Change in Control transaction.

 

13. Acceleration
of Exercisability and Vesting.

 

The Administrator shall have
the power to accelerate the time at which any or all Stock Awards may first be exercised or the time during which any or all Stock Awards
or any part thereof will vest in accordance with the Plan, notwithstanding the provisions in any Stock Award stating the time at which
it may first be exercised or the time during which it will vest. By approval of the Plan, the Company’s stockholders consent to
any such accelerations in the Administrator’s sole discretion.

 

14. Dissolution
or Liquidation.

 

In the event of a dissolution
or liquidation of the Company, then all outstanding Stock Awards shall terminate immediately prior to such event.

 

15. Miscellaneous.

 

(a) Stockholder
Rights. Neither a Participant nor any person to whom a Stock Award is transferred shall be deemed to be the holder of, or to have
any of the rights of a holder with respect to, any Award Shares unless and until such person has satisfied all requirements for exercise
of the Stock Award pursuant to its terms and the Company has duly issued a stock certificate for such Award Shares.

 

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(b) No
Employment or Other Service Rights. Nothing in the Plan or any Stock Award Agreement shall confer upon any Participant any right
to continue to serve the Company or an Affiliate in the capacity in effect at the time the Stock Award was granted or shall affect the
right of the Company or an Affiliate to terminate (i) the employment of an Employee with or without notice and with or without Cause;
(ii) the service of a Consultant pursuant to the terms of such Consultant’s agreement with the Company or an Affiliate; or (iii)
the service of a Director pursuant to the Bylaws or Certificate of Incorporation of the Company or an Affiliate, and any applicable provisions
of the corporate law of the state in which the Company or the Affiliate is incorporated, as the case may be.

 

(c) Incentive
Stock Option $100,000 Limitation. To the extent that the aggregate Fair Market Value (determined at the time of grant) of Common
Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionee during any calendar year (under
all plans of the Company and any Affiliates) exceeds One Hundred Thousand Dollars ($100,000), the Options or portions thereof that exceed
such limit (according to the order in which they were granted) shall be treated as Nonstatutory Stock Options, notwithstanding any contrary
provision of the applicable Option Agreement(s).

 

(d) Investment
Assurances. The Company may require a Participant, as a condition of exercising an Option or otherwise acquiring Common Stock
under any Stock Award, (i) to give written assurances satisfactory to the Company as to the Participant’s knowledge and experience
in financial and business matters and/or to employ a purchaser representative reasonably satisfactory to the Company who is knowledgeable
and experienced in financial and business matters and that he or she is capable of evaluating, alone or together with the purchaser representative,
the merits and risks of exercising the Stock Award; and (ii) to give written assurances satisfactory to the Company stating that the Participant
is acquiring Common Stock subject to the Stock Award for the Participant’s own account and not with any present intention of selling
or otherwise distributing the Common Stock. The foregoing requirements, and any assurances given pursuant to such requirements, shall
be inoperative if (x) the issuance of the shares upon the exercise or acquisition of Common Stock under the Stock Award has been registered
under a then currently effective registration statement under the Securities Act; or (y) as to any particular requirement, a determination
is made by counsel for the Company that such requirement need not be met in the circumstances under the then applicable securities laws.
The Company may, upon advice of counsel to the Company, place legends on stock certificates issued under the Plan as such counsel deems
necessary or appropriate in order to comply with applicable securities laws, including, but not limited to, legends restricting the transfer
of the Common Stock.

 

(e) Withholding
Obligations. The Company may, in its sole discretion, satisfy any federal, state or local tax withholding obligation relating
to a Stock Award by any of the following means (in addition to the Company’s right to withhold from any compensation paid to the
Participant by the Company) or by a combination of such means: (i) causing the Participant to tender a cash payment; (ii) withholding
shares of Common Stock from the shares of Common Stock issued or otherwise issuable to the Participant in connection with the Stock Award,
provided that no shares of Common Stock are withheld with a value exceeding the minimum amount of tax required to be withheld by law (or
such lower amount as may be necessary to avoid classification of the Stock Award as a liability); or (iii) by such other method as may
be set forth in the Stock Award Agreement.

 

    18

     

    

 

(f) Compliance
with Section 409A of the Code. To the extent applicable, the Plan and Stock Award Agreements shall be interpreted in accordance
with Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder, including without
limitation any such regulations or other guidance that may be issued or amended after the Effective Date (as defined in Section 18 below).
Notwithstanding any provision of the Plan or Stock Award to the contrary, in the event that following the Effective Date the Administrator
determines that any Stock Award may be subject to Section 409A of the Code and related Department of Treasury guidance (including such
Department of Treasury guidance as may be issued after the Effective Date), the Administrator may adopt such amendments to the Plan and
the applicable Stock Award Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive
effect), or take any other actions, that the Administrator determines are necessary or appropriate to (i) exempt the Stock Award from
Section 409A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Stock Award; or (ii)
comply with the requirements of Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued
thereunder, including without limitation any such regulations or other guidance that may be issued or amended after the Effective Date.

 

16. Amendment
of the Plan.

 

(a) In
General. The Administrator at any time, and from time to time, may amend the Plan. However, no amendment shall be effective unless
approved by the stockholders of the Company within twelve (12) months before or after the adoption of the amendment where the amendment
will:

 

(i) Increase
the number of shares reserved for Stock Awards under the Plan, except as provided in Section 11 relating to adjustments upon changes in
Common Stock;

 

(ii) Modify
the requirements as to eligibility for participation in the Plan (to the extent such modification requires stockholder approval in order
for the Plan to satisfy the requirements of Section 422 of the Code);

 

(iii) Modify
the Plan in any other way if such modification requires stockholder approval in order for the Plan to satisfy the requirements of Section
422 of the Code; or

 

(iv) Otherwise
require the approval of stockholders under the rules of any stock exchange on which the Company's securities are listed.

 

(b) Amendment
to Maximize Benefits. It is expressly contemplated that the Administrator may amend the Plan in any respect the Administrator
deems necessary or advisable to provide Participants with the maximum benefits provided or to be provided under the provisions of the
Code and the regulations promulgated thereunder relating to Incentive Stock Options and/or to bring the Plan and/or Incentive Stock Options
granted under the Plan into compliance therewith.

 

    19

     

    

 

(c) No
Impairment. The rights and obligations under any Stock Award granted before any amendment of the Plan shall not be altered or
impaired by such amendment unless the Company requests the consent of the person to whom the Stock Award was granted and such person consents
in writing; provided, however, that notwithstanding anything to the contrary in this Section 16 or elsewhere in this Plan,
no such consent shall be required with respect to any amendment or alteration if the Administrator determines in its sole discretion that
such amendment or alteration either (i) is required or advisable in order for the Company, the Plan or the Stock Award to satisfy or conform
to any law or regulation or to meet the requirements of any accounting standard, or (ii) is not reasonably likely to significantly diminish
the benefits provided under such Award, or that any such diminishment has been adequately compensated.

 

17. Termination
or Suspension of the Plan.

 

(a) Termination
or Suspension. The Board may suspend or terminate the Plan at any time. Unless sooner terminated, the Plan shall terminate on
September 29, 2030 (which shall be within ten (10) years from the date the Plan is adopted by the Board or approved by the stockholders
of the Company, whichever is earlier), and no Stock Awards may be granted under the Plan while the Plan is suspended or after it is terminated,
but Stock Awards and Stock Award Agreements then outstanding shall continue in effect in accordance with their respective terms.

 

(b) No
Impairment. Rights and obligations under any Stock Award granted while the Plan is in effect shall not be altered or impaired
by suspension or termination of the Plan, except as otherwise provided herein or with the consent of the person to whom the Stock Award
was granted.

 

18. Effective
Date of Plan.

 

The Plan became effective
on September 30, 2020, which is the date that the Plan was originally adopted by the Board (the “Effective Date”).

 

19. Non-Exclusivity
of the Plan

 

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

 

20. Liability
of the Company.

 

The Company and the members
of the Board shall not be liable to a Participant or any other persons as to: (a) the non-issuance or non-transfer, or any delay of issuance
or transfer, of any Award Shares which results from the inability of the Company to comply with, or to obtain, or from any delay in obtaining
from any regulatory body having jurisdiction, all requisite authority to issue or transfer Award Shares if counsel for the Company deems
such authority reasonably necessary for lawful issuance or transfer of any such shares and, in furtherance thereof, appropriate legends
may be placed on the stock certificates evidencing Award Shares to reflect such transfer restrictions; and (b) any tax consequence expected,
but not realized, by any Participant or other person due to the receipt, exercise or settlement of any Option or other Stock Award granted
hereunder.

 

21. Choice
of Law.

 

The laws of the State of Delaware
shall govern all questions concerning the construction, validity and interpretation of this Plan, without regard to such state’s
conflict of laws rules.

 

    20

     

    

 

====================================================================

 

SECOND AMENDED AND RESTATED 2020 EQUITY INCENTIVE
PLAN

 

OF

 

logiq,
Inc.

 

====================================================================

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	1.	General	1
	 	 	 
	2.	Definitions	1
	 	 	 
	3.	Administration	7
	 	 	 
	4.	Shares Subject to the Plan; Overall Limitation	10
	 	 	 
	5.	Eligibility	10
	 	 	 
	6.	Option Agreement Provisions	11
	 	 	 
	7.	Provisions of Stock Awards Other Than Options	13
	 	 	 
	8.	Performance-Based Awards	15
	 	 	 
	9.	Covenants of the Company	16
	 	 	 
	10.	Use of Proceeds	16
	 	 	 
	11.	Adjustments Upon Change in Common Stock	16
	 	 	 
	12.	Adjustments Upon Change in Control	17
	 	 	 
	13.	Acceleration of Exercisability and Vesting	17
	 	 	 
	14.	Dissolution or Liquidation	17
	 	 	 
	15.	Miscellaneous	17
	 	 	 
	16.	Amendment of the Plan	19
	 	 	 
	17.	Termination or Suspension of the Plan	20
	 	 	 
	18.	Effective Date of Plan	20
	 	 	 
	19.	Non-Exclusivity of the Plan	20
	 	 	 
	20.	Liability of the Company	20
	 	 	 
	21.	Choice of Law	20

 

     

     

    

 

Logiq,
inc.

stock option grant notice

Second Amended and Restated 2020 equity incentive plan

 

FOR GOOD AND VALUABLE CONSIDERATION, Logiq, Inc.,
a Delaware corporation (the “Company”), hereby grants to the Optionee named below, a stock option (the “Option”)
to purchase any part or all of the specified number of shares of its Common Stock (“Option Shares”), upon the terms
and subject to the conditions set forth in this Stock Option Grant Notice (the “Grant Notice”), at the specified purchase
price per share without commission or other charge. The Option is granted pursuant to the Company’s Second Amended and Restated
2020 Equity Incentive Plan (the “Plan”), attached hereto, and the Stock Option Agreement (the “Option Agreement”),
attached hereto and promulgated under the Plan and in effect as of the date of this Grant Notice.

 

	 	Optionee:	 
	 	Date of Grant:	 
	 	Vesting Commencement Date:	 
	 	Number of Option Shares:	 
	 	Exercise Price (Per Share):	 
	 	Total Exercise Price:	 
	 	Expiration Date:	Ten years after Date of Grant*

 

	1.	Type of Grant:	☐  Incentive Stock Option1	☐  Nonstatutory Stock Option
	 	 	 	 
	2.	Exercise Schedule:	☒  Same as Vesting Schedule	☐  Early Exercise Permitted

 

3. Vesting Schedule: Except as
otherwise herein provided or as set forth in the Option Agreement, the number of Option Shares that are vested (disregarding any
resulting fractional share) as of any date shall be determined as follows: (i) no Option Shares will be vested prior to the Vesting
Commencement Date; (ii) twenty-five percent (25%) of the Option Shares will be vested and exercisable upon the one (1) year
anniversary of the Vesting Commencement Date; and (iii) the remaining Option Shares will vest and become exercisable in a series of
thirty-six (36) successive equal monthly installments, rounded downward to the nearest whole share, measured from the first
(1st) anniversary of the Vesting Commencement Date, such that 100% of the Option Shares will be vested and exercisable
upon the fourth (4th) anniversary of the Vesting Commencement Date; provided, however, that there has not been a
Termination of Service (as defined in the Plan), as of each such date. In no event will the Option become exercisable for any
additional Option Shares after a Termination of Service.

 

4. Payment: By one or a
combination of the following items (described in the Plan):

 

		☒	By cash or check

 

		☐	By net exercise, if the Company has established procedures
for net exercise

 

5. Additional
Terms/Acknowledgements: The undersigned Optionee acknowledges receipt of, and understands and agrees to, this Grant Notice, the Option
Agreement, and the Plan. Further, by their signatures below, the Company and the Optionee agree that the Option is governed by this Grant
Notice and by the provisions of the Plan and Option Agreement, both of which are attached to and made a part of this Grant Notice. Optionee
acknowledges receipt of copies of the Plan and the Option Agreement, represents that the Optionee has read and is familiar with their
provisions, and hereby accepts the Option subject to all of their terms and conditions. Optionee further acknowledges that, as of the
Date of Grant, this Grant Notice, the Option Agreement and the Plan set forth the entire understanding between Optionee and the Company
regarding the acquisition of stock in the Company and supersede all prior oral and written agreements on that subject, with the exception
of options previously granted under the Plan.

 

 

 

		1	If this is an Incentive Stock Option, it (plus other outstanding
Incentive Stock Options) cannot be first exercisable for more than $100,000 in value (measured by exercise price) in any calendar
year. Any excess over $100,000 is a Nonstatutory Stock Option.

 

     

     

    

 

The Exercise Price (Per Share) has been set at
either (i) if the Common Stock is then listed or admitted to trading on a national stock exchange, (x) the five-day volume weighted average
trading price, calculated by dividing the total value by the total volume of securities traded on a national stock exchange for the relevant
period, or (y) the closing price of the Common Stock on a national stock exchange on the previous trading day prior to the date of grant
of the award; or (ii) if the Common Stock is not then listed or admitted to trading on a national stock exchange, a price determined by
the Administrator in good faith using any reasonable method of valuation. The Exercise Price is based on what the Company regards as good
faith compliance with the applicable guidance issued by the Internal Revenue Service (“IRS”) under Section 409A of
the Code (“Section 409A”) in order to avoid the Option being treated as deferred compensation under Section 409A. However,
the Company can give no assurance that the IRS will agree that the Exercise Price Per Share is at least one hundred percent (100%) of
the fair market value of the Common Stock on the Date of Grant. Accordingly, by signing below, Optionee agrees and acknowledges that the
Company and each of its officers, employees, directors and shareholders shall not be liable to Optionee or any other person for any applicable
taxes, interest, penalties or other costs associated with the Option if the IRS were to determine that the Option constitutes deferred
compensation under Section 409A. The undersigned Optionee should consult with his or her own tax advisor concerning the tax consequences
of the Option as deferred compensation under Section 409A.

 

*Optionee understands and acknowledges that:
(i) the vesting of the Option Shares will terminate upon a Termination of Service (as defined in the Plan) to the Company; (ii) the Option
may generally only be exercisable for a short period of time following a Termination of Service, and will thereafter terminate; and (iii)
the Option Shares are subject to a Right of Repurchase and a Right of First Refusal in favor of the Company as set forth in the Option
Agreement.

 

	Logiq, inc.	 	Optionee:
	 	 	 
	By: 	 	 	 
	Signature	 	Signature
	Title:	 	 	Date: 	 
	Date: 	 	 	 
	 	 	 

 

	Attachments: 	(I) Option Agreement
	 	(II) Second Amended and Restated 2020 Equity Incentive Plan
	 	(III) Notice of Exercise

 

     

     

    

 

Attachment I

 

Option
Agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    2

     

    

 

Attachment II

 

Second
Amended and Restated 2020 Equity Incentive Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    3

     

    

 

Attachment III

 

Notice
Of Exercise

 

Logiq, Inc.

85 Broad Street, 16-079

New York, NY 10004

 

Date of Exercise: _______________

 

Ladies and Gentlemen:

 

This constitutes notice under
my Option that I elect to purchase the number of shares for the price set forth below.

 

	 	Type of option (check one):	Incentive   ̈	Nonstatutory   ̈
	 	 	 	 
	 	Date of grant:	_______________	_______________
	 	 	 	 
	 	Number of shares as to which option is exercised:	_______________	_______________
	 	 	 	 
	 	Certificates to be issued in name of:	_______________	_______________
	 	 	 	 
	 	Total exercise price:	$______________	$______________
	 	 	 	 
	 	Cash or check payment delivered herewith:	$______________	$______________

 

By this exercise, I agree
(i) to provide such additional documents as you may require pursuant to the terms of the Logiq, Inc. Second Amended and Restated 2020
Equity Incentive Plan, (ii) to provide for the payment by me to you (in the manner designated by you) of your withholding obligation,
if any, relating to the exercise of this Option, and (iii) if this exercise relates to an incentive stock option, to notify you in writing
within fifteen (15) days after the date of any disposition of any of the shares of Common Stock issued upon exercise of this Option that
occurs within two (2) years after the date of grant of this Option or within one (1) year after such shares of Common Stock are issued
upon exercise of this Option.

 

I hereby make the following
certifications and representations with respect to the number of shares of Common Stock of the Company listed above (the “Shares”),
which are being acquired by me for my own account upon exercise of the Option as set forth above:

 

I acknowledge that the Shares
have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and are deemed to constitute
“restricted securities” under Rule 701 and Rule 144 promulgated under the Securities Act. I warrant and represent to the Company
that I have no present intention of distributing or selling said Shares, except as permitted under the Option Agreement (as defined in
the Grant Notice executed by me), Securities Act and any applicable state securities laws.

 

    4

     

    

 

I further acknowledge that
I will not be able to resell the Shares except as otherwise permitted in the Option Agreement, and for at least ninety days (90) after
the stock of the Company becomes publicly traded (i.e., subject to the reporting requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934) under Rule 701 and that more restrictive conditions apply to affiliates of the Company under Rule 144.

 

I further acknowledge that
all certificates representing any of the Shares subject to the provisions of the Option shall have endorsed thereon appropriate legends
reflecting the foregoing limitations, as well as any legends reflecting restrictions pursuant to the Option Agreement, the Company’s
Certificate of Incorporation, Bylaws and/or applicable securities laws.

 

I further agree that, if required
by the Company (or a representative of the underwriters) in connection with the first underwritten registration of the offering of any
securities of the Company under the Securities Act, I will not sell, dispose of, transfer, make any short sale of, grant any option for
the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any shares of Common Stock
or other securities of the Company for a period of one hundred eighty (180) days following the effective date of a registration statement
of the Company filed under the Securities Act or such longer period as necessary to permit compliance the FINRA Rule of Conduct or Rule
472(f)(4) of the New York Stock Exchange, as amended, or any similar or successor regulatory rules and regulations. I further agree to
execute and deliver such other agreements as may be reasonably requested by the Company and/or the underwriter(s) that are consistent
with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose
stop-transfer instructions with respect to securities subject to the foregoing restrictions until the end of such period.

 

	 	Very truly yours,
	 	 
	 	 

 

    5

     

    

 

Stock
Option Agreement

 

(Incentive Stock Option or Nonstatutory Stock Option)

 

Logiq,
inc. Second Amended and Restated 2020 equity incentive plan 

 

Effective as of October [   ],
2021

 

Pursuant to the Stock Option
Grant Notice (“Grant Notice”) and this Stock Option Agreement (“Option Agreement”), Logiq, Inc.,
a Delaware corporation (the “Company”), has granted to Optionee an option under its Second Amended and Restated 2020
Equity Incentive Plan (the “Plan”), to purchase the number of shares of the Company’s Common Stock indicated
in Optionee’s Grant Notice, at the exercise price indicated in such Grant Notice. This Option Agreement is incorporated by reference
into and made a part of the Grant Notice. Whenever capitalized terms are used in this Option Agreement, they shall have the meaning specified
(i) in the Plan, (ii) in the relevant Grant Notice, or (iii) below, unless the context clearly indicates to the contrary.

 

The details of the Option
granted to Optionee are as follows:

 

1.
Term of Option. Subject to the maximum time
limitations in Sections 5(b) and 6(a) of the Plan, the term of the Option shall be the period commencing on the Date of Grant and ending
on the Expiration Date (as defined in the Grant Notice), unless terminated earlier as provided herein or in the Plan.

 

2.
Exercise Price. The Exercise Price of the
Option granted hereby shall be as provided in the Grant Notice.

 

3.
Exercise of Option.

 

(a)
The Grant Notice sets forth the rate at which the Option Shares shall become subject to purchase
(“vest”) by Optionee.

 

(b)
In the event of a Change in Control of the Company, except as otherwise may be provided in the Plan
or Grant Notice, the vesting of the Option shall not accelerate, and the Option shall terminate if not exercised (to the extent
then vested and exercisable) at or prior to such Change in Control.

 

(c)
Optionee shall exercise the Option, to the extent exercisable, in whole or in part, by sending written
notice to the Company on a Notice of Exercise in the form attached to the Grant Notice of his or her intention to purchase Option Shares
hereunder, together with a check in the amount of the full purchase price of the Option Shares to be purchased, or such other form of
payment as permitted by the Grant Notice. Except as otherwise consented to by the Company, Optionee shall not exercise the Option at any
one time with respect to less than five percent (5%) of the total Option Shares set forth in the Grant Notice unless Optionee exercises
all of the Option then vested and exercisable.

 

(d)
If the Option is an Incentive Stock Option, by Optionee’s exercise of the Option, Optionee
agrees that he or she will notify the Company in writing within fifteen (15) days after the date of any disposition of any of the shares
of the Common Stock issued upon exercise of the Option that occurs within two (2) years after the date of the Date of Grant or within
one (1) year after such shares of Common Stock are transferred upon exercise of the Option.

 

     

     

    

 

(e)
Optionee agrees to complete and execute any additional documents which the Company reasonably requests
that Optionee complete in order to comply with applicable federal, state and local securities laws, rules and regulations.

 

(f)
Subject to the Company’s compliance with all applicable laws, rules and regulations relating
to the issuance of such Option Shares and Optionee’s compliance with all the terms and conditions of the Grant Notice, this Option
Agreement, and the Plan, the Company shall promptly deliver the Option Shares to Optionee.

 

(g)
Except as otherwise provided herein or in the Plan, the Option may be exercised during the lifetime
of Optionee only by Optionee.

 

(h)
In the event that Optionee is an Employee eligible for overtime compensation under the Fair Labor
Standards Act of 1938, as amended (i.e., a “Non-Exempt Employee”), Optionee may not exercise his or her Option
until the later date (i) that he or she shall have completed at least six (6) months of service to the Company measured from the Date
of Grant specified in Optionee’s Grant Notice, or (ii) the date set forth in the Grant Notice. 

 

4.
Exercise Prior to Vesting (“Early Exercise”).
If expressly permitted by the Grant Notice and subject to the provisions of this Option Agreement, Optionee may, at any time that is both
(i) prior to a Termination of Service; and (ii) prior to the Expiration Date, elect to exercise all or part of the Option, including the
nonvested portion of the Option; provided, however, that:

 

(a)
a partial exercise of the Option shall be deemed to cover first any vested Option Shares and then
the earliest vesting installment(s) of unvested Option Shares;

 

(b)
any Option Shares so purchased from installments which have not vested as of the date of exercise
shall be subject to a purchase option in favor of the Company, pursuant to an Early Exercise Stock Purchase Agreement in form satisfactory
to the Company;

 

(c)
Optionee shall enter into the Early Exercise Stock Purchase Agreement with a vesting schedule that
will result in the same vesting as if no early exercise had occurred; and

 

(d)
as provided in the Plan, if the Option is an Incentive Stock Option, to the extent that the aggregate
Fair Market Value (determined at the time of grant) of Common Stock with respect to which the Option plus all other Incentive Stock Options
held by Optionee are exercisable for the first time during any calendar year (under all plans of the Company and its Affiliates) exceeds
One Hundred Thousand Dollars ($100,000), the Options or portions thereof that exceed such limit (according to the order in which they
were granted) shall be treated as Nonstatutory Stock Options.

 

5.
Option Not Transferable. The Option granted
hereunder shall not be transferable in any manner. More particularly (but without limiting the foregoing), the Option may not be assigned,
transferred (except as expressly provided in the Plan), pledged or hypothecated in any way, shall not be assignable by operation of law
and shall not be subject to execution, attachment or similar process. Any attempted assignment, transfer, pledge, hypothecation or other
disposition of the Option contrary to the provisions hereof, or the levy of any execution, attachment or similar process upon the Option,
shall be null and void and without effect.

 

    2

     

    

 

6.
Termination of Option.

 

(a)
To the extent not previously exercised, the Option shall terminate on the Expiration Date; provided,
however, that except as otherwise provided in this Section 6, the Option may not be exercised more than sixty (60) days after the
Termination of Service of Optionee for any reason (other than for Cause, as defined in the Plan, or upon Optionee’s death or Disability).
Within such sixty (60)-day period, except as may otherwise be specifically provided in this Option Agreement or any other agreement
between Optionee and the Company which has been approved by the Board, Optionee may exercise the Option only to the extent the same was
exercisable on the date of such termination and said right to exercise shall terminate at the end of such period.

 

(b)
In the event of the Termination of Service of Optionee as a result of Optionee’s Disability,
the Option shall be exercisable for a period of six (6) months from the date of such termination, but in no event later than the Expiration
Date and only to the extent that the Option was exercisable on the date of such termination.

 

(c)
In the event of the Termination of Service of Optionee as a result of Optionee’s death, the
Option shall be exercisable by Optionee’s estate (or by the person who acquires the right to exercise the Option by will or by the
laws of descent and distribution) for a period of twelve (12) months from the date of such termination, but in no event later than the
Expiration Date and only to the extent that Optionee was entitled to exercise the Option on the date of death.

 

(d)
In the event of the Termination of Service of Optionee for Cause (as defined below), unless otherwise
determined by the Board, (A) the Option shall expire as of the date of the first occurrence giving rise to such termination or upon the
Expiration Date, whichever is earlier; (B) Optionee shall have no rights with respect to any unexercised portion of the Option; and (C)
any Option Shares issued in respect of the exercise of the Option on or after the date of the first act and/or event constituting Cause
shall have occurred shall be deemed to have been issued in respect of an expired option, and shall thereupon be deemed null and void
ab initio, and Optionee shall have no claims to, or rights in, any such Option Shares. “Cause” means with respect to Optionee,
the occurrence of any of the following events, as reasonably determined by the Board in each case: (i) Optionee’s commission of
any felony or any crime involving fraud, dishonesty or moral turpitude under the laws of the United States or any state thereof; (ii)
Optionee’s commission, or attempted commission, of, or participation in, a fraud or act of dishonesty against the Company or any
Affiliate, or any of their respective employees, officers or directors; (iii) Optionee’s intentional, material violation of any
contract or agreement between the Optionee and the Company or any Affiliate or of any statutory duty owed to the Company or any Affiliate;
(iv) Optionee’s unauthorized use or disclosure of the Company’s or an Affiliate’s material confidential information
or trade secrets; (v) Optionee’s gross misconduct in connection with Optionee’s service to the Company or an Affiliate; or
(vi) Optionee’s failure to promptly return all documents and other tangible items belonging to the Company or its Affiliates in
the Participant’s possession or control, including all complete or partial copies, recordings, abstracts, notes or reproductions
of any kind made from or about such documents or information contained therein, upon a Termination of Service for any reason. “Cause”
shall not require that a civil judgment or criminal conviction have been entered against, or guilty plea shall have been made by, Optionee
regarding any of the matters referred to in clauses (i) through (vi). Accordingly, the Board shall be entitled to determine “Cause”
based on its good faith belief. If the Optionee is criminally charged with a felony or similar offense, that shall be a sufficient, but
not a necessary, basis for such a belief. Unless otherwise specifically provided in the Grant Notice, the foregoing definition of “Cause”
shall apply for all purposes relating to the Option, notwithstanding any employment or other agreement by and between Optionee and the
Company or any Affiliate thereof that defines a termination on account of “Cause” (or a term having similar meaning). Any
determination by the Board that an Optionee’s Termination of Service is for Cause may be made following a Termination of Service
and shall be communicated by written notice to Optionee within 30 days after a Termination of Service; provided, however, that
after such 30-day period, the Board may make a determination that a Termination of Service is for “Cause” based upon clear
and convincing evidence subsequently received by the Board, that an event or events constituting Cause have occurred on or prior the date
of the Termination of Service and, in such event, any Option Shares issued in respect of the exercise of the Option on or after the date
that the first act and/or event constituting Cause shall have occurred, shall be deemed to have been issued in respect of an expired option
and shall thereupon be deemed null and void ab initio, and Optionee shall have no claims to, or rights in, any such Option Shares.

 

    3

     

    

 

(e)
Notwithstanding the foregoing, the Option is subject to earlier termination upon a Change in Control,
as provided in Section 3(b) above and in Section 11 of the Plan, or upon the dissolution of the Company. If the Option will terminate
in connection with a Change in Control, the Company shall provide written notice to Optionee of a proposed transaction constituting a
Change in Control, not less than ten (10) days prior to the anticipated effective date of the proposed transaction.

 

(f)
Notwithstanding anything herein to the contrary, no portion of any Option which is not exercisable
by Optionee upon the Termination of Service of such Optionee shall thereafter become exercisable, regardless of the reason for such termination,
except as may otherwise be specifically provided in this Option Agreement or any other agreement between Optionee and the Company which
has been approved by the Board.

 

7.
No Right to Continued Service. The Option
does not confer upon Optionee any right to continue as an Employee or Director of, or Consultant to, the Company or an Affiliate, nor
does it limit in any way the right of the Company or an Affiliate to terminate Optionee’s employment or other relationship with
the Company or an Affiliate, at any time, with or without Cause.

 

8.
Right of Repurchase of Option Shares.

 

(a)
In furtherance of, and not in limitation of Section 5, the Option Shares issued pursuant to the Option
shall be subject to a right, but not an obligation, of repurchase by the Company and/or its assignee(s) (the “Right of Repurchase”),
at the price determined under Section 8(b) below, if prior to the termination of the Right of Repurchase as provided in Section 9(d)
below, a Termination of Service occurs for any reason, including as a result of Optionee’s death or Disability. Option Shares issued
by the Company shall not be transferable by Optionee during the period during which the Right of Repurchase applies, and the Company may
take such steps as it deems necessary to ensure compliance with this restriction.

 

(b)
The price per share at which the Company may exercise the Right of Repurchase (the “Repurchase
Price”) shall be the Fair Market Value of an Option Share on the date the Company exercises its Right of Repurchase, except
as otherwise provided in an Early Exercise Stock Purchase Agreement referred to in Section 4.

 

    4

     

    

 

(c)
The Company’s Right of Repurchase shall terminate if not exercised by written notice from the
Company to Optionee within ninety (90) days after the Termination of Service (or within 90 days after the date of exercise in the case
of Option Shares purchased after the Termination of Service). If the Company exercises its Right of Repurchase, it shall give notice thereof
to Optionee within such ninety (90)-day period, and, upon receipt of such notice, Optionee shall immediately endorse and deliver to the
Company the stock certificate(s) representing the Option Shares being repurchased, and the Company shall then promptly pay, pursuant to
the provisions of Section 8(d) below, the total Repurchase Price to Optionee. If the Company exercises its Right of Repurchase, it may
exercise its right with respect to all or part of such Option Shares.

 

(d)
The Repurchase Price shall be paid first by cancellation of any obligation for accrued but unpaid
interest outstanding under notes issued by Optionee upon purchase of the Option Shares (if any), next by cancellation of principal outstanding
under such notes (if any), and finally by payment in cash of the balance due.

 

(e)
In the event the Company does not elect to exercise its Right of Repurchase within the ninety (90)-day
period, the Option Shares shall no longer be subject to repurchase by the Company pursuant to this Section 8.

 

9.   Other Provisions Regarding Transfer.

 

(a)
Optionee, as a condition for accepting any Option Shares, shall not sell, transfer or pledge any
Option Shares subject to the Right of Repurchase described in Section 8 hereof, and any such sale, transfer or pledge of the Option
Shares in violation of this Agreement shall be void. The Company shall not be required (i) to transfer on its books any Option Shares
which shall have been sold or transferred in violation of any of the provisions set forth in this Option Agreement or (ii) to treat as
the owner of such Option Shares or accord the right to vote or pay dividends to any transferee to whom such Option Shares shall have been
so transferred.

 

(b)
Optionee hereby grants to the Company a security interest in the Option Shares for the purpose of
ensuring that a transfer in violation of the restrictions set forth in Sections 8 and 9 of this Agreement does not occur. In furtherance
of such security interest, the Company may, at its option, retain the certificate(s) evidencing the Option Shares, together with stock
assignments executed in blank by Optionee, until such transfer restrictions terminate in accordance with Section 9(d). Optionee hereby
grants to any officer(s) of the Company the power of attorney to cause the Option Shares to be transferred on the books of the Company
in the event the Company and/or its assignees repurchase some or all of the Option Shares in accordance with this Option Agreement.

 

    5

     

    

 

(c)
Notwithstanding anything herein contained to the contrary, for so long as the Company shall have
elected to be treated as a subchapter S corporation pursuant to the Code, no Optionee shall transfer any Option or any Option Shares to
any person or entity or in any manner which would cause the S election theretofore made by Company to be terminated or revoked. Any such
transfer or attempted transfer shall be void ab initio.

 

(d)
The transfer restrictions provided in Sections 8 and 9 hereof may be terminated on such conditions
as the Board may determine in its sole discretion.

 

10.
Notice of Tax Election. If Optionee makes
any tax election relating to the treatment of the Option Shares under the Internal Revenue Code of 1986, as amended, Optionee shall promptly
notify the Company of such election.

 

11.
Market Stand-Off.

 

(a)
By Optionee exercising his or her Option, Optionee agrees not to sell, dispose of, transfer, make
any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect
as a sale, any shares of Common Stock or other securities of the Company held by Optionee, for a period of one hundred eighty (180) days
following the effective date of a registration statement of the Company filed under the Securities Act or such longer period as necessary
to permit compliance with the FINRA Rule of Conduct or Rule 472(f)(4) of the New York Stock Exchange, as amended, and similar or successor
regulatory rules and regulations (the “Lock-Up Period”); provided, however, that nothing contained in this section
shall prevent the exercise of a repurchase option, if any, in favor of the Company during the Lock-Up Period. Optionee further agrees
to execute and deliver such other agreements as may be reasonably requested by the Company and/or the underwriter(s) that are consistent
with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose
stop-transfer instructions with respect to Optionee’s shares of Common Stock until the end of such period. The underwriters of the
Company’s stock are intended third party beneficiaries of this Section 12(a) and shall have the right, power and authority to enforce
the provisions hereof as though they were a party hereto.

 

(b)
In order to enforce the provisions of this Section 11, the Company may impose stop-transfer instructions
with respect to the Option Shares until the end of the applicable Lock-Up Period.

 

12.
Acknowledgments of Optionee. Optionee acknowledges
and agrees that:

 

(a)
Although the Company has made a good faith attempt to qualify the Option as an incentive stock option
within the meaning of Sections 421, 422 and 424 of the Code (if the Grant Notice provides that the Option is an Incentive Stock Option),
the Company does not warrant that the Option granted herein constitutes an “incentive stock option” within the meaning of
such sections, or that the transfer of Option Shares will be treated for federal income tax purposes as specified in Section 421 of the
Code.

 

(b)
In the event the Option is not an incentive stock option within the meaning of Sections 421, 422
and 424 of the Code (whether or not the Grant Notice provides that the Option is an Incentive Stock Option) and it is determined that
the per share Exercise Price of the Option (as set forth in the Notice of Grant of Option) is less than the fair market value of a share
of the Company’s Common Stock as of the date of grant of the Option, Optionee could have deferred compensation pursuant to Section
409A of the Code in an amount equal to the difference between the fair market value of a share of the Company's Common Stock as of the
date that the Option vests and the per share Exercise Price multiplied by the number of Option Shares then vesting (the “spread”).
As a result, because the Option likely will not be compliant with the rules in respect of deferred compensation under Section 409A, Optionee
could have taxable income (taxed at ordinary income tax rates) in an amount equal to the spread on each vesting date. Optionee would also
incur a tax equal to 20% of the spread (and to the extent that Optionee is a California resident, Optionee could incur an additional tax
equal to 20% of the spread). The Company does not warrant that the Exercise Price of the Option is equal to or greater than the fair market
value of the Common Stock as of the date of grant. Because the issues relating to Section 409A are complex, the Company recommends that
Optionee consult with his or her tax advisors as to the possible tax consequences arising from the grant of the Option.

 

    6

     

    

 

(c)
Optionee shall notify the Company in writing within fifteen (15) days of each disposition (including
a sale, exchange, gift or a transfer of legal title) of the Option Shares made within three years after the issuance of such Option Shares.

 

(d)
If the Grant Notice provides that the Option is an Incentive Stock Option, Optionee understands that
if, among other things, he or she disposes of any Option Shares granted within two years of the granting of the Option to him or her or
within one year of the issuance of such shares to him or her, then such Option Shares will not qualify for the beneficial treatment which
Optionee might otherwise receive under Sections 421 and 422 of the Code.

 

(e)
Optionee shall have no rights as a shareholder with respect to any Option Shares until the date of
the issuance of a stock certificate evidencing such Option Shares. No adjustment shall be made for dividends (ordinary or extraordinary,
whether in cash, securities or other property) or distributions or other rights for which the record date is prior to the date such stock
certificate is issued, except as provided in Section 11 of the Plan.

 

(f)
All certificates representing the Option Shares shall have endorsed thereon the following legends,
the provisions of which are hereby incorporated into this Option Agreement by this reference, and such other legends as the Company deems
necessary or appropriate:

 

THE SHARES EVIDENCED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS
OF ANY STATE AND HAVE BEEN ISSUED AND SOLD PURSUANT TO AN EXEMPTION FROM THE ACT AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED
BY THE HOLDERS THEREOF AT ANY TIME EXCEPT (1) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT FILED UNDER THE ACT COVERING THE SECURITIES,
OR (2) IF, IN THE REASONABLE OPINION OF COUNSEL TO THE CORPORATION, SUCH SHARES MAY BE TRANSFERRED WITHOUT SUCH REGISTRATION.

 

IN ADDITION, THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A RIGHT OF REPURCHASE AND RIGHT OF FIRST REFUSAL OPTION IN FAVOR OF THE CORPORATION,
AND THE SALE, TRANSFER OR HYPOTHECATION OF THE SECURITIES REPRESENTED HEREBY IS RESTRICTED BY THE PROVISIONS OF A STOCK OPTION AGREEMENT
ENTERED INTO BY THE CORPORATION AND THIS STOCKHOLDER, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THE CORPORATION AND ALL OF
THE PROVISIONS OF WHICH ARE INCORPORATED HEREIN.

 

    7

     

    

 

13.
Investment Representations. As an inducement
to the Company to grant the Option and issue the Option Shares to Optionee, Optionee hereby makes the following representations and warranties,
and authorizes the Company to rely upon the same:

 

(a)
Optionee will acquire the Option Shares for investment for his or her own account, not for resale,
without any intention of or view toward or for participating, directly or indirectly, in a distribution of the Option Shares or any portion
thereof.

 

(b)
Optionee understands that an investment in the Company is speculative, that any possible profits
therefrom are uncertain, and that he or she must bear the economic risks of the investment in the Company for an indefinite period of
time.

 

(c)
Optionee understands that the Option Shares have not been registered under the Securities Act in
reliance on the exemption provided by Rule 701 promulgated thereunder for compensatory benefit plans; and that the Option Shares have
not been registered or qualified under the “blue sky” laws of any state.

 

(d)
Optionee understands that the Option Shares may have to be held indefinitely unless they are subsequently
registered under the Securities Act and qualified or registered under other applicable securities laws, rules and regulations, which is
unlikely, or unless an exemption from such qualification or registration is available.

 

(e)
Optionee understands and agrees that (i) the legends set forth in Section 12(f) hereof will be placed
on the certificate(s) evidencing the Option Shares; (ii) the stock records of the Company will be noted with respect to such restrictions;
(iii) the Company will not be under any obligation to register the Option Shares or to comply with any exemption available for sale of
the Option Shares without registration; and (iv) the information or conditions necessary to permit routine sales of securities of the
Company under Rule 144 of the Securities Act are not now available and it is not likely that they will become available in the foreseeable
future.

 

(f)
Optionee is a bona fide resident and domiciliary of, not a temporary transient resident of, and has
his or her principal residence in, the state or other jurisdiction set forth under Optionee’s signature in the Grant Notice, and
Optionee does not have any present intention of moving his or her principal residence from such state or jurisdiction.

 

14.
Withholding Obligations. Whenever Option Shares
are to be issued under the Option Agreement, the Company shall have the right to require Optionee to remit to the Company an amount sufficient
to satisfy federal, state and local withholding tax requirements prior to issuance and/or delivery of any certificate or certificates
for such Option Shares.

 

15.
No Obligation to Notify. The Company shall
have no duty or obligation to Optionee to advise Optionee as to the time or manner of exercising the Option. Furthermore, except as specifically
set forth herein or in the Plan, the Company shall have no duty or obligation to warn or otherwise advise Optionee of a pending termination
or expiration of the Option or a possible period in which the Option may not be exercised. The Company has no duty or obligation to minimize
the tax consequences of the Option granted to Optionee.

 

    8

     

    

 

16.
Miscellaneous.

 

(a)
This Option Agreement shall bind and inure to the benefit of the parties’ heirs, legal representatives,
successors and permitted assigns.

 

(b)
This Option Agreement, the Grant Notice and the Plan, constitute the entire agreement between the
parties pertaining to the subject matter contained herein and they supersede all prior and contemporaneous agreements, representations
and understandings of the parties. No supplement, modification or amendment of this Option Agreement shall be binding unless executed
in writing by all of the parties. No waiver of any of the provisions of this Option Agreement shall be deemed or shall constitute a waiver
of any other provisions, whether or not similar, nor shall any waiver constitute a continuing waiver. No waiver shall be binding unless
executed in writing by the party making the waiver. In the event there exists any conflict or discrepancy between any of the terms in
the Plan and this Option Agreement, the terms of the Plan shall be controlling. A copy of the Plan has been delivered to Optionee and
also may be inspected by Optionee at the principal office of the Company.

 

(c)
Should any portion of the Plan, the Grant Notice or this Option Agreement be declared invalid and
unenforceable, then such portion shall be deemed to be severable from this Option Agreement and shall not affect the remainder hereof.

 

(d)
All notices required or permitted hereunder shall be in writing and shall be deemed effectively given:
(i) upon personal delivery to the party to be notified; (ii) three (3) days after having been sent by registered or certified mail, return
receipt requested, postage prepaid; or (iii) one (1) day after deposit with a nationally recognized overnight courier, specifying next
day delivery, with written verification of receipt. All communications shall be sent to the Company at its principal executive office,
and to Optionee at the address set forth in the Option Agreement, or at such other address as the Company or Optionee may designate by
ten (10) days advance written notice to the other party hereto.

 

(e)
Any dispute or claim concerning the Option Agreement or the Plan or any disputes or claims relating
to or arising out of the Option Agreement or the Plan shall be fully, finally and exclusively resolved by binding and confidential arbitration
conducted pursuant to the rules of Judicial Arbitration and Mediation Services, Inc. in the county encompassing the Company’s principal
place of business pursuant, to its employment arbitration rules and procedures (attached hereto in their current form as Annex A),
as may be updated, amended or modified form time to time (with such updated, amended or modified rules available at http://www.jamsadr.com/rules-employment-arbitration/).
In addition to any other relief, the arbitrator may award to the prevailing party recovery of its attorneys’ fees and costs. By
executing the Option Agreement, the Company and Optionee waive their respective rights to have any such disputes or claims tried by a
judge or jury.

 

(f)
This Option Agreement shall be construed according to the internal laws of the State of Delaware.

 

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    9

     

    

 

ANNEX
A

 

JAMS RULES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    10

     

    

 

LOGIQ, INC.

SECOND AMENDED AND RESTATED 2020 EQUITY INCENTIVE PLAN

RESTRICTED STOCK UNIT AGREEMENT

 

NOTICE OF RESTRICTED STOCK
UNIT GRANT

 

Unless otherwise defined herein,
the terms defined in the Logiq, Inc. Second Amended and Restated 2020 Equity Incentive Plan (the “Plan”) will have the same
defined meanings in this Restricted Stock Unit Agreement, which includes the Notice of Restricted Stock Unit Grant (the “Notice
of Grant”)(all together, the “Award Agreement”).

 

Participant:

 

Address:

 

The undersigned Participant
has been granted the right to receive an Award of Restricted Stock Units, subject to the terms and conditions of the Plan and this Award
Agreement, as follows:

 

	 	Date of Grant:	 
	 	 	 
	 	Vesting Commencement Date:	 
	 	 	 
	 	Number of Restricted Stock Units:	 

 

Vesting Schedule:

 

Subject to any acceleration
provisions contained in the Plan or set forth below, the Restricted Stock Units will vest in accordance with the following schedule:

 

Twenty-five percent (25%)
of the Restricted Stock Units will vest on the one (1)-year anniversary of the Vesting Commencement Date, and one sixteenth (1/16th) of
the Restricted Stock Units will vest on each Quarterly Vesting Date (as defined below) thereafter, subject to Participant continuing to
be a Service Provider through each such date.

 

A “Quarterly Vesting
Date” is the first trading day on or after each of February 15, May 15, August 15, and November 15.

 

In the event Participant ceases
to be a Service Provider for any or no reason before Participant vests in the Restricted Stock Units, the Restricted Stock Units and Participant’s
right to acquire any Shares hereunder will immediately terminate.

 

     

     

    

 

By Participant’s signature
and the signature of the representative of Logiq, Inc. (the “Company”) below, Participant and the Company agree that this
Award of Restricted Stock Units is granted under and governed by the terms and conditions of the Plan and this Award Agreement, all of
which are made a part of this document. Participant acknowledges receipt of a copy of the Plan. Participant has reviewed the Plan and
this Award Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Award Agreement,
and fully understands all provisions of the Plan and this Award Agreement. Participant hereby agrees to accept as binding, conclusive,
and final all decisions or interpretations of the Administrator upon any questions relating to the Plan and the Award Agreement. Participant
further agrees to notify the Company upon any change in the residence address indicated below.

 

	PARTICIPANT:	 	LOGIQ, INC.:
	 	 	 
	 	 	 
	Signature	 	Signature
	 	 	 
	 	 	 
	Print Name	 	Print Name
	 	 	 
	Address:	 	 
	 	 	Title

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