Document:

Exhibit 4.2

 

RAFAEL HOLDINGS, INC. 2021 EQUITY INCENTIVE
PLAN

 

FORM OF NOTICE OF GRANT OF STOCK OPTION AWARD

 

Rafael
Holdings, Inc., a Delaware corporation (the “Company”), pursuant to its 2021 Equity Incentive Plan (the “Plan”),
hereby grants to the individual listed below (the “Participant”) an option to purchase the number of Shares set
forth below (the “Option”). The Option described in this Notice of Grant of Stock Option Award (the “Notice”)
is subject to the terms and conditions set forth in the Award Agreement attached hereto as Exhibit A (the “Agreement”)
and the Plan, each of which is incorporated herein by reference. Unless otherwise defined herein, capitalized terms used in this Notice
and the Agreement will have the meanings defined in the Plan.

 

	Participant:	 
	Grant Date:	 
	Exercise Price Per Share:	$
	Total Number of Shares Subject to Option:	 
	Expiration Date:	 
	Type of Option:	
    ☐
    Incentive Stock Option (to the extent permitted by Section 422(d) of the Code)

    ☐
    Non-Qualified Stock Option

	Vesting Schedule:	
    

 

By signing
below, the Participant agrees to be bound by the terms and conditions of the Plan, the Agreement and this Notice. This document may be
executed, including by electronic means, in multiple counterparts, each of which will be deemed an original, and all of which together
will be deemed a single instrument.

 

	RAFAEL HOLDINGS, INC.	 	participant
	 	 	 
		 	
	Name:	 	Date:
	Title:	 	 
	Date:	 	 

 

     

     

    

 

EXHIBIT
A

to Notice
of Grant of Stock Option Award

 

AWARD
AGREEMENT

under

RAFAEL HOLDINGS, INC. 2021 EQUITY INCENTIVE PLAN

 

1.
Award of Option. Effective as of the Grant Date set forth in the Notice, the Company has granted to the Participant the
Option to purchase part or all of the aggregate number of Shares set forth in the Notice, subject to the terms and conditions set forth
in the Notice, the Plan and this Agreement.

 

2.
Term of Option. The Option may not be exercised later than the Expiration Date set forth in the Notice, subject to earlier
termination in accordance with the Plan and this Agreement.

 

3.
Option Exercise Price. The exercise price per Share of the Option (the “Exercise Price”) is set forth
in the Notice.

 

4.
Vesting and Exercise of Option. Subject to the continued service of the Participant with the Company through the relevant
vesting date and/or event, the Option shall become vested and exercisable in such amounts and at such times as set forth in the Notice.
In addition:

 

a.
Effect of Termination of Service on the Option. Unless otherwise provided in the Notice, the termination or survival of
the Option will be determined in accordance with Section 7 of the Plan.

 

b.
Service with Affiliates. Solely for purposes of this Agreement, service with the Company will be deemed to include service
with an Affiliate of the Company (for only so long as such entity remains an Affiliate of the Company).

 

c.
Method of Exercise. The Participant may exercise the Option only to the extent it is vested. To exercise the Option, the
Participant must deliver the Exercise Price, any required tax withholding and written notice of exercise to the Company in accordance
with Section 5(d) of the Plan. Such notice must also be accompanied by any further documents or instruments the Company deems necessary
or desirable to carry out the purposes or intent of this Agreement.

 

d.
Partial Exercise. The Option may be exercised in whole or in part, provided,
however, that any exercise may apply only with respect to a whole number of Shares.

 

e.
Restrictions on Exercise. The Option may not be exercised, and any purported exercise will be void, if the issuance of Shares
upon such exercise would constitute a violation of any law, regulation or exchange listing requirement. The Committee may from time to
time modify the terms of the Option or impose additional conditions on the exercise of the Option as it deems necessary or appropriate
to facilitate compliance with any law, regulation or exchange listing requirement.

 

f.  
Rights as Stockholder. The Option will not confer upon the Participant any of the rights or privileges of a stockholder
in the Company unless and until the Participant is issued Shares following the Participant’s exercise of the Option.

 

5.
Non-Transferability of Option. Unless otherwise permitted by the Committee in accordance with Section 14 of the Plan, the
Option may not be sold, pledged, assigned, hypothecated, gifted, transferred or disposed of in any manner, either voluntarily or involuntarily,
by operation of law or otherwise, other than by will or by the laws of descent and distribution.

 

    A-1

     

    

 

6.
Adjustments. The Exercise Price, as well as the number and kind of shares subject to the Option, are subject to adjustment
in accordance with Section 3(e) of the Plan.

 

7.
No Continuation of Service. Neither the Plan nor this Agreement will confer upon the Participant any right to continue in
the employment or service of the Company or any of its Affiliates, or limit in any respect the right of the Company or its Affiliates
to discharge the Participant at any time, with or without Cause.

 

8.
Withholding. The Participant acknowledges that the exercise of the Option may give rise to taxable income subject to required
withholding. In accordance with Section 15 of the Plan, the exercise of the Option and the obligations of the Company hereunder are conditioned
on the Participant timely paying, or otherwise making arrangements satisfactory to the Company regarding the timely satisfaction of, such
required withholding.

 

9.
Company Policies. The Participant agrees, in consideration for the grant of the Options, to be subject to any policies of
the Company and its Affiliates regarding clawbacks, securities trading, and hedging or pledging of securities that may be in effect from
time to time, or as may otherwise be required by applicable law, regulation or exchange listing standard.

 

10.
The Plan. The Participant has received a copy of the Plan, has read the Plan and is familiar with its terms, and hereby
accepts the Option subject to the terms and provisions of the Plan. Pursuant to the Plan, the Committee is authorized to interpret and
administer the Plan. The Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the
Committee with respect to questions arising under the Plan, the Notice or this Agreement.

 

11.
Entire Agreement. The Notice and this Agreement, together with the Plan, represent the entire agreement between the parties
with respect to the subject matter hereof and supersedes any prior agreement, written or otherwise, relating to the subject matter hereof.

 

12.
Amendment. This Agreement may only be amended by a writing signed by each of the parties hereto; provided that the Company
may amend this Agreement without the Participant’s consent, if the amendment does not materially impair the Participant’s
rights hereunder or as otherwise permitted in Section 4.e, above.

 

13.
Governing Law. This Agreement will be construed in accordance with the laws and judicial decisions of the State of Delaware,
without regard to the application of the principles of conflicts of laws.

 

14.
Headings. The headings in this Agreement are for convenience only. They form no part
of the Agreement and will not affect its interpretation.

 

    A-2

     

    

 

15.
Incentive Stock Options.

 

a.
If the Option is designated as an Incentive Stock Option, the Participant acknowledges that nonetheless a portion of the Option
may not qualify (or may cease to qualify) as an “incentive stock option” under the Code due to limitations set forth in Section
422(d) of the Code or otherwise. To the extent the Option does not qualify for treatment as an “incentive stock option” under
the Code, it will be treated as a non-qualified stock option. The Company does not guarantee any particular tax treatment for the Option
or the Shares subject to the Option.

 

b.
If the Option is designated as an Incentive Stock Option, the Participant shall give prompt written notice to the Company of any
disposition or other transfer of any Shares acquired under the Option, if such disposition or transfer is made (i) within two years from
the Grant Date, or (ii) within one year after the transfer of such Shares to the Participant. Such notice shall specify the date of such
disposition or other transfer and the amount realized, in cash, other property, assumption of indebtedness or other consideration, by
the Participant upon such disposition or other transfer.

 

16.
Electronic Delivery of Documents. The Participant authorizes the Company to deliver electronically any prospectuses or other
documentation related to the Option and any other compensation or benefit plan or arrangement in effect from time to time (including,
without limitation, reports, proxy statements or other documents that are required to be delivered to participants in such arrangements
pursuant to federal or state laws, rules or regulations). For this purpose, electronic delivery will include, without limitation, delivery
by means of e-mail or e-mail notification that such documentation is available on the Company’s Intranet site or the website of
a third-party designated by the Company. Upon written request, the Company will provide to the Participant a paper copy of any document
also delivered to the Participant electronically. The authorization described in this paragraph may be revoked by the Participant at any
time by written notice to the Company.

 

 

A-3Exhibit
4.3

 

RAFAEL
HOLDINGS, INC. 2021 EQUITY INCENTIVE PLAN

 

FORM
OF NOTICE OF GRANT OF RESTRICTED STOCK

 

Rafael
Holdings, Inc., a Delaware corporation, pursuant to its 2021 Equity Incentive Plan (the “Plan”) hereby grants to the
individual listed below (the “Participant”) the number of Shares of Restricted Stock set forth below. The Award described
in this Notice of Grant of Restricted Stock (the
“Notice”) is subject to the terms and conditions set forth in the Award Agreement attached hereto as Exhibit
A (the “Agreement”) and the Plan, each of which is incorporated herein by reference. Unless otherwise defined
herein, capitalized terms used in this Notice and the Agreement will have the meanings defined in the Plan.

 

	Participant:	 
	Grant Date:	 
	Total Number of Shares
    of Restricted Stock:	 
	Vesting Schedule:	Subject to the continued service
    of the Participant with the Company through the applicable vesting date or event, the Restricted Stock subject to this Award will
    vest and become nonforfeitable as follows: 

 

By
signing below, the Participant agrees to be bound by the terms and conditions of the Plan, the Agreement and this Notice. This document
may be executed, including by electronic means, in multiple counterparts, each of which will be deemed an original, and all of which
together will be deemed a single instrument.

 

RAFAEL
HOLDINGS, INC.

 

	 	 
	Name:	 
	Title:	 
	Date:	 

 

participant

 

	 	 
	Date:	 

 

    1

     

    

 

EXHIBIT
A

TO
Notice of Grant of Restricted Stock

 

AWARD
AGREEMENT

UNDER
the

RAFAEL
HOLDINGS, INC. 2021 EQUITY INCENTIVE PLAN

 

1.
Award of Restricted Stock. Effective as of the Grant Date set forth in the Notice, the Company has granted to the Participant
the number of Shares of Restricted Stock set forth in the Notice, subject to the restrictions and on the terms and conditions set forth
in the Notice, the Plan and this Agreement.

 

2.
Vesting of Restricted Stock.

 

a.
Subject to the continued service of the Participant with the Company through the relevant vesting date and/or event, this Award will
become vested and nonforfeitable in such amounts and at such times as set forth in the Notice.

 

b.
Unless otherwise provided in the Notice, upon the cessation of the Participant’s service with the Company for any reason, any portion
of this Award that then remains unvested will be immediately and automatically forfeited to the Company.

 

c.
Solely for purposes of this Agreement, service with the Company will be deemed to include service with an Affiliate of the Company (for
only so long as such entity remains an Affiliate of the Company).

 

3.
Non-Transferability of Restricted Stock. The Restricted Stock subject to this Award may not be sold, pledged, assigned, hypothecated,
gifted, transferred or disposed of in any manner, either voluntarily or involuntarily, by operation of law or otherwise, unless and until
such Shares become vested or as otherwise permitted by the Plan and such transferee executes a written consent to be bound by the terms
of this Agreement.

 

4.
Book Entry of Shares. The Company’s transfer agent will register the Restricted Stock
subject to this Award in a book entry in the Grantee’s name and will include stop-transfer instructions in its records to reflect
the transfer restrictions and forfeiture conditions applicable to those Shares. The transfer agent is hereby authorized to transfer to
the Company any Shares that are forfeited or withheld to satisfy applicable tax withholding requirements. In addition, the Participant
agrees to promptly execute any document, including a stock power endorsed in blank, requested by the Company to effectuate the
terms or administration of this Award.

 

5.
Stockholder Rights. While he or she holds the Restricted Stock subject to this Award, the Participant will have a right to vote
those Shares and, subject to Section 8(b)(ii) of the Plan, the right to receive dividends or other distributions thereon.

 

6.
Tax Consequences. The Participant understands that he or she may elect to file an election under Section 83(b) of the Code within
thirty (30) days following the Grant Date. The Participant acknowledges that the Company has not advised him or her regarding the tax
treatment of this Award or any election under Section 83(b) of the Code. The Participant acknowledges that the Participant has reviewed
with the Participant’s own tax advisors the tax treatment of this Award and is relying solely on those advisors in that regard.
The Company does not guaranty any particular tax treatment for this Award.

 

7.
No Continuation of Service. Neither the Plan nor this Award will confer upon the Participant any right to continue in the employment
or service of the Company or any of its Affiliates, or limit in any respect the right of the Company or its Affiliates to discharge the
Participant at any time with or without Cause.

 

    2

     

    

 

8.
Company Policies. The Participant agrees, in consideration for the grant of this Award, to be subject to any policies of the Company
and its Affiliates regarding clawbacks, securities trading, and hedging or pledging of securities that may be in effect from time to
time, or as may otherwise be required by applicable law, regulation or exchange listing standard.

 

9.
The Plan. The Participant has received a copy of the Plan, has read the Plan and is familiar with its terms, and hereby accepts
this Award subject to the terms and provisions of the Plan. Pursuant to the Plan, the Committee is authorized to interpret and administer
the Plan. The Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee
with respect to questions arising under the Plan, the Notice or this Agreement.

 

10.
Entire Agreement. The Notice and this Agreement, together with the Plan, represent the entire agreement between the parties with
respect to the subject matter hereof and supersedes any prior agreement, written or otherwise, relating to the subject matter hereof.

 

11.
Successors. This Agreement will be binding upon and inure to the benefit of the Participant’s heirs or estate, including
his or her executors, administrators and trustees.

 

12.
Amendment. This Agreement may only be amended by a writing signed by each of the parties hereto; provided that the Company may
amend this Award without the Participant’s consent, if the amendment does not materially impair the Participant’s rights
hereunder.

 

13.
Governing Law. This Award will be construed in accordance with the laws and judicial decisions of the State of Delaware, without
regard to the application of the principles of conflicts of laws.

 

14.
Headings.  The headings in this Agreement are for convenience only. They form no part of
the Agreement and will not affect its interpretation.

 

15.
Tax Withholding. The Participant acknowledges that the issuance or vesting of Shares hereunder will give rise to taxable income
subject to required withholding. In accordance with Section 15 of the Plan, the obligations of the Company hereunder are conditioned
on the Participant timely paying, or otherwise making arrangements satisfactory to the Company regarding the timely satisfaction of,
such required withholding. If the Company has not elected to settle such required withholding through the withholding of Shares and other
arrangements acceptable to the Company have not been made, the Company may require that the Participant sell Shares issuable hereunder
to satisfy the required withholding. Accordingly, the Participant hereby irrevocably authorizes the Company to (i) sell on the Participant’s
behalf such number of Shares issued hereunder as the Company determines to be appropriate to generate cash proceeds sufficient to satisfy
the required withholding, and (ii) to remit proceeds equal to the required withholding to the applicable tax authorities (or to retain
proceeds equal to the required withholding, to the extent the Company has already deposited such amount with the applicable tax authorities).
To the extent the proceeds of such sale exceed the required withholding, the excess proceeds will be paid to the Participant. The Participant
acknowledges that he or she will be responsible for all broker’s fees and other costs of such sale and that the Company is under
no obligation to arrange for such sale at any particular price. The Participant further agrees to execute such additional documents as
may be reasonably necessary to facilitate such transactions.

 

16.
Electronic Delivery of Documents. The Participant authorizes the Company to deliver electronically any prospectuses or other documentation
related to this Award and any other compensation or benefit plan or arrangement in effect from time to time (including, without limitation,
reports, proxy statements or other documents that are required to be delivered to participants in such arrangements pursuant to federal
or state laws, rules or regulations). For this purpose, electronic delivery will include, without limitation, delivery by means of e-mail
or e-mail notification that such documentation is available on the Company’s Intranet site or the website of a third party designated
by the Company. Upon written request, the Company will provide to the Participant a paper copy of any document also delivered to the
Participant electronically. The authorization described in this paragraph may be revoked by the Participant at any time by written notice
to the Company.

 

 

3

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