Document:

Exhibit 10.1 

 

BIOCRYST PHARMACEUTICALS, INC.

STOCK INCENTIVE PLAN

(AS AMENDED AND RESTATED AS OF APRIL 1, 2021)

 

Article One

GENERAL PROVISIONS

 

I.               PURPOSES OF THE PLAN

 

A.              
This Stock Incentive Plan (the “Plan”), formerly the “BioCryst Pharmaceuticals, Inc. 1991 Stock Option Plan,”
is intended to promote the interests of BioCryst Pharmaceuticals, Inc., a Delaware corporation (the “Company”), by providing
a method whereby (i) employees (including officers and directors) of the Company (or its parent or subsidiary corporations), (ii) non-employee
members of the board of directors of the Company (the “Board”) (or of any parent or subsidiary corporations) and (iii) consultants
and other independent contractors who provide valuable services to the Company (or any parent or subsidiary corporations) may be offered
the opportunity to acquire a proprietary interest, or otherwise increase their proprietary interest, in the Company as an incentive for
them to remain in the service of the Company (or any parent or subsidiary corporations).

 

B.              
For purposes of the Plan, the following provisions shall be applicable in determining the parent and subsidiary corporations of the Company:

 

(i)       Any corporation
(other than the Company) in an unbroken chain of corporations ending with the Company shall be considered to be a parent corporation
of the Company, provided each such corporation in the unbroken chain (other than the Company) owns, at the time of the determination,
stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations
in such chain.

 

(ii)       Each
corporation (other than the Company) in an unbroken chain of corporations beginning with the Company shall be considered to be a subsidiary
of the Company, provided each such corporation (other than the last corporation) in the unbroken chain owns, at the time of the determination,
stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations
in such chain.

 

C.               
The Plan, as amended and restated, was approved and adopted by the Board effective on April 1, 2021 in order to increase by 7,500,000
the number of shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), subject to approval
by the Company’s stockholders at the Company’s Annual Meeting of Stockholders on May 25, 2021, and to make certain other changes.

 

II.              STRUCTURE OF THE PLAN

 

A.              
The Plan shall be divided into three separate equity programs:

 

(i)       the
Discretionary Option Grant Program specified in Article Two, pursuant to which eligible persons may, at the discretion of the Plan Administrator,
be granted options to purchase shares of Common Stock,

 

(ii)       the
Stock Issuance Program specified in Article Three, pursuant to which eligible persons may, at the discretion of the Plan Administrator,
be issued shares of Common Stock directly or through the issuance of restricted stock units (“RSUs”) that provide for the
issuance of shares of Common Stock if the applicable vesting criteria are satisfied, and

 

(iii)       
the Automatic Option Grant Program specified in Article Four, pursuant to which non-employee members of the Board will automatically receive
option grants to purchase shares of Common Stock.

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B.               

Unless the context clearly indicates otherwise, the provisions of Articles One and Five of the Plan shall apply to all equity programs
under the Plan and shall accordingly govern the interests of all individuals under the Plan.

 

III.              ADMINISTRATION OF THE PLAN

 

A.              The Plan shall be administered by the Committee who shall be the Compensation Committee of the Board or, in the absence of a Compensation
Committee, a properly constituted committee or the Board itself (the administrator is referred to herein as the “Committee”
or the “Plan Administrator”). Any power of the Committee may also be exercised by the Board, except to the extent that the
grant or exercise of such authority would cause any Award or transaction to become subject to (or lose an exemption under) the short-swing
profit recovery provisions of Section 16 of the Securities Exchange Act of 1934, as amended (the “1934 Act”), or cause an
Award designated as a Performance Award not to qualify for treatment as performance-based compensation under Section 162(m) of the Code.
To the extent that any permitted action taken by the Board conflicts with action taken by the Committee, the Board action shall control.
The Compensation Committee may by resolution authorize one or more officers of the Company to perform any or all things that the Committee
is authorized and empowered to do or perform under the Plan, and for all purposes under this Plan, such officer or officers shall be treated
as the Committee; provided, however, that the resolution so authorizing such officer or officers shall specify the total number of Awards
(if any) such officer or officers may award pursuant to such delegated authority, and any such Award shall be subject to the form of award
agreement theretofore approved by the Compensation Committee. No such officer shall designate himself or herself as a recipient of any
Awards granted under authority delegated to such officer. In addition, the Compensation Committee may delegate any or all aspects of the
day-to-day administration of the Plan to one or more officers or employees of the Company or any subsidiary or affiliate, and/or to one
or more agents.

 

B.              

Subject to the express provisions of this Plan, the Committee shall be authorized and empowered to do all things that it determines to
be necessary or appropriate in connection with the administration of this Plan, including, without limitation: (i) to prescribe, amend
and rescind rules and regulations relating to this Plan and to define terms not otherwise defined herein; (ii) to determine which persons
are grantees, to which of such grantees, if any, awards shall be granted hereunder and the timing of any such awards; (iii) to grant awards
to grantees and determine the terms and conditions thereof, including the number of shares of Common Stock subject to awards and the exercise
or purchase price of such shares and the circumstances under which 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 (including events which constitute a Change in Control to the extent permitted hereunder), or other factors; (iv) to
establish and verify the extent of satisfaction of any performance goals or other conditions applicable to the grant, issuance, exercisability,
vesting and/or ability to retain any award; (v) to prescribe and amend the terms of the agreements or other documents evidencing awards
made under this Plan (which need not be identical) and the terms of or form of any document or notice required to be delivered to the
Company by grantees under this Plan; (vi) to determine the extent to which adjustments are required pursuant to Article One; (vii) to
interpret and construe this Plan, any rules and regulations under this Plan and the terms and conditions of any award granted hereunder,
and to make exceptions to any such provisions for the benefit of the Company; (viii) to approve corrections in the documentation or administration
of any award; and (ix) to make all other determinations deemed necessary or advisable for the administration of this Plan.

 

C.              
All decisions, determinations
and interpretations by the Committee regarding the Plan, any rules and regulations under the Plan and the terms and conditions of or operation
of any Award granted hereunder, shall be final and binding on all grantees, beneficiaries, heirs, assigns or other persons holding or
claiming rights under the Plan or any Award. The Committee shall consider such factors as it deems relevant, in its sole and absolute
discretion, to making such decisions, determinations and interpretations including, without limitation, the recommendations or advice
of any officer or other employee of the Company and such attorneys, consultants and accountants as it may select.

 

D.              
The Compensation Committee may
delegate all or a portion of their duties hereunder to one or more individuals or committees. Any reference to the Compensation Committee
or the Plan Administrator shall refer to such individual(s) or committee(s) to the extent of such delegation.

 

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 E.              
Administration
of the Automatic Option Grant Program shall be self-executing in accordance with the express terms and conditions of Article Four, and
no Plan Administrator shall exercise any discretionary functions under that program.

 

IV.              
ELIGIBILITY

 

A.              

The persons eligible to participate in the Discretionary Option Grant and Stock Issuance Programs shall be limited to the following:

 

(i)       officers
and other employees of the Company (or its parent or subsidiary corporations);

 

(ii)       individuals
who are consultants or independent advisors and who provide valuable services to the Company (or its parent or subsidiary corporations);
and

 

(iii)      non-employee
members of the Board (or of the board of directors of parent or subsidiary corporations).

 

B.              
Only Board members who are not employees of the Company (or any parent or subsidiary) shall be eligible to receive automatic option
grants pursuant to the Automatic Option Grant Program specified in Article Four.

 

C.               The Plan Administrator shall, within the scope of its administrative jurisdiction under the Plan, have full power and authority to
determine (i) whether to grant options in accordance with the Discretionary Option Grant Program or to effect stock issuances in
accordance with the Stock Issuance Program, (ii) which eligible persons are to receive option grants under the Discretionary Option
Grant Program, the time or times when such option grants are to be made, the number of shares to be covered by each such grant, the
status of the granted option as either an incentive stock option (“Incentive Option”) which satisfies the requirements
of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”) or a non-statutory option not intended to
meet such requirements, the time or times when each such option is to become exercisable, the vesting schedule (if any) applicable
to the option shares and the maximum term for which such option is to remain outstanding, and (iii) which eligible persons are to
receive stock issuances under the Stock Issuance Program, the time or times when such issuances are to be made, the number of shares
to be issued to each grantee, the vesting schedule (if any) applicable to the shares and the consideration for such shares.

 

V.               STOCK SUBJECT TO THE PLAN

 

A.              

Shares of the Company’s Common Stock shall be available for issuance under the Plan and shall be drawn from either the Company’s
authorized but unissued shares of Common Stock or from reacquired shares of Common Stock, including shares repurchased by the Company
on the open market. The maximum number of shares of Common Stock which may be issued over the term of the Plan, as amended and restated,
shall not exceed 48,090,000 shares, subject to adjustment from time to time in accordance with the provisions of this Section V. The total
number of shares available under the Plan, as amended and restated, as of April 1, 2021 is 36,391,274. This amount consists of 25,442,402
shares reserved for awards already issued, 3,448,872 shares of Common Stock available for future issuance under the Plan, and the increase
of 7,500,000 shares of Common Stock authorized by the Board (subject to approval by the Company’s stockholders at the Annual Meeting
of Stockholders on May 25, 2021).

 

B.              

In no event shall the number of shares of Common Stock for which any one individual participating in the Plan may receive options,
separately exercisable stock appreciation rights and direct stock issuances and RSUs exceed 1,500,000 shares of Common Stock in the
aggregate in any calendar year. For purposes of such limitation, however, no stock options granted prior to the date the Common
Stock was first registered under Section 12 of the 1934 Act (the “Section 12(g) Registration Date”) shall be taken into
account.

 

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C.              
Should an outstanding option under this Plan expire or terminate for any reason prior to exercise in full, the shares subject
to the portion of the option not so exercised shall be available for subsequent option grant or direct stock issuances or RSUs under
the Plan. Unvested shares issued under the Plan and subsequently repurchased by the Company, at the original issue price paid per
share, pursuant to the Company’s repurchase rights under the Plan, or shares underlying terminated RSUs, shall be added back
to the number of shares of Common Stock reserved for issuance under the Plan and shall accordingly be available for reissuance
through one or more subsequent option grants or direct stock issuances or RSUs under the Plan. However, shares subject to an award
under the Plan may not again be made available for issuance under the Plan if such shares are: (i) shares that were subject to a
stock-settled stock appreciation right and were not issued upon the net settlement or net exercise of such stock appreciation right,
(ii) shares used to pay the exercise price of an option, (iii) shares delivered to or withheld by the Company to pay the withholding
taxes related an award, or (iv) shares repurchased on the open market with the proceeds of an option exercise. Shares of Common
Stock subject to any option surrendered for an appreciation distribution under Section IV of Article Two or Section IV of Article
Four shall not be available for subsequent issuance under the Plan.

 

D.               
In the event any change is made to the Common Stock issuable under the Plan by reason of any stock split, stock dividend, recapitalization,
combination of shares, exchange of shares or other change affecting the outstanding Common Stock as a class without receipt of consideration,
then appropriate adjustments shall be made to (i) the maximum number and/or class of securities issuable under the Plan, (ii) the maximum
number and/or class of securities for which any one individual participating in the Plan may be granted stock options, separately exercisable
stock appreciation rights, and direct stock issuances and RSUs under the Plan from and after the Section 12(g) Registration Date, (iii)
the number and/or class of securities and price per share in effect under each outstanding option and stock appreciation right under the
Plan, (iv) the number and/or class of securities in effect under each outstanding direct stock issuance and RSU under the Plan, and (v)
the number and/or class of securities for which automatic option grants are subsequently to be made per non-employee Board member under
the Automatic Option Grant Program. The purpose of such adjustments shall be to preclude the enlargement or dilution of rights and benefits
under the Plan.

 

E.                
The fair market value per share of Common Stock on any relevant date under the Plan shall be determined in accordance with the following
provisions:

 

(i)       If the
Common Stock is not at the time listed or admitted to trading on any national securities exchange but is traded in the over-the-counter
market, the fair market value shall be the mean between the highest bid and lowest asked prices (or, if such information is available,
the closing selling price) per share of Common Stock on the date in question in the over-the-counter market, as such prices are reported
on the Nasdaq National Market, the Nasdaq Global Select Market or any successor system. If there are no reported bid and asked prices
(or closing selling price) for the Common Stock on the date in question, then the mean between the highest bid price and lowest asked
price (or the closing selling price) on the last preceding date for which such quotations exist shall be determinative of fair market
value.

 

(ii)       If the
Common Stock is at the time listed or admitted to trading on any national securities exchange, then the fair market value shall be the
closing selling price per share of Common Stock on the date in question on the securities exchange determined by the Plan Administrator
to be the primary market for the Common Stock, as such price is officially quoted in the composite tape of transactions on such exchange.
If there is no reported sale of Common Stock on the exchange on the date in question, then the fair market value shall be the closing
selling price on the exchange on the last preceding date for which such quotation exists.

 

(iii)       If the
Common Stock is at the time neither listed nor admitted to trading on any securities exchange nor traded in the over-the-counter market,
then the fair market value shall be determined by the Plan Administrator after taking into account such factors as the Plan Administrator
shall deem appropriate.

 

VI.                MINIMUM
VESTING

 

Notwithstanding any other provision of this Plan to
the contrary, in no event shall any award granted pursuant to this Plan vest prior to the twelve (12)-month anniversary of the date of
grant, other than in connection with the grantee’s death or permanent disability or, to the extent permitted hereunder, in connection
with a Change in Control (provided that this limitation shall not apply with respect to up to five percent (5%) of the shares of Common
Stock available for issuance under this Plan following approval of the Plan at the Company’s Annual Meeting of Stockholders on May
25, 2021). The minimum vesting period set forth in this Section VI may not be waived or superseded by any provision in an award or other
agreement.

 

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Article Two

DISCRETIONARY OPTION GRANT PROGRAM

 

I.               TERMS AND CONDITIONS OF OPTIONS

 

Options granted pursuant to this Article Two shall be
authorized by action of the Plan Administrator and may, at the Plan Administrator’s discretion, be either Incentive Options or non-statutory
options. Individuals who are not Employees may only be granted non-statutory options under this Article Two. Each option granted shall
be evidenced by one or more instruments in the form approved by the Plan Administrator. Each such instrument shall, however, comply with
the terms and conditions specified below, and each instrument evidencing an Incentive Option shall, in addition, be subject to the applicable
provisions of Section II of this Article Two.

 

A.               
Option Price.

 

1.                 
The option price per share shall be fixed by the Plan Administrator. In no event, however, shall the option price per share be less than
one hundred percent (100%) of the fair market value per share of Common Stock on the date of the option grant.

 

2.                 
The option price shall become immediately due upon exercise of the option and shall, subject to the provisions of Section IV of this Article
Two and the instrument evidencing the grant, be payable through one of the following methods (or a combination thereof):

 

(i)       full payment
in cash or check drawn to the Company’s order;

 

(ii)       full
payment in shares of Common Stock held by the optionee for the requisite period necessary to avoid a charge to the Company’s earnings
for financial reporting purposes and valued at fair market value on the Exercise Date (as such term is defined below);

 

(iii)       full
payment through a combination of shares of Common Stock held by the optionee for the requisite period necessary to avoid a charge to the
Company’s earnings for financial reporting purposes and valued at fair market value on the Exercise Date and cash or cash equivalent;

 

(iv)       full
payment through a broker-dealer sale and remittance procedure pursuant to which the optionee (I) shall provide irrevocable written instructions
to a designated brokerage firm to effect the immediate sale of the purchased shares and remit to the Company, out of the sale proceeds
available on the settlement date, sufficient funds to cover the aggregate option price payable for the purchased shares plus all applicable
Federal and State income and employment taxes required to be withheld by the Company in connection with such purchase and (II) shall provide
written directives to the Company to deliver the certificates for the purchased shares directly to such brokerage firm in order to complete
the sale transaction; or

 

(v)       such other
method as permitted by the Plan Administrator.

 

For purposes of this subparagraph 2, the Exercise Date
shall be the date on which written notice of the option exercise is delivered to the Company. Except to the extent the sale and remittance
procedure is utilized in connection with the exercise of the option, payment of the option price for the purchased shares must accompany
such notice.

 

B.                
Term and Exercise of Options.

 

Each option granted under this Article Two shall be
exercisable at such time or times, during such period, and for such number of shares as shall be determined by the Plan Administrator
and set forth in the instrument evidencing the option grant. No such option, however, shall have a maximum term in excess of ten (10)
years from the grant date. During the lifetime of the optionee, the option, together with any stock appreciation rights pertaining to
such option, shall be exercisable only by the optionee and shall not be assignable or transferable by the optionee except for a transfer
of the option by will or by the laws of descent and distribution following the optionee’s death and, for the avoidance of doubt,
may not be transferred to a third party for cash or other value. However, the Plan Administrator shall have the discretion to provide
that a non-statutory option may, in connection with the optionee’s estate plan, be assigned in whole or in part during the optionee’s
lifetime either as (i) as a gift to one or more members of optionee’s immediate family, to a trust in which optionee and/or one
or more such family members hold more than fifty percent (50%) of the beneficial interest or an entity in which more than fifty percent
(50%) of the voting interests are owned by optionee and/or one or more such family members, or (ii) pursuant to a domestic relations order.
The assigned portion shall be exercisable only by the person or persons who acquire a proprietary interest in the option pursuant to such
assignment. The terms applicable to the assigned portion shall be the same as those in effect for this option immediately prior to such
assignment and shall be set forth in such documents issued to the assignee as the Plan Administrator may deem appropriate.

 

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C.                
Termination of Service.

 

1.                 
Except to the extent otherwise provided pursuant to Section V of this Article Two or pursuant to an applicable award agreement, the following
provisions shall govern the exercise period applicable to any options held by the optionee at the time of cessation of Service or death.

 

(i)       Should
the optionee cease to remain in Service for any reason other than death or permanent disability, then the period for which each outstanding
option held by such optionee is to remain exercisable shall be limited to the three (3)-month period following the date of such cessation
of Service. However, should optionee die during the three (3)-month period following his or her cessation of Service, the personal representative
of the optionee’s estate or the person or persons to whom the option is transferred pursuant to the optionee’s will or in
accordance with the laws of descent and distribution shall have a twelve (12)-month period following the date of the optionee’s
death during which to exercise such option.

 

(ii)       In the
event such Service terminates by reason of permanent disability (as defined in Section 22(e)(3) of the Internal Revenue Code), then the
period for which each outstanding option held by the optionee is to remain exercisable shall be limited to the twelve (12)-month period
following the date of such cessation of Service.

 

(iii)       Should
the optionee, after completing five (5) full years of Service, die while in Service, then the exercisability of each of his or her outstanding
options shall automatically accelerate so that each such option shall become fully exercisable with respect to the total number of shares
of Common Stock at the time subject to such option and may be exercised for all or any portion of such shares. The personal representative
of the optionee’s estate or the person or persons to whom the option is transferred pursuant to the optionee’s will or in
accordance with the laws of descent and distribution shall have a twelve (12)-month period following the date of the optionee’s
death during which to exercise such option.

 

(iv)       In the
event such Service terminates by reason of death prior to the optionee obtaining five (5) full years of Service, then the period for which
each outstanding vested option held by the optionee at the time of death shall be exercisable by the optionee’s estate or the person
or persons to whom the option is transferred pursuant to the optionee’s will shall be limited to the twelve (12)-month period following
the date of the optionee’s death.

 

(v)       Under
no circumstances, however, shall any such option be exercisable after the specified expiration date of the option term.

 

(vi)       Each
such option shall, during such limited exercise period, be exercisable for any or all of the shares for which the option is exercisable
on the date of the optionee’s cessation of Service. Upon the expiration of such limited exercise period or (if earlier) upon the
expiration of the option term, the option shall terminate and cease to be exercisable. However, each outstanding option shall immediately
terminate and cease to remain outstanding, at the time of the optionee’s cessation of Service, with respect to any shares for which
the option is not otherwise at that time exercisable or in which the optionee is not otherwise vested.

 

(vii)       Should
(i) the optionee’s Service be terminated for misconduct (including, but not limited to, any act of dishonesty, willful misconduct,
fraud or embezzlement) or (ii) the optionee make any unauthorized use or disclosure of confidential information or trade secrets of the
Company or its parent or subsidiary corporations, then in any such event all outstanding options held by the optionee under this Article
Two shall terminate immediately and cease to be exercisable.

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2.                 
The Plan Administrator shall have complete discretion, exercisable either at the time the option is granted or at any time while the option
remains outstanding, to permit one or more options held by the optionee under this Article Two to be exercised, during the limited period
of exercisability provided under subparagraph 1 above, not only with respect to the number of shares for which each such option is exercisable
at the time of the optionee’s cessation of Service but also with respect to one or more subsequent installments of purchasable shares
for which the option would otherwise have become exercisable had such cessation of Service not occurred.

 

3.                 
For purposes of the foregoing provisions of this Section I.C (and for all other purposes under the Plan):

 

(i)       The optionee
shall be deemed to remain in the Service of the Company for so long as such individual renders services on a periodic basis to
the Company (or any parent or subsidiary corporation) in the capacity of an Employee, a non-employee member of the board of directors
or an independent consultant or advisor, unless the agreement evidencing the applicable option grant specifically states otherwise.

 

(ii)       The optionee
shall be considered to be an Employee for so long as such individual remains in the employ of the Company or one or more of its
parent or subsidiary corporations, subject to the control and direction of the employer entity not only as to the work to be performed
but also as to the manner and method of performance.

 

D.               
Stockholder Rights.

 

An optionee shall have no stockholder rights with respect
to any shares covered by the option until such individual shall have exercised the option and paid the option price for the purchased
shares. Without limitation, an optionee shall not have any right to receive dividends with respect to an unexercised option.

 

E.                
No Repricing.

 

No option or stock appreciation right may be repriced,
regranted through cancellation, including cancellation in exchange for cash or other awards, or otherwise amended to reduce its option
price or exercise price (other than with respect to adjustments made in connection with a transaction or other change in the Company’s
capitalization as permitted under this Plan) without the approval of the stockholders of the Company.

 

F.               
Repurchase Rights.

 

The shares of Common Stock acquired upon the exercise
of options granted under this Article Two may be subject to repurchase by the Company in accordance with the following provisions:

 

1.              The
Plan Administrator shall have the discretion to grant options which are exercisable for unvested shares of Common Stock under this
Article Two. Should the optionee cease Service while holding such unvested shares, the Company shall have the right to repurchase
any or all those unvested shares at the option price paid per share. The terms and conditions upon which such repurchase right
shall be exercisable (including the period and procedure for exercise and the appropriate vesting schedule for the purchased shares)
shall be established by the Plan Administrator and set forth in the instrument evidencing such repurchase right.

 

2.              All of
the Company’s outstanding repurchase rights shall automatically terminate, and all shares subject to such terminated rights shall
immediately vest in full, upon the occurrence of any Corporate Transaction under Section III of this Article Two, except to the extent:
(i) any such repurchase right is expressly assigned to the successor corporation (or parent thereof) in connection with the Corporate
Transaction or (ii) such termination is precluded by other limitations imposed by the Plan Administrator at the time the repurchase right
is issued.

 

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3.               The Plan
Administrator shall have the discretionary authority, exercisable either before or after the optionee’s cessation of Service, to
cancel the Company’s outstanding repurchase rights with respect to one or more shares purchased or purchasable by the optionee under
this Discretionary Option Grant Program and thereby accelerate the vesting of such shares in whole or in part at any time.

 

II.               
INCENTIVE OPTIONS

 

The terms and conditions specified below shall be applicable
to all Incentive Options granted under this Article Two. Incentive Options may only be granted to individuals who are Employees of the
Company. Options which are specifically designated as “non-statutory” options when issued under the Plan shall not be subject
to such terms and conditions.

 

A.               
Dollar Limitation. The aggregate fair market value (determined as of the respective date or dates of grant) of the Common
Stock for which one or more options granted to any Employee under this Plan (or any other option plan of the Company or its parent or
subsidiary corporations) may for the first time become exercisable as incentive stock options under the Federal tax laws during any one
calendar year shall not exceed the sum of One Hundred Thousand Dollars ($100,000). To the extent the Employee holds two or more such options
which become exercisable for the first time in the same calendar year, the foregoing limitation on the exercisability of such options
as incentive stock options under the Federal tax laws shall be applied on the basis of the order in which such options are granted. Should
the number of shares of Common Stock for which any Incentive Option first becomes exercisable in any calendar year exceed the applicable
One Hundred Thousand Dollar ($100,000) limitation, then that option may nevertheless be exercised in such calendar year for the excess
number of shares as a non-statutory option under the Federal tax laws.

 

B.                
10% Stockholder. If any individual to whom an Incentive Option is granted is the owner of stock (as determined under Section
424(d) of the Internal Revenue Code) possessing 10% or more of the total combined voting power of all classes of stock of the Company
or any one of its parent or subsidiary corporations, then the option price per share shall not be less than one hundred and ten percent
(110%) of the fair market value per share of Common Stock on the grant date, and the option term shall not exceed five (5) years, measured
from the grant date.

 

C.                
Termination of Employment. Any portion of an Incentive Option that remains outstanding (by reason of the optionee remaining
in the Service of the Company, pursuant to the Plan Administrator’s exercise of discretion under Section V of this Article Two,
or otherwise) more than 3 months following the date an optionee ceases to be an Employee of the Company shall thereafter be exercisable
as a non-statutory option under federal tax laws.

 

Except as modified by the preceding provisions of this
Section II, the provisions of Articles One, Two and Five of the Plan shall apply to all Incentive Options granted hereunder.

 

III.            
CORPORATE TRANSACTIONS/CHANGES IN CONTROL

 

A.               
For purposes of this Section III (and for all other purposes under the Plan), a Corporate Transaction shall be deemed to occur in the
event of:

 

(1)       a merger
or consolidation in which the Company is not the surviving entity, except for a transaction the principal purpose of which is to change
the State of the Company’s incorporation,

 

(2)       the sale,
transfer or other disposition of all or substantially all of the assets of the Company in liquidation or dissolution of the Company, or

 

(3)       any reverse
merger in which the Company is the surviving entity but in which securities possessing more than fifty percent (50%) of the total combined
voting power of the Company’s outstanding securities are transferred to a person or persons different from the persons holding those
securities immediately prior to such merger.

 

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The exercisability of each option outstanding under this Article Two that
was granted before April 3, 2017 shall automatically accelerate so that each such option shall, immediately prior to the specified effective
date for the Corporate Transaction, become fully exercisable with respect to the total number of shares of Common Stock at the time subject
to such option and may be exercised for all or any portion of such shares.

 

B.              
Immediately after the
consummation of the Corporate Transaction, all outstanding options under this Article Two shall fully vest, terminate and cease to be
outstanding, except to the extent continued or assumed (as applicable) by the Company or the successor corporation or its parent company.
The Plan Administrator shall have complete discretion to provide, on such terms and conditions as it sees fit, for a cash payment to be
made to any optionee on account of any option terminated in accordance with this paragraph, in an amount equal to the excess (if any)
of (A) the fair market value of the shares subject to the option as of the date of the Corporate Transaction, over (B) the aggregate exercise
price of the option.

 

C.              Each outstanding option
under this Article Two which is assumed in connection with the Corporate Transaction or is otherwise to continue in effect shall be appropriately
adjusted, immediately after such Corporate Transaction, to apply and pertain to the number and class of securities which would have been
issued to the option holder, in consummation of such Corporate Transaction, had such person exercised the option immediately prior to
such Corporate Transaction. Appropriate adjustments shall also be made to the option price payable per share, provided the aggregate
option price payable for such securities shall remain the same. In addition, the class and number of securities available for issuance
under the Plan following the consummation of the Corporate Transaction shall be appropriately adjusted. Any such options that are so continued
or assumed in connection with a Corporate Transaction shall be treated as follows: if the grantee’s employment is terminated by
the Company without Cause or the grantee resigns due to a Constructive Termination, in either case within the ninety (90) day period preceding
or the two (2) year period following the Corporate Transaction, the exercisability of such option shall automatically accelerate, and
the Company’s outstanding repurchase rights under this Article Two shall immediately terminate; provided, however, that if the Company,
the acquiror or successor refuses to continue (or, as applicable, assume) the option in connection with the Corporate Transaction, the
exercisability of such option under this Article Two shall automatically accelerate, and the Company’s outstanding repurchase rights
under this Article Two shall immediately terminate upon the occurrence of such Corporate Transaction.

 

D.              
The grant of options under this
Article Two shall in no way affect the right of the Company to adjust, reclassify, reorganize or otherwise change its capital or business
structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

 

E.              
In
the event of a Change in Control: (1) options granted under this Article Two prior to May 23, 2016 shall be subject to the provisions
of the Plan as in effect prior to such date, and (2) options granted on or after May 23, 2016 shall be treated as follows: if the grantee’s
employment is terminated by the Company without Cause or the grantee resigns due to a Constructive Termination, in either case within
the ninety (90) day period preceding or the two (2) year period following the Change in Control, the exercisability of such option shall
automatically accelerate, and the Company’s outstanding repurchase rights under this Article Two shall immediately terminate; provided,
however, that if the acquiror or successor refuses to assume the option in connection with the Change in Control, the exercisability of
such option under this Article Two shall automatically accelerate, and the Company’s outstanding repurchase rights under this Article
Two shall immediately terminate upon the occurrence of such Change in Control. In the event that the acquiror or successor refuses to
assume the option in connection with the Change in Control, the Plan Administrator shall have complete discretion to provide, on such
terms and conditions as it sees fit, for a cash payment to be made to any optionee on account of any option terminated in accordance with
this paragraph, in an amount equal to the excess (if any) of (A) the fair market value of the shares subject to the option as of the date
of the Change in Control, over (B) the aggregate exercise price of the option.

 

F.              
For purposes of this Section
III (and for all other purposes under the Plan), a Change in Control shall be deemed to occur in the event:

 

(1)       any
person or related group of persons (other than the Company or a person that directly or indirectly controls, is controlled by, or is under
common control with, the Company) directly or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 of the 1934 Act)
of securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities
pursuant to a tender or exchange offer made directly to the Company’s stockholders; or

 

    	 	9	 

     

    

(2)       there
is a change in the composition of the Board over a period of twenty-four (24) consecutive months or less such that a majority of the Board
members (rounded up to the next whole number) ceases, by reason of one or more contested elections for Board membership, to be comprised
of individuals who either (A) have been Board members continuously since the beginning of such period or (B) have been elected or nominated
for election as Board members during such period by at least two-thirds of the Board members described in clause (A) who were still in
office at the time such election or nomination was approved by the Board.

 

G.               
All options accelerated in connection with the Corporate Transaction or Change in Control (either at the time of the Corporate Transaction
or Change in Control or as otherwise provided in this Section III) shall remain fully exercisable until the expiration or sooner termination
of the option term.

 

H.              
The portion of any Incentive Option accelerated under this Section III in connection with a Corporate Transaction or Change in
Control shall remain exercisable as an incentive stock option under the Federal tax laws only to the extent the dollar limitation of
Section II of this Article Two is not exceeded. To the extent such dollar limitation is exceeded, the accelerated portion of such
option shall be exercisable as a non-statutory option under the Federal tax laws.

 

I.             
   For purposes of this Article Two and for purposes of Article Three:

 

1.                 
“Cause” means, unless otherwise provided in the applicable award agreement, the Company’s termination of the grantee’s
employment for any of the following reasons: (i) failure or refusal to comply in any material respect with lawful policies, standards
or regulations of the Company; (ii) a violation of a federal or state law or regulation applicable to the business of the Company; (iii)
conviction or plea of no contest to a felony under the laws of the United States or any State; (iv) fraud or misappropriation of property
belonging to the Company or its affiliates; (v) a breach in any material respect of the terms of any confidentiality, invention assignment
or proprietary information agreement with the Company or with a former employer, (vi) failure to satisfactorily perform the grantee’s
duties after having received written notice of such failure and at least thirty (30) days to cure such failure, or (vii) misconduct or
gross negligence in connection with the performance of the grantee’s duties.

 

2.                 
“Constructive Termination” means, unless otherwise provided in the applicable award agreement, the grantee’s resignation
of employment with the Company within ninety (90) days of the occurrence of any of the following: (i) a material reduction in the grantee’s
responsibilities; (ii) a material reduction in the grantee’s base salary; or (iii) a relocation of the grantee’s principal
office to a location more than 50 miles from the location of the grantee’s existing principal office.

 

IV.             
STOCK APPRECIATION RIGHTS

 

A.               
Provided and only if the Plan Administrator
determines in its discretion to implement the stock appreciation right provisions of this Section IV, one or more optionees may be granted
the right, exercisable upon such terms and conditions as the Plan Administrator may establish, to surrender all or part of an unexercised
option granted under this Article Two in exchange for a distribution from the Company in an amount equal to the excess of (i) the fair
market value (on the option surrender date) of the number of shares in which the optionee is at the time vested under the surrendered
option (or surrendered portion thereof) over (ii) the aggregate option price payable for such vested shares. The distribution may be made
in shares of Common Stock valued at fair market value on the option surrender date, in cash, or partly in shares and partly in cash, as
the Plan Administrator shall determine in its sole discretion.

 

B.              
The shares of Common Stock subject
to any option surrendered for an appreciation distribution pursuant to this Section IV shall not be available for subsequent option grant
under the Plan.

 

C.              
Stockholder Rights. A stock appreciation right holder shall have no stockholder rights with respect to any shares covered
by the stock appreciation right until such individual shall have exercised the stock appreciation right and received the acquired shares.
Without limitation, a stock appreciation right holder shall not have any right to receive dividends with respect to a stock appreciation
right.

 

    	 	10	 

     

    

V.                
EXTENSION OF EXERCISE PERIOD

 

The Plan Administrator shall have full power and authority,
exercisable either at the time the option is granted or at any time while the option remains outstanding, to extend the period of time
for which any option granted under this Article Two is to remain exercisable following the optionee’s cessation of Service or death
from the limited period in effect under Section I.C.1 of Article Two to such greater period of time as the Plan Administrator shall deem
appropriate; provided, however, that in no event shall such option be exercisable after the specified expiration date of the option
term.

 

Article Three

STOCK ISSUANCE PROGRAM

 

I.                  
STOCK ISSUANCE TERMS

 

Shares of Common Stock may be issued under the Stock
Issuance Program through direct and immediate issuances without any intervening option grants. Each such stock issuance shall be evidenced
by a Stock Issuance Agreement which complies with the terms specified below. Shares of Common Stock may also be issued under the Stock
Issuance Program pursuant to restricted stock units (“RSUs”), which are awards granted to eligible individuals that entitle
them to shares of Common Stock (or cash in lieu thereof) in the future following the satisfaction of vesting conditions imposed by the
Plan Administrator.

 

A.               
Vesting Provisions.

 

1.              
The Plan Administrator may issue
shares of Common Stock under the Stock Issuance which are to vest in one or more installments over the grantee's period of Service or
upon attainment of specified performance objectives. Alternatively, the Plan Administrator may issue RSUs under the Stock Issuance Program
which shall entitle the recipient to receive a specified number of shares of Common Stock upon the attainment of one or more Service and/or
performance goals established by the Plan Administrator. Upon the attainment of such Service and/or performance goals, fully-vested shares
of Common Stock shall be issued in satisfaction of those RSUs.

 

2.               
Any new, substituted or additional
securities or other property (including money paid other than as a regular cash dividend) issued by reason of any stock dividend, stock
split, recapitalization, combination of shares, exchange of shares or other change affecting the outstanding Common Stock as a class without
the Company’s receipt of consideration, shall be issued or set aside with respect to the shares of unvested Common Stock granted
to a grantee or subject to a grantee’s RSUs, subject to (i) the same vesting requirements applicable to the grantee's unvested shares
of Common Stock or RSUs, and (ii) such escrow arrangements as the Plan Administrator shall deem appropriate.

 

3.               
The grantee shall have
full stockholder rights with respect to any shares of Common Stock issued to the grantee under the Stock Issuance Program, whether or
not the grantee's interest in those shares is vested, except that the grantee shall not have dividend rights with respect to such shares
prior to the vesting of such shares. However, the Plan Administrator may provide for a grantee to receive one or more dividend equivalents
with respect to such shares, entitling the grantee to all regular cash dividends payable on such shares of Common Stock, which amounts
shall be (i) subject to the same vesting requirements applicable to the shares of Common Stock granted hereunder, and (ii) payable upon
vesting of the shares to which such dividend equivalents relate.

 

4.              
The grantee shall not have any stockholder
rights with respect to any shares of Common Stock subject to an RSU. However, the Plan Administrator may provide for a grantee to receive
one or more dividend equivalents with respect to such shares, entitling the grantee to all regular cash dividends payable on the shares
of Common Stock underlying the RSU, which amounts shall be (i) subject to the same vesting requirements applicable to the shares of Common
Stock underlying the RSU, and (ii) payable upon issuance of the shares to which such dividend equivalents relate.

 

    	 	11	 

     

    

5.              
Should the grantee cease to
remain in Service while holding one or more unvested shares of Common Stock issued under the Stock Issuance Program or should the performance
objectives not be attained with respect to one or more such unvested shares of Common Stock, then those shares shall be immediately surrendered
to the Company for cancellation, and the grantee shall have no further stockholder rights with respect to those shares. To the extent
the surrendered shares were previously issued to the grantee for consideration paid in cash, the Company shall repay to the grantee the
cash consideration paid for the surrendered shares.

 

6.              
Except as prohibited by the last sentence
of paragraph 1 above, the Plan Administrator may in its discretion waive the surrender and cancellation of one or more unvested shares
of Common Stock which would otherwise occur upon the cessation of the grantee’s Service or the non-attainment of the performance
objectives applicable to those shares. Such waiver shall result in the immediate vesting of the grantee's interest in the shares of Common
Stock as to which the waiver applies. Such waiver may be effected at any time, whether before or after the grantee's cessation of Service
or the attainment or non-attainment of the applicable performance objectives.

 

7.              
Outstanding RSUs under the
Stock Issuance Program shall automatically terminate, and no shares of Common Stock shall actually be issued in satisfaction of those
awards, if the Service and/or performance goals established for such awards are not attained. The Plan Administrator, however, shall,
except as prohibited by the last sentence of paragraph 1 above, have the discretionary authority to issue shares of Common Stock in satisfaction
of one or more outstanding RSUs as to which the designated Service and/or performance goals are not attained. Such authority may be exercised
at any time, whether before or after the grantee's cessation of Service or the attainment or non-attainment of the applicable performance
objectives.

 

II.               
CORPORATE TRANSACTION/CHANGE IN CONTROL

 

A.              
All of the Company’s outstanding
repurchase rights under the Stock Issuance Program shall terminate automatically, and all the shares of Common Stock subject to those
terminated rights shall immediately vest in full, in the event of any Corporate Transaction, except to the extent (i) those repurchase
rights are to be assigned to the successor corporation (or parent thereof) in connection with such Corporate Transaction, or (ii) such
accelerated vesting is precluded by other limitations imposed in the Stock Issuance Agreement, unless the Plan Administrator determines
to waive such limitations.

 

B.              
Each award which is assigned
in connection with (or is otherwise to continue in effect after) a Corporate Transaction shall be appropriately adjusted such that it
shall apply and pertain to the number and class of securities issued to the grantee in consummation of the Corporate Transaction with
respect to the shares granted to grantee under this Article Three.

 

C.              
In the event of a Change in
Control: (1) shares of restricted stock and RSUs granted under this Article Three prior to May 23, 2016 shall be subject to the provisions
of the Plan as in effect prior to such date, and (2) shares of restricted stock and RSUs granted on or after May 23, 2016 shall be treated
as follows: if the grantee’s employment is terminated by the Company without Cause or the grantee resigns due to a Constructive
Termination, in either case within the ninety (90) day period preceding or the two (2) year period following the Change in Control, the
vesting of such restricted stock and RSUs shall automatically accelerate (and all of the shares of Common Stock subject to such RSUs shall
be issued to grantees), and the Company’s outstanding repurchase rights under this Article Three shall immediately terminate; provided,
however, that if the acquiror or successor refuses to assume the shares of restricted stock or RSUs or substitute an award of equivalent
value (as determined by the Committee in its discretion) in connection with the Change in Control, the vesting of such restricted stock
or RSUs under this Article Three shall automatically accelerate (and all of the shares of Common Stock subject to such RSUs shall be issued
to grantees). To the extent any shares of restricted stock or RSUs vest in whole or in part based on the achievement of performance criteria,
the amount that shall vest in accordance with the proviso to clause (2) of the immediately-preceding sentence shall vest based on the
higher of actual performance goal attainment through the date of the Change in Control or a prorated amount using target performance and
based on the time elapsed in the performance period as of the date of the Change in Control.

 

    	 	12	 

     

    

III.            
STOCKHOLDER RIGHTS

 

A.              
 Individuals
who are granted shares of Common Stock pursuant to this Article Three shall be the owners of such shares for all purposes while holding
such Common Stock, and may exercise full voting rights with respect to those shares at all times while held by the individuals. Individuals
who have been granted RSUs shall have no voting rights with respect to Common Stock underlying RSUs unless and until such Common Stock
is reflected as issued and outstanding shares on the Company’s stock ledger.

 

B.              
Individuals
who are granted shares of Common Stock pursuant to this Article Three shall not have dividend rights with respect to such shares prior
to the vesting of such shares. However, the Plan Administrator may provide for a grantee to receive one or more dividend equivalents with
respect to such shares, entitling the grantee to all regular cash dividends payable on such shares of Common Stock, which amounts shall
be (i) subject to the same vesting requirements applicable to the shares of Common Stock granted hereunder, and (ii) payable upon vesting
of the shares to which such dividend equivalents relate.

 

IV.             
SHARE ESCROW / LEGENDS

 

Unvested shares may, in the Plan Administrator's discretion,
be held in escrow by the Company until the grantee's interest in such shares vests or may be issued directly to the grantee with restrictive
legends on the certificates evidencing those unvested shares.

 

Article Four

AUTOMATIC OPTION GRANT PROGRAM

 

I.                  
ELIGIBILITY

 

The individuals eligible to receive automatic option
grants pursuant to the provisions of this Article Four shall be (i) those individuals who, after the effective date of this amendment
and restatement, first become non-employee Board members, whether through appointment by the Board, election by the Company’s stockholders,
or by continuing to serve as a Board member after ceasing to be employed by the Company, and (ii) those individuals already serving as
non-employee Board members on the effective date of this amendment and restatement. As used herein, a “non-employee” Board
member is any Board member who is not employed by the Company on the date in question.

 

II.               
TERMS AND CONDITIONS OF AUTOMATIC OPTION GRANTS

 

A.               
Grants. Option grants shall be made under this Article Four as follows:

 

1.                 
Each individual who first becomes a non-employee Board member on or after the effective date of this amendment and restatement shall automatically
be granted at such time a non-statutory stock option under the terms and conditions of this Article Four, to purchase a number shares
of Common Stock equal to the product of (i) 80,000, and (ii) a fraction, the numerator of which is the number of months (rounded to the
nearest whole number) remaining between the date such Board member first became a non-employee Board member and the Company’s next
scheduled Annual Stockholders Meeting, and the denominator of which is 12.

 

2.                 
Immediately following each Annual Stockholders Meeting of the Company, each individual who is then serving as a non-employee Board member
(except for those individuals first elected to serve as non-employee Board members at such meeting), shall automatically be granted
a non-statutory stock option under this Article Four to acquire 40,000 shares of Common Stock.

 

B.              
Exercise Price. The exercise price per share of each automatic option grant made under this Article Four shall be
equal to one hundred percent (100%) of the fair market value per share of Common Stock on the automatic grant date.

 

C.               
 Payment. The exercise price shall be through one of the following methods (or a combination
thereof):

 

    	 	13	 

     

    

(1)       payment
in cash or check made payable to the Company’s order; or

 

(2)       full payment
in shares of Common Stock held for the requisite period necessary to avoid a charge to the Company’s reported earnings and valued
at fair market value on the Exercise Date (as such term is defined below); or

 

(3)       full payment
in a combination of shares of Common Stock held for the requisite period necessary to avoid a charge to the Company’s reported earnings
and valued at fair market value on the Exercise Date and cash or check payable to the Company’s order; or

 

(4)       full payment
through a sale and remittance procedure pursuant to which the non-employee Board member (I) shall provide irrevocable written instructions
to a designated brokerage firm to effect the immediate sale of the purchased shares and remit to the Company, out of the sale proceeds
available on the settlement date, sufficient funds to cover the aggregate exercise price payable for the purchased shares and shall (II)
concurrently provide written directives to the Company to deliver the certificates for the purchased shares directly to such brokerage
firm in order to complete the sale transaction; or

 

(5)       such other
method as permitted by the Plan Administrator.

 

For purposes of this subparagraph C, the Exercise Date
shall be the date on which written notice of the option exercise is delivered to the Company. Except to the extent the sale and remittance
procedure specified above is utilized for the exercise of the option, payment of the option price for the purchased shares must accompany
the exercise notice.

 

D.               
Option Term. Each automatic grant under this Article Four shall have a term of ten (10) years measured from the automatic
grant date.

 

E.              
   Exercisability.

 

1.                 
Subject to the proviso in Section VI of Article One, each initial automatic grant made pursuant to Section II.A.1 of this Article Four
shall vest and become exercisable in 36 equal monthly installments over a 3-year period measured from the grant date.

 

2.                 
Subject to the proviso in Section VI of Article One, each 40,000 share automatic grant made pursuant to Section II.A.2 of this Article
Four shall vest and become exercisable for the option shares on the twelve (12)-month anniversary of the automatic grant date.

 

F.                 
Non-Transferability. During the lifetime of the optionee, each automatic option grant, together with the limited stock appreciation
right pertaining to such option, shall be exercisable only by the optionee, except to the extent such option or the limited stock appreciation
right is assigned or transferred (i) by will or by the laws of descent and distribution following the optionee’s death, or (ii)
during optionee’s lifetime either (A) as a gift in connection with the optionee’s estate plan to one or more members of optionee’s
immediate family, to a trust in which optionee and/or one or more such family members hold more than fifty percent (50%) of the beneficial
interest or to an entity in which more than fifty percent (50%) of the voting interests are owned by optionee and/or one or more such
family members, or (B) pursuant to a domestic relations order. The portion of any option assigned or transferred during optionee’s
lifetime shall be exercisable only by the person or persons who acquire a proprietary interest in the option pursuant to such assignment.
The terms applicable to the assigned portion shall be the same as those in effect for this option immediately prior to such assignment
and shall be set forth in such documents issued to the assignee as the Plan Administrator may deem appropriate.

 

    	 	14	 

     

    

G.                
Cessation of Board Service. Should the optionee cease to serve as a Board member for any reason while holding one or more
automatic option grants under this Article Four, then such optionee shall have the remainder of the ten (10) year term of each such option
in which to exercise each such option for any or all of the shares of Common Stock for which the option is exercisable at the time of
such cessation of Board service. Each such option shall immediately terminate and cease to be outstanding, at the time of such cessation
of Board service, with respect to any shares for which the option is not otherwise at that time exercisable. Upon the expiration of the
ten (10)-year option term, the automatic grant shall terminate and cease to be outstanding in its entirety. Upon the death of the optionee,
whether before or after cessation of Board service, any option held by optionee at the time of optionee’s death may be exercised,
for any or all of the shares of Common Stock for which the option was exercisable at the time of cessation of Board service by the optionee
and which have not been theretofore exercised by the optionee, by the personal representative of the optionee’s estate or by the
person or persons to whom the option is transferred pursuant to the optionee’s will or in accordance with the laws of descent and
distribution. Any such exercise must occur during the remainder of the ten (10) year term of such option.

 

H.               
Stockholder Rights. The holder of an automatic option grant under this Article Four shall have none of the rights of a stockholder
with respect to any shares subject to such option until such individual shall have exercised the option and paid the exercise price for
the purchased shares. Without limitation, an optionee shall not have any right to receive dividends with respect to an unexercised option.

 

III.            
CORPORATE TRANSACTIONS/CHANGES IN CONTROL

 

A.              
In the event of a Corporate Transaction,
(1) the exercisability of each option outstanding under this Article Four granted prior to April 3, 2017 shall automatically accelerate
so that each such option shall, immediately prior to the specified effective date for the Corporate Transaction, become fully exercisable
with respect to the total number of shares of Common Stock at the time subject to such option and may be exercised for all or any portion
of such shares, and (2) each option granted under this Article Four thereafter shall be subject to the same rules specified in Article
Two, Section III.

 

B.               
Immediately after the consummation
of the Corporate Transaction, all outstanding options under this Article Four shall terminate and cease to be outstanding, except to the
extent assumed by the successor corporation or its parent company. If so provided by the terms of the Corporate Transaction, the optionee
shall receive a cash payment on account of any option terminated in accordance with this paragraph, in an amount equal to the excess (if
any) of (A) the fair market value of the shares subject to the option as valued pursuant to the Corporate Transaction over (B) the aggregate
exercise price of the option.

 

C.                Each outstanding option
under this Article Four which is assumed in connection with the Corporate Transaction or is otherwise to continue in effect shall be appropriately
adjusted, immediately after such Corporate Transaction, to apply and pertain to the number and class of securities which would have been
issued to the option holder, in consummation of such Corporate Transaction, had such person exercised the option immediately prior to
such Corporate Transaction. Appropriate adjustments shall also be made to the option price payable per share, provided the aggregate
option price payable for such securities shall remain the same. Such option shall be subject to the same rules specified in Article Two,
Section III.

 

D.              
In connection with any Change in Control,
(1) the exercisability of each option grant made prior to April 3, 2017 and outstanding at the time under this Article Four shall automatically
accelerate so that each such option shall, immediately prior to the specified effective date for the Change in Control, become fully exercisable
with respect to the total number of shares of Common Stock at the time subject to such option and may be exercised for all or any portion
of such shares, and (2) each option granted under this Article Four thereafter shall be subject to the same rules specified in Article
Two, Section III.

 

E.              
The automatic grant of options under
this Article Four shall in no way affect the right of the Company to adjust, reclassify, reorganize or otherwise change its capital or
business structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

 

IV.             
STOCK APPRECIATION RIGHTS

 

A.               
With respect to each option granted under the Automatic Option Grant Program, each optionee shall have the right
to surrender all or part of the option (to the extent not then exercised) in exchange for a distribution from the Company in an amount
equal to the excess of (i) the fair market value (on the option surrender date) of the number of shares in which the optionee is at the
time vested under the surrendered option (or surrendered portion thereof) over (ii) the aggregate option price payable for such vested
shares. The distribution shall be made in shares of Common Stock valued at fair market value on the option surrender date.

 

    	 	15	 

     

    

B.              
 The shares of Common Stock subject to any option surrendered for an appreciation distribution pursuant to this
Section IV shall not be available for subsequent option grant under the Plan.

 

Article Five

SECTION 162(M) PERFORMANCE GOALS

 

I.               

GENERAL

 

The Plan Administrator may establish performance criteria
and level of achievement versus such criteria that shall determine the number of shares of Common Stock or RSUs to be granted, retained,
vested, issued or issuable under or in settlement of or the amount payable pursuant to an award hereunder, which criteria may be based
on Qualifying Performance Criteria (as defined below) or other standards of financial performance and/or personal performance evaluations.
In addition, the Plan Administrator may specify that an award or a portion of an award is intended to satisfy the requirements for “performance-based
compensation” under Section 162(m) of the Code, provided that the performance criteria for such award or portion of an award that
is intended by the Plan Administrator to satisfy the requirements for “performance-based compensation” under Section 162(m)
of the Code shall be a measure based on one or more Qualifying Performance Criteria selected by the Committee and specified at the time
the award is granted. The Committee shall certify the extent to which any Qualifying Performance Criteria have been satisfied, and the
amount payable as a result thereof, prior to payment, settlement or vesting of any award that is intended to satisfy the requirements
for “performance-based compensation” under Section 162(m) of the Code. Notwithstanding satisfaction of any performance goals,
the number of shares of Common Stock issued under or the amount paid under an award may, to the extent specified in the applicable award
agreement, be reduced by the Committee on the basis of such further considerations as the Committee in its sole discretion shall determine.
The Committee may not delegate its duties under this Article Five to any other person with respect to any award that is intended to satisfy
the requirements for “performance-based compensation” under Section 162(m) of the Code.

 

II.               
QUALIFYING PERFORMANCE CRITERIA

 

For purposes of this Plan, the term “Qualifying
Performance Criteria” shall mean any one or more of the following performance criteria, either individually, alternatively or in
any combination, applied to either the Company as a whole or to a business unit or subsidiary, either individually, alternatively or in
any combination, and measured either quarterly, annually or cumulatively over a period of years, on an absolute basis or relative to a
pre-established target, to previous years’ results or to a designated comparison group, in each case as specified by the Committee:
(i) revenue growth; (ii) earnings before interest, taxes, depreciation and amortization; (iii) earnings before interest, taxes and amortization;
(iv) operating income; (v) pre- or after-tax income; (vi) cash flow; (vii) cash flow per share; (viii) net income; (ix) earnings per share;
(x) return on equity; (xi) return on invested capital; (xii) return on assets; (xiii) economic value added (or an equivalent metric);
(xiv) share price performance; (xv) total shareholder return; (xvi) improvement in or attainment of expense levels; (xvii) improvement
in or attainment of working capital levels; (xviii) debt reduction; (xix) progress for advancing drug discovery and/or drug development
programs; or (xx) implementation, completion or attainment of measurable objectives with respect to research, development, manufacturing,
commercialization, products or projects, or production volume levels. To the extent consistent with Section 162(m) of the Code, the Committee
(A) shall appropriately adjust any evaluation of performance under a Qualifying Performance Criteria to eliminate the effects of charges
for restructurings, discontinued operations, extraordinary items and all items of gain, loss or expense determined to be extraordinary
or unusual in nature or related to the acquisition or disposal of a segment of a business or related to a change in accounting principle
all as determined in accordance with standards established by opinion No. 30 of the Accounting Principles Board (APB Opinion No. 30) or
other applicable or successor accounting provisions, as well as the cumulative effect of accounting changes, in each case as determined
in accordance with generally accepted accounting principles or identified in the Company’s financial statements or notes to the
financial statements, and (B) may appropriately adjust any evaluation of performance under a Qualifying Performance Criteria to exclude
any of the following events that occurs during a performance period: (i) asset write-downs, (ii) litigation, claims, judgments or settlements,
(iii) the effect of changes in tax law or other such laws or provisions affecting reported results, (iv) the adverse effect of work stoppages
or slowdowns, (v) accruals for reorganization and restructuring programs and (vi) accruals of any amounts for payment under this Plan
or any other compensation arrangement maintained by the Company.

  

    	 	16	 

     

    

Article Six

MISCELLANEOUS

 

I.               
AMENDMENT OF THE PLAN

 

The Board shall have complete and exclusive power and
authority to amend or modify the Plan in any or all respects whatsoever. However, no such amendment or modification shall, without the
consent of the holders, adversely affect rights and obligations with respect to options at the time outstanding under the Plan. In addition,
certain amendments may require stockholder approval pursuant to applicable laws or regulations.

 

II.               
TAX WITHHOLDING

 

A.              
The Company’s obligation to deliver shares or cash upon the exercise of stock options or stock appreciation rights or upon the grant
or vesting of direct stock issuances or RSUs under the Plan shall be subject to the satisfaction of all applicable Federal, State and
local income and employment tax withholding requirements.

 

B.                The Plan Administrator may, in its discretion and upon such terms and conditions as it may deem appropriate, provide any or all
holders of outstanding options or stock issuances under the Plan (other than the automatic option grants under Article Four) with the
election to have the Company withhold, from the shares of Common Stock otherwise issuable upon the exercise or vesting of such awards,
a whole number of such shares with an aggregate fair market value equal to the minimum amount necessary (or, if determined by the Plan
Administrator in its discretion and to the extent adverse accounting treatment does not result, at the maximum applicable individual statutory
tax rates) to satisfy the Federal, State and local income and employment tax withholdings (the “Taxes”) incurred in connection
with the acquisition or vesting of such shares. In lieu of such direct withholding, one or more grantees may also be granted the right
to deliver whole shares of Common Stock to the Company in satisfaction of such Taxes. Any withheld or delivered shares shall be valued
at their fair market value on the applicable determination date for such Taxes.

 

III.               
EFFECTIVE DATE AND TERM OF PLAN

 

A.               
The Plan, as amended and restated,
shall be effective on the date specified in the Board of Directors resolution adopting the Plan. Except as provided below, each option
issued and outstanding under the Plan immediately prior to such effective date shall continue to be governed solely by the terms and conditions
of the agreement evidencing such grant, and nothing in this restatement of the Plan shall be deemed to affect or otherwise modify the
rights or obligations of the holders of such options with respect to their acquisition of shares of Common Stock thereunder. The Plan
Administrator shall, however, have full power and authority, under such circumstances as the Plan Administrator may deem appropriate (but
in accordance with Section I of this Article Five), to extend one or more features of this amendment and restatement to any options outstanding
on the effective date.

 

B.               
Unless sooner terminated
in accordance with the other provisions of this Plan, the Plan shall terminate upon the earlier of (i) ten years following the
date this amendment and restatement of the Plan is approved by the Board or (ii) the date on which all shares available for issuance under
the Plan shall have been issued or cancelled pursuant to the exercise, surrender or cash-out of the options granted hereunder. If the
date of termination is determined under clause (i) above, then any options or stock issuances outstanding on such date shall continue
to have force and effect in accordance with the provisions of the agreements evidencing those awards.

 

C.              
Options may be granted with
respect to a number of shares of Common Stock in excess of the number of shares at the time available for issuance under the Plan, provided
each granted option is not to become exercisable, in whole or in part, at any time prior to stockholder approval of an amendment authorizing
a sufficient increase in the number of shares issuable under the Plan.

 

IV.              
USE OF PROCEEDS

 

Any cash proceeds received by the Company from the sale
of shares pursuant to options or stock issuances granted under the Plan shall be used for general corporate purposes.

 

    	 	17	 

     

    

V.               
REGULATORY APPROVALS

 

A.            
    The implementation of the Plan, the granting of any option hereunder, and the issuance of stock (i) upon the exercise
or surrender of any option or (ii) under the Stock Issuance Program shall be subject to the procurement by the Company of all approvals
and permits required by regulatory authorities having jurisdiction over the Plan, the options granted under it and the stock issued pursuant
to it.

 

B.            
     No shares of Common Stock or other assets shall be issued or delivered under the Plan unless and until there
shall have been compliance with all applicable requirements of Federal and state securities laws, including (to the extent required) the
filing and effectiveness of the Form S-8 registration statement for the shares of Common Stock issuable under the Plan, and all applicable
listing requirements of any stock exchange (or the Nasdaq National Market, the Nasdaq Global Select Market or any successor system, if
applicable) on which Common Stock is then trading.

 

VI.               
NO EMPLOYMENT/SERVICE RIGHTS

 

Neither the action of the Company in establishing or
restating the Plan, nor any action taken by the Plan Administrator hereunder, nor any provision of the Plan shall be construed so as to
grant any individual the right to remain in the employ or service of the Company (or any parent or subsidiary corporation) for any period
of specific duration, and the Company (or any parent or subsidiary corporation retaining the services of such individual) may terminate
such individual’s employment or service at any time and for any reason, with or without cause.

 

VII.              
MISCELLANEOUS PROVISIONS

 

A.              
Except to the extent otherwise
expressly provided in the Plan, the right to acquire Common Stock or other awards under the Plan may not be assigned, encumbered or otherwise
transferred by any grantee.

 

B.              
Awards issued under the Plan shall
be subject to any clawback policy of the Company as in effect from time-to-time.

 

C.               
The provisions of the Plan relating to the
exercise of options and the issuance and/or vesting of shares shall be governed by the laws of the State of Delaware without resort to
that state’s conflict-of-laws provisions, as such laws are applied to contracts entered into and performed in such State.

 

D.              
The Plan is intended to be an
unfunded plan. Grantees are and shall at all times be general creditors of the Company with respect to their awards. If the Committee
or the Company chooses to set aside funds in a trust or otherwise for the payment of awards under the Plan, such funds shall at all times
be subject to the claims of the creditors of the Company in the event of its bankruptcy or insolvency.

 

 

 

 

 

 

 

 

 

18Exhibit 10.2 

 

BIOCRYST PHARMACEUTICALS, INC.

EMPLOYEE STOCK PURCHASE PLAN

(AS AMENDED AND RESTATED AS OF APRIL 1, 2021)

 

		I.	PURPOSE OF THE PLAN

 

This Employee Stock Purchase Plan is intended to promote
the interests of BioCryst Pharmaceuticals, Inc. by providing eligible employees with the opportunity to acquire a proprietary interest
in the Corporation through participation in a payroll deduction based employee stock purchase plan designed to qualify under Section 423
of the Code.

 

Capitalized terms herein shall have the meanings assigned
to such terms in the attached Appendix.

 

		II.	ADMINISTRATION OF THE PLAN

 

The Plan Administrator shall have full authority to
interpret and construe any provision of the Plan and to adopt such rules and regulations for administering the Plan as it may deem necessary
in order to comply with the requirements of Code Section 423. Decisions of the Plan Administrator shall be final and binding on all
parties having an interest in the Plan.

 

		III.	STOCK SUBJECT TO PLAN

 

A.            
The stock purchasable under the Plan shall be shares of authorized but unissued or reacquired Common Stock, including shares of Common
Stock purchased on the open market. The maximum number of shares of Common Stock which may be issued over the term of the Plan shall not
exceed 7,975,000 shares.

 

B.            
In the event any change is made to the Common Stock by reason of any stock split, stock dividend, recapitalization, combination of shares,
exchange of shares or other change affecting the outstanding Common Stock as a class without the Corporation’s receipt of consideration,
appropriate adjustments shall be made to (i) the maximum number and class of securities issuable under the Plan, (ii) the maximum
number and class of securities purchasable per Participant on any one Purchase Date and (iii) the number and class of securities
and the price per share in effect under each outstanding purchase right in order to prevent the dilution or enlargement of benefits thereunder.

 

		IV.	PURCHASE PERIODS

 

A.            
Shares of Common Stock shall be offered for purchase under the Plan through a series of successive purchase periods until such time as
(i) the maximum number of shares of Common Stock available for issuance under the Plan shall have been purchased or (ii) the
Plan shall have been sooner terminated.

 

B.            
Each purchase period shall have a duration of six (6) months. Purchase periods shall run from the first business day in February
to the last business day in July and from the first business day of August to the last business day of January.

 

 

    	 	1	 

     

    

 

		V.	ELIGIBILITY

 

A.            
Each individual who is an Eligible Employee on the start date of any purchase period shall be eligible to participate in the Plan for
that purchase period.

 

B.            
To participate in the Plan for a particular purchase period, the Eligible Employee must complete the enrollment forms prescribed by the
Plan Administrator (including a stock purchase agreement and a payroll deduction authorization form) and file such forms with the Plan
Administrator (or its designate) on or before the start date of the purchase period.

 

		VI.	PAYROLL DEDUCTIONS

 

A.            
The payroll deduction authorized by the Participant for purposes of acquiring shares of Common Stock under the Plan may be any multiple
of one percent (1%) of the Base Salary paid to the Participant during each purchase period, up to a maximum of fifteen percent (15%).
The deduction rate so authorized shall continue in effect for the entire purchase period and for each subsequent purchase period, except
to the extent such rate is changed in accordance with the following guidelines:

 

(i)            
The Participant may, at any time during the purchase period, reduce his or her rate of payroll deduction to become effective as soon as
possible after filing of the appropriate form with the Plan Administrator. The Participant may not, however, effect more than one (1) such
reduction per purchase period.

 

(ii)          
The Participant may, prior to the commencement of any new purchase period, increase the rate of his or her payroll deduction by filing
the appropriate form with the Plan Administrator. The new rate (which may not exceed the fifteen percent (15%) maximum) shall become
effective as of the start date of the new purchase period.

 

B.            
Payroll deductions shall begin on the first payday following the start date of the purchase period and shall (unless sooner terminated
by the Participant) continue through the payday ending with or immediately prior to the last day of the purchase period. The amounts so
collected shall be credited to the Participant’s book account under the Plan, but no interest shall be paid on the balance from
time to time outstanding in such account. The amounts collected from the Participant shall not be held in any segregated account or trust
fund and may be commingled with the general assets of the Corporation and used for general corporate purposes.

 

C.            
Payroll deductions shall automatically cease upon the termination of the Participant’s purchase right in accordance with the provisions
of the Plan.

 

D.            
The Participant’s acquisition of Common Stock under the Plan during any purchase period shall neither limit nor require the Participant’s
acquisition of Common Stock during any subsequent purchase period.

 

		VII.	PURCHASE RIGHTS

 

A.            
Grant of Purchase Right. A Participant shall be granted a separate purchase right on the start date of each purchase
period in which he or she participates. The purchase right shall grant the Participant the right to purchase shares of Common Stock on
the Purchase Date upon the terms set forth below. The Participant shall execute a stock purchase agreement embodying such terms and such
other provisions (not inconsistent with the Plan) as the Plan Administrator may deem advisable.

    	 	2	 

     

    

 

Under no circumstances shall purchase rights be granted
under the Plan to any Eligible Employee if such individual would, immediately after the grant, own (within the meaning of Code Section 424(d))
or hold outstanding options or other rights to purchase, stock possessing five percent (5%) or more of the total combined voting
power or value of all classes of stock of the Corporation or any Corporate Affiliate.

 

B.            
Exercise of the Purchase Right. Each purchase right shall be automatically exercised on the Purchase Date, and shares
of Common Stock shall accordingly be purchased on behalf of each Participant (other than Participants whose payroll deductions have previously
been refunded in accordance with the Termination of Purchase Right provisions below) on such date. The purchase shall be effected by applying
the Participant’s payroll deductions for the purchase period (together with any carryover deductions from the preceding purchase
period) to the purchase of whole shares of Common Stock (subject to the limitation on the maximum number of shares purchasable per Participant
on any one Purchase Date) at the purchase price in effect for that purchase period.

 

C.            
Purchase Price. The purchase price per share of Common Stock on any Purchase Date shall be equal to eighty-five percent
(85%) of the lower of (i) the Fair Market Value per share of Common Stock on the start date of the purchase
period or (ii) the Fair Market Value per share of Common Stock on the Purchase Date.

 

D.            
Number of Purchasable Shares. The number of shares purchasable by a Participant on any Purchase Date shall be the number
of whole shares obtained by dividing the amount collected from the Participant through payroll deductions during the purchase period ending
with such Purchase Date (together with any carryover deductions from the preceding purchase period) by the purchase price in effect for
that Purchase Date. However, the maximum number of shares of Common Stock purchasable per Participant on any one Purchase Date shall not
exceed Three Thousand (3,000) shares, subject to periodic adjustments in the event of certain changes in the Corporation’s
capitalization.

 

E.            
Excess Payroll Deductions. Any payroll deductions not applied to the purchase of shares of Common Stock on any Purchase
Date because they are not sufficient to purchase a whole share of Common Stock shall be held for the purchase of Common Stock on the next
Purchase Date. However, any payroll deductions not applied to the purchase of Common Stock by reason of the limitation on the maximum
number of shares purchasable by the Participant on the Purchase Date shall be promptly refunded.

 

F.             
Termination of Purchase Right. The following provisions shall govern the termination of outstanding purchase rights:

 

(i)            
A Participant may, at any time prior to the last day of the purchase period, terminate his or her outstanding purchase right by filing
the appropriate form with the Plan Administrator (or its designate), and no further payroll deductions shall be collected from the Participant
with respect to the terminated purchase right. Any payroll deductions collected during the purchase period in which such termination occurs
shall, at the Participant’s election, be immediately refunded or held for the purchase of shares on the next Purchase Date. If no
such election is made at the time such purchase right is terminated, then the payroll deductions collected with respect to the terminated
right shall be refunded as soon as possible.

 

    	 	3	 

     

    

(ii)          
The termination of such purchase right shall be irrevocable, and the Participant may not subsequently rejoin the purchase period for which
the terminated purchase right was granted. In order to resume participation in any subsequent purchase period, such individual must re-enroll
in the Plan (by making a timely filing of the prescribed enrollment forms) on or before the start date of the new purchase period.

 

(iii)         
Should the Participant cease to remain an Eligible Employee for any reason (including death, disability or change in status) while his
or her purchase right remains outstanding, then that purchase right shall immediately terminate, and all of the Participant’s payroll
deductions for the purchase period in which such cessation of Eligible Employee status occurs shall be immediately refunded.

 

G.            
Corporate Transaction. In the event of a Corporate Transaction during the purchase period, each outstanding purchase
right shall automatically be exercised, immediately prior to the Effective Date of such Corporate Transaction, by applying the payroll
deductions of each Participant for the purchase period to the purchase of whole shares of Common Stock at a purchase price per share equal
to eighty-five percent (85%) of the lower of (i) the Fair Market Value per share of Common Stock on the start
date of the purchase period or (ii) the Fair Market Value per share of Common Stock immediately prior to the effective date of such
Corporate Transaction. However, the applicable share limitations per Participant shall continue to apply to any such purchase.

 

The Corporation shall use its best efforts to provide
at least ten (10)-days prior written notice of the occurrence of any Corporate Transaction, and Participants shall, following the receipt
of such notice, have the right to terminate their outstanding purchase rights prior to the effective date of the Corporate Transaction.

 

H.            
Proration of Purchase Rights. Should the total number of shares of Common Stock to be purchased pursuant to outstanding
purchase rights on any particular date exceed the number of shares then available for issuance under the Plan, the Plan Administrator
shall make a pro-rata allocation of the available shares on a uniform and nondiscriminatory basis, and the payroll deductions of each
Participant, to the extent in excess of the aggregate purchase price payable for the Common Stock pro-rated to such individual, shall
be refunded.

 

I.              
Assignability. During the Participant’s lifetime, the purchase right shall be exercisable only by the Participant
and shall not be assignable or transferable by the Participant.

 

J.              
Stockholder Rights. A Participant shall have no stockholder rights with respect to the shares subject to his or her
outstanding purchase right until the shares are purchased on the Participant’s behalf in accordance with the provisions of the Plan
and the Participant has become a holder of record of the purchased shares.

 

		VIII.	ACCRUAL LIMITATIONS

 

A.            
No Participant shall be entitled to accrue rights to acquire Common Stock pursuant to any purchase right outstanding under this Plan if
and to the extent such accrual, when aggregated with (i) rights to purchase Common Stock accrued under any other purchase right granted
under this Plan and (ii) similar rights accrued under other employee stock purchase plans (within the meaning of Code Section 423)
of the Corporation or any Corporate Affiliate, would otherwise permit such Participant to purchase more than Twenty-Five Thousand Dollars
($25,000) worth of stock of the Corporation or any Corporate Affiliate (determined on the basis of the Fair Market Value of such stock
on the date or dates such rights are granted) for each calendar year such rights are at any time outstanding.

 

    	 	4	 

     

    

B.            
For purposes of applying such accrual limitations, the following provisions shall be in effect:

 

(i)            
The right to acquire Common Stock under each purchase right shall accrue on the Purchase Date in effect for the purchase period for which
such right is granted.

 

(ii)          
No right to acquire Common Stock under any outstanding purchase right shall accrue to the extent the Participant has already accrued in
the same calendar year the right to acquire Common Stock under one (1) or more other purchase rights at a rate equal to Twenty-Five
Thousand Dollars ($25,000) worth of Common Stock (determined on the basis of the Fair Market Value of such stock on the date or dates
of grant) for each calendar year such rights were at any time outstanding.

 

C.            
If by reason of such accrual limitations, any purchase right of a Participant does not accrue for a particular purchase period, then the
payroll deductions which the Participant made during that purchase period with respect to such purchase right shall be promptly refunded.

 

D.            
In the event there is any conflict between the provisions of this article and one or more provisions of the Plan or any instrument issued
thereunder, the provisions of this article shall be controlling.

 

		IX.	EFFECTIVE DATE AND TERM OF THE PLAN

 

A.            
The Plan was originally adopted by the Board on December 9, 1994 and became effective on the Effective Date subject to approval by
the stockholders of the Corporation and the Corporation having complied with all applicable requirements of the 1933 Act (including the
registration of the shares of Common Stock issuable under the Plan on a Form S-8 registration statement filed with the Securities and
Exchange Commission) and applicable listing requirements of any stock exchange (or the Nasdaq Global Market, if applicable) on which the
Common Stock is listed for trading and all other applicable requirements established by law or regulation.

 

B.            
Unless sooner terminated by the Board, the Plan shall terminate upon the earlier of (i) the date on which all shares
available for issuance under the Plan shall have been sold pursuant to purchase rights exercised under the Plan or (ii) the date
on which all purchase rights are exercised in connection with a Corporate Transaction.

 

		X.	AMENDMENT OF THE PLAN

 

The Board may alter, amend, suspend or discontinue the
Plan following the close of any purchase period. However, the Board may not, without the approval of the Corporation’s stockholders,
(i) materially increase the number of shares of Common Stock issuable under the Plan or the maximum number of shares purchasable
per Participant on any one Purchase Date, except for permissible adjustments in the event of certain changes in the Corporation’s
capitalization, (ii) alter the purchase price formula so as to reduce the purchase price payable for the shares purchasable under
the Plan, or (iii) materially increase the benefits accruing to Participants under the Plan or materially modify the requirements
for eligibility to participate in the Plan.

 

    	 	5	 

     

    

		XI.	GENERAL PROVISIONS

 

A.            
All costs and expenses incurred in the administration of the Plan shall be paid by the Corporation.

 

B.            
Nothing in the Plan shall confer upon the Participant any right to continue in the employ of the Corporation or any Corporate Affiliate
for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Corporation (or any Corporate
Affiliate employing such person) or of the Participant, which rights are hereby expressly reserved by each, to terminate such person’s
employment at any time for any reason, with or without cause.

 

C.            
The provisions of the Plan shall be governed by the laws of the State of Alabama without resort to that State’s conflict-of-laws
rules.

 

DEFINITIONS

 

The following definitions shall be in effect under the Plan:

 

A.            
Base Salary shall mean the regular base salary paid to a Participant by one or more Participating Companies during such
individual’s period of participation in the Plan, plus any pre-tax contributions made by the Participant to any Code Section 401(k)
salary deferral plan or any Code Section 125 cafeteria benefit program now or hereafter established by the Corporation or any Corporate
Affiliate. The following items of compensation shall not be included in Base Salary: (i) all overtime payments,
bonuses, commissions (other than those functioning as base salary equivalents), profit-sharing distributions and other incentive-type
payments and (ii) any and all contributions (other than Code Section 401(k) or Code Section 125 contributions) made on
the Participant’s behalf by the Corporation or any Corporate Affiliate under any employee benefit or welfare plan now or hereafter
established.

 

B.            
Board shall mean the Corporation’s Board of Directors.

 

C.            
Code shall mean the Internal Revenue Code of 1986, as amended.

 

D.            
Common Stock shall mean the Corporation’s common stock.

 

E.            
Corporate Affiliate shall mean any parent or subsidiary corporation of the Corporation (as determined in accordance
with Code Section 424), whether now existing or subsequently established.

 

F.             
Corporate Transaction shall mean either of the following stockholder-approved transactions to which the Corporation
is a party:

 

(i)            
a merger or consolidation in which securities possessing more than fifty percent (50%) of the total combined voting power of the
Corporation’s outstanding securities are transferred to a person or persons different from the persons holding those securities
immediately prior to such transaction, or

 

    	 	6	 

     

    

(ii)          
the sale, transfer or other disposition of all or substantially all of the assets of the Corporation in complete liquidation or dissolution
of the Corporation.

 

G.            
Corporation shall mean BioCryst Pharmaceuticals, Inc., a Delaware corporation, and any corporate successor to all or
substantially all of the assets or voting stock of BioCryst Pharmaceuticals, Inc. which shall by appropriate action adopt the Plan.

 

H.            
Effective Date shall mean February 1, 1995. Any Corporate Affiliate which becomes a Participating Corporation
after such Effective Date shall designate a subsequent Effective Date with respect to its employee-Participants.

 

I.              
Eligible Employee shall mean any person who is engaged, on a regularly-scheduled basis of more than twenty (20) hours
per week for more than five (5) months per calendar year, in the rendition of personal services to any Participating Corporation
as an employee for earnings considered wages under Section 3401 (a) of the Code.

 

J.              
Fair Market Value per share of Common Stock on any relevant date shall be determined in accordance with the following
provisions:

 

(i)            
If the Common Stock is at the time traded on the Nasdaq Global Market, the Fair Market Value shall be the closing selling price per share
of Common Stock on the date in question, as such price is reported on the Nasdaq Global Market or any successor system. If there is no
closing selling price for the Common Stock on the date in question, then the Fair Market Value shall be the closing selling price on the
last preceding date for which such quotation exists.

 

(ii)          
If the Common Stock is at the time listed on any Stock Exchange, then the Fair Market Value shall be the closing selling price per share
of Common Stock on the date in question on the Stock Exchange determined by the Plan Administrator to be the primary market for the Common
Stock, as such price is officially quoted in the composite tape of transactions on such exchange. If there is no closing selling price
for the Common Stock on the date in question, then the Fair Market Value shall be the closing selling price on the last preceding date
for which such quotation exists.

 

K.            
1933 Act shall mean the Securities Act of 1933, as amended.

 

L.            
1934 Act shall mean the Securities Exchange Act of 1934, as amended.

 

M.           
Participant shall mean any Eligible Employee of a Participating Corporation who is actively participating in the Plan.

 

N.            
Participating Corporation shall mean the Corporation and such Corporate Affiliate or Affiliates as may be authorized
from time to time by the Board to extend the benefits of the Plan to their Eligible Employees. The Participating Corporations in the Plan
as of the Effective Date are listed in attached Schedule A.

 

O.            
Plan shall mean the Corporation’s Employee Stock Purchase Plan, as set forth in this document.

 

    	 	7	 

     

    

P.             
Plan Administrator shall mean the committee of two (2) or more Board members appointed by the Board to administer
the Plan.

 

Q.            
Purchase Date shall mean the last business day of each purchase period.

 

R.            
Stock Exchange shall mean either the Nasdaq Global Market or the New York Stock Exchange.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8

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