Document:

mlnd_Ex10_11

		
			Exhibit 10.11
		

		
			MILLENDO THERAPEUTICS, INC.
		

		
			2012 STOCK PLAN
		

		
			STOCK OPTION AGREEMENT
		

		
			Unless otherwise defined herein, the terms defined in the 2012 Stock Plan shall have the same defined meanings in this Stock Option Agreement (this “Option Agreement”).
		

		
			I.           NOTICE OF STOCK OPTION GRANT
		

		
			«Optionholder»
		

		
			The undersigned Optionee has been granted an Option to purchase Common Stock of the Company, subject to the terms and conditions of the Plan, the Sub Plan and this Option Agreement, as follows:
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						Optionholder:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Date of Grant:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Vesting Commencement Date:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Number of Shares Subject to Option:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Exercise Price (Per Share)(US$):

					
					
						$

				
	
					
						 

					
					
						 

				
	
					
						Total Exercise Price (US$):

					
					
						$

				
	
					
						 

					
					
						 

				
	
					
						Expiration Date:

					
					
						 

				
	
					
						 

					
					
						 

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Type of Grant:

					
					
						Nonstatutory Stock Option and French Qualified Stock Option

				
	
					
						 

					
					
						 

				
	
					
						Exercise Schedule:

					
					
						Same as Vesting Schedule

				
	
					
						 

					
					
						 

				
	
					
						Vesting Schedule:

					
					
						25% of the shares subject to the option shall vest on the first anniversary of the Vesting Commencement Date, and 1/48th of the shares subject to the option shall vest monthly thereafter over the next 36 months thereafter.

				
	
					
						 

					
					
						 

				
	
					
						Payment:

					
					
						By one or a combination of the following methods of payment (described in the Stock Option Agreement):

				
	
					
						 

					
					
						☑

					
					
						Cash or check

				
	
					
						 

					
					
						☑

					
					
						Bank draft or money order payable to the Company

				
	
					
						 

					
					
						☑

					
					
						Pursuant to a Regulation T Program (cashless exercise) if the shares are publicly traded

				
	
					
						 

					
					
						☐

					
					
						Net exercise

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Separation Period:

					
					
						This Option shall be exercisable for three months after Optionee ceases to be a Service Provider.  Upon Optionee’s death or Disability, this Option may be exercised for one year after Optionee ceases to be a Service Provider.  In no event may Optionee exercise this Option after the Expiration Date as provided above.

				

		
			 
		

		
			
		

		
			

		 

 

		

		
			II.         AGREEMENT
		

		
			1.         GRANT OF OPTION.  The Administrator of the Company hereby grants to the Optionee named in the Notice of Grant of this Option Agreement (“Optionee”), an option (this “Option”) to purchase the number of Shares set forth in the Notice of Grant, at the exercise price per Share set forth in the Notice of Grant (the “Exercise Price”), and subject to the terms and conditions of the Plan, which is incorporated herein by reference.  Subject to Section 15(c) of the Plan, in the event of a conflict between the terms and conditions of the Plan and this Option Agreement, the terms and conditions of the Plan shall prevail.
		

		
			2.         EXERCISE OF OPTION.  This Option shall be exercisable during its term in accordance with the provisions of Section 10 of the Plan as follows:
		

		
			(a)        Right to Exercise.
		

		
			(i)         Subject to subsections 2(a)(ii) and 2(a)(iii) below, this Option shall be exercisable cumulatively according to the vesting schedule set forth in the Notice of Grant.
		

		
			(ii)       This Option may not be exercised for a fraction of a Share.
		

		
			(b)       Method of Exercise.
		

		
			(i)         This Option shall be exercisable by delivery of an exercise notice in the form attached hereto as EXHIBIT A (the “Exercise Notice”), which shall state the election to exercise this Option, the number of Shares with respect to which this Option is being exercised (the “Exercised Shares”), and such other representations and agreements as may be required by the Company.  The Exercise Notice shall be accompanied by payment of the aggregate Exercise Price as to all Exercised Shares.  This Option shall be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by the aggregate Exercise Price.
		

		
			(ii)       No Shares shall be issued pursuant to the exercise of this Option unless such issuance and such exercise comply with Applicable Laws.  Assuming such compliance, for income tax purposes the Shares shall be considered transferred to Optionee on the date on which this Option is exercised with respect to such Shares.
		

		
			(iii)      All amounts due are payable in United States dollars calculated by reference to the local currency to United States dollar exchange rate published in The Wall Street Journal on the date of exercise (or if the date of exercise is not a business day in the United States, the next available business day in the United States).  Neither the Company, the Employer (defined below) nor any affiliate of the Company shall be liable for any foreign exchange rate fluctuation that may affect the value of the option or of any amounts due to Optionee pursuant to the exercise of the option or the subsequent sale of any Shares acquired upon exercise.
		

		
			(c)        Termination of Service. For the purposes of this Option, Optionee will no longer be considered a Service Provider as of the end date of Optionee’s contract for the provision of services to the Company or a Parent or Subsidiary of the Company (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Optionee is employed or the terms of Optionee’s employment agreement, if any), and unless otherwise expressly provided in this Agreement or determined by the Company, the period (if any) during which Optionee may exercise the option after such termination will commence on the end date of Optionee’s contract.
		

		
			
		

		
			

		 

		

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			3.         OPTIONEE’S REPRESENTATIONS.  In the event the Shares have not been registered under the Securities Act at the time this Option is exercised, Optionee shall, if required by the Company, concurrently with the exercise of all or any portion of this Option, deliver to the Company his or her or its Investment Representation Statement in the form attached hereto as EXHIBIT B.  Optionee understands that the Company is under no obligation to register or qualify the Shares with any state or foreign securities commission or to seek approval or clearance from any governmental authority for the issuance or sale of the Shares.  Further, Optionee agrees that the Company shall have unilateral authority to amend the Plan and this Agreement without Optionee’s consent to the extent necessary to comply with securities or other laws applicable to issuance of shares.
		

		
			4.         Lock-Up Period.
		

		
			(a)        Optionee hereby agrees that Optionee shall not offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any Common Stock (or other securities) of the Company or enter into any swap, hedging or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Common Stock (or other securities) of the Company held by Optionee (other than those included in the registration) during the 180-day period (or such longer period as may be requested in writing by the representative of the underwriters of Common Stock (or other securities) of the Company in connection with NASD Rule 2711(f)(4)) following the effective date of the first registration statement of the Company filed under the Securities Act (the “Lock-Up Period”).
		

		
			(b)       Optionee agrees to execute and deliver such other agreements (including the underwriter’s standard form of “lock-up” or “market standoff” agreement) as may be reasonably requested by the Company or the underwriter which are consistent with the foregoing or which are necessary to give further effect thereto.  In the event Optionee refuses to execute any such agreement, Optionee hereby agrees to comply with all of the transfer restrictions set forth above in this Section for an additional 60 days beyond the Lock-Up Period otherwise called for above.  In addition, if requested by the Company or the representative of the underwriters of Common Stock (or other securities) of the Company, Optionee shall provide, within ten days of such request, such information as may be required by the Company or such representative in connection with the completion of any public offering of the Company’s securities pursuant to a registration statement filed under the Securities Act.  The obligations described in this Section shall not apply to a registration relating solely to employee benefit plans on Form S-1 or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a Commission Rule 145 transaction on Form S-4 or similar forms that may be promulgated in the future.  The Company may impose stop-transfer instructions with respect to the shares of Common Stock (or other securities) subject to the foregoing restriction until the end of the Lock-Up Period.  Optionee agrees that any transferee of the Option or shares acquired pursuant to the Option shall be bound by this Section.
		

		
			5.         METHOD OF PAYMENT.  Payment of the aggregate Exercise Price shall be by any of the following, or a combination thereof, at the election of Optionee:
		

		
			(a)        cash;
		

		
			(b)       check; or
		

		
			(c)        consideration received by the Company under a formal cashless exercise program adopted by the Company in connection with the Plan
		

		
			
		

		
			

		 

		

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			6.         RESTRICTIONS ON EXERCISE.  This Option may not be exercised until such time as the Plan has been approved by the stockholders of the Company, or if the issuance of such Shares upon such exercise or the method of payment of consideration for such shares would constitute a violation of any Applicable Law.
		

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

		
			8.         TERM OF OPTION.  This Option may be exercised only within the term set out in the Notice of Grant, and may be exercised during such term only in accordance with the Plan and the terms of this Option.
		

		
			9.         TAX OBLIGATIONS.
		

		
			(a)         Optionee acknowledges that, regardless of any action taken by the Company or, if different, Optionee’s employer (the “Employer”) the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax‐related items related to Optionee’s participation in the Plan and legally applicable to Optionee (“Tax-Related Items”), is and remains Optionee’s responsibility and may exceed the amount actually withheld by the Company or the Employer.  Optionee further acknowledges that the Company and/or the Employer make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of this Option, including, but not limited to, the grant, vesting or exercise of the Option, the subsequent sale of shares of Common Stock acquired pursuant to such exercise and the receipt of any dividends.  Further, if Optionee is subject to Tax-Related Items in more than one jurisdiction between the Date of Grant and the date of any relevant taxable or tax withholding event, as applicable, Optionee acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.
		

		
			(b)         Prior to the relevant taxable or tax withholding event, as applicable, Optionee agrees to make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items.  In this regard, Optionee authorize the Company and/or the Employer, or their respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by withholding from payroll and any other amounts payable to Optionee, including any proceeds due to Optionee from the sale of shares of Common Stock acquired at exercise of the Option either through a voluntary sale or through a mandatory sale arranged by the Company on Optionee’s behalf (including by means of a “same day sale” pursuant to a program developed under Regulation T as promulgated by the U.S. Federal Reserve Board) pursuant to this authorization without further consent.
		

		
			(c)         Upon Optionee’s request and subject to approval by the Company, in its sole discretion, and compliance with any applicable legal conditions or restrictions, the Company may withhold from fully vested shares of Common Stock otherwise issuable to Optionee upon the exercise of this Option a number of whole shares of Common Stock having a Fair Market Value, determined by the Company as of the date of exercise, not in excess of the maximum amount of tax required to be withheld by law (or such lower amount as may be necessary to avoid classification of this Option as a liability for financial accounting purposes).  Any adverse consequences to Optionee arising in connection with such share withholding procedure shall be Optionee’s sole responsibility.
		

		
			(d)         Optionee may not exercise this Option unless the tax withholding obligations of the Company and/or any Affiliate for Tax-Related Items are satisfied.  Accordingly, Optionee may not be
		

		
			
		

		
			

		 

		

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			able to exercise this Option when desired even though the Option is vested, and the Company shall have no obligation to issue a certificate for such shares of Common Stock or release such shares of Common Stock from any escrow provided for herein unless such obligations are satisfied.
		

		
			(e)         Optionee hereby agrees that the Company does not have a duty to design or administer the Plan or its other compensation programs in a manner that minimizes Optionee’s tax liabilities.  Optionee will not make any claim against the Company, or any of its officers, Directors, Employees or affiliates related to tax liabilities arising from this Option or Optionee’s other compensation
		

		
			10.       ENTIRE AGREEMENT; GOVERNING LAW.  The Plan is incorporated herein by reference.  The Plan and this Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Optionee with respect to the subject matter hereof, and may not be modified adversely to Optionee’s interest except by means of a writing signed by the Company and Optionee.  This Agreement is governed by the internal substantive laws but not the choice of law rules of Michigan.
		

		
			11.       NO GUARANTEE OF CONTINUED SERVICE.  OPTIONEE AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER).  OPTIONEE FURTHER ACKNOWLEDGES AND AGREES THAT THIS OPTION AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH OPTIONEE’S RIGHT OR THE COMPANY'S RIGHT TO TERMINATE OPTIONEE’S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE.
		

		
			12.       PERSONAL DATA.  Optionee understands that the Employer, if applicable, the Company, and/or its affiliates hold certain personal information about Optionee, including but not limited to Optionee’s name, home address, telephone number, date of birth, social security or equivalent tax identification number, salary, nationality, job title, and details of this Option (the “Personal Data”).  Certain Personal Data may also constitute “Sensitive Personal Data” or similar classification under applicable local law and be subject to additional restrictions on collection, processing and use of the same under such laws.  Such data include but are not limited to Personal Data and any changes thereto, and other appropriate personal and financial data about Optionee.  Optionee hereby provides express consent to the Company and its Parents and Subsidiaries to collect, hold, and process any such Personal Data and Sensitive Personal Data.  Optionee also hereby provides express consent to the Company and/or its Parents and Subsidiaries to transfer any such Personal Data and Sensitive Personal Data outside the country in which Optionee is employed or retained, including transfers to the United States.  The legal persons for whom such Personal Data are intended are the Company and any broker company providing services to the Company in connection with the administration of the Plan. Optionee has been informed of Optionee’s right to access and correct Optionee Personal Data and/or Sensitive Personal Data by applying to the Company representative identified herein.
		

		
			13.       EFFECT ON OTHER EMPLOYEE BENEFITS.  The value of this option is an extraordinary item of compensation, which is outside the scope of Optionee’s employment, service contract or consulting agreement, if any.  The value of this option will not be included as compensation, earnings, salaries, or other similar terms used when calculating any termination, severance, resignation, redundancy, end of service payments, bonuses, long-service awards, life or accident insurance benefits, pension or retirement benefits.  The Company expressly reserves its rights to amend, modify, or terminate any of the Company’s
		

		
			
		

		
			

		 

		

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			or any Parent or Subsidiary’s employee benefit plans.
		

		
			14.       VOTING RIGHTS.  Optionee will not have voting or any other rights as a stockholder of the Company with respect to the shares to be issued pursuant to this Option until such shares are issued to Optionee.  Upon such issuance, Optionee will obtain full voting and other rights as a stockholder of the Company.  Nothing contained in this Option, and no action taken pursuant to its provisions, will create or be construed to create a trust of any kind or a fiduciary relationship between Optionee and the Company or any other person.
		

		
			15.       LANGUAGE.  If Optionee has received Agreement, or any other document related to the Option and/or the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.
		

		
			16.       ACKNOWLEDGEMENTS.
		

		
			(a)        Optionee acknowledges receipt of a copy of the Plan and represents that he, she or it is familiar with the terms and provisions thereof, and hereby accepts this Option subject to all of the terms and provisions thereof.  Optionee has reviewed the Plan and this Option in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Option and fully understands all provisions of the Option.  Optionee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan or this Option.  Optionee further agrees to notify the Company upon any change in the residence address indicated below.
		

		
			(b)       Notwithstanding the Board’s good faith determination of the Fair Market Value of the Common Stock of the Company, the taxing authorities may assert that the fair market value of the Shares on the date of award was greater than the Exercise Price.
		

		
			(c)        Optionee acknowledges that under Section 409A of the Code, if the Exercise Price of this Option is less than the fair market value of the Common Stock of the Company on the date of this award, this Option may be treated as a form of deferred compensation and Optionee may be subject to an additional 20% tax, plus interest and possible penalties.  Optionee is encouraged to consult a tax advisor regarding the potential impact of Section 409A of the Code.
		

		
			(d)       Optionee acknowledges that the Administrator, in the exercise of its sole discretion and without Optionee’s consent, may amend or modify this Option in any manner and delay the payment of any amounts payable pursuant to this Option to the minimum extent necessary to meet the requirements of Section 409A of the Code as amplified by any Internal Revenue Service or U.S. Department of Treasury regulations or guidance as the Company deems appropriate or advisable.
		

		
			17.       ADDITIONAL ACKNOWLEDGEMENTS.  Optionee hereby consents and acknowledges that:
		

		
			(a)         The rights and obligations of the Company under this Option will be transferable to any one or more persons or entities, and all covenants and agreements hereunder will inure to the benefit of, and be enforceable by the Company’s successors and assigns.
		

		
			(b)         Optionee agrees upon request to execute any further documents or instruments necessary or desirable in the sole determination of the Company to carry out the purposes or intent of this Option.
		

		
			
		

		
			

		 

		

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			(c)         Optionee acknowledges and agrees that Optionee has reviewed the Option in its entirety, has had an opportunity to obtain the advice of counsel prior to executing and accepting the Option, and fully understand all provisions of the Option.
		

		
			(d)         This Agreement will be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.
		

		
			(e)         All obligations of the Company under the Plan and this Agreement will be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.
		

		
			(f)         Participation in the Plan is voluntary and Optionee must accept the terms and conditions of the Plan and this option as a condition to participating in the Plan and receipt of this Option.  This option and any other awards under the Plan are voluntary and occasional and do not create any contractual or other right to receive future awards or other benefits in lieu of future awards.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						OPTIONEE:

					
					
						 

					
					
						THE COMPANY:

				
	
					
						 

					
					
						 

					
					
						MILLENDO THERAPEUTICS, INC.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						 

				
	
					
						«Optionholder»

					
					
						 

					
					
						 

					
					
						Julia C. Owens

				
	
					
						 

					
					
						 

					
					
						 

					
					
						President and Chief Executive Officer

				
	
					
						Date:

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Resident Address:

					
					
						 

					
					
						 

					
					
						Date:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			 
		

		
			

		 

		

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			EXHIBIT A
		

		
			2012 STOCK PLAN
		

		
			EXERCISE NOTICE
		

		
			MILLENDO THERAPEUTICS, INC.
201 North Main Street, Suite 100
Ann Arbor, MI  48104
Attention: Secretary
		

		
			1.         EXERCISE OF OPTION.  Effective as of today, ____________, the undersigned (“Optionee”) hereby elects to exercise Optionee’s option to purchase ___________ shares of Common Stock (the “Shares”) of MILLENDO THERAPEUTICS, INC., a Delaware corporation (the “Company”) under and pursuant to the 2012 Stock Plan (the “Plan”) and the Stock Option Agreement dated «GrantDate» (the “Option Agreement”).
		

		
			2.         DELIVERY OF PAYMENT.  Optionee herewith delivers to the Company the full purchase price of the Shares in (US$), as set forth in the Option Agreement, and any and all withholding taxes due in connection with the exercise of the Option.
		

		
			3.         REPRESENTATIONS OF OPTIONEE.  Optionee acknowledges that Optionee has received, read and understood the Plan and the Option Agreement and agrees to abide by and be bound by their terms and conditions.
		

		
			4.         RIGHTS AS STOCKHOLDER.  Until the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the Optioned Stock, notwithstanding the exercise of the Option.  The Shares shall be issued to Optionee as soon as practicable after the Option is exercised in accordance with the Option Agreement.  No adjustment shall be made for a dividend or other right for which the record date is prior to the date of issuance except as provided in Section 13 of the Plan.
		

		
			5.         COMPANY’S RIGHT OF FIRST REFUSAL.  Before any Shares held by Optionee or any transferee (either being sometimes referred to herein as the “Holder”) may be sold or otherwise transferred (including transfer by gift or operation of law), the Company or its assignee(s) shall have a right of first refusal to purchase the Shares on the terms and conditions set forth in this Section (the “Right of First Refusal”).
		

		
			(a)         Notice of Proposed Transfer.  The Holder of the Shares shall deliver to the Company a written notice (the “Notice”) stating: (i) the Holder’s bona fide intention to sell or otherwise transfer such Shares; (ii) the name of each proposed purchaser or other transferee (each a “Proposed Transferee”); (iii) the number of Shares to be transferred to each Proposed Transferee; and (iv) the bona fide cash price or other consideration for which the Holder proposes to transfer the Shares (the “Offered Price”), and the Holder shall offer the Shares at the Offered Price to the Company or its assignee(s).
		

		
			(b)         Exercise of Right of First Refusal.  At any time within 30 days after receipt of the Notice, the Company and/or its assignee(s) may, by giving written notice to the Holder, elect to purchase all, but not less than all, of the Shares proposed to be transferred to any one or more of the Proposed Transferees, at the purchase price determined in accordance with subsection (c) below.
		

		
			
		

		
			

		 

		

			EXHIBIT A-1

		

 

		

		
			(c)         Purchase Price.  The purchase price (the “Purchase Price”) for the Shares purchased by the Company or its assignee(s) under this Section shall be the Offered Price.  If the Offered Price includes consideration other than cash, the cash equivalent value of the non-cash consideration shall be determined by the Board in good faith.
		

		
			(d)         Payment.  Payment of the Purchase Price shall be made, at the option of the Company or its assignee(s), in cash (by check), by cancellation of all or a portion of any outstanding indebtedness of the Holder to the Company (or, in the case of repurchase by an assignee, to the assignee), or by any combination thereof within 30 days after receipt of the Notice or in the manner and at the times set forth in the Notice.
		

		
			(e)         Holder’s Right to Transfer.  If all of the Shares proposed in the Notice to be transferred to a given Proposed Transferee are not purchased by the Company and/or its assignee(s) as provided in this Section, then the Holder may sell or otherwise transfer such Shares to such Proposed Transferee at the Offered Price or at a higher price, provided that such sale or other transfer is consummated within 120 days after the date of the Notice, that any such sale or other transfer is effected in accordance with any applicable securities laws and that the Proposed Transferee agrees in writing that the provisions of this Section shall continue to apply to the Shares in the hands of such Proposed Transferee.  If the Shares described in the Notice are not transferred to the Proposed Transferee within such period, a new Notice shall be given to the Company, and the Company and/or its assignees shall again be offered the Right of First Refusal before any Shares held by the Holder may be sold or otherwise transferred.
		

		
			(f)         Exception for Certain Family Transfers.  Anything to the contrary contained in this Section notwithstanding, the transfer of any or all of the Shares during Optionee’s lifetime or on Optionee’s death by will or intestacy to Optionee’s immediate family or a trust for the benefit of Optionee’s immediate family shall be exempt from the provisions of this Section.  “Immediate Family” as used herein shall mean spouse, lineal descendant or antecedent, father, mother, brother or sister.  In such case, the transferee or other recipient shall receive and hold the Shares so transferred subject to the provisions of this Section, and there shall be no further transfer of such Shares except in accordance with the terms of this Section.
		

		
			(g)         Termination of Right of First Refusal.  The Right of First Refusal shall terminate as to any Shares upon the earlier of (i) first sale of Common Stock of the Company to the general public, or (ii) a Change in Control in which the successor corporation has equity securities that are publicly traded.
		

		
			6.         TAX CONSULTATION.  Optionee understands that Optionee may suffer adverse tax consequences as a result of Optionee’s purchase or disposition of the Shares. Optionee represents that Optionee has consulted with any tax consultants Optionee deems advisable in connection with the purchase or disposition of the Shares and that Optionee is not relying on the Company for any tax advice.
		

		
			7.         RESTRICTIVE LEGENDS AND STOP-TRANSFER ORDERS.
		

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

		
			
		

		
			

		 

		

			EXHIBIT A-2

		

 

		

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

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

		
			THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER FOR A PERIOD OF 180 DAYS FOLLOWING THE EFFECTIVE DATE OF THE UNDERWRITTEN PUBLIC OFFERING OF THE COMPANY’S SECURITIES (OR FOR SUCH LONGER PERIOD AS PREVIOUSLY AGREED TO BY THE HOLDER OF THE SHARES) AND MAY NOT BE SOLD OR OTHERWISE DISPOSED OF BY THE HOLDER WITHOUT THE CONSENT OF THE COMPANY.
		

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

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

		
			8.         SUCCESSORS AND ASSIGNS.  The Company may assign any of its rights under this Exercise Notice to single or multiple assignees, and this Exercise Notice shall inure to the benefit of the successors and assigns of the Company.  Subject to the restrictions on transfer herein set forth, this Exercise Notice shall be binding upon Optionee and his or her or its heirs, executors, administrators, successors and assigns.
		

		
			9.         INTERPRETATION.  Any dispute regarding the interpretation of this Exercise Notice shall be submitted by Optionee or by the Company forthwith to the Administrator, which shall review such dispute at its next regular meeting.  The resolution of such a dispute by the Administrator shall be final and binding on all parties.
		

		
			10.       GOVERNING LAW; SEVERABILITY.  This Exercise Notice is governed by the internal substantive laws, but not the choice of law rules, of Michigan.
		

		
			
		

		
			

		 

		

			EXHIBIT A-3

		

 

		

		
			11.       ENTIRE AGREEMENT.  The Plan and Option Agreement are incorporated herein by reference.  This Exercise Notice, the Plan, the Restricted Stock Purchase Agreement, the Option Agreement and the Investment Representation Statement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Optionee with respect to the subject matter hereof, and may not be modified adversely to Optionee’s interest except by means of a writing signed by the Company and Optionee.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Submitted By:

					
					
						 

					
					
						Accepted By:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						OPTIONEE:

					
					
						 

					
					
						THE COMPANY:

				
	
					
						 

					
					
						 

					
					
						MILLENDO THERAPEUTICS, INC.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						 

				
	
					
						«Optionholder»

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						 

				
	
					
						Date:

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						 

				
	
					
						Resident Address:

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Date:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			EXHIBIT A-4

		

 

		

		
			EXHIBIT B
		

		
			INVESTMENT REPRESENTATION STATEMENT
		

		
			 
		

			
					
						OPTIONEE:

					
					
						«Optionholder»

				
	
					
						 

					
					
						 

				
	
					
						COMPANY:

					
					
						MILLENDO THERAPEUTICS, INC.

				
	
					
						 

					
					
						 

				
	
					
						SECURITY:

					
					
						COMMON STOCK

				
	
					
						 

					
					
						 

				
	
					
						AMOUNT:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						DATE:

					
					
						 

					
					
						 

				

		
			 
		

		
			 
		

		
			In connection with the purchase of the above-listed Securities, the undersigned Optionee represents to the Company the following:
		

		
			(a)        Optionee is aware of the Company’s business affairs and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Securities.  Optionee is acquiring these Securities for investment for Optionee’s own account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act.
		

		
			(b)       Optionee acknowledges and understands that the Securities constitute “restricted securities” under the Securities Act and have not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Optionee’s investment intent as expressed herein.  In this connection, Optionee understands that, in the view of the Securities and Exchange Commission, the statutory basis for such exemption may be unavailable if Optionee’s representation was predicated solely upon a present intention to hold these Securities for the minimum capital gains period specified under tax statutes, for a deferred sale, for or until an increase or decrease in the market price of the Securities, or for a period of one year or any other fixed period in the future.  Optionee further understands that the Securities must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. Optionee further acknowledges and understands that the Company is under no obligation to register the Securities.  Optionee understands that the certificate evidencing the Securities will be imprinted with any legend required under applicable state securities laws.
		

		
			(c)        Optionee is familiar with the provisions of Rule 701 and Rule 144, each promulgated under the Securities Act, which, in substance, permit limited public resale of “restricted securities” acquired, directly or indirectly from the issuer thereof, in a non-public offering subject to the satisfaction of certain conditions.  Rule 701 provides that if the issuer qualifies under Rule 701 at the time of the grant of the Option to Optionee, the exercise will be exempt from registration under the Securities Act.  In the event the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, 90 days thereafter (or such longer period as any market stand-off agreement may require) the Securities exempt under Rule 701 may be resold, subject to the satisfaction of certain of the conditions specified by Rule 144, including: (i) the resale being made through a broker in an unsolicited “broker’s transaction” or in transactions directly with a market maker (as said term is defined under the Exchange Act); and, in the case of an affiliate, (ii) the availability of certain public information about the Company, (iii) the amount of Securities being sold during any three-month period not exceeding the limitations specified in Rule 144(e), and (iv) the timely filing of a Form 144, if applicable.
		

		
			
		

		
			

		 

		

			EXHIBIT B-1

		

 

		

		
			(d)       In the event that the Company does not qualify under Rule 701 at the time of grant of the Option, then the Securities may be resold in certain limited circumstances subject to the provisions of Rule 144, which requires the resale to occur not less than one year after the later of the date the Securities were sold by the Company or the date the Securities were sold by an affiliate of the Company, within the meaning of Rule 144; and, additionally, in the case of acquisition of the Securities by an affiliate, the satisfaction of the conditions set forth in sections (i), (ii), (iii) and (iv) of the paragraph immediately above.
		

		
			(e)        Optionee further understands that, in the event all of the applicable requirements of Rule 701 or Rule 144 are not satisfied, registration under the Securities Act, compliance with Regulation A, or some other registration exemption will be required; and that, notwithstanding the fact that Rule 701 and Rule 144 are not exclusive, the Staff of the Securities and Exchange Commission has expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rule 701 or Rule 144 will have a substantial burden of proof in establishing that an exemption from registration is available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk.  Optionee understands that no assurances can be given that any such other registration exemption will be available in such event.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Signature of Optionee:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						OPTIONEE:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						«Optionholder»

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Date:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		 

		

			EXHIBIT B-2mlnd_Ex10_8

		
			Exhibit 10.8
		

		
			 
		

		
			MILLENDO THERAPEUTICS, INC.
		

		
			 
		

		
			AMENDMENT TO 2012 STOCK PLAN
		

		
			 
		

		
			Millendo Therapeutics, Inc., a Delaware corporation (the “Company”), previously adopted the Atterocor, Inc. 2012 Stock Plan (as amended, the “Plan”). Unless otherwise defined herein, all capitalized terms shall have the meaning set forth in the Plan.
		

		
			 
		

		
			1.         Section 3, Paragraph (a) of the Plan is hereby deleted in its entirety and replaced with the following:
		

		
			 
		

		
			(a)        “Subject to the provisions of Section 13 of the Plan, the maximum aggregate number of Shares that may be subject to option and sold under the Plan is 20,086,451 Shares. In no event shall the number of Shares issued pursuant to Incentive Stock Options exceed 20,086,451 Shares. The Shares may be authorized but unissued, or reacquired Common Stock.”
		

		
			 
		

		
			2.         Except as set forth in this amendment, the Plan shall be unaffected hereby and shall remain in full force and effect.
		

		
			 
		

		
			Adopted: June 21, 2018
		

		
			Approved by Stockholders: June 21, 2018
		

		
			 
		

		
			
		

		
			

		 

 

		

		
			AMENDMENT NO. 1 TO THE ATTEROCOR, INC.
		

		
			2012 STOCK PLAN
		

		
			 
		

		
			Millendo Therapeutics, Inc., a Delaware corporation (formerly known as Atterocor, Inc.) (the “Company”), previously adopted the Atterocor, Inc. 2012 Stock Plan (as amended, the “Plan”). Unless otherwise defined herein, all capitalized terms shall have the meaning set forth in the Plan.
		

		
			 
		

		
			Section 2, Paragraph (h) of the Plan shall be amended in its entirety to read as follows:
		

		
			(a)        “Company” means Millendo Therapeutics, Inc., a Delaware corporation (formerly known as Atterocor, Inc.).
		

		
			 
		

		
			Section 3, Paragraph (a) of the Plan shall be amended in its entirety to read as follows:
		

		
			 
		

		
			(a)        “Subject to the provisions of Section 13 of the Plan, the maximum aggregate number of Shares that may be subject to option and sold under the Plan is 12,086,451 Shares. In no event shall the number of Shares issued pursuant to Incentive Stock Options exceed 12,086,451 Shares. The Shares may be authorized but unissued, or reacquired Common Stock.”
		

		
			 
		

		
			Except as expressly amended hereby, the Plan shall remain unchanged and in full force and effect and is hereby ratified and confirmed.
		

		
			 
		

			
					
						Adopted by the Company’s Board of Directors:

					
					
						December 17, 2015

				
	
					
						 

					
					
						 

				
	
					
						Adopted by the Company’s Stockholders:

					
					
						December 17, 2015

				

		
			 
		

		
			
		

		
			

		 

 

		

		
			IN WITNESS WHEREOF, the undersigned has acknowledged this Amendment to the Plan this 17th day of December, 2015.
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						By: 

					
					
						/s/ Julia C. Owens

				
	
					
						Name: 

					
					
						Julia C. Owens

				
	
					
						Title: 

					
					
						President and CEO

				

		
			 
		

		
			
		

		
			

		 

 

		

		
			ATTEROCOR, INC.
		

		
			 
		

		
			2012 STOCK PLAN
		

		
			 
		

		
			1.         PURPOSES OF THE PLAN. The purposes of this Plan are to attract and retain the best available personnel for positions of substantial responsibility, to provide additional incentive to Employees, Directors and Consultants and to promote the success of the Company's business. Options granted under the Plan may be Incentive Stock Options or Nonstatutory Stock Options, as determined by the Administrator at the time of grant. Stock Purchase Rights may also be granted under the Plan.
		

		
			 
		

		
			2.         DEFINITIONS.  As used herein, the following definitions shall apply:
		

		
			 
		

		
			(a)        “Administrator” means the Board or any of its Committees as shall be administering the Plan in accordance with Section 4 hereof.
		

		
			 
		

		
			(b)       “Applicable Laws” means the requirements relating to the administration of stock option plans under U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable laws of any other country or jurisdiction where Options or Stock Purchase Rights are granted under the Plan.
		

		
			 
		

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

		
			 
		

		
			(d)       “Change in Control” means the occurrence of any of the following events:
		

		
			 
		

		
			(i)         any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the total voting power represented by the Company’s then outstanding voting securities; or
		

		
			 
		

		
			(ii)       the consummation of the sale or disposition by the Company of all or substantially all of the Company’s assets; or
		

		
			 
		

		
			(iii)      the consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) at least 50% of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation.
		

		
			 
		

		
			The Administrator may, in its sole discretion and without Service Provider consent, amend the definition of “Change in Control” to conform to the definition of “Change in Control” under Section 409A of the Code.
		

		
			 
		

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

		
			
		

		
			

		 

 

		

		
			(f)        “Committee” means a committee of Directors or of other individuals satisfying Applicable Laws appointed by the Board in accordance with Section 4 hereof.
		

		
			 
		

		
			(g)        “Common Stock” means the Common Stock of the Company.
		

		
			 
		

		
			(h)       “Company” means Atterocor, Inc., a Delaware corporation.
		

		
			 
		

		
			(i)         “Consultant” means any person who is engaged by the Company or any Parent or Subsidiary to render consulting or advisory services to such entity.
		

		
			 
		

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

		
			 
		

		
			(k)       “Disability” means total and permanent disability as defined in Section 22(e)(3) of the Code.
		

		
			 
		

		
			(l)         “Employee” means any person, including officers and Directors, employed by the Company or any Parent or Subsidiary of the Company. Neither service as a Director nor payment of a director’s fee by the Company shall be sufficient to constitute “employment” by the Company.
		

		
			 
		

		
			(m)      “Exchange Act” means the Securities Exchange Act of 1934, as amended.
		

		
			 
		

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

		
			 
		

		
			(i)         if the Common Stock is listed on any established stock exchange or a national market system, including without limitation the Nasdaq National Market or The Nasdaq SmallCap Market of The Nasdaq Stock Market, its Fair Market Value shall be the closing sales price for such Common Stock (or the closing bid, if no sales were reported) as quoted on such exchange or system on the day of determination, as reported in The Wall Street Journal  or such other source as the Administrator deems reliable;
		

		
			 
		

		
			(ii)       if the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, its Fair Market Value shall be the mean between the high bid and low asked prices for the Common Stock on the day of determination; or
		

		
			 
		

		
			(iii)      in the absence of an established market for the Common Stock, the Fair Market Value thereof shall be determined in good faith by the Administrator.
		

		
			 
		

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

		
			 
		

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

		
			 
		

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

		
			 
		

		
			(r)        “Option Agreement”  means a written or electronic agreement between the
		

		
			 
		

		
			
		

		
			

		 

 

		

		
			Company and an Optionee evidencing the terms and conditions of an individual Option grant. Each Option Agreement is subject to the terms and conditions of the Plan.
		

		
			 
		

		
			(s)        “Optioned Stock” means the Common Stock subject to an Option or a Stock Purchase Right.
		

		
			 
		

		
			(t)        “Optionee” means the holder of an outstanding Option or Stock Purchase Right granted under the Plan.
		

		
			 
		

		
			(u)       “Parent” means a “parent corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code.
		

		
			 
		

		
			(v)        “Plan” means this 2012 Stock Plan.
		

		
			 
		

		
			(w)       “Restricted Stock” means Shares issued pursuant to a Stock Purchase Right or Shares of restricted stock issued pursuant to an Option.
		

		
			 
		

		
			(x)        “Restricted Stock Purchase Agreement” means a written agreement between the Company and Optionee evidencing the terms and restrictions applying to Shares purchased under a Stock Purchase Right. Each Restricted Stock Purchase Agreement is subject to the terms and conditions of the Plan and the notice of grant.
		

		
			 
		

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

		
			 
		

		
			(z)        “Service Provider” means an Employee, Director or Consultant.
		

		
			 
		

		
			(aa)    “Share” means a share of Common Stock, as adjusted in accordance with Section 13 below.
		

		
			 
		

		
			(bb)   “Stock Purchase Right” means a right to purchase Common  Stock  pursuant to Section 11 below.
		

		
			 
		

		
			(cc)    “Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as defined in Section 424(f) of the Code.
		

		
			 
		

		
			3.         STOCK SUBJECT TO THE PLAN.
		

		
			 
		

		
			(a)        Subject to the provisions of Section 13 of the Plan, the maximum aggregate number of Shares that may be subject to option and sold under the Plan is 3,320,118 Shares. In no event shall the number of Shares issued pursuant to Incentive Stock Options  exceed 3,320,118 Shares. The Shares may be authorized but unissued, or reacquired Common Stock.
		

		
			 
		

		
			(b)       If an Option or Stock Purchase Right expires or becomes unexercisable without having been exercised in full, the unpurchased Shares that were subject thereto shall become available for future grant or sale under the Plan (unless the Plan has terminated). However, Shares that have actually been issued under the Plan, upon exercise of either an Option or Stock Purchase Right, shall not be returned to the Plan and shall not become available for
		

		
			
		

		
			

		 

 

		

		
			future distribution under the Plan, except that if Shares of Restricted Stock are repurchased by the Company at their original purchase price, such Shares shall become available for future grant under the Plan.
		

		
			 
		

		
			4.         ADMINISTRATION OF THE PLAN.
		

		
			 
		

		
			(a)        Administrator. The Plan shall be administered by the Board or a Committee appointed by the Board, which Committee shall be constituted to comply with Applicable Laws.
		

		
			 
		

		
			(b)        Powers of the Administrator. Subject to the provisions of the Plan and, in the case of a Committee, the specific duties delegated by the Board to such Committee, and subject to the approval of any relevant authorities, the Administrator shall have the authority in its discretion:
		

		
			 
		

		
			(i)         to determine the Fair Market Value;
		

		
			 
		

		
			(ii)        to select the Service Providers to whom Options and Stock Purchase Rights may from time to time be granted hereunder;
		

		
			 
		

		
			(iii)      to determine the number of Shares to be covered by each such award granted hereunder;
		

		
			 
		

		
			(iv)       to approve forms of agreement for use under the Plan;
		

		
			 
		

		
			(v)        to determine the terms and conditions of any Option or Stock Purchase Right granted hereunder. Such terms and conditions include, but are not limited to, the exercise price, the time or times when Options or Stock Purchase Rights may be exercised  (which may be based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation regarding any Option or Stock Purchase Right or Common Stock relating thereto, based in each case on such factors as the Administrator, in its sole discretion, shall determine;
		

		
			 
		

		
			(vi)       to prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations relating to sub-plans established for the purpose of satisfying applicable foreign laws;
		

		
			 
		

		
			(vii)      to allow Optionees to satisfy withholding tax obligations by electing to have the Company withhold from the Shares to be issued upon exercise of an Option or Stock Purchase Right that number of Shares having a Fair Market Value equal to the minimum amount required to be withheld. The Fair Market Value of the Shares to be withheld shall be determined on the date that the amount of tax to be withheld is to be determined. All elections by Optionees to have Shares withheld for this purpose shall be made in such form and under such conditions as the Administrator may deem necessary or advisable;
		

		
			 
		

		
			(viii)    to amend the terms of any one or more Options or Stock Purchase Rights without the affected Service Provider’s consent if necessary to maintain the qualified status of such Option as an Incentive Stock Option or to bring an Option or Stock Purchase Right
		

		
			
		

		
			

		 

 

		

		
			into compliance with Section 409A of the Code and the related guidance thereunder; and
		

		
			 
		

		
			(ix)       to construe and interpret the terms of the Plan and Options  granted
		

		
			pursuant to the Plan.
		

		
			 
		

		
			(c)        Effect of Administrator's Decision. All decisions, determinations and interpretations of the Administrator shall be final and binding on all Optionees.
		

		
			 
		

		
			5.         ELIGIBILITY. Nonstatutory Stock Options and Stock Purchase Rights may be granted to Service Providers.  Incentive Stock Options may be granted only to Employees.
		

		
			 
		

		
			6.         LIMITATIONS.
		

		
			 
		

		
			(a)        Incentive Stock Option Limit. Each Option shall be designated in the Option Agreement as either an Incentive Stock Option or a Nonstatutory Stock Option. However, notwithstanding such designation, to the extent that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock Options are exercisable for the first time by Optionee during any calendar year (under all plans of the Company and any Parent or Subsidiary) exceeds $100,000, such Options shall be treated as Nonstatutory Stock Options. For purposes of this Section 6(a), Incentive Stock Options shall be taken into account in the order in which they were granted. The Fair Market Value of the Shares shall be determined as of the time the Option with respect to such Shares is granted.
		

		
			 
		

		
			(b)       At-Will Employment. Neither the Plan nor any Option or Stock Purchase Right shall confer upon any Optionee any right with respect to continuing Optionee’s relationship as a Service Provider with the Company, nor shall it interfere in any way with his or her or its right or the Company’s right to terminate such relationship at any time, with or without cause, and with or without notice.
		

		
			 
		

		
			7.         TERM OF PLAN. Subject to stockholder approval in accordance with Section 19, the Plan shall become effective upon its adoption by the Board. Unless sooner terminated under Section 15, it shall continue in effect for a term of ten years from the later of (a) the effective date of the Plan, or (b) the earlier of the most recent board or stockholder approval of an increase in the number of Shares reserved for issuance under the Plan.
		

		
			 
		

		
			8.         TERM OF OPTION. The term of each Option shall be stated in the Option Agreement; provided, however, that the term shall be no more than ten years from the date of grant thereof. In the case of an Incentive Stock Option granted to an Optionee who, at the time the Option is granted, owns stock representing more than 10% of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Option shall be five years from the date of grant or such shorter term as may be provided in the Option Agreement.
		

		
			 
		

		
			9.         OPTION EXERCISE PRICE AND CONSIDERATION.
		

		
			 
		

		
			(a)        Exercise Price. The per share exercise price for the Shares to be issued upon exercise of an Option shall be such price as is determined by the Administrator, but shall be subject to the following:
		

		
			 
		

		
			(i)         In the case of an Incentive Stock Option,
		

		
			
		

		
			

		 

 

		

		
			(A)       granted to an Employee who, at the time of grant of such Option, owns stock representing more than 10% of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the exercise price shall be no less than 110% of the Fair Market Value per Share on the date of grant.
		

		
			 
		

		
			(B)       granted to any other Employee, the per Share exercise price shall be no less than 100% of the Fair Market Value per Share on the date of grant.
		

		
			 
		

		
			(ii)       In the case of a Nonstatutory Stock Option,
		

		
			 
		

		
			(A)       granted to a Service Provider who, at the time of grant of such Option, owns stock representing more than 10% of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the exercise price shall be no less than 110% of the Fair Market Value per Share on the date of grant.
		

		
			 
		

		
			(B)       granted to any other Service Provider, the per Share exercise price shall be no less than 85% of the Fair Market Value per Share on the date of grant.
		

		
			 
		

		
			(iii)      Notwithstanding the foregoing, Options may be granted with a per Share exercise price other than as required above pursuant to a merger or other corporate transaction.
		

		
			 
		

		
			(iii)                              Forms of Consideration. The consideration to be paid for the Shares to be issued upon exercise of an Option, including the method of payment, shall be determined by the Administrator (and, in the case of an Incentive Stock Option, shall be determined at the time of grant). Such consideration may consist of, without limitation, (i) cash; (ii) check; (iii) promissory note; (iv) other Shares, provided that such Shares (A) were acquired directly from the Company, (B) have been owned by Optionee for more than six months on the date of surrender and (C) have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which such Option shall be exercised; (v) consideration received by the Company under a cashless exercise program implemented by the Company in connection with the Plan; or (vi) any combination of the foregoing methods of payment. In making its determination as to the type of consideration to accept, the Administrator shall consider whether acceptance of such consideration may be reasonably expected to benefit the Company.
		

		
			 
		

		
			10.       EXERCISE OF OPTION.
		

		
			 
		

		
			(a)        Procedure for Exercise; Rights as a Stockholder.
		

		
			 
		

		
			(i)         Any Option granted hereunder shall be exercisable according to the terms hereof at such times and under such conditions as determined by the Administrator and set forth in the Option Agreement. An Option may not be exercised for a fraction of a Share. Except in the case of Options granted to officers, Directors and Consultants, Options shall become exercisable at a rate of no less than 20% per year over five years from the date the Options are granted.
		

		
			 
		

		
			(ii)        An Option shall be deemed exercised when the Company receives
		

		
			(A)  written or electronic notice of exercise (in accordance with the Option Agreement) from the person entitled to exercise the Option, and (B) full payment for the Shares with respect to which
		

		
			
		

		
			

		 

 

		

		
			the Option is exercised. Full payment may consist of any consideration and method of payment authorized by the Administrator and permitted by the Option Agreement and the Plan. Shares issued upon exercise of an Option shall be issued in the name of Optionee or, if requested by Optionee, in the name of Optionee and his or her spouse. Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the Shares, notwithstanding the exercise of the Option. The Company shall issue (or cause to be issued) such Shares promptly after the Option is exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 13 of the Plan.
		

		
			 
		

		
			(iii)      Exercise of an Option in any manner shall result in a decrease in the number of Shares thereafter available, both for purposes of the Plan and for sale under the Option, by the number of Shares as to which the Option is exercised.
		

		
			 
		

		
			(b)        Separation from Service. If Optionee ceases to be a Service Provider, Optionee may exercise his or her or its Option within 30 days of Optionee’s separation from service, or such longer period of time as specified in the Option Agreement, to the extent that the Option is vested on the date of separation (but in no event later than the expiration of the term of the Option as set forth in the Option Agreement). If, on the date of separation, Optionee is not vested as to his or her or its entire Option, the Shares covered by the unvested portion of the Option shall revert to the Plan. If, after separation, Optionee does not exercise his or her or its Option within the time specified by the Administrator, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.
		

		
			 
		

		
			(c)        Disability of Optionee. If Optionee ceases to be a Service Provider as a result of Optionee’s Disability, Optionee may exercise his or her Option within six months of Optionee’s separation from service, or such longer period of time as specified in the Option Agreement, to the extent the Option is vested on the date of separation (but in no event later than the expiration of the term of such Option as set forth in the Option Agreement). If, on the date of separation, Optionee is not vested as to his or her or its entire Option, the Shares covered by the unvested portion of the Option shall revert to the Plan. If, after separation, Optionee does not exercise his or her Option within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.
		

		
			 
		

		
			(d)       Death of Optionee. If Optionee dies while a Service Provider, the Option may be exercised within six months following Optionee’s death, or such longer period of time as specified in the Option Agreement, to the extent that the Option is vested on the date of death (but in no event later than the expiration of the term of such Option as set forth in the Option Agreement) by Optionee’s designated beneficiary, provided such beneficiary has been  designated prior to Optionee’s death in a form acceptable to the Administrator. If no such beneficiary has been designated by Optionee, then such Option may be exercised by the personal representative of Optionee’s estate or by the person(s) to whom the Option is transferred  pursuant to Optionee’s will or in accordance with the laws of descent and distribution. If, at thetime of death, Optionee is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option shall immediately revert to the Plan. If the Option is not so exercised within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan.
		

		
			 
		

		
			
		

		
			

		 

 

		

		
			(e)        Leaves of Absence.
		

		
			 
		

		
			(i)         Unless the Administrator provides otherwise, vesting of Options granted hereunder to officers and Directors shall be suspended during any unpaid leave of absence.
		

		
			 
		

		
			(ii)       A Service Provider shall not cease to be an Employee in the case of (A) any leave of absence approved by the Company or (B) transfers between locations of the Company or between the Company, its Parent, any Subsidiary, or any successor.
		

		
			 
		

		
			(iii)      For purposes of Incentive Stock Options, no such leave may exceed 90 days, unless reemployment upon expiration of such leave is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, then three months following the 91st day of such leave, any Incentive Stock Option held by Optionee shall cease to be treated as an Incentive Stock Option and shall be treated for tax purposes as a Nonstatutory Stock Option.
		

		
			 
		

		
			11.       STOCK PURCHASE RIGHTS.
		

		
			 
		

		
			(a)        Rights to Purchase. Stock Purchase Rights may be issued either alone, in addition to, or in tandem with other awards granted under the Plan and/or cash awards made outside of the Plan. After the Administrator determines that it will offer Stock Purchase Rights under the Plan, it shall advise the offeree in writing or electronically of the terms, conditions and restrictions related to the offer, including the number of Shares that such person shall be entitled to purchase, the price to be paid, and the time within which such person must accept such offer. The offer shall be accepted by execution of a Restricted Stock Purchase Agreement in the form determined by the Administrator.
		

		
			 
		

		
			(b)       Repurchase Option. Unless the Administrator determines otherwise, the Restricted Stock Purchase Agreement shall grant the Company a repurchase option exercisable within 90 days of the voluntary or involuntary separation of the purchaser’s service with the Company for any reason (including death or disability). The purchase price for Shares repurchased pursuant to the Restricted Stock Purchase Agreement shall be the original price paid by the purchaser and may be paid by cancellation of any indebtedness of the purchaser to the Company.  The repurchase option shall lapse at such rate as the Administrator may determine.
		

		
			 
		

		
			(c)        Other Provisions. The Restricted Stock Purchase Agreement shall contain such other terms, provisions and conditions not inconsistent with the Plan as may be determined by the Administrator in its sole discretion.
		

		
			 
		

		
			(d)       Rights as a Stockholder. Once the Stock Purchase Right is exercised, the purchaser shall have rights equivalent to those of a stockholder and shall be a stockholder when his or her or its purchase is entered upon the records of the duly authorized transfer agent of the Company. No adjustment shall be made for a dividend or other right for which the record date is prior to the date the Stock Purchase Right is exercised, except as provided in Section 13 of the Plan.
		

		
			 
		

		
			12.       LIMITED TRANSFERABILITY OF OPTIONS AND STOCK PURCHASE RIGHTS.  Unless determined otherwise by the Administrator, Options and Stock Purchase Rights may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or the laws of descent and distribution, and may be exercised during the lifetime of Optionee, only by
		

		
			
		

		
			

		 

 

		

		
			Optionee. If the Administrator in its sole discretion makes an Option or Stock Purchase Right transferable, such Option or Stock Purchase Right may only be transferred (a) by will, (b) by the laws of descent and distribution, or (c) to family members (within the meaning of Rule 701 of the Securities Act) through gifts or domestic relations orders, as permitted by Rule 701 of the Securities Act.
		

		
			 
		

		
			13.       ADJUSTMENTS; DISSOLUTION OR LIQUIDATION;  MERGER OR CHANGE IN
		

		
			CONTROL.
		

		
			 
		

		
			(a)        Adjustments. In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or other securities of the Company, or other change in the corporate structure of the Company affecting the Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the Plan, may (in its sole discretion) adjust the number and class of Shares that may be delivered under the Plan and/or the number, class, and price of Shares covered by each outstanding Option or Stock Purchase Right.
		

		
			 
		

		
			(b)       Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Administrator shall notify each Optionee as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been previously exercised, an Option or Stock Purchase Right will terminate immediately prior to the consummation of such proposed action.
		

		
			 
		

		
			(c)        Merger or Change in Control. In the event of a merger of the Company with or into another corporation, or a Change in Control, each outstanding Option and Stock Purchase Right shall be assumed or an equivalent option substituted by the successor corporation or a Parent or Subsidiary of the successor corporation. In the event that the successor corporation in a merger or Change in Control refuses to assume or substitute for the Option or Stock Purchase Right, then Optionee shall fully vest in and have the right to exercise the Option or Stock Purchase Right as to all of the Optioned Stock, including Shares as to which it would not otherwise be vested or exercisable. If an Option or Stock Purchase Right becomes fully vested and exercisable in lieu of assumption or substitution in the event of a merger or Change in Control, the Administrator shall notify Optionee in writing or electronically that this Option or Stock Purchase Right shall be fully exercisable for a period of 15 days from the date of such notice, and the Option or Stock Purchase Right shall terminate upon expiration of such period. For purposes of this paragraph, the Option or Stock Purchase Right shall be considered assumed if, following the merger or Change in Control, the option or right confers the right to purchase or receive, for each Share of Optioned Stock subject to the Option or Stock Purchase Right immediately prior to the merger or Change in Control, the consideration (whether stock, cash, or other securities or property) received in the merger or Change in Control by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that if such consideration received in the merger or Change in Control is not solely common stock of the successor corporation or its Parent, the Administrator may, with the consent of the successor corporation, provide for the consideration to be received upon the exercise of the Option or Stock Purchase Right, for each Share of Optioned Stock subject to the Option or Stock Purchase Right, to be solely common stock of the
		

		
			
		

		
			

		 

 

		

		
			successor corporation or its Parent equal in fair market value to the per share consideration received by holders of common stock in the merger or Change in Control.
		

		
			 
		

		
			14.        TIME OF GRANTING OPTIONS AND STOCK PURCHASE RIGHTS. The date of grant of an Option or Stock Purchase Right shall, for all purposes, be the date on which the Administrator makes the determination granting such Option or Stock Purchase Right, or such later date as is determined by the Administrator. Notice of the determination shall be given to each Service Provider to whom an Option or Stock Purchase Right is so granted within a reasonable time after the date of such grant.
		

		
			 
		

		
			15.       AMENDMENT AND TERMINATION OF THE PLAN.
		

		
			 
		

		
			(a)        Amendment and Termination. The Board may at any time amend, alter, suspend or terminate the Plan.
		

		
			 
		

		
			(b)        Stockholder Approval. The Board shall obtain stockholder approval of any Plan amendment to the extent necessary and desirable to comply with Applicable Laws.
		

		
			 
		

		
			(c)        Effect of Amendment or Termination. No amendment, alteration, suspension or termination of the Plan shall impair the rights of any Optionee, unless mutually agreed otherwise between Optionee and the Administrator, which agreement must be in writing and signed by Optionee and the Company. Termination of the Plan shall not affect the Administrator’s ability to exercise the powers granted to it hereunder with respect to Options granted under the Plan prior to the date of such termination.
		

		
			 
		

		
			(d)        Section 409A of the Code. To the extent that the Board determines that any Option or Stock Purchase Right granted under the Plan is subject to Section 409A of the Code, the corresponding Option Agreement or Restricted Stock Purchase Agreement evidencing such Option or Stock Purchase Right shall incorporate the terms and conditions necessary to avoid the consequences described in Section 409A(a)(1) of the Code. To the extent applicable, the Plan and all Option Agreements and Restricted Stock Purchase Agreements shall be interpreted in accordance with Section 409A of the Code and U.S. Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued or amended after the effective date of the Plan. Notwithstanding any provision of the Plan to the contrary, in the event that following the effective date of the Plan the Board determines that any Option or Stock Purchase Right may be subject to Section 409A of the Code and related U.S. Department of Treasury guidance (including such U.S. Department of Treasury guidance as may be issued after the effective date of this Plan), the Board may adopt such amendments to the Plan and the applicable Option Agreements or Restricted Stock Purchase Agreements or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Board determines are necessary or appropriate to (i) exempt such Options and Stock Purchase Rights from Section 409A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to each such Option and Stock Purchase Right, or (ii) comply with the requirements of Section 409A of the Code and related U.S. Department of Treasury guidance.
		

		
			 
		

		
			
		

		
			

		 

 

		

		
			16.       CONDITIONS UPON ISSUANCE OF SHARES.
		

		
			 
		

		
			(a)        Legal Compliance. Shares shall not be issued pursuant to the exercise of an Option unless the exercise of such Option and the issuance and delivery of such Shares shall comply with Applicable Laws and shall be further subject to the approval of counsel for the Company with respect to such compliance.
		

		
			 
		

		
			(b)       Investment Representations. As a condition to the exercise of an Option, the Administrator may require the person exercising such Option to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required.
		

		
			 
		

		
			17.       INABILITY TO OBTAIN AUTHORITY. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained.
		

		
			 
		

		
			18.       RESERVATION OF SHARES.  The Company, during the term of the Plan, shall at all times reserve and keep available such number of Shares as shall be sufficient to satisfy the requirements of the Plan.
		

		
			 
		

		
			19.       STOCKHOLDER APPROVAL. The Plan shall be subject to approval by the stockholders of the Company within 12 months after the date the Plan is adopted. Such stockholder approval shall be obtained in the degree and manner required under Applicable Laws.
		

		
			 
		

		
			20.       INFORMATION TO OPTIONEES. The Company shall provide to each Optionee and to each individual who acquires Shares pursuant to the Plan, not less frequently than annually during the period such Optionee has one or more Options or Stock Purchase Rights outstanding, and, in the case of an individual who acquires Shares pursuant to the Plan, during the period such individual owns such Shares, copies of annual financial statements. The Company shall not be required to provide such statements to key employees whose duties in connection with the Company assure their access to equivalent information.

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