Document:

EX-4.1

 EXHIBIT 4.1 

DEPOSIT AGREEMENT 
 Dated
September 15, 2020 
 MAINSTREET BANCSHARES, INC., 

AS ISSUER, 
 -and- 

AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, 

AS DEPOSITARY, TRANSFER AGENT AND REGISTRAR 

RELATING TO RECEIPTS, DEPOSITARY SHARES AND RELATED 

7.50% SERIES A FIXED-RATE NON-CUMULATIVE 

PERPETUAL PREFERRED STOCK 

 TABLE OF CONTENTS 

 

					
	 	  	PAGE	 
	 ARTICLE I DEFINITIONS
	  	 	1	 
		
	 SECTION 1.01. “Articles of Amendment”
	  	 	1	 
		
	 SECTION 1.02. “Articles of Incorporation”
	  	 	1	 
		
	 SECTION 1.03. “ Series A Preferred Stock” or “ Preferred
Stock”
	  	 	1	 
		
	 SECTION 1.04. “Common Stock”
	  	 	1	 
		
	 SECTION 1.05. “Company”
	  	 	1	 
		
	 SECTION 1.06. “Deposit Agreement”
	  	 	2	 
		
	 SECTION 1.07. “Depositary”
	  	 	2	 
		
	 SECTION 1.08. “Depositary Office”
	  	 	2	 
		
	 SECTION 1.09. “Depositary Share”
	  	 	2	 
		
	 SECTION 1.10. “Depositary’s Agent”
	  	 	2	 
		
	 SECTION 1.11. “DTC”
	  	 	2	 
		
	 SECTION 1.12. “DTC Receipt”
	  	 	2	 
		
	 SECTION 1.13. “Receipt”
	  	 	2	 
		
	 SECTION 1.14. “Record date”
	  	 	2	 
		
	 SECTION 1.15. “Record holder” or “holder”
	  	 	2	 
		
	 SECTION 1.16. “Redemption date”
	  	 	2	 
		
	 SECTION 1.17. “Redemption price”
	  	 	2	 
		
	 SECTION 1.18. “Registrar”
	  	 	2	 
		
	 SECTION 1.19. “Reorganization Event”
	  	 	3	 
		
	 SECTION 1.20. “Securities Act”
	  	 	3	 
		
	 SECTION 1.21. “Transfer Agent”
	  	 	3	 

  
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	 ARTICLE II FORM OF RECEIPTS, DEPOSIT OF Preferred Stock, EXECUTION AND DELIVERY, TRANSFER,
SURRENDER AND REDEMPTION OF RECEIPTS
	  	 	4	 
		
	 SECTION 2.01. Form and Transferability of Receipts
	  	 	4	 
		
	 SECTION 2.02. Deposit of Preferred Stock; Execution and Delivery of Receipts in Respect
Thereof
	  	 	6	 
		
	 SECTION 2.03. Registration of Transfers of Receipts
	  	 	7	 
		
	 SECTION 2.04. Combinations and Split-ups of
Receipts
	  	 	7	 
		
	 SECTION 2.05. Surrender of Receipts and Withdrawal of Preferred Stock
	  	 	7	 
		
	 SECTION 2.06. Limitations on Execution and Delivery, Transfer, Split-up. Combination, Surrender and Exchange of Receipts
	  	 	8	 
		
	 SECTION 2.07. Lost Receipts, etc.
	  	 	9	 
		
	 SECTION 2.08. Cancellation and Destruction of Surrendered Receipts
	  	 	9	 
		
	 SECTION 2.09. Optional Redemption of Preferred Stock for Cash
	  	 	9	 
		
	 SECTION 2.10. Redemption Upon a Regulatory Capital Treatment Event
	  	 	11	 
		
	 SECTION 2.11. No Pre-Release
	  	 	12	 
		
	 ARTICLE III CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY
	  	 	13	 
		
	 SECTION 3.01. Filing Proofs, Certificates and Other Information
	  	 	13	 
		
	 SECTION 3.02. Payment of Fees and Expenses
	  	 	13	 
		
	 SECTION 3.03. Representations and Warranties as to Preferred Stock
	  	 	13	 
		
	 SECTION 3.04. Representation and Warranty as to Receipts and Depositary
Shares
	  	 	13	 
		
	 SECTION 3.05. Taxes
	  	 	14	 
		
	 ARTICLE IV THE PREFERRED STOCK; NOTICES
	  	 	15	 
		
	 SECTION 4.01. Cash Distributions
	  	 	15	 
		
	 SECTION 4.02. Distributions Other Than Cash
	  	 	15	 
		
	 SECTION 4.03. Rights, Preferences or Privileges
	  	 	16	 
		
	 SECTION 4.04. Notice of Dividends; Fixing of Record Date for Holders of
Receipts
	  	 	17	 

  
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	 SECTION 4.05. Voting Rights
	  	 	17	 
		
	 SECTION 4.06. Changes Affecting Preferred Stock and Reorganization
Events
	  	 	17	 
		
	 SECTION 4.07. Inspection of Reports
	  	 	18	 
		
	 SECTION 4.08. Lists of Receipt Holders
	  	 	18	 
		
	 SECTION 4.09. Withholding
	  	 	18	 
		
	 ARTICLE V THE DEPOSITARY AND THE COMPANY
	  	 	19	 
		
	 SECTION 5.01. Maintenance of Offices, Agencies and Transfer Books by the Depositary
and the Registrar
	  	 	19	 
		
	 SECTION 5.02. Prevention or Delay in Performance by the Depositary, the
Depositary’s Agents, the Registrar or the Company
	  	 	19	 
		
	 SECTION 5.03. Obligations of the Depositary, the Depositary’s Agents, the
Registrar and the Company
	  	 	20	 
		
	 SECTION 5.04. Resignation and Removal of the Depositary; Appointment of Successor
Depositary
	  	 	23	 
		
	 SECTION 5.05. Notices, Reports and Documents
	  	 	24	 
		
	 SECTION 5.06. Indemnification by the Company
	  	 	24	 
		
	 SECTION 5.07. Fees, Charges and Expenses
	  	 	25	 
		
	 ARTICLE VI AMENDMENT AND TERMINATION
	  	 	26	 
		
	 SECTION 6.01. Amendment
	  	 	26	 
		
	 SECTION 6.02. Termination
	  	 	26	 
		
	 ARTICLE VII MISCELLANEOUS
	  	 	28	 
		
	 SECTION 7.01. Counterparts
	  	 	28	 
		
	 SECTION 7.02. Exclusive Benefits of Parties
	  	 	28	 
		
	 SECTION 7.03. Invalidity of Provisions
	  	 	28	 
		
	 SECTION 7.04. Notices
	  	 	28	 
		
	 SECTION 7.05. Depositary’s Agents
	  	 	29	 
		
	 SECTION 7.06. Holders of Receipts Are Parties
	  	 	30	 

  
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	 SECTION 7.07. Governing Law
	  	 	30	 
		
	 SECTION 7.08. Inspection of Deposit Agreement and Articles of
Amendment
	  	 	30	 
		
	 SECTION 7.09. Headings
	  	 	30	 

  

  
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 DEPOSIT AGREEMENT 

DEPOSIT AGREEMENT, dated as of September 15, 2020, among MAINSTREET BANCSHARES, INC., a Virginia corporation, AMERICAN STOCK
TRANSFER & TRUST COMPANY, LLC, a New York limited liability company, as Depositary, Transfer Agent and Registrar, and all holders from time to time of Receipts (as hereinafter defined) issued hereunder. 

WITNESSETH: 
 WHEREAS, it
is desired to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of shares of the Company’s Preferred Stock (as hereinafter defined) with the Depositary for the purposes set forth in this Deposit Agreement and for the
issuance hereunder of Depositary Shares representing a fractional interest in the Preferred Stock deposited and for the execution and delivery of Receipts evidencing Depositary Shares; and 

WHEREAS, the Receipts are to be substantially in the form of Exhibit A annexed to this Deposit Agreement, with appropriate insertions,
modifications and omissions, as hereinafter provided in this Deposit Agreement. 
 NOW, THEREFORE, in consideration of the premises
contained herein, it is agreed by and among the parties hereto as follows: 
 ARTICLE I 

DEFINITIONS 
 The
following definitions shall apply to the respective terms (in the singular and plural forms of such terms) used in this Deposit Agreement and the Receipts: 

SECTION 1.01. “Articles of Amendment” shall mean the amendment to the Amended and Restated Articles of Incorporation of the
Company, as amended, adopted by a duly authorized committee of the Board of Directors of the Company establishing and setting forth the rights, preferences and privileges of the Preferred Stock, as filed with the State Corporation Commission of the
Commonwealth of Virginia on September 11, 2020 and attached hereto as Exhibit B, and as such certificate may be amended or restated from time to time. 

SECTION 1.02. “Articles of Incorporation” shall mean the Amended and Restated Articles of Incorporation, as amended, of the
Company, as restated or amended from time to time, including the amendment resulting from filing the Articles of Amendment. 
 SECTION 1.03.
“Series A Preferred Stock” or “ Preferred Stock” shall mean shares of the Company’s 7.50% Series A Fixed-Rate Non-Cumulative Perpetual Preferred Stock (liquidation
preference $1,000 per share), par value $1.00 per share. 
 SECTION 1.04. “Common Stock” shall mean the common stock, par
value $4.00 per share, of the Company. 
 SECTION 1.05. “Company” shall mean MainStreet Bancshares, Inc., a Virginia
corporation, and its successors. 

  
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 SECTION 1.06. “Deposit Agreement” shall mean this agreement, as the same
may be amended, modified or supplemented from time to time. 
 SECTION 1.07. “Depositary” shall mean American Stock
Transfer & Trust Company, LLC, a New York limited liability company, having its principal executive office in the United States and having a combined capital and surplus of at least $50,000,000, and any successor as depositary hereunder.

 SECTION 1.08. “Depositary Office” shall mean the principal office of the Depositary at which at any particular time its
business in respect of matters governed by this Deposit Agreement shall be administered, which at the date of this Deposit Agreement is located at 6201 15th Avenue, Brooklyn, New York 11219. 

SECTION 1.09. “Depositary Share” shall mean the security representing a 1/40th ownership interest in a share of Preferred
Stock deposited with the Depositary hereunder and the same proportionate interest in any and all other property received by the Depositary in respect of such share of Preferred Stock and held under this Deposit Agreement, all as evidenced by the
Receipts issued hereunder. The initial number of Depositary Shares to be issued equals 1,000,000. Subject to the terms of this Deposit Agreement, each owner of a Depositary Share is entitled, proportionately, to all the rights, preferences and
privileges of the Preferred Stock represented by such Depositary Share (including the dividend, voting, redemption, liquidation rights and other rights, preferences and privileges contained in the Articles of Amendment). 

SECTION 1.10. “Depositary’s Agent” shall mean an agent appointed by the Depositary as provided, and for
the purposes specified, in Section 7.05. 
 SECTION 1.11. “DTC” means The Depository Trust Company. 

SECTION 1.12. “DTC Receipt” has the meaning set forth in Section 2.01. 

SECTION 1.13. “Receipt” shall, as the context requires, mean (i) a receipt issued hereunder to evidence one or more
Depositary Shares, whether in definitive or temporary form, or (ii) a DTC Receipt, in each case substantially in the form set forth as Exhibit A hereto. 

SECTION 1.14. “Record date” shall mean the date fixed pursuant to Section 4.04. 

SECTION 1.15. “Record holder” or “holder” as applied to a Receipt shall mean the individual, entity or
person in whose name a Receipt is registered on the books maintained by the Depositary for such purpose. 
 SECTION 1.16.
“Redemption date” has the meaning set forth under Section 2.09. 
 SECTION 1.17. “Redemption price”
has the meaning set forth under Section 2.09. 
 SECTION 1.18. “Registrar” shall mean American Stock
Transfer & Trust Company, LLC or any other entity appointed to register ownership and transfers of Receipts and the deposited Preferred Stock, as herein provided. 

  
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 SECTION 1.19. “Reorganization Event” shall have the meaning set forth in
the Certificate of Designation. 
 SECTION 1.20. “Securities Act” shall mean the Securities Act of 1933, as amended. 

SECTION 1.21. “Transfer Agent” shall mean American Stock Transfer & Trust Company, LLC or any other entity appointed
to transfer the Receipts and the deposited Preferred Stock, as herein provided. 

  
 3 

 ARTICLE II 

FORM OF RECEIPTS, DEPOSIT OF PREFERRED STOCK, 

EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF 

RECEIPTS 
 SECTION 2.01.
Form and Transferability of Receipts. (a) Definitive Receipts shall be printed and shall be substantially in the form set forth in Exhibit A annexed to this Deposit Agreement, in each case with appropriate insertions,
modifications and omissions, as hereinafter provided. Pending the preparation of definitive Receipts, the Depositary, upon, and pursuant to, the written order of the Company delivered in compliance with Section 2.02 shall be authorized and
instructed to, and shall, execute and deliver temporary Receipts which shall be substantially of the tenor of the definitive Receipts in lieu of which they are issued and in each case with such appropriate insertions, omissions, substitutions and
other variations as the persons executing such Receipts may determine (but which do not affect the rights or duties of the Depositary), as evidenced by their execution of such Receipts. If temporary Receipts are issued, the Company and the
Depositary will cause definitive Receipts to be prepared without unreasonable delay. After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable for definitive Receipts upon surrender of the temporary Receipts at the
Depositary Office without charge to the holder. Upon surrender for cancellation of any one or more temporary Receipts, the Depositary is hereby authorized and instructed to, and shall, execute and deliver in exchange therefor definitive Receipts
representing the same number of Depositary Shares as represented by the surrendered temporary Receipt or Receipts. Such exchange shall be made at the Company’s expense and without any charge therefor. Until so exchanged, the temporary Receipts
shall in all respects be entitled to the same benefits under this Deposit Agreement, and with respect to the Preferred Stock deposited, as definitive Receipts. 

(b) Receipts shall be executed by the Depositary by the manual or facsimile signature of a duly authorized signatory of the Depositary and
shall also be countersigned by manual or facsimile signature of a duly authorized signatory of the Registrar; provided that no such countersignature shall be required if the Depositary acts as the Registrar. No Receipt shall be entitled to any
benefits under this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed as provided in the preceding sentence. The Depositary shall record on its books each Receipt executed as provided above and delivered
as hereinafter provided. Receipts bearing the manual or facsimile signature of a duly authorized signatory of the Depositary who was at any time a proper signatory of the Depositary shall bind the Depositary, notwithstanding that such signatory
ceased to hold such office prior to the execution and delivery of such Receipts by the Registrar or did not hold such office on the date of issuance of such Receipts. 

(c) Receipts shall be in denominations of any number of whole Depositary Shares. All Receipts shall be dated the date of their issuance.
Receipts may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Deposit Agreement as may be required by the Depositary and approved by the Company, or which the
Company has determined are required to comply with any applicable law or regulation or with the rules and regulations of any securities exchange upon which the Depositary Shares may be listed for trading or to conform with any usage with respect
thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject, in each case as directed by the Company. 

  
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 (d) Title to any Receipt (and to the Depositary Shares evidenced by such Receipt) that is
properly endorsed, or accompanied by a properly executed instrument of transfer, or endorsement shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that until transfer of a Receipt
shall be registered on the books of the Depositary as provided in Section 2.03, the Depositary may, notwithstanding any notice to the contrary, treat the record holder thereof at such time as the absolute owner thereof for the purpose of
determining the person entitled to distributions of dividends or other distributions or payments with respect to the Preferred Stock, to exercise any redemption or voting or to receive any notice provided for in this Deposit Agreement and for all
other purposes. 
 (e) Notwithstanding the foregoing, upon request by the Company, the Depositary and the Company will make application to
DTC for acceptance of all or a portion of the Receipts for its book-entry settlement system. In connection with any such request, the Company hereby appoints the Depositary acting through any authorized officer thereof as its attorney-in-fact, with full power to delegate, for purposes of executing any agreements, certifications or other instruments or documents necessary or desirable in order to
effect the acceptance of such Receipts for DTC eligibility. So long as the Receipts are eligible for book-entry settlement with DTC, unless otherwise required by law, all Depositary Shares to be traded on the NASDAQ Capital Market with book-entry
settlement through DTC shall be represented by a single receipt (the “DTC Receipt”), substantially in the form set forth in the attached Exhibit A, which shall be deposited with DTC (or its custodian) evidencing all such Depositary
Shares and registered in the name of the nominee of DTC (initially expected to be Cede & Co.). The Transfer Agent shall hold the DTC Receipt as custodian for DTC. Ownership of beneficial interests in the DTC Receipt shall be shown on, and
the transfer of such ownership shall be effected through, records maintained by (i) DTC or its nominee for such DTC Receipt, or (ii) institutions that have accounts with DTC. 

(f) If issued, the DTC Receipt shall be exchangeable for definitive Receipts only if (i) DTC notifies the Company at any time that it is
unwilling or unable to continue to make its book-entry settlement system available for the Receipts and a successor to DTC is not appointed by the Company within 90 days of the date the Company is so informed in writing, (ii) DTC notifies the
Company at any time that it has ceased to be a clearing agency registered under applicable law and a successor to DTC is not appointed by the Company within 90 days of the date the Company is so informed in writing or (iii) the Company executes
and delivers to DTC a notice to the effect that such DTC Receipt shall be so exchangeable. If the beneficial owners of interests in Depositary Shares are entitled to exchange such interests for definitive Receipts as the result of an event described
in clause (i), (ii) or (iii) of the preceding sentence, then without unnecessary delay but in any event not later than the earliest date on which such beneficial interests may be so exchanged, the Depositary is hereby directed to and shall
provide written instructions to DTC to deliver to the Depositary for cancellation the DTC Receipt, and the Company shall instruct the Depositary in writing to execute and deliver to the beneficial owners of the Depositary Shares previously evidenced
by the DTC Receipt definitive Receipts in physical form evidencing such Depositary Shares. The DTC Receipt shall be in such form and shall bear such legend or legends as may be appropriate or required by DTC in order for it to

  
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accept the Depositary Shares for its book-entry settlement system. Notwithstanding any other provision herein to the contrary, if the Receipts are at any time eligible for book-entry settlement
through DTC, delivery of shares of Preferred Stock and other property in connection with the withdrawal or redemption of Depositary Shares will be made through DTC and in accordance with its procedures, unless the holder of the relevant Receipt
otherwise requests and such request is reasonably acceptable to the Depositary and the Company. 
 SECTION 2.02. Deposit of Preferred
Stock; Execution and Delivery of Receipts in Respect Thereof. 
 (a) Concurrently with the execution of this Deposit Agreement, the
Company is delivering to the Depositary a certificate or certificates, registered in the name of the Depositary and evidencing 25,000 shares of Preferred Stock, properly endorsed or accompanied, if required by the Depositary, by a duly executed
instrument of transfer or endorsement, in form satisfactory to the Depositary, together with (i) all such certifications as may be required by the Depositary in accordance with the provisions of this Deposit Agreement and (ii) a written
order of the Company directing the Depositary to execute and deliver to, or upon the written order of, the person or persons stated in such order a Receipt or Receipts for the Depositary Shares representing such deposited Preferred Stock registered
in such names specified in such written order. The Depositary acknowledges receipt of the aforementioned 25,000 shares of Preferred Stock and related documentation and agrees to hold such deposited Preferred Stock in an account to be established by
the Depositary at the Depositary Office or at such other office as the Depositary shall determine. The Company hereby appoints American Stock Transfer & Trust Company, LLC as the Registrar and Transfer Agent for the Preferred Stock
deposited hereunder and American Stock Transfer & Trust Company, LLC hereby accepts such appointment and, as such, will reflect changes in the number of shares (including any fractional shares) of deposited Preferred Stock held by the
Depositary by notation, book-entry or other appropriate method. 
 (b) If required by the Depositary, Preferred Stock presented for deposit
by the Company at any time, whether or not the register of stockholders of the Company is closed, shall also be accompanied by an agreement or assignment, or other instrument satisfactory to the Depositary, that will provide for the prompt transfer
to the Depositary or its nominee of any dividend or right to receive other property that any person in whose name the Preferred Stock is or has been registered may thereafter receive upon or in respect of such deposited Preferred Stock, or in lieu
thereof such agreement of indemnity or other agreement as shall be satisfactory to the Depositary. 
 (c) Upon receipt by the Depositary of a
certificate or certificates for Preferred Stock deposited hereunder, together with the other documents specified above, and upon registering such Preferred Stock in the name of the Depositary, the Depositary, subject to the terms and conditions of
this Deposit Agreement, shall execute and deliver to, or upon the order of, the person or persons named in the written order delivered to the Depositary referred to in Section 2.02(a), a Receipt or Receipts for the number of whole Depositary
Shares representing the Preferred Stock so deposited and registered in such name or names as may be requested by such person or persons. The Depositary shall execute and deliver such Receipt or Receipts at the Depositary Office, except that, at the
request, risk and expense of any person requesting such delivery, such delivery may be made at such other place as may be designated by such person. 

  
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Other than in the case of splits, combinations or other reclassifications affecting the Preferred Stock, or in the case of dividends or other distributions of Preferred Stock, if any, there shall
be deposited hereunder not more than the number of shares constituting the Preferred Stock as set forth in the Articles of Amendment, as such may be amended. To the extent that the Company issues shares of Preferred Stock in excess of the amount set
forth in the Articles of Amendment as of the date hereof (which shares have been validly authorized by the Company), the Company shall notify the Depositary of such issuance in writing. 

(d) The Company shall deliver to the Depositary from time to time such quantities of Receipts as the Depositary may request to enable the
Depositary to perform its obligations under this Deposit Agreement. 
 SECTION 2.03. Registration of Transfers of Receipts.

 The Company hereby appoints American Stock Transfer & Trust Company, LLC as the Registrar and Transfer Agent for the Receipts and
American Stock Transfer & Trust Company, LLC hereby accepts such appointment and, as such, shall register on its books from time to time transfers of Receipts upon any surrender thereof by the holder in person or by a duly authorized
attorney, agent or representative properly endorsed or accompanied by a properly executed instrument of transfer or endorsement, together with evidence of the payment by the applicable party of any transfer taxes as may be required by law. Upon such
surrender, the Depositary shall execute a new Receipt or Receipts and deliver the same to or upon the order of the person entitled thereto evidencing the same aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered.

 SECTION 2.04. Combinations and Split-ups of Receipts. 

Upon surrender of a Receipt or Receipts at the Depositary Office or such other office as the Depositary may designate for the purpose of
effecting a split-up or combination of Receipts, subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute and deliver a new Receipt or Receipts in the authorized
denominations requested evidencing the same aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered. 

SECTION 2.05. Surrender of Receipts and Withdrawal of Preferred Stock. 

(a) Any holder of a Receipt or Receipts may withdraw any number of whole shares of deposited Preferred Stock represented by the Depositary
Shares evidenced by such Receipt or Receipts and all money and other property, if any, represented by such Depositary Shares by surrendering such Receipt or Receipts to the Depositary or at such other office as the Depositary may designate for such
withdrawals; provided, that a holder of a Receipt or Receipts may not withdraw such Preferred Stock (or money and other property, if any, represented thereby) which has previously been called for redemption. Upon such surrender, upon payment of the
fee of the Depositary for the surrender of Receipts to the extent provided in Section 5.07 and payment of all taxes and governmental charges in connection with such surrender and withdrawal of Preferred Stock, and subject to the terms and
conditions of this Deposit Agreement, without unreasonable delay, the Depositary shall deliver to such holder, or to the person or persons designated by such holder as hereinafter provided, the number of whole shares of such Preferred

  
 7 

 
Stock and all such money and other property, if any, represented by the Depositary Shares evidenced by the Receipt or Receipts so surrendered for withdrawal, but holders of such whole shares of
Preferred Stock will not thereafter be entitled to deposit such Preferred Stock hereunder or to receive Depositary Shares therefor. If the Receipt or Receipts delivered by the holder to the Depositary in connection with such withdrawal shall
evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares of deposited Preferred Stock to be withdrawn, the Depositary shall at the same time, in addition to such number of whole
shares of Preferred Stock and such money and other property, if any, to be withdrawn, deliver to such holder, or (subject to Section 2.03) upon his order, a new Receipt or Receipts evidencing such excess number of Depositary Shares. Delivery of
such Preferred Stock and such money and other property being withdrawn may be made by the delivery of such certificates, documents of title and other instruments as the Depositary may deem appropriate, which, if required by the Depositary, shall be
properly endorsed or accompanied by proper instruments of transfer. 
 (b) If the deposited Preferred Stock and the money and other property
being withdrawn are to be delivered to a person or persons other than the record holder of the Receipt or Receipts being surrendered for withdrawal of Preferred Stock, such holder shall execute and deliver to the Depositary a written order so
directing the Depositary and the Depositary may require that the Receipt or Receipts surrendered by such holder for withdrawal of such shares of Preferred Stock be properly endorsed in blank or accompanied by a properly executed instrument of
transfer or endorsement in blank. 
 (c) The Depositary shall deliver the deposited Preferred Stock and the money and other property, if any,
represented by the Depositary Shares evidenced by Receipts surrendered for withdrawal at the Depositary Office, except that, at the request, risk and expense of the holder surrendering such Receipt or Receipts and for the account of the holder
thereof, such delivery may be made at such other place as may be designated by such holder. 
 SECTION 2.06. Limitations on Execution
and Delivery, Transfer, Split-up. Combination, Surrender and Exchange of Receipts. 
 (a) As
a condition precedent to the execution and delivery, transfer, split-up, combination, surrender or exchange of any Receipt, the Depositary, any of the Depositary’s Agents or the Company may require any or
all of the following: (i) payment to it of a sum sufficient for the payment (or, in the event that the Company shall have made such payment, the reimbursement to it) of any tax or other governmental charge and stock transfer or registration fee
with respect thereto (including any such tax or charge with respect to the Preferred Stock being deposited or withdrawn); (ii) the production of proof satisfactory to it as to the identity and genuineness of any signature (or the authority of any
signature); and (iii) compliance with such regulations, if any, as the Depositary or the Company may establish consistent with the provisions of this Deposit Agreement as may be required by any securities exchange on which the deposited
Preferred Stock, the Depositary Shares or the Receipts may be included for quotation or listed. 

  
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 (b) The deposit of Preferred Stock may be refused, the delivery of Receipts against
Preferred Stock may be suspended, the transfer of Receipts may be refused, and the transfer, split-up, combination, surrender, exchange or redemption of outstanding Receipts may be suspended (i) during
any period when the register of stockholders of the Company is closed or (ii) if any such action is deemed reasonably necessary or advisable by the Depositary, any of the Depositary’s Agents or the Company at any time or from time to time
because of any requirement of law or of any government or governmental body or commission, or under any other provision of this Deposit Agreement. 

SECTION 2.07. Lost Receipts, etc. 

In case any Receipt shall be mutilated and surrendered to the Depositary or destroyed or lost or stolen, the Depositary shall execute and
deliver a Receipt of like form and tenor in exchange and substitution for such mutilated Receipt or in lieu of and in substitution for such destroyed, lost or stolen Receipt; provided, that the holder thereof shall have (a) filed with the
Depositary (i) a request for such execution and delivery before the Depositary has notice that the Receipt has been acquired by a protected purchaser and (ii) an indemnity bond and (b) satisfied any other reasonable requirements
imposed by the Depositary. 
 SECTION 2.08. Cancellation and Destruction of Surrendered Receipts. 

All Receipts surrendered to the Depositary or any Depositary’s Agent shall be cancelled by the Depositary. Except as prohibited by
applicable law or regulation, the Depositary is authorized, but not required, to destroy such Receipts so cancelled. 
 SECTION 2.09.
Optional Redemption of Preferred Stock for Cash. 
 (a) Subject to receiving all required regulatory approvals, the Company may
redeem the Preferred Stock at its option, in whole or in part, at any time, or from time to time, on any Dividend Payment Date (as defined in the Articles of Amendment) on or after September 30, 2025. There will be no sinking fund for the
redemption or purchase of the Preferred Stock or the Depositary Shares. No holder of the Preferred Stock or of the Depositary Shares will have the right to require the redemption of the Preferred Stock. 

(b) Whenever the Company shall elect to redeem shares of deposited Preferred Stock for cash at its option in accordance with the provisions of
the Articles of Amendment, it shall (unless otherwise agreed in writing with the Depositary) give the Depositary not less than 30 and not more than 60 days’ prior written notice of the date fixed for redemption of such Preferred Stock (the
“redemption date”) and of the number of such shares of Preferred Stock held by the Depositary to be redeemed and the applicable redemption price (the “redemption price”), as set forth in the Articles of Amendment. The Depositary
shall mail through electronic mail or first-class postage prepaid mail, notice of the redemption of Preferred Stock and the proposed simultaneous redemption of the Depositary Shares representing the Preferred Stock to be redeemed, not less than 30
and not more than 60 days prior to the redemption date, to the holders of record on the record date fixed for such redemption pursuant to Section 4.04 of the Receipts evidencing the Depositary Shares to be so redeemed, at the addresses of such
holders as the same appear on the records of the Depositary; but neither the failure to mail any such notice to one or more such holder nor any defect in any such notice shall affect the sufficiency of the proceedings for redemption except as to the
holder to whom notice was defective or not given. 

  
 9 

 (c) In connection with any redemption of the Preferred Stock at the option of the Company in
accordance with the Articles of Amendment, the Company shall deliver an Officers’ Certificate to the Depositary stating that it has complied with all of the conditions to the exercise of its optional redemption rights set forth in the Articles
of Amendment, and the Depositary shall have no duty or obligation to inquire or investigate whether the Company has complied with the terms of the Articles of Amendment. 

(d) The Company shall also prepare and provide the Depositary with the notice provided for in Section 2.09(b), and each such notice shall
state: (i) the redemption date; (ii) the redemption price; (iii) the number of shares of deposited Preferred Stock and Depositary Shares to be redeemed; (iv) if fewer than all Depositary Shares held by any holder are to be
redeemed, the number of such Depositary Shares held by such holder to be so redeemed; and (v) the place or places where the Preferred Stock and the Receipts evidencing Depositary Shares to be redeemed are to be surrendered for payment of the
redemption price. 
 (e) In the event that notice of redemption has been made as described in the immediately preceding paragraphs and the
Company shall then have paid in full to the Depositary the redemption price (determined pursuant to the Articles of Amendment) of the Preferred Stock deposited with the Depositary to be redeemed, the Depositary shall redeem the number of Depositary
Shares representing such Preferred Stock so called for redemption by the Company and on the redemption date (unless the Company shall have failed to pay for the shares of Preferred Stock to be redeemed by it as set forth in the Company’s notice
provided for in the preceding paragraph), the Depositary Shares called for redemption shall be deemed no longer to be outstanding and all rights of the holders of Receipts evidencing such Depositary Shares (except the right to receive the redemption
price) shall, to the extent of such Depositary Shares, cease and terminate. Upon surrender in accordance with said notice of the Receipts evidencing such Depositary Shares (properly endorsed or assigned for transfer, if the Depositary shall so
require), such Depositary Shares shall be redeemed at a cash redemption price of $1,000 per Depositary Share, plus an amount equal to any declared but unpaid dividends to, but excluding, the redemption date, without accumulation of any undeclared
dividends. The foregoing shall be further subject to the terms and conditions of the Articles of Amendment. 
 (f) In the event of any
conflict between the provisions of the Deposit Agreement and the provisions of the Articles of Amendment, the provisions of the Articles of Amendment will govern and the Company will instruct the Depositary in writing accordingly of such governing
terms; provided, however, that under no circumstances will the Articles of Amendment be deemed to change or modify any of the rights, duties or immunities of the Depositary contained herein. 

(g) If fewer than all of the Depositary Shares evidenced by a Receipt are called for redemption, the Depositary will deliver to the holder of
such Receipt upon its surrender to the Depositary, together with payment of the redemption price for and all other amounts payable in respect of the Depositary Shares called for redemption, a new Receipt evidencing the Depositary Shares evidenced by
such prior Receipt and not called for redemption. 
 (h) If less than all of the Preferred Stock is redeemed pursuant to the Company’s
exercise of its optional redemption right, the Depositary will select the Depositary Shares to be redeemed pursuant to this Section 2.09 on a pro rata basis, by lot or in such other manner as the Depositary may determine to be fair and
equitable. 

  
 10 

 SECTION 2.10. Redemption Upon a Regulatory Capital Treatment Event.
 
 (a) Subject to receiving all required regulatory approvals, the Company may redeem the Preferred Stock at its option, in whole,
but not in part, at any time prior to September 30, 2025, following the occurrence of a “regulatory capital treatment event,” as defined in the Articles of Amendment. There will be no sinking fund for the redemption or purchase of the
Preferred Stock or the Depositary Shares. No holder of the Preferred Stock or of the Depositary Shares will have the right to require the redemption of the Preferred Stock. 

(b) Whenever the Company shall elect to redeem shares of deposited Preferred Stock pursuant to a regulatory capital treatment event in
accordance with the provisions of the Articles of Amendment, the Company shall (unless otherwise agreed in writing with the Depositary) give the Depositary not less than 30 and not more than 60 days’ prior written notice of the redemption date
and of the number of such shares of Preferred Stock held by the Depositary to be redeemed and the applicable redemption price, as set forth in the Articles of Amendment. The Depositary shall mail as soon as reasonably practicable, by electronic mail
or first-class postage prepaid mail, notice of the redemption of Preferred Stock and the proposed simultaneous redemption of the Depositary Shares representing the Preferred Stock to be redeemed to the holders of record on the record date fixed for
such redemption pursuant to Section 4.04 of the Receipts evidencing the Depositary Shares to be so redeemed, at the addresses of such holders as the same appear on the records of the Depositary; but neither the failure to mail any such notice
to one or more such holder nor any defect in any such notice shall affect the sufficiency of the proceedings for redemption except as to the holder to whom notice was defective or not given. 

(c) In connection with any redemption of the Preferred Stock at the option of the Company upon a regulatory capital treatment event in
accordance with the Articles of Amendment, the Company shall deliver an Officers’ Certificate to the Depositary stating that it has complied with all of the conditions to the exercise of its optional redemption rights upon a regulatory capital
treatment event set forth in the Articles of Amendment, and the Depositary shall have no duty or obligation to inquire or investigate whether the Company has complied with the terms of the Articles of Amendment. 

(d) The Company shall prepare and provide the Depositary with the notice provided for in Section 2.10(b), and each such notice shall
state: (i) the regulatory capital treatment event; (ii) the redemption date; (iii) the redemption price; (iv) the number of shares of deposited Preferred Stock and Depositary Shares to be redeemed; and (v) the place or
places where the Preferred Stock and the Receipts evidencing Depositary Shares to be redeemed are to be surrendered for payment of the redemption price. 

(e) In the event that notice of redemption has been made as described in the immediately preceding paragraphs and the Company shall then have
paid in full to the Depositary the redemption price (determined pursuant to the Articles of Amendment) of the Preferred Stock deposited with the Depositary to be redeemed, the Depositary shall redeem the number of Depositary Shares representing such
Preferred Stock so called for redemption by the 

  
 11 

 
Company and on the redemption date (unless the Company shall have failed to pay for the shares of Preferred Stock to be redeemed by it as set forth in the Company’s notice provided for in
the preceding paragraph), the Depositary Shares called for redemption shall be deemed no longer to be outstanding and all rights of the holders of Receipts evidencing such Depositary Shares (except the right to receive the redemption price) shall,
to the extent of such Depositary Shares, cease and terminate. Upon surrender in accordance with said notice of the Receipts evidencing such Depositary Shares (properly endorsed or assigned for transfer, if the Depositary shall so require), such
Depositary Shares shall be redeemed at a cash redemption price of $1,000 per Depositary Share, plus an amount equal to any declared but unpaid dividends to, but excluding, the redemption date, without accumulation of any undeclared dividends. The
foregoing shall be further subject to the terms and conditions of the Articles of Amendment. 
 (f) In the event of any conflict between the
provisions of the Deposit Agreement and the provisions of the Articles of Amendment, the provisions of the Articles of Amendment will govern and the Company will instruct the Depositary in writing accordingly of such governing terms; provided,
however, that under no circumstances will the Articles of Amendment be deemed to change or modify any of the rights, duties or immunities of the Depositary contained herein. 

SECTION 2.11. No Pre-Release. 

The Depositary shall not deliver any deposited Preferred Stock evidenced by Receipts prior to the receipt and cancellation of such Receipts or
other similar method used with respect to Receipts held by DTC. The Depositary shall not issue any Receipts prior to the receipt by the Depositary of the corresponding Preferred Stock represented by the Depositary Shares evidenced by such Receipts.
At no time will any Receipts be outstanding if such Receipts do not evidence the Depositary Shares representing Preferred Stock deposited with the Depositary. 

  
 12 

 ARTICLE III 

CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY 

SECTION 3.01. Filing Proofs, Certificates and Other Information. 

Any holder of a Receipt may be required from time to time to file with the Depositary such proof of residence, guarantee of signature or other
information and to execute such certificates as the Depositary may reasonably deem necessary or proper or the Company may reasonably require by written request to the Depositary. The Depositary or the Company may withhold or delay the delivery of
any Receipt, the transfer, redemption or exchange of any Receipt, the withdrawal of the deposited Preferred Stock represented by the Depositary Shares evidenced by any Receipt, the distribution of any dividend or other distribution or the sale of
any rights or of the proceeds thereof, until such proof or other information is filed, or such certificates are executed. 
 SECTION 3.02.
Payment of Fees and Expenses. 
 Holders of Receipts shall be obligated to make payments to the Depositary of certain fees and
expenses and taxes or other governmental charges to the extent provided in Section 5.07, or provide evidence satisfactory to the Depositary that such fees and expenses and taxes or other governmental charges have been paid. Until such payment
is made, transfer of any Receipt or any withdrawal of the Preferred Stock or money or other property, if any, represented by the Depositary Shares evidenced by such Receipt may be refused, any dividend or other distribution may be withheld, and any
part or all of the Preferred Stock or other property represented by the Depositary Shares evidenced by such Receipt may be sold for the account of the holder thereof (after attempting by reasonable means to notify such holder a reasonable number of
days prior to such sale). Any dividend or other distribution so withheld and the proceeds of any such sale may be applied to any payment of such fees or expenses, the holder of such Receipt remaining liable for any deficiency. 

SECTION 3.03. Representations and Warranties as to Preferred Stock. 

In the case of the initial deposit of the Preferred Stock hereunder, the Company represents and warrants that such Preferred Stock and each
certificate therefor are validly issued, fully paid and nonassessable. Such representations and warranties shall survive the deposit of the Preferred Stock and the issuance of Receipts. 

SECTION 3.04. Representation and Warranty as to Receipts and Depositary Shares. 

The Company hereby represents and warrants that the Receipts, when issued, will evidence legal and valid interests in the Depositary Shares and
each Depositary Share will represent a legal and valid 1/40th ownership interest in a share of deposited Preferred Stock represented by such Depositary Share. Such representation and warranty shall survive the deposit of the Preferred Stock and the
issuance of Receipts evidencing the Depositary Shares. 

  
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 SECTION 3.05. Taxes. 

The Company will pay any and all stock transfer, documentary, stamp and similar taxes that may be payable in respect of any issuance or
delivery of Depositary Shares or shares of Preferred Stock, Common Stock or other securities issued on account of Depositary Shares or certificates representing such shares or securities. The Company will not, however, be required to pay any such
tax that may be payable in respect of any transfer involved in the issuance or delivery of shares of Preferred Stock, Depositary Shares, shares of Common Stock or other securities in a name other than that in which the Depositary Shares with respect
to which such shares or other securities are issued or delivered were registered, or in respect of any payment to any person other than a payment to the registered holder thereof, and will not be required to make any such issuance, delivery or
payment unless and until the person otherwise entitled to such issuance, delivery or payment has paid to the Company the amount of any such tax or has established, to the satisfaction of the Company, that such tax has been paid or is not payable.

  
 14 

 ARTICLE IV 

THE PREFERRED STOCK; NOTICES 

SECTION 4.01. Cash Distributions. 

Whenever the Depositary shall receive any cash dividend or other cash distribution on the deposited Preferred Stock, including any cash
received upon redemption of any shares of Preferred Stock pursuant to Section 2.09 or Section 2.10, the Depositary shall, subject to Section 3.02, distribute to record holders of Receipts on the record date fixed pursuant to
Section 4.04 such amounts of such sum as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders; provided, however, that in case the Company or the Depositary
shall be required by law to and shall withhold from any cash dividend or other cash distribution in respect of the Preferred Stock represented by the Receipts held by any holder an amount on account of taxes or as otherwise required by law,
regulation or court process, the amount made available for distribution or distributed in respect of Depositary Shares represented by such Receipts subject to such withholding shall be reduced accordingly. The Depositary, however, shall distribute
or make available for distribution, as the case may be, only such amount as can be distributed without attributing to any holder of Receipts a fraction of one cent. Any such fractional amounts shall be rounded down to the nearest whole cent and so
distributed to registered holders entitled thereto and any balance not so distributable shall be held by the Depositary (without liability for interest thereon) and shall be added to and be treated as part of the next succeeding distribution to
record holders of such Receipts. Each holder of a Receipt shall provide the Depositary with a properly completed Form W-8 (i.e., Form W-8BEN, Form W-8EXP, Form W-8IMY, Form W8ECI or another applicable Form W-8) or Form W-9 (which form shall
set forth such holder’s certified taxpayer identification number if requested on such form), as may be applicable. Each holder of a Receipt acknowledges that, in the event of non-compliance with the
preceding sentence the Internal Revenue Code of 1986 as amended, may require withholding by the Depositary of a portion of any of the distribution to be made hereunder. 

SECTION 4.02. Distributions Other Than Cash. 

Whenever the Depositary shall receive any distribution other than cash on the deposited Preferred Stock, the Depositary shall, subject to
Section 3.02, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.04 such amounts of the securities or property received by it as are, as nearly as practicable, in proportion to the respective numbers of
Depositary Shares evidenced by the Receipts held by such holders, in any manner that the Depositary and the Company may deem equitable and practicable for accomplishing such distribution. The Depositary shall not make any distribution of securities
to the holders of Receipts unless the Company shall have provided to the Depositary an opinion of counsel stating that such securities have been registered under the Securities Act or do not need to be registered. 

  
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 SECTION 4.03. Rights, Preferences or Privileges. 

(a) If the Company shall at any time offer or cause to be offered to the persons in whose names deposited Preferred Stock is registered on the
books of the Company any rights, preferences or privileges of any nature, such rights, preferences or privileges shall in each such instance be made available by the Depositary to the record holders of Receipts in such manner as the Company shall
instruct (including by the issue to such record holders of warrants representing such rights, preferences or privileges); provided, however, that (a) if at the time of issue or offer of any such rights, preferences or privileges the Company
determines upon advice of its legal counsel that it is not lawful or feasible to make such rights, preferences or privileges available to the holders of Receipts (by the issue of warrants or otherwise) or (b) if and to the extent instructed by
holders of Receipts who do not desire to exercise such rights, preferences or privileges, the Depositary shall then, if so directed by the Company and provided with an opinion of counsel that if the Depositary undertakes such actions it will not be
deemed an “issuer” under the Securities Act or an “investment company” under the Investment Company Act of 1940, as amended, and if applicable laws or the terms of such rights, preferences or privileges so permit, sell such
rights, preferences or privileges of such holders at public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall, subject to Section 3.01 and Section 3.02, be
distributed by the Depositary to the record holders of Receipts entitled thereto as provided by Section 4.01 in the case of a distribution received in cash. The Depositary shall not make any distribution of such rights, preferences or
privileges, unless the Company shall have provided to the Depositary an opinion of counsel stating that such rights, preferences or privileges have been registered under the Securities Act or do not need to be registered. 

(b) If registration under the Securities Act of the securities to which any rights, preferences or privileges relate is required in order for
holders of Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, the Company agrees that it will promptly notify the Depositary of such requirement, that it will promptly file a registration statement
pursuant to the Securities Act with respect to such rights, preferences or privileges and securities and use its commercially reasonable efforts and take all steps available to it to cause such registration statement to become effective sufficiently
in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or privileges. In no event shall the Depositary make available to the holders of Receipts any right, preference or
privilege unless and until such a registration statement shall have become effective or unless the offering and sale of such securities to such holders are exempt from registration under the provisions of the Securities Act and the Company shall
have provided to the Depositary an opinion of counsel to such effect. 
 (c) If any other action under the law of any jurisdiction or any
governmental or administrative authorization, consent or permit is required in order for such rights, preferences or privileges to be made available to holders of Receipts, the Company agrees that it will promptly notify the Depositary of such
requirement and to use its commercially reasonable efforts to take such action or obtain such authorization, consent or permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise
such rights, preferences or privileges. 
 (d) The Depositary will not be deemed to have any knowledge of any item for which it is supposed
to receive notification under any Section of this Deposit Agreement unless and until it has received such notification. 

  
 16 

 SECTION 4.04. Notice of Dividends; Fixing of Record Date for Holders of
Receipts. 
 Whenever any cash dividend or other cash distribution shall become payable, any distribution other than cash shall be
made, or any rights, preferences or privileges shall at any time be offered, with respect to the deposited Preferred Stock, or whenever the Depositary shall receive notice of (i) any meeting at which holders of such Preferred Stock are entitled
to vote or of which holders of such Preferred Stock are entitled to notice or (ii) any election on the part of the Company to redeem any shares of such Preferred Stock, the Depositary shall in each such instance fix a record date (which shall
be the same date as the record date fixed by the Company with respect to the Preferred Stock) for the determination of the holders of Receipts who shall be entitled to receive such dividend, distribution, rights, preferences or privileges or the net
proceeds of the sale thereof, to give instructions for the exercise of voting rights at any such meeting or to receive notice of such meeting or whose Depositary Shares are to be so redeemed. 

SECTION 4.05. Voting Rights. 

Upon receipt of notice of any meeting at which the holders of deposited Preferred Stock are entitled to vote, the Depositary shall, as soon as
practicable thereafter, mail to the record holders of Receipts a notice, by electronic mail or first-class postage prepaid mail, which shall be provided by the Company and which shall contain (i) such information as is contained in such notice
of meeting, (ii) a statement that the holders of Receipts at the close of business on a specified record date fixed pursuant to Section 4.04 will be entitled, subject to any applicable provision of law, to instruct the Depositary as to the
exercise of the voting rights pertaining to the amount of Preferred Stock represented by their respective Depositary Shares and (iii) a brief statement as to the manner in which such instructions may be given. Upon the request of a holder of a
Receipt on such record date, the Depositary shall insofar as practicable vote or cause to be voted the amount of Preferred Stock represented by the Depositary Shares evidenced by such Receipt in accordance with the instructions set forth in such
request. To the extent any such instructions request the voting of a fractional interest of a share of deposited Preferred Stock, the Depositary shall aggregate such interest with all other fractional interests resulting from requests with the same
voting instructions and shall vote the number of whole votes resulting from such aggregation in accordance with the instructions received in such requests. Each share of Preferred Stock is entitled to one vote and, accordingly, each Depositary Share
is entitled to 1/40th of a vote. The Company hereby agrees to take all reasonable action that may be deemed necessary by the Depositary in order to enable the Depositary to vote such Preferred Stock or cause such Preferred Stock to be voted. In the
absence of specific instructions from the holder of a Receipt, the Depositary will not vote the amount of Preferred Stock represented by such Depositary Shares. The Depositary shall not exercise any discretion in voting any Preferred Stock
represented by the Depositary Shares evidenced by such Receipt. 
 SECTION 4.06. Changes Affecting Preferred Stock and Reorganization
Events. 
 Upon any change in liquidation preference, par or stated value, split-up,
combination or any other reclassification of the Preferred Stock, any Reorganization Event or any exchange of the Preferred Stock for cash, securities or other property, the Depositary shall, upon the written instructions of the Company setting
forth any of the following adjustments, (i) reflect such adjustments in the Depositary’s books and records in the fraction of an interest represented by 

  
 17 

 
one Depositary Share in one share of Preferred Stock as may be required by or as is consistent with the provisions of the Articles of Amendment to fully reflect the effects of such change in
liquidation preference, par or stated value, split-up, combination or other reclassification of Preferred Stock, of such Reorganization Event or of such exchange and (ii) treat any shares of stock or
other securities or property (including cash) that shall be received by the Depositary in exchange for or in respect of the Preferred Stock as new deposited property under this Deposit Agreement, and Receipts then outstanding shall thenceforth
represent the proportionate interests of holders thereof in the new deposited property so received in exchange for or in respect of such Preferred Stock. In any such case the Depositary may, upon the receipt of written request of the Company,
execute and deliver additional Receipts, or may call for the surrender of all outstanding Receipts to be exchanged for new Receipts specifically describing such new deposited property. 

SECTION 4.07. Inspection of Reports. 

The Depositary shall make available for inspection by holders of Receipts at the Depositary Office and at such other places as it may from time
to time deem advisable during normal business hours any reports and communications received from the Company that are both received by the Depositary as the holder of deposited Preferred Stock and made generally available to the holders of the
Preferred Stock. In addition, the Depositary shall transmit, upon written request by the Company, certain notices and reports to the holders of Receipts as provided in Section 5.05. 

SECTION 4.08. Lists of Receipt Holders. 

Promptly upon request from time to time by the Company, the Registrar shall furnish to the Company a list, as of a recent date specified by the
Company, of the names, addresses and holdings of Depositary Shares of all persons in whose names Receipts are registered on the books of the Registrar. 

SECTION 4.09. Withholding. 

Notwithstanding any other provision of this Deposit Agreement, in the event that the Depositary determines that any distribution in property is
subject to any tax or other governmental charge which the Depositary is obligated by law to withhold, the Depositary may dispose of, by public or private sale, all or a portion of such property in such amounts and in such manner as the Depositary
deems necessary and practicable to pay such taxes, and the Depositary shall distribute the net proceeds of any such sale or the balance of any such property after deduction of such taxes to the holders of Receipts entitled thereto in proportion to
the number of Depositary Shares held by them, respectively; provided, however, that in the event the Depositary determines that such distribution of property is subject to withholding tax only with respect to some but not all holders of Receipts,
the Depositary will use its best efforts (i) to sell only that portion of such property distributable to such holders that is required to generate sufficient proceeds to pay such withholding tax and (ii) to effect any such sale in such a
manner so as to avoid affecting the rights of any other holders of Receipts to receive such distribution in property. 

  
 18 

 ARTICLE V 

THE DEPOSITARY AND THE COMPANY 

SECTION 5.01. Maintenance of Offices, Agencies and Transfer Books by the Depositary and the Registrar. 

(a) The Depositary shall maintain at the Depositary Office facilities for the execution and delivery, transfer, surrender and exchange, split-up, combination and redemption of Receipts and deposit and withdrawal of Preferred Stock and at the offices of the Depositary’s Agents, if any, facilities for the delivery, transfer, surrender and
exchange, split-up, combination and redemption of Receipts and deposit and withdrawal of Preferred Stock, all in accordance with the provisions of this Deposit Agreement. 

(b) The Registrar shall keep books at the Depositary Office for the registration and transfer of Receipts, which books at all reasonable times
shall be open for inspection by the record holders of Receipts as provided by applicable law. The Company may cause the Registrar to close such books, at any time or from time to time, when deemed expedient by it in connection with the performance
of its duties hereunder. 
 (c) If the Receipts or the Depositary Shares evidenced thereby or the Preferred Stock represented by such
Depositary Shares shall be listed on the NASDAQ Capital Market or any other stock exchange, the Depositary and the Company hereby appoint the Registrar to serve as the registrar for registration of such Receipts or Depositary Shares in accordance
with the requirements of such exchange. The Registrar may be removed from serving as the registrar for registration of the Receipts or Depositary Shares in accordance with the requirements of the listing stock exchange by the Depositary or the
Company, in which case the Company shall appoint a substitute registrar. If the Receipts, such Depositary Shares or such Preferred Stock are listed on one or more other stock exchanges, the Registrar will, at the request and expense of the Company,
arrange such facilities for the delivery, transfer, surrender, redemption and exchange of such Receipts, such Depositary Shares or such Preferred Stock as may be required by law or applicable stock exchange regulations. 

SECTION 5.02. Prevention or Delay in Performance by the Depositary, the Depositary’s Agents, the
Registrar or the Company. 
 None of the Depositary, any Depositary’s Agent, any Registrar, any Transfer Agent, or the Company
shall incur any liability to any holder of any Receipt, if by reason of any provision of any present or future law or regulation thereunder of the United States of America or of any other governmental authority or, in the case of the Depositary, the
Depositary’s Agent or the Registrar or Transfer Agent, by reason of any provision, present or future, of the Articles of Incorporation or, in the case of the Company, the Depositary, the Depositary’s Agent, the Transfer Agent or the
Registrar, by reason of any act of God or war or other circumstance beyond the control of the relevant party, the Depositary, any Depositary’s Agent, the Transfer Agent, the Registrar or the Company shall be prevented or forbidden from doing or
performing any act or thing that the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, the Transfer Agent, any Registrar or the Company incur any liability to any holder of a
Receipt by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing that the terms of this Deposit Agreement provide shall or may be done or performed, or by reason of any exercise of, or failure to
exercise, any discretion provided for in this Deposit Agreement. 

  
 19 

 SECTION 5.03. Obligations of the Depositary, the
Depositary’s Agents, the Registrar and the Company. 
 (a) Except as otherwise provided by this
Deposit Agreement (including without limitation Section 5.06), the Company does not assume any obligation or shall be subject to any liability under this Deposit Agreement or any Receipt to holders of Receipts other than from acts or omissions
arising out of conduct constituting bad faith, gross negligence or willful misconduct in the performance of such duties as are specifically set forth in this Deposit Agreement. Neither the Depositary nor any Depositary’s Agent nor any Transfer
Agent or Registrar assumes any obligation or shall be subject to any liability under this Deposit Agreement to holders of Receipts, the Company or any other person or entity other than for its bad faith, gross negligence or willful misconduct (which
bad faith, gross negligence or willful misconduct must be determined by a final, non-appealable order, judgment, decree or ruling of a court of competent jurisdiction). Notwithstanding anything to the contrary
contained herein, neither the Depositary, nor any Depositary’s Agent nor any Transfer Agent or Registrar shall be liable for any special, indirect, incidental, consequential, punitive or exemplary damages, including but not limited to, lost
profits, even if such person or entity alleged to be liable has knowledge of the possibility of such damages. Any liability of the Depositary and any Registrar or Transfer Agent under this Deposit Agreement will be limited to the amount of annual
fees paid by the Company to the Depositary or any Registrar or Transfer Agent. 
 (b) None of the Depositary, any Depositary’s Agent,
any Registrar or Transfer Agent or the Company shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding with respect to the deposited Preferred Stock, Depositary Shares or Receipts that in its opinion may
involve it in expense or liability, unless indemnity satisfactory to it against all expense and liability be furnished as often as may be required. 

(c) None of the Depositary, any Depositary’s Agent, any Registrar or Transfer Agent or the Company shall be liable for any action or any
failure to act by it in reliance upon the advice of legal counsel or accountants, or information provided by any person presenting Preferred Stock for deposit or any holder of a Receipt. The Depositary, any Depositary’s Agent, any Registrar or
Transfer Agent and the Company may each rely and shall each be protected in acting upon any written notice, request, direction or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. 

(d) In the event the Depositary shall receive conflicting claims, requests or instructions from any holders of Receipts, on the one hand, and
the Company, on the other hand, the Depositary shall be entitled to act on such claims, requests or instructions received from the Company, and shall incur no liability and shall be entitled to the full indemnification set forth in Section 5.06
in connection with any action so taken. 

  
 20 

 (e) The Depositary shall not be responsible for any failure to carry out any instruction to
vote any of the deposited Preferred Stock or for the manner or effect of any such vote made, as long as any such action or non-action does not result from bad faith, gross negligence or willful misconduct of
the Depositary (which bad faith, gross negligence or willful misconduct must be determined by a final, non-appealable order, judgment, decree or ruling of a court of competent jurisdiction). The Depositary
undertakes, and any Registrar or Transfer Agent shall be required to undertake, to perform such duties and only such duties as are specifically set forth in this Deposit Agreement, and no implied covenants or obligations shall be read into this
Deposit Agreement against the Depositary or any Registrar or Transfer Agent. 
 (f) The Depositary, its parent, affiliate, or subsidiaries,
any Depositary’s Agent, and any Registrar or Transfer Agent may own, buy, sell or deal in any class of securities of the Company and its affiliates and in Receipts or Depositary Shares or become pecuniarily interested in any transaction in
which the Company or its affiliates may be interested or contract with or lend money to or otherwise act as fully or as freely as if it were not the Depositary or the Depositary’s Agent hereunder. The Depositary may also act as transfer agent
or registrar of any of the securities of the Company and its affiliates or act in any other capacity for the Company or its affiliates. 

(g) It is intended that neither the Depositary nor any Depositary’s Agent shall be deemed to be an “issuer” of the securities
under the federal securities laws or applicable state securities laws, it being expressly understood and agreed that the Depositary and any Depositary’s Agent are acting only in a ministerial capacity as Depositary for the deposited Preferred
Stock; provided, however, that the Depositary agrees to comply with all information reporting and withholding requirements applicable to it under law or this Deposit Agreement in its capacity as Depositary. 

(h) Neither the Depositary (or its officers, directors, employees, agents or affiliates) nor any Depositary’s Agent makes any
representation or has any responsibility as to the validity of the registration statement pursuant to which the Depositary Shares are registered under the Securities Act, the deposited Preferred Stock, the Depositary Shares, the Receipts (except its
countersignature thereon) or any instruments referred to therein or herein, or as to the correctness of any statement made therein or herein; provided, however, that the Depositary is responsible for its representations in this Deposit Agreement.

 (i) The Company agrees that it will register the deposited Preferred Stock and the Depositary Shares in accordance with the applicable
securities laws. 
 (j) In the event the Depositary, the Depositary’s Agent or any Registrar or Transfer Agent believes any ambiguity or
uncertainty exists in any notice, instruction, direction, request or other communication, paper or document received by it pursuant to this Deposit Agreement, the Depositary, the Depositary’s Agent, Transfer Agent or Registrar shall promptly
notify the Company of the details of such alleged ambiguity or uncertainty, and may, in its sole discretion, refrain from taking any action, and the Depositary, the Depositary’s Agent, Transfer Agent or Registrar shall be fully protected and
shall incur no liability to any person from refraining from taking such action, absent bad faith, gross negligence or willful misconduct (which bad faith, gross negligence or willful misconduct must be determined by a final, non-appealable order, 

  
 21 

 
judgment, decree or ruling of a court of competent jurisdiction), unless and until (i) the rights of all parties have been fully and finally adjudicated by a court of appropriate
jurisdiction or (ii) the Depositary, the Depositary’s Agent, Transfer Agent or Registrar receives written instructions with respect to such matter signed by the Company that eliminates such ambiguity or uncertainty to the satisfaction of
the Depositary, the Depositary’s Agent, Transfer Agent or Registrar. 
 (k) Whenever in the performance of its duties under this Deposit
Agreement, the Depositary, the Depositary’s Agent, Transfer Agent or Registrar shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking, suffering or omitting to take any action
hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively provided and established by a certificate signed by any one of the Chief Executive Officer, the President,
the Chief Financial Officer, or the Chief Accounting Officer of the Company and delivered to the Depositary, the Depositary’s Agent, Transfer Agent or Registrar; and such certificate shall be full and complete authorization and protection to
the Depositary, the Depositary’s Agent, Transfer Agent or Registrar, and the Depositary, the Depositary’s Agent, Transfer Agent or Registrar shall incur no liability for or in respect of any action taken, suffered or omitted by it under
the provisions of this Deposit Agreement in reliance upon such certificate. The Depositary, the Depositary’s Agent, Transfer Agent or Registrar shall not be liable for or by reason of any of the statements of fact or recitals contained in this
Deposit Agreement or in the Receipts (except its countersignature thereof) or be required to verify the same, but all such statements and recitals are and shall be deemed to have been made by the Company only. 

(l) The Depositary, the Depositary’s Agent, Transfer Agent or Registrar will not be under any duty or responsibility to ensure compliance
with any applicable federal or state securities laws in connection with the issuance, transfer or exchange of the Receipts, Stock or Depositary Shares. 

(m) Notwithstanding anything herein to the contrary, no amendment to the Articles of Amendment shall affect the rights, duties, obligations or
immunities of the Depositary, Transfer Agent, the Depositary’s Agent or Registrar hereunder. 
 (n) The Depositary, Transfer Agent and
any Registrar hereunder: 
  

	 	(i)	 shall have no duties or obligations other than those specifically set forth herein (and no implied duties or
obligations), or as may subsequently be agreed to in writing by the parties; 

  

	 	(ii)	 shall have no obligation to make payment hereunder unless the Company shall have provided immediately available
funds or securities or property, as the case may be, to pay in full amounts due and payable with respect thereto; 

  

	 	(iii)	 shall not be obligated to take any legal or other action hereunder; if, however, such person determines to take
any legal or other action hereunder, and, where the taking of such action might in such person’s judgment subject or expose it to any expense or liability, such person shall not be required to act unless it shall have been furnished with an
indemnity satisfactory to it; 

  
 22 

	 	(iv)	 may rely on and shall be authorized and protected in acting or failing to act upon any certificate, instrument,
opinion, notice, letter, facsimile transmission or other document or security delivered to such person and believed by such person to be genuine and to have been signed by the proper party or parties, and shall have no responsibility for determining
the accuracy thereof; 

  

	 	(v)	 may rely on and shall be authorized and protected in acting or failing to act upon the written, telephonic,
electronic and oral instructions, with respect to any matter relating to such person’s actions as depositary covered by this Deposit Agreement (or supplementing or qualifying any such actions) of officers of the Company; 

 

	 	(vi)	 may consult counsel satisfactory to it, and the advice of such counsel shall be full and complete authorization
and protection in respect of any action taken, suffered or omitted by the Depositary hereunder in accordance with the advice of such counsel; 

  

	 	(vii)	 shall not be called upon at any time to advise any person with respect to the Depositary Shares or Receipts;

  

	 	(viii)	 shall not be liable or responsible for any recital or statement contained in any documents relating hereto or
the Depositary Shares or Receipts; and 

  

	 	(ix)	 shall not be liable in any respect on account of the identity, authority or rights of the parties (other than
with respect to the Depositary) executing or delivering or purporting to execute or deliver this Deposit Agreement or any documents or papers deposited or called for under this Deposit Agreement. 

(o) The obligations of the Company set forth in this Section 5.03 shall survive the replacement, removal or resignation of any Depositary,
Registrar, Transfer Agent or Depositary’s Agent or termination of this Deposit Agreement. 
 SECTION 5.04. Resignation and
Removal of the Depositary; Appointment of Successor Depositary. 
 (a) The Depositary may at any time resign as Depositary hereunder
by notice of its election to do so delivered to the Company, such resignation to take effect upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. 

(b) The Depositary may at any time be removed by the Company by notice of such removal delivered to the Depositary, such removal to take effect
upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. Upon any such removal or appointment, the Company shall send notice thereof by electronic mail or first-class mail, postage prepaid, to
the holders of Receipts. 

  
 23 

 (c) In case at any time the Depositary acting hereunder shall resign or be removed, the
Company shall, within 60 days after the delivery of the notice of resignation or removal, as the case may be, appoint a successor depositary, which shall be an entity having its principal office in the United States of America and having a combined
capital and surplus of at least $50,000,000. If a successor depositary shall not have been appointed and have accepted appointment in 60 days, the resigning Depositary may petition a court of competent jurisdiction to appoint a successor depositary.
Every successor depositary shall execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed, shall become fully
vested with all the rights, powers, duties and obligations of its predecessor and for all purposes shall be the Depositary under this Deposit Agreement, and such predecessor, upon payment of all sums due it and on the written request of the Company,
shall promptly execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all rights, title and interest in the deposited Preferred Stock and any
moneys or property held hereunder to such successor and shall deliver to such successor a list of the record holders of all outstanding Receipts. 

(d) Any corporation or other entity into or with which the Depositary may be merged, consolidated or converted, or any corporation or other
entity to which all or a substantial part of the assets of the Depositary may be transferred, shall be the successor of such Depositary without the execution or filing of any document or any further act. Such successor depositary may execute the
Receipts either in the name of the predecessor depositary or in the name of the successor depositary. 
 (e) The provisions of this
Section 5.04 as they apply to the Depositary apply to the Registrar and Transfer Agent, as if specifically enumerated herein. 

SECTION 5.05. Notices, Reports and Documents. 

The Company agrees that it will deliver to the Depositary and the Depositary will promptly after receipt of such notice, transmit to the record
holders of Receipts, in each case at the address recorded in the Depositary’s books, copies of all notices and reports generally made available by the Company to holders of the Preferred Stock and not otherwise made publicly available. Such
transmission will be at the Company’s expense and the Company will provide the Depositary with such number of copies of such documents as the Depositary may reasonably request. In addition, the Depositary will transmit to the record holders of
Receipts at the Company’s expense such other documents as may be requested by the Company. 
 SECTION 5.06. Indemnification by
the Company. 
 The Company shall indemnify the Depositary, any Depositary’s Agent and any Transfer Agent or Registrar against,
and hold each of them harmless from, any loss, liability, damage, cost or expense (including the costs and expenses of defending itself) which may arise out of (i) acts performed or omitted in connection with this Deposit Agreement and the
Receipts (a) by the 

  
 24 

 
Depositary, any Transfer Agent or Registrar or any of their respective agents (including any Depositary’s Agent), except for any liability arising out of bad faith, gross negligence or
willful misconduct (which bad faith, gross negligence or willful misconduct must be determined by a final, non-appealable order, judgment, decree or ruling of a court of competent jurisdiction) on the
respective parts of any such person or persons, or (b) by the Company or any of its agents, or (ii) the offer, sale or registration of the Receipts or shares of Stock pursuant to the provisions hereof. The obligations of the Company set
forth in this Section 5.06 shall survive the replacement, removal or resignation of any Depositary, Registrar, Transfer Agent or Depositary’s Agent or termination of this Deposit Agreement. In no event shall the Depositary have any right
of set off or counterclaim against the Depositary Shares or the Preferred Stock. 
 SECTION 5.07. Fees, Charges and Expenses.

 No charges and expenses of the Depositary or any Depositary’s Agent hereunder shall be payable by any person, except as provided in
this Section 5.07. The Company shall pay all transfer and other taxes and governmental charges arising solely from the existence of this Deposit Agreement. The Company shall also pay all fees and expenses of the Depositary in connection with
the initial deposit of the Preferred Stock and the initial issuance of the Depositary Shares evidenced by the Receipts, any redemption of the Preferred Stock at the option of the Company and all withdrawals of the Preferred Stock by holders of
Receipts as previously agreed between the Depositary and the Company. All other fees and expenses of the Depositary and any Depositary’s Agent hereunder and of any Registrar or Transfer Agent (including, in each case, fees and expenses of
counsel) incurred in the preparation, delivery, amendment, administration and execution of this Deposit Agreement and incident to the performance of their respective obligations hereunder will be paid by the Company as previously agreed between the
Depositary and the Company or any Registrar or Transfer Agent; provided that Holders of Depositary Shares shall pay any transfer fees, taxes or governmental charges and other such charges as expressly provided in this Deposit Agreement. The
Depositary (and if applicable, the Transfer Agent and Registrar) shall present its statement for fees and expenses to the Company annually or at such other intervals as the Company and the Depositary may agree. 

  
 25 

 ARTICLE VI 

AMENDMENT AND TERMINATION 

SECTION 6.01. Amendment. 

The form of the Receipts and any provision of this Deposit Agreement may at any time and from time to time be amended by agreement between the
Company and the Depositary without the consent of holders of Receipts in any respect that the Company and the Depositary may deem necessary or desirable; provided, however, that no such amendment (other than any change in the fees of any Depositary,
Registrar or Transfer Agent that are payable by the Company) which (i) shall materially and adversely alter the rights of the holders of Receipts or (ii) would be materially and adversely inconsistent with the rights granted to the holders
of the Preferred Stock pursuant to the Articles of Incorporation shall be effective unless such amendment shall have been approved by the holders of Receipts evidencing at least a majority of the affected Depositary Shares then outstanding. In no
event shall any amendment impair the right, subject to the provisions of Section 2.05 and Article III, of any holder of any Receipts evidencing such Depositary Shares to surrender any Receipt with instructions to the Depositary to deliver to
the holder the deposited Preferred Stock and all money and other property, if any, represented thereby, except in order to comply with mandatory provisions of applicable law. Every holder who retains or acquires Receipts after an amendment becomes
effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by this Deposit Agreement as amended thereby. 

SECTION 6.02. Termination. 

(a) This Deposit Agreement may be terminated by the Company upon not less than 35 days’ prior written notice to the Depositary, and the
Depositary shall give notice of the termination to record holders of all outstanding Depositary Shares not less than 30 days’ before the termination date. In the event of such termination, the Depositary shall deliver or make available to each
holder of a Receipt, upon surrender of the Receipt held by such holder, such number of whole or fractional shares of deposited Preferred Stock as are represented by the Depositary Shares evidenced by such Receipt, together with any other property
held by the Depositary in respect of such Receipt. This Deposit Agreement will automatically terminate if (i) all outstanding Depositary Shares shall have been redeemed in accordance with the provisions hereof or (ii) there shall have been
made a final distribution in respect of the deposited Preferred Stock in connection with any liquidation, dissolution or winding up of the Company and such distribution shall have been distributed to the holders of Receipts entitled thereto. 

(b) Upon the termination of this Deposit Agreement, the Depositary shall discontinue the transfer of Depositary Receipts, suspend the
distribution of dividends and not give any further notices (other than notice of such termination) or perform any further acts, except that the Depositary will continue to collect dividends and other distributions on the Preferred Stock and deliver
such dividends along with the Preferred Stock certificates in exchange for Receipts surrendered. At any time after the expiration of three years from the date of termination, the Depositary may sell the Preferred Stock and hold the proceeds of such
sale, without interest, for the benefit of the record holders of Receipts who have not then surrendered their Receipts. After making such sale, the Depositary shall be discharged from all obligations under this Deposit Agreement, except to account
for the proceeds of such sale. 

  
 26 

 (c) Upon the termination of this Deposit Agreement, the Company shall be discharged from all
obligations under this Deposit Agreement except for its obligations to the Depositary, any Depositary’s Agent and any Transfer Agent or Registrar under Section 5.06 and Section 5.07. 

  
 27 

 ARTICLE VII 

MISCELLANEOUS 
 SECTION
7.01. Counterparts. 
 This Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto
on separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument. Delivery of an executed counterpart of a
signature page to this Deposit Agreement by facsimile or any standard form of telecommunication shall be effective as delivery of a manually executed counterpart of this Deposit Agreement. 

SECTION 7.02. Exclusive Benefits of Parties. 

This Deposit Agreement is for the exclusive benefit of the parties hereto, and their respective successors hereunder, and shall not be deemed
to give any legal or equitable right, remedy or claim to any other person whatsoever. 
 SECTION 7.03. Invalidity of
Provisions. 
 In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become
invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby; provided, however, that if such
provision affects the rights, duties, liabilities or obligations of the Depositary, the Depositary shall be entitled to resign immediately. 

SECTION 7.04. Notices. 

(a) Any and all notices to be given to the Company hereunder or under the Receipts shall be in writing and shall be deemed to have been duly
given if personally delivered or sent by mail, or by facsimile transmission confirmed by letter, addressed to the Company at: 
 MainStreet
Bancshares, Inc. 
 10089 Fairfax Boulevard 

Fairfax, Virginia 22030 
 Tel:
(703) 481-4567 
 Fax: (703) 481-4568 

Attention: Jeff W. Dick, Chairman and Chief Executive Officer 

with a copy to: 
 Jones Walker
LLP 
 499 South Capitol Street, SW, Suite 600 

Washington, D.C. 20003 
 Tel:
(202) 203-1088 
 Fax: (202) 248-3866 

Attention: Edward B. Crosland, Jr., Esq. 

  
 28 

 or at any other address of which the Company shall have notified the Depositary in writing.

 (b) Any notices to be given to the Depositary, Transfer Agent or Registrar hereunder or under the Receipts shall be in writing and shall
be deemed to have been duly given if personally delivered or sent by mail, or telecopier confirmed by letter, addressed to the Depositary, Transfer Agent or Registrar: 

American Stock Transfer & Trust Company, LLC 

6201 15th Avenue 

Brooklyn, New York 11219 

Attention: Ted Wiener 
 with a
copy to: 
 American Stock Transfer & Trust Company, LLC 

10150 Mallard Creek Road 
 Suite
307 
 Charlotte, North Carolina 28262 

Attention: Felix Orihuela 
 (d)
Any notices given to any record holder of a Receipt hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, recognized next-day
courier service or telecopier confirmed by letter, addressed to such record holder at the address of such record holder as it appears on the books of the Depositary provided that any record holder may direct the Depositary to deliver notices to such
record holder at an alternate address or in a specific manner that is reasonably requested by such record holder in a written request timely filed with the Depositary and that is reasonably acceptable to the Depositary. 

(e) Delivery of a notice sent by mail shall be deemed to be effected at the time when a duly addressed letter containing the same (or a
confirmation thereof in the case of a facsimile message) is deposited, postage prepaid, in a post office letter box, or in the case of a next-day courier service, when deposited with such courier, courier fees
prepaid. The Depositary or the Company may, however, act upon any facsimile message received by it from the other or from any holder of a Receipt, notwithstanding that such facsimile message shall not subsequently be confirmed by letter as
aforesaid. 
 SECTION 7.05. Depositary’s Agents. 

The Depositary may from time to time appoint Depositary’s Agents to act in any respect for the Depositary for the purposes of this Deposit
Agreement and may at any time appoint additional Depositary’s Agents and vary or terminate the appointment of such Depositary’s Agents. The Depositary will notify the Company of any such action. 

  
 29 

 SECTION 7.06. Holders of Receipts Are Parties. 

The holders of Receipts from time to time shall be deemed to be parties to this Deposit Agreement and shall be bound by all of the terms and
conditions hereof and of the Receipts by acceptance of delivery thereof to the same extent as though such person executed this Deposit Agreement. 

SECTION 7.07. Governing Law. 

This Deposit Agreement and the Receipts and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, and
construed in accordance with, the law of the State of Delaware applicable to agreements made and to be performed in said Commonwealth, without regard to conflicts of laws principles thereof. 

SECTION 7.08. Inspection of Deposit Agreement and Articles of Amendment. 

Copies of this Deposit Agreement and the Articles of Amendment shall be filed with the Depositary and the Depositary’s Agents and shall be
open to inspection during business hours at the Depositary Office by any holder of any Receipt. 
 SECTION 7.09. Headings.

 The headings of articles and sections in this Deposit Agreement and in the form of the Receipt set forth in Exhibit A hereto have
been inserted for convenience only and are not to be regarded as a part of this Deposit Agreement or to have any bearing upon the meaning or interpretation of any provision contained herein or in the Receipts. 

  
 30 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Deposit Agreement as of the
day and year first above set forth and all holders of Receipts shall become parties hereto by and upon acceptance by them of delivery of Receipts issued in accordance with the terms hereof. 

 

			
	MAINSTREET BANCSHARES, INC., as Issuer
	
	 [s] Jeff W. Dick

	By:	 	Jeff W. Dick
	Title:	 	Chairman and Chief Executive
		 	Officer
	
	 AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC,

as Depositary, Transfer Agent and Registrar

	
	 [s] Michael Legregin

	By:	 	Michael Legregin
	Title:	 	Senior Vice President

  
 31 

 EXHIBIT A 

FORM OF FACE OF RECEIPT 

UNLESS THIS RECEIPT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
NEW YORK, NEW YORK, TO THE CORPORATION OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY RECEIPT ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
(AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL RECEIPT SHALL BE LIMITED TO TRANSFERS IN
WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL RECEIPT SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE ARTICLES
OF AMENDMENT REFERRED TO BELOW. 
 IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH
CERTIFICATES AND OTHER INFORMATION AS SUCH REGISTRAR AND TRANSFER AGENT MAY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS OF SAID AGREEMENT. ANY SALE OR OTHER TRANSFER NOT IN COMPLIANCE WITH
SAID AGREEMENT WILL BE VOID. 
 Certificate
Number                Number of Depositary Shares 

  
 1 

 MAINSTREET BANCSHARES, INC. 

RECEIPT FOR DEPOSITARY SHARES 

EACH REPRESENTING 1/40TH OF A SHARE OF 

7.5% SERIES A FIXED-RATE NON-CUMULATIVE 

PERPETUAL PREFERRED STOCK 

(LIQUIDATION PREFERENCE $1,000 PER SHARE) 

CUSIP 56064Y 308 
 American Stock
Transfer & Trust Company, LLC, as Depositary (the “Depositary”), hereby certifies that ___________________ is the registered owner of Depositary Shares (“Depositary Shares”), each Depositary Share representing 1/40th of
an ownership interest in a share of 7.5% Series A Fixed-Rate Non-Cumulative Perpetual Preferred Stock, liquidation preference of $1,000 per share (the “Stock”), of MainStreet Bancshares, Inc., a
Virginia corporation (the “Company”), on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement dated September 15, 2020 (the “Deposit Agreement”), among the Company, the
Depositary, and the holders from time to time of Receipts for Depositary Shares (“Depositary Share Receipts”). By accepting this Depositary Share Receipt, the holder hereof becomes a party to and agrees to be bound by all the terms and
conditions of the Deposit Agreement. This Depositary Share Receipt shall not be valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual or
facsimile signature of a duly authorized officer and, if a Registrar in respect of the Depositary Share Receipt (other than the Depositary) shall have been appointed, by the manual signature of a duly authorized officer of such Registrar. 

Dated: September ___, 2020 
  

					
		 	American Stock Transfer & Trust Company, LLC, as Depositary
			
		 	By:	 	  

		 		 	Authorized Signatory

  
 2 

 [FORM OF REVERSE OF RECEIPT] 

The following abbreviations when used in the instructions on the face of this receipt shall be construed as though they were written out in full according to
applicable laws or regulations. 
  

									
	TEN COM -	  	as tenants in common	  	UNIF GIFT MIN ACT -	 	________Custodian__________
		  		  		 	      (Cust)                  (Minor)	  	
				
	TEN ENT -	  	as tenants by the entireties	  		 	Under Uniform Gifts to Minors
		  		  		 	Act____________________
		  		  		 	                (State)
					
	JT TEN -	  	as joint tenants with right of survivorship and not as tenants in common	  		 		  	

 Additional abbreviations may also be used though not in the above list. 

ASSIGNMENT 
 For value received, ________________________ hereby
sell(s), assign(s) and transfer unto 
 PLEASE INSERT SOCIAL SECURITY OR OTHER 

IDENTIFICATION NUMBER OF ASSIGNEE 
  

					
	
                          
                                         
     

                          
  
	  		  	

  
  

Please print or typewrite name and address including postal zip code of assignee 

 
  
  

 
 __________ Depositary Shares represented by the
within Receipt, and does hereby irrevocably constitute and appoint              as Attorney to transfer the said Depositary Shares on the books of the within named Depositary with
full power of substitution in the premises. 
 Dated:
                     
  

			
		 	  
 NOTICE: The signature to the
assignment must correspond with the name as written upon the face of this Receipt in every particular, without alteration or enlargement or any change whatever.

 SIGNATURE GUARANTEED: 
 By:
                                         
                                         
                               

The signature(s) should be guaranteed by an eligible guarantor institution 

(banks, stockbrokers, savings and loan associations, and credit unions with 

membership in an approved signature guarantee medallion program), 

pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934. 

  
 3 

 EXHIBIT B 

ARTICLES OF AMENDMENT 

See Exhibit 3.1 to Form 8-K filed by MainStreet Bancshares, Inc. on September 15, 2020 for a copy
of the Amendment to the Amended and Restated Articles of Incorporation, as amended. 

  
 1Exhibit 10.1

 

Aethlon
Medical, Inc.

2020
Equity Incentive Plan

 

Adopted
by the Board of Directors: February 6, 2020

Approved
by the Stockholders: September 15, 2020

 

 

 

 

 

 

 

 

 

 

 

 

    	 	 	 

     

    

Table
of Contents

 

	 	Page
	 	 
	1.   General	1
	2.   Shares Subject to the Plan	1
	3.   Eligibility and Limitations	2
	4.   Options and Stock Appreciation Rights	3
	5.   Awards Other Than Options and Stock Appreciation Rights	7
	6.   Adjustments upon Changes in Common Stock; Other Corporate Events	8
	7.   Administration	11
	8.   Tax Withholding	13
	9.   Miscellaneous	14
	10.   Covenants of the Company	17
	11.   Additional Rules for Awards Subject to Section 409A	18
	12.   Severability	21
	13.   Termination of the Plan	21
	14.   Definitions	22

 

 

 

 

 

    	 	i	 

     

    

 

1.                 
General.

 

(a)              
Successor to and Continuation of Prior Plan. The Plan is the successor to and continuation of the Prior Plan. As of
the Effective Date, (i) no additional awards may be granted under the Prior Plan; (ii) the Prior Plan’s Available Reserve
plus any Returning Shares will become available for issuance pursuant to Awards granted under this Plan; and (iii) all outstanding
awards granted under the Prior Plan will remain subject to the terms of the Prior Plan (except to the extent such outstanding awards
result in Returning Shares that become available for issuance pursuant to Awards granted under this Plan). All Awards granted under
this Plan will be subject to the terms of this Plan.

 

(b)             
Plan Purpose. The Company, by means of the Plan, seeks to secure and retain the services of Employees, Directors and
Consultants, to provide incentives for such persons to exert maximum efforts for the success of the Company and any Affiliate and
to provide a means by which such persons may be given an opportunity to benefit from increases in value of the Common Stock through
the granting of Awards.

 

(c)              
Available Awards. The Plan provides for the grant of the following Awards: (i) Incentive Stock Options; (ii) Nonstatutory
Stock Options; (iii) SARs; (iv) Restricted Stock Awards; (v) RSU Awards; (vi) Performance Awards; and (vii) Other Awards.

 

(d)             
Adoption Date. The Plan will come into existence on the Adoption Date. No Award may be granted under the Plan prior
to the Adoption Date. Any Award granted prior to the Effective Date is contingent upon timely receipt of stockholder approval to
the extent required under applicable tax, securities and regulatory rules, and satisfaction of any other compliance requirements.

 

2.                 
Shares Subject to the Plan.

 

(a)              
Share Reserve. Subject to adjustment in accordance with Section 2(c) and any adjustments as necessary to implement any
Capitalization Adjustments, the aggregate number of shares of Common Stock that may be issued pursuant to Awards will not exceed
1,842,556 shares, which number is the sum of: (i) 1,670,000 new shares, plus (ii) the Prior Plan’s Available Reserve; plus,
(iii) the number of Returning Shares, if any, as such shares become available from time to time.

 

(b)             
Aggregate Incentive Stock Option Limit. Notwithstanding anything to the contrary in Section 2(a) and subject to any
adjustments as necessary to implement any Capitalization Adjustments, the aggregate maximum number of shares of Common Stock that
may be issued pursuant to the exercise of Incentive Stock Options is 150% of the Share Reserve.

 

(c)              
Share Reserve Operation.

 

(i)                Limit
Applies to Common Stock Issued Pursuant to Awards. For clarity, the Share Reserve is a limit on the number of shares of Common
Stock that may be issued pursuant to Awards and does not limit the granting of Awards, except that the Company will keep available
at all times the number of shares of Common Stock reasonably required to satisfy its obligations to issue shares pursuant to such
Awards. Shares may be issued in connection with a merger or acquisition as permitted by, as applicable, Nasdaq Listing Rule 5635(c),
NYSE Listed Company Manual Section 303A.08, NYSE American Company Guide Section 711 or other applicable rule, and such issuance
will not reduce the number of shares available for issuance under the Plan.

 

 

 

 

 

    	 	1	 

     

    

 

(ii)             
Actions that Do Not Constitute Issuance of Common Stock and Do Not Reduce Share Reserve. The following actions do not
result in an issuance of shares under the Plan and accordingly do not reduce the number of shares subject to the Share Reserve
and available for issuance under the Plan: (1) the expiration or termination of any portion of an Award without the shares covered
by such portion of the Award having been issued, (2) the settlement of any portion of an Award in cash (i.e., the Participant
receives cash rather than Common Stock), (3) the withholding of shares that would otherwise be issued by the Company to satisfy
the exercise, strike or purchase price of an Award; (4) the withholding of shares that would otherwise be issued by the Company
to satisfy a tax withholding obligation in connection with an Award.

 

(iii)             Reversion of Previously Issued Shares of Common Stock to Share Reserve. The following shares of Common Stock previously
issued pursuant to an Award and accordingly initially deducted from the Share Reserve will be added back to the Share Reserve and
again become available for issuance under the Plan: (1) any shares that are forfeited back to or repurchased by the Company because
of a failure to meet a contingency or condition required for the vesting of such shares; (2) any shares that are reacquired by
the Company to satisfy the exercise, strike or purchase price of an Award; and (3) any shares that are reacquired by the Company
to satisfy a tax withholding obligation in connection with an Award.

 

3.                 
Eligibility and Limitations.

 

(a)              
Eligible Award Recipients. Subject to the terms of the Plan, Employees, Directors and Consultants are eligible to receive
Awards.

 

(b)             
Specific Award Limitations.

 

(i)                
Limitations on Incentive Stock Option Recipients. Incentive Stock Options may be granted only to Employees of the Company
or a “parent corporation” or “subsidiary corporation” thereof (as such terms are defined in Sections 424(e)
and (f) of the Code).

 

(ii)             
Incentive Stock Option $100,000 Limitation. To the extent that the aggregate Fair Market Value (determined at the time
of grant) of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder
during any calendar year (under all plans of the Company and any Affiliates) exceeds $100,000 (or such other limit established
in the Code) or otherwise does not comply with the rules governing Incentive Stock Options, the Options or portions thereof that
exceed such limit (according to the order in which they were granted) or otherwise do not comply with such rules will be treated
as Nonstatutory Stock Options, notwithstanding any contrary provision of the applicable Option Agreement(s).

 

(iii)           
Limitations on Incentive Stock Options Granted to Ten Percent Stockholders. A Ten Percent Stockholder may not be granted
an Incentive Stock Option unless (i) the exercise price of such Option is at least 110% of the Fair Market Value on the date of
grant of such Option and (ii) the Option is not exercisable after the expiration of five years from the date of grant of such Option.

 

 

 

 

 

    	 	2	 

     

    

 

(iv)            
Limitations on Nonstatutory Stock Options and SARs. Nonstatutory Stock Options and SARs may not be granted to Employees,
Directors and Consultants who are providing Continuous Service only to any “parent” of the Company (as such term is
defined in Rule 405) unless the stock underlying such Awards is treated as “service recipient stock” under Section 409A
because the Awards are granted pursuant to a corporate transaction (such as a spin off transaction) or unless such Awards otherwise
comply with the distribution requirements of Section 409A.

 

(c)              
Aggregate Incentive Stock Option Limit. The aggregate maximum number of shares of Common Stock that may be issued pursuant
to the exercise of Incentive Stock Options is the number of shares specified in Section 2(b).

 

4.                 
Options and Stock Appreciation Rights.

 

Each Option and SAR
will have such terms and conditions as determined by the Board. Each Option will be designated in writing as an Incentive Stock
Option or Nonstatutory Stock Option at the time of grant; provided, however, that if an Option is not so designated, then such
Option will be a Nonstatutory Stock Option, and the shares purchased upon exercise of each type of Option will be separately accounted
for. Each SAR will be denominated in shares of Common Stock equivalents. The terms and conditions of separate Options and SARs
need not be identical; provided, however, that each Option Agreement and SAR Agreement will conform (through incorporation of provisions
hereof by reference in the Award Agreement or otherwise) to the substance of each of the following provisions:

 

(a)              Term.
Subject to Section 3(b) regarding Ten Percent Stockholders, no Option or SAR will be exercisable after the expiration of ten
years from the date of grant of such Award or such shorter period specified in the Award Agreement.

 

(b)             
Exercise or Strike Price. Subject to Section 3(b) regarding Ten Percent Stockholders, the exercise or strike price of
each Option or SAR will not be less than 100% of the Fair Market Value on the date of grant of such Award. Notwithstanding the
foregoing, an Option or SAR may be granted with an exercise or strike price lower than 100% of the Fair Market Value on the date
of grant of such Award if such Award is granted pursuant to an assumption of or substitution for another option or stock appreciation
right pursuant to a Corporate Transaction and in a manner consistent with the provisions of Sections 409A and, if applicable, 424(a)
of the Code.

 

(c)              Exercise
Procedure and Payment of Exercise Price for Options. In order to exercise an Option, the Participant must provide notice of
exercise to the Plan Administrator in accordance with the procedures specified in the Option Agreement or otherwise provided by
the Company. The Board has the authority to grant Options that do not permit all of the following methods of payment (or otherwise
restrict the ability to use certain methods) and to grant Options that require the consent of the Company to utilize a particular
method of payment. The exercise price of an Option may be paid, to the extent permitted by Applicable Law and as determined by
the Board, by one or more of the following methods of payment to the extent set forth in the Option Agreement:

 

 

 

 

    	 	3	 

     

    

 

(i)                by cash or check, bank draft or money order payable to the Company;

 

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

 

(iii)             by delivery to the Company (either by actual delivery or attestation) of shares of Common Stock that are already owned
by the Participant free and clear of any liens, claims, encumbrances or security interests, with a Fair Market Value on the date
of exercise that does not exceed the exercise price, provided that (1) at the time of exercise the Common Stock is publicly traded,
(2) any remaining balance of the exercise price not satisfied by such delivery is paid by the Participant in cash or other permitted
form of payment, (3) such delivery would not violate any Applicable Law or agreement restricting the redemption of the Common Stock,
(4) any certificated shares are endorsed or accompanied by an executed assignment separate from certificate, and (5) such shares
have been held by the Participant for any minimum period necessary to avoid adverse accounting treatment as a result of such delivery;

 

(iv)              if the Option is a Nonstatutory Stock Option, by a “net exercise” arrangement pursuant to which the Company
will reduce the number of shares of Common Stock issuable upon exercise by the largest whole number of shares with a Fair Market
Value on the date of exercise that does not exceed the exercise price, provided that (1) such shares used to pay the exercise price
will not be exercisable thereafter and (2) any remaining balance of the exercise price not satisfied by such net exercise is paid
by the Participant in cash or other permitted form of payment; or

 

(v)              
in any other form of consideration that may be acceptable to the Board and permissible under Applicable Law.

 

(d)             
Exercise Procedure and Payment of Appreciation Distribution for SARs. In order to exercise any SAR, the Participant
must provide notice of exercise to the Plan Administrator in accordance with the SAR Agreement. The appreciation distribution payable
to a Participant upon the exercise of a SAR will not be greater than an amount equal to the excess of (i) the aggregate Fair Market
Value on the date of exercise of a number of shares of Common Stock equal to the number of Common Stock equivalents that are vested
and being exercised under such SAR, over (ii) the strike price of such SAR. Such appreciation distribution may be paid to the Participant
in the form of Common Stock or cash (or any combination of Common Stock and cash) or in any other form of payment, as determined
by the Board and specified in the SAR Agreement.

 

(e)               Transferability.
Options and SARs may not be transferred to third party financial institutions for value. The Board may impose such additional
limitations on the transferability of an Option or SAR as it determines. In the absence of any such determination by the Board,
the following restrictions on the transferability of Options and SARs will apply, provided that except as explicitly provided
herein, neither an Option nor a SAR may be transferred for consideration and provided, further, that if an Option is an
Incentive Stock Option, such Option may be deemed to be a Nonstatutory Stock Option as a result of such transfer:

 

 

 

 

 

    	 	4	 

     

    

 

(i)                
Restrictions on Transfer. An Option or SAR will not be transferable, except by will or by the laws of descent and distribution,
and will be exercisable during the lifetime of the Participant only by the Participant; provided, however, that the Board may permit
transfer of an Option or SAR in a manner that is not prohibited by applicable tax and securities laws upon the Participant’s
request, including to a trust if the Participant is considered to be the sole beneficial owner of such trust (as determined under
Section 671 of the Code and applicable state law) while such Option or SAR is held in such trust, provided that the Participant
and the trustee enter into a transfer and other agreements required by the Company.

 

(ii)             
Domestic Relations Orders. Notwithstanding the foregoing, subject to the execution of transfer documentation in a format
acceptable to the Company and subject to the approval of the Board or a duly authorized Officer, an Option or SAR may be transferred
pursuant to a domestic relations order.

 

(f)               
Vesting. The Board may impose such restrictions on or conditions to the vesting and/or exercisability of an Option or
SAR as determined by the Board. Except as otherwise provided in the Award Agreement or other written agreement between a Participant
and the Company or an Affiliate, vesting of Options and SARs will cease upon termination of the Participant’s Continuous
Service.

 

(g)              
Termination of Continuous Service for Cause. Except as explicitly otherwise provided in the Award Agreement or other
written agreement between a Participant and the Company or an Affiliate, if a Participant’s Continuous Service is terminated
for Cause, the Participant’s Options and SARs will terminate and be forfeited immediately upon such termination of Continuous
Service, and the Participant will be prohibited from exercising any portion (including any vested portion) of such Awards on and
after the date of such termination of Continuous Service and the Participant will have no further right, title or interest in such
forfeited Award, the shares of Common Stock subject to the forfeited Award, or any consideration in respect of the forfeited Award.

 

(h)             
Post-Termination Exercise Period Following Termination of Continuous Service for Reasons Other than Cause. Subject to
Section 4(i), if a Participant’s Continuous Service terminates for any reason other than for Cause, the Participant may exercise
his or her Option or SAR to the extent vested, but only within the following period of time or, if applicable, such other period
of time provided in the Award Agreement or other written agreement between a Participant and the Company or an Affiliate; provided,
however, that in no event may such Award be exercised after the expiration of its maximum term (as set forth in Section 4(a)):

 

(i)                three
months following the date of such termination if such termination is a termination without Cause (other than any termination due
to the Participant’s Disability or death);

 

 

 

 

 

    	 	5	 

     

    

 

(ii)             
12 months following the date of such termination if such termination is due to the Participant’s Disability;

 

(iii)            
18 months following the date of such termination if such termination is due to the Participant’s death; or

 

(iv)             
18 months following the date of the Participant’s death if such death occurs following the date of such termination
but during the period such Award is otherwise exercisable (as provided in (i) or (ii) above).

 

Following the date of
such termination, to the extent the Participant does not exercise such Award within the applicable Post-Termination Exercise Period
(or, if earlier, prior to the expiration of the maximum term of such Award), such unexercised portion of the Award will terminate,
and the Participant will have no further right, title or interest in terminated Award, the shares of Common Stock subject to the
terminated Award, or any consideration in respect of the terminated Award.

 

(i)               Restrictions on Exercise; Extension of Exercisability. A Participant may not exercise an Option or SAR at any time that
the issuance of shares of Common Stock upon such exercise would violate Applicable Law. Except as otherwise provided in the Award
Agreement or other written agreement between a Participant and the Company or an Affiliate, if a Participant’s Continuous
Service terminates for any reason other than for Cause and, at any time during the last thirty days of the applicable Post-Termination
Exercise Period: (i) the exercise of the Participant’s Option or SAR would be prohibited solely because the issuance of shares
of Common Stock upon such exercise would violate Applicable Law, or (ii) the immediate sale of any shares of Common Stock issued
upon such exercise would violate the Company’s Trading Policy, then the applicable Post-Termination Exercise Period will
be extended to the last day of the calendar month that commences following the date the Award would otherwise expire, with an additional
extension of the exercise period to the last day of the next calendar month to apply if any of the foregoing restrictions apply
at any time during such extended exercise period, generally without limitation as to the maximum permitted number of extensions);
provided, however, that in no event may such Award be exercised after the expiration of its maximum term (as set forth in Section
4(a)).

 

(j)               
Non-Exempt Employees. No Option or SAR, whether or not vested, granted to an Employee who is a non-exempt employee for
purposes of the Fair Labor Standards Act of 1938, as amended, will be first exercisable for any shares of Common Stock until at
least six months following the date of grant of such Award. Notwithstanding the foregoing, in accordance with the provisions of
the Worker Economic Opportunity Act, any vested portion of such Award may be exercised earlier than six months following the date
of grant of such Award in the event of (i) such Participant’s death or Disability, (ii) a Corporate Transaction in which
such Award is not assumed, continued or substituted, (iii) a Change in Control, or (iv) such Participant’s retirement (as
such term may be defined in the Award Agreement or another applicable agreement or, in the absence of any such definition, in accordance
with the Company’s then current employment policies and guidelines). This Section 4(j) is intended to operate so that any
income derived by a non-exempt employee in connection with the exercise or vesting of an Option or SAR will be exempt from his
or her regular rate of pay.

 

 

 

 

 

 

    	 	6	 

     

    

 

(k)             
Whole Shares. Options and SARs may be exercised only with respect to whole shares of Common Stock or their equivalents.

 

5.                 
Awards Other Than Options and Stock Appreciation Rights.

 

(a)               Restricted
Stock Awards and RSU Awards. Each Restricted Stock Award and RSU Award will have such terms and conditions as determined by
the Board; provided, however, that each Restricted Stock Award Agreement and RSU Award Agreement will conform (through incorporation
of the provisions hereof by reference in the Award Agreement or otherwise) to the substance of each of the following provisions:

 

(i)                
Form of Award.

 

(1)              
RSAs: To the extent consistent with the Company’s Bylaws, at the Board’s election, shares of Common Stock
subject to a Restricted Stock Award may be (i) held in book entry form subject to the Company’s instructions until such shares
become vested or any other restrictions lapse, or (ii) evidenced by a certificate, which certificate will be held in such
form and manner as determined by the Board. Unless otherwise determined by the Board, a Participant will have voting and other
rights as a stockholder of the Company with respect to any shares subject to a Restricted Stock Award.

 

(2)              
RSUs: A RSU Award represents a Participant’s right to be issued on a future date the number of shares of Common
Stock that is equal to the number of restricted stock units subject to the RSU Award. As a holder of a RSU Award, a Participant
is an unsecured creditor of the Company with respect to the Company's unfunded obligation, if any, to issue shares of Common Stock
in settlement of such Award and nothing contained in the Plan or any RSU Agreement, 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 a Participant and the Company or
an Affiliate or any other person. A Participant will not have voting or any other rights as a stockholder of the Company with respect
to any RSU Award (unless and until shares are actually issued in settlement of a vested RSU Award).

 

(ii)             
Consideration.

 

(1)              
RSA: A Restricted Stock Award may be granted in consideration for (A) cash or check, bank draft or money order payable
to the Company, (B) past services to the Company or an Affiliate, or (C) any other form of consideration (including future services)
as the Board may determine and permissible under Applicable Law.

 

(2)              
RSU: Unless otherwise determined by the Board at the time of grant, a RSU Award will be granted in consideration for
the Participant’s services to the Company or an Affiliate, such that the Participant will not be required to make any payment
to the Company (other than such services) with respect to the grant or vesting of the RSU Award, or the issuance of any shares
of Common Stock pursuant to the RSU Award. If, at the time of grant, the Board determines that any consideration must be paid by
the Participant (in a form other than the Participant’s services to the Company or an Affiliate) upon the issuance of any
shares of Common Stock in settlement of the RSU Award, such consideration may be paid in any form of consideration as the Board
may determine and permissible under Applicable Law.

 

 

 

    	 	7	 

     

    

 

(iii)           
Vesting. The Board may impose such restrictions on or conditions to the vesting of a Restricted Stock Award or RSU Award
as determined by the Board. Except as otherwise provided in the Award Agreement or other written agreement between a Participant
and the Company or an Affiliate, vesting of Restricted Stock Awards and RSU Awards will cease upon termination of the Participant’s
Continuous Service.

 

(iv)            
Termination of Continuous Service. Except as otherwise provided in the Award Agreement or other written agreement between
a Participant and the Company or an Affiliate, if a Participant’s Continuous Service terminates for any reason, (i) the Company
may receive through a forfeiture condition or a repurchase right any or all of the shares of Common Stock held by the Participant
under his or her Restricted Stock Award that have not vested as of the date of such termination as set forth in the Restricted
Stock Award Agreement and (ii) any portion of his or her RSU Award that has not vested will be forfeited upon such termination
and the Participant will have no further right, title or interest in the RSU Award, the shares of Common Stock issuable pursuant
to the RSU Award, or any consideration in respect of the RSU Award.

 

(v)              
Dividends and Dividend Equivalents. Dividends or dividend equivalents may be paid or credited, as applicable, with respect
to any shares of Common Stock subject to a Restricted Stock Award or RSU Award, as determined by the Board and specified in the
Award Agreement).

 

(vi)            
Settlement of RSU Awards. A RSU Award may be settled by the issuance of shares of Common Stock or cash (or any combination
thereof) or in any other form of payment, as determined by the Board and specified in the RSU Award Agreement. At the time of grant,
the Board may determine to impose such restrictions or conditions that delay such delivery to a date following the vesting of the
RSU Award.

 

(b)             
Performance Awards. With respect to any Performance Award, the length of any Performance Period, the Performance Goals
to be achieved during the Performance Period, the other terms and conditions of such Award, and the measure of whether and to what
degree such Performance Goals have been attained will be determined by the Board.

 

(c)              
Other Awards. Other forms of Awards valued in whole or in part by reference to, or otherwise based on, Common Stock,
including the appreciation in value thereof (e.g., options or stock rights with an exercise price or strike price less than 100%
of the Fair Market Value at the time of grant) may be granted either alone or in addition to Awards provided for under Section
4 and the preceding provisions of this Section 5. Subject to the provisions of the Plan, the Board will have sole and complete
discretion to determine the persons to whom and the time or times at which such Other Awards will be granted, the number of shares
of Common Stock (or the cash equivalent thereof) to be granted pursuant to such Other Awards and all other terms and conditions
of such Other Awards.

 

6.                 
Adjustments upon Changes in Common Stock; Other Corporate Events.

 

(a)              Capitalization
Adjustments. In the event of a Capitalization Adjustment, the Board shall appropriately and proportionately adjust: (i) the
class(es) and maximum number of shares of Common Stock subject to the Plan pursuant to Section 2(a), (ii) the class(es) and maximum
number of shares that may be issued pursuant to the exercise of Incentive Stock Options pursuant to Section 2(a), and (iii) the
class(es) and number of securities and exercise price, strike price or purchase price of Common Stock subject to outstanding Awards.
The Board shall make such adjustments, and its determination shall be final, binding and conclusive. Notwithstanding the foregoing,
no fractional shares or rights for fractional shares of Common Stock shall be created in order to implement any Capitalization
Adjustment. The Board shall determine an appropriate equivalent benefit, if any, for any fractional shares or rights to fractional
shares that might be created by the adjustments referred to in the preceding provisions of this Section.

 

 

    	 	8	 

     

    

 

(b)              Dissolution
or Liquidation. Except as otherwise provided in the Award Agreement, in the event of a dissolution or liquidation of the Company,
all outstanding Awards (other than Awards consisting of vested and outstanding shares of Common Stock not subject to a forfeiture
condition or the Company’s right of repurchase) will terminate immediately prior to the completion of such dissolution or
liquidation, and the shares of Common Stock subject to the Company’s repurchase rights or subject to a forfeiture condition
may be repurchased or reacquired by the Company notwithstanding the fact that the holder of such Award is providing Continuous
Service, provided, however, that the Board may determine to cause some or all Awards to become fully vested, exercisable and/or
no longer subject to repurchase or forfeiture (to the extent such Awards have not previously expired or terminated) before the
dissolution or liquidation is completed but contingent on its completion.

 

(c)              
Corporate Transaction. The following provisions will apply to Awards in the event of a Corporate Transaction unless
otherwise provided in the instrument evidencing the Award or any other written agreement between the Company or any Affiliate and
the Participant or unless otherwise expressly provided by the Board at the time of grant of an Award.

 

(i)                
Awards May Be Assumed. In the event of a Corporate Transaction, any surviving corporation or acquiring corporation (or
the surviving or acquiring corporation’s parent company) may assume or continue any or all Awards outstanding under the Plan
or may substitute similar awards for Awards outstanding under the Plan (including but not limited to, awards to acquire the same
consideration paid to the stockholders of the Company pursuant to the Corporate Transaction), and any reacquisition or repurchase
rights held by the Company in respect of Common Stock issued pursuant to Awards may be assigned by the Company to the successor
of the Company (or the successor’s parent company, if any), in connection with such Corporate Transaction. A surviving corporation
or acquiring corporation (or its parent) may choose to assume or continue only a portion of an Award or substitute a similar award
for only a portion of an Award, or may choose to assume or continue the Awards held by some, but not all Participants. The terms
of any assumption, continuation or substitution will be set by the Board.

 

(ii)             
Awards Held by Current Participants. In the event of a Corporate Transaction in which the surviving corporation or acquiring
corporation (or its parent company) does not assume or continue such outstanding Awards or substitute similar awards for such outstanding
Awards, then with respect to Awards that have not been assumed, continued or substituted and that are held by Participants whose
Continuous Service has not terminated prior to the effective time of the Corporate Transaction (referred to as the “Current
Participants”), the vesting of such Awards (and, with respect to Options and Stock Appreciation Rights, the time
when such Awards may be exercised) will be accelerated in full to a date prior to the effective time of such Corporate Transaction
(contingent upon the effectiveness of the Corporate Transaction) as the Board determines (or, if the Board does not determine such
a date, to the date that is five (5) days prior to the effective time of the Corporate Transaction), and such Awards will terminate
if not exercised (if applicable) at or prior to the effective time of the Corporate Transaction, and any reacquisition or repurchase
rights held by the Company with respect to such Awards will lapse (contingent upon the effectiveness of the Corporate Transaction).
With respect to the vesting of Performance Awards that will accelerate upon the occurrence of a Corporate Transaction pursuant
to this subsection (ii) and that have multiple vesting levels depending on the level of performance, unless otherwise provided
in the Award Agreement, the vesting of such Performance Awards will accelerate at 100% of the target level upon the occurrence
of the Corporate Transaction. With respect to the vesting of Awards that will accelerate upon the occurrence of a Corporate Transaction
pursuant to this subsection (ii) and are settled in the form of a cash payment, such cash payment will be made no later than 30
days following the occurrence of the Corporate Transaction.

 

 

 

 

 

    	 	9	 

     

    

 

(iii)           
Awards Held by Persons other than Current Participants. In the event of a Corporate Transaction in which the surviving
corporation or acquiring corporation (or its parent company) does not assume or continue such outstanding Awards or substitute
similar awards for such outstanding Awards, then with respect to Awards that have not been assumed, continued or substituted and
that are held by persons other than Current Participants, such Awards will terminate if not exercised (if applicable) prior to
the occurrence of the Corporate Transaction; provided, however, that any reacquisition or repurchase rights held by the Company
with respect to such Awards will not terminate and may continue to be exercised notwithstanding the Corporate Transaction.

 

(iv)            
Payment for Awards in Lieu of Exercise. Notwithstanding the foregoing, in the event an Award will terminate if not exercised
prior to the effective time of a Corporate Transaction, the Board may provide, in its sole discretion, that the holder of such
Award may not exercise such Award but will receive a payment, in such form as may be determined by the Board, equal in value, at
the effective time, to the excess, if any, of (1) the value of the property the Participant would have received upon the exercise
of the Award (including, at the discretion of the Board, any unvested portion of such Award), over (2) any exercise price payable
by such holder in connection with such exercise.

 

(d)             
Appointment of Stockholder Representative. As a condition to the receipt of an Award under this Plan, a Participant
will be deemed to have agreed that the Award will be subject to the terms of any agreement governing a Corporate Transaction involving
the Company, including, without limitation, a provision for the appointment of a stockholder representative that is authorized
to act on the Participant’s behalf with respect to any escrow, indemnities and any contingent consideration.

 

(e)              
No Restriction on Right to Undertake Transactions. The grant of any Award under the Plan and the issuance of shares
pursuant to any Award does not affect or restrict in any way the right or power of the Company or the stockholders of the Company
to make or authorize any adjustment, recapitalization, reorganization or other change in the Company’s capital structure
or its business, any merger or consolidation of the Company, any issue of stock or of options, rights or options to purchase stock
or of bonds, debentures, preferred or prior preference stocks whose rights are superior to or affect the Common Stock or the rights
thereof or which are convertible into or exchangeable for Common Stock, or the dissolution or liquidation of the Company, or any
sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character
or otherwise.

 

 

 

 

 

    	 	10	 

     

    

 

7.                 
Administration.

 

(a)              
Administration by Board. The Board will administer the Plan unless and until the Board delegates administration of the
Plan to a Committee or Committees, as provided in subsection (c) below.

 

(b)             
Powers of Board. The Board will have the power, subject to, and within the limitations of, the express provisions of
the Plan:

 

(i)                
To determine from time to time (1) which of the persons eligible under the Plan will be granted Awards; (2) when and
how each Award will be granted; (3) what type or combination of types of Award will be granted; (4) the provisions of each Award
granted (which need not be identical), including the time or times when a person will be permitted to receive an issuance of Common
Stock or other payment pursuant to an Award; (5) the number of shares of Common Stock or cash equivalent with respect to which
an Award will be granted to each such person; and (6) the Fair Market Value applicable to an Award.

 

(ii)             
To construe and interpret the Plan and Awards granted under it, and to establish, amend and revoke rules and regulations
for its administration. The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan
or in any Award Agreement, in a manner and to the extent it deems necessary or expedient to make the Plan or Award fully effective.

 

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

 

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

 

(v)               To
prohibit the exercise of any Option, SAR or other exercisable Award during a period of up to 30 days prior to the consummation
of any pending stock dividend, stock split, combination or exchange of shares, merger, consolidation or other distribution (other
than normal cash dividends) of Company assets to stockholders, or any other change affecting the shares of Common Stock or the
share price of the Common Stock including any Corporate Transaction, for reasons of administrative convenience.

 

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

 

(vii)             To
amend the Plan in any respect the Board deems necessary or advisable; provided, however, that stockholder approval will
be required for any amendment to the extent required by Applicable Law. Except as provided above, rights under any Award granted
before amendment of the Plan will not be Materially Impaired by any amendment of the Plan unless (1) the Company requests the
consent of the affected Participant, and (2) such Participant consents in writing.

 

 

 

    	 	11	 

     

    

 

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

 

(ix)              To approve forms of Award Agreements for use under the Plan and to amend the terms of any one or more Awards, including,
but not limited to, amendments to provide terms more favorable to the Participant than previously provided in the Award Agreement,
subject to any specified limits in the Plan that are not subject to Board discretion; provided however, that, a Participant’s
rights under any Award will not be Materially Impaired by any such amendment unless (1) the Company requests the consent of the
affected Participant, and (2) such Participant consents in writing.

 

(x)              
Generally, to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the
best interests of the Company and that are not in conflict with the provisions of the Plan or Awards.

 

(xi)            
To adopt such procedures and sub-plans as are necessary or appropriate to permit and facilitate participation in the
Plan by, or take advantage of specific tax treatment for Awards granted to, Employees, Directors or Consultants who are foreign
nationals or employed outside the United States (provided that Board approval will not be necessary for immaterial modifications
to the Plan or any Award Agreement to ensure or facilitate compliance with the laws of the relevant foreign jurisdiction).

 

(xii)         
   To effect, at any time and from time to time, subject to the consent of any Participant whose Award is Materially Impaired
by such action, (1) the reduction of the exercise price (or strike price) of any outstanding Option or SAR; (2) the cancellation
of any outstanding Option or SAR and the grant in substitution therefor of (A) a new Option, SAR, Restricted Stock Award, RSU Award
or Other Award, under the Plan or another equity plan of the Company, covering the same or a different number of shares of Common
Stock, (B) cash and/or (C) other valuable consideration (as determined by the Board); or (3) any other action that is treated as
a repricing under generally accepted accounting principles.

 

(c)              
Delegation to Committee.

 

(i)                General.
The Board may delegate some or all of the administration of the Plan to a Committee or Committees. If administration of the
Plan is delegated to a Committee, the Committee will have, in connection with the administration of the Plan, the powers theretofore
possessed by the Board that have been delegated to the Committee, including the power to delegate to another Committee or a subcommittee
of the Committee any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the
Board will thereafter be to the Committee or subcommittee), subject, however, to such resolutions, not inconsistent with the provisions
of the Plan, as may be adopted from time to time by the Board. Each Committee may retain the authority to concurrently administer
the Plan with Committee or subcommittee to which it has delegated its authority hereunder and may, at any time, revest in such
Committee some or all of the powers previously delegated. The Board may retain the authority to concurrently administer the Plan
with any Committee and may, at any time, revest in the Board some or all of the powers previously delegated.

 

 

 

 

    	 	12	 

     

    

 

(ii)             
Rule 16b-3 Compliance. To the extent an Award is intended to qualify for the exemption from Section 16(b) of the Exchange
Act that is available under Rule 16b-3 of the Exchange Act, the Award will be granted by the Board or a Committee that consists
solely of two or more Non-Employee Directors, as determined under Rule 16b-3(b)(3) of the Exchange Act and thereafter any action
establishing or modifying the terms of the Award will be approved by the Board or a Committee meeting such requirements to the
extent necessary for such exemption to remain available.

 

(d)             
Effect of Board’s Decision. All determinations, interpretations and constructions made by the Board or any Committee
in good faith will not be subject to review by any person and will be final, binding and conclusive on all persons.

 

(e)              
 Delegation to an Officer. The Board or any Committee may delegate to one or more Officers the authority to do one or
both of the following (i) designate Employees who are not Officers to be recipients of Options and SARs (and, to the extent permitted
by Applicable Law, other types of Awards) and, to the extent permitted by Applicable Law, the terms thereof, and (ii) determine
the number of shares of Common Stock to be subject to such Awards granted to such Employees; provided, however, that the resolutions
or charter adopted by the Board or any Committee evidencing such delegation will specify the total number of shares of Common Stock
that may be subject to the Awards granted by such Officer and that such Officer may not grant an Award to himself or herself. Any
such Awards will be granted on the applicable form of Award Agreement most recently approved for use by the Board or the Committee,
unless otherwise provided in the resolutions approving the delegation authority. Notwithstanding anything to the contrary herein,
neither the Board nor any Committee may delegate to an Officer who is acting solely in the capacity of an Officer (and not also
as a Director) the authority to determine the Fair Market Value.

 

8.                 
Tax Withholding

 

(a)              
Withholding Authorization. As a condition to acceptance of any Award under the Plan, a Participant authorizes withholding
from payroll and any other amounts payable to such Participant, and otherwise agree to make adequate provision for (including),
any sums required to satisfy any U.S. federal, state, local and/or foreign tax or social insurance contribution withholding obligations
of the Company or an Affiliate, if any, which arise in connection with the exercise, vesting or settlement of such Award, as applicable.
Accordingly, a Participant may not be able to exercise an Award even though the Award is vested, and the Company shall have no
obligation to issue shares of Common Stock subject to an Award, unless and until such obligations are satisfied.

 

(b)             
Satisfaction of Withholding Obligation. To the extent permitted by the terms of an Award Agreement, the Company may,
in its sole discretion, satisfy any U.S. federal, state, local and/or foreign tax or social insurance withholding obligation relating
to an Award by any of the following means or by a combination of such means: (i) causing the Participant to tender a cash payment;
(ii) withholding shares of Common Stock from the shares of Common Stock issued or otherwise issuable to the Participant in connection
with the Award; (iii) withholding cash from an Award settled in cash; (iv) withholding payment from any amounts otherwise payable
to the Participant; (v) by allowing a Participant to effectuate a “cashless exercise” pursuant to a program developed
under Regulation T as promulgated by the Federal Reserve Board, or (vi) by such other method as may be set forth in the Award Agreement.

 

 

 

 

 

    	 	13	 

     

    

 

(c)              
No Obligation to Notify or Minimize Taxes; No Liability to Claims. Except as required by Applicable Law the Company
has no duty or obligation to any Participant to advise such holder as to the time or manner of exercising such Award. Furthermore,
the Company has no duty or obligation to warn or otherwise advise such holder of a pending termination or expiration of an Award
or a possible period in which the Award may not be exercised. The Company has no duty or obligation to minimize the tax consequences
of an Award to the holder of such Award and will not be liable to any holder of an Award for any adverse tax consequences to such
holder in connection with an Award. As a condition to accepting an Award under the Plan, each Participant (i) agrees to not make
any claim against the Company, or any of its Officers, Directors, Employees or Affiliates related to tax liabilities arising from
such Award or other Company compensation and (ii) acknowledges that such Participant was advised to consult with his or her own
personal tax, financial and other legal advisors regarding the tax consequences of the Award and has either done so or knowingly
and voluntarily declined to do so. Additionally, each Participant acknowledges any Option or SAR granted under the Plan is exempt
from Section 409A only if the exercise or strike price is at least equal to the “fair market value” of the Common Stock
on the date of grant as determined by the Internal Revenue Service and there is no other impermissible deferral of compensation
associated with the Award. Additionally, as a condition to accepting an Option or SAR granted under the Plan, each Participant
agrees not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates in the event that the
Internal Revenue Service asserts that such exercise price or strike price is less than the “fair market value” of the
Common Stock on the date of grant as subsequently determined by the Internal Revenue Service.

 

(d)             
Withholding Indemnification.  As a condition to accepting an Award under the Plan, in the event that the amount of the
Company’s and/or its Affiliate’s withholding obligation in connection with such Award was greater than the amount actually
withheld by the Company and/or its Affiliates, each Participant agrees to indemnify and hold the Company and/or its Affiliates
harmless from any failure by the Company and/or its Affiliates to withhold the proper amount.

9.                 
Miscellaneous.

 

(a)              
Source of Shares. The stock issuable under the Plan will be shares of authorized but unissued or reacquired Common Stock,
including shares repurchased by the Company on the open market or otherwise.

 

(b)             
Use of Proceeds from Sales of Common Stock. Proceeds from the sale of shares of Common Stock pursuant to Awards will
constitute general funds of the Company.

 

(c)              
Corporate Action Constituting Grant of Awards. Corporate action constituting a grant by the Company of an Award to any
Participant will be deemed completed as of the date of such corporate action, unless otherwise determined by the Board, regardless
of when the instrument, certificate, or letter evidencing the Award is communicated to, or actually received or accepted by, the
Participant. In the event that the corporate records (e.g., Board consents, resolutions or minutes) documenting the corporate action
approving the grant contain terms (e.g., exercise price, vesting schedule or number of shares) that are inconsistent with those
in the Award Agreement or related grant documents as a result of a clerical error in the Award Agreement or related grant documents,
the corporate records will control and the Participant will have no legally binding right to the incorrect term in the Award Agreement
or related grant documents.

 

 

 

 

 

    	 	14	 

     

    

 

(d)             
Stockholder Rights. No Participant will be deemed to be the holder of, or to have any of the rights of a holder with
respect to, any shares of Common Stock subject to such Award unless and until (i) such Participant has satisfied all requirements
for exercise of the Award pursuant to its terms, if applicable, and (ii) the issuance of the Common Stock subject to such Award
is reflected in the records of the Company.

 

(e)              
No Employment or Other Service Rights. Nothing in the Plan, any Award Agreement or any other instrument executed thereunder
or in connection with any Award granted pursuant thereto will confer upon any Participant any right to continue to serve the Company
or an Affiliate in the capacity in effect at the time the Award was granted or affect the right of the Company or an Affiliate
to terminate at will and without regard to any future vesting opportunity that a Participant may have with respect to any Award
(i) the employment of an Employee with or without notice and with or without cause, (ii) the service of a Consultant pursuant to
the terms of such Consultant’s agreement with the Company or an Affiliate, or (iii) the service of a Director pursuant to
the Bylaws of the Company or an Affiliate, and any applicable provisions of the corporate law of the state or foreign jurisdiction
in which the Company or the Affiliate is incorporated, as the case may be. Further, nothing in the Plan, any Award Agreement or
any other instrument executed thereunder or in connection with any Award will constitute any promise or commitment by the Company
or an Affiliate regarding the fact or nature of future positions, future work assignments, future compensation or any other term
or condition of employment or service or confer any right or benefit under the Award or the Plan unless such right or benefit has
specifically accrued under the terms of the Award Agreement and/or Plan.

 

(f)               
Change in Time Commitment. In the event a Participant’s regular level of time commitment in the performance of
his or her services for the Company and any Affiliates is reduced (for example, and without limitation, if the Participant is an
Employee of the Company and the Employee has a change in status from a full-time Employee to a part-time Employee or takes an extended
leave of absence) after the date of grant of any Award to the Participant, the Board may determine, to the extent permitted by
Applicable Law, to (i) make a corresponding reduction in the number of shares or cash amount subject to any portion of such Award
that is scheduled to vest or become payable after the date of such change in time commitment, and (ii) in lieu of or in combination
with such a reduction, extend the vesting or payment schedule applicable to such Award. In the event of any such reduction, the
Participant will have no right with respect to any portion of the Award that is so reduced or extended.

 

(g)              
Execution of Additional Documents. As a condition to accepting an Award under the Plan, the Participant agrees to execute
any additional documents or instruments necessary or desirable, as determined in the Plan Administrator’s sole discretion,
to carry out the purposes or intent of the Award, or facilitate compliance with securities and/or other regulatory requirements,
in each case at the Plan Administrator’s request.

 

 

 

 

 

 

    	 	15	 

     

    

 

(h)             
Electronic Delivery and Participation. Any reference herein or in an Award Agreement to a “written” agreement
or document will include any agreement or document delivered electronically, filed publicly at www.sec.gov (or any successor website
thereto) or posted on the Company’s intranet (or other shared electronic medium controlled by the Company to which the Participant
has access). By accepting any Award the Participant consents to receive documents by electronic delivery and to participate in
the Plan through any on-line electronic system established and maintained by the Plan Administrator or another third party selected
by the Plan Administrator. The form of delivery of any Common Stock (e.g., a stock certificate or electronic entry evidencing such
shares) shall be determined by the Company.

 

(i)               Clawback/Recovery.
All Awards granted under the Plan will be subject to recoupment in accordance with any clawback policy that the Company is required
to adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s securities
are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other Applicable Law
and any clawback policy that the Company otherwise adopts, to the extent applicable and permissible under Applicable Law. In addition,
the Board may impose such other clawback, recovery or recoupment provisions in an Award Agreement as the Board determines necessary
or appropriate, including but not limited to a reacquisition right in respect of previously acquired shares of Common Stock or
other cash or property upon the occurrence of Cause. No recovery of compensation under such a clawback policy will be an event
giving rise to a Participant’s right to voluntary terminate employment upon a “resignation for good reason,”
or for a “constructive termination” or any similar term under any plan of or agreement with the Company.

 

(j)               Securities
Law Compliance. A Participant will not be issued any shares in respect of an Award unless either (i) the shares are registered
under the Securities Act; or (ii) the Company has determined that such issuance would be exempt from the registration requirements
of the Securities Act. Each Award also must comply with other Applicable Law governing the Award, and a Participant will not receive
such shares if the Company determines that such receipt would not be in material compliance with Applicable Law.

 

(k)             Transfer
or Assignment of Awards; Issued Shares. Except as expressly provided in the Plan or the form of Award Agreement, Awards granted
under the Plan may not be transferred or assigned by the Participant. After the vested shares subject to an Award have been issued,
or in the case of Restricted Stock and similar awards, after the issued shares have vested, the holder of such shares is free
to assign, hypothecate, donate, encumber or otherwise dispose of any interest in such shares provided that any such actions are
in compliance with the provisions herein, the terms of the Trading Policy and Applicable Law.

 

(l)               Effect
on Other Employee Benefit Plans.  The value of any Award granted under the Plan, as determined upon grant, vesting or settlement,
shall not be included as compensation, earnings, salaries, or other similar terms used when calculating any Participant’s
benefits under any employee benefit plan sponsored by the Company or any Affiliate, except as such plan otherwise expressly provides.
The Company expressly reserves its rights to amend, modify, or terminate any of the Company's or any Affiliate's employee benefit
plans.

 

 

 

 

 

    	 	16	 

     

    

 

(m)             Deferrals. To the extent permitted by Applicable Law, the Board, in its sole discretion, may determine that the delivery
of Common Stock or the payment of cash, upon the exercise, vesting or settlement of all or a portion of any Award may be deferred
and may also establish programs and procedures for deferral elections to be made by Participants. Deferrals by will be made in
accordance with the requirements of Section 409A.

 

(n)             
Section 409A. Unless otherwise expressly provided for in an Award Agreement, the Plan and Award Agreements will be interpreted
to the greatest extent possible in a manner that makes the Plan and the Awards granted hereunder exempt from Section 409A, and,
to the extent not so exempt, in compliance with the requirements of Section 409A. If the Board determines that any Award granted
hereunder is not exempt from and is therefore subject to Section 409A, the Award Agreement evidencing such Award will incorporate
the terms and conditions necessary to avoid the consequences specified in Section 409A(a)(1) of the Code, and to the extent an
Award Agreement is silent on terms necessary for compliance, such terms are hereby incorporated by reference into the Award Agreement.
Notwithstanding anything to the contrary in this Plan (and unless the Award Agreement specifically provides otherwise), if the
shares of Common Stock are publicly traded, and if a Participant holding an Award that constitutes “deferred compensation”
under Section 409A is a “specified employee” for purposes of Section 409A, no distribution or payment of any amount
that is due because of a “separation from service” (as defined in Section 409A without regard to alternative definitions
thereunder) will be issued or paid before the date that is six months and one day following the date of such Participant’s
“separation from service” or, if earlier, the date of the Participant’s death, unless such distribution or payment
can be made in a manner that complies with Section 409A, and any amounts so deferred will be paid in a lump sum on the day after
such six month period elapses, with the balance paid thereafter on the original schedule.

 

(o)              
Choice of Law. This Plan and any controversy arising out of or relating
to this Plan shall be governed by, and construed in accordance with, the internal laws of the State of California, without regard
to conflict of law principles that would result in any application of any law other than the law of the State of California.

 

10.             
Covenants of the Company.

 

(a)              Compliance with Law. The Company will seek to obtain from each regulatory commission or agency, as may be deemed to
be necessary, having jurisdiction over the Plan such authority as may be required to grant Awards and to issue and sell shares
of Common Stock upon exercise or vesting of the Awards; provided, however, that this undertaking will not require the Company to
register under the Securities Act the Plan, any Award or any Common Stock issued or issuable pursuant to any such Award. If, after
reasonable efforts and at a reasonable cost, the Company is unable to obtain from any such regulatory commission or agency the
authority that counsel for the Company deems necessary or advisable for the lawful issuance and sale of Common Stock under the
Plan, the Company will be relieved from any liability for failure to issue and sell Common Stock upon exercise or vesting of such
Awards unless and until such authority is obtained. A Participant is not eligible for the grant of an Award or the subsequent issuance
of Common Stock pursuant to the Award if such grant or issuance would be in violation of any Applicable Law.

 

 

 

 

 

    	 	17	 

     

    

 

11.             
Additional Rules for Awards Subject to Section 409A.

 

(a)              
Application.  Unless the provisions of this Section of the Plan are expressly superseded by the provisions in the form
of Award Agreement, the provisions of this Section shall apply and shall supersede anything to the contrary set forth in the Award
Agreement for a Non-Exempt Award.

 

(b)             
Non-Exempt Awards Subject to Non-Exempt Severance Arrangements. To the extent a Non-Exempt Award is subject to Section
409A due to application of a Non-Exempt Severance Arrangement, the following provisions of this subsection (b) apply.

 

(i)                If
the Non-Exempt Award vests in the ordinary course during the Participant’s Continuous Service in accordance with the vesting
schedule set forth in the Award Agreement, and does not accelerate vesting under the terms of a Non-Exempt Severance Arrangement,
in no event will the shares be issued in respect of such Non-Exempt Award any later than the later of: (i) December 31st
of the calendar year that includes the applicable vesting date, or (ii) the 60th day that follows the applicable
vesting date.

 

(ii)             
If vesting of the Non-Exempt Award accelerates under the terms of a Non-Exempt Severance Arrangement in connection with
the Participant’s Separation from Service, and such vesting acceleration provisions were in effect as of the date of grant
of the Non-Exempt Award and, therefore, are part of the terms of such Non-Exempt Award as of the date of grant, then the shares
will be earlier issued in settlement of such Non-Exempt Award upon the Participant’s Separation from Service in accordance
with the terms of the Non-Exempt Severance Arrangement, but in no event later than the 60th day that follows the date
of the Participant’s Separation from Service. However, if at the time the shares would otherwise be issued the Participant
is subject to the distribution limitations contained in Section 409A applicable to “specified employees,” as defined
in Section 409A(a)(2)(B)(i) of the Code, such shares shall not be issued before the date that is six months following the date
of such Participant’s Separation from Service, or, if earlier, the date of the Participant’s death that occurs within
such six month period.

 

(iii)             If
vesting of a Non-Exempt Award accelerates under the terms of a Non-Exempt Severance Arrangement in connection with a Participant’s
Separation from Service, and such vesting acceleration provisions were not in effect as of the date of grant of the Non-Exempt
Award and, therefore, are not a part of the terms of such Non-Exempt Award on the date of grant, then such acceleration of vesting
of the Non-Exempt Award shall not accelerate the issuance date of the shares, but the shares shall instead be issued on the same
schedule as set forth in the Grant Notice as if they had vested in the ordinary course during the Participant’s Continuous
Service, notwithstanding the vesting acceleration of the Non-Exempt Award. Such issuance schedule is intended to satisfy the requirements
of payment on a specified date or pursuant to a fixed schedule, as provided under Treasury Regulations Section 1.409A-3(a)(4).

 

 

 

 

 

 

    	 	18	 

     

    

 

(c)              
Treatment of Non-Exempt Awards Upon a Corporate Transaction for Employees and Consultants. The provisions of this subsection
(c) shall apply and shall supersede anything to the contrary set forth in the Plan with respect to the permitted treatment of any
Non-Exempt Award in connection with a Corporate Transaction if the Participant was either an Employee or Consultant upon the applicable
date of grant of the Non-Exempt Award.

 

(i)                Vested
Non-Exempt Awards. The following provisions shall apply to any Vested Non-Exempt Award in connection with a Corporate Transaction:

 

(1)              
If the Corporate Transaction is also a Section 409A Change in Control then the Acquiring Entity may not assume, continue
or substitute the Vested Non-Exempt Award. Upon the Section 409A Change in Control the settlement of the Vested Non-Exempt Award
will automatically be accelerated and the shares will be immediately issued in respect of the Vested Non-Exempt Award. Alternatively,
the Company may instead provide that the Participant will receive a cash settlement equal to the Fair Market Value of the shares
that would otherwise be issued to the Participant upon the Section 409A Change in Control.

 

(2)              
If the Corporate Transaction is not also a Section 409A Change in Control, then the Acquiring Entity must either assume,
continue or substitute each Vested Non-Exempt Award. The shares to be issued in respect of the Vested Non-Exempt Award shall be
issued to the Participant by the Acquiring Entity on the same schedule that the shares would have been issued to the Participant
if the Corporate Transaction had not occurred. In the Acquiring Entity’s discretion, in lieu of an issuance of shares, the
Acquiring Entity may instead substitute a cash payment on each applicable issuance date, equal to the Fair Market Value of the
shares that would otherwise be issued to the Participant on such issuance dates, with the determination of the Fair Market Value
of the shares made on the date of the Corporate Transaction.

 

(ii)             
Unvested Non-Exempt Awards. The following provisions shall apply to any Unvested Non-Exempt Award unless otherwise determined
by the Board pursuant to subsection (e) of this Section.

 

(1)              
In the event of a Corporate Transaction, the Acquiring Entity shall assume, continue or substitute any Unvested Non-Exempt
Award. Unless otherwise determined by the Board, any Unvested Non-Exempt Award will remain subject to the same vesting and forfeiture
restrictions that were applicable to the Award prior to the Corporate Transaction. The shares to be issued in respect of any Unvested
Non-Exempt Award shall be issued to the Participant by the Acquiring Entity on the same schedule that the shares would have been
issued to the Participant if the Corporate Transaction had not occurred. In the Acquiring Entity’s discretion, in lieu of
an issuance of shares, the Acquiring Entity may instead substitute a cash payment on each applicable issuance date, equal to the
Fair Market Value of the shares that would otherwise be issued to the Participant on such issuance dates, with the determination
of Fair Market Value of the shares made on the date of the Corporate Transaction.

 

(2)              
If the Acquiring Entity will not assume, substitute or continue any Unvested Non-Exempt Award in connection with a Corporate
Transaction, then such Award shall automatically terminate and be forfeited upon the Corporate Transaction with no consideration
payable to any Participant in respect of such forfeited Unvested Non-Exempt Award. Notwithstanding the foregoing, to the extent
permitted and in compliance with the requirements of Section 409A, the Board may in its discretion determine to elect to accelerate
the vesting and settlement of the Unvested Non-Exempt Award upon the Corporate Transaction, or instead substitute a cash payment
equal to the Fair Market Value of such shares that would otherwise be issued to the Participant, as further provided in subsection
(e)(ii) below. In the absence of such discretionary election by the Board, any Unvested Non-Exempt Award shall be forfeited without
payment of any consideration to the affected Participants if the Acquiring Entity will not assume, substitute or continue the Unvested
Non-Exempt Awards in connection with the Corporate Transaction.

 

 

 

 

    	 	19	 

     

    

 

(3)              
The foregoing treatment shall apply with respect to all Unvested Non-Exempt Awards upon any Corporate Transaction, and
regardless of whether or not such Corporate Transaction is also a Section 409A Change in Control.

 

(d)             
Treatment of Non-Exempt Awards Upon a Corporate Transaction for Non-Employee Directors. The following provisions of
this subsection (d) shall apply and shall supersede anything to the contrary that may be set forth in the Plan with respect to
the permitted treatment of a Non-Exempt Director Award in connection with a Corporate Transaction.

 

(i)                If
the Corporate Transaction is also a Section 409A Change in Control then the Acquiring Entity may not assume, continue or substitute
the Non-Exempt Director Award. Upon the Section 409A Change in Control the vesting and settlement of any Non-Exempt Director Award
will automatically be accelerated and the shares will be immediately issued to the Participant in respect of the Non-Exempt Director
Award. Alternatively, the Company may provide that the Participant will instead receive a cash settlement equal to the Fair Market
Value of the shares that would otherwise be issued to the Participant upon the Section 409A Change in Control pursuant to the
preceding provision.

 

(ii)             
If the Corporate Transaction is not also a Section 409A Change in Control, then the Acquiring Entity must either assume,
continue or substitute the Non-Exempt Director Award. Unless otherwise determined by the Board, the Non-Exempt Director Award will
remain subject to the same vesting and forfeiture restrictions that were applicable to the Award prior to the Corporate Transaction.
The shares to be issued in respect of the Non-Exempt Director Award shall be issued to the Participant by the Acquiring Entity
on the same schedule that the shares would have been issued to the Participant if the Corporate Transaction had not occurred. In
the Acquiring Entity’s discretion, in lieu of an issuance of shares, the Acquiring Entity may instead substitute a cash payment
on each applicable issuance date, equal to the Fair Market Value of the shares that would otherwise be issued to the Participant
on such issuance dates, with the determination of Fair Market Value made on the date of the Corporate Transaction.

 

(e)              
If the RSU Award is a Non-Exempt Award, then the provisions in this Section 11(e) shall apply and supersede anything
to the contrary that may be set forth in the Plan or the Award Agreement with respect to the permitted treatment of such Non-Exempt
Award:

 

(i)                Any
exercise by the Board of discretion to accelerate the vesting of a Non-Exempt Award shall not result in any acceleration of the
scheduled issuance dates for the shares in respect of the Non-Exempt Award unless earlier issuance of the shares upon the applicable
vesting dates would be in compliance with the requirements of Section 409A.

 

 

 

 

 

    	 	20	 

     

    

 

(ii)             
The Company explicitly reserves the right to earlier settle any Non-Exempt Award to the extent permitted and in compliance
with the requirements of Section 409A, including pursuant to any of the exemptions available in Treasury Regulations Section 1.409A-3(j)(4)(ix).

 

(iii)           
To the extent the terms of any Non-Exempt Award provide that it will be settled upon a Change in Control or Corporate
Transaction, to the extent it is required for compliance with the requirements of Section 409A, the Change in Control or Corporate
Transaction event triggering settlement must also constitute a Section 409A Change in Control. To the extent the terms of a Non-Exempt
Award provides that it will be settled upon a termination of employment or termination of Continuous Service, to the extent it
is required for compliance with the requirements of Section 409A, the termination event triggering settlement must also constitute
a Separation From Service. However, if at the time the shares would otherwise be issued to a Participant in connection with a “separation
from service” such Participant is subject to the distribution limitations contained in Section 409A applicable to “specified
employees,” as defined in Section 409A(a)(2)(B)(i) of the Code, such shares shall not be issued before the date that is six
months following the date of the Participant’s Separation From Service, or, if earlier, the date of the Participant’s
death that occurs within such six month period.

 

(iv)            
The provisions in this subsection (e) for delivery of the shares in respect of the settlement of a RSU Award that is
a Non-Exempt Award are intended to comply with the requirements of Section 409A so that the delivery of the shares to the Participant
in respect of such Non-Exempt Award will not trigger the additional tax imposed under Section 409A, and any ambiguities herein
will be so interpreted.

 

12.             
Severability.

 

If all or any part
of the Plan or any Award Agreement is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness
or invalidity shall not invalidate any portion of the Plan or such Award Agreement not declared to be unlawful or invalid. Any
Section of the Plan or any Award Agreement (or part of such a Section) so declared to be unlawful or invalid shall, if possible,
be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible
while remaining lawful and valid.

 

13.             
Termination of the Plan.

 

The Board may suspend or terminate the
Plan at any time.

 

No Incentive Stock Options may be granted
after the tenth anniversary of the earlier of: (i) the Adoption Date, or (ii) the Effective Date.

 

No Awards may be granted under the Plan
while the Plan is suspended or after it is terminated.

 

 

 

 

 

    	 	21	 

     

    

 

14.             
Definitions.

 

As used in the Plan,
the following definitions apply to the capitalized terms indicated below:

 

(a)              “Acquiring
Entity” means the surviving or acquiring corporation (or its parent company) in connection with a Corporate Transaction.

 

(b)             
“Adoption Date” means the date the Plan is first approved by the Board.

 

(c)              “Affiliate” means, at the time of determination, any “parent” or “subsidiary”
of the Company as such terms are defined in Rule 405 promulgated under the Securities Act. The Board may determine the time or
times at which “parent” or “subsidiary” status is determined within the foregoing definition.

 

(d)              “Applicable
Law” means shall mean any applicable securities, federal, state, foreign, material local or municipal or other law,
statute, constitution, principle of common law, resolution, ordinance, code, edict, decree, rule, listing rule, regulation, judicial
decision, ruling or requirement issued, enacted, adopted, promulgated, implemented or otherwise put into effect by or under the
authority of any Governmental Body (including under the authority of any applicable self-regulating organization such as the Nasdaq
Stock Market, New York Stock Exchange, or the Financial Industry Regulatory Authority).

 

(e)              
“Award” means any right to receive Common Stock, cash or other property granted under the
Plan (including an Incentive Stock Option, a Nonstatutory Stock Option, a Restricted Stock Award, a RSU Award, a SAR, a Performance
Award or any Other Award).

 

(f)               
“Award Agreement” means a written agreement between the Company and a Participant evidencing
the terms and conditions of an Award. The Award Agreement generally consists of the Grant Notice and the agreement containing the
written summary of the general terms and conditions applicable to the Award and which is provided to a Participant along with the
Grant Notice.

 

(g)              “Board” means the Board of Directors of the Company (or its designee). Any decision or determination
made by the Board shall be a decision or determination that is made in the sole discretion of the Board (or its designee), and
such decision or determination shall be final and binding on all Participants.

 

(h)              “Capitalization
Adjustment” means any change that is made in, or other events that occur with respect to, the Common Stock subject
to the Plan or subject to any Award after the Effective Date without the receipt of consideration by the Company through merger,
consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash, large
nonrecurring cash dividend, stock split, reverse stock split, liquidating dividend, combination of shares, exchange of shares,
change in corporate structure or any similar equity restructuring transaction, as that term is used in Statement of Financial
Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto). Notwithstanding the foregoing,
the conversion of any convertible securities of the Company will not be treated as a Capitalization Adjustment.

 

 

 

 

 

    	 	22	 

     

    

 

(i)               “Cause”
has the meaning ascribed to such term in any written agreement between the Participant and the Company defining such term and,
in the absence of such agreement, such term means, with respect to a Participant, the occurrence of any of the following events:
(i) such Participant’s attempted commission of, or participation in, a fraud or act of dishonesty against the Company; (ii)
such Participant’s intentional, material violation of any contract or agreement between the Participant and the Company
or of any statutory duty owed to the Company; (iii)  such Participant’s unauthorized use or disclosure of the
Company’s confidential information or trade secrets; or (iv) such Participant’s gross misconduct. The determination
that a termination of the Participant’s Continuous Service is either for Cause or without Cause will be made by the Board
with respect to Participants who are executive officers of the Company and by the Company’s Chief Executive Officer with
respect to Participants who are not executive officers of the Company. Any determination by the Company that the Continuous Service
of a Participant was terminated with or without Cause for the purposes of outstanding Awards held by such Participant will have
no effect upon any determination of the rights or obligations of the Company or such Participant for any other purpose.

 

(j)               “Change in Control” or “Change of Control” means the occurrence,
in a single transaction or in a series of related transactions, of any one or more of the following events; provided, however,
to the extent necessary to avoid adverse personal income tax consequences to the Participant in connection with an Award, also
constitutes a Section 409A Change in Control:

 

(i)                
any Exchange Act Person becomes the Owner, directly or indirectly, of securities of the Company representing more than
50% of the combined voting power of the Company’s then outstanding securities other than by virtue of a merger, consolidation
or similar transaction. Notwithstanding the foregoing, a Change in Control shall not be deemed to occur (A) on account of the acquisition
of securities of the Company directly from the Company, (B) on account of the acquisition of securities of the Company by an investor,
any affiliate thereof or any other Exchange Act Person that acquires the Company’s securities in a transaction or series
of related transactions the primary purpose of which is to obtain financing for the Company through the issuance of equity securities,
or (C) solely because the level of Ownership held by any Exchange Act Person (the “Subject Person”) exceeds
the designated percentage threshold of the outstanding voting securities as a result of a repurchase or other acquisition of voting
securities by the Company reducing the number of shares outstanding, provided that if a Change in Control would occur (but for
the operation of this sentence) as a result of the acquisition of voting securities by the Company, and after such share acquisition,
the Subject Person becomes the Owner of any additional voting securities that, assuming the repurchase or other acquisition had
not occurred, increases the percentage of the then outstanding voting securities Owned by the Subject Person over the designated
percentage threshold, then a Change in Control shall be deemed to occur;

 

(ii)             
there is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and,
immediately after the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately
prior thereto do not Own, directly or indirectly, either (A) outstanding voting securities representing more than 50% of the combined
outstanding voting power of the surviving Entity in such merger, consolidation or similar transaction or (B) more than 50% of the
combined outstanding voting power of the parent of the surviving Entity in such merger, consolidation or similar transaction, in
each case in substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately
prior to such transaction;

 

 

 

 

    	 	23	 

     

    

 

(iii)           
the stockholders of the Company approve or the Board approves a plan of complete dissolution or liquidation of the Company,
or a complete dissolution or liquidation of the Company shall otherwise occur, except for a liquidation into a parent corporation;

 

(iv)            
there is consummated a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated
assets of the Company and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all
of the consolidated assets of the Company and its Subsidiaries to an Entity, more than 50% of the combined voting power of the
voting securities of which are Owned by stockholders of the Company in substantially the same proportions as their Ownership of
the outstanding voting securities of the Company immediately prior to such sale, lease, license or other disposition; or

 

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

 

Notwithstanding the
foregoing or any other provision of this Plan, (A) the term Change in Control shall not include a sale of assets, merger or other
transaction effected exclusively for the purpose of changing the domicile of the Company, and (B) the definition of Change in Control
(or any analogous term) in an individual written agreement between the Company or any Affiliate and the Participant shall supersede
the foregoing definition with respect to Awards subject to such agreement; provided, however, that if no definition of Change in
Control or any analogous term is set forth in such an individual written agreement, the foregoing definition shall apply.

 

(k)             
“Code” means the Internal Revenue Code of 1986, as amended, including any applicable regulations
and guidance thereunder.

 

(l)               “Committee”
means the Compensation Committee and any other committee of Directors to whom authority has been delegated by the Board or Compensation
Committee in accordance with the Plan.

 

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

 

(n)             
“Company” means Aethlon Medical, Inc., a Nevada corporation.

 

(o)              
“Compensation Committee” means the Compensation Committee of the Board.

 

(p)             
“Consultant” means any person, including an advisor, who is (i) engaged by the Company or
an Affiliate to render consulting or advisory services and is compensated for such services, or (ii) serving as a member of the
board of directors of an Affiliate and is compensated for such services. However, service solely as a Director, or payment of a
fee for such service, will not cause a Director to be considered a “Consultant” for purposes of the Plan. Notwithstanding
the foregoing, a person is treated as a Consultant under this Plan only if a Form S-8 Registration Statement under the Securities
Act is available to register either the offer or the sale of the Company’s securities to such person.

 

 

 

 

    	 	24	 

     

    

 

(q)             
“Continuous Service” means that the Participant’s service with the Company or an Affiliate,
whether as an Employee, Director or Consultant, is not interrupted or terminated. A change in the capacity in which the Participant
renders service to the Company or an Affiliate as an Employee, Director or Consultant or a change in the Entity for which the Participant
renders such service, provided that there is no interruption or termination of the Participant’s service with the Company
or an Affiliate, will not terminate a Participant’s Continuous Service; provided, however, that if the Entity for
which a Participant is rendering services ceases to qualify as an Affiliate, as determined by the Board, such Participant’s
Continuous Service will be considered to have terminated on the date such Entity ceases to qualify as an Affiliate. For example,
a change in status from an Employee of the Company to a Consultant of an Affiliate or to a Director will not constitute an interruption
of Continuous Service. To the extent permitted by law, the Board or the chief executive officer of the Company, in that party’s
sole discretion, may determine whether Continuous Service will be considered interrupted in the case of (i) any leave of absence
approved by the Board or chief executive officer, including sick leave, military leave or any other personal leave, or (ii) transfers
between the Company, an Affiliate, or their successors. Notwithstanding the foregoing, a leave of absence will be treated as Continuous
Service for purposes of vesting in an Award only to such extent as may be provided in the Company’s leave of absence policy,
in the written terms of any leave of absence agreement or policy applicable to the Participant, or as otherwise required by law.
In addition, to the extent required for exemption from or compliance with Section 409A, the determination of whether there has
been a termination of Continuous Service will be made, and such term will be construed, in a manner that is consistent with the
definition of “separation from service” as defined under Treasury Regulation Section 1.409A-1(h) (without regard to
any alternative definition thereunder).

 

(r)              
“Corporate Transaction” means the consummation, in a single transaction or in a series of
related transactions, of any one or more of the following events:

 

(i)                a sale or other disposition of all or substantially all, as determined by the Board, of the consolidated assets of the
Company and its Subsidiaries;

 

(ii)             
a sale or other disposition of at least 50% of the outstanding securities of the Company;

 

(iii)             a merger, consolidation or similar transaction following which the Company is not the surviving corporation; or

 

(iv)              a merger, consolidation or similar transaction following which the Company is the surviving corporation but the shares
of Common Stock outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by
virtue of the merger, consolidation or similar transaction into other property, whether in the form of securities, cash or otherwise.

 

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

 

 

 

 

 

    	 	25	 

     

    

 

(t)               “determine” or “determined” means as determined by
the Board or the Committee (or its designee) in its sole discretion.

 

(u)             
“Disability” means, with respect to a Participant, such Participant is unable to engage in
any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to
result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months, as provided
in Section 22(e)(3) of the Code, and will be determined by the Board on the basis of such medical evidence as the Board deems warranted
under the circumstances.

 

(v)               “Effective
Date” means the date of the annual meeting of stockholders of the Company held in 2020 provided this Plan is approved
by the Company’s stockholders at such meeting.

 

(w)            
“Employee” means any person employed by the Company or an Affiliate. However, service solely
as a Director, or payment of a fee for such services, will not cause a Director to be considered an “Employee” for
purposes of the Plan.

 

(x)              
“Employer” means the Company or the Affiliate of the Company that employs the Participant.

 

(y)              
“Entity” means a corporation, partnership, limited liability company or other entity.

 

(z)              
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder.

 

(aa)            
“Exchange Act Person” means any natural person, Entity or “group” (within the
meaning of Section 13(d) or 14(d) of the Exchange Act), except that “Exchange Act Person” will not include (i) the
Company or any Subsidiary of the Company, (ii) any employee benefit plan of the Company or any Subsidiary of the Company or any
trustee or other fiduciary holding securities under an employee benefit plan of the Company or any Subsidiary of the Company, (iii)
an underwriter temporarily holding securities pursuant to a registered public offering of such securities, (iv) an Entity Owned,
directly or indirectly, by the stockholders of the Company in substantially the same proportions as their Ownership of stock of
the Company; or (v) any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange
Act) that, as of the Effective Date, is the Owner, directly or indirectly, of securities of the Company representing more than
50% of the combined voting power of the Company’s then outstanding securities.

 

(bb)         
  “Fair Market Value” means, as of any date, unless otherwise determined by the Board, the
value of the Common Stock (as determined on a per share or aggregate basis, as applicable) determined as follows:

 

(i)                If the Common Stock is listed on any established stock exchange or traded on any established market, the Fair Market
Value will be the closing sales price for such stock as quoted on such exchange or market (or the exchange or market with the greatest
volume of trading in the Common Stock) on the date of determination, as reported in a source the Board deems reliable.

 

 

 

 

 

 

    	 	26	 

     

    

 

(ii)             
If there is no closing sales price for the Common Stock on the date of determination, then the Fair Market Value will
be the closing selling price on the last preceding date for which such quotation exists.

 

(iii)           
In the absence of such markets for the Common Stock, or if otherwise determined by the Board, the Fair Market Value
will be determined by the Board in good faith and in a manner that complies with Sections 409A and 422 of the Code.

 

(cc)           
“Governmental Body” means any: (a) nation, state, commonwealth, province, territory, county,
municipality, district or other jurisdiction of any nature; (b) federal, state, local, municipal, foreign or other government;
(c) governmental or regulatory body, or quasi-governmental body of any nature (including any governmental division, department,
administrative agency or bureau, commission, authority, instrumentality, official, ministry, fund, foundation, center, organization,
unit, body or Entity and any court or other tribunal, and for the avoidance of doubt, any Tax authority) or other body exercising
similar powers or authority; or (d) self-regulatory organization (including the Nasdaq Stock Market, New York Stock Exchange, and
the Financial Industry Regulatory Authority).

 

(dd)            “Grant
Notice” means the notice provided to a Participant that he or she has been granted an Award under the Plan and which
includes the name of the Participant, the type of Award, the date of grant of the Award, number of shares of Common Stock subject
to the Award or potential cash payment right, (if any), the vesting schedule for the Award (if any) and other key terms applicable
to the Award.

 

(ee)           
“Incentive Stock Option” means an option granted pursuant to Section 4 of the Plan that is
intended to be, and qualifies as, an “incentive stock option” within the meaning of Section 422 of the Code.

 

(ff)              “Materially
Impair” means any amendment to the terms of the Award that materially adversely affects the Participant’s
rights under the Award. A Participant's rights under an Award will not be deemed to have been Materially Impaired by any such
amendment if the Board, in its sole discretion, determines that the amendment, taken as a whole, does not materially impair the
Participant's rights. For example, the following types of amendments to the terms of an Award do not Materially Impair the Participant’s
rights under the Award: (i) imposition of reasonable restrictions on the minimum number of shares subject to an Option that may
be exercised, (ii) to maintain the qualified status of the Award as an Incentive Stock Option under Section 422 of the Code; (iii)
to change the terms of an Incentive Stock Option in a manner that disqualifies, impairs or otherwise affects the qualified status
of the Award as an Incentive Stock Option under Section 422 of the Code; (iv) to clarify the manner of exemption from, or to bring
the Award into compliance with or qualify it for an exemption from, Section 409A; or (v) to comply with other Applicable Laws.

 

(gg)          
“Non-Employee Director” means a Director who either (i) is not a current employee or officer
of the Company or an Affiliate, does not receive compensation, either directly or indirectly, from the Company or an Affiliate
for services rendered as a consultant or in any capacity other than as a Director (except for an amount as to which disclosure
would not be required under Item 404(a) of Regulation S-K promulgated pursuant to the Securities Act (“Regulation S-K”)),
does not possess an interest in any other transaction for which disclosure would be required under Item 404(a) of Regulation S-K,
and is not engaged in a business relationship for which disclosure would be required pursuant to Item 404(b) of Regulation
S-K; or (ii) is otherwise considered a “non-employee director” for purposes of Rule 16b-3.

 

 

    	 	27	 

     

    

 

(hh)           
“Non-Exempt Award” means any Award that is subject to, and not exempt from, Section 409A,
including as the result of (i) a deferral of the issuance of the shares subject to the Award which is elected by the Participant
or imposed by the Company, (ii) the terms of any Non-Exempt Severance Agreement.

 

(ii)             “Non-Exempt
Director Award” means a Non-Exempt Award granted to a Participant who was a Director but not an Employee on the
applicable grant date.

 

(jj)             
“Non-Exempt Severance Arrangement” means a severance arrangement or other agreement between
the Participant and the Company that provides for acceleration of vesting of an Award and issuance of the shares in respect of
such Award upon the Participant’s termination of employment or separation from service (as such term is defined in Section
409A(a)(2)(A)(i) of the Code (and without regard to any alternative definition thereunder) (“Separation from Service”)
and such severance benefit does not satisfy the requirements for an exemption from application of Section 409A provided under Treasury
Regulations Section 1.409A-1(b)(4), 1.409A-1(b)(9) or otherwise.

 

(kk)           “Nonstatutory
Stock Option” means any option granted pursuant to Section 4 of the Plan that does not qualify as an Incentive Stock
Option.

 

(ll)             
“Officer” means a person who is an officer of the Company within the meaning of Section 16
of the Exchange Act.

 

(mm)         “Option”
means an Incentive Stock Option or a Nonstatutory Stock Option to purchase shares of Common Stock granted pursuant to the Plan.

 

(nn)            “Option
Agreement” means a written agreement between the Company and the Optionholder evidencing the terms and conditions
of the Option grant. The Option Agreement includes the Grant Notice for the Option and the agreement containing the written summary
of the general terms and conditions applicable to the Option and which is provided to a Participant along with the Grant Notice.
Each Option Agreement will be subject to the terms and conditions of the Plan.

 

(oo)            “Optionholder”
means a person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding
Option.

 

(pp)            “Other
Award” means an award based in whole or in part by reference to the Common Stock which is granted pursuant to the
terms and conditions of Section 5(c).

 

(qq)            “Other
Award Agreement” means a written agreement between the Company and a holder of an Other Award evidencing the terms
and conditions of an Other Award grant. Each Other Award Agreement will be subject to the terms and conditions of the Plan.

 

 

 

 

 

 

    	 	28	 

     

    

 

(rr)           
“Own,” “Owned,” “Owner,” “Ownership”
means that a person or Entity will be deemed to “Own,” to have “Owned,” to be the “Owner” of,
or to have acquired “Ownership” of securities if such person or Entity, directly or indirectly, through any contract,
arrangement, understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to direct
the voting, with respect to such securities.

 

(ss)            
“Participant” means an Employee, Director or Consultant to whom an Award is granted pursuant
to the Plan or, if applicable, such other person who holds an outstanding Award.

 

(tt)             
“Performance Award” means an Award that may vest or may be exercised or a cash award that
may vest or become earned and paid contingent upon the attainment during a Performance Period of certain Performance Goals and
which is granted under the terms and conditions of Section 5(b) pursuant to such terms as are approved by the Board. In addition,
to the extent permitted by Applicable Law and set forth in the applicable Award Agreement, the Board may determine that cash or
other property may be used in payment of Performance Awards. Performance Awards that are settled in cash or other property are
not required to be valued in whole or in part by reference to, or otherwise based on, the Common Stock.

 

(uu)            “Performance
Criteria” means the one or more criteria that the Board will select for purposes of establishing the Performance
Goals for a Performance Period. The Performance Criteria that will be used to establish such Performance Goals may be based on
any measure of performance selected by the Board.

 

(vv)             “Performance
Goals” means, for a Performance Period, the one or more goals established by the Board for the Performance Period
based upon the Performance Criteria. Performance Goals may be based on a Company-wide basis, with respect to one or more business
units, divisions, Affiliates, or business segments, and in either absolute terms or relative to the performance of one or more
comparable companies or the performance of one or more relevant indices. Unless specified otherwise by the Board (i) in the Award
Agreement at the time the Award is granted or (ii) in such other document setting forth the Performance Goals at the time the
Performance Goals are established, the Board will appropriately make adjustments in the method of calculating the attainment of
Performance Goals for a Performance Period as follows: (1) to exclude restructuring and/or other nonrecurring charges; (2) to
exclude exchange rate effects; (3) to exclude the effects of changes to generally accepted accounting principles; (4) to exclude
the effects of any statutory adjustments to corporate tax rates; (5) to exclude the effects of items that are “unusual”
in nature or occur “infrequently” as determined under generally accepted accounting principles; (6) to exclude the
dilutive effects of acquisitions or joint ventures; (7) to assume that any business divested by the Company achieved performance
objectives at targeted levels during the balance of a Performance Period following such divestiture; (8) to exclude the effect
of any change in the outstanding shares of common stock of the Company by reason of any stock dividend or split, stock repurchase,
reorganization, recapitalization, merger, consolidation, spin-off, combination or exchange of shares or other similar corporate
change, or any distributions to common stockholders other than regular cash dividends; (9) to exclude the effects of stock based
compensation and the award of bonuses under the Company’s bonus plans; (10) to exclude costs incurred in connection with
potential acquisitions or divestitures that are required to expensed under generally accepted accounting principles; and (11)
to exclude the goodwill and intangible asset impairment charges that are required to be recorded under generally accepted accounting
principles. In addition, the Board retains the discretion to reduce or eliminate the compensation or economic benefit due upon
attainment of Performance Goals and to define the manner of calculating the Performance Criteria it selects to use for such Performance
Period. Partial achievement of the specified criteria may result in the payment or vesting corresponding to the degree of achievement
as specified in the Award Agreement or the written terms of a Performance Cash Award.

 

 

 

 

 

    	 	29	 

     

    

 

(ww)           “Performance Period” means the period of time selected by the Board over which the attainment
of one or more Performance Goals will be measured for the purpose of determining a Participant’s right to vesting or exercise
of an Award. Performance Periods may be of varying and overlapping duration, at the sole discretion of the Board.

 

(xx)            “Plan”
means this Aethlon Medical, Inc. 2020 Equity Incentive Plan.

 

(yy)            “Plan
Administrator” means the person, persons, and/or third-party administrator designated by the Company to administer
the day to day operations of the Plan and the Company’s other equity incentive programs.

 

(zz)           
“Post-Termination Exercise Period” means the period following termination of a Participant’s
Continuous Service within which an Option or SAR is exercisable, as specified in Section 4(h).

 

(aaa)          “Prior
Plan’s Available Reserve” means the number of shares available for the grant of new awards under the Prior
Plan as of immediately prior to the Effective Date.

 

(bbb)          “Prior
Plan” means the Aethlon Medical, Inc. Amended 2010 Stock Incentive Plan.

 

(ccc)          “Prospectus”
means the document containing the Plan information specified in Section 10(a) of the Securities Act.

 

(ddd)          “Restricted
Stock Award” or “RSA” means an Award of shares of Common Stock which is granted pursuant
to the terms and conditions of Section 5(a).

 

(eee)          “Restricted Stock Award Agreement” means a written agreement between the Company and a holder
of a Restricted Stock Award evidencing the terms and conditions of a Restricted Stock Award grant. The Restricted Stock Award Agreement
includes the Grant Notice for the Restricted Stock Award and the agreement containing the written summary of the general terms
and conditions applicable to the Restricted Stock Award and which is provided to a Participant along with the Grant Notice. Each
Restricted Stock Award Agreement will be subject to the terms and conditions of the Plan.

 

(fff)            “Returning Shares” means shares subject to outstanding stock awards granted under the Prior
Plan and that following the Effective Date: (A)  are not issued because such stock award or any portion thereof expires or
otherwise terminates without all of the shares covered by such stock award having been issued; (B)  are not issued because
such stock award or any portion thereof is settled in cash; (C)  are forfeited back to or repurchased by the Company because
of the failure to meet a contingency or condition required for the vesting of such shares; (D) are withheld or reacquired to satisfy
the exercise, strike or purchase price; or (E) are withheld or reacquired to satisfy a tax withholding obligation.

 

 

 

    	 	30	 

     

    

 

(ggg)         “RSU Award” or “RSU” means an Award of restricted stock units representing
the right to receive an issuance of shares of Common Stock which is granted pursuant to the terms and conditions of Section 5(a).

 

(hhh)         “RSU
Award Agreement” means a written agreement between the Company and a holder of a RSU Award evidencing the terms
and conditions of a RSU Award grant. The RSU Award Agreement includes the Grant Notice for the RSU Award and the agreement containing
the written summary of the general terms and conditions applicable to the RSU Award and which is provided to a Participant along
with the Grant Notice. Each RSU Award Agreement will be subject to the terms and conditions of the Plan.

 

(iii)            “Rule
16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time
to time.

 

(jjj)            “Rule 405” means Rule 405 promulgated under the Securities Act.

 

(kkk)        “Section 409A” means Section 409A of the Code and the regulations and other guidance thereunder.

 

(lll)             “Section
409A Change in Control” means a change in the ownership or effective control of the Company, or in the ownership
of a substantial portion of the Company’s assets, as provided in Section 409A(a)(2)(A)(v) of the Code and Treasury Regulations
Section 1.409A-3(i)(5) (without regard to any alternative definition thereunder).

 

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

 

(nnn)         “Share
Reserve” means the number of shares available for issuance under the Plan as set forth in Section 2(a).

 

(ooo)           “Stock Appreciation Right” or “SAR” means a right to receive the
appreciation on Common Stock that is granted pursuant to the terms and conditions of Section 4.

 

(ppp)          “SAR
Agreement” means a written agreement between the Company and a holder of a SAR evidencing the terms and conditions
of a SAR grant. The SAR Agreement includes the Grant Notice for the SAR and the agreement containing the written summary of the
general terms and conditions applicable to the SAR and which is provided to a Participant along with the Grant Notice. Each SAR
Agreement will be subject to the terms and conditions of the Plan.

 

(qqq)          “Subsidiary”
means, with respect to the Company, (i) any corporation of which more than 50% of the outstanding capital stock having ordinary
voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time, stock of
any other class or classes of such corporation will have or might have voting power by reason of the happening of any contingency)
is at the time, directly or indirectly, Owned by the Company, and (ii) any partnership, limited liability company or other entity
in which the Company has a direct or indirect interest (whether in the form of voting or participation in profits or capital contribution)
of more than 50%.

 

 

 

 

    	 	31	 

     

    

 

(rrr)          “Ten
Percent Stockholder” means a person who Owns (or is deemed to Own pursuant to Section 424(d) of the Code) stock
possessing more than 10% of the total combined voting power of all classes of stock of the Company or any Affiliate.

 

(sss)          “Trading
Policy” means the Company’s Pre-Clearance Policy permitting officers, directors and other employees to buy
or sell Company shares on the open market only after pre-clearance, as set forth in the policy, subject to the terms of the Pre-Clearance
Policy, as in effect from time to time.

 

(ttt)            “Unvested
Non-Exempt Award” means the portion of any Non-Exempt Award that had not vested in accordance with its terms upon
or prior to the date of any Corporate Transaction.

 

(uuu)         “Vested
Non-Exempt Award” means the portion of any Non-Exempt Award that had vested in accordance with its terms upon or
prior to the date of a Corporate Transaction.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	32	 

     

    

 

 

Aethlon
Medical, Inc.

Stock Option Grant Notice

(2020 Equity Incentive Plan)

 

Aethlon Medical, Inc. (the “Company”),
pursuant to its 2020 Equity Incentive Plan (the “Plan”), has granted to you (“Optionholder”)
an option to purchase the number of shares of the Common Stock set forth below (the “Option”). Your Option
is subject to all of the terms and conditions as set forth herein and in the Plan, and the Stock Option Agreement and the Notice
of Exercise, all of which are attached hereto and incorporated herein in their entirety. Capitalized terms not explicitly defined
herein but defined in the Plan or the Stock Option Agreement shall have the meanings set forth in the Plan or the Stock Option
Agreement, as applicable.

 

	Optionholder:	
 

	Date of Grant:	
 

	Vesting Commencement Date:	
 

	Number of Shares of Common Stock Subject to Option:	
 

	Exercise Price (Per Share):	
 

	Total Exercise Price:	
 

	Expiration Date:	
 

 

	Type of Grant:	[Incentive Stock Option] OR [Nonstatutory Stock Option]
	 	 
	Exercise
and  Vesting Schedule:	Subject to the Optionholder’s Continuous Service through each applicable vesting date, the Option will
vest as follows:
	 	[1/4th of the shares vest and become exercisable one year after the Vesting Commencement Date; the balance of the shares vest and become
exercisable in a series of thirty-six (36) successive equal monthly installments measured from the first anniversary of the Vesting
Commencement Date on the same date of the month as the Vesting Commencement Date.]

 

Optionholder Acknowledgements: By
your signature below or by electronic acceptance or authentication in a form authorized by the Company, you understand and agree
that:

 

		•	The
Option is governed by this Stock Option Grant Notice, and the provisions of the Plan and the Stock Option Agreement and the Notice
of Exercise, all of which are made a part of this document. Unless otherwise provided in the Plan, this Grant Notice and the Stock
Option Agreement (together, the “Option Agreement”) may not be modified, amended or revised except in
a writing signed by you and a duly authorized officer of the Company.

 

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

 

		•	You
consent to receive this Grant Notice, the Stock Option Agreement, the Plan, the Prospectus and any other Plan-related documents
by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the
Company or another third party designated by the Company.

 

 

 

 

    	 	33	 

     

    

 

		•	You
have read and are familiar with the provisions of the Plan, the Stock Option Agreement, the Notice of Exercise and the Prospectus.
In the event of any conflict between the provisions in this Grant Notice, the Option Agreement, the Notice of Exercise, or the
Prospectus and the terms of the Plan, the terms of the Plan shall control.

 

		•	The
Option Agreement sets forth the entire understanding between you and the Company regarding the acquisition of Common Stock and
supersedes all prior oral and written agreements, promises and/or representations on that subject with the exception of other
equity awards previously granted to you and any written employment agreement, offer letter, severance agreement, written severance
plan or policy, or other written agreement between the Company and you in each case that specifies the terms that should govern
this Option.

 

		•	Counterparts
may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN
Act of 2000, Uniform Electronic Transactions Act or other applicable law) or other transmission method and any counterpart so
delivered will be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

	Aethlon Medical, Inc.
	 	Option holder:

	 	 	 	 	 	 	 
	By:	 	 	 	Signature:	 
	Title:	 	 	Date:	 	 
	Date:	 	 	 	 	 

 

Attachments:
Stock Option Agreement, 2020 Equity Incentive Plan, Notice of Exercise

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	34	 

     

    

 

Attachment I

 

Stock
Option Agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	35	 

     

    

 

Aethlon
Medical, Inc.

2020 Equity Incentive Plan

 

Stock Option Agreement

 

As reflected by your
Stock Option Grant Notice (“Grant Notice”) Aethlon Medical, Inc. (the “Company”)
has granted you an option under its 2020 Equity Incentive Plan (the “Plan”) to purchase a number of shares
of Common Stock at the exercise price indicated in your Grant Notice (the “Option”). Capitalized terms
not explicitly defined in this Agreement but defined in the Grant Notice or the Plan shall have the meanings set forth in the Grant
Notice or Plan, as applicable. The terms of your Option as specified in the Grant Notice and this Stock Option Agreement constitute
your Option Agreement.

 

The general terms and
conditions applicable to your Option are as follows:

 

1.                 
Governing Plan Document. Your Option is subject to all the provisions
of the Plan, including but not limited to the provisions in:

 

(a)             
Section 6 regarding the impact of a Capitalization Adjustment, dissolution, liquidation, or Corporate Transaction on
your Option;

 

(b)             
Section 9(e) regarding the Company’s retained rights to terminate your Continuous Service notwithstanding the
grant of the Option; and

 

(c)              
Section 8(c) regarding the tax consequences of your Option.

 

Your Option is further
subject to all interpretations, amendments, rules and regulations, which may from time to time be promulgated and adopted pursuant
to the Plan. In the event of any conflict between the Option Agreement and the provisions of the Plan, the provisions of the Plan
shall control.

 

2.                 
Exercise.

 

(a)              
You may generally exercise the vested portion of your Option for whole shares of Common Stock at any time during its
term by delivery of payment of the exercise price and applicable withholding taxes and other required documentation to the Plan
Administrator in accordance with the exercise procedures established by the Plan Administrator, which may include an electronic
submission. Please review Sections 4(i), 4(j) and 7(b)(v) of the Plan, which may restrict or prohibit your ability to exercise
your Option during certain periods.

 

(b)             
To the extent permitted by Applicable Law, you may pay your Option exercise price as follows:

 

(i)               
cash, check, bank draft or money order;

 

(ii)             
pursuant to a “cashless exercise” program as further described in Section 4(c)(ii) of the Plan if at the
time of exercise the Common Stock is publicly traded;

 

(iii)           
subject to Company and/or Committee consent at the time of exercise, by delivery of previously owned shares of Common
Stock as further described in Section 4(c)(iii) of the Plan; or

 

(iv)            
subject to Company and/or Committee consent at the time of exercise, if the Option is a Nonstatutory Stock Option, by
a “net exercise” arrangement as further described in Section 4(c)(iv) of the Plan.

 

 

 

 

    	 	36	 

     

    

 

3.                 
Term. You may not exercise your Option before the commencement of its
term or after its term expires. The term of your option commences on the Date of Grant and expires upon the earliest of the following:

 

(a)              
 immediately upon the termination of your Continuous Service for Cause;

 

(b)             
three months after the termination of your Continuous Service for any reason other than Cause, Disability or death;

 

(c)              
12 months after the termination of your Continuous Service due to your Disability;

 

(d)             
18 months after your death if you die during your Continuous Service;

 

(e)              
immediately upon a Corporate Transaction if the Board has determined that the Option will terminate in connection with
a Corporate Transaction,

 

(f)               
the Expiration Date indicated in your Grant Notice; or

 

(g)              
the day before the 10th anniversary of the Date of Grant.

 

Notwithstanding the
foregoing, if you die during the period provided in Section 3(b) or 3(c) above, the term of your Option shall not expire until
the earlier of (i) eighteen months after your death, (ii) upon any termination of the Option in connection with a Corporate Transaction,
(iii) the Expiration Date indicated in your Grant Notice, or (iv) the day before the tenth anniversary of the Date of Grant. Additionally,
the Post-Termination Exercise Period of your Option may be extended as provided in Section 4(i) of the Plan.

 

To obtain the federal
income tax advantages associated with an Incentive Stock Option, the Code requires that at all times beginning on the date of grant
of your Option and ending on the day three months before the date of your Option’s exercise, you must be an employee of the
Company or an Affiliate, except in the event of your death or Disability. If the Company provides for the extended exercisability
of your Option under certain circumstances for your benefit, your Option will not necessarily be treated as an Incentive Stock
Option if you exercise your Option more than three months after the date your employment terminates.

 

4.                 
Withholding Obligations. As further provided in Section 8 of the Plan:
(a) you may not exercise your Option unless the applicable tax withholding obligations are satisfied, and (b) at the time you exercise
your Option, in whole or in part, or at any time thereafter as requested by the Company, you hereby authorize withholding from
payroll and any other amounts payable to you, and otherwise agree to make adequate provision for (including by means of a “cashless
exercise” pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board to the extent permitted
by the Company), any sums required to satisfy the federal, state, local and foreign tax withholding obligations, if any, which
arise in connection with the exercise of your Option in accordance with the withholding procedures established by the Company.
Accordingly, you may not be able to exercise your Option even though the Option is vested, and the Company shall have no obligation
to issue shares of Common Stock subject to your Option, unless and until such obligations are satisfied. In the event that the
amount of the Company’s withholding obligation in connection with your Option was greater than the amount actually withheld
by the Company, you agree to indemnify and hold the Company harmless from any failure by the Company to withhold the proper amount.

 

5.                 
Incentive Stock Option Disposition Requirement. If your option is an Incentive
Stock Option, you must notify the Company in writing within 15 days after the date of any disposition of any of the shares of the
Common Stock issued upon exercise of your option that occurs within two years after the date of your option grant or within one
year after such shares of Common Stock are transferred upon exercise of your option.

 

 

 

 

    	 	37	 

     

    

 

6.                 
Transferability. Except as otherwise provided in Section 4(e) of the Plan,
your Option is not transferable, except by will or by the applicable laws of descent and distribution, and is exercisable during
your life only by you.

 

7.                 
Corporate Transaction. Your Option is subject to the terms of any agreement
governing a Corporate Transaction involving the Company, including, without limitation, a provision for the appointment of a stockholder
representative that is authorized to act on your behalf with respect to any escrow, indemnities and any contingent consideration.

 

8.                 
No Liability for Taxes. As a condition to accepting the Option, you hereby
(a) agree to not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates related to tax
liabilities arising from the Option or other Company compensation and (b) acknowledge that you were advised to consult with your
own personal tax, financial and other legal advisors regarding the tax consequences of the Option and have either done so or knowingly
and voluntarily declined to do so. Additionally, you acknowledge that the Option is exempt from Section 409A only if the exercise
price is at least equal to the “fair market value” of the Common Stock on the date of grant as determined by the Internal
Revenue Service and there is no other impermissible deferral of compensation associated with the Option. Additionally, as a condition
to accepting the Option, you agree not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates
in the event that the Internal Revenue Service asserts that such exercise is less than the “fair market value” of the
Common Stock on the date of grant as subsequently determined by the Internal Revenue Service.

 

9.                
Severability. If any
part of this Option Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness
or invalidity will not invalidate any portion of this Option Agreement or the Plan not declared to be unlawful or invalid.  Any
Section of this Option Agreement (or part of such a Section) so declared to be unlawful or invalid will, if possible, be construed
in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining
lawful and valid

 

10.             
Other Documents.  You hereby acknowledge receipt of or the right
to receive a document providing the information required by Rule 428(b)(1) promulgated under the Securities Act, which includes
the Prospectus.  In addition, you acknowledge receipt of the Company’s Trading Policy.

 

11.             
Questions.  If you have questions regarding these or any other terms and
conditions applicable to your Option, including a summary of the applicable federal income tax consequences please see the Prospectus.

 

 

* * * *

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	38	 

     

    

 

Attachment II

 

2020
Equity Incentive Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	39	 

     

    

 

Attachment III

 

Notice
of Exercise

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	40	 

     

    

 

Aethlon
Medical, Inc. 

(2020
Equity Incentive Plan)

 

NOTICE OF EXERCISE

 

Aethlon
Medical, Inc. 

9635
Granite Ridge Drive, Suite 100

	San Diego, CA	Date of Exercise: _______________

 

This constitutes notice
to Aethlon Medical, Inc. (the “Company”) that I
elect to purchase the below number of shares of Common Stock of the Company (the “Shares”) by exercising
my Option for the price set forth below. Capitalized terms not explicitly defined in this Notice of Exercise but defined in the
Grant Notice, Option Agreement or 2020 Equity Incentive Plan (the “Plan”) shall have the meanings set
forth in the Grant Notice, Option Agreement or Plan, as applicable. Use of certain payment methods is subject to Company and/or
Committee consent and certain additional requirements set forth in the Option Agreement and the Plan.

 

	Type of option (check one):	 	Incentive   ̈	Nonstatutory   ̈
	 	 	 	 
	Date of Grant:	 	_______________	 
	 	 	 	 
	Number of Shares as to which Option is exercised:	 	_______________	 
	 	 	 	 
	Certificates to be issued in name of:	 	_______________	 
	 	 	 	 
	Total exercise price:	 	$______________	 
	 	 	 	 
	Cash, check, bank draft or money order delivered herewith:	 	$______________	 
	 	 	 	 
	Value of ________ Shares delivered herewith:	 	$______________	 
	 	 	 	 
	Regulation T Program (cashless exercise)	 	$______________	 
	 	 	 	 
	Value of _______ Shares pursuant to net exercise:	 	$______________	 

 

By this exercise, I
agree (i) to provide such additional documents as you may require pursuant to the terms of the Plan, (ii) to satisfy
the tax withholding obligations, if any, relating to the exercise of this Option as set forth in the Option Agreement, and (iii) if
this exercise relates to an incentive stock option, to notify you in writing within 15 days after the date of any disposition of
any of the Shares issued upon exercise of this Option that occurs within two years after the Date of Grant or within one year after
such Shares are issued upon exercise of this Option.

 

Very truly yours,

 

____________________________________

 

 

 

 

 

 

 

 

 

 

    	 	41	 

     

    

 

Aethlon
Medical, Inc.

RSU Award Grant Notice

(2020 Equity Incentive Plan)

 

Aethlon Medical, Inc. (the “Company”)
has awarded to you (the “Participant”) the number of restricted stock units specified and on the terms
set forth below in consideration of your services (the “RSU Award”). Your RSU Award is subject to all
of the terms and conditions as set forth herein and in the Company’s 2020 Equity Incentive Plan (the “Plan”)
and the Award Agreement (the “Agreement”), which are attached hereto and incorporated herein in their
entirety. Capitalized terms not explicitly defined herein but defined in the Plan or the Agreement shall have the meanings set
forth in the Plan or the Agreement.

 

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

 

	Vesting
Schedule: 	[__________________________________________________________________].

                                             Notwithstanding the foregoing, vesting shall terminate upon the Participant’s termination of Continuous Service.

	 	 
	Issuance Schedule:	One
share of Common Stock will be issued for each restricted stock unit which vests at the time set forth in Section 5 of the Agreement.

 

Participant Acknowledgements: By
your signature below or by electronic acceptance or authentication in a form authorized by the Company, you understand and agree
that:

 

		•	The
RSU Award is governed by this RSU Award Grant Notice (the “Grant Notice”), and the provisions of the
Plan and the Agreement, all of which are made a part of this document. Unless otherwise provided in the Plan, this Grant Notice
and the Agreement (together, the “RSU Award Agreement”) may not be modified, amended or revised except
in a writing signed by you and a duly authorized officer of the Company.

 

		•	You
have read and are familiar with the provisions of the Plan, the RSU Award Agreement and the Prospectus. In the event of any conflict
between the provisions in the RSU Award Agreement, or the Prospectus and the terms of the Plan, the terms of the Plan shall control.

 

		•	The
RSU Award Agreement sets forth the entire understanding between you and the Company regarding the acquisition of Common Stock
and supersedes all prior oral and written agreements, promises and/or representations on that subject with the exception of: (i)
other equity awards previously granted to you, and (ii) any written employment agreement, offer letter, severance agreement, written
severance plan or policy, or other written agreement between the Company and you in each case that specifies the terms that should
govern this RSU Award.

 

	Aethlon Medical, Inc.

	 	Participant:

	 	 	 	 	 	 	 
	By:	 	 	 	Signature:	 
	 	 	 	 	 	 
	Title:	 	 	Date:	 	 
	 	 	 	 	 	 
	Date:	 	 	 	 	 

 

		Attachments:	RSU Award Agreement, 2020 Equity Incentive Plan

 

 

 

    	 	42	 

     

    

 

Aethlon
Medical, Inc. 

2020
Year Equity Incentive Plan

Award
Agreement (RSU Award)

 

As reflected by your
Restricted Stock Unit Grant Notice (“Grant Notice”) Aethlon Medical, Inc. (the “Company”)
has granted you a RSU Award under its 2020 Equity Incentive Plan (the “Plan”) for the number of restricted
stock units as indicated in your Grant Notice (the “RSU Award”). The terms of your RSU Award as specified
in this Award Agreement for your RSU Award (the “Agreement”) and the Grant Notice constitute your “RSU
Award Agreement”. Defined terms not explicitly defined in this Agreement but defined in the Grant Notice or the Plan
shall have the same definitions as in the Grant Notice or Plan, as applicable.

 

The general terms applicable
to your RSU Award are as follows:

 

1.                 
Governing Plan Document. Your RSU Award is subject to all the provisions
of the Plan, including but not limited to the provisions in:

(a)              
Section 6 of the Plan regarding the impact of a Capitalization Adjustment, dissolution, liquidation, or Corporate Transaction
on your RSU Award;

 

(b)             
Section 9(e) of the Plan regarding the Company’s retained rights to terminate your Continuous Service notwithstanding
the grant of the RSU Award; and

 

(c)              
Section 8(c) of the Plan regarding the tax consequences of your RSU Award.

 

Your RSU Award is further
subject to all interpretations, amendments, rules and regulations, which may from time to time be promulgated and adopted pursuant
to the Plan. In the event of any conflict between the RSU Award Agreement and the provisions of the Plan, the provisions of the
Plan shall control.

 

2.                 
Grant of the RSU Award. This RSU Award represents your right to be issued
on a future date the number of shares of the Company’s Common Stock that is equal to the number of restricted stock units
indicated in the Grant Notice as modified to reflect any Capitalization Adjustment and subject to your satisfaction of the vesting
conditions set forth therein (the “Restricted Stock Units”). Any additional Restricted Stock Units that
become subject to the RSU Award pursuant to Capitalization Adjustments as set forth in the Plan, if any, shall be subject, in a
manner determined by the Board, to the same forfeiture restrictions, restrictions on transferability, and time and manner of delivery
as applicable to the other Restricted Stock Units covered by your RSU Award.

 

3.                 
Dividends. You shall receive no benefit or adjustment to your RSU Award
with respect to any cash dividend, stock dividend or other distribution that does not result from a Capitalization Adjustment as
provided in the Plan; provided, however, that this sentence shall not apply with respect to any shares of Common Stock that are
delivered to you in connection with your RSU Award after such shares have been delivered to you.

 

4.                 
Withholding Obligations. As further provided in Section 8 of the Plan,
you hereby authorize withholding from payroll and any other amounts payable to you, and otherwise agree to make adequate provision
for, any sums required to satisfy the federal, state, local and foreign tax withholding obligations, if any, which arise in connection
with your RSU Award (the “Withholding Obligation”) in accordance with the withholding procedures established
by the Company. Unless the Withholding Obligation is satisfied, the Company shall have no obligation to deliver to you any Common
Stock in respect of the RSU Award. In the event the Withholding Obligation of the Company arises prior to the delivery to you of
Common Stock or it is determined after the delivery of Common Stock to you that the amount of the Withholding Obligation was greater
than the amount withheld by the Company, you agree to indemnify and hold the Company harmless from any failure by the Company to
withhold the proper amount.

 

 

 

 

    	 	43	 

     

    

 

5.                 
Date of Issuance. 

 

(a)              
The issuance of shares in respect of the Restricted Stock Units is intended to comply with Treasury Regulations Section
1.409A-1(b)(4) and will be construed and administered in such a manner. Subject to the satisfaction of the Withholding Obligation,
if any, in the event one or more Restricted Stock Units vests, the Company shall issue to you one (1) share of Common Stock for
each Restricted Stock Unit that vests on the applicable vesting date(s) (subject to any adjustment under Section 3 above, and subject
to any different provisions in the Grant Notice). Each issuance date determined by this paragraph is referred to as an “Original
Issuance Date.”

 

(b)             
If the Original Issuance Date falls on a date that is not a business day, delivery shall instead occur on the next following
business day. In addition, if:

 

(i)               
the Original Issuance Date does not occur (1) during an “open window period” applicable to you, as determined
by the Company in accordance with the Company’s then-effective policy on trading in Company securities, or (2) on a date
when you are otherwise permitted to sell shares of Common Stock on an established stock exchange or stock market (including but
not limited to under a previously established written trading plan that meets the requirements of Rule 10b5-1 under the Exchange
Act and was entered into in compliance with the Company’s policies (a “10b5-1 Arrangement)), and

 

(ii)             
either (1) a Withholding Obligation does not apply, or (2) the Company decides, prior to the Original Issuance Date,
(A) not to satisfy the Withholding Obligation by withholding shares of Common Stock from the shares otherwise due, on the Original
Issuance Date, to you under this Award, and (B) not to permit you to enter into a “same day sale” commitment with a
broker-dealer (including but not limited to a commitment under a 10b5-1 Arrangement) and (C) not to permit you to pay your Withholding
Obligation in cash,

 

(iii)           
then the shares that would otherwise be issued to you on the Original Issuance Date will not be delivered on
such Original Issuance Date and will instead be delivered on the first business day when you are not prohibited from selling shares
of the Company’s Common Stock in the open public market, but in no event later than December 31 of the calendar year in which
the Original Issuance Date occurs (that is, the last day of your taxable year in which the Original Issuance Date occurs), or,
if and only if permitted in a manner that complies with Treasury Regulations Section 1.409A-1(b)(4), no later than the date
that is the 15th day of the third calendar month of the applicable year following the year in which the shares of Common Stock
under this Award are no longer subject to a “substantial risk of forfeiture” within the meaning of Treasury Regulations
Section 1.409A-1(d).

 

(c)              
To the extent the RSU Award is a Non-Exempt RSU Award, the provisions of Section 11 of the Plan shall apply.

 

6.                 
Transferability. Except as otherwise provided in the Plan, your RSU Award
is not transferable, except by will or by the applicable laws of descent and distribution

 

7.                 
Corporate Transaction. Your RSU Award is subject to the terms of any agreement
governing a Corporate Transaction involving the Company, including, without limitation, a provision for the appointment of a stockholder
representative that is authorized to act on your behalf with respect to any escrow, indemnities and any contingent consideration.

 

8.                 
No Liability for Taxes. As a condition to accepting the RSU Award, you
hereby (a) agree to not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates related
to tax liabilities arising from the RSU Award or other Company compensation and (b) acknowledge that you were advised to consult
with your own personal tax, financial and other legal advisors regarding the tax consequences of the RSU Award and have either
done so or knowingly and voluntarily declined to do so.

 

9.                 
Severability. If any part of this Agreement or the Plan is declared by
any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity will not invalidate any portion
of this Agreement or the Plan not declared to be unlawful or invalid.  Any Section of this Agreement (or part of such
a Section) so declared to be unlawful or invalid will, if possible, be construed in a manner which will give effect to the terms
of such Section or part of a Section to the fullest extent possible while remaining lawful and valid.

 

10.             
Other Documents.  You hereby acknowledge receipt of or the right
to receive a document providing the information required by Rule 428(b)(1) promulgated under the Securities Act, which includes
the Prospectus.  In addition, you acknowledge receipt of the Company’s Trading Policy.

 

11.             
Questions.  If you have questions regarding these or any other terms and
conditions applicable to your RSU Award, including a summary of the applicable federal income tax consequences please see the Prospectus.

 

 

 

 

    	 	44	 

     

    

[Non-Employee
Director Grant]

 

Aethlon
Medical, Inc.

RSU Award Grant Notice

(2020 Equity Incentive Plan)

 

Aethlon Medical, Inc. (the “Company”)
has awarded to you (the “Participant”) the number of restricted stock units specified and on the terms
set forth below in consideration of your services (the “RSU Award”). Your RSU Award is subject to all
of the terms and conditions as set forth herein and in the Company’s 2020 Equity Incentive Plan (the “Plan”)
and the Award Agreement (the “Agreement”), which are attached hereto and incorporated herein in their
entirety. Capitalized terms not explicitly defined herein but defined in the Plan or the Agreement shall have the meanings set
forth in the Plan or the Agreement.

 

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

 

	Vesting
Schedule: 	[__________________________________________________________________].

                                             Notwithstanding the foregoing, vesting shall terminate upon the Participant’s termination of Continuous Service.

	 	 
	Issuance
Schedule:	One
share of Common Stock will be issued for each restricted stock unit which vests at the time set forth in Section 5 of the Agreement.

 

Election Regarding Stock Sale Arrangement:
At the time of executing this Grant Notice, Participant must make an election whether to sell to the Company a portion of
the shares of Common Stock underlying the restricted stock units on the applicable vesting date, as described in 4(b) of the Agreement.
If one of the options below is not selected, then the Company will assume that the Participant did not elect to participate in
the stock sale arrangement described in Section 4(b) of the Agreement. Please chose one of the following options:

 

		 ̈	I
                                         DO NOT wish to participate in the stock sale arrangement described in Section 4(b) of
                                         the Agreement. (This will be the default choice if no box is checked.)

 

		 ̈	I
                                         DO wish to participate in the stock sale arrangement described in Section 4(b) of the
                                         Agreement with respect to ____ percent of the shares covered by the Award. (The default
                                         percentage if no percentage is filled in will be 40%.)

 

Participant Acknowledgements: By
your signature below or by electronic acceptance or authentication in a form authorized by the Company, you understand and agree
that:

 

		•	The
RSU Award is governed by this RSU Award Grant Notice (the “Grant Notice”), and the provisions of the
Plan and the Agreement, all of which are made a part of this document. Unless otherwise provided in the Plan, this Grant Notice
and the Agreement (together, the “RSU Award Agreement”) may not be modified, amended or revised except
in a writing signed by you and a duly authorized officer of the Company.

 

		•	You
have read and are familiar with the provisions of the Plan, the RSU Award Agreement and the Prospectus. In the event of any conflict
between the provisions in the RSU Award Agreement, or the Prospectus and the terms of the Plan, the terms of the Plan shall control.

 

		•	The
RSU Award Agreement sets forth the entire understanding between you and the Company regarding the acquisition of Common Stock
and supersedes all prior oral and written agreements, promises and/or representations on that subject with the exception of: (i)
other equity awards previously granted to you, and (ii) any written employment agreement, offer letter, severance agreement, written
severance plan or policy, or other written agreement between the Company and you in each case that specifies the terms that should
govern this RSU Award.

 

	Aethlon Medical, Inc.

	 	Participant:

	 	 	 	 	 	 	 
	By:	 	 	 	Signature:	 
	 	 	 	 	 	 
	Title:	 	 	Date:	 	 
	 	 	 	 	 	 
	Date:	 	 	 	 	 

 

		Attachments:	RSU Award Agreement, 2020 Equity Incentive Plan

 

 

    	 	45	 

     

    

[Non-Employee
Director Grant]

 

Aethlon
Medical, Inc. 

2020
Year Equity Incentive Plan

Award
Agreement (RSU Award)

 

As reflected by your
Restricted Stock Unit Grant Notice (“Grant Notice”) Aethlon Medical, Inc. (the “Company”)
has granted you a RSU Award under its 2020 Equity Incentive Plan (the “Plan”) for the number of restricted
stock units as indicated in your Grant Notice (the “RSU Award”). The terms of your RSU Award as specified
in this Award Agreement for your RSU Award (the “Agreement”) and the Grant Notice constitute your “RSU
Award Agreement”. Defined terms not explicitly defined in this Agreement but defined in the Grant Notice or the Plan
shall have the same definitions as in the Grant Notice or Plan, as applicable.

 

The general terms applicable
to your RSU Award are as follows:

 

1.                 
Governing Plan Document. Your RSU Award is subject to all the provisions
of the Plan, including but not limited to the provisions in:

(a)              
Section 6 of the Plan regarding the impact of a Capitalization Adjustment, dissolution, liquidation, or Corporate Transaction
on your RSU Award;

 

(b)             
Section 9(e) of the Plan regarding the Company’s retained rights to terminate your Continuous Service notwithstanding
the grant of the RSU Award; and

 

(c)              
Section 8(c) of the Plan regarding the tax consequences of your RSU Award.

 

Your RSU Award is further
subject to all interpretations, amendments, rules and regulations, which may from time to time be promulgated and adopted pursuant
to the Plan. In the event of any conflict between the RSU Award Agreement and the provisions of the Plan, the provisions of the
Plan shall control.

 

2.                 
Grant of the RSU Award. This RSU Award represents your right to be issued
on a future date the number of shares of the Company’s Common Stock that is equal to the number of restricted stock units
indicated in the Grant Notice as modified to reflect any Capitalization Adjustment and subject to your satisfaction of the vesting
conditions set forth therein (the “Restricted Stock Units”). Any additional Restricted Stock Units that
become subject to the RSU Award pursuant to Capitalization Adjustments as set forth in the Plan, if any, shall be subject, in a
manner determined by the Board, to the same forfeiture restrictions, restrictions on transferability, and time and manner of delivery
as applicable to the other Restricted Stock Units covered by your RSU Award.

 

3.                 
Dividends. You shall receive no benefit or adjustment to your RSU Award
with respect to any cash dividend, stock dividend or other distribution that does not result from a Capitalization Adjustment as
provided in the Plan; provided, however, that this sentence shall not apply with respect to any shares of Common Stock that are
delivered to you in connection with your RSU Award after such shares have been delivered to you.

 

4.                 
Withholding Obligations.

 

(a)              
As further
provided in Section 8 of the Plan, you hereby authorize withholding from payroll and any other amounts payable to you, and otherwise
agree to make adequate provision for, any sums required to satisfy the federal, state, local and foreign tax withholding obligations,
if any, which arise in connection with your RSU Award (the “Withholding Obligation”) in accordance with
the withholding procedures established by the Company. Unless the Withholding Obligation is satisfied, the Company shall have
no obligation to deliver to you any Common Stock in respect of the RSU Award. In the event the Withholding Obligation of the Company
arises prior to the delivery to you of Common Stock or it is determined after the delivery of Common Stock to you that the amount
of the Withholding Obligation was greater than the amount withheld by the Company, you agree to indemnify and hold the Company
harmless from any failure by the Company to withhold the proper amount.

 

(b)              
Because the vesting of Restricted Stock Units creates tax obligations to you and the Company has no authority to withhold
otherwise deliverable shares from, or to make tax payments on behalf of, members of the Company’s Board of Directors who
are not employees of the Company, the Company is hereby offering you the opportunity at the time of executing this Agreement to
elect to sell to the Company, on each vesting date, a whole number of shares of Common Stock underlying your Restricted Stock
Units equal as nearly as possible to such percentage of the shares covered by the RSU Award (as is reflected in the Grant Notice)
that vest on such vesting date, at a price per share equal to the Fair Market Value of a share of the Common Stock on the vesting
date. If you elect to participate in this stock sale arrangement, the Company will remit promptly to you the aggregate purchase
price for the shares of Common Stock so purchased at the address on file with the Company and will distribute the balance of the
shares underlying the Restricted Stock Units in the manner provided in Section 6 of this Agreement.

 

 

    	 	46	 

     

    

[Non-Employee
Director Grant]

 

5.                 
Date of Issuance. 

 

(a)              
The issuance of shares in respect of the Restricted Stock Units is intended to comply with Treasury Regulations Section
1.409A-1(b)(4) and will be construed and administered in such a manner. Subject to the satisfaction of the Withholding Obligation,
if any, in the event one or more Restricted Stock Units vests, the Company shall issue to you one (1) share of Common Stock for
each Restricted Stock Unit that vests on the applicable vesting date(s) (subject to any adjustment under Section 3 above, and subject
to any different provisions in the Grant Notice). Each issuance date determined by this paragraph is referred to as an “Original
Issuance Date.”

 

(b)             
If the Original Issuance Date falls on a date that is not a business day, delivery shall instead occur on the next following
business day. In addition, if:

 

(i)               
the Original Issuance Date does not occur (1) during an “open window period” applicable to you, as determined
by the Company in accordance with the Company’s then-effective policy on trading in Company securities, or (2) on a date
when you are otherwise permitted to sell shares of Common Stock on an established stock exchange or stock market (including but
not limited to under a previously established written trading plan that meets the requirements of Rule 10b5-1 under the Exchange
Act and was entered into in compliance with the Company’s policies (a “10b5-1 Arrangement)), and

 

(ii)             
either (1) a Withholding Obligation does not apply, or (2) the Company decides, prior to the Original Issuance Date,
(A) not to satisfy the Withholding Obligation by withholding shares of Common Stock from the shares otherwise due, on the Original
Issuance Date, to you under this Award, and (B) not to permit you to enter into a “same day sale” commitment with a
broker-dealer (including but not limited to a commitment under a 10b5-1 Arrangement) and (C) not to permit you to pay your Withholding
Obligation in cash,

 

(iii)           
then the shares that would otherwise be issued to you on the Original Issuance Date will not be delivered on
such Original Issuance Date and will instead be delivered on the first business day when you are not prohibited from selling shares
of the Company’s Common Stock in the open public market, but in no event later than December 31 of the calendar year in which
the Original Issuance Date occurs (that is, the last day of your taxable year in which the Original Issuance Date occurs), or,
if and only if permitted in a manner that complies with Treasury Regulations Section 1.409A-1(b)(4), no later than the date
that is the 15th day of the third calendar month of the applicable year following the year in which the shares of Common Stock
under this Award are no longer subject to a “substantial risk of forfeiture” within the meaning of Treasury Regulations
Section 1.409A-1(d).

 

(c)              
To the extent the RSU Award is a Non-Exempt RSU Award, the provisions of Section 11 of the Plan shall apply.

 

6.                 
Transferability. Except as otherwise provided in the Plan, your RSU Award
is not transferable, except by will or by the applicable laws of descent and distribution

 

7.                 
Corporate Transaction. Your RSU Award is subject to the terms of any agreement
governing a Corporate Transaction involving the Company, including, without limitation, a provision for the appointment of a stockholder
representative that is authorized to act on your behalf with respect to any escrow, indemnities and any contingent consideration.

 

8.                 
No Liability for Taxes. As a condition to accepting the RSU Award, you
hereby (a) agree to not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates related
to tax liabilities arising from the RSU Award or other Company compensation and (b) acknowledge that you were advised to consult
with your own personal tax, financial and other legal advisors regarding the tax consequences of the RSU Award and have either
done so or knowingly and voluntarily declined to do so.

 

9.                 
Severability. If any part of this Agreement or the Plan is declared by
any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity will not invalidate any portion
of this Agreement or the Plan not declared to be unlawful or invalid. Any Section of this Agreement (or part of such
a Section) so declared to be unlawful or invalid will, if possible, be construed in a manner which will give effect to the terms
of such Section or part of a Section to the fullest extent possible while remaining lawful and valid.

 

10.             
Other Documents.  You hereby acknowledge receipt of or the right
to receive a document providing the information required by Rule 428(b)(1) promulgated under the Securities Act, which includes
the Prospectus. In addition, you acknowledge receipt of the Company’s Trading Policy.

 

11.             
Questions.  If you have questions regarding these or any other terms and
conditions applicable to your RSU Award, including a summary of the applicable federal income tax consequences please see the Prospectus.

 

 

    	 	47

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