Document:

AKERS BIOSCIENCES, INC.

 

RESTRICTED STOCK AGREEMENT

  

THIS RESTRICTED STOCK AGREEMENT (the “Agreement”)
is made and entered into as of the ____ day of __________, 20__ (the “Effective Date”) by and between Akers Biosciences,
Inc., a New Jersey corporation (the “Company”), having an address at 201 Grove Road, Thorofare, New Jersey 08086 and
__________________ (“Grantee”), having an address at _________________________________________.

 

1.             Grant
of Restricted Shares. Pursuant to this Agreement, the Company grants to Grantee a restricted stock award (the “Restricted
Stock Award”) of ________________ shares of the Company's common stock, par value $.001 per share (the “Common Stock”).
The Restricted Stock Award is granted pursuant to the Akers Biosciences, Inc. 2013 Incentive Stock and Award Plan (the “Plan”)
and is subject to the terms, conditions and restrictions of the Plan and this Agreement. The Common Stock subject to the Restricted
Stock Award are referred to collectively as the “Restricted Shares.” Capitalized terms used and not otherwise defined
in this Agreement have the meanings given such terms in the Plan.

 

2.             Basic
Terms of Restricted Shares.

 

(a)          Restrictions.
(i) The Restricted Shares granted hereby are non-transferable and subject to forfeiture until they become Vested as set forth
herein. Upon any attempt to Transfer Unvested Restricted Shares, the Restricted Shares and all rights and privileges given hereby
shall immediately terminate and the Restricted Shares shall be forfeited to the Company. Restricted Shares, once Vested, shall
be fully tradable, subject to applicable federal and state securities laws.

 

(ii)         As
used in this Agreement:

 

(A)         “Restrictions”
means the Transfer restrictions and forfeiture conditions applicable to Restricted Shares under this Agreement and the Plan;

 

(B)         “Transfer”
means a transfer, assignment, pledge, hypothecation or other disposition of the Restricted Shares or any right or privilege pertaining
thereto, otherwise than by will or by the laws of descent and distribution, or upon the levy of any execution, attachment or similar
process thereupon;

 

(C)         “Unvested”
means Restricted Shares that have not yet become Vested (as defined herein); and

 

(D)         “Vest”
or “Vested” means the lapse or removal of the Restrictions (as defined above).

 

(b)          Vesting.

 

(i)          Except
as otherwise provided in this Agreement, and subject to the continuous employment of Grantee with the Company until the date on
which the Restricted Shares are scheduled to Vest, an aggregate amount of ________ Restricted Shares (the “Time-Based Restricted
Shares”) shall Vest in accordance with Schedule A hereto.

 

    	 

    	 

    

 

(ii)         Subject
to the continuous employment of Grantee with the Company until the date on which the Restricted Shares are scheduled to Vest,
the remainder of the Restricted Shares shall Vest upon the satisfaction of the conditions contained in Schedule B attached hereto
(the “Performance-Based Restricted Shares”).

 

(c)          Except
as otherwise provided herein, Grantee will not be required to make any payment to the Company (other than past and future services
to the Company) with respect to Grantee’s receipt of the Restricted Shares, the vesting of the Restricted Shares or the
delivery of the Common Stock to be issued in respect of this Agreement.

 

(d)          Grantee
agrees that upon receipt of any stock certificates for Unvested Restricted Shares, Grantee shall deposit each certificate with
the Company, or other escrow agent as the Company may appoint, together with a stock power endorsed in blank or other appropriate
instrument of Transfer, to be held by the Company or escrow holder until the time at which the Company delivers unrestricted shares
of Common Stock to Grantee. If at any time Grantee forfeits any Unvested Restricted Shares pursuant to this Agreement, the Grantee
agrees to return the certificate or certificates for such Unvested Restricted Shares to the Company duly endorsed in blank or
accompanied by a stock power duly executed in blank.

 

(e)          Termination
of Service. Unvested Restricted Shares are subject to forfeiture upon Grantee’s termination of employment (“Termination
of Service”). If Grantee incurs a Termination of Service, Grantee may continue to hold any Restricted Shares that have Vested
prior to such Termination of Service subject to the terms of this Agreement and on the following terms and conditions:

 

(i)          Involuntary
Termination of Service for Cause or Voluntary Termination of Service without Good Reason. If Grantee incurs an involuntary
Termination of Service as the result of a dismissal by the Company for Cause (as defined below) or as the result of Grantee’s
voluntary Termination of Service without Good Reason (as defined below), all Restricted Shares that have not Vested prior to such
Termination of Service shall be immediately forfeited to the Company without payment of any consideration or amount to Grantee
or any other “person” (as such term is defined in Section 3(a)(9) and as used in Sections 13(d) and 14(d) of the Securities
Exchange Act of 1934, as amended) (“Person”) in connection with such forfeiture. For purposes of this Agreement, “Good
Reason” shall mean, to the extent that there is an employment or other agreement governing the relationship between Grantee
and the Company that contains a definition of “good reason,” Good Reason shall have the meaning as defined therein.
Otherwise, “Good Reason” shall have the definition contained in the Plan. Likewise, for purposes of this Agreement,
“Cause” shall mean, to the extent that there is an employment or other agreement governing the relationship between
Grantee and the Company that contains a definition of “cause,” Cause shall have the meaning as defined therein. Otherwise,
“Cause” shall have the definition contained in the Plan.

 

(ii)         Involuntary
Termination of Service without Cause or Voluntary Termination of Service for Good Reason.  If Grantee incurs an
involuntary Termination of Service as the result of a dismissal without Cause or as the result of Grantee’s voluntary Termination
of Service for Good Reason, then any Restricted Shares that have not Vested prior to such Termination of Service shall be forfeited
to the Company without payment of any consideration or amount to Grantee or any other Person in connection with such forfeiture
and Grantee may continue to hold any Restricted Shares that have Vested prior to termination subject to the terms of this Agreement.

 

(iii)        Death.  If
Grantee incurs a Termination of Service as the result of Grantee's death, then any Restricted Shares that have not Vested prior
to such Termination of Service but would have been Vested in the twelve (12) month period after the effective date of such Termination
of Service shall become Vested. The remainder shall be forfeited to the Company without payment of any consideration or amount
to Grantee or any other Person in connection with such forfeiture. Grantee may continue to hold any Restricted Shares that have
Vested prior to termination subject to the terms of this Agreement.

 

    	 

    	 

    

  

(iv)         Disability,
Normal Retirement or Early Retirement. If Grantee incurs a Termination of Service as the result of Grantee's Disability, Normal
Retirement or Early Retirement, then any Restricted Shares that have not Vested prior to such Termination of Service but would
have been Vested in the ninety (90) day period after the effective date of such Termination of Service shall become Vested. The
remainder shall be forfeited to the Company without payment of any consideration or amount to Grantee or any other Person in connection
with such forfeiture. Grantee may continue to hold any Restricted Shares that have Vested prior to termination subject to the
terms of this Agreement.

 

3.          Transfer
of the Unvested Shares upon Forfeiture.  Grantee hereby authorizes and directs the Committee to take such steps
as may be necessary to cause the Transfer to the Company of the Unvested Shares that have been forfeited by Grantee.

 

4.          Issuance
of Shares. Restricted Shares shall be evidenced by stock certificates, which certificates shall be registered in the name
of Grantee and shall bear the restrictive legends described in Section 8 hereof.

 

5.          Rights
as a Stockholder.  Except as otherwise provided in this Agreement or the Plan, Grantee shall have all rights of
a stockholder with respect to the Restricted Shares (including Unvested Shares), including, without limitation, the right to receive
dividends and the right to vote the Restricted Shares, for record dates occurring on or after the Effective Date and prior to
the date, if any, on which the Restricted Shares are forfeited in accordance with the Plan and this Agreement. With respect to
Unvested Restricted Shares, property that Grantee is entitled to receive with respect to such Unvested Restricted Shares shall
be subject to the Restrictions. Notwithstanding the foregoing, nothing herein or in the Plan shall be deemed to confer on Grantee
any right to continued employment with the Company or limit in any way the right of the Company to terminate such employment at
any time.

 

6.          Adjustment
Transactions.  In the event of that any special or extraordinary dividend or other extraordinary distribution is
declared (whether in the form of cash, Company Stock, or other property), or there occurs any recapitalization, stock split, reverse
stock split, reorganization, merger, consolidation, spin-off, combination, repurchase, share exchange or other similar corporate
transaction or event, an appropriate and proportionate equitable adjustment shall be made in accordance with Section 8 of the
Plan in the number and kind of Restricted Shares subject to this Agreement. Any additional or different shares or securities issued
as the result of such an adjustment will be held or delivered in accordance with this Agreement and will be deemed to be included
within the term “Restricted Shares.” The Company will make cash payments in lieu of any fractional shares.

 

7.          Withholding
Taxes.  The Company's obligation to issue Restricted Shares and to recognize the Vesting of any such Shares is subject
to Grantee’s satisfaction of all applicable federal, state and local income and employment tax withholding requirements
in connection with such issuance or Vesting (the “Withholding Amount”).  If Grantee fails to timely remit
to the Company an amount in cash equal to the Withholding Amount, the Company shall have the right and is hereby authorized to
withhold from Grantee’s Vested Restricted Shares or from any compensation or other amount otherwise payable by the Company
to Grantee in an amount up to, but not to exceed, the Withholding Amount.

 

    	 

    	 

    

 

8.             Legend;
Transfer Restrictions.

 

(a)          Legend.  Grantee
consents to the placing on the certificate for any Restricted Shares (including shares received as a result of stock dividends,
stock splits or other forms of recapitalization) prior to the Vesting of the Restricted Shares relating thereto of the following
legend (in addition to any other legend or legends required under the Securities Act of 1933, as amended, and other applicable
federal and state securities laws):

 

THE SHARES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS UPON TRANSFER AND VESTING REQUIREMENTS (THE “RESTRICTIONS”) AS SET
FORTH IN THE 2013 INCENTIVE STOCK AND AWARD PLAN OF AKERS BIOSCIENCES, INC. AND AN AGREEMENT ENTERED INTO BETWEEN THE REGISTERED
OWNER AND AKERS BIOSCIENCES, INC., COPIES OF WHICH ARE ON FILE WITH THE COMPANY.  ANY ATTEMPT TO DISPOSE OF THESE SHARES
IN CONTRAVENTION OF THE RESTRICTIONS, INCLUDING BY WAY OF SALE, ASSIGNMENT, TRANSFER, ALIENATION, PLEDGE, HYPOTHECATION OR OTHERWISE,
SHALL BE NULL AND VOID AND WITHOUT EFFECT.

 

(b)          Transfer
Restrictions. The Restricted Shares that have Vested may not be sold or otherwise disposed of in any manner that would constitute
a violation of any applicable federal or state securities laws. Grantee agrees that the Company (i) may refuse to cause the Transfer
of Restricted Shares that have Vested to be registered on the applicable stock transfer records if such proposed Transfer would
in the opinion of counsel satisfactory to the Company constitute a violation of any applicable securities law and (ii) may give
related instructions to the transfer agent to stop registration of the transfer of the Vested Restricted Shares.

 

9.             Miscellaneous.

 

(a)          Except
as provided herein, this Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company
and Grantee.

 

(b)          Any
notices or other communications required or permitted under this Agreement (“Notices”) shall be in writing and shall
be either personally delivered, sent by express or first class mail (postage prepaid), return receipt requested, sent by nationally
recognized overnight courier service (overnight delivery, charges prepaid) or by facsimile delivery as follows:

 

	 	If to the Company:	 
	 	 	 
	 	 	Akers Biosciences, Inc.
	 	 	201 Grove Road
	 	 	Thorofare, NJ 08086
	 	 	Attn: [●]
	 	 	Facsimile:  _____________
	 	 	 
	 	With a copy to:	Lucosky Brookman LLP
	 	(which shall not	101 Wood Avenue South, 5th Floor
	 	constitute notice)	Woodbridge, NJ 08830
	 	 	Attn:  Joseph M. Lucosky, Esq.
	 	 	Facsimile:  (732) 395-4401
	 	 	 
	 	If to Grantee:	To Grantee’s address as set forth herein.

 

    	 

    	 

    

  

Either party hereto may change its address for Notices by written
Notice to the other given in accordance with this Section 9(b). Notices shall be deemed given when delivered personally, three
days after deposit in the U.S. mail, two business days after deposit with a nationally recognized overnight courier service and
upon receipt of confirmation of facsimile transmission, as applicable.

 

(c)          The
Restricted Stock Award and the rights and obligations of the Company and Grantee hereunder are subject to the terms and conditions
of the Plan. In the event of any conflict between the terms of the Plan and the terms of this Agreement, the terms of the Plan
shall govern. Any Committee interpretation of the provisions of the Plan or this Agreement shall be final and binding on all parties.

 

(d)          This
Agreement shall be governed by and construed in accordance with the laws of the State of [●].

 

(e)          In
the event that one or more of the provisions of this Agreement is invalidated for any reason by a court of competent jurisdiction,
any provision so invalidated will be deemed to be separable for the other provisions thereof and the remaining provisions hereof
will continue to be valid and fully enforceable.

 

(f)          The
provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, administrators, heirs, legal
representatives and assigns of Grantee, and the successors and assigns of the Company.

 

(g)          It
is intended that this Agreement will comply with or be exempt from Section 409A of the Code and any regulations and guidelines
issued thereunder, and the Agreement shall be interpreted on a basis consistent with such intent. This Agreement may be amended
in any respect deemed necessary by the Committee in order to preserve compliance with Section 409A of the Code and the following
shall be construed accordingly – 

 

(1)         For
the purposes of Code section 409A, the entitlement to a series of installment payments will be treated as the entitlement to a
single payment.

 

(2)         Other
provisions of the Plan notwithstanding, if, upon the written application of the Grantee, the Committee determines that the Grantee
has an Unforeseeable Emergency, the Committee may, in its sole discretion, direct the payment to the Grantee of all or a portion
of the balance of his or her vested interest in a Restricted Stock Award in a lump sum payment, provided that any such withdrawal
shall be limited by the Committee to the amount reasonably necessary to meet the emergency, including amounts needed to pay any
income taxes or penalties reasonably anticipated to result from the payment. No payment may be made to the extent that such emergency
is or may be relieved through reimbursement or compensation from insurance or otherwise, by liquidation of the Grantee’s
assets or to the extent the liquidation of such assets would not cause severe financial hardship.

 

(3)         Except
as otherwise provided for in this paragraph (3), the Committee may not otherwise permit the acceleration of the time or schedule
of any vesting of a Restricted Stock Award scheduled to be paid pursuant to the Plan, unless such acceleration of the time or
schedule is (i) necessary to fulfill a domestic relations order (as defined in section 414(p)(1)(B) of the Code) or to comply
with a certificate of divestiture (as defined in section 1043(b)(2) of the Code), (ii) de minimis in nature (as defined in regulations
promulgated under section 409A of the Code), (iii) to be used for the payment of FICA taxes on amounts deferred under the Plan,
or (iv) equal to amounts included in the federal personal taxable income of the Grantee under section 409A of the Code.

 

    	 

    	 

    

 

(4)         
An election to defer the lapse of restrictions on a Restricted Stock Award shall not take effect until at least 12 months after
the date on which the election is made and in the event that an election to defer the lapse of restrictions is made other than
in the event of death, Disability or the occurrence of an Unforeseeable Emergency, payment of such award must be deferred for
a period of not less than 5 years from the date that restrictions would have otherwise lapsed. For purposes of this Agreement,
the term “Unforeseeable Emergency” shall mean a severe financial hardship to the Grantee resulting from an illness
or accident of the Grantee, the Grantee’s spouse, or a dependent (as defined in Code section 152(a)) of the Grantee, loss
of the Grantee’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result
of events beyond the control of the Grantee.

 

(5)         The
Company may, in its sole discretion, terminate the Plan (in whole or in part) with respect to one or more Grantees and distribute
to such affected Grantees their vested interest in any Restricted Stock Award in a lump sum as soon as reasonably practicable
following such termination, but if, and only if, (i) all nonqualified defined contribution deferred compensation plans maintained
by the Company are terminated, (ii) no payments other than payments that would be payable under the terms of the Plan if the termination
had not occurred are made within 12 months of the termination of the Plan, (iii) all payments of the vested interest in Restricted
Stock Awards are made within 24 months of the termination of the Plan, and (iv) the Company acknowledges to the Grantees that
it will not adopt any new nonqualified defined contribution deferred compensation plans at any time within five (5) years following
the date of the termination of the Plan.

 

(h)          Grantee
shall keep the terms of this Agreement strictly confidential, other than as may be necessary to enforce his or her rights hereunder
or as otherwise required by law.

 

(i)          This
Agreement may be executed in counterparts, all of which together shall constitute one and the same instrument.

  

	 	AKERS BIOSCIENCES, INC.  
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

GRANTEE’S ACCEPTANCE

 

The undersigned hereby accepts the foregoing
Restricted Stock Agreement, acknowledges receipt of a copy of the Akers Biosciences, Inc. 2013 Incentive Stock and Award Plan
and agrees to the terms and conditions of both.

  

	 	 	 
	 	Name:	 

  

    	 

    	 

    

 

SCHEDULE A

 

TIME VESTED SHARES

 

	DATE	 	NUMBER OF RESTRICTED SHARES THAT

        BECOME VESTED

	 	 	 
	______________ 	 	______________ 

 

    	 

    	 

    

 

SCHEDULE B

 

PERFORMANCE VESTED SHARESAKERS BIOSCIENCES, INC.

 

INCENTIVE
STOCK OPTION AGREEMENT

 

This
Incentive Stock Option Agreement (“Agreement”) is made and entered into as of the date set forth
below, by and between Akers Biosciences, Inc., a New Jersey corporation (the “Company”), and the employee of
the Company named in Section 1(b). (“Optionee”):

 

In consideration of
the covenants herein set forth, the parties hereto agree as follows:

 

1. Option Information.

 

	(a)	Date of Option:	___________________
	 	 	 
	(b)	Optionee:	___________________
	 	 	 
	(c)	Number of Shares:	___________________
	 	 	 
	(d)	Exercise Price:	$__________________
	 	 	 
	(e)	Vesting Schedule	___________________
	 	 	___________________
	 	 	___________________
	 	 	 
	(f)	Termination Date	______________________

 

2. Acknowledgements.

 

(a)          Optionee
is an employee of the Company.

 

(b)          The
Board of Directors (the “Board” together with an authorized committee of the Board of Directors) and shareholders
of the Company have heretofore adopted the Akers Biosciences, Inc. 2013 Incentive Stock and Award Plan (the “Plan”),
pursuant to which this Option is being granted.

 

(c)          The
Board has authorized the granting to Optionee of an incentive stock option (“Option”) as defined in Section
422 of the Internal Revenue Code of 1986, as amended, (the “Code”) to purchase shares of common stock of the
Company (“Stock”) upon the terms and conditions hereinafter stated and pursuant to an exemption from registration
under the Securities Act of 1933, as amended (the “Securities Act”) provided by Rule 701 thereunder.

 

3. Shares; Price.
The Company hereby grants to Optionee the right to purchase, upon and subject to the terms and conditions herein stated, the number
of shares of Stock set forth in Section 1(c) above (the “Shares”) for cash (or other consideration as is authorized
under the Plan and acceptable to the Board, in their sole and absolute discretion) at the price per Share set forth in Section
1(d) above (the “Exercise Price”), such price being not less than the fair market value per share of the Shares
covered by this Option as of the date hereof.

 

    	 

    	 

    

 

4. Term of Option;
Continuation of Employment. This Option shall expire, and all rights hereunder to purchase the Shares shall terminate upon
the Termination Date noted above. This Option shall earlier terminate subject to Sections 7 and 8 hereof upon, and as of the date
of, the termination of Optionee's employment if such termination occurs prior to the Termination Date. Nothing contained herein
shall confer upon Optionee the right to the continuation of his or her employment by the Company or to interfere with the right
of the Company to terminate such employment or to increase or decrease the compensation of Optionee from the rate in existence
at the date hereof.

 

5. Vesting of Option.
Subject to the provisions of Sections 7 and 8 hereof, this Option shall become exercisable during the term of Optionee's employment
according to terms deemed acceptable to the Board of Directors of Company in their sole and absolute discretion according to the
vesting schedule set forth in Section 1(e) above (the “Vesting Schedule”).

 

6. Exercise.
This Option shall be exercised by delivery to the Company of (a) written notice of exercise stating the number of Shares being
purchased (in whole shares only) and such other information set forth on the form of Notice of Exercise attached hereto as Appendix
A, (b) a check or cash in the amount of the Exercise Price of the Shares covered by the notice (or such other consideration as
has been approved by the Board of Directors consistent with the Plan) and (c) a written investment representation as provided for
in Section 13 hereof. Notwithstanding anything to the contrary contained in this Option, this Option may be exercised by presentation
and surrender of this Option to the Company at its principal executive offices with a written notice of the holder’s intention
to effect a cashless exercise, including a calculation of the number of shares of Common Stock to be issued upon such exercise
in accordance with the terms hereof (a “Cashless Exercise”). In the event of a Cashless Exercise, in lieu of paying
the Exercise Price in cash, the holder shall surrender this Option for that number of shares of Common Stock determined by multiplying
the number of Shares to which it would otherwise be entitled by a fraction, the numerator of which shall be the difference between
the then current Market Price per share of the Common Stock and the Exercise Price, and the denominator of which shall be the then
current Market Price per share of Common Stock. For example, if the holder is exercising 100,000 Options with a per Option exercise
price of $0.75 per share through a cashless exercise when the Common Stock’s current Market Price per share is $2.00 per
share, then upon such Cashless Exercise the holder will receive 62,500 shares of Common Stock. Market Price is defined as the average
of the last reported sale prices on the principal trading market for the Common Stock during the five (5) trading days immediately
preceding such date. This Option shall not be assignable or transferable, except by will or by the laws of descent and distribution,
and shall be exercisable only by Optionee during his or her lifetime, except as provided in Section 8 hereof.

 

7. Termination of
Employment. If Optionee shall cease to be employed by the Company for any reason, whether voluntarily or involuntarily, other
than by his or her death, Optionee (or if the Optionee shall die after such termination, but prior to such exercise date, Optionee's
personal representative or the person entitled to succeed to the Option) shall have the right at any time within three (3) months
following such termination of employment or the remaining term of this Option, whichever is the lesser, to exercise in whole or
in part this Option to the extent, but only to the extent, that this Option was exercisable as of the date of termination of employment
and had not previously been exercised; provided, however: (i) if Optionee is permanently disabled (within the meaning of Section
22(e)(3) of the Code) at the time of termination, the foregoing three (3) month period shall be extended to six (6) months; or
(ii) if Optionee is terminated “for cause” or by the terms of the Plan or this Option Agreement or by any employment
agreement between the Optionee and the Company, this Option shall automatically terminate as to all Shares covered by this Option
not exercised prior to termination. Unless earlier terminated, all rights under this Option shall terminate in any event on the
expiration date of this Option as defined in Section 4 hereof.

 

    	- 2 -

    	 

    

 

8. Death of Optionee.
If the Optionee shall die while in the employ of the Company, Optionee's personal representative or the person entitled to Optionee's
rights hereunder may at any time within one (1) year after the date of Optionee's death, or during the remaining term of this Option,
whichever is the lesser, exercise this Option and purchase Shares to the extent, but only to the extent, that Optionee could have
exercised this Option as of the date of Optionee's death; provided, in any case, that this Option may be so exercised only to the
extent that this Option has not previously been exercised by Optionee.

 

9. No Rights as
Shareholder. Optionee shall have no rights as a shareholder with respect to the Shares covered by any installment of this Option
until the effective date of issuance of Shares following exercise of this Option, and no adjustment will be made for dividends
or other rights for which the record date is prior to the date such stock certificate or certificates are issued except as provided
in Section 10 hereof.

 

10. Recapitalization.
Subject to any required action by the shareholders of the Company, the number of Shares covered by this Option, and the Exercise
Price thereof, shall be proportionately adjusted for any increase or decrease in the number of issued shares resulting from a subdivision
or consolidation of shares or the payment of a stock dividend, or any other increase or decrease in the number of such shares effected
without receipt of consideration by the Company; provided however that the conversion of any convertible securities of the Company
shall not be deemed having been “effected without receipt of consideration by the Company”.

 

In the event of a proposed
dissolution or liquidation of the Company, a merger or consolidation in which the Company is not the surviving entity, or a sale
of all or substantially all of the assets or capital stock of the Company (collectively, a “Reorganization”),
unless otherwise provided by the Board, this Option shall terminate immediately prior to such date as is determined by the Board,
which date shall be no later than the consummation of such Reorganization. In such event, if the entity which shall be the surviving
entity does not tender to Optionee an offer, for which it has no obligation to do so, to substitute for any unexercised Option
a stock option or capital stock of such surviving of such surviving entity, as applicable, which on an equitable basis shall provide
the Optionee with substantially the same economic benefit as such unexercised Option, then the Board may grant to such Optionee,
in its sole and absolute discretion and without obligation, the right for a period commencing thirty (30) days prior to and ending
immediately prior to the date determined by the Board pursuant hereto for termination of the Option or during the remaining term
of the Option, whichever is the lesser, to exercise any unexpired Option or Options without regard to the installment provisions
of this Agreement; provided, however, that such exercise shall be subject to the consummation of such Reorganization.

 

Subject to any required
action by the shareholders of the Company, if the Company shall be the surviving entity in any merger or consolidation, this Option
thereafter shall pertain to and apply to the securities to which a holder of Shares equal to the Shares subject to this Option
would have been entitled by reason of such merger or consolidation, and the installment provisions of this Agreement shall continue
to apply.

 

In the event of a change
in the shares of the Company as presently constituted, which is limited to a change of all of its authorized Stock with a par value
into the same number of shares of Stock without a par value, the shares resulting from any such change shall be deemed to be the
Shares within the meaning of this Option.

 

To the extent that
the foregoing adjustments relate to shares or securities of the Company, such adjustments shall be made by the Board, whose determination
in that respect shall be final, binding and conclusive. Except as hereinbefore expressly provided, Optionee shall have no rights
by reason of any subdivision or consolidation of shares of Stock of any class or the payment of any stock dividend or any other
increase or decrease in the number of shares of stock of any class, and the number and price of Shares subject to this Option shall
not be affected by, and no adjustments shall be made by reason of, any dissolution, liquidation, merger, consolidation or sale
of assets or capital stock, or any issue by the Company of shares of stock of any class or securities convertible into shares of
stock of any class.

 

    	- 3 -

    	 

    

 

The grant of this Option
shall not affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or changes
in its capital or business structure or to merge, consolidate, dissolve or liquidate or to sell or transfer all or any part of
its business or assets.

 

11. Additional Consideration.
Should the Internal Revenue Service determine that the Exercise Price established by the Board as the fair market value per Share
is less than the fair market value per Share as of the date of Option grant, Optionee hereby agrees to tender such additional consideration,
or agrees to tender upon exercise of all or a portion of this Option, such fair market value per Share as is determined by the
Internal Revenue Service.

 

12. Modifications,
Extension and Renewal of Options. The Board or Committee, as described in the Plan, may modify, extend or renew this Option
or accept the surrender thereof (to the extent not theretofore exercised) and authorize the granting of a new option in substitution
therefore (to the extent not theretofore exercised), subject at all times to the Plan, and Section 422 of the Code. Notwithstanding
the foregoing provisions of this Section 12, no modification shall, without the consent of the Optionee, alter to the Optionee's
detriment or impair any rights of Optionee hereunder.

 

13. Investment Intent;
Restrictions on Transfer.

 

(a) Optionee
represents and agrees that if Optionee exercises this Option in whole or in part, Optionee will in each case acquire the Shares
upon such exercise for the purpose of investment and not with a view to, or for resale in connection with, any distribution thereof;
and that upon such exercise of this Option in whole or in part, Optionee (or any person or persons entitled to exercise this Option
under the provisions of Sections 7 and 8 hereof) shall furnish to the Company a written statement to such effect, satisfactory
to the Company in form and substance. If the Shares represented by this Option are registered under the Securities Act, either
before or after the exercise of this Option in whole or in part, the Optionee shall be relieved of the foregoing investment representation
and agreement and shall not be required to furnish the Company with the foregoing written statement.

 

(b) Optionee
further represents that Optionee has had access to the financial statements or books and records of the Company, has had the opportunity
to ask questions of the Company concerning its business, operations and financial condition, and to obtain additional information
reasonably necessary to verify the accuracy of such information.

 

(c) Unless
and until the Shares represented by this Option are registered under the Securities Act, all certificates representing the Shares
and any certificates subsequently issued in substitution therefore and any certificate for any securities issued pursuant to any
stock split, share reclassification, stock dividend or other similar capital event shall bear legends in substantially the following
form:

 

THESE SECURITIES HAVE NOT BEEN
REGISTERED OR OTHERWISE QUALIFIED UNDER THE SECURITIES ACT OF 1933 (THE 'SECURITIES ACT') OR UNDER THE APPLICABLE SECURITIES LAWS
OF ANY STATE. NEITHER THESE SECURITIES NOR ANY INTEREST THEREIN MAY BE SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE SECURITIES LAWS OF ANY STATE, UNLESS PURSUANT TO EXEMPTIONS
THEREFROM.

 

    	- 4 -

    	 

    

 

THE SHARES REPRESENTED BY THIS
CERTIFICATE HAVE BEEN ISSUED PURSUANT TO THAT CERTAIN INCENTIVE STOCK OPTION AGREEMENT DATED [●] BETWEEN THE COMPANY AND
THE ISSUEE WHICH RESTRICTS THE TRANSFER OF THESE SHARES WHICH ARE SUBJECT TO REPURCHASE BY THE COMPANY UNDER CERTAIN CONDITIONS.

 

or such other legend or legends as the
Company and its counsel deem necessary or appropriate. Appropriate stop transfer instructions with respect to the Shares have been
placed with the Company's transfer agent.

 

14. Effects of Early
Disposition. Optionee understands that if an Optionee disposes of shares acquired hereunder within two (2) years after the
date of this Option or within one (1) year after the date of issuance of such shares to Optionee, such Optionee will be treated
for income tax purposes as having received ordinary income at the time of such disposition of an amount generally measured by the
difference between the purchase price and the fair market value of such stock on the date of exercise, subject to adjustment for
any tax previously paid, in addition to any tax on the difference between the sales price and Optionee's adjusted cost basis in
such shares. The foregoing amount may be measured differently if Optionee is an officer, director or ten percent holder of the
Company. Optionee agrees to notify the Company within ten (10) working days of any such disposition.

 

15. Stand-off Agreement.
Optionee agrees that in connection with any registration of the Company's securities under the Securities Act, and upon the request
of the Company or any underwriter managing an underwritten offering of the Company's securities, Optionee shall not sell, short
any sale of, loan, grant an option for, or otherwise dispose of any of the Shares (other than Shares included in the offering)
without the prior written consent of the Company or such managing underwriter, as applicable, for a period of at least one year
following the effective date of registration of such offering.

 

16. Restriction
Upon Transfer. The Shares may not be sold, transferred or otherwise disposed of and shall not be pledged or otherwise hypothecated
by the Optionee except as hereinafter provided.

 

(a) Repurchase
Right on Termination Other Than for Cause. For the purposes of this Section, a “Repurchase Event” shall
mean an occurrence of one of (i) termination of Optionee's employment by the Company, voluntary or involuntary and with or without
cause; (ii) retirement or death of Optionee; (iii) bankruptcy of Optionee, which shall be deemed to have occurred as of the date
on which a voluntary or involuntary petition in bankruptcy is filed with a court of competent jurisdiction; (iv) dissolution of
the marriage of Optionee, to the extent that any of the Shares are allocated as the sole and separate property of Optionee's spouse
pursuant thereto (in which case this Section shall only apply to the Shares so affected); or (v) any attempted transfer by the
Optionee of Shares, or any interest therein, in violation of this Agreement. Upon the occurrence of a Repurchase Event, the Company
shall have the right (but not an obligation) to repurchase all or any portion of the Shares of Optionee at a price equal to the
fair value of the Shares as of the date of the Repurchase Event.

 

(b) Repurchase
Right on Termination for Cause. In the event Optionee's employment is terminated by the Company “for cause”,
then the Company shall have the right (but not an obligation) to repurchase Shares of Optionee at a price equal to the Exercise
Price. Such right of the Company to repurchase Shares shall apply to 100% of the Shares for one (1) year from the date of this
Agreement; and shall thereafter lapse at the rate of twenty percent (20%) of the Shares on each anniversary of the date of this
Agreement. In addition, the Company shall have the right, in the sole discretion of the Board and without obligation, to repurchase
upon termination for cause all or any portion of the Shares of Optionee, at a price equal to the fair value of the Shares as of
the date of termination, which right is not subject to the foregoing lapsing of rights. In the event the Company elects to repurchase
the Shares, the stock certificates representing the same shall forthwith be returned to the Company for cancellation.

 

    	- 5 -

    	 

    

 

(c) Exercise
of Repurchase Right. Any Repurchase Right under Paragraphs 16(a) or 16(b) shall be exercised by giving notice of exercise as
provided herein to Optionee or the estate of Optionee, as applicable. Such right shall be exercised, and the repurchase price thereunder
shall be paid, by the Company within a ninety (90) day period beginning on the date of notice to the Company of the occurrence
of such Repurchase Event (except in the case of termination of employment or retirement, where such option period shall begin upon
the occurrence of the Repurchase Event). Such repurchase price shall be payable only in the form of cash (including a check drafted
on immediately available funds) or cancellation of purchase money indebtedness of the Optionee for the Shares. If the Company can
not purchase all such Shares because it is unable to meet the financial tests set forth in the Nevada Revised Statutes, the Company
shall have the right to purchase as many Shares as it is permitted to purchase under such sections. Any Shares not purchased by
the Company hereunder shall no longer be subject to the provisions of this Section 16.

 

(d) Right
of First Refusal. In the event Optionee desires to transfer any Shares during his or her lifetime, Optionee shall first offer
to sell such Shares to the Company. Optionee shall deliver to the Company written notice of the intended sale, such notice to specify
the number of Shares to be sold, the proposed purchase price and terms of payment, and grant the Company an option for a period
of thirty days following receipt of such notice to purchase the offered Shares upon the same terms and conditions. To exercise
such option, the Company shall give notice of that fact to Optionee within the thirty (30) day notice period and agree to pay the
purchase price in the manner provided in the notice. If the Company does not purchase all of the Shares so offered during foregoing
option period, Optionee shall be under no obligation to sell any of the offered Shares to the Company, but may dispose of such
Shares in any lawful manner during a period of one hundred and eighty (180) days following the end of such notice period, except
that Optionee shall not sell any such Shares to any other person at a lower price or upon more favorable terms than those offered
to the Company.

 

(e) Acceptance of Restrictions.
Acceptance of the Shares shall constitute the Optionee's agreement to such restrictions and the legending of his certificates with
respect thereto. Notwithstanding such restrictions, however, so long as the Optionee is the holder of the Shares, or any portion
thereof, he shall be entitled to receive all dividends declared on and to vote the Shares and to all other rights of a shareholder
with respect thereto.

 

(f) Permitted
Transfers. Notwithstanding any provisions in this Section 16 to the contrary, the Optionee may transfer Shares subject to this
Agreement to his or her parents, spouse, children, or grandchildren, or a trust for the benefit of the Optionee or any such transferee(s);
provided, that such permitted transferee(s) shall hold the Shares subject to all the provisions of this Agreement (all references
to the Optionee herein shall in such cases refer mutatis mutandis to the permitted transferee, except in the case of clause (iv)
of Section 16(a) wherein the permitted transfer shall be deemed to be rescinded); and provided further, that notwithstanding any
other provisions in this Agreement, a permitted transferee may not, in turn, make permitted transfers without the written consent
of the Optionee and the Company.

 

(g) Release
of Restrictions on Shares. All other restrictions under this Section 16 shall terminate five (5) years following the date of
this Agreement, or when the Company's securities are publicly traded, whichever occurs earlier.         

 

17. Notices.
Any notice required to be given pursuant to this Option or the Plan shall be in writing and shall be deemed to be delivered upon
receipt or, in the case of notices by the Company, five (5) days after deposit in the U.S. mail, postage prepaid, addressed to
Optionee at the address last provided to the Company by Optionee for his or her employee records.

 

    	- 6 -

    	 

    

 

18. Agreement Subject
to Plan; Applicable Law. This Option is made pursuant to the Plan and shall be interpreted to comply therewith. A copy of such
Plan is available to Optionee, at no charge, at the principal office of the Company. Any provision of this Option inconsistent
with the Plan shall be considered void and replaced with the applicable provision of the Plan. This Option has been granted, executed
and delivered in the State of New York, and the interpretation and enforcement shall be governed by the laws thereof and subject
to the exclusive jurisdiction of the courts located in the State of New York.

 

In
Witness Whereof, the parties hereto have executed this Option as of the date first above written.

 

	 	COMPANY:	AKERS BIOSCIENCES, INC.
	 	 	a New Jersey corporation
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:
	 		 
	 	OPTIONEE:	 	 
	 		By:	 
	 	 	 	(signature)
	 	 	Name:	 

 

    	- 7 -

    	 

    

 

Appendix A

 

NOTICE OF EXERCISE

 

AKERS BIOSCIENCES, INC.

_________________

_________________

_________________

 

Re: Incentive Stock
Option

 

1)            Notice
is hereby given pursuant to Section 6 of my Incentive Stock Option Agreement that I elect to purchase the number of shares set
forth below at the exercise price set forth in my option agreement:

 

Incentive Stock Option
Agreement dated: ____________

 

Number of shares being
purchased: ____________

 

Exercise Price: $____________

 

A check in the amount
of the aggregate price of the shares being purchased is attached.

 

OR

 

2)           
I elect a cashless exercise pursuant to Section 6 of my Incentive Stock Option. The Average Market Price as of _______ was $_____.

 

I hereby confirm that
such shares are being acquired by me for my own account for investment purposes, and not with a view to, or for resale in connection
with, any distribution thereof. I will not sell or dispose of my Shares in violation of the Securities Act of 1933, as amended,
or any applicable federal or state securities laws. Further, I understand that the exemption from taxable income at the time of
exercise is dependent upon my holding such stock for a period of at least one year from the date of exercise and two years from
the date of grant of the Option.

 

I understand that the
certificate representing the Option Shares will bear a restrictive legend within the contemplation of the Securities Act and as
required by such other state or federal law or regulation applicable to the issuance or delivery of the Option Shares.

 

I agree to provide
to the Company such additional documents or information as may be required pursuant to the Akers Biosciences, Inc. 2013 Incentive
Stock Plan.

 

	 	By:	 
	 	 	(signature)
	 	Name:	 

 

    	- 8 -

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