Document:

REGISTRATION RIGHTS AGREEMENT FOR
WARRANT HOLDERS

 

THIS REGISTRATION
RIGHTS AGREEMENT (this “Agreement”) is made as of May 16, 2013, by and among DvineWave Inc., a Delaware
corporation (“Company”), and the persons listed on Schedule A hereto, which persons are the holders of certain
warrants (the “Warrants”) to purchase Common Stock, issued by the Company in connection with an offering of
convertible notes and the provision of strategic advisory services, referred to individually as the “Holder”
and collectively as the “Holders”. Certain terms are defined in Section 13 hereof.

 

WHEREAS, in connection with an
offering of convertible notes and the provision of strategic advisory services, the Holders have received Warrants, which are exercisable
for Common Stock in accordance with the terms thereof; such shares of Common Stock acquired by the Holders or issuable to the Holders
and their assignees or successors in interest upon proper exercise of the Warrants, are referred to collectively as “Registrable
Securities”.

 

NOW, THEREFORE,
in consideration of the above premises and the mutual covenants contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Company and Holder hereby agree as follows:

 

1.Registration.

 

(a)Piggyback
Registrations Rights. Subject to the inapplication of this provision in connection with an Initial Public Offering (as hereinafter
defined) as stated below, if, at any time after the Company becomes a Reporting through the date
that is five years after the date the Company becomes a Reporting Company, there is not an effective Registration Statement covering
the Registrable Securities, and the Company shall determine to prepare and file with the Commission a Registration Statement relating
to an offering for its own account or the account of others under the Securities Act of any of its equity securities (other than
on Form S-4 or Form S-8, each as promulgated under the Securities Act, or their then equivalents relating to equity securities
to be issued solely in connection with any acquisition of any entity or business or equity securities issuable in connection with
stock option or other employee benefit, or a registration in which the only stock being registered is Common Stock issuable
upon conversion of debt securities which are also being registered, or any registration on any form which does not include substantially
the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities)
then the Company shall send to the Holders a written notice of such determination at least twenty (20) days prior to the filing
of any such Registration Statement and shall, include in such Registration Statement all Registrable Securities requested by any
Holder hereunder to be included in the registration within ten (10) days after the Company sends such notice to the Holders (the
“Piggyback Shares”) for resale and offer on a continuous basis pursuant to Rule 415; provided, however, that
(i) if, at any time after giving written notice of its intention to register any securities and prior to the effective date of
the Registration Statement filed in connection with such registration, the Company determines for any reason not to proceed with
such registration, the Company will be relieved of its obligation to register any Registrable Securities in connection with such
registration, (ii) in case of a determination by the Company to delay registration of its securities, the Company will be permitted
to delay the registration of Registrable Securities for the same period as the delay in registering such other securities, (iii)
each Holder is subject to confidentiality obligations with respect to any information gained in this process or any other material
non-public information he, she or it obtains, (iv) each Holder or assignee or successor in interest is subject to all applicable
laws relating to insider trading or similar restrictions; and (v) if all of the Registrable Securities of the Holders cannot be
so included due to Commission Comments or Underwriter Cutbacks, then the Company may reduce, in accordance with the provisions
of Section 1(c) hereof, the number of securities covered by such Registration Statement to the maximum number which would enable
the Company to conduct such offering in accordance with the provisions of Rule 415 or that would be consistent with the managing
underwriter’s assessment regarding the successful completion of the offering. For an abundance of clarity, the piggyback
registration rights set forth in this Agreement do not grant any right to have any shares of Common Stock or other security of
the Company, including the Registrable Securities and the Piggyback Shares, included as part of the offering or for resale on a
registration statement filed or declared effective in connection with the consummation of the Company’s initial public offering
of its securities (the “Initial Public Offering”)

 

    	 

    	 

    

 

(b)Initial
Piggyback Registration Statement. At the election of each Holder, the Company shall be required to include up to all Piggyback
Shares held by such Holder for resale and offer on a continuous basis pursuant to Rule 415 in the first Registration Statement
for an offering that is not the Company’s Initial Public Offering (“Initial Piggyback Registration Statement”);
provided, however, that if all of the Registrable Securities of the Holders cannot be so included due to Commission Comments
or Underwriter Cutbacks, then the Company may reduce, in accordance with the provisions of Section 1(c) hereof, the number of securities
covered by the Initial Piggyback Registration Statement to the maximum number which would enable the Company to conduct such offering
in accordance with the provisions of Rule 415 or that would be consistent with the managing underwriter’s assessment regarding
the successful completion of the offering.

 

(c)Cutback Provisions.
In the event all of the Registrable Securities cannot be or are not included in a Registration Statement due to Commission Comments
or Underwriter Cutbacks, the Company and the Holders agree that securities shall be removed from such Registration Statement in
the following order until no further removal is required by Commission Comments or Underwriter Cutbacks:

 

(i)First,
any securities held by any former employee, consultant or affiliate of the Company shall be removed, pro rata based on the number
of securities being registered for such former employees, consultants or affiliates held by all of the former employees of the
Company and any of their affiliates and successors in interest, whether pursuant to agreement or otherwise and any other person
with any registration rights outstanding on the date hereof;

 

(ii)Second,
the securities held by MDB Capital Group LLC and its members and affiliates, if any, (A) obtained solely by reason of providing
services to the Company, which are being registered pursuant to any registration rights agreement to which MDB Capital Group LLC
and the Company are party or (B) any securities held by MDB Capital Group LLC or its members or affiliates which were acquired
in open market transactions from persons or entities in whose hands the shares were not restricted securities (and not from the
Company or any Holder or any Person who purchase their securities directly from the Company) upon payment of a purchase price in
cash after the Company’s Initial Public Offering; and

 

(iii)Third,
the securities held by parties to that certain Registration Rights Agreement for Investors of even date herewith, by and among
the Company and the other parties thereto (the “Investor Registration Agreement”), shall be removed, pro rata
based on the number of Registrable Shares held by each Holder in comparison to the number of Registrable Securities held by all
Holders who have requested to include any Registrable Securities in the Registration Statement.

 

In the event of a conflict between the
priority of cutbacks under this Agreement and the Investor Registration Agreement, the Investor Registration Agreement shall govern.

 

    	 

    	 

    

 

(d)Mandatory Registrations.
In the event all of the Piggyback Shares of the Holders are not included in a Registration Statement due to Commission Comments,
the Company shall prepare and file an additional Registration Statement (the “Follow-up Registration Statement”)
with the Commission within sixty (60) days following the effectiveness of the previously filed Registration Statement; provided,
however, that the time period for filing the Follow-up Registration shall be extended to the extent that the Commission publishes
written Commission Guidance or the Company receives written Commission Guidance which provides for a longer period before a Follow-up
Registration Statement may be filed. The Follow-up Registration Statement shall cover the resale of all of the Registrable Securities
that were excluded from any previously filed Registration Statement. In the event that all of the Piggyback Shares have not been
registered in a Registration Statement after the Follow-up Registration Statement has been declared effective, the Company shall
use commercially reasonable efforts thereafter to register any remaining unregistered Registrable Securities, subject to the provisions
of Section 1(e) hereof.

 

(e)Filing; Content.
The Company will use its commercially reasonable efforts to cause each Registration Statement pursuant
to which any Registrable Securities are included, including the Initial or Follow-up Registration Statement, to contain the Plan
of Distribution substantially similar to that attached hereto as Schedule B (which, for the avoidance of doubt, may be modified
to respond to comments, if any, received by the Commission or suggestions of the managing underwriter). The Company shall use its
commercially reasonable efforts to cause any Registration Statement filed under this Section 1, including the Initial and Follow-up
Registration Statement, to be declared effective under the Securities Act as promptly as practicable after the filing thereof and
shall keep such Registration Statement continuously effective under the Securities Act until the earlier of (i) one year after
its Effective Date (provided, however, the one year period shall be extended for any Grace Period), (ii) such time as all of the
Registrable Securities covered by such Registration Statement have been publicly sold by the Holders, or (iii) such time as all
of the Registrable Securities covered by such Registration Statement may be sold by the Holders pursuant to Rule 144 without regard
to both the volume limitations for sales as provided in Rule 144 and the limitations for such sales provided in Rule 144(i), if
applicable, as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed and acceptable
to the Company's transfer agent and the affected Holder (“Effectiveness Period”). By 5:00 p.m. (New York City
time) on the business day immediately following the Effective Date of a Registration Statement, the Company shall file with the
Commission in accordance with Rule 424 under the Securities Act the final Prospectus to be used in connection with sales pursuant
to such Registration Statement (whether or not such filing is technically required under such Rule.

 

(f)Termination
of Registration Rights. The registration rights afforded to the Holders under this Section 1 shall terminate on the earliest
date when all Registrable Securities of the Holder either: (i) have been publicly sold by the Holder
pursuant to a Registration Statement, (ii) have been covered by an effective Registration Statement which has been effective
for an aggregate period of sixteen (16) months (whether or not consecutive), provided, however, the time period shall be calculated
so as to exclude any Grace Period, or (iii) may be sold by the Holder pursuant to Rule 144 without regard
to both the volume limitations for sales as provided in Rule 144 and the limitations for such sales provided in Rule 144(i), if
applicable, as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed and acceptable
to the Company’s transfer agent and the affected Holder.

 

    	 

    	 

    

 

2.Demand Registration
Rights.

 

(a)Demand Right.
Commencing on the date that is one hundred eighty (180) days after the Company becomes a Reporting Company, the Holders as a group
representing at least 50% of the Registrable Securities (a “Requesting Group”) shall have a separate one-time
right (i.e., a one-time right for all the Holders collectively, which may be exercised once by any Requesting Group and then never
thereafter by any Holder or Holders, whether or not a part of the Requesting Group), by written notice to the Company, signed by
such Holders (the “Demand Notice”), to request the Company to register for resale all Registrable Securities
included by the Requesting Group in the Demand Notice (the “Demand Shares”) under and in accordance with the
provisions of the Securities Act by filing with the Commission a Registration Statement covering the resale of such Demand Shares
(the “Demand Registration Statement”). A copy of the Demand Notice also shall be provided by the Company to
each of the other Holders who will have fifteen (15) days to notify the Company in writing to include their Registrable Securities
as part of the Demand Shares , the failure of which, however, shall not in any way affect the rights of the Requesting Group pursuant
to this Section 2(a) or increase or change the rights of any Holder under this Section 2(a). The Demand Registration Statement
required hereunder shall be on any form of registration statement then available for the registration of the Registrable Securities,
as selected by the Company in accordance with applicable law and regulation. The Company will use its commercially reasonable efforts
to file the Demand Registration Statement within forty-five (45) days of the receipt of the Demand Notice, provided if the Demand
Notice is given within the forty-five (45) days after the prior fiscal year end, then the Company will use its reasonably commercial
efforts to file the Demand Registration Statement within ninety (90) days of the fiscal year end of the Company. The Company shall
use its commercially reasonable efforts to cause the Demand Registration Statement to be declared effective under the Securities
Act as promptly as practicable after the filing thereof and to keep the Demand Registration Statement continuously effective under
the Securities Act until the earlier of (i) the date when all Registrable Securities have been sold pursuant to the Demand Registration
Statement or an exemption from the registration requirements of the Securities Act; (ii) the date that the Holders can sell all
of their Registrable Securities, pursuant to Rule 144; and (iii) one (1) year from the Effective Date of the Registration Statement.
For the avoidance of doubt, the demand registration right of the Holders of Registrable Securities under this Agreement is distinct,
separate and separable from the demand registration right in favor of the investor parties to the Investor Registration Agreement.

 

(b)Inclusion of
Other Registrable Shares and Cutback Provisions. If as a result of Commission Comments, not all shares are included that are
desired to be included in a Registration Statement for the Demand Shares, the provisions of Section 1(c) shall apply, subject to
the Demand Priority (as defined below) of the Requesting Group. Pursuant to the piggyback registration rights granted under this
Agreement or the Investor Registration Agreement, the Company may include the Registrable Shares of the other Holders which will
be subject to the provision of Section 1(c) hereof, except that under Section 1(c)(iii), there will be no cutback of the Registrable
Securities of the Requesting Group until the Holders of Piggyback Shares and the shares of any other person exercising piggyback
rights under any other registration rights agreement (except for MDB Capital Group LLC, which shall have the priority established
in Section 1(c)) have been removed, and thereafter if any further Registrable Securities have to be removed then those of the Requesting
Group will be removed pro rata (the “Demand Priority”). Notwithstanding the foregoing, if any other securities
of any person other than the Holders or the Requesting Group or MDB Capital Group LLC are included on the Demand Registration Statement,
such securities will be removed, if required pursuant to Commission Comments, after removal of the securities indicated in Section
1(c)(i) and before the securities indicated in Section 1(c)(ii), as such persons decide among themselves, and if there is no agreement
at to such removal provided to the Company within a reasonable time, time being of the essence, then all the such securities will
be removed. In the event that any investor party to the Investor Registration Agreement asserts that a conflict between the Demand
Priority and its rights under such Investor Registration Agreement, the Company agrees to use commercially reasonable efforts to
resolve such conflict in a manner that upholds as much as is practicable of the Demand Priority specified herein, including without
limitation, asserting such reasonable interpretation of such Investor Registration Agreement that would tend to support the Demand
Priority specified herein.

 

    	 

    	 

    

 

(c)Underwritten
Demand Registration. If the Requesting Group intends to distribute the Registrable Securities covered by its request by means
of an underwriting, it shall so advise the Company as a part of its request and the Requesting Group shall include such information
in the Demand Notice. The underwriter will be selected by the Company and be reasonably acceptable to the Demand Group, provided
that MDB Capital Group LLC shall be deemed acceptable. In such event, the right of any Holder to include its Registrable Securities
in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such
Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed by the Requesting Group and such Holder)
to the extent provided herein. The Company and all Holders proposing to distribute their securities through such underwriting shall
enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting. Any
Registrable Securities excluded from or withdrawn from any applicable underwriting shall be withdrawn from registration.

 

(d)Notwithstanding
the foregoing, if the Company shall furnish to Holders requesting a Registration Statement pursuant to this Section 2, a certificate
signed by the chief executive officer of the Company stating that in the good faith judgment of the Company’s board of directors,
it would be seriously detrimental to the Company and its stockholders for such Registration Statement to be filed, the Company
shall have the right to defer such filing for a period of not more than ninety (90) days after receipt of the request of the Requesting
Group; provided, however, that the Company may not utilize this right more than once in any twelve-month period, and provided,
further, that the Company shall not register any securities for the account of itself or any other stockholder during such ninety
(90)-day period ((other than on Form S-4 or Form S-8, each as promulgated under the Securities Act,
or their then equivalents relating to equity securities to be issued solely in connection with any acquisition of any entity or
business or equity securities issuable in connection with stock option or other employee benefit).

 

(e)In addition, the
Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to this Section 2 during the
period starting with the date sixty (60) days prior to the Company’s good faith estimate of the date of filing of, and ending
on a date ninety (90) days after the effective date of, a registration subject to Section 1 hereof, unless such offering is the
Initial Public Offering of the Company’s securities, in which case, ending on a date one hundred thirty-five (135) days after
the Effective Date of such registration subject to Section 1 hereof; provided that the Company is actively employing in good faith
all commercially reasonable efforts to cause such Registration Statement to become effective.

 

3.Registration
Procedures. Whenever any Registrable Securities are to be registered pursuant to this Agreement, the Company shall use its
commercially reasonable efforts to effect the registration and sale of such Registrable Securities in accordance with the intended
method of disposition thereof, and pursuant thereto the Company shall have the following obligations:

 

(a)The Company shall
prepare and file with the Commission a Registration Statement with respect to such Registrable Securities and use its commercially
reasonable efforts to cause such Registration Statement to become effective.

 

(b)The Company shall
prepare and file with the Commission such amendments (including post-effective amendments) and supplements to a Registration Statement
and the Prospectus used in connection with such Registration Statement, which Prospectus is to be filed pursuant to Rule 424 promulgated
under the Securities Act, as may be necessary to keep such Registration Statement effective at all times during the Effectiveness
Period, and, during such period, comply with the provisions of the Securities Act with respect to the disposition of all Registrable
Securities of the Company covered by such Registration Statement until such time as all of such Registrable Securities shall have
been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof as set forth in such Registration
Statement. In the case of amendments and supplements to a Registration Statement which are required to be filed pursuant to this
Agreement by reason of the Company filing a report on Forms 10-K, 10-Q or Current Report on Form 8-K, or any analogous report under
the Securities Exchange Act, the Company shall have incorporated such report by reference into such Registration Statement, if
applicable, or shall file such amendments or supplements with the Commission on the same day on which the Securities Exchange Act
report is filed which created the requirement for the Company to amend or supplement such Registration Statement.

 

    	 

    	 

    

 

(c)The Company shall
furnish to each Holder of Registrable Securities in any Registration Statement, without charge, (i) promptly after the same is
prepared and filed with the Commission at least one copy of such Registration Statement and any amendment(s) thereto, including
financial statements and schedules, all documents incorporated therein by reference, if requested by such seller, all exhibits
and each preliminary Prospectus, (ii) upon the effectiveness of any Registration Statement, ten (10) copies of the Prospectus included
in such Registration Statement and all amendments and supplements thereto (or such other number of copies as such seller may reasonably
request), and (iii) such other documents, including copies of any preliminary or final Prospectus, as such seller may reasonably
request from time to time in order to facilitate the disposition of the Registrable Securities owned by such seller.

 

(d)The Company shall
use its commercially reasonable efforts to (i) register and qualify, unless an exemption from registration and qualification applies,
the resale by any seller of the Registrable Securities covered by a Registration Statement under such other securities or “blue
sky” laws of all applicable jurisdictions in the United States, (ii) prepare and file in those jurisdictions, such amendments
(including post-effective amendments) and supplements to such registrations and qualifications as may be necessary to maintain
the effectiveness thereof during the Effectiveness Period, (iii) take such other actions as may be necessary to maintain such registrations
and qualifications in effect at all times during the Effectiveness Period, and (iv) take all other actions reasonably necessary
or advisable to qualify the Registrable Securities for sale in such jurisdictions; provided, however, that the Company shall not
be required in connection therewith or as a condition thereto to (x) qualify to do business in any jurisdiction where it would
not otherwise be required to qualify but for this Section 2(d), (y) subject itself to general taxation in any such jurisdiction,
or (z) file a general consent to service of process in any such jurisdiction.

 

(e)The Company shall
use its best efforts to prevent the issuance of any stop order or other suspension of effectiveness of a Registration Statement,
or the suspension of the qualification of any of Registrable Securities for sale in any jurisdiction and, if such an order or suspension
is issued, to obtain the withdrawal of such order or suspension at the earliest practicable time and to notify the Holder of any
Registrable Securities included in the offering under such Registration Statement of such order and the resolution thereof or its
receipt of actual notice of the initiation or threat of any proceeding for such purpose.

 

(f)The Company shall
notify the Holder in writing of the happening of any event, as promptly as practicable after becoming aware of such event, as a
result of which the Prospectus included in a Registration Statement, as then in effect, includes an untrue statement of a material
fact or omission to state a material fact required to be stated therein or necessary to make the statements therein, in the light
of the circumstances under which they were made, not misleading (provided that in no event shall such notice contain any material,
nonpublic information), and, subject to Section 3(r), promptly prepare a supplement or amendment to such Registration Statement
to correct such untrue statement or omission, and deliver ten (10) copies of such supplement or amendment to the Holder (or such
other number of copies as the Holder may reasonably request).

 

(g)The Company shall
promptly notify the Holder in writing (i) when a Prospectus or any Prospectus supplement or post-effective amendment has been filed,
and when a Registration Statement or any post-effective amendment has become effective (notification of such effectiveness shall
be delivered to the Holder by facsimile on the same day of such effectiveness or by overnight delivery), (ii) of any request by
the Commission for amendments or supplements to a Registration Statement or related Prospectus or related information, and (iii)
of the Company’s reasonable determination that a post-effective amendment to a Registration Statement would be appropriate.

 

    	 

    	 

    

 

(h)If the Holder
is required under applicable securities laws to be described in a Registration Statement as an underwriter, at the reasonable request
of such Holder, the Company shall use its best efforts to furnish to such Holder, on the date of the effectiveness of such Registration
Statement and thereafter from time to time on such dates as the Holder may reasonably request (i) a letter, dated such date, from
the Company’s independent certified public accountants in form and substance as is customarily given by independent certified
public accountants to underwriters in an underwritten public offering, addressed to the Holder, and (ii) an opinion, dated as of
such date, of counsel representing the Company for purposes of such Registration Statement, in form, scope and substance as is
customarily given in an underwritten public offering, addressed to the Holder.

 

(i)If the Holder
is required under applicable securities laws to be described in a Registration Statement as an underwriter, then at the request
of such Holder in connection with such Holder’s due diligence requirements, the Company shall make available for inspection
by (i) the Holder, (ii) the Holder’s legal counsel, and (iii) one firm of accountants or other agents retained by the Holder
(collectively, the “Inspectors”), all pertinent financial and other records, and pertinent corporate documents
and properties of the Company (collectively, the “Records”), as shall be reasonably deemed necessary by each
Inspector, and cause the Company’s officers, directors and employees to supply all information which any Inspector may reasonably
request; provided, however, that each Inspector shall agree to hold in strict confidence and shall not make any disclosure (except
to the Holder) or use of any Record or other information which the Company determines in good faith to be confidential, and of
which determination the Inspectors are so notified, unless (a) the disclosure of such Records is necessary to avoid or correct
a misstatement or omission in any Registration Statement or is otherwise required under the Securities Act, (b) the release of
such Records is ordered pursuant to a final, non-appealable subpoena or order from a court or government body of competent jurisdiction,
or (c) the information in such Records has been made generally available to the public other than by disclosure in violation of
this or any other agreement of which the Inspector has knowledge. Each Holder agrees that it shall, upon learning that disclosure
of such Records is sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt notice
to the Company and allow the Company, at its expense, to undertake appropriate action to prevent disclosure of, or to obtain a
protective order for, the Records deemed confidential. Nothing herein (or in any other confidentiality agreement between the Company
and the Holder) shall be deemed to limit the Holder’s ability to sell Registrable Securities in a manner which is otherwise
consistent with applicable laws and regulations.

 

(j)The Company shall
hold in confidence and not make any disclosure of information concerning the Holder provided to the Company unless (i) disclosure
of such information is necessary to comply with federal or state securities laws, (ii) the disclosure of such information is necessary
to avoid or correct a misstatement or omission in any Registration Statement, (iii) the release of such information is ordered
pursuant to a subpoena or other final, non-appealable order from a court or governmental body of competent jurisdiction, (iv) such
information has been made generally available to the public other than by disclosure in violation of this Agreement or any other
agreement, or (v) the Holder provides information to the Company intended for inclusion in a Registration Statement. The Company
agrees that it shall, upon learning that disclosure of such information concerning the Holder is sought in or by a court or governmental
body of competent jurisdiction or through other means, give prompt written notice to the Holder if permitted by applicable law
or regulation and allow the Holder, at the Holder’s expense, to undertake appropriate action to prevent disclosure of, or
to obtain a protective order for, such information.

 

    	 

    	 

    

 

(k)The Company shall
(i) if applicable, use its best efforts to cause all of the Registrable Securities covered by a Registration Statement to be listed
on each securities exchange on which securities of the same class or series issued by the Company are then listed, if any, if the
listing of such Registrable Securities is then permitted under the rules of such exchange, or (ii) otherwise, use its commercially
reasonable efforts to secure designation and quotation of all of the Registrable Securities covered by a Registration Statement
on any one of the different levels of The NASDAQ Stock Market, or (iii) if, despite the Company’s best efforts or commercially
reasonable efforts, as applicable, to satisfy, the preceding clauses (i) and (ii) the Company is unsuccessful in satisfying the
preceding clauses (i) and (ii), to instead secure the inclusion for quotation on the Over-the-Counter Bulletin Board for such Registrable
Securities and, without limiting the generality of the foregoing, to use its commercially reasonable efforts to encourage at least
two market makers to register with the Financial Industry Regulatory Authority, Inc. (“FINRA”) as such with respect
to such Registrable Securities. For the avoidance of doubt, subject to and in accordance with Section 5, the Company shall pay
all fees and expenses of the Company in connection with satisfying its obligation under this Section 3(k).

 

(l)If requested by
the Holder, the Company shall (i) as soon as practicable incorporate in a Prospectus supplement or post-effective amendment such
information as the Holder reasonably requests to be included therein relating to the sale and distribution of Registrable Securities,
including, without limitation, information with respect to the number of Registrable Securities being offered or sold, the purchase
price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering; (ii) as
soon as practicable make all required filings of such Prospectus supplement or post-effective amendment after being notified of
the matters to be incorporated in such Prospectus supplement or post-effective amendment; and (iii) as soon as practicable, supplement
or make amendments to any Registration Statement if reasonably requested by the Holder holding any Registrable Securities.

 

(m)The Company shall
cooperate with each Holder who holds Registrable Securities being offered and, to the extent applicable, facilitate the timely
preparation and delivery of certificates (not bearing any restrictive legend) representing the Registrable Securities to be offered
pursuant to a Registration Statement and enable such certificates to be in such denominations or amounts, as the case may be, as
the Holder may reasonably request and registered in such names as the Holder may request.

 

(n)The Company shall
use its commercially reasonable efforts to cause the Registrable Securities covered by a Registration Statement to be registered
with or approved by such other U.S. governmental agencies or authorities, but only in matters not contemplated Section 3(d) by
or reasonably related to such matters (which matters are to be governed exclusively by Section 3(d)), as may be strictly necessary
to consummate the disposition of such Registrable Securities by the Holder strictly in accordance with the Plan of Distribution
included in the Registration Statement (as such Plan of Distribution may be modified from time to time in any filing with the Commission).

 

(o)The Company shall
make generally available to its security holders as soon as practicable, but not later than ninety (90) days after the close of
the period covered thereby (or, if different, within the period permitted for the filing of reports on Forms 10-K or 10-Q), an
earnings statement (in form complying with, and in the manner provided by, the provisions of Rule 158 under the Securities Act)
covering a twelve-month period beginning not later than the first day of the Company’s fiscal quarter next following the
Effective Date of a Registration Statement.

 

(p)The Company shall
otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission in connection
with any registration hereunder.

 

    	 

    	 

    

 

(q)Within two (2)
business days after a Registration Statement which covers Registrable Securities is ordered effective by the Commission, the Company
shall deliver, and shall cause legal counsel for the Company to deliver, to the transfer agent for such Registrable Securities
(with copies to the Holder whose Registrable Securities are included in such Registration Statement) confirmation that such Registration
Statement has been declared effective by the Commission in the form attached hereto as Exhibit A and the Irrevocable Transfer
Agent Instructions in the form attached hereto as Exhibit B.

 

(r)Notwithstanding
anything to the contrary herein, at any time after the Effective Date of a Registration Statement, the Company may delay the disclosure
of material, non-public information concerning the Company the disclosure of which at the time is not, in the good faith opinion
of the Board of Directors of the Company, in the best interest of the Company and not, after consultation with legal counsel, otherwise
required (a “Grace Period”); provided, that the Company shall promptly (i) notify the Holder in writing of the
existence of material, non-public information giving rise to a Grace Period (provided that in each notice the Company will not
disclose the content of such material, non-public information to the Holder) and the date on which the Grace Period will begin,
and (ii) notify the Holder in writing of the date on which the Grace Period ends; and, provided further, that no Grace Period shall
exceed sixty (60) consecutive days and during any three hundred sixty-five (365) day period such Grace Periods shall not exceed
an aggregate of one hundred twenty (120) days (each, an “Allowable Grace Period”). For purposes of determining
the length of a Grace Period above, the Grace Period shall begin on and include the date the Holder receives the notice referred
to in clause (i) and shall end on and include the later of the date the Holder receives the notice referred to in clause (ii) and
the date referred to in such notice. The provisions of Section 3(e) hereof shall not be applicable during the period of any Allowable
Grace Period. Upon expiration of the Grace Period, the Company shall again be bound by Section 3(f) with respect to the information
giving rise thereto unless such material, non-public information is no longer applicable. Notwithstanding anything to the contrary,
the Company shall cause its transfer agent to deliver unlegended shares of Common Stock to a transferee of the Holder in connection
with any sale of Registrable Securities with respect to which the Holder has entered into a contract for sale, and delivered a
copy of the Prospectus included as part of the applicable Registration Statement (unless an exemption from such Prospectus delivery
requirements exists), prior to the Holder’s receipt of the notice of a Grace Period or, if earlier, Holders knowledge of
the material, non-public information concerning the Company that gave rise to the Grace Period, and for which the Holder has not
yet settled.

 

(s)In the event the
number of shares available under any Registration Statement filed pursuant to this agreement is insufficient to cover all of the
Registrable Securities required to be covered by such Registration Statement in accordance with the requirements of this Agreement
or a Holder’s allocated portion of the Registrable Securities pursuant to Sections 1(c) or 2(b), the Company may, as an alternative,
to filing a Follow-up Registration Statement, amend Registration Statement (if permissible) on or before the date the filing of
a Follow-up Registration Statement would be required, so as to cover at least the required number of Registrable Securities (but
taking account of any SEC Staff position with respect to the date on which the Staff will permit such amendment to the Registration
Statement and/or such new Registration Statement (as the case may be) to be filed with the SEC). The Company shall use its commercially
reasonable efforts to cause such any such amendment to such Registration Statement (as the case may be) to become effective as
soon as practicable following the filing thereof with the SEC.

 

4.Obligations
of the Holders.

 

(a)At least five
(5) business days prior to the first anticipated filing date of a Registration Statement, the Company shall notify the Holders
in writing of the information the Company requires from each Holder if the Holder’s Registrable Securities are to be included
in such Registration Statement. It shall be a condition precedent to the obligations of the Company to complete the registration
pursuant to this Agreement with respect to any Registrable Securities of the Holder that the Holder shall furnish to the Company
such information regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable
Securities held by it as shall be reasonably required to effect the effectiveness of the registration of such Registrable Securities
and shall execute such documents in connection with such registration as the Company may reasonably request.

 

    	 

    	 

    

 

(b)The Holder, by
the Holder’s acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably requested by the
Company in connection with the preparation and filing of any Registration Statement hereunder, unless the Holder has notified the
Company in writing of the Holder's election to exclude all of the Holder’s Registrable Securities from such Registration
Statement.

 

(c)The Holder agrees
that, upon receipt of any notice from the Company of the happening of any event of the kind described in Sections 3(e) or 3(f)
or of a Grace Period under Section 3(q), the Holder will immediately discontinue disposition of Registrable Securities pursuant
to any Registration Statement(s) covering such Registrable Securities until the Holder’s receipt of the copies of the supplemented
or amended Prospectus contemplated by Sections 3(e) or 3(f) or receipt of notice that no supplement or amendment is required. Notwithstanding
anything to the contrary, the Company shall cause its transfer agent to deliver unlegended shares of Common Stock to a transferee
of the Holder in connection with any sale of Registrable Securities with respect to which the Holder has entered into a contract
for sale prior to the Holder’s receipt of a notice from the Company of the happening of any event of the kind described in
Sections 3(e) or 3(f) or of any Grace Period, or, if earlier, Holders knowledge of the material, non-public information concerning
the Company or the facts or circumstances that gave rise to the Grace Period or of the Section 3(e) or 3(f) event, and for which
the Holder has not yet settled.

 

(d)The
Holder covenants and agrees that it will comply with the Prospectus delivery requirements of the Securities Act as applicable to
it or an exemption therefrom in connection with sales of Registrable Securities pursuant to a
Registration Statement.

 

5.Registration
Expenses. All expenses incident to the Company’s performance of or compliance with this Agreement, including without
limitation all registration and filing fees, fees and expenses of compliance with securities or blue sky laws, printing expenses,
messenger and delivery expenses, fees and disbursements of custodians, and fees and disbursements of counsel for the Company and
all independent certified public accountants, underwriters (excluding discounts, commissions and placement agent fees) and other
Persons retained by the Company (all such expenses being herein called “Registration Expenses”), shall be borne
by the Company. Further, the Company shall pay its internal expenses (including, without limitation, all salaries and expenses
of its officers and employees performing legal or accounting duties), the expense of any annual audit or quarterly review, the
expense of any liability insurance and the expenses and fees for listing the securities to be registered on each securities exchange
on which similar securities issued by the Company are then listed.

 

    	 

    	 

    

 

6.Indemnification.

 

In the event any Registrable
Securities are included in a Registration Statement under this Agreement:

 

(a)To the fullest
extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend the Holder, the directors, officers,
members, partners, employees, agents, representatives of, and each Person, if any, who controls the Holder within the meaning of
the Securities Act or the Securities Exchange Act (each, an “Indemnified Person”), against any losses, claims,
damages, liabilities, judgments, fines, penalties, charges, costs, reasonable attorneys’ fees, amounts paid in settlement
or expenses, joint or several, (collectively, “Claims”) incurred in investigating, preparing or defending any
action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental,
administrative or other regulatory agency, body or the Commission, whether pending or threatened, whether or not an indemnified
party is or may be a party thereto (“Indemnified Damages”), to which any of them may become subject insofar
as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon:
(i) any untrue statement or alleged untrue statement of a material fact in a Registration Statement or any post-effective amendment
thereto or in any filing made in connection with the qualification of the offering under the securities or other “blue sky”
laws of any jurisdiction in which Registrable Securities are offered (“Blue Sky Filing”), or the omission or
alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading,
(ii) any untrue statement or alleged untrue statement of a material fact contained in any preliminary Prospectus if used prior
to the effective date of such Registration Statement, or contained in the final Prospectus (as amended or supplemented, if the
Company files any amendment thereof or supplement thereto with the Commission) or the omission or alleged omission to state therein
any material fact necessary to make the statements made therein, in the light of the circumstances under which the statements therein
were made, not misleading, (iii) any violation or alleged violation by the Company of the Securities Act or the Securities Exchange
Act, any other law, including, without limitation, any state securities law, or any rule or regulation thereunder relating to the
offer or sale of the Registrable Securities pursuant to a Registration Statement or (iv) any violation of this Agreement (the matters
in the foregoing clauses (i) through (iv) being, collectively, “Violations”). Subject to Section 6(c), the Company
shall reimburse the Indemnified Persons, promptly as such expenses are incurred and are due and payable, for any legal fees or
other reasonable expenses incurred by them in connection with investigating or defending any such Claim. Notwithstanding anything
to the contrary contained herein, the indemnification agreement contained in this Section 6(a): (i) shall not apply to a Claim
by an Indemnified Person arising out of or based upon a Violation which occurs in reliance upon and in conformity with information
furnished in writing to the Company by such Indemnified Person or by a Related Information Provider expressly for use in connection
with the preparation of the Registration Statement or any such amendment thereof or supplement thereto and (ii) shall not be available
to the extent such Claim is based on a failure of the Holder to deliver or to cause to be delivered the Prospectus made available
by the Company, including a corrected Prospectus, if such Prospectus or corrected Prospectus was timely made available by the Company
pursuant to Section 3(c); and (iii) shall not apply to amounts paid in settlement of any Claim if such settlement is effected without
the prior written consent of the Company, which consent shall not be unreasonably withheld or delayed. Such indemnity shall remain
in full force and effect regardless of any investigation made by or on behalf of the Indemnified Person and shall survive the transfer
of the Registrable Securities by the Holder pursuant to Section 10. “Related Information Provider” means, in
respect of any Indemnified Person, the Holder to which such Indemnified Person is related or another Indemnified Person that is
related to the Holder to which such Indemnified Person is related.

 

(b)To the fullest
extent permitted by law, in connection with any Registration Statement in which a Holder’s Registrable Securities are included
or in which a Holder is otherwise participating, such Holder will severally and not jointly indemnify and hold harmless the Company,
each of its directors, each of its officers who has signed the Registration Statement, each Person, if any, who controls the Company
within the meaning of the Securities Act, any underwriter, any other Holder or other Person selling securities in such Registration
Statement and any controlling person of any such underwriter or other Holder or other Person (each an “Other Indemnified
Person”), against any Claims or Indemnified Damages to which any of them may become subject, under the Securities Act,
the Exchange Act or otherwise, insofar as such Claim or Indemnified Damages arise out of or are based upon any Violation, in each
case to the extent, and only to the extent, that such Violation occurs in reliance upon and in conformity with written information
furnished by such Holder or by a Related Information Provider expressly for use in connection with such Registration Statement;
and each such Holder will pay, as incurred, any legal or other expenses reasonably incurred by any Other Indemnified Person intended
to be indemnified pursuant to this Section 6(b), in connection with investigating or defending any such Claim; provided, however,
that the indemnity agreement contained in this Section 6(b) shall not apply to amounts paid in settlement of any such Claim if
such settlement is effected without the prior written consent of the Holder, which consent shall not be unreasonably withheld;
provided, further, however, that the Holder shall be liable under this Section 6(b) for only that amount of a Claim or Indemnified
Damages as does not exceed the net proceeds to the Holder as a result of the sale of Registrable Securities pursuant to such Registration
Statement, except in the case of fraud by such Holder. Such indemnity shall remain in full force and effect regardless of any investigation
made by or on behalf of such Other Indemnified Person and shall survive the transfer of the Registrable Securities by the Holder
pursuant to Section 10.

 

    	 

    	 

    

 

(c)Promptly after
receipt by an Indemnified Person or Other Indemnified Person under this Section 6 of notice of the commencement of any action or
proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person or Other Indemnified Person
shall, if a claim for indemnification in respect thereof is to be made against any indemnifying party under this Section 6, deliver
to the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall have the right to participate
in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume
control of the defense thereof with counsel mutually satisfactory to the indemnifying party and reasonably satisfactory to the
Indemnified Person or the Other Indemnified Person (provided that the counsel that advised the Company in connection with the Registration
Statement shall be deemed satisfactory to any Indemnified Person and the counsel that advised the Holder with respect to information
provided by Holder or any Related Information Provider giving rise to a Violation shall be deemed satisfactory to any Other Indemnified
Person if the Company was informed of the identity of such counsel in connection with the receipt of such information and did not
request that Holder seek additional counsel in connection with such information), as the case may be; provided, however, that an
Indemnified Person or Other Indemnified Person shall have the right to retain its own counsel with the fees and expenses of not
more than one counsel for all such Indemnified Persons or all such Other Indemnified Persons to be paid by the indemnifying party,
if, in the reasonable opinion of counsel retained by the indemnifying party, the representation by such counsel of the Indemnified
Person or Other Indemnified Person and the indemnifying party would be inappropriate due to actual or potential differing interests
between such Indemnified Person or Other Indemnified Person and any other party represented by such counsel in such proceeding.
The Other Indemnified Person or Indemnified Person, as applicable, shall cooperate fully with the indemnifying party in connection
with any negotiation or defense of any such action or Claim by the indemnifying party and shall furnish to the indemnifying party
all information reasonably available to such Other Indemnified Person or such Indemnified Person which relates to such action or
Claim. The indemnifying party shall keep the Other Indemnified Person or Indemnified Person, as applicable, reasonably apprised
at all times as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be
liable for any settlement of any action, claim or proceeding effected without its prior written consent, provided, however, that
the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the
prior written consent of the Other Indemnified Person or Indemnified Person, as applicable, consent to entry of any judgment or
enter into any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant
or plaintiff to such Other Indemnified Person or such Indemnified Person of a release from all liability in respect to the Claim
at issue, and such settlement shall not include any admission as to fault on the part of such Other Indemnified Person or such
Indemnified Person. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights
of the Other Indemnified Person or Indemnified Person, as applicable, with respect to all third parties, firms or corporations
relating to the matter for which indemnification has been made. The failure to deliver written notice to the indemnifying party
within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to the
Indemnified Person or Other Indemnified Person, as applicable, under this Section 6, except to the extent that the indemnifying
party is materially prejudiced in its ability to defend such action.

 

    	 

    	 

    

 

(d)The indemnification
required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the investigation or defense,
as and when bills are received or Indemnified Damages are incurred, subject to an undertaking by the Indemnified Person or the
Other Indemnified Person, as applicable, to return such payments to the extent a court of competent jurisdiction or other competent
authority determines that such payments were unlawful or were not required under this Agreement.

 

(e)Without any duplication
or multiplication of damages, the indemnity agreements contained herein shall be in addition (i) any cause of action or similar
right of the Other Indemnified Person or Indemnified Person against the indemnifying party or others, and (ii) any liabilities
the indemnifying party may be subject to pursuant to the law.

 

(f)Unless suspended
by the underwriting agreement applicable to any registration, the obligations of the Company and Holders under this Section 6 shall
survive the completion of any offering of Registrable Securities in a Registration Statement under this Agreement, or otherwise.

 

7.Contribution.
To the extent any indemnification by an indemnifying party is prohibited or limited by law, such indemnifying party agrees to make
the maximum contribution with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest extent
permitted by law; provided, however, that: (i) no Person involved in the sale of Registrable Securities which Person is guilty
of fraudulent misrepresentation (within the meaning of Section 10(f) of the Securities Act) in connection with such sale shall
be entitled to contribution from any Person involved in such sale of Registrable Securities who was not guilty of fraudulent misrepresentation;
and (ii) contribution by any seller of Registrable Securities shall be limited in amount to the net amount of proceeds received
by such seller from the sale of such Registrable Securities pursuant to such Registration Statement

 

8.No Delay of
Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any registration
as the result of any controversy that might arise with respect to the interpretation or implementation of this Agreement.

 

9.Reports under
Securities Exchange Act. With a view to making available to the Holder the benefits of Rule 144 promulgated under the Securities
Act or any other similar rule or regulation of the Commission that may at any time permit the Holder to sell securities of the
Company to the public without registration, once the Company becomes a Reporting Company, to use its commercially reasonable efforts
to continue to be a Reporting Company for five years and further during such time it is a Reporting Company the Company agrees
to use its best efforts to:

 

(a)make and keep
public information available, as those terms are understood and defined in Rule 144;

 

(b)file with the
Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the Securities
Exchange Act so long as the Company remains subject to such requirements and the filing of such reports and other documents is
required for the applicable provisions of Rule 144; and

 

(c)furnish to the
Holder so long as the Holder owns Registrable Securities, promptly upon request, (i) a written statement by the Company, if true,
that it has complied with the reporting requirements of Rule 144, the Securities Act and the Securities Exchange Act, (ii) a copy
of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and
(iii) such other information as may be reasonably requested to permit the Holder to sell such securities pursuant to Rule 144 without
registration.

 

    	 

    	 

    

 

10.Assignment
of Registration Rights. The rights under this Agreement shall be automatically assignable by the Holder to any transferee of
all or any portion of the Holder’s Registrable Securities if: (i) the Holder agrees in writing with the transferee or assignee
to assign such rights, and a copy of such agreement is furnished to the Company within a reasonable time after such assignment;
(ii) the Company is, within a reasonable time after such transfer or assignment, furnished with written notice of (a) the name
and address of such transferee or assignee, and (b) the securities with respect to which such registration rights are being transferred
or assigned; (iii) immediately following such transfer or assignment the further disposition of such securities by the transferee
or assignee is or might be restricted under the Securities Act and applicable state securities laws; and (iv) at or before the
time the Company receives the written notice contemplated by clause (ii) of this sentence the transferee or assignee agrees in
writing with the Company to be bound by all of the provisions contained herein.

 

11.Subsequent
Registration Rights. The Company agrees that after the date hereof and excluding the Investor Registration Agreement, it will
not grant to any person any registration right or proceed to register any securities of any person unless it provides in such agreement
or registration that any securities being registered under such agreement or registration will be subject to the cutback provisions
of this Agreement as provided in Section 1(c) and Section 2(b).

 

12.Amendment
of Registration Rights. Provisions of this Agreement may be amended and the observance thereof may be waived (either generally
or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the holders
of at least a majority of the then outstanding Registrable Securities. Any amendment so effected will be binding upon all Holders,
whether or not such Holder consents thereto.

 

13.Definitions.

 

(a)“Commission”
means the Securities and Exchange Commission.

 

(b)“Commission
Comments” means written comments pertaining solely to Rule 415 or other comments to the extent they relate to Rule 415
which are received by the Company from the Commission, and a copy of which shall have been provided by the Company to the Holder,
to a filed Registration Statement which limit the amount of shares which may be included therein to a number of shares which is
less than such amount sought to be included thereon as filed with the Commission.

 

(c)“Commission
Guidance” means (i) any publicly-available written or oral guidance, comments, requirements or requests of the Commission
staff, (ii) the Securities Act or (iii) the Securities Exchange Act.

 

 

(d)“Common
Stock” means the common stock, $0.00001 par value per share, of the Company.

 

(e)“Effective
Date” means, as to a Registration Statement, the date on which such Registration Statement is first declared effective
by the Commission.

 

    	 

    	 

    

 

(f)“Person”
means an individual, a partnership, a limited liability company, a corporation, an association, a joint stock company, a trust,
a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.

 

(g)“Prospectus”
means the prospectus included in the Registration Statement (including, without limitation, a prospectus that includes any information
previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A promulgated
under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of
any portion of the Registrable Securities covered by the Registration Statement, and all other amendments and supplements to the
Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference
in such Prospectus.

 

(h)“Registrable
Securities” (i) has the meaning established in the recitals and (ii) also includes any other shares of Common Stock or
any other securities issued or issuable with respect to the securities referred to in clause (i) by way of a stock dividend or
stock split or in connection with an exchange or combination of shares, recapitalization, merger, consolidation or other reorganization.

 

(i)“Registration
Statement” means any registration statement (including, without limitation, the Initial Piggyback Registration Statement
or the Follow-up Registration Statement) required to be filed hereunder (which, at the Company’s option, may be an existing
registration statement of the Company previously filed with the Commission, but not declared effective), including (in each case)
the Prospectus, amendments and supplements to the Registration Statement or Prospectus, including pre- and post-effective amendments,
all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in the Registration
Statement.

 

(j)“Reporting
Company” means a company that is obligated to file periodic reports under Sections 13 or 15(d) of the Securities Exchange
Act.

 

(k)“Rule
144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such
Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission that may at
any time permit the Holder to sell securities of the Company to the public without registration.

 

(l)“Rule
415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such
Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially
the same effect as such Rule. 

 

(m)“Rule
424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such
Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially
the same effect as such Rule.

 

(n)“Securities
Act” means the Securities Act of 1933, as amended from time to time together with the regulations promulgated thereunder.

 

(o)“Securities
Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, together with the regulations
promulgated thereunder.

 

    	 

    	 

    

 

(p)“Underwriter
Cutbacks” means any reduction in the number of shares suggested by any managing underwriter to be included in a registration
under a Registration Statement based upon the guidance in this Section 13(p). In connection with any offering involving an underwriting
of shares of the Company’s capital stock, the Company shall not be required under Section 1 to include any of the Holders’
securities in such underwriting unless they accept the terms of the underwriting as agreed upon between the Company and the underwriters,
and then only in such quantity as the underwriters determine in their sole discretion will not jeopardize the success of the offering
by the Company. If the total amount of securities, including Registrable Securities, requested by stockholders to be included in
such offering exceeds the amount of securities to be sold other than by the Company that the underwriters determine in their sole
discretion is compatible with the success of the offering, then the Company shall be required to include in the offering only that
number of such securities, including Registrable Securities, which the underwriters determine in their sole discretion will not
jeopardize the success of the offering (the securities so included to be apportioned pro rata among the selling shareholders according
to the total amount of securities entitled to be included therein owned by each selling shareholder or in such other proportions
as shall mutually be agreed to by such selling shareholders); provided, that any such cutback will be effected in accordance with
the priorities established by Section 1(c); provided further that in no event shall the amount of securities of the selling Holders
included in the offering be reduced below 30% of the total amount of securities included in such offering.

 

14.Market Stand-Off.
In connection with the Initial Public Offering of the Company’s securities, if any, and upon request of the managing or lead
underwriter made to the Company in connection with such offering, each Holder will agree with the Company and the underwriter not
to sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any securities of the Company
however or whenever acquired (other than those included in the registration, if any) without the prior written consent of the managing
or lead underwriter of such offering, for a period of time (not to exceed one hundred eighty (180) days) from the effective date
of such registration as may be requested by the Company or such managing underwriters and to execute an agreement reflecting requirements
binding on such Holder that are substantially consistent with this Section 4 as may be requested by the underwriters at the time
of the such offering; provided, however that, if during the last seventeen (17) days of the restricted period the Company issues
an earnings release or material news or a material event relating to the Company occurs, or prior to the expiration of the restricted
period the Company announces that it will release earnings results during the sixteen (16) day period beginning on the last day
of the restricted period, then, upon the request of the managing underwriter, to the extent required by any FINRA rules, the restrictions
imposed by this Section 4 shall continue to apply until the end of the third (3rd) trading day following the expiration of the
fifteen (15) day period beginning on the issuance of the earnings release or the occurrence of the material news or material event.
In no event will the restricted period extend beyond two hundred sixteen (216) days after the effective date of the registration
statement. In order to enforce the restriction set forth above or any other restriction agreed by Holder, including without limitation
any restriction requested by the underwriters of any Initial Public Offering of the securities of the Company agreed by such Holder,
the Company may impose stop-transfer instructions with respect to any security acquired under or subject to this Agreement until
the end of the applicable stand-off period. The Company’s underwriters shall be beneficiaries of the agreement set forth
in this Section 14. Each Holder agrees that prior to the Company’s Initial Public Offering it will not transfer securities
of the Company unless each transferee agrees in writing to be bound by all of the provisions of this Section 14, provided
that this Section 14 shall not apply to transfers pursuant to a Registration Statement.

Each Holder agrees that a legend reading substantially as follows shall be placed on all certificates representing all Registrable
Securities of each Holder issued before the Company’s Initial Public Offering (and the shares or securities of every other
person subject to the restriction contained in this Section 14):

 

THE SECURITIES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO A LOCK-UP PERIOD OF UP TO 180 DAYS AFTER THE EFFECTIVE DATE OF THE ISSUER’S REGISTRATION STATEMENT
FILED UNDER THE ACT, AS AMENDED, AS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL HOLDER OF THESE SECURITIES,
A COPY OF WHICH MAY BE OBTAINED AT THE ISSUER’S PRINCIPAL OFFICE. SUCH LOCK-UP PERIOD IS BINDING ON TRANSFEREES OF THESE
SHARES.

 

    	 

    	 

    

 

After the Company’s Initial Public
Offering, upon request of any Holder who is a holder of record of the shares represented by any stock certificate(s) bearing such
legend and the surrender of such certificate(s) in connection with such request, the Company shall cause its transfer agent to
promptly issue replacement certificate(s) not bearing such legend representing the shares represented by such surrendered stock
certificate(s).

 

15.Miscellaneous.

 

(a)A Person is deemed
to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record such Registrable Securities. If
the Company receives conflicting instructions, notices or elections from two or more Persons with respect to the same Registrable
Securities, the Company shall act upon the basis of instructions, notice or election received from such record owner of such Registrable
Securities.

 

(b)Any notices, consents,
waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing and will
be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided
confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or (iii) one business
day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive
the same. The addresses and facsimile numbers for such communications shall be:

 

If to the Company:

 

DvineWave Inc.

207 Veritas Ct.

San Ramon, CA 94582

E-mail: mleabman@dvinewave.com

Attention: Michael Leabman, President

 

With a copy (for informational
purposes only) to:

 

Much Shelist, P.C.

191 N. Wacker Drive, Suite 1800

Chicago, IL 60606

Fax Number 312.521.2898

E-mail: ggrove@muchshelist.com

Attention: Gregory D. Grove, Esq.

 

and

 

If to any Holder, at the address
for such Holder on the records of the Company, which may include the information on Schedule A hereto.

 

    	 

    	 

    

 

or to such other address and/or facsimile
number and/or to the attention of such other Person as the recipient party has specified by written notice given to each other
party five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such
notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender’s facsimile machine
containing the time, date, recipient facsimile number and an image of the first page of such transmission or (C) provided by a
courier or overnight courier service shall be rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally
recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

 

(c)Failure of any
party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy,
shall not operate as a waiver thereof.

 

(d)All questions
concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws
of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State
of New York or other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New
York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the State
of New York, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby
or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that
it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient
forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of
process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at
the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service
of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner
permitted by law. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or
unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the
validity or enforceability of any provision of this Agreement in any other jurisdiction. EACH PARTY HEREBY IRREVOCABLY WAIVES
ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH
OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

(e)This Agreement
and the instruments referenced herein and therein constitute the entire agreement among the parties hereto with respect to the
subject matter hereof and thereof. There are no restrictions, promises, warranties or undertakings, other than those set forth
or referred to herein and therein. This Agreement and the instruments referenced herein and therein supersede all prior agreements
and understandings among the parties hereto with respect to the subject matter hereof and thereof.

 

(f)Subject to the
requirements of Section 9, this Agreement shall inure to the benefit of and be binding upon the permitted successors and assigns
of each of the parties hereto.

 

(g)The headings in
this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

(h)This Agreement
may be executed in identical counterparts, each of which shall be deemed an original but all of which shall constitute one and
the same agreement. This Agreement, once executed by a party, may be delivered to the other party hereto by facsimile transmission
or other electronic transmission (such as but not limited to an email attachment in PDF format) of a copy of this Agreement bearing
the signature of the party so delivering this Agreement. This Agreement may also be executed by electronic signature of such Person.

 

    	 

    	 

    

 

(i)Each party shall
do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other
agreements, certificates, instruments and documents, as any other party may reasonably request in order to carry out the intent
and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby. As a condition precedent
to participating in any underwritten offering each Holder that desires to participate in such offering shall sign any underwriting
agreement related to such offering and all other documents requested by the managing underwriter that all other selling Holders
are required to sign and all other documents customarily required by underwriters that all other security holders of the Company
are requested to sign by the managing underwriter if the failure by all or any substantial portion of such security holders to
sign would jeopardize the success of the underwritten offering.

 

(j)All consents and
other determinations required to be made by the Holder pursuant to this Agreement shall be made, unless otherwise specified in
this Agreement, by the Holder.

 

(k)The language used
in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and no rules of strict
construction will be applied against any party.

 

(l)This Agreement
is intended for the benefit of, and shall be binding upon, the parties hereto and their respective successors and permitted assigns,
and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

(m)The obligations
of each Holder hereunder are several and not joint with the obligations of any other Holder, and no provision of this Agreement
is intended to confer any obligations on a Holder vis-à-vis any other Holder. Nothing contained herein, and no action taken
by any Holder pursuant hereto, shall be deemed to constitute the Holder as a partnership, an association, a joint venture or any
other kind of entity, or create a presumption that the Holder are in any way acting in concert or as a group with respect to such
obligations or the transactions contemplated herein.

 

(n)Currency.
As used herein, “Dollar”, “US Dollar” and “$” each mean the lawful money of the United States.

 

[Signature pages follow immediately]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the parties have executed this Registration Rights Agreement as of the date first written above.

 

	 	COMPANY:
	 	 	 
	 	DVINEWAVE INC.
	 	 
	 	 	 
	 	By:	/s/ Michael Leabman                   
	 	 	Michael Leabman, President
	 	 	 
	 	 	 
	 	 	 
	 	MDB CAPITAL GROUP LLC
	 	 	 
	 	By:	/s/ Gary Shuman                                  
	 	 	 
	 	Print Name:	Gary Shuman                                      
	 	 	 
	 	Print Title:	CFO and CCO                                 

 

    	 

    	 

    

  

EXHIBIT A

 

FORM OF NOTICE OF EFFECTIVENESS

OF REGISTRATION STATEMENT

 

[Transfer Agent]

[Address]

Attention:

 

Re: ___________________ (the
“Company”)

 

Ladies and Gentlemen:

 

[We are][I am] counsel
to _________, a _________ corporation (the “Company”), and have represented the Company in connection with that certain
Registration Rights Agreement with _____________ (the “Holder”) (the “Registration Rights Agreement”) pursuant
to which the Company agreed, among other things, to register the Registrable Securities (as defined in the Registration Rights
Agreement), under the Securities Act of 1933, as amended (the “1933 Act”). In connection with the Company's obligations
under the Registration Rights Agreement, on ____________ ___, 20__, the Company filed a registration statement on Form S-[1] (File
No. 333-_____________) (the “Registration Statement”) with the Securities and Exchange Commission (the “SEC”)
relating to the Registrable Securities which names the Holder as a selling stockholder thereunder.

 

In connection with the
foregoing, [we][I] advise you that a member of the SEC’s staff has advised [us][me] by telephone that the SEC has entered
an order declaring the Registration Statement effective under the 1933 Act at [ENTER TIME OF EFFECTIVENESS] on [ENTER DATE OF EFFECTIVENESS]
and [we][I] have no knowledge, after telephonic inquiry of a member of the SEC’s staff, that any stop order suspending its
effectiveness has been issued or that any proceedings for that purpose are pending before, or threatened by, the SEC and the Registrable
Securities are available for resale under the 1933 Act pursuant to the Registration Statement.

 

If applicable, you may
receive notices from the Company pursuant to the Company’s rights or obligations under the Registration Rights Agreement
in connection with stop orders or other restrictions on transfer of the shares included in such Registration Statement, but [we][I]
[are][am] not obligated to update this letter or otherwise inform you of any such stop order or restriction.

 

[Other applicable disclosure
to be inserted here, if appropriate.]

 

Very truly yours,

 

    	 

    	 

    

  

EXHIBIT B

 

IRREVOCABLE TRANSFER AGENT INSTRUCTIONS

 

_______________, 2013

 

[Addressed to Transfer Agent]

_______________________

_______________________

 

 

Attention:           [________________________]

 

Ladies and Gentlemen:

 

Reference is made to
that certain Registration Rights Agreement, dated as of _________________, 2013 (the “Agreement”), by and among
______________, a _____________ corporation (the “Company”), and _________________________ (the “Holder”),
pursuant to which the Company is obligated to register certain shares held by the Holder (the “Holder Shares”)
of Common Stock of the Company, par value $_____ per share (the “Common Stock”).

 

This letter shall serve
as our irrevocable authorization and direction to you (provided that you are the transfer agent of the Company at such time) to
issue shares of Common Stock upon transfer or resale of the Holder Shares, unless we have otherwise informed you of the termination
of effectiveness of the registration statement in which the Holder Shares are included, a stop order or another transfer restriction.
We may also later inform you that after the termination of effectiveness of such registration statement that a registration statement
in which the Holder’s Shares are included, or that such stop order has been lifted or that such transfer restriction is not
applicable, in which case this authorization and direction shall be reinstated and be effective.

 

You acknowledge and agree
that so long as you have previously received (a) written confirmation from the Company's legal counsel
that either (i) a registration statement covering resales of the Holder Shares has been declared and remains effective by the Securities
and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended (the “1933
Act”), or (ii) sales of the Holder Shares may be made in conformity with Rule 144 under the 1933 Act (“Rule
144”), (b) if applicable, a copy of such registration statement, and (c) notice from legal counsel to the Company or
any Holder that a transfer of Holder Shares has been effected either pursuant to the registration statement (and a prospectus delivered
to the transferee) or pursuant to Rule 144, then as promptly as practicable, you shall issue the certificates representing
the Holder Shares registered in the names of such transferees, and such certificates shall not bear any legend restricting transfer
of the Common Stock evidenced thereby and should not be subject to any stop-transfer restriction; provided, however, that if such
shares of Common Stock and are not registered for resale under the 1933 Act or able to be sold under Rule 144, then the certificates
for such Common Shares shall bear the following legend:

 

THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS.
THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT
FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL, IN A GENERALLY ACCEPTABLE FORM,
THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING
THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT
SECURED BY THE SECURITIES.

 

    	 

    	 

    

 

A form of written confirmation
from the Company’s outside legal counsel that a registration statement covering resales of the Holder Shares has been declared
effective by the SEC under the 1933 Act is attached hereto. We will inform you of any stop orders or other transfer restrictions.

 

Please execute this letter
in the space indicated to acknowledge your agreement to act in accordance with these instructions. Should you have any questions
concerning this matter, please contact me at ____________.

 

	 	Very truly yours,
	 	 
	 	                                          (the “Company”)
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

 

THE FOREGOING INSTRUCTIONS ARE

ACKNOWLEDGED AND AGREED TO

 

this ___ day of ________________, 2013

 

[TRANSFER AGENT]

 

 

 

	By:	 	 	 
	 	Name:	 	 
	 	Title:	 	 

 

Enclosures

 

Copy: Holder

 

    	 

    	 

    

 

SCHEDULE A

 

LIST OF HOLDERS

 

[INSTRUCTION: List the name and address
of each holder.]

 

    	 

    	 

    

 

SCHEDULE B

 

SELLING STOCKHOLDERS

 

The shares of common
stock being offered by the selling stockholders are those issuable to the selling stockholders upon [conversion of the notes and
exercise of the warrants]. For additional information regarding the issuance of the [notes and the warrants], see “Private
Placement of Notes” above. We are registering the shares of common stock in order to permit the selling stockholders to offer
the shares for resale [from time to time]. Except for the ownership of [the notes issued pursuant to and in connection with the
Securities Purchase Agreement, and the warrants issued pursuant to and the agreements governing our engagement of MDB Capital Group
LLC as a placement agent for the private placement of the notes and the engagement of MDB Capital Group LLC as an underwriter for
a public offering of common stock by the Company, and our engagement of an affiliate of MDB Capital Group LLC as a consultant in
respect of our patents and intellectual property] the selling stockholders have not had any material relationship with us within
the past three years. [Adjust as necessary, according to the facts.]

 

The table below lists
the selling stockholders and other information regarding the beneficial ownership (as determined under Section 13(d) of the Securities
Exchange Act of 1934, as amended, and the rules and regulations thereunder) of the shares of common stock held by each of the selling
stockholders. The second column lists the number of shares of common stock beneficially owned by the selling stockholders, based
on their respective ownership of shares of common stock[, notes and warrants,] as of ________, 20__, [assuming conversion of the
notes and exercise of the warrants held by each such selling stockholder on that date but taking account of any limitations on
conversion and exercise set forth therein]. [Adjust as necessary, according to the facts.]

 

The third column lists
the shares of common stock being offered by this prospectus by the selling stockholders [and does not take into account any limitations
on (i) conversion of the notes set forth therein or (ii) exercise of the warrants set forth therein]. [Adjust as necessary,
according to the facts.]

 

In accordance with
the terms of a registration rights agreement with the holders of the notes and the warrants, this prospectus generally covers the
resale of [(i) the shares of common stock issued upon conversion of the notes and (ii) the maximum number of shares of common stock
issuable upon exercise of the warrants, in each case, determined as if the outstanding notes and warrants were converted or exercised
(as the case may be) in full (without regard to any limitations on conversion or exercise contained therein) as of the trading
day immediately preceding the date this registration statement was initially filed with the SEC]. Because the conversion price
of the notes and the exercise price of the warrants may be adjusted, the number of shares that will actually be issued may be more
or less than the number of shares being offered by this prospectus. The fourth column assumes the sale of all of the shares offered
by the selling stockholders pursuant to this prospectus. [Adjust as necessary, according to the facts.]

 

See “Plan of Distribution.”

 

    	 

    	 

    

 

	
        

        

        

        

         

        Name of Selling Stockholder
	
         

        Number of Shares of

Common Stock 

        Owned Prior to the

Offering
	Maximum Number of

Shares of Common

Stock to be Sold

Pursuant to this

Prospectus	
         

        Number of Shares of

Common Stock

Owned After the

Offering

	 	 	 	 

 

 

 

[Notes (1) . . .] [Adjust as necessary, according to the
facts.]

 

    	 

    	 

    

 

PLAN OF DISTRIBUTION

 

[Adjust as necessary, according to
the facts and any underwriting arrangements.]

 

We are registering
the shares of common stock issued upon [conversion of the notes and issuable on exercise of the warrants] to permit the resale
of these shares of common stock by the holders of [the notes and warrants] [from time to time] after the date of this prospectus.
We will not receive any of the proceeds from the sale by the selling stockholders of the shares of common stock. We will bear all
fees and expenses incident to our obligation to register the shares of common stock.

 

The selling stockholders
may sell all or a portion of the shares of common stock held by them and offered hereby [from time to time] [directly or] through
one or more underwriters, broker-dealers or agents. If the shares of common stock are sold through underwriters or broker-dealers,
the selling stockholders will be responsible for underwriting discounts or commissions or agent’s commissions. The shares
of common stock may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of the sale, at
varying prices determined at the time of sale or at negotiated prices. These sales may be effected in transactions, which may involve
crosses or block transactions, pursuant to one or more of the following methods:

 

		·	on any national securities exchange or quotation service on which the securities may be listed
or quoted at the time of sale;

		·	in the over-the-counter market;

		·	in transactions otherwise than on these exchanges or systems or in the over-the-counter market;

		·	through the writing or settlement of options, whether such options are listed on an options exchange
or otherwise;

		·	ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

		·	block trades in which the broker-dealer will attempt to sell the shares as agent but may position
and resell a portion of the block as principal to facilitate the transaction;

		·	purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

		·	an exchange distribution in accordance with the rules of the applicable exchange;

		·	privately negotiated transactions;

		·	short sales made after the date the Registration Statement is declared effective by the SEC;

		·	broker-dealers may agree with a selling security holder to sell a specified number of such shares
at a stipulated price per share;

		·	a combination of any such methods of sale; and

		·	any other method permitted pursuant to applicable law.

 

The selling stockholders
may also sell shares of common stock under Rule 144 promulgated under the Securities Act of 1933, as amended, if available, rather
than under this prospectus. In addition, the selling stockholders may transfer the shares of common stock by other means not described
in this prospectus. If the selling stockholders effect such transactions by selling shares of common stock to or through underwriters,
broker-dealers or agents, such underwriters, broker-dealers or agents may receive commissions in the form of discounts, concessions
or commissions from the selling stockholders or commissions from purchasers of the shares of common stock for whom they may act
as agent or to whom they may sell as principal (which discounts, concessions or commissions as to particular underwriters, broker-dealers
or agents may be in excess of those customary in the types of transactions involved). In connection with sales of the shares of
common stock or otherwise, the selling stockholders may enter into hedging transactions with broker-dealers, which may in turn
engage in short sales of the shares of common stock in the course of hedging in positions they assume. The selling stockholders
may also sell shares of common stock short and deliver shares of common stock covered by this prospectus to close out short positions
and to return borrowed shares in connection with such short sales. The selling stockholders may also loan or pledge shares of common
stock to broker-dealers that in turn may sell such shares.

 

    	1

    	 

    

 

The selling stockholders
may pledge or grant a security interest in some or all of the [notes, warrants or] shares of common stock owned by them and, if
they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell the shares of
common stock from time to time pursuant to this prospectus or any amendment to this prospectus under Rule 424(b)(3) or other applicable
provision of the Securities Act amending, if necessary, the list of selling stockholders to include the pledgee, transferee or
other successors in interest as selling stockholders under this prospectus. The selling stockholders also may transfer and donate
the shares of common stock in other circumstances in which case the transferees, donees, pledgees or other successors in interest
will be the selling beneficial owners for purposes of this prospectus.

 

To the extent required
by the Securities Act and the rules and regulations thereunder, the selling stockholders and any broker-dealer participating in
the distribution of the shares of common stock may be deemed to be “underwriters” within the meaning of the Securities
Act, and any commission paid, or any discounts or concessions allowed to, any such broker-dealer may be deemed to be underwriting
commissions or discounts under the Securities Act. At the time a particular offering of the shares of common stock is made, a prospectus
supplement, if required, will be distributed, which will set forth the aggregate amount of shares of common stock being offered
and the terms of the offering, including the name or names of any broker-dealers or agents, any discounts, commissions and other
terms constituting compensation from the selling stockholders and any discounts, commissions or concessions allowed or re-allowed
or paid to broker-dealers.

 

Under the securities
laws of some states, the shares of common stock may be sold in such states only through registered or licensed brokers or dealers.
In addition, in some states the shares of common stock may not be sold unless such shares have been registered or qualified for
sale in such state or an exemption from registration or qualification is available and is complied with.

 

There can be no assurance
that any selling stockholder will sell any or all of the shares of common stock registered pursuant to the registration statement,
of which this prospectus forms a part.

 

The selling stockholders
and any other person participating in such distribution will be subject to applicable provisions of the Securities Act of 1933,
as amended, and the Securities Exchange Act of 1934, as amended, and in each case together with the rules and regulations thereunder,
including, without limitation, to the extent applicable, Regulation M of the Exchange Act, which may limit the timing of purchases
and sales of any of the shares of common stock by the selling stockholders and any other participating person. To the extent applicable,
Regulation M may also restrict the ability of any person engaged in the distribution of the shares of common stock to engage in
market-making activities with respect to the shares of common stock. All of the foregoing may affect the marketability of the shares
of common stock and the ability of any Person to engage in market-making activities with respect to the shares of common stock.

 

We will pay all expenses of the registration
of the shares of common stock pursuant to the registration rights agreement, estimated to be $[     ]
in total, including, without limitation, Securities and Exchange Commission filing fees and expenses of compliance with state securities
or “blue sky” laws; provided, however, a selling stockholder will pay all underwriting discounts and selling commissions,
if any. We will indemnify the selling stockholders against liabilities, including some liabilities under the Securities Act in
accordance with the registration rights agreements or the selling stockholders will be entitled to contribution. We may be indemnified
by the selling stockholders against civil liabilities, including liabilities under the Securities Act that may arise from any written
information furnished to us by the selling stockholder specifically for use in this prospectus, in accordance with the related
registration rights agreements or we may be entitled to contribution.

 

    	2

    	 

    

 

Once sold under the registration statement,
of which this prospectus forms a part, the shares of common stock will be freely tradable in the hands of persons other than our
affiliates.

 

    	3Energous
Corporation

 

2013 EQUITY INCENTIVE
PLAN

 

Energous Corporation, a Delaware corporation (the “Company”),
sets forth herein the terms of its 2013 Equity Incentive Plan (the “Plan”), as follows:

 

		1.	PURPOSE

 

The Plan is intended to enhance the ability
of the Company and its Affiliates (as defined herein) to attract and retain highly qualified officers, non-employee members of
the Board, key employees, consultants and advisors, and to motivate such officers, non-employee members of the Board, key employees,
consultants and advisors to serve the Company and its Affiliates and to expend maximum effort to improve the business results and
earnings of the Company, by providing to such persons an opportunity to acquire or increase a direct proprietary interest in the
operations and future success of the Company. To this end, the Plan provides for the grant of stock options, stock appreciation
rights, restricted stock, restricted stock units, unrestricted stock, other stock-based awards and cash awards. Any of these awards
may, but need not, be made as performance incentives to reward attainment of performance goals in accordance with the terms hereof.
Stock options granted under the Plan may be non-qualified stock options or incentive stock options, as provided herein.

 

		2.	DEFINITIONS

 

For purposes of interpreting the Plan and
related documents (including Award Agreements), the following definitions shall apply:

 

2.1. “Acquiror”
shall have the meaning set forth in Section 15.2.1.

 

2.2. “Affiliate”
means any company or other trade or business that “controls,” is “controlled
by” or is “under common control” with the Company within the meaning of Rule 405 of Regulation C under the Securities
Act, including, without limitation, any Subsidiary. 

 

2.3. “Award”
means a grant of an Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit,
Other Stock-based Award or cash award under the Plan. 

 

2.4. “Award
Agreement” means a written agreement between the Company and a Grantee, or notice from
the Company or an Affiliate to a Grantee that evidences and sets out the terms and conditions of an Award. 

 

2.5. “Board”
means the Board of Directors of the Company. 

 

2.6. “Business
Combination” shall have the meaning set forth in Section 15.2.2.

 

2.7. “Cause”
shall be defined as that term is defined in the Grantee’s offer letter or other applicable
employment agreement; or, if there is no such definition, “Cause” means, as determined by the Company and unless otherwise
provided in an applicable Award Agreement: (i) the commission of any act by a Grantee constituting financial dishonesty against
the Company or its Affiliates (which act would be chargeable as a crime under applicable law); (ii) a Grantee’s engaging
in any other act of dishonesty, fraud, intentional misrepresentation, moral turpitude, illegality or harassment which, as determined
in good faith by the Board, would: (A) materially adversely affect the business or the reputation of the Company or any of its
Affiliates with their respective current or prospective customers, suppliers, lenders and/or other third parties with whom such
entity does or might do business; or (B) expose the Company or any of its Affiliates to a risk of civil or criminal legal damages,
liabilities or penalties; (iii) the repeated failure by a Grantee to follow the directives of the chief executive officer of the
Company or any of its Affiliates or the Board, or (iv) any material misconduct, violation of the Company’s or Affiliates’
policies, or willful and deliberate non-performance of duty by the Grantee in connection with the business affairs of the Company
or its Affiliates. 

 

    	 

    	 

    

  

2.8. “Change
in Control” shall have the meaning set forth in Section 15.2.2. 

 

2.9. “Code”
means the Internal Revenue Code of 1986, as now in effect or as hereafter amended. References
to the Code shall include the valid and binding governmental regulations, court decisions and other regulatory and judicial authority
issued or rendered thereunder.

 

2.10. “Committee”
means the Compensation Committee of the Board, or such other committee as determined by the Board.
The Compensation Committee of the Board may, in its discretion, designate a subcommittee of its members to serve as the Committee
(to the extent the Board has not designated another person, committee or entity as the Committee). Following the Initial Public
Offering, (i) the Board will cause the Committee to satisfy the applicable requirements of any stock exchange on which the Common
Stock may then be listed; (ii) for purposes of Awards to Covered Employees intended to constitute Performance Awards, to the extent
required by Code Section 162(m), Committee means all of the members of the Compensation Committee who are “outside directors”
within the meaning of Section 162(m) of the Code; and (iii) for purposes of Awards to Grantees who are subject to Section 16 of
the Exchange Act, Committee means all of the members of the Compensation Committee who are “non-employee directors”
within the meaning of Rule 16b-3 adopted under the Exchange Act.

 

2.11. “Company”
shall have the meaning set forth in the preamble.

 

2.12. “Common
Stock” or “Stock” means a share of
common stock of the Company, par value $.0001 per share.

 

2.13. “Consultant”
means a consultant or advisor that provides bona fide services to the Company or any Affiliate
and who qualifies as a consultant or advisor under Rule 701 of the Securities Act (during any period in which the Company is not
a public company subject to the reporting requirements of the Exchange Act) or Form S-8 (during any period in which the Company
is a public company subject to the reporting requirements of the Exchange Act).

 

2.14. “Covered
Employee” means a Grantee who is a “covered employee” within the meaning of
Section 162(m)(3) of the Code as qualified by Section 12.4.

 

2.15. “Disability”
shall be defined as that term is defined in the Grantee’s offer letter or other applicable
employment agreement; or, if there is no such definition, “Disability” means, as determined by the Company and unless
otherwise provided in an applicable Award Agreement, the Grantee is unable to perform each of the essential duties of such Grantee’s
position by reason of a medically determinable physical or mental impairment which is potentially permanent in character or which
can be expected to last for a continuous period of not less than 12 months; provided, however, that, with respect
to rules regarding expiration of an Incentive Stock Option following termination of the Grantee’s Service, “Disability”
means “permanent and total disability” as set forth in Section 22(e)(3) of the Code.

 

2.16. 
“Effective Date” means November [●], 2013, the date the Plan was approved by
the Company’s stockholders. 

 

2.17. “Exchange
Act” means the Securities Exchange Act of 1934, as now in effect or as hereafter amended.

 

2.18. “Fair
Market Value” of a share of Common Stock as of a particular date shall mean (1) if the
Common Stock is listed on a national securities exchange, the closing or last price of the Common Stock on the composite tape or
other comparable reporting system for the applicable date, or if the applicable date is not a trading day, the trading day immediately
preceding the applicable date, or (2) if the shares of Common Stock are not then listed on a national securities exchange, or the
value of such shares is not otherwise determinable, such value as determined by the Board in good faith in its sole discretion.

 

    	2

    	 

    

 

2.19. “Family
Member” means a person who is a spouse, former spouse, child, stepchild, grandchild, parent,
stepparent, grandparent, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother, sister, brother-in-law,
or sister-in-law, including adoptive relationships, of the applicable individual, any person sharing the applicable individual’s
household (other than a tenant or employee), a trust in which any one or more of these persons have more than fifty percent of
the beneficial interest, a foundation in which any one or more of these persons (or the applicable individual) control the management
of assets, and any other entity in which one or more of these persons (or the applicable individual) own more than fifty percent
of the voting interests. 

 

2.20. “Grant
Date” means, as determined by the Board, the latest to occur of (i) the date as of
which the Board approves an Award, (ii) the date on which the recipient of an Award first becomes eligible to receive an Award
under Section 6, or (iii) such other date as may be specified by the Board in
the Award Agreement. 

 

2.21. “Grantee”
means a person who receives or holds an Award under the Plan. 

 

2.22. “Holder”
means, with respect to any Issued Shares, the person holding such Issued Shares, including the
initial Grantee or any Permitted Transferee.

 

2.23. “Incentive
Stock Option” means an “incentive stock option” within the meaning of Section 422
of the Code, or the corresponding provision of any subsequently enacted tax statute, as amended from time to time. 

 

2.24. “Incumbent
Directors” shall have the meaning set forth in Section 15.2.2.

 

2.25. “Initial
Public Offering” means the initial public offering of shares of Common Stock pursuant to
a registration statement (other than a Form S-8 or successor forms) filed with, and declared effective by, the SEC.

 

2.26. “Issued
Shares” means, collectively, all outstanding shares of Stock issued pursuant to Awards
(including without limitation, outstanding shares of Restricted Stock prior to or after vesting and shares issued in connection
with the exercise of an Option or SAR).

 

2.27. “New
Shares” shall have the meaning set forth in Section 15.1.

 

2.28. “Non-qualified
Stock Option” means an Option that is not an Incentive Stock Option. 

 

2.29. “Offered
Shares” shall have the meaning set forth in Section 17.4.1.

 

2.30. “Offering”
shall have the meaning set forth in Section 17.5.

 

2.31. “Option”
means an option to purchase one or more shares of Stock pursuant to the Plan. An Option may be
either an Incentive Stock Option or a Non-qualified Stock Option.

 

2.32. “Option
Price” means the exercise price for each share of Stock subject to an Option. 

 

2.33. “Other
Stock-based Awards” means Awards consisting of Stock units, or other Awards, valued in
whole or in part by reference to, or otherwise based on, Common Stock.

 

2.34. “Performance
Award” means an Award made subject to the attainment of performance goals (as described
in Section 12) over a performance period of at least one year. 

 

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2.35. “Permitted
Transferee” means any of the following to whom a Holder may transfer Issued Shares hereunder
(as set forth in Section 17.13.3): the Holder’s spouse, children (natural or adopted),
stepchildren or a trust for their sole benefit of which the Holder is the settlor; provided however, that any such trust
does not require or permit distribution of any Issued Shares during the term of this Agreement unless subject to its terms. Upon
the death of the Holder, the term Permitted Transferees shall also include such deceased Holder’s estate, executors, administrators,
personal representatives, heirs, legatees and distributees, as the case may be.

 

2.36. “Plan”
shall have the meaning set forth in the preamble. 

 

2.37. “Prior
Plan” means the 2013 Stock Plan of DvineWave Inc. 

 

2.38. “Purchase
Price” means the purchase price for each share of Stock pursuant to a grant of Restricted
Stock. 

 

2.39. “Restricted
Period” shall have the meaning set forth in Section 10.1.

 

2.40. 
“Restricted Stock” means shares of Stock, awarded to a Grantee pursuant to
Section 10. 

 

2.41. “Restricted
Stock Unit” means a bookkeeping entry representing the equivalent of shares of Stock, awarded
to a Grantee pursuant to Section 10. 

 

2.42. “SAR
Exercise Price” means the per share exercise price of a SAR granted to a Grantee under
Section 9. 

 

2.43. “SEC”
means the United States Securities and Exchange Commission. 

 

2.44. “Section
409A” means Section 409A of the Code. 

 

2.45. “Securities
Act” means the Securities Act of 1933, as now in effect or as hereafter amended. 

 

2.46. “Separation
from Service” means a termination of Service by a Service Provider, as determined by the
Board, which determination shall be final, binding and conclusive; provided, however, that if any Award governed
by Section 409A is to be distributed on a Separation from Service, then the definition of Separation from Service for such
purposes shall comply with the definition provided in Section 409A.

 

2.47. “Service”
means service as a Service Provider to the Company or an Affiliate. Unless otherwise stated in
the applicable Award Agreement, a Grantee’s change in position or duties shall not result in interrupted or terminated Service,
so long as such Grantee continues to be a Service Provider to the Company or an Affiliate. 

 

2.48. “Service
Provider” means an employee, officer, non-employee member of the Board, or Consultant of
the Company or an Affiliate. 

 

2.49. “Stock
Appreciation Right” or “SAR” means
a right granted to a Grantee under Section 9. 

 

2.50. “Subsidiary”
means any “subsidiary corporation” of the Company within the meaning of Section 424(f)
of the Code. 

 

2.51. “Substitute
Award” means any Award granted in assumption of or in substitution for an award of a company
or business acquired by the Company or a Subsidiary or with which the Company or an Affiliate combines. 

 

    	4

    	 

    

  

2.52. “Ten
Percent Stockholder” means an individual who owns more than ten percent (10%) of the
total combined voting power of all classes of outstanding stock of the Company, its parent or any of its Subsidiaries. In determining
stock ownership, the attribution rules of Section 424(d) of the Code shall be applied. 

 

2.53. “Termination
Date” means the date that is ten (10) years after the Effective Date, unless the Plan is
earlier terminated by the Board under Section 5.2.

 

2.54. “Transition
Period” means the period beginning with the consummation of an Initial Public Offering
and ending as of the earlier of (i) the date of the first annual meeting of shareholders of the Company at which directors are
to be elected that occurs after the close of the third calendar year following the calendar year in which the Initial Public Offering
occurs and (ii) the expiration of the “reliance period” under Treasury Regulation Section 1.162-27(f)(2). 

 

2.55. 
“Voting Securities” shall have the meaning set forth in Section 15.2.2.

 

		3.	ADMINISTRATION OF THE PLAN

 

3.1. General.

 

The Board shall have such powers and authorities
related to the administration of the Plan as are consistent with the Company’s certificate of incorporation and bylaws and
applicable law. The Board shall have the power and authority to delegate its responsibilities hereunder to the Committee, which
shall have full authority to act in accordance with its charter (as in effect from time to time), and with respect to the authority
of the Board to act hereunder, all references to the Board shall be deemed to include a reference to the Committee, to the extent
such power or responsibilities have been delegated. Except as specifically provided in Section 14 or as otherwise may be
required by applicable law, regulatory requirement or the certificate of incorporation or the bylaws of the Company, the Board
shall have full power and authority to take all actions and to make all determinations required or provided for under the Plan,
any Award or any Award Agreement, and shall have full power and authority to take all such other actions and make all such other
determinations not inconsistent with the specific terms and provisions of the Plan that the Board deems to be necessary or appropriate
to the administration of the Plan. Following the Initial Public Offering, the Committee shall administer the Plan; provided, however,
the Board shall retain the right to exercise the authority of the Committee to the extent consistent with applicable law and the
applicable requirements of any securities exchange on which the Common Stock may then be listed. The interpretation and construction
by the Board of any provision of the Plan, any Award or any Award Agreement shall be final, binding and conclusive. Without limitation,
the Board shall have full and final authority, subject to the other terms and conditions of the Plan, to:

 

(i)           designate Grantees;

 

(ii)          determine the type or types of
Awards to be made to a Grantee;

 

(iii)         determine the number of shares
of Stock to be subject to an Award;

 

(iv)         establish the terms and conditions
of each Award (including, but not limited to, the Option Price of any Option, the nature and duration of any restriction or condition
(or provision for lapse thereof) relating to the vesting, exercise, transfer, or forfeiture of an Award or the shares of Stock
subject thereto, and any terms or conditions that may be necessary to qualify Options as Incentive Stock Options);

 

(v)          prescribe the form of each Award
Agreement; and

 

    	5

    	 

    

 

(vi)         amend, modify, or supplement the
terms of any outstanding Award including the authority, in order to effectuate the purposes of the Plan, to modify Awards to foreign
nationals or individuals who are employed outside the United States to recognize differences in local law, tax policy, or
custom.

 

3.2. Award
Agreements; Clawbacks.

 

The grant of any Award may be contingent
upon the Grantee executing the appropriate Award Agreement. The Company may retain the right in an Award Agreement to cause a forfeiture
of the gain realized by a Grantee on account of actions taken by the Grantee in violation or breach of or in conflict with any
employment agreement, non-competition agreement, any agreement prohibiting solicitation of employees or clients of the Company
or any Affiliate thereof or any confidentiality obligation with respect to the Company or any Affiliate thereof or otherwise in
competition with the Company or any Affiliate thereof, to the extent specified in such Award Agreement applicable to the Grantee.
Furthermore, the Company may annul an Award if the Grantee is terminated for “cause” as defined in the applicable Award
Agreement.

 

Following the Initial Public Offering, Awards
shall be subject to the requirements of (i) Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (regarding
recovery of erroneously awarded compensation) and any implementing rules and regulations thereunder,, (ii) similar rules under
the laws of any other jurisdiction, (iii) any compensation recovery policies adopted by the Company to implement any such requirements
or (iv) any other compensation recovery policies as may be adopted from time to time by the Company, all to the extent determined
by the Committee in its discretion to be applicable to a Grantee.

 

3.3. Deferral
Arrangement. 

 

The Board may permit or require the deferral
of any Award payment into a deferred compensation arrangement, subject to such rules and procedures as it may establish and in
accordance with Section 409A, which may include provisions for the payment or crediting of interest or dividend equivalents,
including converting such credits into deferred Stock units.

 

3.4. No
Liability. 

 

No member of the Board or of the Committee
shall be liable for any action or determination made in good faith with respect to the Plan, any Award or Award Agreement.

 

3.5. Book
Entry. 

 

Notwithstanding any other provision of this
Plan to the contrary, the Company may elect to satisfy any requirement under this Plan for the delivery of stock certificates through
the use of book-entry.

 

		4.	STOCK SUBJECT TO THE PLAN

 

4.1. Authorized
Number of Shares.

 

Subject to adjustment under Section 15,
the aggregate number of shares of Common Stock that may be initially issued pursuant to the Plan is 4,158,245. The total number
of shares of Common Stock described in the preceding sentence shall be available for issuance under Incentive Stock Options. From
and after the Effective Date, no new awards will be made under the Prior Plan. Shares issued under the Plan may consist in whole
or in part of authorized but unissued shares, treasury shares, or shares purchased on the open market or otherwise, all as determined
by the Company from time to time. No later than the end of the Transition Period, the maximum number of shares for each type of
Stock-based Award, and the maximum amount of cash for any cash-based Award, intended to constitute “performance-based compensation”
under Code Section 162(m) granted to any Grantee in any specified period shall be established by the Company and approved by the
Company’s stockholders.

 

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4.2. Share
Counting.

 

Any Award settled in cash shall not be counted
as shares of Common Stock for any purpose under this Plan. If any Award under the Plan expires, or is terminated, surrendered or
forfeited, in whole or in part, the unissued Common Stock covered by such Award shall again be available for the grant of Awards
under the Plan. If shares of Common Stock issued pursuant to the Plan are repurchased by, or are surrendered or forfeited to the
Company at no more than cost, such shares of Common Stock shall again be available for the grant of Awards under the Plan. If shares
of Common Stock issuable upon exercise, vesting or settlement of an Award, or shares of Common Stock owned by a Grantee (which
are not subject to any pledge or other security interest), are surrendered or tendered to the Company in payment of the Option
Price or Purchase Price of an Award or any taxes required to be withheld in respect of an Award, in each case, in accordance with
the terms and conditions of the Plan and any applicable Award Agreement, such surrendered or tendered shares of Common Stock shall
again become available for issuance under the Plan. In addition, in the case of any Substitute Award, such Substitute Award shall
not be counted against the number of shares reserved under the Plan.

 

		5.	EFFECTIVE DATE, DURATION AND AMENDMENTS 

 

5.1. Term.

 

The Plan shall be effective as of the Effective
Date, provided that it has been approved by the Company’s stockholders. The Plan shall terminate automatically on the ten
(10) year anniversary of the Effective Date and may be terminated on any earlier date as provided in Section 5.2.

 

5.2. Amendment
and Termination of the Plan. 

 

The Board may, at any time and from time
to time, amend, suspend, or terminate the Plan as to any Awards which have not been made. An amendment shall be contingent on approval
of the Company’s stockholders to the extent stated by the Board, required by applicable law or required by applicable stock
exchange listing requirements. No Awards shall be made after the Termination Date. The applicable terms of the Plan, and any terms
and conditions applicable to Awards granted prior to the Termination Date shall survive the termination of the Plan and continue
to apply to such Awards. No amendment, suspension, or termination of the Plan shall, without the consent of the Grantee, materially
impair rights or obligations under any Award theretofore awarded.

 

		6.	AWARD ELIGIBILITY AND LIMITATIONS

 

6.1. Service
Providers. 

 

Subject to this Section 6, Awards may be
made to any Service Provider as the Board shall determine and designate from time to time in its discretion.

 

6.2. Successive
Awards. 

 

An eligible person may receive more than
one Award, subject to such restrictions as are provided herein.

 

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6.3. Stand-Alone,
Additional, Tandem, and Substitute Awards. 

 

Awards may, in the discretion of the Board,
be granted either alone or in addition to, in tandem with, or in substitution or exchange for, any other Award or any award granted
under another plan of the Company, any Affiliate, or any business entity to be acquired by the Company or an Affiliate, or any
other right of a Grantee to receive payment from the Company or any Affiliate. Such additional, tandem, and substitute or exchange
Awards may be granted at any time. If an Award is granted in substitution or exchange for another Award, the Board shall have the
right to require the surrender of such other Award in consideration for the grant of the new Award. Subject to the requirements
of applicable law, the Board shall have the right, in its discretion, to make Awards in substitution or exchange for any other
award under another plan of the Company, any Affiliate, or any business entity to be acquired by the Company or an Affiliate. In
addition, Awards may be granted in lieu of cash compensation, including in lieu of cash amounts payable under other plans of the
Company or any Affiliate, in which the value of Stock subject to the Award is equivalent in value to the cash compensation (for
example, Restricted Stock Units or Restricted Stock).

 

		7.	AWARD AGREEMENT

 

Each Award shall be evidenced by an Award
Agreement, in such form or forms as the Board shall from time to time determine. Without limiting the foregoing, an Award Agreement
may be provided in the form of a notice which provides that acceptance of the Award constitutes acceptance of all terms of the
Plan and the notice. Award Agreements granted from time to time or at the same time need not contain similar provisions but shall
be consistent with the terms of the Plan. Each Award Agreement evidencing an Award of Options shall specify whether such Options
are intended to be Non-qualified Stock Options or Incentive Stock Options, and in the absence of such specification such options
shall be deemed Non-qualified Stock Options.

 

		8.	TERMS AND CONDITIONS OF OPTIONS

 

8.1. Option
Price. 

 

The Option Price of each Option shall be
fixed by the Board and stated in the related Award Agreement. The Option Price of each Option intended to be an Incentive Stock
Option (except those that constitute Substitute Awards) shall be at least the Fair Market Value on the Grant Date of a share of
Stock; provided, however, that in the event that a Grantee is a Ten Percent Stockholder as of the Grant Date, the
Option Price of an Option granted to such Grantee that is intended to be an Incentive Stock Option shall be not less than 110 percent
of the Fair Market Value of a share of Stock on the Grant Date. In no case shall the Option Price of any Option be less than the
par value of a share of Stock.

 

8.2. Vesting.

 

Subject to Section 8.3, each
Option shall become exercisable at such times and under such conditions (including, without limitation, performance requirements)
as shall be determined by the Board and stated in the Award Agreement.

 

8.3. Term.

 

Each Option shall terminate, and all rights
to purchase shares of Stock thereunder shall cease, upon the expiration of the Option term determined by the Board and stated in
the Award Agreement not to exceed ten (10) years from the Grant Date, or under such circumstances and on such date
prior thereto as is set forth in the Plan or as may be fixed by the Board and stated in the related Award Agreement; provided,
however, that in the event that the Grantee is a Ten Percent Stockholder, an Option granted to such Grantee that is intended
to be an Incentive Stock Option at the Grant Date shall not be exercisable after the expiration of five (5) years from its Grant
Date.

 

8.4. Limitations
on Exercise of Option. 

 

Notwithstanding any other provision of the
Plan, in no event may any Option be exercised, in whole or in part, (i) prior to the date the Plan is approved by the stockholders
of the Company as provided herein or (ii) after the occurrence of an event which results in termination of the Option.

 

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8.5. Method
of Exercise. 

 

An Option that is exercisable may be exercised
by the Grantee’s delivery of a notice of exercise to the Company, setting forth the number of shares of Stock with respect
to which the Option is to be exercised, accompanied by full payment for the shares. To be effective, notice of exercise must be
made in accordance with procedures established by the Company from time to time.

 

8.6. Rights
of Holders of Options. 

 

Unless otherwise stated in the related Award
Agreement, an individual holding or exercising an Option shall have none of the rights of a stockholder (for example, the right
to receive cash or dividend payments or distributions attributable to the subject shares of Stock or to direct the voting of the
subject shares of Stock ) until the shares of Stock covered thereby are fully paid and issued to him. Except as provided in Section 15
or the related Award Agreement, no adjustment shall be made for dividends, distributions or other rights for which the record date
is prior to the date of such issuance.

 

8.7. Delivery
of Stock Certificates. 

 

Promptly after the exercise of an Option
by a Grantee and the payment in full of the Option Price, such Grantee shall be entitled to the issuance of a stock certificate
or certificates evidencing his or her ownership of the shares of Stock subject to the Option.

 

8.8. Limitations
on Incentive Stock Options. 

 

An Option shall constitute an Incentive
Stock Option only (i) if the Grantee of such Option is an employee of the Company or any Subsidiary of the Company; (ii) to
the extent specifically provided in the related Award Agreement; and (iii) to the extent that the aggregate Fair Market Value
(determined at the time the Option is granted) of the shares of Stock with respect to which all Incentive Stock Options held by
such Grantee become exercisable for the first time during any calendar year (under the Plan and all other plans of the Grantee’s
employer and its Affiliates) does not exceed $100,000. This limitation shall be applied by taking Options into account in the order
in which they were granted.

 

		9.	TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS

 

9.1. Right
to Payment. 

 

A SAR shall confer on the Grantee a right
to receive, upon exercise thereof, the excess of (i) the Fair Market Value of one share of Stock on the date of exercise over
(ii) the SAR Exercise Price, as determined by the Board. The Award Agreement for an SAR shall specify the SAR Exercise Price.
SARs may be granted alone or in conjunction with all or part of an Option or at any subsequent time during the term of such Option
or in conjunction with all or part of any other Award.

 

9.2. Other
Terms. 

 

The Board shall determine at the Grant Date
or thereafter, the time or times at which and the circumstances under which a SAR may be exercised in whole or in part (including
based on achievement of performance goals and/or future service requirements), the time or times at which SARs shall cease to be
or become exercisable following Separation from Service or upon other conditions, the method of exercise, whether or not a SAR
shall be in tandem or in combination with any other Award, and any other terms and conditions of any SAR.

 

9.3. Term
of SARs. 

 

The term of a SAR granted under the Plan
shall be determined by the Board, in its sole discretion; provided, however, that such term shall not exceed ten
(10) years.

 

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9.4. Payment
of SAR Amount. 

 

Upon exercise of a SAR, a Grantee shall
be entitled to receive payment from the Company (in cash or Stock, as determined by the Board) in an amount determined by multiplying:

 

(i) the difference between the Fair Market
Value of a share of Stock on the date of exercise over the SAR Exercise Price; by

 

(ii) the number of shares of Stock with
respect to which the SAR is exercised.

 

		10.	TERMS AND CONDITIONS OF RESTRICTED STOCK AND RESTRICTED STOCK UNITS

 

10.1. Restrictions.

 

At the time of grant, the Board may, in
its sole discretion, establish a period of time (a “Restricted Period”) and any additional restrictions including
the satisfaction of corporate or individual performance objectives applicable to an Award of Restricted Stock or Restricted Stock
Units in accordance with Section 12.1
and 12.2. Each Award of Restricted Stock or Restricted Stock Units may be subject to a different Restricted Period and additional
restrictions. Neither Restricted Stock nor Restricted Stock Units may be sold, transferred, assigned, pledged or otherwise encumbered
or disposed of during the Restricted Period or prior to the satisfaction of any other applicable restrictions.

 

10.2. Restricted
Stock Certificates. 

 

The Company shall issue stock, in the name
of each Grantee to whom Restricted Stock has been granted, stock certificates or other evidence of ownership representing the total
number of shares of Restricted Stock granted to the Grantee, as soon as reasonably practicable after the Grant Date. The Board
may provide in an Award Agreement that either (i) the Secretary of the Company shall hold such certificates for the Grantee’s
benefit until such time as the Restricted Stock is forfeited to the Company or the restrictions lapse, or (ii) such certificates
shall be delivered to the Grantee; provided, however, that such certificates shall bear a legend or legends that
comply with the applicable securities laws and regulations and make appropriate reference to the restrictions imposed under the
Plan and the Award Agreement.

 

10.3. Rights
of Holders of Restricted Stock. 

 

Unless the Board otherwise provides in an
Award Agreement, holders of Restricted Stock shall have rights as stockholders of the Company, including voting and dividend rights.

 

10.4. Rights
of Holders of Restricted Stock Units. 

 

10.4.1.
Settlement of Restricted Stock Units. 

 

Restricted Stock Units may be settled in
cash or Stock, as determined by the Board and set forth in the Award Agreement. The Award Agreement shall also set forth whether
the Restricted Stock Units shall be settled (i) within the time period specified in Section 17.11 for short term
deferrals or (ii) otherwise within the requirements of Section 409A, in which case the Award Agreement shall specify
upon which events such Restricted Stock Units shall be settled.

 

10.4.2.
Voting and Dividend Rights. 

 

Unless otherwise stated in the applicable
Award Agreement, holders of Restricted Stock Units shall not have rights as stockholders of the Company, including no voting or
dividend or dividend equivalents rights.

 

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10.4.3.
Creditor’s Rights. 

 

A holder of Restricted Stock Units shall
have no rights other than those of a general creditor of the Company. Restricted Stock Units represent an unfunded and unsecured
obligation of the Company, subject to the terms and conditions of the applicable Award Agreement.

 

10.5. Purchase
of Restricted Stock. 

 

The Grantee shall be required, to the extent
required by applicable law, to purchase the Restricted Stock from the Company at a Purchase Price equal to the greater of (i) the
aggregate par value of the shares of Stock represented by such Restricted Stock or (ii) the Purchase Price, if any, specified
in the related Award Agreement. If specified in the Award Agreement, the Purchase Price may be deemed paid by Services already
rendered. The Purchase Price shall be payable in a form described in Section 11 or, in the discretion of the Board,
in consideration for past Services rendered.

 

10.6. Delivery
of Stock. 

 

Upon the expiration or termination of any
Restricted Period and the satisfaction of any other conditions prescribed by the Board, the restrictions applicable to shares of
Restricted Stock or Restricted Stock Units settled in Stock shall lapse, and, unless otherwise provided in the Award Agreement,
a stock certificate for such shares shall be delivered, free of all such restrictions, to the Grantee or the Grantee’s beneficiary
or estate, as the case may be.

 

		11.	FORM OF PAYMENT FOR OPTIONS AND RESTRICTED STOCK

 

11.1. General
Rule. 

 

Payment of the Option Price for the shares
purchased pursuant to the exercise of an Option or the Purchase Price for Restricted Stock shall be made in cash or in cash equivalents
acceptable to the Company, except as provided in this Section 11.

 

11.2. Surrender
of Stock. 

 

To the extent the Award Agreement so provides,
payment of the Option Price for shares purchased pursuant to the exercise of an Option or the Purchase Price for Restricted Stock
may be made all or in part through the tender to the Company of shares of Stock, which shares shall be valued, for purposes of
determining the extent to which the Option Price or Purchase Price for Restricted Stock has been paid thereby, at their Fair Market
Value on the date of exercise or surrender. Notwithstanding the foregoing, in the case of an Incentive Stock Option, the right
to make payment in the form of already owned shares of Stock may be authorized only at the time of grant.

 

11.3. Cashless
Exercise. 

 

With respect to an Option only (and not
with respect to Restricted Stock) following the Initial Public Offering, to the extent permitted by law and to the extent the Award
Agreement so provides, payment of the Option Price may be made all or in part by delivery (on a form acceptable to the Company)
of an irrevocable direction to a licensed securities broker acceptable to the Company to sell shares of Stock and to deliver all
or part of the sales proceeds to the Company in payment of the Option Price and any withholding taxes described in Section 17.3.

 

    	11

    	 

    

  

11.4. Other
Forms of Payment. 

 

To the extent the Award Agreement so provides,
payment of the Option Price or the Purchase Price for Restricted Stock may be made in any other form that is consistent with applicable
laws, regulations and rules, including, but not limited to, the Company’s withholding of shares of Stock otherwise due to
the exercising Grantee.

 

		12.	TERMS AND CONDITIONS OF PERFORMANCE AWARDS

 

12.1. Performance
Conditions. 

 

The right of a Grantee to exercise or receive
a grant or settlement of any Award, and the timing thereof, may be subject to such performance conditions as may be specified by
the Board. The Board may use such business criteria and other measures of performance as it may deem appropriate in establishing
any performance conditions, and may exercise its discretion to reduce the amounts payable under any Award subject to performance
conditions, except as limited under Section 12.2 in the case of a Performance Award intended to qualify under Code Section 162(m).

 

12.2. Performance
Awards Granted to Designated Covered Employees. 

 

If and to the extent that the Board determines
that a Performance Award to be granted to a Grantee who is designated by the Board as likely to be a Covered Employee should qualify
as “performance-based compensation” for purposes of Code Section 162(m), the grant, exercise and/or settlement
of such Performance Award shall be contingent upon achievement of pre-established performance goals and other terms set forth in
this Section 12.2. Notwithstanding anything herein to the contrary, the Board in its discretion may provide for Performance
Awards to Covered Employees that are not intended qualify as “performance-based compensation” for purposes of Code
Section 162(m).

 

12.2.1.
Performance Goals Generally. 

 

The performance goals for such Performance
Awards shall consist of one or more business criteria and a targeted level or levels of performance with respect to each of such
criteria, as specified by the Board consistent with this Section 12.2. Following the end of the Transition Period, performance
goals shall be objective and shall otherwise meet the requirements of Code Section 162(m) and regulations thereunder including
the requirement that the level or levels of performance targeted by the Board result in the achievement of performance goals being
“substantially uncertain.” The Board may determine that such Performance Awards shall be granted, exercised and/or
settled upon achievement of any one performance goal or that two or more of the performance goals must be achieved as a condition
to grant, exercise and/or settlement of such Performance Awards. Performance goals may, in the discretion of the Board, be established
on a Company-wide basis, or with respect to one or more business units, divisions, subsidiaries or business segments, as applicable.
Performance goals may be absolute or relative (to the performance of one or more comparable companies or indices). Measurement
of performance goals may exclude (in the discretion of the Board) the impact of charges for restructuring, discontinued operations,
extraordinary items, and other unusual non-recurring items, and the cumulative effects of tax or accounting changes (each as defined
by generally accepted accounting principles and as identified in the Company’s financial statements or other SEC filings).
Performance goals may differ for Performance Awards granted to any one Grantee or to different Grantees.

 

12.2.2.
Business Criteria. 

 

One or more of the following business criteria
for the Company, on a consolidated basis, and/or specified subsidiaries or business units of the Company (except with respect to
the total stockholder return and earnings per share criteria), shall be used exclusively by the Board in establishing performance
goals for such Performance Awards: (i) cash flow; (ii) earnings per share, as adjusted for any stock split, stock dividend or other
recapitalization; (iii) earnings measures; (iv) return on equity; (v) total shareholder return; (vi) share price performance, as
adjusted for any stock split, stock dividend or other recapitalization; (vii) return on capital; (viii) revenue; (ix) income; (x)
profit margin; (xi) return on operating revenue; (xii) brand recognition/acceptance; (xiii) customer satisfaction; (xiv) productivity;
(xv) expense targets; (xvi) market share; (xvii) cost control measures; (xviii) balance sheet metrics; (xix) strategic initiatives;
(xx) implementation, completion or attainment of measurable objectives with respect to recruitment or retention of personnel or
employee satisfaction; or (xxi) any other business criteria established by the the Board; provided, however, that such business
criteria shall include any derivations of business criteria listed above (e.g., income shall include pre-tax income, net income,
operating income, etc.).

 

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12.2.3.
Timing for Establishing Performance Goals. 

 

Following the Transition Period, performance
goals shall be established not later than 90 days after the beginning of any performance period applicable to such Performance
Awards, or at such other date as may be required or permitted for “performance-based compensation” under Code Section 162(m).

 

12.2.4.
Settlement of Performance Awards; Other Terms. 

 

Settlement of Performance Awards shall be
in cash, Stock, other Awards or other property, in the discretion of the Board. The Board may, in its discretion, reduce the amount
of a settlement otherwise to be made in connection with such Performance Awards.

 

12.3. Written
Determinations. 

 

All determinations by the Board as to the
establishment of performance goals, the amount of any Performance Award pool or potential individual Performance Awards and as
to the achievement of performance goals relating to Performance Awards, shall be made in writing in the case of any Award intended
to qualify under Code Section 162(m) to the extent required by Code Section 162(m). To the extent permitted by Code Section 162(m),
the Board may delegate any responsibility relating to such Performance Awards.

 

12.4. Status
of Section 12.2 Awards under Code Section 162(m). 

 

The provisions of this Section 12.4
are applicable following the Transition Period. It is the intent of the Company that Performance Awards under Section 12.2
granted to persons who are designated by the Board as likely to be Covered Employees within the meaning of Code Section 162(m)
and regulations thereunder shall, if so designated by the Board, constitute “qualified performance-based compensation”
within the meaning of Code Section 162(m) and regulations thereunder. Accordingly, the terms of Section 12.2, including
the definitions of Covered Employee and other terms used therein, shall be interpreted in a manner consistent with Code Section 162(m)
and regulations thereunder. The foregoing notwithstanding, because the Board cannot determine with certainty whether a given Grantee
will be a Covered Employee with respect to a fiscal year that has not yet been completed, the term Covered Employee as used herein
shall mean only a person designated by the Board, at the time of grant of Performance Awards, as likely to be a Covered Employee
with respect to that fiscal year. If any provision of the Plan or any agreement relating to such Performance Awards does not comply
or is inconsistent with the requirements of Code Section 162(m) or regulations thereunder, such provision shall be construed
or deemed amended to the extent necessary to conform to such requirements.

 

		13.	other sTOCK-based awards

 

13.1. Grant
of Other Stock-based Awards.

 

Other Stock-based Awards may be granted
either alone or in addition to or in conjunction with other Awards under the Plan. Other Stock-based Awards may be granted in lieu
of other cash or other compensation to which a Service Provider is entitled from the Company or may be used in the settlement of
amounts payable in shares of Common Stock under any other compensation plan or arrangement of the Company, including without limitation,
the Company’s incentive compensation plan. Subject to the provisions of the Plan, the Board shall have the sole and complete
authority to determine the persons to whom and the time or times at which such Awards shall be made, the number of shares of Common
Stock to be granted pursuant to such Awards, and all other conditions of such Awards. Unless the Board determines otherwise, any
such Award shall be confirmed by an Award Agreement, which shall contain such provisions as the Board determines to be necessary
or appropriate to carry out the intent of this Plan with respect to such Award.

 

    	13

    	 

    

  

13.2. Terms
of Other Stock-based Awards.

 

Any Common Stock subject to Awards made
under this Section 13 may not be sold, assigned, transferred, pledged or otherwise encumbered prior to the date on which
the shares are issued, or, if later, the date on which any applicable restriction, performance or deferral period lapses.

 

		14.	REQUIREMENTS OF LAW

 

14.1. General.

 

The Company shall not be required to sell
or issue any shares of Stock under any Award if the sale or issuance of such shares would constitute a violation by the Grantee,
any other individual exercising an Option, or the Company of any provision of any law or regulation of any governmental authority,
including without limitation any federal or state securities laws or regulations. If at any time the Company shall determine, in
its discretion, that the listing, registration or qualification of any shares subject to an Award upon any securities exchange
or under any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the issuance or purchase
of shares hereunder, no shares of Stock may be issued or sold to the Grantee or any other individual exercising an Option pursuant
to such Award unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of
any conditions not acceptable to the Company, and any delay caused thereby shall in no way affect the date of termination of the
Award. Specifically, in connection with the Securities Act, upon the exercise of any Option or the delivery of any shares of Stock
underlying an Award, unless a registration statement under such Act is in effect with respect to the shares of Stock covered by
such Award, the Company shall not be required to sell or issue such shares unless the Board has received evidence satisfactory
to it that the Grantee or any other individual exercising an Option may acquire such shares pursuant to an exemption from registration
under the Securities Act. Any determination in this connection by the Board shall be final, binding, and conclusive. The Company
may, but shall in no event be obligated to, register any securities covered hereby pursuant to the Securities Act. The Company
shall not be obligated to take any affirmative action in order to cause the exercise of an Option or the issuance of shares of
Stock pursuant to the Plan to comply with any law or regulation of any governmental authority. As to any jurisdiction that expressly
imposes the requirement that an Option shall not be exercisable until the shares of Stock covered by such Option are registered
or are exempt from registration, the exercise of such Option (under circumstances in which the laws of such jurisdiction apply)
shall be deemed conditioned upon the effectiveness of such registration or the availability of such an exemption.

 

14.2. Section
25102(o) of the California Corporations Code. 

 

This Plan is intended to comply with Section
25102(o) of the California Corporations Code. In that regard, to the extent required by Section 25102(o), (i) the terms of any
Options or SARs, to the extent vested and exercisable upon a Grantee’s Separation from Service, shall include any minimum
exercise periods following Separation from Service specified by Section 25102(o), and (ii) any repurchase right of the Company
with respect to shares of Stock issued under the Plan shall include a minimum 90-day notice requirement. Any provision of this
Plan which is inconsistent with Section 25102(o) shall, without further act or amendment by the Company or the Board, be reformed
to comply with the requirements of Section 25102(o).

 

    	14

    	 

    

  

14.3. Rule
16b-3. 

 

During any time when the Company has a class
of equity security registered under Section 12 of the Exchange Act, it is the intent of the Company that Awards and the exercise
of Options granted to officers and directors hereunder will qualify for the exemption provided by Rule 16b-3 under the Exchange
Act. To the extent that any provision of the Plan or action by the Board or Committee does not comply with the requirements of
Rule 16b-3, it shall be deemed inoperative to the extent permitted by law and deemed advisable by the Board, and shall not affect
the validity of the Plan. In the event that Rule 16b-3 is revised or replaced, the Board may exercise its discretion to modify
this Plan in any respect necessary to satisfy the requirements of, or to take advantage of any features of, the revised exemption
or its replacement.

 

		15.	EFFECT OF CHANGES IN CAPITALIZATION

 

15.1. Adjustments
for Changes in Capital Structure. 

 

Subject to any required action by the stockholders
of the Company, in the event of any change in the Stock effected without receipt of consideration by the Company, whether through
merger, consolidation, reorganization, reincorporation, recapitalization, reclassification, stock dividend, stock split, reverse
stock split, split-up, split-off, spin-off, combination of shares, exchange of shares, or similar change in the capital structure
of the Company, or in the event of payment of a dividend or distribution to the stockholders of the Company in a form other than
Stock (excepting normal cash dividends) that has a material effect on the Fair Market Value of shares of Stock, appropriate and
proportionate adjustments shall be made in the number and class of shares subject to the Plan and to any outstanding Awards, and
in the Option Price, SAR Exercise Price or Purchase Price per share of any outstanding Awards in order to prevent dilution or enlargement
of Grantees’ rights under the Plan. For purposes of the foregoing, conversion of any convertible securities of the Company
shall not be treated as “effected without receipt of consideration by the Company.” If a majority of the shares which
are of the same class as the shares that are subject to outstanding Awards are exchanged for, converted into, or otherwise become
(whether or not pursuant to a Change in Control) shares of another corporation (the “New Shares”), the Board
may unilaterally amend the outstanding Awards to provide that such Awards are for New Shares. In the event of any such amendment,
the number of shares subject to, and the Option Price, SAR Exercise Price or Purchase Price per share of, the outstanding Awards
shall be adjusted in a fair and equitable manner as determined by the Board, in its discretion. Any fractional share resulting
from an adjustment pursuant to this Section 15.1 shall be rounded down to the nearest whole number and the Option Price,
SAR Exercise Price or Purchase Price per share shall be rounded up to the nearest whole cent. In no event may the exercise price
of any Award be decreased to an amount less than the par value, if any, of the stock subject to the Award. The Board in its sole
discretion, may also make such adjustments in the terms of any Award to reflect, or related to, such changes in the capital structure
of the Company or distributions as it deems appropriate. Adjustments determined by the Board pursuant to this Section 15.1 shall
be made in accordance with Section 409A to the extent applicable.

 

15.2. Change
in Control. 

 

15.2.1.
Consequences of a Change in Control.

 

Subject to the requirements and limitations
of Section 409A if applicable, the Board may provide for any one or more of the following in connection with a Change in Control:

 

(a)          Accelerated
Vesting. The Board may, in its discretion, provide in any Award Agreement or, in the event of a Change in Control, may
take such actions as it deems appropriate to provide for the acceleration of the exercisability, vesting and/or settlement in connection
with such Change in Control of each or any outstanding Award or portion thereof and shares acquired pursuant thereto upon such
conditions, including termination of the Grantee’s Service prior to, upon, or following such Change in Control, to such extent
as the Board shall determine. 

 

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(b)            Assumption,
Continuation or Substitution. In the event of a Change in Control, the surviving, continuing, successor, or purchasing
corporation or other business entity or parent thereof, as the case may be (the “Acquiror”), may, without
the consent of any Grantee, either assume or continue the Company’s rights and obligations under each or any Award or portion
thereof outstanding immediately prior to the Change in Control or substitute for each or any such outstanding Award or portion
thereof a substantially equivalent award with respect to the Acquiror’s stock, as applicable. For purposes of this Section
15.2.1, if so determined by the Board, in its discretion, an Award denominated in shares of Stock shall be deemed assumed if,
following the Change in Control, the Award confers the right to receive, subject to the terms and conditions of the Plan and the
applicable Award Agreement, for each share of Stock subject to the Award immediately prior to the Change in Control, the consideration
(whether stock, cash, other securities or property or a combination thereof) to which a holder of a share of Stock on the effective
date of the Change in Control was entitled; provided, however, that if such consideration is not solely common stock
of the Acquiror, the Board may, with the consent of the Acquiror, provide for the consideration to be received upon the exercise
or settlement of the Award, for each share of Stock subject to the Award, to consist solely of common stock of the Acquiror equal
in Fair Market Value to the per share consideration received by holders of Stock pursuant to the Change in Control. If any portion
of such consideration may be received by holders of Stock pursuant to the Change in Control on a contingent or delayed basis, the
Board may, in its sole discretion, determine such Fair Market Value per share as of the time of the Change in Control on the basis
of the Board’s good faith estimate of the present value of the probable future payment of such consideration. Any Award or
portion thereof which is neither assumed or continued by the Acquiror in connection with the Change in Control nor exercised or
settled as of the time of consummation of the Change in Control shall terminate and cease to be outstanding effective as of the
time of consummation of the Change in Control.  

 

(c)          Cash-Out
of Awards. The Board may, in its discretion and without the consent of any Grantee, determine that, upon the occurrence
of a Change in Control, each or any Award or a portion thereof outstanding immediately prior to the Change in Control and not previously
exercised or settled shall be canceled in exchange for a payment with respect to each vested share (and each unvested share, if
so determined by the Board) of Stock subject to such canceled Award in (i) cash, (ii) stock of the Company or of a corporation
or other business entity a party to the Change in Control, or (iii) other property which, in any such case, shall be in an
amount having a Fair Market Value equal to the Fair Market Value of the consideration to be paid per share of Stock in the Change
in Control, reduced by the exercise or purchase price per share, if any, under such Award. If any portion of such consideration
may be received by holders of Stock pursuant to the Change in Control on a contingent or delayed basis, the Board may, in its sole
discretion, determine such Fair Market Value per share as of the time of the Change in Control on the basis of the Board’s
good faith estimate of the present value of the probable future payment of such consideration. In the event such determination
is made by the Board, the amount of such payment (reduced by applicable withholding taxes, if any) shall be paid to Grantees in
respect of the vested portions of their canceled Awards as soon as practicable following the date of the Change in Control and
in respect of the unvested portions of their canceled Awards in accordance with the vesting schedules applicable to such Awards.
For avoidance of doubt, if the amount determined pursuant to this Section 15.2.1(c) for an Option or SAR is zero or less,
the affected Option or SAR may be cancelled without any payment therefore.

 

15.2.2.
Change in Control Defined.

 

Except as may otherwise be defined in an
Award Agreement, a Change in Control shall mean the occurrence of any of the following events:

 

(a)          the
acquisition, other than from the Company, by any individual, entity or group (within the meaning of Section 13(d)(3) or Section
14(d)(2) of the Exchange Act), other than the Company or any subsidiary, affiliate (within the meaning of Rule 144 promulgated
under the Securities Act of 1933, as amended) or employee benefit plan of the Company, of beneficial ownership (within the meaning
of Rule 13d-3 promulgated under the Exchange Act) of more than 50% of the combined voting power of the then outstanding voting
securities of the Company entitled to vote generally in the election of directors (the “Voting Securities”);
or

 

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(b)          a
reorganization, merger, consolidation or recapitalization of the Company (a “Business Combination”), other than
a Business Combination in which more than 50% of the combined voting power of the outstanding voting securities of the surviving
or resulting entity immediately following the Business Combination is held by the persons who, immediately prior to the Business
Combination, were the holders of the Voting Securities; or

 

(c)          a
complete liquidation or dissolution of the Company, or a sale of all or substantially all of the assets of the Company; or

 

(d)          during
any period of 24 consecutive months, the Incumbent Directors cease to constitute a majority of the Board of Directors; “Incumbent
Directors” shall mean individuals who were members of the Board of Directors at the beginning of such period or individuals
whose election or nomination for election to the Board of Directors by the Company's stockholders was approved by a vote of at
least a majority of the then Incumbent Directors (but excluding any individual whose initial election or nomination is in connection
with an actual or threatened proxy contest relating to the election of directors).  

 

Notwithstanding the foregoing, if it is
determined that an Award hereunder is subject to the requirements of Section 409A and payable upon a Change in Control, the Company
will not be deemed to have undergone a Change in Control unless the Company is deemed to have undergone a “change in control
event” pursuant to the definition of such term in Section 409A.

 

15.3. Adjustments.

 

Adjustments under this Section 15
related to shares of Stock or securities of the Company shall be made by the Board, whose determination in that respect shall be
final, binding and conclusive. No fractional shares or other securities shall be issued pursuant to any such adjustment, and any
fractions resulting from any such adjustment shall be eliminated in each case by rounding downward to the nearest whole share.

 

		16.	No Limitations on Company

 

The making of Awards pursuant to the Plan
shall not affect or limit in any way the right or power of the Company to make adjustments, reclassifications, reorganizations,
or changes of 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.

 

		17.	TERMS APPLICABLE GENERALLY TO AWARDS GRANTED UNDER THE PLAN

 

17.1. Disclaimer
of Rights. 

 

No provision in the Plan or in any Award
Agreement shall be construed to confer upon any individual the right to remain in the employ or service of the Company or any Affiliate,
or to interfere in any way with any contractual or other right or authority of the Company or any Affiliate either to increase
or decrease the compensation or other payments to any individual at any time, or to terminate any employment or other relationship
between any individual and the Company or any Affiliate. In addition, notwithstanding anything contained in the Plan to the contrary,
unless otherwise stated in the applicable Award Agreement, no Award granted under the Plan shall be affected by any change of duties
or position of the Grantee, so long as such Grantee continues to be a Service Provider. The obligation of the Company to pay any
benefits pursuant to this Plan shall be interpreted as a contractual obligation to pay only those amounts described herein, in
the manner and under the conditions prescribed herein. The Plan shall in no way be interpreted to require the Company to transfer
any amounts to a third party trustee or otherwise hold any amounts in trust or escrow for payment to any Grantee or beneficiary
under the terms of the Plan.

 

    	17

    	 

    

  

17.2. Nonexclusivity
of the Plan. 

 

Neither the adoption of the Plan nor the
submission of the Plan to the stockholders of the Company for approval shall be construed as creating any limitations upon the
right and authority of the Board to adopt such other incentive compensation arrangements (which arrangements may be applicable
either generally to a class or classes of individuals or specifically to a particular individual or particular individuals), including,
without limitation, the granting of stock options as the Board in its discretion determines desirable.

 

17.3. Withholding
Taxes. 

 

The Company or an Affiliate, as the case
may be, shall have the right to deduct from payments of any kind otherwise due to a Grantee any federal, state, or local taxes
of any kind required by law to be withheld (i) with respect to the vesting of or other lapse of restrictions applicable to
an Award, (ii) upon the issuance of any shares of Stock upon the exercise of an Option or SAR, or (iii) otherwise due
in connection with an Award. At the time of such vesting, lapse, or exercise, the Grantee shall pay to the Company or the Affiliate,
as the case may be, any amount that the Company or the Affiliate may reasonably determine to be necessary to satisfy such withholding
obligation. Subject to the prior approval of the Company or the Affiliate, which may be withheld by the Company or the Affiliate,
as the case may be, in its sole discretion, the Grantee may elect to satisfy such obligations, in whole or in part, (i) by
causing the Company or the Affiliate to withhold the minimum required number of shares of Stock otherwise issuable to the Grantee
as may be necessary to satisfy such withholding obligation or (ii) by delivering to the Company or the Affiliate shares of
Stock already owned by the Grantee. The shares of Stock so delivered or withheld shall have an aggregate Fair Market Value equal
to such withholding obligations. The Fair Market Value of the shares of Stock used to satisfy such withholding obligation shall
be determined by the Company or the Affiliate as of the date that the amount of tax to be withheld is to be determined. A Grantee
who has made an election pursuant to this Section 17.3 may satisfy his or her withholding obligation only with shares
of Stock that are not subject to any repurchase, forfeiture, unfulfilled vesting, or other similar requirements.

 

17.4. Right
of First Refusal; Right to Repurchase. 

 

17.4.1.
Right of First Refusal. 

 

Except as otherwise expressly provided in
an Award Agreement, stockholders’ agreement or other agreement to which a Holder is a party, at any time prior to registration
by the Company of its Common Stock under Section 12 of the Exchange Act, in the event that the Holder desires at any time to sell
or otherwise transfer all or any part of such Holder’s Issued Shares (to the extent vested), the Holder first shall give
written notice to the Company of the Holder’s intention to make such transfer. Such notice shall state the number of Issued
Shares which the Holder proposes to sell (the “Offered Shares”), the price and the terms at which the proposed sale
is to be made and the name and address of the proposed transferee. At any time within 30 days after the receipt of such notice
by the Company, the Company or its assigns may elect to purchase all or any portion of the Offered Shares at the price and on the
terms offered by the proposed transferee and specified in the notice. The Company or its assigns shall exercise this right by mailing
or delivering written notice to the Holder within the foregoing 30-day period. If the Company or its assigns elect to exercise
its purchase rights under this Section 17.4.1, the closing for such purchase shall, in any event, take place within 45 days
after the receipt by the Company of the initial notice from the Holder. In the event that the Company or its assigns do not elect
to exercise such purchase right, or in the event that the Company or its assigns do not pay the full purchase price within such
45-day period, the Holder may, within 60 days thereafter, sell the Offered Shares to the proposed transferee and at the same price
and on the same terms as specified in the Holder’s notice. Any Issued Shares purchased by such proposed transferee shall
no longer be subject to the terms of the Plan. Any Issued Shares not sold to the proposed transferee shall remain subject to the
Plan.

 

    	18

    	 

    

  

17.4.2.
Right of Repurchase. 

 

Except as otherwise expressly provided in
an Award Agreement, stockholders’ agreement or other agreement to which a Grantee is a party, at any time prior to registration
by the Company of its Common Stock under Section 12 of the Exchange Act, in the case of any Grantee whose Separation from Service
is for Cause, or where the Grantee has, in the Board's reasonable determination, taken any action prior to or following his Separation
of Service which would have constituted grounds for Cause, the Company shall have the right, exercisable at any time and from time
to time thereafter, to repurchase from the Grantee (or any successor in interest by purchase, gift or other mode of transfer) any
shares of Common Stock issued to such Grantee under the Plan for the purchase price paid by the Grantee for such shares of Common
Stock (or the Fair Market Value of such Common Stock at the time of repurchase, if lower).

 

17.5. Market
Standoff Requirement. 

 

Except as otherwise expressly provided in
an Award Agreement, stockholders’ agreement or other agreement to which a Grantee is a party, in connection with any
underwritten public offering of its Common Stock (“Offering”) and upon request of the Company or the underwriters
managing the Offering, Grantees shall not be permitted to sell, make any short sale of, loan, grant any option for the purchase
of, or otherwise directly or indirectly dispose of any Common Stock delivered under the Plan (other than those shares of Common
Stock included in the Offering) without the prior written consent of the Company or such underwriters, as the case may be, for
such period of time from the effective date of the registration statement with respect to such Offering as may be requested by
the Company or such managing underwriters and to execute an agreement reflecting the foregoing as may be requested by the underwriters
in connection with such Offering.

 

17.6. Captions.

 

The use of captions in this Plan or any
Award Agreement is for the convenience of reference only and shall not affect the meaning of any provision of the Plan or any Award
Agreement.

 

17.7. Other
Provisions. 

 

Each Award Agreement may contain such other
terms and conditions not inconsistent with the Plan as may be determined by the Board, in its sole discretion. In the event of
any conflict between the terms of an employment agreement and the Plan, the terms of the employment agreement govern.

 

17.8. Number
and Gender. 

 

With respect to words used in this Plan,
the singular form shall include the plural form, the masculine gender shall include the feminine gender, etc., as the context requires.

 

17.9. Severability.

 

If any provision of the Plan or any Award
Agreement shall be determined to be illegal or unenforceable by any court of law in any jurisdiction, the remaining provisions
hereof and thereof shall be severable and enforceable in accordance with their terms, and all provisions shall remain enforceable
in any other jurisdiction.

 

    	19

    	 

    

  

17.10. Governing
Law. 

 

The Plan shall be governed by and construed
in accordance with the laws of the State of Delaware without giving effect to the principles of conflicts of law.

 

17.11. Section 409A.

 

The Plan is intended to comply with Section
409A to the extent subject thereto, and, accordingly, to the maximum extent permitted, the Plan shall be interpreted and administered
to be in compliance therewith. Any payments described in the Plan that are due within the “short-term deferral period”
as defined in Section 409A shall not be treated as deferred compensation unless applicable laws require otherwise. Notwithstanding
anything to the contrary in the Plan, to the extent required to avoid accelerated taxation and tax penalties under Section 409A,
amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to the Plan during the six (6) month
period immediately following the Grantee’s Separation from Service shall instead be paid on the first payroll date after
the six-month anniversary of the Grantee’s Separation from Service (or the Grantee’s death, if earlier). Notwithstanding
the foregoing, neither the Company nor the Committee shall have any obligation to take any action to prevent the assessment of
any excise tax or penalty on any Grantee under Section 409A and neither the Company nor the Committee will have any liability to
any Grantee for such tax or penalty. 

 

17.12. Separation
from Service. 

 

The Board shall determine the effect of
a Separation from Service upon Awards, and such effect shall be set forth in the appropriate Award Agreement. Without limiting
the foregoing, the Board may provide in the Award Agreements at the time of grant, or any time thereafter with the consent of the
Grantee, the actions that will be taken upon the occurrence of a Separation from Service, including, but not limited to, accelerated
vesting or termination, depending upon the circumstances surrounding the Separation from Service.

 

17.13. Transferability
of Awards and Issued Shares. 

 

17.13.1.
Transfers in General.

 

Except as provided in Section 17.13.2,
no Award shall be assignable or transferable by the Grantee to whom it is granted, other than by will or the laws of descent and
distribution, and, during the lifetime of the Grantee, only the Grantee personally (or the Grantee’s personal representative)
may exercise rights under the Plan.

 

17.13.2.
Family Transfers. 

 

If authorized in the applicable Award Agreement,
a Grantee may transfer, not for value, all or part of an Award (other than Incentive Stock Options) to any Family Member. For the
purpose of this Section 17.13.2, a “not for value” transfer is a transfer which is (i) a gift, (ii) a
transfer under a domestic relations order in settlement of marital property rights; or (iii) a transfer to an entity in which
more than fifty percent of the voting interests are owned by Family Members (or the Grantee) in exchange for an interest in that
entity. Following a transfer under this Section 17.13.2, any such Award shall
continue to be subject to the same terms and conditions as were applicable immediately prior to transfer. Subsequent transfers
of transferred Awards are prohibited except to Family Members of the original Grantee in accordance with this Section 17.13.2
or by will or the laws of descent and distribution.

 

    	20

    	 

    

 

17.13.3.
Issued Shares. 

 

No Issued Shares shall be sold, assigned,
transferred, pledged, hypothecated, given away or in any other manner disposed of or encumbered, whether voluntarily or by operation
of law, unless (i) such transfer is in compliance with the terms of the applicable Award, all applicable securities laws, and with
the terms and conditions of the Plan (including Sections 17.4 and 17.5 and this Section 17.13.3), (ii) such
transfer does not cause the Company to become subject to the reporting requirements of the Exchange Act, and (iii) the transferee
consents in writing to be bound by the provisions of the Plan (including Sections 17.4 and 17.5 and this Section
17.13.3). In connection with any proposed transfer, the Board may require the transferor to provide at the transferor’s
own expense an opinion of counsel to the transferor, satisfactory to the Board, that such transfer is in compliance with all foreign,
federal and state securities laws. Any attempted disposition of Issued Shares not in accordance with the terms and conditions of
this Section 17.13.3 shall be null and void, and the Company shall not reflect on its records any change in record ownership
of any Issued Shares as a result of any such disposition, shall otherwise refuse to recognize any such disposition and shall not
in any way give effect to any such disposition of Issued Shares. Subject to the foregoing general provisions, and unless otherwise
provided in the agreement with respect to a particular Award, Issued Shares may be transferred pursuant to the following specific
terms and conditions:

 

(a)Transfers
to Permitted Transferees. The Holder may sell, assign, transfer or give away any or all of the Issued Shares to Permitted Transferees;
provided, however, that following such sale, assignment, or other transfer, such Issued Shares shall continue to be subject
to the terms of this Plan (including Sections 17.4 and 17.5 and this Section 17.13.3) and such Permitted Transferee(s)
shall, as a condition to any such transfer, deliver a written acknowledgment to that effect to the Company.

 

(b)Transfers
Upon Death. Upon the death of the Holder, any Issued Shares then held by the Holder at the time of such death and any Issued
Shares acquired thereafter by the Holder’s legal representative shall be subject to the provisions of this Plan, and the
Holder’s estate, executors, administrators, personal representatives, heirs, legatees and distributees shall be obligated
to convey such Issued Shares to the Company or its assigns under the terms contemplated hereby.

 

17.14. Dividends
and Dividend Equivalent Rights. 

 

If specified in the Award Agreement, the
recipient of an Award under this Plan may be entitled to receive, currently or on a deferred basis, dividends or dividend equivalents
with respect to the Common Stock or other securities covered by an Award. The terms and conditions of a dividend equivalent right
may be set forth in the Award Agreement. Dividend equivalents credited to a Grantee may be paid currently or may be deemed to
be reinvested in additional shares of Stock or other securities of the Company at a price per unit equal to the Fair Market Value
of a share of Stock on the date that such dividend was paid to shareholders, as determined in the sole discretion of the Board.

 

Adopted by the Board
on December 12, 2013

Approved by Stockholders on  December 12, 2013

Termination Date:  December 12, 2023

 

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