Document:

Exhibit 4.1

 

Warrant Certificate No. W-__

 

NEITHER THE SECURITIES REPRESENTED BY THIS
CERTIFICATE NOR THE SECURITIES ISSUABLE UPON THE EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAWS, AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE
OFFERED, SOLD, ASSIGNED OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER
THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR (2) AN EXEMPTION FROM SUCH REGISTRATION EXISTS AND THE COMPANY RECEIVES
AN OPINION OF COUNSEL TO THE HOLDER OF SUCH SECURITIES, WHICH COUNSEL AND OPINION ARE SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES
MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR TRANSFERRED IN THE MANNER CONTEMPLATED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE ACT OR APPLICABLE STATE SECURITIES LAWS.

 

	Effective Date: ______________     	Void After: _____________

 

REVIVA PHARMACEUTICALS, INC.

 

WARRANT TO PURCHASE COMMON STOCK

 

Reviva Pharmaceuticals, Inc.,
a Delaware corporation (the “Company”), effective April 28, 2017 (the “Effective Date”),
hereby issues ________________, (the “Holder” or “Warrant Holder”) this Warrant (the “Warrant”)
to purchase ______ shares (each such share as from time to time adjusted as hereinafter provided being a “Warrant Share”
and all such shares being the “Warrant Shares”) of the Company’s Common Stock (as defined below), at the
Exercise Price (as defined below), as adjusted from time to time as provided herein, on or before ___________ (the “Expiration
Date”), all subject to the following terms and conditions. This Warrant is being issued pursuant to _____________________________.

 

As used in this Warrant,
(i) “Business Day” means any day other than Saturday, Sunday or any other day on which commercial banks
in the City of New York, New York, are authorized or required by law or executive order to close; (ii) “Common Stock”
means the common stock of the Company, par value $0.0001 per share, including any securities issued or issuable with respect thereto
or into which or for which such shares may be exchanged for, or converted into, pursuant to any stock dividend, stock split, stock
combination, recapitalization, reclassification, reorganization or other similar event; (iii) “Exercise Price”
means $____ per share of Common Stock, subject to adjustment as provided herein; (iv) “Trading Day” means
any day on which the Common Stock is traded (or available for trading) on its principal trading market; (v) “Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market,
the New York Stock Exchange or the trading platforms of OTC Markets Inc., or any successors to any of the foregoing; and (vi) “Affiliate”
means any person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common
control with, a person, as such terms are used and construed in Rule 144 promulgated under the Securities Act of 1933, as
amended (the “Securities Act”).

 

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1.            DURATION
AND EXERCISE OF WARRANTS

 

(a)          Exercise Period. The Holder may exercise this Warrant, in whole or in part, on any Business Day on or before
5:00 P.M., Eastern Time, on the Expiration Date, at which time this Warrant shall become void and of no value.

 

(b)          Exercise
Procedures.

 

(i)           While
this Warrant remains outstanding and exercisable in accordance with Section 1(a), the Holder may exercise this Warrant in
whole or in part at any time and from time to time by:

 

(A)      delivery
to the Company of a duly executed copy of the Notice of Exercise (the “Notice of Exercise”) attached as Exhibit A;

 

(B)       surrender
of this Warrant to the Secretary of the Company at its principal offices or at such other office or agency as the Company may specify
in writing to the Holder; and

 

(C)       payment
of the then-applicable Exercise Price per share multiplied by the number of Warrant Shares being purchased upon exercise of the
Warrant (such amount, the “Aggregate Exercise Price”) made in the form of cash, or by certified check, bank
draft or money order payable in lawful money of the United States of America.

 

(ii)           Upon
the exercise of this Warrant in compliance with the provisions of this Section 1(b), the Company shall promptly issue and
cause to be delivered to the Holder a certificate for the Warrant Shares purchased by the Holder. Each exercise of this Warrant
shall be effective immediately prior to the close of business on the date (the “Date of Exercise”) that the
conditions set forth in Section 1(b) have been satisfied. On the first Business Day following the date on which the Company
has received each of the Notice of Exercise and the Aggregate Exercise Price (the “Exercise Delivery Documents”),
the Company shall transmit an acknowledgment of receipt of the Exercise Delivery Documents to the Company’s transfer agent
(the “Transfer Agent”). On or before the third Business Day following the date on which the Company has received
all of the Exercise Delivery Documents (the “Share Delivery Date”), the Company shall (X) provided that
the Transfer Agent is participating in The Depository Trust Company (“DTC”) Fast Automated Securities Transfer
Program, upon the request of the Holder, credit such aggregate number of shares of Common Stock to which the Holder is entitled
pursuant to such exercise to the Holder’s or its designee’s balance account with DTC through its Deposit Withdrawal
Agent Commission system, or (Y) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program,
issue and dispatch by overnight courier to the address as specified in the Notice of Exercise, a certificate, registered in the
Company’s share register in the name of the Holder or its designee, for the number of shares of Common Stock to which the
Holder is entitled pursuant to such exercise. Upon delivery of the Exercise Delivery Documents, the Holder shall be deemed for
all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised,
irrespective of the date of delivery of the certificates evidencing such Warrant Shares.

 

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(c)           Partial
Exercise. This Warrant shall be exercisable, either in its entirety or, from time to time, for part only of the number of Warrant
Shares referenced by this Warrant. If this Warrant is submitted in connection with any exercise pursuant to Section 1 and
the number of Warrant Shares represented by this Warrant submitted for exercise is greater than the actual number of Warrant Shares
being acquired upon such an exercise, then the Company shall as soon as practicable and in no event later than five (5) Business
Days after any exercise and at its own expense, issue a new Warrant of like tenor representing the right to purchase the number
of Warrant Shares purchasable immediately prior to such exercise under this Warrant, less the number of Warrant Shares with respect
to which this Warrant is exercised.

 

(d)           Disputes.
In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the
Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed and resolve such dispute in accordance
with Section 17.

 

	 	2.	ISSUANCE OF WARRANT SHARES

 

(a)           The
Company covenants that all Warrant Shares will, upon issuance in accordance with the terms of this Warrant, be (i) duly authorized,
fully paid and non-assessable, and (ii) free from all liens, charges and security interests, with the exception of claims
arising through the acts or omissions of any Holder and except as arising from applicable Federal and state securities laws.

 

(b)           The
Company shall register this Warrant upon records to be maintained by the Company for that purpose in the name of the record holder
of such Warrant from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner thereof
for the purpose of any exercise thereof, any distribution to the Holder thereof and for all other purposes.

 

(c)           The
Company will not, by amendment of its certificate of incorporation, by-laws or through any reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance
or performance of any of the terms to be observed or performed hereunder by the Company, but will at all times in good faith assist
in the carrying out of all the provisions of this Warrant and in the taking of all action necessary or appropriate in order to
protect the rights of the Holder to exercise this Warrant, or against impairment of such rights.

 

3.             ADJUSTMENTS
OF EXERCISE PRICE, NUMBER AND TYPE OF WARRANT SHARES

 

(a)           The
Exercise Price and the number of shares purchasable upon the exercise of this Warrant shall be subject to adjustment from time
to time upon the occurrence of certain events described in this Section 3; provided, that notwithstanding the provisions
of this Section 3, the Company shall not be required to make any adjustment if and to the extent that such adjustment would
require the Company to issue a number of shares of Common Stock in excess of its authorized but unissued shares of Common Stock,
less all amounts of Common Stock that have been reserved for issue upon the conversion of all outstanding securities convertible
into shares of Common Stock and the exercise of all outstanding options, warrants and other rights exercisable for shares of Common
Stock. If the Company does not have the requisite number of authorized but unissued shares of Common Stock to make any adjustment,
the Company shall use its commercially reasonable efforts to obtain the necessary stockholder consent to increase the authorized
number of shares of Common Stock to make such an adjustment pursuant to this Section 3.

 

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(i)            Subdivision
or Combination of Stock. In case the Company shall at any time subdivide (whether by way of stock dividend, stock split or
otherwise) its outstanding shares of Common Stock into a greater number of shares, the Exercise Price in effect immediately prior
to such subdivision shall be proportionately reduced and the number of Warrant Shares shall be proportionately increased, and conversely,
in case the outstanding shares of Common Stock of the Company shall be combined (whether by way of stock combination, reverse stock
split or otherwise) into a smaller number of shares, the Exercise Price in effect immediately prior to such combination shall be
proportionately increased and the number of Warrant Shares shall be proportionately decreased. The Exercise Price and the Warrant
Shares, as so adjusted, shall be readjusted in the same manner upon the happening of any successive event or events described in
this Section 3(a)(i).

 

(ii)           Dividends
in Stock, Property, Reclassification. If at any time, or from time to time, all of the holders of Common Stock (or any shares
of stock or other securities at the time receivable upon the exercise of this Warrant) shall have received or become entitled to
receive, without payment therefore:

 

(A)       any
shares of stock or other securities that are at any time directly or indirectly convertible into or exchangeable for Common Stock,
or any rights or options to subscribe for, purchase or otherwise acquire any of the foregoing by way of dividend or other distribution,
or

 

(B)       additional
stock or other securities or property (including cash) by way of spin-off, split-up, reclassification, combination of shares or
similar corporate rearrangement (other than shares of Common Stock issued as a stock split or adjustments in respect of which shall
be covered by the terms of Section 3(a)(i) above), then and in each such case, the Exercise Price and the number of Warrant
Shares to be obtained upon exercise of this Warrant shall be adjusted proportionately, and the Holder hereof shall, upon the exercise
of this Warrant, be entitled to receive, in addition to the number of shares of Common Stock receivable thereupon, and without
payment of any additional consideration therefor, the amount of stock and other securities and property (including cash in the
cases referred to above) that such Holder would hold on the date of such exercise had such Holder been the holder of record of
such Common Stock as of the date on which holders of Common Stock received or became entitled to receive such shares or all other
additional stock and other securities and property. The Exercise Price and the Warrant Shares, as so adjusted, shall be readjusted
in the same manner upon the happening of any successive event or events described in this Section 3(a)(ii).

 

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(iii)  Reorganization,
Reclassification, Consolidation, Merger or Sale. If any recapitalization, reclassification or reorganization of the capital
stock of the Company, or any consolidation or merger of the Company with another corporation, or the sale of all or substantially
all of its assets or other transaction shall be effected in such a way that holders of Common Stock shall be entitled to receive
stock, securities, or other assets or property (an “Organic Change”), then, as a condition of such Organic Change,
lawful and adequate provisions shall be made by the Company whereby the Holder hereof shall thereafter have the right to purchase
and receive (in lieu of the shares of the Common Stock of the Company immediately theretofore purchasable and receivable upon the
exercise of the rights represented by this Warrant) such shares of stock, securities or other assets or property as may be issued
or payable with respect to or in exchange for a number of outstanding shares of such Common Stock equal to the number of shares
of such stock immediately theretofore purchasable and receivable assuming the full exercise of the rights represented by this Warrant.
In the event of any Organic Change, appropriate provision shall be made by the Company with respect to the rights and interests
of the Holder of this Warrant to the end that the provisions hereof (including, without limitation, provisions for adjustments
of the Exercise Price and of the number of shares purchasable and receivable upon the exercise of this Warrant and registration
rights) shall thereafter be applicable, in relation to any shares of stock, securities or assets thereafter deliverable upon the
exercise hereof. The Company will not affect any such consolidation, merger or sale unless, prior to the consummation thereof,
the successor corporation (if other than the Company) resulting from such consolidation or merger or the corporation purchasing
such assets shall assume by written instrument the obligation to deliver to such Holder such shares of stock, securities or assets
as, in accordance with the foregoing provisions, such Holder may be entitled to purchase. If there is an Organic Change, then the
Company shall cause to be mailed to the Holder at its last address as it shall appear on the books and records of the Company,
at least 10 calendar days before the effective date of the Organic Change, a notice stating the date on which such Organic Change
is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall
be entitled to exchange their shares for securities, cash, or other property delivered upon such Organic Change; provided, that
the failure to mail such notice or any defect therein or in the mailing thereof shall not affect the validity of the corporate
action required to be specified in such notice. The Holder is entitled to exercise this Warrant during the 10-day period commencing
on the date of such notice to the effective date of the event triggering such notice. In any event, the successor corporation (if
other than the Company) resulting from such consolidation or merger or the corporation purchasing such assets shall be deemed to
assume such obligation to deliver to such Holder such shares of stock, securities or assets even in the absence of a written instrument
assuming such obligation to the extent such assumption occurs by operation of law.

 

(b)           Certificate
as to Adjustments. Upon the occurrence of each adjustment or readjustment pursuant to this Section 3, the Company at its
expense shall promptly compute such adjustment or readjustment in accordance with the terms hereof and furnish to each Holder of
this Warrant a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment
or readjustment is based. The Company shall promptly furnish or cause to be furnished to such Holder a like certificate setting
forth: (i) such adjustments and readjustments; and (ii) the number of shares and the amount, if any, of other property
which at the time would be received upon the exercise of the Warrant.

 

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(c)          Certain Events. If any event occurs as to which the other provisions of this Section 3 are not strictly
applicable but the lack of any adjustment would not fairly protect the purchase rights of the Holder under this Warrant in accordance
with the basic intent and principles of such provisions, or if strictly applicable would not fairly protect the purchase rights
of the Holder under this Warrant in accordance with the basic intent and principles of such provisions, then the Company’s
Board of Directors will, in good faith, make an appropriate adjustment to protect the rights of the Holder; provided, that
no such adjustment pursuant to this Section 3(c) will increase the Exercise Price or decrease the number of Warrant Shares
as otherwise determined pursuant to this Section 3.

 

4.            INTENTIONALLY
OMITTED.

 

	 	5.	TRANSFERS AND EXCHANGES OF WARRANT AND WARRANT SHARES

 

(a)           Registration
of Transfers and Exchanges. Subject to Section 5(c), upon the Holder’s surrender of this Warrant, with a duly executed
copy of the Form of Assignment attached as Exhibit B, to the Secretary of the Company at its principal offices
or at such other office or agency as the Company may specify in writing to the Holder, the Company shall register the transfer
of all or any portion of this Warrant. Upon such registration of transfer, the Company shall issue a new Warrant, in substantially
the form of this Warrant, evidencing the acquisition rights transferred to the transferee and a new Warrant, in similar form, evidencing
the remaining acquisition rights not transferred, to the Holder requesting the transfer.

 

(b)           Warrant
Exchangeable for Different Denominations. The Holder may exchange this Warrant for a new Warrant or Warrants, in substantially
the form of this Warrant, evidencing in the aggregate the right to purchase the number of Warrant Shares which may then be purchased
hereunder, each of such new Warrants to be dated the date of such exchange and to represent the right to purchase such number of
Warrant Shares as shall be designated by the Holder. The Holder shall surrender this Warrant with duly executed instructions regarding
such re-certification of this Warrant to the Secretary of the Company at its principal offices or at such other office or agency
as the Company may specify in writing to the Holder.

 

(c)           Restrictions
on Transfers. This Warrant may not be transferred at any time without (i) registration under the Securities Act or (ii) an
exemption from such registration and a written opinion of legal counsel addressed to the Company that the proposed transfer of
the Warrant may be effected without registration under the Securities Act, which opinion will be in form and from counsel reasonably
satisfactory to the Company.

 

(d)           Permitted
Transfers and Assignments. Notwithstanding any provision to the contrary in this Section 5, the Holder may transfer, with
or without consideration, this Warrant or any of the Warrant Shares (or a portion thereof) to the Holder’s Affiliates (as
such term is defined under Rule 144 of the Securities Act) without obtaining the opinion from counsel that may be required
by Section 5(c)(ii), provided, that the Holder delivers to the Company and its counsel certification, documentation,
and other assurances reasonably required by the Company’s counsel to enable the Company’s counsel to render an opinion
to the Company’s Transfer Agent that such transfer does not violate applicable securities laws.

 

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6.           
MUTILATED OR MISSING WARRANT CERTIFICATE

 

If this Warrant is
mutilated, lost, stolen or destroyed, upon request by the Holder, the Company will, at its expense, issue, in exchange for and
upon cancellation of the mutilated Warrant, or in substitution for the lost, stolen or destroyed Warrant, a new Warrant, in substantially
the form of this Warrant, representing the right to acquire the equivalent number of Warrant Shares; provided, that, as
a prerequisite to the issuance of a substitute Warrant, the Company may require satisfactory evidence of loss, theft or destruction
as well as an indemnity from the Holder of a lost, stolen or destroyed Warrant.

 

7.            PAYMENT
OF TAXES

 

The Company will pay
all transfer and stock issuance taxes attributable to the preparation, issuance and delivery of this Warrant and the Warrant Shares
(and replacement Warrants) including, without limitation, all documentary and stamp taxes; provided, however, that
the Company shall not be required to pay any tax in respect of the transfer of this Warrant, or the issuance or delivery of certificates
for Warrant Shares or other securities in respect of the Warrant Shares to any person or entity other than to the Holder.

 

8.            FRACTIONAL
WARRANT SHARES

 

No fractional Warrant
Shares shall be issued upon exercise of this Warrant. The Company, in lieu of issuing any fractional Warrant Share, shall round
up the number of Warrant Shares issuable to nearest whole share.

 

9.            NO
STOCK RIGHTS AND LEGEND

 

No holder of this Warrant,
as such, shall be entitled to vote or be deemed the holder of any other securities of the Company that may at any time be issuable
on the exercise hereof, nor shall anything contained herein be construed to confer upon the holder of this Warrant, as such, the
rights of a stockholder of the Company or the right to vote for the election of directors or upon any matter submitted to stockholders
at any meeting thereof, or give or withhold consent to any corporate action or to receive notice of meetings or other actions affecting
stockholders (except as provided herein), or to receive dividends or subscription rights or otherwise (except as provide herein).

 

Each certificate for
Warrant Shares initially issued upon the exercise of this Warrant, and each certificate for Warrant Shares issued to any subsequent
transferee of any such certificate, shall be stamped or otherwise imprinted with a legend in substantially the following form:

 

“THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR ANY STATE SECURITIES LAWS, AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED
OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE ACT AND ANY APPLICABLE
STATE SECURITIES LAWS, OR (2) AN EXEMPTION FROM SUCH REGISTRATION EXISTS AND THE COMPANY RECEIVES AN OPINION OF COUNSEL TO
THE HOLDER OF SUCH SECURITIES, WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES MAY BE
OFFERED, SOLD, PLEDGED, ASSIGNED OR TRANSFERRED IN THE MANNER CONTEMPLATED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
ACT OR APPLICABLE STATE SECURITIES LAWS.”

 

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10.          INTENTIONALLY
OMITTED.

 

11.          NOTICES

 

All notices, consents,
waivers, and other communications under this Warrant must be in writing and will be deemed given to a party when (a) delivered
to the appropriate address by hand or by nationally recognized overnight courier service (costs prepaid); (b) sent by facsimile
or e-mail with confirmation of transmission by the transmitting equipment; (c) received or rejected by the addressee, if sent
by certified mail, return receipt requested, if to the registered Holder hereof; or (d) seven days after the placement of
the notice into the mails (first class postage prepaid), to the Holder at the address, facsimile number, or e-mail address furnished
by the registered Holder to the Company from time to time, or if to the Company, to it at 19925 Stevens Creek Blvd., Suite 100,
Attn: Laxminarayan Bhat, Reviva Pharmaceuticals, Inc. (or to such other address, facsimile number, or e-mail address as the
Holder or the Company as a party may designate by notice the other party).

 

12.          SEVERABILITY

 

If a court of competent
jurisdiction holds any provision of this Warrant invalid or unenforceable, the other provisions of this Warrant will remain in
full force and effect. Any provision of this Warrant held invalid or unenforceable only in part or degree will remain in full force
and effect to the extent not held invalid or unenforceable.

 

13.          BINDING
EFFECT

 

This Warrant shall
be binding upon and inure to the sole and exclusive benefit of the Company, its successors and assigns, the registered Holder or
Holders from time to time of this Warrant and the Warrant Shares.

 

14.          SURVIVAL
OF RIGHTS AND DUTIES

 

This Warrant shall
terminate and be of no further force and effect on the earlier of 5:00 P.M., Eastern Time, on the Expiration Date or the date on
which this Warrant has been exercised in full.

 

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15.         
GOVERNING LAW

 

This Warrant will be
governed by and construed under the laws of the State of New York without regard to conflicts of laws principles that would require
the application of any other law.

 

16.          RELEASE

 

Holder, on behalf of
Holder and Holder’s legal representatives, heirs, beneficiaries, successors and assigns, does hereby knowingly, unconditionally,
completely and voluntarily forever release and discharge the Company, its officers, directors, stockholders, independent contractors,
agents, employees, representatives, trustees, administrators, successors and assigns and any of their past, present and future
affiliates, subsidiaries, members, managers, officers, directors, employees, agents, attorneys, controlling persons and representatives
and the successors and assigns of all of the foregoing (each, a “Releasee” and collectively, the “Releasees”),
jointly and severally, from any and all manner of action and actions, cause and causes of actions, rights, liens, agreements, contracts,
covenants, obligations, suits, claims, debts, dues, sums of monies, costs, expenses, attorneys’ fees, judgments, orders and
liabilities, accounts, covenants, controversies, promises, damages (collectively, “Claims”), of whatever kind and nature,
in law or equity or otherwise, whether now known or unknown, arising out of or related in any way to the __________________, the
initial Exercise Price and form of this Warrant, or any other equity or convertible security interests of the Company promised
to Holder pursuant _____________________ (the “Bases”). This release (the “Release”) encompasses all Claims
against the Releasees, including those of which Holder is not aware and those not mentioned herein. This Release shall be irrevocable
and may not be changed orally. Holder hereby absolutely, unconditionally and irrevocably, covenants and agrees with and in favor
of each Releasee that Holder will never, directly or indirectly, commence, aid in any way, prosecute or cause to be commenced or
prosecuted any action, suit or other legal or administrative proceeding (at law, in equity, in any regulatory proceeding or otherwise)
against any Releasee arising out of or relating, directly or indirectly, to the Bases or involving any Claim covered by this Release.

 

17.          DISPUTE
RESOLUTION

 

In the case of a dispute
as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the Company shall submit the
disputed determinations or arithmetic calculations via facsimile within two Business Days of receipt of the Notice of Exercise
giving rise to such dispute, as the case may be, to the Holder. If the Holder and the Company are unable to agree upon such determination
or calculation of the Exercise Price or the Warrant Shares within three Business Days of such disputed determination or arithmetic
calculation being submitted to the Holder, then the Company shall, within two Business Days, submit via facsimile (a) the
disputed determination of the Exercise Price to an independent, reputable investment bank selected by the Company and approved
by the Holder or (b) the disputed arithmetic calculation of the Warrant Shares to the Company’s independent, outside
accountant. The Company shall cause at its expense the investment bank or the accountant, as the case may be, to perform the determinations
or calculations and notify the Company and the Holder of the results no later than ten (10) Business Days from the time it
receives the disputed determinations or calculations. Such investment bank’s or accountant’s determination or calculation,
as the case may be, shall be binding upon all parties absent demonstrable error.

 

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18.         NOTICES
OF RECORD DATE

 

Upon (a) any establishment
by the Company of a record date of the holders of any class of securities for the purpose of determining the holders thereof who
are entitled to receive any dividend or other distribution, or right or option to acquire securities of the Company, or any other
right, or (b) any capital reorganization, reclassification, recapitalization, merger or consolidation of the Company with
or into any other corporation, any transfer of all or substantially all the assets of the Company, or any voluntary or involuntary
dissolution, liquidation or winding up of the Company, or the sale, in a single transaction, of a majority of the Company’s
voting stock (whether newly issued, or from treasury, or previously issued and then outstanding, or any combination thereof), the
Company shall mail to the Holder at least ten (10) Business Days, or such longer period as may be required by law, prior to
the record date specified therein, a notice specifying (i) the date established as the record date for the purpose of such
dividend, distribution, option or right and a description of such dividend, option or right, (ii) the date on which any such
reorganization, reclassification, transfer, consolidation, merger, dissolution, liquidation or winding up, or sale is expected
to become effective and (iii) the date, if any, fixed as to when the holders of record of Common Stock shall be entitled to
exchange their shares of Common Stock for securities or other property deliverable upon such reorganization, reclassification,
transfer, consolation, merger, dissolution, liquidation or winding up.

 

19.         RESERVATION
OF SHARES

 

The Company shall reserve
and keep available out of its authorized but unissued shares of Common Stock for issuance upon the exercise of this Warrant, free
from pre-emptive rights, such number of shares of Common Stock for which this Warrant shall from time to time be exercisable. The
Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein
without violation of any applicable law or regulation. Without limiting the generality of the foregoing, the Company covenants
that it will use commercially reasonable efforts to take all such action as may be necessary or appropriate in order that the Company
may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and use commercially
reasonable efforts to obtain all such authorizations, exemptions or consents, including but not limited to consents from the Company’s
stockholders or Board of Directors or any public regulatory body, as may be necessary to enable the Company to perform its obligations
under this Warrant.

 

20.         NO
THIRD PARTY RIGHTS

 

This Warrant is not
intended, and will not be construed, to create any rights in any parties other than the Company and the Holder, and no person or
entity may assert any rights as third-party beneficiary hereunder.

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF,
the Company and the Holder have executed this Warrant effective as of the date first written above.

 

	 	REVIVA PHARMACEUTICALS, INC.
	 	 
	 	By:	 
	 	Name:	 Laxminarayan Bhat, Ph.D.
	 	Title: 	President and Chief Executive Officer
	 	 
	 	 
	 	HOLDER
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signature Page to Warrant]

 

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EXHIBIT A

 

NOTICE OF EXERCISE

 

(To be executed by the Holder of Warrant
if such Holder desires to exercise Warrant)

 

To Reviva Pharmaceuticals, Inc.:

 

The undersigned hereby
irrevocably elects to exercise this Warrant and to purchase thereunder, ___________________ full shares of Reviva Pharmaceuticals, Inc.
common stock issuable upon exercise of the Warrant and delivery of:

 

$_________ (in cash
as provided for in the foregoing Warrant) and any applicable taxes payable by the undersigned pursuant to such Warrant.

 

The undersigned requests that certificates
for such shares be issued in the name of:

 

_______________________

 

(Please print name, address and social
security or federal employer

identification number (if applicable))

_______________________

 

_______________________

 

The undersigned hereby
affirms that the undersigned is an accredited investor as defined under Rule 501 of Regulation D of the Securities Act of
1933. If the Holder cannot make the foregoing affirmation because it is factually incorrect, it shall be a condition to the exercise
of the Warrant that the Company receive such other representations as the Company considers necessary, acting reasonably, to assure
the Company that the issuance of securities upon exercise of this Warrant shall not violate any United States or other applicable
securities laws.

 

If the shares issuable
upon this exercise of the Warrant are not all of the Warrant Shares which the Holder is entitled to acquire upon the exercise of
the Warrant, the undersigned requests that a new Warrant evidencing the rights not so exercised be issued in the name of and delivered
to:

 

________________________

(Please print name, address and social
security or federal employer

identification number (if applicable))

 

_______________________

 

_______________________

 

 

	 	Name of Holder (print):	 

	 	(Signature):	 

	 	(By:)	 

	 	(Title:)	 

	 	Dated:	 

 

    12

     

    

 

EXHIBIT B

 

FORM OF ASSIGNMENT

 

FOR VALUE RECEIVED,
___________________________________ hereby sells, assigns and transfers to each assignee set forth below all of the rights of the
undersigned under the Warrant (as defined in and evidenced by the attached Warrant) to acquire the number of Warrant Shares set
opposite the name of such assignee below and in and to the foregoing Warrant with respect to said acquisition rights and the shares
issuable upon exercise of the Warrant:

 

	Name of Assignee	Address	Number of Shares
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

If the total of the
Warrant Shares are not all of the Warrant Shares evidenced by the foregoing Warrant, the undersigned requests that a new Warrant
evidencing the right to acquire the Warrant Shares not so assigned be issued in the name of and delivered to the undersigned.

 

 

	 	Name of Holder (print):	 

	 	(Signature):	 

	 	(By:)	 

	 	(Title:)	 

	 	Dated:	 

 

    13Exhibit 10.1

 

Employment Agreement

 

This Employment Agreement
(the “Agreement”) is made and entered into as of December 14, 2020, by and between Laxminarayan Bhat, Ph.D.
(the “Executive”) and Reviva Pharmaceuticals Holdings, Inc. (the “Company”).

 

WHEREAS, the Company
desires to employ the Executive on the terms and conditions set forth herein; and

 

WHEREAS, the Executive
desires to be employed by the Company on such terms and conditions.

 

NOW, THEREFORE, in
consideration of the mutual covenants, promises, and obligations set forth herein, the parties agree as follows:

 

1.           Term
of Employment. The Executive’s employment hereunder
shall be effective as of July 20, 2020 (the “Effective Date”) and shall continue thereafter unless terminated
earlier pursuant to this Agreement. The period during which the Executive is employed by the Company hereunder is hereinafter referred
to as the “Employment Term.”

 

2.           Position
and Duties.

 

2.1            Position.
During the Employment Term, the Executive shall serve as the Chief Executive Officer of the Company and shall report to the Board
of Directors (the “Board”). In such position, the Executive shall have such duties, authority, and responsibility
as are consistent with the Executive’s position.

 

2.2            Duties.
During the Employment Term, the Executive shall devote substantially all of his business time and attention to the performance
of the Executive's duties hereunder and will not engage in any other business, profession, or occupation for compensation or otherwise
which would conflict or interfere with the performance of such services either directly or indirectly without the prior written
consent of the Board. Notwithstanding the foregoing, the Executive will be permitted to serve on up to an aggregate of two (2) corporate
boards or advisory boards, provided that such activities do not, individually or in the aggregate, conflict with the performance
of the Executive’s duties under this Agreement and do not cause the Executive to violate the commitment above to devote substantially
all of his business time and attention to his duties hereunder. Nothing herein shall prohibit Executive from purchasing or owning
less than five percent (5%) of the publicly traded securities of any corporation; provided that, such ownership represents a passive
investment and that the Executive is not a controlling person of, or a member of a group that controls, such corporation; provided
further that, the activities described do not interfere with the performance of the Executive's duties and responsibilities to
the Company as provided hereunder, including, but not limited to, the obligations set forth in Section 2 hereof.

 

3.            Place
of Performance. The principal place of Executive's employment shall be the Company’s
principal executive office which will be located in Cupertino, California; provided that, the Executive may be required to travel
on Company business during the Employment Term.

 

    

     

    

 

4.           Compensation.

 

4.1          Base
Salary. The Company shall pay the Executive an annual rate of base salary of $400,000 (Four Hundred Thousand Dollars) in periodic
installments in accordance with the Company's customary payroll practices and applicable wage payment laws, but no less frequently
than monthly. The Executive’s base salary may not be decreased during the Employment Term other than as part of an across-the-board
salary reduction that applies in the same manner to all senior executives. The Executive’s annual base salary, as in effect
from time to time, is hereinafter referred to as “Base Salary.”

 

4.2          Annual
Bonus. The Executive will be eligible for an incentive bonus for each fiscal year of the Company, based on objective or subjective
criteria established and approved by the Compensation Committee of the Board (the “Committee”). The Executive
will have an opportunity to provide input to the Board and/or Committee with regard to the selection of such criteria, which will
be established within a reasonable time period following the first day of the applicable bonus period. The Executive’s target
bonus (“Target Bonus”) will be equal to up to fifty percent (50%) of Base Salary as in effect during each fiscal
year assuming all milestones set by the Committee are met as determined where subjective in the sole discretion of the Board. Any
consent, approval, determination or decision of the Board required in this Agreement shall be a majority of the Board (excluding
the Executive where the matter involves the Executive.)

 

4.3          Equity
Awards. During the Employment Term, the Executive shall be eligible to participate in the Company’s equity incentive
plan(s) or any successor plan, subject to the terms of the plan(s), as determined by the Board.

 

		a.	The Company Stock Option Program will provide for stock options subject to vesting in an amount
equal to 5% (five percent) of the outstanding common stock of the Company to be divided among the participants in the program.

 

		b.	In its sole discretion, the Company will determine in its sole discretion the number of shares
of Company stock on which Executive will be granted an option to purchase shares and the terms of such option grant.

 

		c.	Any option the Company chooses to grant will vest at the rate of one-twelfth (1/12th) every three
months after the option is awards over a three-year period and will be subject to an option plan to be adopted by the Company and
to the terms of an award agreement. The Company shall have complete discretion to set the terms of any option plan and any option
award agreement.

 

4.4          Fringe
Benefits and Perquisites. During the Employment Term, the Executive shall be entitled to fringe benefits and perquisites consistent
with the practices of the Company, and to the extent the Company provides similar benefits or perquisites (or both) to similarly
situated executives of the Company.

 

4.5          Employee
Benefits. During the Employment Term, the Executive shall be entitled to participate in all employee benefit plans, practices,
and programs maintained by the Company, as in effect from time to time (collectively, “Employee Benefit Plans”),
on a basis which is no less favorable than is provided to other senior executives of the Company consistent with applicable law
and the terms of the applicable Employee Benefit Plans. The Company reserves the right to amend or cancel any Employee Benefit
Plans at any time in its sole discretion, subject to the terms of such Employee Benefit Plan and applicable law.

 

    -2-

     

    

 

4.6          Vacation;
Paid Time-Off. During the Employment Term, the Executive shall be entitled to twenty (20) paid vacation days per calendar year
(prorated for partial years) in accordance with the Company's vacation policies, as in effect from time to time. The Executive
shall receive other paid time-off for holidays and sick leave in accordance with the Company's policies for executive officers
as such policies may exist from time to time.

 

4.7          Business
Expenses. The Executive shall be entitled to reimbursement for all reasonable and necessary out-of-pocket business, entertainment,
and travel expenses incurred by the Executive in connection with the performance of the Executive's duties hereunder in accordance
with the Company's expense reimbursement policies and procedures.

 

4.8          Indemnification.

 

(a)            In
the event that the Executive is made a party or threatened to be made a party to any action, suit, or proceeding, whether civil,
criminal, administrative, or investigative (a “Proceeding”), other than any Proceeding initiated by the Executive
or the Company related to any contest or dispute between the Executive and the Company or any of its affiliates with respect to
this Agreement or the Executive’s employment hereunder, by reason of the fact that the Executive is or was a director or
officer of the Company, or any affiliate of the Company, or is or was serving at the request of the Company as a director, officer,
member, employee, or agent of another corporation or a partnership, joint venture, trust, or other enterprise, the Executive shall
be indemnified and held harmless by the Company to the maximum extent permitted under applicable law and the Company’s bylaws
from and against any liabilities, costs, claims, and expenses, including all costs and expenses incurred in defense of any Proceeding
(including attorneys' fees) other than the Executive’s willful misconduct. Costs and expenses incurred by the Executive in
defense of such Proceeding (including attorneys’ fees) shall be paid by the Company in advance of the final disposition of
such litigation upon receipt by the Company of: (i) a written request for payment; (ii) appropriate documentation evidencing
the incurrence, amount, and nature of the costs and expenses for which payment is being sought; and (iii) an undertaking adequate
under applicable law made by or on behalf of the Executive to repay the amounts so paid if it shall ultimately be determined that
the Executive is not entitled to be indemnified by the Company under this Agreement.

 

(b)            During
the Employment Term and for a period of six (6) years thereafter, the Company or any successor to the Company shall purchase
and maintain, at its own expense, directors' and officers' liability insurance providing coverage to the Executive on terms that
are no less favorable than the coverage provided to other directors and similarly situated executives of the Company.

 

    -3-

     

    

 

5.           Termination
of Employment. Upon termination of the Executive’s employment during the Employment
Term, the Executive shall be entitled to the compensation and benefits described in this Section 5 and shall have no further
rights to any compensation or any other benefits from the Company or any of its affiliates.

 

5.1         For
Cause or Without Good Reason.

 

(a)          The
Executive’s employment hereunder may be terminated by the Company for Cause, or by the Executive without Good Reason. If
the Executive's employment is terminated by the Company for Cause or by the Executive without Good Reason, the Executive shall
be entitled to receive:

 

(i)            any
accrued but unpaid Base Salary and accrued but unused vacation which shall be paid on the Termination Date (as defined below);

 

(ii)           reimbursement
for unreimbursed business expenses properly incurred by the Executive, which shall be subject to and paid in accordance with the
Company's expense reimbursement policy; and

 

(iii)          such
employee benefits (including equity compensation if vested), if any, to which the Executive may be entitled under the Company’s
employee benefit plans as of the Termination Date; provided that, in no event shall the Executive be entitled to any payments in
the nature of severance or termination payments except as specifically provided herein.

 

Items 5.1(a)(i) through
5.1(a)(iii) are referred to herein collectively as the “Accrued Amounts.”

 

(b)          For
purposes of this Agreement, “Cause” shall mean, as determined by the Board in good faith:

 

(i)            the
Executive’s willful failure to perform his duties (other than any such failure resulting from incapacity due to physical
or mental illness);

 

(ii)           the
Executive’s willful failure to comply with any valid and legal directive of the Board;

 

(iii)          the
Executive’s willful engagement in dishonesty, illegal conduct, or gross misconduct, which is, in each case, materially injurious
to the Company or its affiliates;

 

(iv)          the
Executive’s conviction of or plea of guilty or nolo contendere to a crime that constitutes a felony (or state law equivalent)
or a crime that constitutes embezzlement, misappropriation, or fraud, or a misdemeanor involving moral turpitude;

 

(v)           the
Executive’s violation of a material policy of the Company;

 

    -4-

     

    

 

(vi)          the
Executive’s willful unauthorized disclosure of Confidential Information (as defined below);

 

(vii)         the
Executive’s material breach of any material obligation under this Agreement.

 

(c)          For
purposes of this provision, no act or failure to act on the part of the Executive shall be considered “willful” unless
it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive’s action
or omission was in the best interests of the Company. Any act, or failure to act, based upon authority given pursuant to a resolution
duly adopted by the Board or upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to
be done, by the Executive in good faith and in the best interests of the Company.

 

(d)          Except
for a failure, breach, or refusal which, by its nature, cannot reasonably be expected to be cured, the Executive shall have fourteen
(14) calendar days from the delivery of written notice by the Company within which to cure any acts constituting Cause; provided
however, that, if the Company reasonably expects irreparable injury from a delay of fourteen (14) calendar days, the Company may
give the Executive notice of such shorter period within which to cure as is reasonable under the circumstances, which may include
the termination of the Executive's employment without notice and with immediate effect. The Company may place the Executive on
paid leave for up to thirty (30) days while it is determining whether there is a basis to terminate the Executive’s employment
for Cause. Any such action by the Company will not constitute Good Reason.

 

(e)          For
purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following, in each case during
the Employment Term without the Executive's written consent:

 

(i)            a
material reduction in the Executive’s Base Salary or Target Bonus opportunity, provided it is not Good Reason as to the Target
Bonus opportunity to the extent the Committee annually or otherwise revises the milestones needed to be met for a Target Bonus
opportunity, so long as such revisions do not apply to a Target Bonus opportunity for the current fiscal year;

 

(ii)           a
relocation of the Executive’s principal place of employment by more than thirty (30) miles;

 

(iii)          any
material breach by the Company of any material provision of this Agreement;

 

(iv)          the
Company’s failure to obtain an agreement from any successor to the Company to assume and agree to perform this Agreement
in the same manner and to the same extent that the Company would be required to perform if no succession had taken place, except
where such assumption occurs by operation of law;

 

    -5-

     

    

 

(v)            the
Company’s failure to nominate the Executive for election to the Board and to use its best efforts to have him elected and
re-elected as a director;

 

(vi)           a
material, adverse change in the Executive's title, authority, duties, or responsibilities (other than temporarily while the Executive
is physically or mentally incapacitated or as required by applicable law; and

 

(vii)          a
 “Change in Control” as defined below herein.

 

(f)           The
Executive cannot terminate his employment for Good Reason unless he has provided written notice to the Company of the existence
of the circumstances providing grounds for termination for Good Reason within thirty (30) days of the initial existence of such
grounds and the Company has had at least thirty (30) days from the date on which such notice is provided to cure such circumstances.
If the Executive does not terminate his employment for Good Reason within ninety (90) days after the first occurrence of the applicable
grounds, then the Executive will be deemed to have waived his right to terminate for Good Reason with respect to such grounds;
provided, however, that such period shall be extended to six (6) months after the first occurrence of applicable grounds
for Good Reason following a “Change in Control.”

 

5.2         Without
Cause or for Good Reason. The Employment Term and the Executive’s employment hereunder may be terminated by the Executive
for Good Reason or by the Company without Cause. In the event of such termination, the Executive shall be entitled to receive the
Accrued Amounts and subject to the Executive’s execution of a release of claims in favor of the Company, its affiliates and
their respective officers and directors in a form provided by the Company and currently expected to be substantially in the form
annexed hereto as Exhibit “A” (the “Release”) and such Release becoming effective
within thirty (30) days following the Termination Date (such 30-day period, the “Release Execution Period”),
the Executive shall be entitled to receive the following:

 

(a)            Eighteen
(18) months of the Executive’s Base Salary plus one and one-half times annual Target Bonus payable in equal installment in
accordance with the Company's normal payroll practices, but no less frequently than monthly, which shall begin within 14 days after
the end of the Release Execution Period; provided that, the first installment payment shall include all amounts that would otherwise
have been paid to the Executive during the period beginning on the Termination Date and ending on the first payment date if no
delay had been imposed;

 

(b)            Executive
shall receive twelve (12) months of service credit under all outstanding unvested equity incentive awards and cash incentive payments
granted to the Executive during the Employment Term based on actual performance; provided that, any delays in the settlement or
payment of such awards that are set forth in the applicable award agreement and that are required under Section 409A of the
Code (“Section 409A”) shall remain in effect; and

 

    -6-

     

    

 

(c)          If
the Executive timely and properly elects health continuation coverage under the Consolidated Omnibus Budget Reconciliation Act
of 1985 ("COBRA"), the Company shall reimburse the Executive for the monthly COBRA premium paid by the Executive
for himself and his dependents. The Executive shall be eligible to receive such reimbursement until the earliest of: (i) the
eighteen-month anniversary of the Termination Date; (ii) the date the Executive is no longer eligible to receive COBRA continuation
coverage; and (iii) the date on which the Executive receives/becomes eligible to receive substantially similar coverage from
another employer or other source.

 

(d)          In
the event Executive’s employment is terminated without Cause or Executive resigns for good reason after the third anniversary
of the Effective Date: (i) Executive’s payments under Section 5.2(a) shall be six (6) months of base
salary and one-half of Executive’s annual Target Bonus amount; and (ii) under Section 5.2(b), Executive shall receive
six (6) months of service credit under all outstanding equity incentive awards and cash payments referred to in Section 5.2(b).

 

5.3          Death
or Disability.

 

(a)          The
Executive's employment hereunder shall terminate automatically upon the Executive's death during the Employment Term, and the Company
may terminate the Executive's employment on account of the Executive's Disability.

 

(b)          If
the Executive's employment is terminated during the Employment Term on account of the Executive’s death or Disability, the
Executive (or the Executive's estate and/or beneficiaries, as the case may be) shall be entitled to receive the following:

 

(i)            the
Accrued Amounts; and

 

(ii)           a
lump sum payment equal to eighteen (18) months’ Base Salary and Target Bonus.

 

(c)          Notwithstanding
any other provision contained herein, all payments made in connection with the Executive’s Disability shall be provided in
a manner which is consistent with federal and state law.

 

(d)          For
purposes of this Agreement, “Disability” shall mean the Executive's inability, due to physical or mental incapacity,
to perform the essential functions of his job, with or without reasonable accommodation, for one hundred eighty (180) days out
of any three hundred sixty-five (365) day period; provided however, in the event that the Company temporarily replaces the Executive,
or transfers the Executive's duties or responsibilities to another individual on account of the Executive's inability to perform
such duties due to a mental or physical incapacity which is, or is reasonably expected to become, a Disability, then the Executive's
employment shall not be deemed terminated by the Company and the Executive shall not be able to resign with Good Reason as a result
thereof. Any question as to the existence of the Executive's Disability as to which the Executive and the Company cannot agree
shall be determined in writing by a qualified independent physician mutually acceptable to the Executive and the Company. If the
Executive and the Company cannot agree as to a qualified independent physician, each shall appoint such a physician and those two
physicians shall select a third who shall make such determination in writing. The determination of Disability made in writing to
the Company and the Executive shall be final and conclusive for all purposes of this Agreement. Any period for vesting shall be
tolled and not included during a Disability period.

 

    -7-

     

    

 

5.4          Change
in Control Termination.

 

(a)          Notwithstanding
any other provision contained herein, in the event of a change in control, if the Executive's employment hereunder is terminated
by the Executive for Good Reason, or by the Company without Cause (other than on account of the Executive's death or Disability),
in each case within twelve (12) months following a Change in Control, the Executive shall be entitled to receive the Accrued Amounts
and subject to the Executive’s execution of a Release as described in Section 5.2 of this Agreement, the Executive shall
be entitled to receive the following:

 

(i)            a
lump sum payment equal to 1.5 times the Executive’s Base Salary and Target Bonus for the year in which the Termination Date
occurs; and

 

(b)          Notwithstanding
the terms of any equity or cash incentive plans or any applicable award agreements:

 

(i)            all
outstanding unvested equity incentive awards and cash incentive payments granted to the Executive during the Employment Term shall
become fully vested and exercisable for the remainder of their full term and the restrictions thereon shall lapse and become payable
at the greater of actual performance or target; provided that, any delays in the settlement or payment of such awards that are
set forth in the applicable award agreement and that are required under Section 409A shall remain in effect; and

 

(c)          the
COBRA payments provided for in Section 5.2(b) of this Agreement;

 

(d)          For
purposes of this Agreement, “Change in Control” shall mean the occurrence of any of the following after the
Effective Date:

 

(i)            one
person (or more than one person acting as a group) acquires ownership of stock of the Company that, together with the stock held
by such person or group, constitutes more than fifty percent (50%) of the t total voting power of the stock of such corporation;
provided that, a Change in Control shall not occur if any person (or more than one person acting as a group) owns more than fifty
percent (50%) of the total voting power of the Company's stock and acquires additional stock;

 

(ii)           one
person (or more than one person acting as a group) acquires (or has acquired during the twelve-month period ending on the date
of the most recent acquisition) ownership of the Company’s stock possessing over thirty percent (30%) of the total voting
power of the stock of such corporation;

 

    -8-

     

    

 

(iii)          a
majority of the members of the Board are replaced during any twelve-month period by directors whose appointment or election is
not endorsed by a majority of the Board before the date of appointment or election; or

 

(iv)          the
sale of all or substantially all of the Company's assets.

 

(v)           Notwithstanding
the foregoing, a Change in Control shall not occur unless such transaction constitutes a change in the ownership of the Company,
a change in the effective control of the Company, or a change in the ownership of a substantial portion of the Company's assets
under Section 409A.

 

5.5          Notice
of Termination. Any termination of the Executive’s employment hereunder by the Company or by the Executive during the
Employment Term (other than termination pursuant to Section 5.3(a) on account of the Executive’s death) shall be
communicated by written notice of termination (“Notice of Termination”) to the other party hereto in accordance
with notice provisions of this Agreement. The Notice of Termination shall specify:

 

(a)          The
termination provision of this Agreement relied upon;

 

(b)          To
the extent applicable, the facts and circumstances claimed to provide a basis for termination of the Executive's employment under
the provision so indicated; and

 

(c)          The
applicable Termination Date.

 

5.6          Termination
Date. The Executive’s “Termination Date” shall be:

 

(a)          If
the Executive’s employment hereunder terminates on account of the Executive's death, the date of the Executive's death;

 

(b)          If
the Executive’s employment hereunder is terminated on account of the Executive's Disability, the date that it is determined
that the Executive has a Disability;

 

(c)          If
the Company terminates the Executive’s employment hereunder for Cause, the date the Notice of Termination is delivered to
the Executive;

 

(d)          If
the Company terminates the Executive’s employment hereunder without Cause, the date specified in the Notice of Termination.

 

(e)          If
the Executive terminates his/her employment hereunder with or without Good Reason, the date specified in the Executive's Notice
of Termination; and

 

(f)           Notwithstanding
anything contained herein, the Termination Date shall not occur until the date on which the Executive incurs a “separation
from service” within the meaning of Section 409A.

 

    -9-

     

    

 

5.7         Mitigation.
In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts
payable to the Executive under any of the provisions of this Agreement and except as provided in Section 5.2(b), any amounts
payable pursuant to this Section 5 shall not be reduced by compensation the Executive earns on account of employment with
another employer.

 

5.8         Resignation
of All Other Positions. Upon termination of the Executive’s employment hereunder for any reason, the Executive agrees
to resign, effective on the Termination Date/shall be deemed to have resigned from all positions that the Executive holds as an
officer or member of the Board (or a committee thereof) of the Company or any of its affiliates.

 

6.            Cooperation.
The parties agree that certain matters in which the Executive will be involved during the Employment Term may necessitate the Executive's
cooperation in the future. Accordingly, following the termination of the Executive's employment for any reason, to the extent reasonably
requested by the Board, the Executive shall cooperate with the Company in connection with matters arising out of the Executive's
service to the Company; provided that, the Company shall make reasonable efforts to minimize disruption of the Executive's other
activities. The Company shall reimburse the Executive for reasonable expenses incurred in connection with such cooperation and,
to the extent that the Executive is required to spend substantial time on such matters, the Company shall compensate the Executive
at an hourly rate based on the Executive's Base Salary on the Termination Date, with a four (4)-hour minimum daily amount.

 

7.            Confidential
Information. The Executive understands and acknowledges that during the Employment Term,
he will have access to and learn about Confidential Information, as defined below.

 

7.1          Confidential
Information Defined.

 

(a)          Definition.
For purposes of this Agreement, “Confidential Information” includes, but is not limited to, all information
not generally known to the public, in spoken, printed, electronic or any other form or medium, relating directly or indirectly
to: business processes, practices, methods, policies, plans, publications, documents, research, operations, services, strategies,
techniques, agreements, contracts, terms of agreements, transactions, potential transactions, negotiations, pending negotiations,
know-how, trade secrets, computer programs, computer software, applications, operating systems, software design, web design, work-in-process,
databases, manuals, records, articles, systems, material, sources of material, supplier information, vendor information, financial
information, results, accounting information, accounting records, legal information, marketing information, advertising information,
pricing information, credit information, design information, payroll information, staffing information, personnel information,
employee lists, supplier lists, vendor lists, developments, reports, internal controls, security procedures, graphics, drawings,
sketches, market studies, sales information, revenue, costs, formulae, notes, communications, algorithms, product plans, designs,
styles, models, ideas, audiovisual programs, inventions, unpublished patent applications, original works of authorship, discoveries,
experimental processes, experimental results, specifications, customer information, customer lists, client information, client
lists, manufacturing information, factory lists, distributor lists, and buyer lists of the Company Group or its businesses or any
existing or prospective customer, supplier, investor or other associated third party, or of any other person or entity that has
entrusted information to the Company Group in confidence. The term “Company Group” shall mean, for purposes
of this Agreement, the Company and its parent companies, affiliates, subsidiaries, partners, and limited partners.

 

    -10-

     

    

 

		i)	The Executive understands that the above list is not exhaustive, and that Confidential Information
also includes other information that is marked or otherwise identified as confidential or proprietary, or that would otherwise
appear to a reasonable person to be confidential or proprietary in the context and circumstances in which the information is known
or used.

 

		ii)	The Executive understands and agrees that Confidential Information includes information developed
by him/her in the course of his/her employment by the Company as if the Company furnished the same Confidential Information to
the Executive in the first instance. Confidential Information shall not include information that is generally available to and
known by the public at the time of disclosure to the Executive; provided that, such knowledge of the public is through no direct
or indirect fault of the Executive or person(s) acting on the Executive's behalf.

 

(b)          Company
Creation and Use of Confidential Information.

 

The Executive
understands and acknowledges that the Company has invested, and continues to invest, substantial time, money, and specialized knowledge
into developing its resources, creating a customer base, generating customer and potential customer lists, training its employees,
and improving its offerings in the field of real estate investment management. The Executive understands and acknowledges that
as a result of these efforts, the Company has created, and continues to use and create Confidential Information. This Confidential
Information provides the Company with a competitive advantage over others in the marketplace.

 

(c)          Disclosure
and Use Restrictions.

 

The Executive
agrees and covenants: (i) to treat all Confidential Information as strictly confidential; (ii) not to directly or indirectly
disclose, publish, communicate, or make available Confidential Information, or allow it to be disclosed, published, communicated,
or made available, in whole or part, to any entity or person whatsoever (including other employees of the Company Group) not having
a need to know and authority to know and use the Confidential Information in connection with the business of the Company Group
and, in any event, not to anyone outside of the direct employ of the Company Group except as required in the performance of the
Executive's authorized employment duties to the Company or with the prior consent of a majority of the Board in each instance (and
then, such disclosure shall be made only within the limits and to the extent of such duties or consent); and (iii) not to
access or use any Confidential Information, and not to copy any documents, records, files, media, or other resources containing
any Confidential Information, or remove any such documents, records, files, media, or other resources from the premises or control
of the Company Group, except as required in the performance of the Executive's authorized employment duties to the Company or with
the prior consent of the Board. in each instance (and then, such disclosure shall be made only within the limits and to the extent
of such duties or consent). Nothing herein shall be construed to prevent disclosure of Confidential Information as may be required
by applicable law or regulation, or pursuant to the valid order of a court of competent jurisdiction or an authorized government
agency, provided that the disclosure does not exceed the extent of disclosure required by such law, regulation, or order, provided
that the Executive uses reasonable efforts to give the Company notice of its disclosure so that the Company at its own expense
can seek to avoid or narrow the disclosure required.

 

    -11-

     

    

 

(d)          Notice
of Immunity Under the Economic Espionage Act of 1996, as amended by the Defend Trade Secrets Act of 2016 ("DTSA").
Notwithstanding any other provision of this Agreement:

 

(i)           The
Executive will not be held criminally or civilly liable under any federal or state trade secret law for any disclosure of a trade
secret that:

 

(A)           is
made (1) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney;
and (2) solely for the purpose of reporting or investigating a suspected violation of law; or

 

(B)            is
made in a complaint or other document filed under seal in a lawsuit or other proceeding.

 

(ii)          If
the Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of law, the Executive may disclose
the Company's trade secrets to the Executive's attorney and use the trade secret information in the court proceeding if the Executive:

 

(A)           files
any document containing trade secrets under seal; and

 

(B)            does
not disclose trade secrets, except pursuant to court order.

 

8.            Remedies.
In the event of a breach or threatened breach by the Executive of Section 7, of this Agreement, the Executive hereby consents
and agrees that the Company shall be entitled to seek, in addition to other available remedies, a temporary or permanent injunction
or other equitable relief against such breach or threatened breach from any court of competent jurisdiction, without the necessity
of showing any actual damages or that money damages would not afford an adequate remedy, and without the necessity of posting any
bond or other security. The aforementioned equitable relief shall be in addition to, not in lieu of, legal remedies, monetary damages,
or other available forms of relief.

 

    -12-

     

    

 

9.           Arbitration.

 

9.1          Any
dispute, controversy or claim arising out of or relating to this Agreement, its enforcement, arbitrability or interpretation, or
because of an alleged breach, default, or misrepresentation in connection with any of its provisions/Employee's employment with
Employer, including any alleged violation of statute, common law or public policy shall be submitted to final and binding arbitration
before The American Arbitration Association (“AAA”) to be held in Santa Clara County, California before a single
arbitrator, in accordance with the then-current AAA Employment Arbitration Rules. By initialing below, Employee agrees to waive
all rights to a jury trial. The arbitrator shall be selected by mutual agreement of the parties or, if the parties cannot agree,
then by striking from a list of arbitrators supplied by AAA. The arbitrator shall issue a written opinion stating the essential
findings and conclusions on which the arbitrator's award is based. Employer will pay the arbitrator's fees and arbitration expenses
and any other costs unique to the arbitration hearing (recognizing that each side bears its own deposition, witness, expert and
attorney's fees and other expenses to the same extent as if the matter were being heard in court). If, however, any party prevails
on a statutory claim that affords the prevailing party attorneys’ fees and costs, then the arbitrator may award reasonable
attorneys' fees and costs to the prevailing party. Any dispute as to who is a prevailing party and/or the reasonableness of any
fee or costs shall be resolved by the arbitrator.

 

9.2          This
Agreement to arbitrate is freely negotiated between Employee and Employer and is mutually entered into between the parties. Each
party fully understands and agrees that they are giving up certain rights otherwise afforded to them by civil court actions, including
but not limited to the right to a jury trial.

 

/s/ LB
By initialing here, Executive acknowledges he has read this paragraph and agrees with the arbitration provision herein.

 

10.          Proprietary
Rights.

 

10.1        Work
Product. The Executive acknowledges and agrees that all right, title, and interest in and to all writings, works of authorship,
technology, inventions, discoveries, processes, techniques, methods, ideas, concepts, research, proposals, materials, and all other
work product of any nature whatsoever, that are created, prepared, produced, authored, edited, amended, conceived, or reduced to
practice by the Executive individually or jointly with others during the period of his/her employment by the Company and relate
in any way to the business or contemplated business, products, activities, research, or development of the Company or result from
any work performed by the Executive for the Company (in each case, regardless of when or where prepared or whose equipment or other
resources is used in preparing the same), all rights and claims related to the foregoing, and all printed, physical and electronic
copies, and other tangible embodiments thereof (collectively, “Work Product”), as well as any and all rights
in and to US and foreign (a) patents, patent disclosures and inventions (whether patentable or not), (b) trademarks,
service marks, trade dress, trade names, logos, corporate names, and domain names, and other similar designations of source or
origin, together with the goodwill symbolized by any of the foregoing, (c) copyrights and copyrightable works (including computer
programs), mask works, and rights in data and databases, (d) trade secrets, know-how, and other confidential information,
and (e) all other intellectual property rights, in each case whether registered or unregistered and including all registrations
and applications for, and renewals and extensions of, such rights, all improvements thereto and all similar or equivalent rights
or forms of protection in any part of the world (collectively, “Intellectual Property Rights”), shall be the
sole and exclusive property of the Company. The assignment provisions in this Section 10 shall apply only to “Employer
Inventions” as defined herein and shall not apply to any invention covered by Section 2870 of the California Labor
Code, a copy of which is annexed hereto as Exhibit “B.” Employer Inventions shall mean any Invention
that meets any one of the following criteria:

 

    -13-

     

    

 

(i)            Relates,
at the time of conception or reduction to practice of the Invention to: (A) the Employer's business, project or products,
or to the manufacture or utilization thereof; or (B) the actual or demonstrably anticipated research or development of the
Employer.

 

(ii)           Results
from any work performed directly or indirectly by the Employee for the Employer.

 

(iii)          (Results,
at least in part, from the Employee's use of the Employer's time, equipment, supplies, facilities or trade secret information.

 

(iv)          Provided,
however, that an Employer Invention shall not include any Invention which is developed entirely on the Employee's own time without
using the Employer's equipment, supplies, facilities or trade secret information, and which is not related to the Employer's business
(either actual or demonstrably anticipated), and which does not result from work performed for the Employer.

 

10.2        For
purposes of this Agreement, Work Product includes, but is not limited to, Company information, including plans, publications, research,
strategies, techniques, agreements, documents, contracts, terms of agreements, negotiations, know-how, computer programs, computer
applications, software design, web design, work in process, databases, manuals, results, developments, reports, graphics, drawings,
sketches, market studies, formulae, notes, communications, algorithms, product plans, product designs, styles, models, audiovisual
programs, inventions, unpublished patent applications, original works of authorship, discoveries, experimental processes, experimental
results, specifications, customer information, client information, customer lists, client lists, manufacturing information, marketing
information, advertising information, and sales information.

 

10.3        Work
Made for Hire; Assignment. The Executive acknowledges that, by reason of being employed by the Company at the relevant times,
to the extent permitted by law, all of the Work Product consisting of copyrightable subject matter is "work made for hire"
as defined in 17 U.S.C. § 101 and such copyrights are therefore owned by the Company. To the extent that the foregoing does
not apply, the Executive hereby irrevocably assigns to the Company, for no additional consideration, the Executive's entire right,
title, and interest in and to all Work Product and Intellectual Property Rights therein, including the right to sue, counterclaim,
and recover for all past, present, and future infringement, misappropriation, or dilution thereof, and all rights corresponding
thereto throughout the world. Nothing contained in this Agreement shall be construed to reduce or limit the Company's rights, title,
or interest in any Work Product or Intellectual Property Rights so as to be less in any respect than that the Company would have
had in the absence of this Agreement.

 

    -14-

     

    

 

10.4        Further
Assurances; Power of Attorney. During and after his/her employment, the Executive agrees to reasonably cooperate with the Company
to (a) apply for, obtain, perfect, and transfer to the Company the Work Product as well as any and all Intellectual Property
Rights in the Work Product in any jurisdiction in the world; and (b) maintain, protect and enforce the same, including, without
limitation, giving testimony and executing and delivering to the Company any and all applications, oaths, declarations, affidavits,
waivers, assignments, and other documents and instruments as shall be requested by the Company. The Executive hereby irrevocably
grants the Company power of attorney to execute and deliver any such documents on the Executive's behalf in his/her name and to
do all other lawfully permitted acts to transfer the Work Product to the Company and further the transfer, prosecution, issuance,
and maintenance of all Intellectual Property Rights therein, to the full extent permitted by law, if the Executive does not promptly
cooperate with the Company's request (without limiting the rights the Company shall have in such circumstances by operation of
law). The power of attorney is coupled with an interest and shall not be affected by the Executive's subsequent incapacity.

 

10.5        No
License. The Executive understands that this Agreement does not, and shall not be construed to, grant the Executive any license
or right of any nature with respect to any Work Product or Intellectual Property Rights or any Confidential Information, materials,
software, or other tools made available to him/her by the Company.

 

11.          Security.

 

11.1        Security
and Access. The Executive agrees and covenants (a) to comply with all Company security policies and procedures as in force
from time to time including without limitation those regarding computer equipment, telephone systems, voicemail systems, facilities
access, monitoring, key cards, access codes, Company Group intranet, internet, social media and instant messaging systems, computer
systems, e-mail systems, computer networks, document storage systems, software, data security, encryption, firewalls, passwords
and any and all other Company Group facilities, IT resources and communication technologies (“Facilities and Information
Technology Resources”); (b) not to access or use any Facilities and Information Technology Resources except as authorized
by the Company; and (iii) not to access or use any Facilities and Information Technology Resources in any manner after the
termination of the Executive's employment by the Company, whether termination is voluntary or involuntary. The Executive agrees
to notify the Company promptly in the event he/she learns of any violation of the foregoing by others, or of any other misappropriation
or unauthorized access, use, reproduction, or reverse engineering of, or tampering with any Facilities and Information Technology
Resources or other Company Group property or materials by others.

 

    -15-

     

    

 

11.2        Exit
Obligations. Upon (a) voluntary or involuntary termination of the Executive's employment or (b) the Company's request
at any time during the Executive's employment, the Executive shall (i) provide or return to the Company any and all Company
Group property, including keys, key cards, access cards, identification cards, security devices, employer credit cards, network
access devices, computers, cell phones, smartphones, PDAs, pagers, fax machines, equipment, speakers, webcams, manuals, reports,
files, books, compilations, work product, e-mail messages, recordings, tapes, disks, thumb drives or other removable information
storage devices, hard drives, negatives and data and all Company Group documents and materials belonging to the Company and stored
in any fashion, including but not limited to those that constitute or contain any Confidential Information or Work Product, that
are in the possession or control of the Executive, whether they were provided to the Executive by the Company Group or any of its
business associates or created by the Executive in connection with his/her employment by the Company; and (ii) delete or destroy
all copies of any such documents and materials not returned to the Company that remain in the Executive's possession or control,
including those stored on any non-Company Group devices, networks, storage locations, and media in the Executive's possession or
control.

 

12.          Publicity.
The Executive hereby irrevocably consents to any and all uses and displays, by the Company and its agents, representatives and
licensees, of the Executive’s name, voice, likeness, image, appearance, and biographical information in, on or in connection
with any pictures, photographs, audio and video recordings, digital images, websites, television programs and advertising, other
advertising and publicity, sales and marketing brochures, books, magazines, other publications, CDs, DVDs, tapes, and all other
printed and electronic forms and media throughout the world, at any time during the Employment Term for all legitimate commercial
and business purposes of the Company (“Permitted Uses”) without further consent from or royalty, payment, or
other compensation to the Executive during Executive’s Employment Term and for a period of five (5) years after Executive’s
employment ends, for any reason. The Executive hereby forever waives and releases the Company and its directors, officers, employees,
and agents from any and all claims, actions, damages, losses, costs, expenses, and liability of any kind, arising under any legal
or equitable theory whatsoever at any time during, and the five-year period following, the Employment Term, arising directly or
indirectly from the Company’s and its agents’, representatives’, and licensees’ exercise of their rights
in connection with any Permitted Uses. Following the the fifth anniversary of the end of the Employment Term, any Permitted Uses
will require the Executive’s prior approval, which may be given or withheld in the Executive’s sole discretion.

 

13.          Governing
Law. This Agreement, for all purposes, shall be construed in accordance with the laws
of the State of California without regard to conflicts of law principles, except for the arbitration provisions which shall be
governed solely by the Federal Arbitration Act, 9 U.S.C. §§ 1-4.

 

14.          Entire
Agreement. Unless specifically provided herein, this Agreement contains all of the understandings
and representations between the Executive and the Company pertaining to the subject matter hereof and supersedes all prior and
contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to such subject
matter. The parties mutually agree that the Agreement can be specifically enforced in court and can be cited as evidence in legal
proceedings alleging breach of the Agreement.

 

    -16-

     

    

 

15.          Modification
and Waiver. No provision of this Agreement may be amended or modified unless such amendment
or modification is agreed to in writing and signed by the Executive and by a majority of the Board of the Company or its designee.
No waiver by either of the parties of any breach by the other party hereto of any condition or provision of this Agreement to be
performed by the other party hereto shall be deemed a waiver of any similar or dissimilar provision or condition at the same or
any prior or subsequent time, nor shall the failure of or delay by either of the parties in exercising any right, power, or privilege
hereunder operate as a waiver thereof to preclude any other or further exercise thereof or the exercise of any other such right,
power, or privilege.

 

16.          Severability.

 

16.1        Should
any provision of this Agreement be held by a court of competent jurisdiction to be enforceable only if modified, or if any portion
of this Agreement shall be held as unenforceable and thus stricken, such holding shall not affect the validity of the remainder
of this Agreement, the balance of which shall continue to be binding upon the parties with any such modification to become a part
hereof and treated as though originally set forth in this Agreement.

 

16.2        The
parties further agree that any such court is expressly authorized to modify any such unenforceable provision of this Agreement
in lieu of severing such unenforceable provision from this Agreement in its entirety, whether by rewriting the offending provision,
deleting any or all of the offending provision, adding additional language to this Agreement, or by making such other modifications
as it deems warranted to carry out the intent and agreement of the parties as embodied herein to the maximum extent permitted by
law.

 

16.3        The
parties expressly agree that this Agreement as so modified by the court shall be binding upon and enforceable against each of them.
In any event, should one or more of the provisions of this Agreement be held to be invalid, illegal, or unenforceable in any respect,
such invalidity, illegality, or unenforceability shall not affect any other provisions hereof, and if such provision or provisions
are not modified as provided above, this Agreement shall be construed as if such invalid, illegal, or unenforceable provisions
had not been set forth herein.

 

17.          Captions.
Captions and headings of the sections and paragraphs of this Agreement are intended solely for convenience and no provision of
this Agreement is to be construed by reference to the caption or heading of any section or paragraph.

 

18.          Counterparts.
This Agreement may be executed in separate counterparts, each of which shall be deemed an original, but all of which taken together
shall constitute one and the same instrument.

 

    -17-

     

    

 

19.          Section 409A.

 

19.1        General
Compliance. This Agreement is intended to comply with Section 409A or an exemption thereunder and shall be construed and
administered in accordance with Section 409A. Notwithstanding any other provision of this Agreement, payments provided under
this Agreement may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption.
Any payments under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation
from service or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. For purposes
of Section 409A, each installment payment provided under this Agreement shall be treated as a separate payment. Any payments
to be made under this Agreement upon a termination of employment shall only be made upon a “separation from service”
under Section 409A. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided
under this Agreement comply with Section 409A, and in no event shall the Company be liable for all or any portion of any taxes,
penalties, interest, or other expenses that may be incurred by the Executive on account of noncompliance with Section 409A.

 

19.2        Specified
Employees. Notwithstanding any other provision of this Agreement, if any payment or benefit provided to the Executive in connection
with his/her termination of employment is determined to constitute “nonqualified deferred compensation” within the
meaning of Section 409A and the Executive is determined to be a “specified employee” as defined in Section 409A(a)(2)(b)(i),
then such payment or benefit shall not be paid until the first payroll date to occur following the six-month anniversary of the
Termination Date or, if earlier, on the Executive's death (the “Specified Employee Payment Date”). The aggregate
of any payments that would otherwise have been paid before the Specified Employee Payment Date and interest on such amounts calculated
based on the applicable federal rate published by the Internal Revenue Service for the month in which the Executive’s separation
from service occurs shall be paid to the Executive in a lump sum on the Specified Employee Payment Date and thereafter, any remaining
payments shall be paid without delay in accordance with their original schedule.

 

19.3        Reimbursements.
To the extent required by Section 409A, each reimbursement or in-kind benefit provided under this Agreement shall be provided
in accordance with the following:

 

(a)          the
amount of expenses eligible for reimbursement, or in-kind benefits provided, during each calendar year cannot affect the expenses
eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year;

 

(b)          any
reimbursement of an eligible expense shall be paid to the Executive on or before the last day of the calendar year following the
calendar year in which the expense was incurred; and

 

(c)          any
right to reimbursements or in-kind benefits under this Agreement shall not be subject to liquidation or exchange for another benefit.

 

20.          Successors
and Assigns. This Agreement is personal to the Executive and shall not be assigned by
the Executive. Any purported assignment by the Executive shall be null and void from the initial date of the purported assignment.
The Company may assign this Agreement to any successor or assign (whether direct or indirect, by purchase, merger, consolidation,
or otherwise) to all or substantially all of the business or assets of the Company. This Agreement shall inure to the benefit
of the Company and permitted successors and assigns.

 

    -18-

     

    

 

21.          Notice.
Notices and all other communications provided for in this Agreement shall be in writing and shall be delivered personally or sent
by registered or certified mail, return receipt requested, or by overnight carrier to the parties at the addresses set forth below
(or such other addresses as specified by the parties by like notice):

 

If to the Company:

 

19925 Stevens Creek Blvd., Suite 100

Cupertino, CA 95014

Attn: Board of Directors

 

If to the Executive:

Address on the most recent Form W-4

On file with the Company

 

22.          Representations
of the Executive. The Executive represents and warrants to the Company that:

 

23.1       The
Executive’s acceptance of employment with the Company and the performance of his/her duties hereunder will not conflict with
or result in a violation of, a breach of, or a default under any contract, agreement, or understanding to which he/she is a party
or is otherwise bound.

 

23.2       The
Executive’s acceptance of employment with the Company and the performance of his/her duties hereunder will not violate any
non-solicitation, non-competition, or other similar covenant or agreement of a prior employer.

 

23.          Withholding.
The Company shall have the right to withhold from any amount payable hereunder any Federal, state, and local taxes in order for
the Company to satisfy any withholding tax obligation it may have under any applicable law or regulation.

 

24.          Survival.
Upon the expiration or other termination of this Agreement, the respective rights and obligations of the parties hereto shall survive
such expiration or other termination to the extent necessary to carry out the intentions of the parties under this Agreement.

 

25.          Acknowledgement
of Full Understanding. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT HE/SHE HAS FULLY READ,
UNDERSTANDS AND VOLUNTARILY ENTERS INTO THIS AGREEMENT. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT HE HAS HAD AN OPPORTUNITY TO
ASK QUESTIONS AND CONSULT WITH AN ATTORNEY OF HIS/HER CHOICE BEFORE SIGNING THIS AGREEMENT.

 

[Signature Page Follows]

 

    -19-

     

    

 

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

 

	 	Reviva Pharmaceuticals Holdings, Inc.
	 	 
	 	 
	 	By 	/s/ Narayan Prabhu
	 	 	Name: 	Narayan Prabhu 
	 	 	Title:	Chief Financial Officer  
	 	 	 	 
	 	/s/ Laxminarayan Bhat
	 	Laxminarayan Bhat, Ph.D., Executive

 

[Signature Page
to L. Bhat Employment Agreement]

 

    

     

    

 

EXHIBIT A

 

General Release and Covenant Not to Sue

 

TO ALL WHOM THESE PRESENTS SHALL COME OR MAY CONCERN,
KNOW THAT:

 

1.            Laxminarayan
Bhat, Ph.D., (“Executive”), on Executive’s own behalf and on behalf of Executive’s descendants,
dependents, heirs, executors and administrators and permitted assigns, past and present, in consideration for the amounts payable
and benefits to be provided to Executive under that employment agreement dated as of July 20, 2020, and effective as of December 14,
2020 (the “Employment Agreement”) by and between Executive and Reviva Pharmaceuticals Holdings, Inc. (“Company”),
does hereby covenant not to sue or pursue any litigation or arbitration against, and waives, releases and discharges the Company,
its assigns, affiliates, subsidiaries, parents, predecessors and successors, and the past and present employees, officers, directors,
representatives and agents of any of them, including but not limited to the Company (collectively, the “Releasees”),
from any and all claims, demands, rights, judgments, defenses, actions, charges or causes of action whatsoever, of any and every
kind and description, whether known or unknown, accrued or not accrued, that Executive ever had, now has or shall or may have or
assert as of the date of this General Release and Covenant Not to Sue against the Releasees relating to his employment with the
Company or the termination thereof or her service as an officer or director of any subsidiary or affiliate of the Company or the
termination of such service, including, without limiting the generality of the foregoing, any claims, demands, rights, judgments,
defenses, actions, charges or causes of action related to employment or termination of employment or that arise out of or relate
in any way to the Age Discrimination in Employment Act of 1967 (“ADEA,” a law that prohibits discrimination
on the basis of age), the National Labor Relations Act, the Civil Rights Act of 1991, the Americans With Disabilities Act of 1990,
Title VII of the Civil Rights Act of 1964, the Employee Retirement Income Security Act of 1974, the Family and Medical Leave Act,
the Sarbanes-Oxley Act of 2002, all as amended, and other Federal, state and local laws relating to discrimination on the basis
of age, sex or other protected class, all claims under Federal, state or local laws for express or implied breach of contract,
wrongful discharge, defamation, intentional infliction of emotional distress, and any related claims for attorneys’ fees
and costs; provided, however, that nothing herein shall release the Company from any of its obligations to Executive
under the Employment Agreement (including, without limitation, its obligation to pay the amounts and provide the benefits upon
which this General Release and Covenant Not to Sue is conditioned) or any rights Executive may have to indemnification under any
charter or by-laws (or similar documents) of any member of the Releasees or any insurance coverage under any directors and officers
insurance or similar policies.

 

2.            Executive
further agrees that her General Release and Covenant Not to Sue may be pleaded as a full defense to any action, suit or other proceeding
covered by the terms hereof that is or may be initiated, prosecuted or maintained by Executive or Executive’s heirs or assigns. 
Executive understands and confirms that Executive is executing this General Release and Covenant Not to Sue voluntarily and knowingly,
but that this General Release and Covenant Not to Sue does not affect Executive’s right to claim otherwise under ADEA. 
In addition, Executive shall not be precluded by this General Release and Covenant Not to Sue from filing a charge with any relevant
Federal, state or local administrative agency, but Executive agrees to waive Executive’s rights with respect to any monetary
or other financial relief arising from any such administrative proceeding.

 

    

     

    

 

3.            In
furtherance of the agreements set forth above, Executive hereby expressly waives and relinquishes any and all rights under any
applicable statute, doctrine or principle of law restricting the right of any person to release claims that such person does not
know or suspect to exist at the time of executing a release, which claims, if known, may have materially affected such person’s
decision to give such a release.  In connection with such waiver and relinquishment, Executive acknowledges that Executive
is aware that Executive may hereafter discover claims presently unknown or unsuspected, or facts in addition to or different from
those that Executive now knows or believes to be true, with respect to the matters released herein.  Nevertheless, it is the
intention of Executive to release all such matters fully, finally and forever, and all claims relating thereto, that now exist,
may exist or theretofore have existed, as specifically provided herein.  The parties hereto acknowledge and agree that this
waiver shall be an essential and material term of the release contained above.  Nothing in this paragraph is intended to expand
the scope of the release as specified herein.

 

4.            Executive
agrees that at any time following the date hereof he will not make, endorse or solicit and shall use all reasonable endeavors to
prevent the making, endorsing or soliciting of any disparaging or derogatory statements whether or not the statements are true,
whether in writing or otherwise concerning the Company or its past or current directors or officers and the Company undertakes
that at any time following the date hereof its senior executives will not make, endorse or solicit and shall use all reasonable
endeavors to prevent the making, endorsing or soliciting of any disparaging or derogatory statements whether or not the statement
is true, whether in writing or otherwise concerning the Executive or Executive’s work on behalf of the Company, excluding
in all events any statements required to be made by law, regulation or under the public disclosure requirements of any jurisdiction.
Nothing herein shall prevent Executive from making a report, or bringing a claim, to any governmental agency, including the U.S.
Equal Employment Opportunity Commission, the National Labor Relations Board, the U.S. Department of Justice, or the Attorney General
of the State where the Executive resides, provided, however, that Executive may not personally win any damages or other relief
as a result of any such reports or claims. Nothing herein shall restrict the Company, its affiliates or any of their employees,
officers, directors, agents or representatives from providing truthful testimony or information in response to a subpoena or investigation
by a Governmental Authority or in connection with any legal action by the Company or any of their affiliates

 

5.            This
General Release and Covenant Not to Sue shall be governed by and construed in accordance with the laws of the State of California
applicable to agreements made and to be performed entirely within such State without regard to principles of conflicts of laws.

 

6.            Waiver
of California Civil Code Section 1542. This Agreement is intended to be effective as a general release of and bar to all
claims as stated in this Agreement. Accordingly, Executive expressly waive all rights under Section 1542 of the California
Civil Code, which states, “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST
IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER
SETTLEMENT WITH THE DEBTOR.” The Executive acknowledges that the Executive may later discover claims or facts in addition
to or different from those which the Executive now knows or believes to exist with regards to the subject matter of this Agreement,
and which, if known or suspected at the time of executing this Agreement, may have materially affected its terms. Nevertheless,
Executive waives any and all Claims that might arise as a result of such different or additional claims or facts.

 

    

     

    

 

7.            To
the extent that Executive is forty (40) years of age or older, this paragraph shall apply.  Executive acknowledges that Executive
has been offered a period of time of at least twenty-one (21) days to consider whether to sign this General Release and Covenant
Not to Sue, which Executive has waived, and the Company agrees that Executive may cancel this General Release and Covenant Not
to Sue at any time during the seven (7) days following the date on which this General Release and Covenant Not to Sue has
been signed by all parties to this General Release and Covenant Not to Sue.  To cancel or revoke this General Release and
Covenant Not to Sue, Executive must deliver to the Company written notice stating that Executive is canceling or revoking this
General Release and Covenant Not to Sue.  If this General Release and Covenant Not to Sue is timely cancelled or revoked,
none of the provisions of this General Release and Covenant Not to Sue shall be effective or enforceable and the Company shall
not be obligated to make the payments to Executive or to provide Executive with the other benefits described in the Employment
Agreement and known as Severance, and all contracts and provisions modified, relinquished or rescinded hereunder shall be reinstated
to the extent in effect immediately prior hereto. Executive is hereby advised to seek legal counsel prior to signing this General
Release and Covenant Not to Sue.

 

8.            Executive
acknowledges and agrees that Executive has entered this General Release and Covenant Not to Sue knowingly and willingly and has
had ample opportunity to consider the terms and provisions of this General Release and Covenant Not to Sue.

 

IN WITNESS WHEREOF, the undersigned
has caused this General Release and Covenant Not to Sue to be executed on this 14th day of December 2020.

 

	 	/s/
    Laxminarayan Bhat
	 	 
	 	Laxminarayan Bhat, Ph.D.

 

 

[Signature Page to General Release and
Covenant Not to Sue]

 

    

     

    

 

Exhibit B

 

West's Ann.Cal.Labor Code
 § 2870

 

§ 2870. Employment
agreements; assignment of rights

 

(a) Any provision in an employment agreement
which provides that an employee shall assign, or offer to assign, any of his or his rights in an invention to his or his employer
shall not apply to an invention that the employee developed entirely on his or his own time without using the employer's equipment,
supplies, facilities, or trade secret information except for those inventions that either:

 

(1) Relate at the time of conception or
reduction to practice of the invention to the employer's business, or actual or demonstrably anticipated research or development
of the employer; or

 

(2) Result from any work performed by the
employee for the employer.

 

(b) To the extent a provision in an employment
agreement purports to require an employee to assign an invention otherwise excluded from being required to be assigned under subdivision
(a), the provision is against the public policy of this state and is unenforceable.

 

Credits

 

(Added by Stats.1979, c. 1001, p. 3401, §
1. Amended by Stats.1986, c. 346, § 1; Stats.1991, c. 647 (S.B.879), § 5.)

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