Document:

Exhibit 4.4

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED
OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY
IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED. 

 

 

PROMISSORY NOTE

 

	Principal Amount: $___________.00	Dated as of September ____, 2021

 

FOR VALUE RECEIVED, Volcon,
Inc., a Delaware corporation (the “Maker”), promises to pay to the order of ___________ or its registered assigns
or successors in interest (the “Payee”) the principal sum of ___________Dollars ($___________.00)
in lawful money of the United States of America, on the terms and conditions described below. Reference is made to that certain Note Purchase
Agreement, dated as of September 10, 2021, by and among the Maker, Payee in its capacity as a Purchaser, and the other Purchasers party
thereto (as the same may be amended, modified, increased, supplemented and/or restated from time to time, the “Purchase Agreement”;
capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to such terms in the Purchase Agreement).

 

		1.	Principal. The principal balance of this Promissory Note (this “Note”) shall
be payable on the earlier of: (i) the one year from the date hereof, (ii) on the date on which the Maker consummates an initial public
offering of its securities (the “Maturity Date”). The principal balance may be prepaid at any time prior to the Maturity
Date. Under no circumstances shall any individual, including but not limited to any officer, director, employee or shareholder of the
Maker, be obligated personally for any obligations or liabilities of the Maker hereunder.

 

		2.	Interest. 

 

		(a)	The unpaid principal balance of this Note shall bear interest from and including the date of issuance
until all obligations of the Maker hereunder are paid in full at a rate of (i) 6.0% per annum, or (ii) upon the occurrence and during
the continuance of an Event of Default, 18.0% per annum. Accrued and unpaid interest is due and payable monthly in arrears in cash, commencing
on October 1, 2021 in accordance with Section 3 (the “Monthly Interest Payments”).

 

		(b)	All computations of interest hereunder shall be made on the basis of a year of 360 days for the actual
number of days (including the first day but excluding the last day) occurring in the period for which such interest is payable.

 

		3.	Payments. 

 

		(a)	Each Monthly Interest Payment due under the Note (other than at the Maturity Date) shall be payable in
cash to the Payee by the Maker in accordance with the wire instructions set forth on Schedule A hereto or in accordance with instructions
provided by the Payee.

 

		(b)	The outstanding principal balance of the Note shall be payable in cash on the Maturity Date, when all
when all unpaid principal of, and accrued and unpaid interest on the Note shall be due and payable in cash to Payee in accordance with
the wire instructions set forth on Schedule A hereto or in accordance with instructions provided by the Payee.

 

		(c)	Whenever any payment owed under the Note shall be stated to be due on a day other than a Business Day,
such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation
of payment of interest or fee, as the case may be. As used herein, “Business Day” means a day of the year on which banks are
not required or authorized to close in New York, New York.

 

		4.	Costs and Expenses. The Maker agrees to reimburse the Payee for all out-of-pocket costs and expenses,
including, without limitation, attorneys’ fees, incurred by the Maker in connection with the (i) collection of any sums due under
this Note; and (ii) enforcement of this Note or any other Transaction Document (including, without limitation, any costs and expenses
of any third party provider engaged by Agent for such purpose).

 

 

    	 	 	 

     

    

 

		5.	Application of Payments. All payments shall be applied as follows:

 

		(a)	First, to Payee for reimbursable costs and expenses incurred in the collection of any sum due under this Note, including (without
limitation) reasonable attorney’s fees;

 

		(b)	Second, to Payee to pay interest due and payable in respect of the Note until paid in full;

 

		(c)	Lastly; to Payee to pay principal balance of this Note until paid in full.

 

		6.	Events of Default. The following shall constitute an event of default (each, an “Event
of Default”):

 

		(a)	Failure to Make Required Payments. Failure to make any payment of the principal or interest on
or other payments owing in respect of this Note, free of any claim of subordination, within five (5) Business Days following the date
when due; or

 

		(b)	Breach of Representations or Warranties. Any representation or warranty of Maker, or any certification
or other material written statement of fact made or deemed made by such Maker in in the Purchase Agreement or in any other Transaction
Document, or in any document delivered in connection therewith, shall prove to have been incorrect in any material respect when made or
deemed made, and such breach shall not, if subject to the possibility of a cure by the Maker, have been remedied within five (5) Business
days after the date on which notice of such failure or breach shall have been given; or

 

		(c)	Breach of Covenant. Maker shall fail to observe or perform any other covenant, agreement or warranty
contained in, or otherwise commit any breach of this Note, the Purchase Agreement, or any other Transaction Document, and such failure
or breach shall not, if subject to the possibility of a cure by the Maker, have been remedied within five (5) Business days after the
date on which notice of such failure or breach shall have been given; or

 

		(d)	Cross Default. Maker shall fail to pay any principal of, or premium or interest on, any Indebtedness
when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) unless being
contested in good faith, and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument
relating to such Indebtedness; or any other event constituting a default (however defined) shall occur or condition shall exist under
any agreement or instrument relating to any such Indebtedness and shall continue after the applicable grace period, if any, specified
in such agreement or instrument, which would give rise to a right to accelerate such Indebtedness; or

 

		(e)	Voluntary Liquidation, Etc. The commencement by Maker of a proceeding relating to its bankruptcy,
insolvency, reorganization, rehabilitation or other similar action, or the consent by it to the appointment of, or taking possession by,
a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) for Maker or for any substantial part of
its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as
such debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing; or

 

		(f)	Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction
in the premises in respect of maker in an involuntary case under any applicable bankruptcy, insolvency or similar law, for the appointing
of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) for Maker or for any substantial part of its
property, or ordering the winding-up or liquidation of the affairs of Maker, and the continuance of any such decree or order unstayed
and in effect for a period of 60 consecutive days.

 

		7.	Remedies.

 

		(a)	Upon the occurrence of an Event of Default specified in Sections 5(a), 5(b), 5(c)
or 5(d) hereof, Payee may, by written notice to Maker, declare this Note to be due immediately and payable, whereupon the unpaid
principal amount of this Note, any accrued and unpaid interest thereon, and all other amounts payable hereunder, shall become immediately
due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained
herein or in the documents evidencing the same to the contrary notwithstanding.

 

 

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		(b)	Upon the occurrence of an Event of Default specified in Sections 5(e) or 5(f), the unpaid
principal balance of this Note, any accrued and unpaid interest thereon, and all other sums payable with regard to this Note, shall automatically
and immediately become due and payable, in all cases without any action on the part of Payee.

 

		(c)	Upon the occurrence and during the continuance of any Event of Default, the unpaid principal balance of
this Note shall bear interest at a rate of 18.0% per annum.

 

		(d)	Additional Shares.

 

		(i)	In the event that any amount of principal or accrued interest due and payable under this Note remains
unpaid as of September ____, 2023, then Maker shall issue to Payee an additional ___________shares of common stock of the Maker, $0.0001
par value per share (the “Additional Shares”). Maker shall cause the issuance of such Additional Shares to Payee within
five (5) Business Days of notice from Payee, by delivering irrevocable instructions to the Transfer Agent instructing the Transfer Agent
to deliver, on an expedited basis, the Payee’s Additional Shares, by book entry transfer registered in the Company’s share
register in the name of the Payee or, at the request of the Payee, by physical delivery of a certificate evidencing such Additional Shares,
registered in the name of the Payee.

 

		(ii)	The Maker agrees to timely file a Form D with respect to the Additional Shares as required under Regulation
D and to provide a copy thereof, promptly upon request of the Payee. The Company shall take such action as the Company shall reasonably
determine is necessary in order to obtain an exemption for, or to qualify the Additional Shares for, issuance to the Payee under applicable
securities or “Blue Sky” laws of the states of the United States, and shall provide evidence of such actions promptly upon
request of the Payee.

 

		8.	Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment
for payment, demand, notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections
in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present
or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from
attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for
payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, or any writ of
execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

 

		9.	Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance,
performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard
to the liability of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or
modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that
may be granted by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors,
or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

		10.	Notices. All notices and other communications given or made pursuant hereto shall be in writing
and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail
or facsimile if sent during normal business hours of the recipient, and if not so confirmed, then on the next business day, (c) five (5)
days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit
with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications
shall be sent to the respective parties at the following addresses (or at such other addresses as shall be specified by notice given in
accordance with this Section 10):

 

 

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If to Maker:

 

Volcon, Inc.

2590 Oakmont Drive, Suite 520 

Round Rock, TX 78665 

Attention: Greg Endo 

Email: greg@volcon.com

 

If to Payee:

 

___________

___________

Attention: ___________

Email: ___________

 

		11.	Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF TEXAS, WITHOUT
REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

 

		12.	Jurisdiction. The courts of Texas have exclusive jurisdiction to settle any dispute arising out
of or in connection with this agreement (including a dispute relating to any non-contractual obligations arising out of or in connection
with this agreement) and the parties submit to the exclusive jurisdiction of the courts of Texas.

 

		13.	Severability. Any provision contained in this Note which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating
the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.

 

		14.	Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and
only with, the written consent of the Maker and the Payee.

 

		15.	Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be
made by any party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted
assignment without the required consent shall be void.

 

		16.	Further Assurance. The Maker shall, at its own cost and expense, execute and do (or procure to
be executed and done by any other necessary party) all such deeds, documents, acts and things as the Payee may from time to time require
as may be necessary to give full effect to this Promissory Note.

 

 

 

[Signature Page Follows]

 

 

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IN WITNESS WHEREOF, Maker,
intending to be legally bound hereby, has caused this Note to be duly executed on the day and year first above written.

 

VOLCON, INC.

 

 

By: ________________________________ 

Name:

Title:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Promissory Note]

 

    	 	 	 

     

    

 

Schedule A

 

Payee Wire InstructionsExhibit 10.1

 

VOLCON, INC.

2021 STOCK PLAN

(AS AMENDED AND RESTATED)

 

______________________

 

		Section	1.                 
Establishment and Purpose.

 

1.1              
The Board of Directors of Volcon, Inc. (the “Company”) hereby establishes the Volcon, Inc. 2021 Stock Plan (the “Plan”)
effective as of March 24, 2021, subject to approval by the Company’s stockholders within one year of the date hereof.

 

1.2              
The purpose of the Plan is to attract and retain outstanding individuals as Key Employees, Directors and Consultants of the Company
and its Subsidiaries, to recognize the contributions made to the Company and its Subsidiaries by Key Employees, Directors and Consultants,
and to provide such Key Employees, Directors and Consultants with additional incentive to expand and improve the profits and achieve the
objectives of the Company and its Subsidiaries, by providing such Key Employees, Directors and Consultants with the opportunity to acquire
or increase their proprietary interest in the Company through receipt of Awards.

 

		Section	2.                 
Definitions.

 

As used in the Plan, the following
terms shall have the meanings set forth below:

 

2.1              
“Award” means any award or benefit granted under the Plan, which shall be a Stock Option, a Stock Award, a Stock
Unit Award or an SAR.

 

2.2              
“Award Agreement” means, as applicable, a Stock Option Agreement, Stock Award Agreement, Stock Unit Award Agreement
or SAR Agreement evidencing an Award granted under the Plan.

 

2.3              
“Board” means the Board of Directors of the Company.

 

2.4              
“Change in Control” has the meaning set forth in Section 8.2 of the Plan.

 

2.5              
“Code” means the Internal Revenue Code of 1986, as amended from time to time.

 

2.6              
“Committee” means the Compensation Committee of the Board or such other committee as may be designated by the
Board from time to time to administer the Plan, or, if no such committee has been designated at the time of any grants, it shall mean
the Board.

 

2.7              
“Common Stock” means the Common Stock, par value $0.00001 per share, of the Company.

 

2.8              
“Company” means Volcon, Inc., a Delaware corporation.

 

2.9              
“Consultant” means any person, including an advisor, who is engaged by the Company or an affiliate to render
consulting or advisory services and is compensated for such services. However, service solely as a Director, or payment of a fee for such
service, will not cause a Director to be considered a “Consultant” for purposes of the Plan. Notwithstanding the foregoing,
a person is treated as a Consultant under this Plan only if a Form S-8 Registration Statement under the Securities Act is available to
register either the offer or the sale of the Company’s securities to such person.

 

2.10          
“Director” means a director of the Company who is not an employee of the Company or a Subsidiary.

 

2.11          
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.

 

 

    	 	 	 

     

    

 

2.12          
“Fair Market Value” means as of any date, the closing price of a share of Common Stock on the national securities
exchange on which the Common Stock is listed, or, if the Common Stock is not listed on a national securities exchange, the over-the-counter
market on which the Common Stock trades, or, if the Common Stock is not listed on a national securities exchange or an over-the-counter
market, as determined by the Board as of such date, or, if no trading occurred on such date, as of the trading day immediately preceding
such date.

 

2.13          
“Incentive Stock Option” or “ISO” means a Stock Option granted under Section 5 of the Plan
that meets the requirements of Section 422(b) of the Code or any successor provision.

 

2.14          
“Key Employee” means an employee of the Company or any Subsidiary selected to participate in the Plan in accordance
with Section 3. A Key Employee may also include a person who is granted an Award (other than an Incentive Stock Option) in connection
with the hiring of the person prior to the date the person becomes an employee of the Company or any Subsidiary, provided that such Award
shall not vest prior to the commencement of employment.

 

2.15          
“Non-Qualified Stock Option” or “NSO” means a Stock Option granted under Section 5 of the
Plan that is not an Incentive Stock Option.

 

2.16          
“Participant” means a Key Employee, Director or Consultant selected to receive an Award under the Plan.

 

2.17          
“Plan” means the Volcon, Inc. 2021 Stock Plan.

 

2.18          
“Stock Appreciation Right” or “SAR” means a grant of a right to receive shares of Common
Stock or cash under Section 8 of the Plan.

 

2.19          
“Stock Award” means a grant of shares of Common Stock under Section 6 of the Plan.

 

2.20          
“Stock Option” means an Incentive Stock Option or a Non-Qualified Stock Option granted under Section 5 of the
Plan.

 

2.21          
“Stock Unit Award” means a grant of a right to receive shares of Common Stock or cash under Section 7 of the
Plan.

 

2.22          
“Subsidiary” means an entity of which the Company is the direct or indirect beneficial owner of not less than
50% of all issued and outstanding equity interest of such entity.

 

		Section	3.                 
Administration.

 

3.1              
The Board.

 

The Plan shall be administered
by the Committee, which shall be comprised of at least two members of the Board who satisfy the “non-employee director” definition
set forth in Rule 16b-3 under the Exchange Act, unless the Board otherwise determines.

 

3.2              
Authority of the Committee.

 

(a)               
The Committee, in its sole discretion, shall determine the Key Employees and Directors to whom, and the time or times at which
Awards will be granted, the form and amount of each Award, the expiration date of each Award, the time or times within which the Awards
may be exercised, the cancellation of the Awards and the other limitations, restrictions, terms and conditions applicable to the grant
of the Awards. The terms and conditions of the Awards need not be the same with respect to each Participant or with respect to each Award.

 

(b)               
To the extent permitted by applicable law, regulation, and rules of a stock exchange on which the Common Stock is listed or traded,
the Committee may delegate its authority to grant Awards to Key Employees and to determine the terms and conditions thereof to such officer
of the Company as it may determine in its discretion, on such terms and conditions as it may impose, except with respect to Awards to
officers subject to Section 16 of the Exchange Act.

 

 

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(c)               
The Committee may, subject to the provisions of the Plan, establish such rules and regulations as it deems necessary or advisable
for the proper administration of the Plan, and may make determinations and may take such other action in connection with or in relation
to the Plan as it deems necessary or advisable. Each determination or other action made or taken pursuant to the Plan, including interpretation
of the Plan and the specific terms and conditions of the Awards granted hereunder, shall be final and conclusive for all purposes and
upon all persons.

 

(d)               
No member of the Board or the Committee shall be liable for any action taken or determination made hereunder in good faith. Service
on the Committee shall constitute service as a Director so that the members of the Committee shall be entitled to indemnification and
reimbursement as Directors of the Company pursuant to the Company’s Certificate of Incorporation and By-Laws.

 

3.3              
Award Agreements.

 

(a)               
Each Award shall be evidenced by a written Award Agreement specifying the terms and conditions of the Award. In the sole discretion
of the Committee, the Award Agreement may condition the grant of an Award upon the Participant’s entering into one or more of the
following agreements with the Company: (i) an agreement not to compete with the Company and its Subsidiaries which shall become effective
as of the date of the grant of the Award and remain in effect for a specified period of time following termination of the Participant’s
employment with the Company; (ii) an agreement to cancel any employment agreement, fringe benefit or compensation arrangement in effect
between the Company and the Participant; and (iii) an agreement to retain the confidentiality of certain information. Such agreements
may contain such other terms and conditions as the Committee shall determine. If the Participant shall fail to enter into any such agreement
at the request of the Committee, then the Award granted or to be granted to such Participant shall be forfeited and cancelled.

 

		Section	4.                 
Shares of Common Stock Subject to Plan.

 

4.1              
Total Number of Shares.

 

(a)               
The total number of shares of Common Stock that may be issued under the Plan shall be 3,000,000 (giving effect to stock dividend
completed July 27, 2021). Such shares may be either authorized but unissued shares or treasury shares, and shall be adjusted in accordance
with the provisions of Section 4.3 of the Plan.

 

(b)               
The number of shares of Common Stock delivered by a Participant or withheld by the Company on behalf of any such Participant as
full or partial payment of an Award, including the exercise price of a Stock Option or of any required withholding taxes, shall not again
be available for issuance pursuant to subsequent Awards, and shall count towards the aggregate number of shares of Common Stock that may
be issued under the Plan. Any shares of Common Stock purchased by the Company with proceeds from a Stock Option exercise shall not again
be available for issuance pursuant to subsequent Awards, shall count against the aggregate number of shares that may be issued under the
Plan and shall not increase the number of shares available under the Plan.

 

(c)               
If there is a lapse, forfeiture, expiration, termination or cancellation of any Award for any reason (including for reasons described
in Section 3.3), or if shares of Common Stock are issued under such Award and thereafter are reacquired by the Company pursuant to rights
reserved by the Company upon issuance thereof, the shares of Common Stock subject to such Award or reacquired by the Company shall again
be available for issuance pursuant to subsequent Awards, and shall not count towards the aggregate number of shares of Common Stock that
may be issued under the Plan.

 

4.2              
Shares Under Awards.

 

Of the shares of Common Stock
authorized for issuance under the Plan pursuant to Section 4.1:

 

(a)               
The maximum number of shares of Common Stock as to which a Key Employee may receive Stock Options or SARs in any calendar year
is 500,000, except that the maximum number of shares of Common Stock as to which a Key Employee may receive Stock Options or SARs in the
calendar year in which such Key Employee begins employment with the Company or its Subsidiaries is 500,000.

 

(b)               
The maximum number of shares of Common Stock that may be subject to Stock Options (ISOs and/or NSOs) is 500,000.

 

 

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(c)               
The maximum number of shares of Common Stock that may be used for Stock Awards and/or Stock Unit Awards that may be granted to
any Key Employee in any calendar year is 100,000, or, in the event the Award is settled in cash, an amount equal to the Fair Market Value
of such number of shares on the date on which the Award is settled.

 

(d)               
The maximum number of shares of Common Stock subject to Awards granted under the Plan or otherwise during any one calendar year
to any Director, taken together with any cash fees paid by the Company to such Director during such calendar year for service on the Board,
will not exceed $300,000 in total value (calculating the value of any such Awards based on the grant date fair value of such Awards for
financial reporting purposes).

 

The numbers of shares described
herein shall be as adjusted in accordance with Section 4.3 of the Plan.

 

4.3              
Adjustment.

 

In the event of any reorganization,
recapitalization, stock split, stock distribution, merger, consolidation, split-up, spin-off, combination, subdivision, consolidation
or exchange of shares, any change in the capital structure of the Company or any similar corporate transaction, the Committee shall make
such adjustments as it deems appropriate, in its sole discretion, to preserve the benefits or intended benefits of the Plan and Awards
granted under the Plan. Such adjustments may include: (a) adjustment in the number and kind of shares reserved for issuance under the
Plan; (b) adjustment in the number and kind of shares covered by outstanding Awards; (c) adjustment in the exercise price of outstanding
Stock Options or SARs or the price of Stock Awards or Stock Unit Awards under the Plan; (d) adjustments to any of the shares limitations
set forth in Section 4.1 or 4.2 of the Plan; and (e) any other changes that the Committee determines to be equitable under the circumstances.

 

		Section	5.                 
Grants of Stock Options.

 

5.1              
Grant.

 

Subject to the terms of the
Plan, the Committee may from time to time grant Stock Options to Participants. Unless otherwise expressly provided at the time of the
grant, Stock Options granted under the Plan to Key Employees will be NSOs. Stock Options granted under the Plan to Directors who are not
employees of the Company or any Subsidiary will be NSOs.

 

5.2              
Stock Option Agreement.

 

The grant of each Stock Option
shall be evidenced by a written Stock Option Agreement specifying the type of Stock Option granted, the exercise period, the exercise
price, the terms for payment of the exercise price, the expiration date of the Stock Option, the number of shares of Common Stock to be
subject to each Stock Option and such other terms and conditions established by the Committee, in its sole discretion, not inconsistent
with the Plan.

 

5.3              
Exercise Price and Exercise Period.

 

With respect to each Stock
Option granted to a Participant:

 

(a)               
The per share exercise price of each Stock Option shall be the Fair Market Value of the Common Stock subject to the Stock Option
on the date on which the Stock Option is granted.

 

(b)               
Each Stock Option shall become exercisable as provided in the Stock Option Agreement; provided that the Committee shall have the
discretion to accelerate the date as of which any Stock Option shall become exercisable in the event of the Participant’s termination
of employment with the Company, or service on the Board, without cause (as determined by the Board in its sole discretion).

 

(c)               
No dividends or dividend equivalents shall be paid with respect to any shares subject to a Stock Option prior to the exercise of
the Stock Option.

 

 

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(d)               
Each Stock Option shall expire, and all rights to purchase shares of Common Stock thereunder shall expire, on the date ten years
after the date of grant.

 

5.4              
Required Terms and Conditions of ISOs.

 

In addition to the foregoing,
each ISO granted to a Key Employee shall be subject to the following specific rules:

 

(a)               
The aggregate Fair Market Value (determined with respect to each ISO at the time such Option is granted) of the shares of Common
Stock with respect to which ISOs are exercisable for the first time by a Key Employee during any calendar year (under all incentive stock
option plans of the Company and its Subsidiaries) shall not exceed $100,000. If the aggregate Fair Market Value (determined at the time
of grant) of the Common Stock subject to an ISO which first becomes exercisable in any calendar year exceeds the limitation of this Section
5.4(a), so much of the ISO that does not exceed the applicable dollar limit shall be an ISO and the remainder shall be a NSO; but in all
other respects, the original Stock Option Agreement shall remain in full force and effect.

 

(b)               
Notwithstanding anything herein to the contrary, if an ISO is granted to a Key Employee who owns stock possessing more than 10%
of the total combined voting power of all classes of stock of the Company (or its parent or subsidiaries within the meaning of Section
422(b)(6) of the Code): (i) the purchase price of each share of Common Stock subject to the ISO shall be not less than 110% of the Fair
Market Value of the Common Stock on the date the ISO is granted; and (ii) the ISO shall expire, and all rights to purchase shares of Common
Stock thereunder shall expire, no later than the fifth anniversary of the date the ISO was granted.

 

(c)               
No ISOs shall be granted under the Plan after ten years from the earlier of the date the Plan is adopted or approved by shareholders
of the Company.

 

5.5              
Exercise of Stock Options.

 

(a)               
A Participant entitled to exercise a Stock Option may do so by delivering written notice to that effect specifying the number of
shares of Common Stock with respect to which the Stock Option is being exercised and any other information the Committee may prescribe.
All notices or requests provided for herein shall be delivered to the Chief Financial Officer of the Company.

 

(b)               
The Committee in its sole discretion may make available one or more of the following alternatives for the payment of the Stock
Option exercise price: (i) in cash; (ii) in cash received from a broker-dealer to whom the Participant has submitted an exercise notice
together with irrevocable instructions to deliver promptly to the Company the amount of sales proceeds from the sale of the shares subject
to the Stock Option to pay the exercise price; (iii) by directing the Company to withhold such number of shares of Common Stock otherwise
issuable in connection with the exercise of the Stock Option having an aggregate Fair Market Value equal to the exercise price; (iv) by
delivering previously acquired shares of Common Stock that are acceptable to the Committee and that have an aggregate Fair Market Value
on the date of exercise equal to the Stock Option exercise price; or (v) by certifying to ownership by attestation of such previously
acquired shares of Common Stock.

 

The Committee shall have the sole discretion
to establish the terms and conditions applicable to any alternative made available for payment of the Stock Option exercise price.

 

		Section	6.                 
Stock Awards.

 

6.1              
Grant.

 

The Committee may, in its
discretion, (a) grant shares of Common Stock under the Plan to any Participant without consideration from such Participant or (b) sell
shares of Common Stock under the Plan to any Participant for such amount of cash, Common Stock or other consideration as the Committee
deems appropriate.

 

 

    	 	5	 

     

    

 

6.2              
Stock Award Agreement.

 

Each share of Common Stock
granted or sold hereunder shall be subject to such restrictions, conditions and other terms as the Board may determine at the time of
grant or sale, the general provisions of the Plan, the restrictions, terms and conditions of the related Stock Award Agreement, and the
following specific rules:

 

(a)               
The Award Agreement shall specify whether the shares of Common Stock are granted or sold to the Participant and such other provisions,
not inconsistent with the terms and conditions of the Plan, as the Committee shall determine.

 

(b)               
The restrictions to which the shares of Common Stock awarded hereunder are subject shall lapse as provided in Stock Award Agreement;
provided that the Committee shall have the discretion to accelerate the date as of which the restrictions lapse with respect to any Award
held by a Participant in the event of the Participant’s termination of employment with the Company, or service on the Board, without
cause (as determined by the Committee in its sole discretion).

 

(c)               
Except as provided in this subsection (c) and unless otherwise set forth in the related Stock Award Agreement, the Participant
receiving a grant of or purchasing Common Stock shall thereupon be a stockholder with respect to such shares and shall have the rights
of a stockholder with respect to such shares, including the right to vote such shares and to receive dividends and other distributions
paid with respect to such shares; provided that any dividends or other distributions payable with respect to the Stock Award shall be
accumulated and held by the Company and paid to the Participant only upon, and to the extent, the restrictions lapse in accordance with
the terms of the applicable Stock Award Agreement. Any such dividends or other distributions held by the Company attributable to the portion
of a Stock Award that is forfeited shall also be forfeited.

 

		Section	7.                 
Stock Unit Awards.

 

7.1              
Grant.

 

The Committee may, in its
discretion, grant Stock Unit Awards to any Participant. Each Stock Unit subject to the Award shall entitle the Participant to receive,
on the date or the occurrence of an event (including the attainment of performance goals) as described in the Stock Unit Award Agreement,
a share of Common Stock or cash equal to the Fair Market Value of a share of Common Stock on the date of such event as provided in the
Stock Unit Award Agreement.

 

7.2              
Stock Unit Agreement.

 

Each Stock Unit Award shall
be subject to such restrictions, conditions and other terms as the Committee may determine at the time of grant, the general provisions
of the Plan, the restrictions, terms and conditions of the related Stock Unit Award Agreement and the following specific rules:

 

(a)               
The Stock Unit Agreement shall specify such provisions, not inconsistent with the terms and conditions of the Plan, as the Committee
shall determine.

 

(b)               
The restrictions to which the shares of Stock Units awarded hereunder are subject shall lapse as provided in Stock Unit Agreement;
provided that the Committee shall have the discretion to accelerate the date as of which the restrictions lapse with respect to any Award
held by a Participant in the event of the Participant’s termination of employment with the Company, or service on the Board, without
cause (as determined by the Board in its sole discretion).

 

 

    	 	6	 

     

    

 

(c)               
Except as provided in this subsection (c) and unless otherwise set forth in the Stock Unit Agreement, the Participant receiving
a Stock Unit Award shall have no rights of a stockholder, including voting or dividends or other distributions rights, with respect to
any Stock Units prior to the date they are settled in shares of Common Stock; provided that a Stock Unit Award Agreement may provide that
until the Stock Units are settled in shares or cash, the Participant shall be entitled to receive on each dividend or distribution payment
date applicable to the Common Stock an amount equal to the dividends or other distributions that the Participant would have received had
the Stock Units held by the Participant as of the related record date been actual shares of Common Stock. Such amounts shall be accumulated
and held by the Company and paid to the Participant only upon, and to the extent, the restrictions lapse in accordance with the terms
of the applicable Stock Unit Award Agreement. Such amounts held by the Company attributable to the portion of the Stock Unit Award that
is forfeited shall also be forfeited.

 

		Section	8.                 
SARs.

 

8.1              
Grant.

 

The Committee may grant SARs
to Participants. Upon exercise, an SAR entitles the Participant to receive from the Company the number of shares of Common Stock having
an aggregate Fair Market Value equal to the excess of the Fair Market Value of one share as of the date on which the SAR is exercised
over the exercise price, multiplied by the number of shares with respect to which the SAR is being exercised. The Committee, in its discretion,
shall be entitled to cause the Company to elect to settle any part or all of its obligations arising out of the exercise of an SAR by
the payment of cash in lieu of all or part of the shares it would otherwise be obligated to deliver in an amount equal to the Fair Market
Value of such shares on the date of exercise. Cash shall be delivered in lieu of any fractional shares. The terms and conditions of any
such Award shall be determined at the time of grant.

 

8.2              
SAR Agreement.

 

(a)               
Each SAR shall be evidenced by a written SAR Agreement specifying the terms and conditions of the SAR as the Committee may determine,
including the SAR exercise price, expiration date of the SAR, the number of shares of Common Stock to which the SAR pertains, the form
of settlement and such other terms and conditions established by the Committee, in its sole discretion, not inconsistent with the Plan.

 

(b)               
The per Share exercise price of each SAR shall not be less than 100% of the Fair Market Value of a Share on the date the SAR is
granted.

 

(c)               
Each SAR shall expire and all rights thereunder shall cease on the date fixed by the Committee in the related SAR Agreement, which
shall not be later than the ten years after the date of grant; provided however, if a Participant is unable to exercise an SAR because
trading in the Common Stock is prohibited by law or the Company’s insider-trading policy, the SAR exercise date shall be extended
to the date that is 30 days after the expiration of the trading prohibition.

 

(d)               
Each SAR shall become exercisable as provided in the related SAR Agreement; provided that notwithstanding any other Plan provision,
the Committee shall have the discretion to accelerate the date as of which any SAR shall become exercisable in the event of the Participant’s
termination of employment, or service on the Board, without cause (as determined by the Committee in its sole discretion).

 

(e)               
No dividends or dividend equivalents shall be paid with respect to any SAR prior to the exercise of the SAR.

 

(f)                
A person entitled to exercise an SAR may do so by delivery of a written notice in accordance with procedures established by the
Committee specifying the number of shares of Common Stock with respect to which the SAR is being exercised and any other information the
Committee may prescribe. As soon as reasonably practicable after the exercise of an SAR, the Company shall (i) issue the total number
of full shares of Common Stock to which the Participant is entitled and cash in an amount equal to the Fair Market Value, as of the date
of exercise, of any resulting fractional share, and (ii) if the Committee causes the Company to elect to settle all or part of its obligations
arising out of the exercise of the SAR in cash, deliver to the Participant an amount in cash equal to the Fair Market Value, as of the
date of exercise, of the shares it would otherwise be obligated to deliver.

 

 

    	 	7	 

     

    

 

		Section	9.                 
Change in Control.

 

9.1              
Effect of a Change in Control.

 

(a)               
Notwithstanding any of the provisions of the Plan or any outstanding Award Agreement, upon a Change in Control of the Company (as
defined in Section 9.2), the Board is authorized and has sole discretion to provide that (i) all outstanding Awards shall become fully
exercisable, (ii) all restrictions applicable to all Awards shall terminate or lapse and (iii) performance goals applicable to any Awards
shall be deemed satisfied at the highest level, as applicable, in order that Participants may realize the benefits thereunder.

 

(b)               
In addition to the Board’s authority set forth in Section 3, upon such Change in Control of the Company, the Board is authorized
and has sole discretion as to any Award, either at the time such Award is granted hereunder or any time thereafter, to take any one or
more of the following actions: (i) provide for the purchase of any outstanding Stock Option, for an amount of cash equal to the difference
between the exercise price and the then Fair Market Value of the Common Stock covered thereby had such Stock Option been currently exercisable;
(ii) make such adjustment to any such Award then outstanding as the Board deems appropriate to reflect such Change in Control; and (iii)
cause any such Award then outstanding to be assumed by the acquiring or surviving corporation after such Change in Control.

 

9.2              
Definition of Change in Control.

 

“Change in Control”
of the Company shall be deemed to have occurred if at any time during the term of an Award granted under the Plan any of the following
events occurs:

 

(a)               
any Person (other than the Company, a trustee or other fiduciary holding securities under an employee benefit plan of the Company,
or a corporation owned directly or indirectly by the shareholders of the Company in substantially the same proportions as their ownership
of shares of Common Stock of the Company) is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing
30% or more of the combined voting power of the Company’s then outstanding securities entitled to vote generally in the election
of directors (“Person” and “Beneficial Owner” being defined in Rule 13d-3 of the General Rules and Regulations
of the Exchange Act);

 

(b)               
the Company is party to a merger, consolidation, reorganization or other similar transaction with another corporation or other
Person unless, following such transaction, more than 50% of the combined voting power of the outstanding securities of the surviving,
resulting or acquiring corporation or Person or its parent entity entitled to vote generally in the election of directors (or Persons
performing similar functions) is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities
who were the beneficial owners of the Company’s outstanding securities entitled to vote generally in the election of directors immediately
prior to such transaction, in substantially the same proportions as their ownership, immediately prior to such transaction, of the Company’s
outstanding securities entitled to vote generally in the election of directors;

 

(c)               
the election to the Board, without the recommendation or approval of two-thirds of the incumbent Board, of the lesser of: (i) three
Directors; or (ii) Directors constituting a majority of the number of Directors of the Company then in office; provided, however, that
Directors whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited
to a consent solicitation, relating to the election of Directors of the Company will not be considered as incumbent members of the Board
for purposes of this Section; or

 

(d)               
there is a complete liquidation or dissolution of the Company, or the Company sells all or substantially all of its business and/or
assets to another corporation or other Person unless, following such sale, more than 50% of the combined voting power of the outstanding
securities of the acquiring corporation or Person or its parent entity entitled to vote generally in the election of directors (or Persons
performing similar functions) is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities
who were the beneficial owners of the Company’s outstanding securities entitled to vote generally in the election of directors immediately
prior to such sale, in substantially the same proportions as their ownership, immediately prior to such sale, of the Company’s outstanding
securities entitled to vote generally in the election of directors.

 

 

    	 	8	 

     

    

 

In no event, however, shall
a Change in Control be deemed to have occurred, with respect to a Participant, if that Participant is part of a purchasing group which
consummates the Change in Control transaction. A Participant shall be deemed “part of a purchasing group” for purposes of
the preceding sentence if the Participant is an equity participant or has agreed to become an equity participant in the purchasing company
or group (except for (a) passive ownership of less than 3% of the shares of the purchasing company; or (b) ownership of equity participation
in the purchasing company or group which is otherwise not deemed to be significant, as determined prior to the Change in Control by a
majority of the disinterested Directors).

 

		Section	10.             
Payment of Taxes.

 

(a)               
In connection with any Award, and as a condition to the issuance or delivery of any shares of Common Stock to the Participant in
connection therewith, the Company shall require the Participant to pay the Company the minimum amount of federal, state, local or foreign
taxes required to be withheld, and in the Company’s sole discretion, the Company may permit the Participant to pay the Company up
to the maximum individual statutory rate of applicable withholding.

 

(b)               
The Company in its sole discretion may make available one or more of the following alternatives for the payment of such taxes:
(i) in cash; (ii) in cash received from a broker-dealer to whom the Participant has submitted notice together with irrevocable instructions
to deliver promptly to the Company the amount of sales proceeds from the sale of the shares subject to the Award to pay the withholding
taxes; (iii) by directing the Company to withhold such number of shares of Common Stock otherwise issuable in connection with the Award
having an aggregate Fair Market Value equal to the minimum amount of tax required to be withheld; (iv) by delivering previously acquired
shares of Common Stock of the Company that are acceptable to the Board that have an aggregate Fair Market Value equal to the amount required
to be withheld; or (v) by certifying to ownership by attestation of such previously acquired shares of Common Stock.

 

The Committee shall have the
sole discretion to establish the terms and conditions applicable to any alternative made available for payment of the required withholding
taxes.

 

		Section	11.             
Postponement.

 

The Committee may postpone
any grant or settlement of an Award or exercise of a Stock Option or SAR for such time as the Board in its sole discretion may deem necessary
in order to permit the Company:

 

(a)               
to effect, amend or maintain any necessary registration of the Plan or the shares of Common Stock issuable pursuant to an Award,
including upon the exercise of a Stock Option or SAR, under the Securities Act of 1933, as amended, or the securities laws of any applicable
jurisdiction;

 

(b)               
to permit any action to be taken in order to (i) list such shares of Common Stock on a stock exchange if shares of Common Stock
are then listed on such exchange or (ii) comply with restrictions or regulations incident to the maintenance of a public market for its
shares of Common Stock, including any rules or regulations of any stock exchange on which the shares of Common Stock are listed; or

 

(c)               
to determine that such shares of Common Stock and the Plan are exempt from such registration or that no action of the kind referred
to in (b)(ii) above needs to be taken; and the Company shall not be obligated by virtue of any terms and conditions of any Award or any
provision of the Plan to sell or issue shares of Common Stock in violation of the Securities Act of 1933 or the law of any government
having jurisdiction thereof.

 

Any such postponement shall
not extend the term of an Award and neither the Company nor its Directors or officers shall have any obligation or liability to a Participant,
the Participant’s successor or any other person with respect to any shares of Common Stock as to which the Award shall lapse because
of such postponement.

 

 

    	 	9	 

     

    

 

		Section	12.             
Nontransferability.

 

Awards granted under the Plan,
and any rights and privileges pertaining thereto, may not be transferred, assigned, pledged or hypothecated in any manner, or be subject
to execution, attachment or similar process, by operation of law or otherwise, other than by will or by the laws of descent and distribution.

 

		Section	13.             
Delivery of Shares.

 

Shares of Common Stock issued
pursuant to a Stock Award, the exercise of a Stock or SAR or the settlement of a Stock Unit Award shall be represented by stock certificates
or on a non-certificated basis, with the ownership of such shares by the Participant evidenced solely by book entry in the records of
the Company’s transfer agent; provided, however, that upon the written request of the Participant, the Company shall issue, in the
name of the Participant, stock certificates representing such shares of Common Stock.  Notwithstanding the foregoing, shares granted
pursuant to a Stock Award shall be held by the Secretary of the Company until such time as the shares are forfeited or settled.

 

		Section	14.             
Termination or Amendment of Plan and Award Agreements.

 

14.1          
Termination or Amendment of Plan.

 

(a)               
Except as described in Section 14.3 below, the Board may terminate, suspend, or amend the Plan, in whole or in part, from time
to time, without the approval of the stockholders of the Company, unless such approval is required by applicable law, regulation or rule
of any stock exchange on which the shares of Common Stock are listed. No amendment or termination of the Plan shall adversely affect the
right of any Participant under any outstanding Award in any material way without the written consent of the Participant, unless such amendment
or termination is required by applicable law, regulation or rule of any stock exchange on which the shares of Common Stock are listed.
Subject to the foregoing, the Committee may correct any defect or supply an omission or reconcile any inconsistency in the Plan or in
any Award granted hereunder in the manner and to the extent it shall deem desirable, in its sole discretion, to effectuate the Plan.

 

(b)               
The Board shall have the authority to amend the Plan to the extent necessary or appropriate to comply with applicable law, regulation
or accounting rules in order to permit Participants who are located outside of the United States to participate in the Plan.

 

14.2          
Amendment of Award Agreements.

 

The Committee shall have the
authority to amend any Award Agreement at any time; provided however, that no such amendment shall adversely affect the right of any Participant
under any outstanding Award Agreement in any material way without the written consent of the Participant, unless such amendment is required
by applicable law, regulation or rule of any stock exchange on which the shares of Common Stock are listed.

 

14.3          
No Repricing of Stock Options.

 

Notwithstanding the foregoing,
and except as described in Section 4.3, there shall be no amendment to the Plan or any outstanding Stock Option Agreement or SAR Agreement
that results in the repricing of Stock Options or SARs without stockholder approval. For this purpose, repricing includes (i) a reduction
in the exercise price of the Stock Option or SARs or (ii) the cancellation of a Stock Option in exchange for cash, Stock Options or SARs
with an exercise price less than the exercise price of the cancelled Options or SARs, other Awards or any other consideration provided
by the Company, but does not include any adjustment described in Section 4.3.

 

		Section	15.             
No Contract of Employment.

 

Neither the adoption of the
Plan nor the grant of any Award under the Plan shall be deemed to obligate the Company or any Subsidiary to continue the employment of
any Participant for any particular period, nor shall the granting of an Award constitute a request or consent to postpone the retirement
date of any Participant.

 

 

    	 	10	 

     

    

 

		Section	16.             
Applicable Law.

 

All questions pertaining to
the validity, construction and administration of the Plan and all Awards granted under the Plan shall be determined in conformity with
the laws of the State of Nevada, without regard to the conflict of law provisions of any state, and, in the case of Incentive Stock Options,
Section 422 of the Code and regulations issued thereunder.

 

		Section	17.             
Effective Date and Term of Plan.

 

17.1          
Effective Date.

 

(a)               
The Plan has been adopted by the Board, and is effective, as of March 24, 2021, subject to the approval of the Plan by the stockholders
of the Company.

 

(b)               
In the event the Plan is not approved by stockholders of the Company within 12 months of the date hereof, the Plan shall have no
effect.

 

17.2          
Term of Plan.

 

Notwithstanding anything to
the contrary contained herein, no Awards shall be granted on or after March 24, 2031.

 

 

 

 

 

 

    	 	11

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