Document:

Exhibit 10.1

 

[****]
Certain information in this exhibit has been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K because it is both (i) not material
and (ii) would likely cause competitive harm to the registrant if publicly disclosed.

 

 

 

 

 

NON-FIXED
PRICE

 

SALES
AND PURCHASE AGREEMENT

 

 

BETWEEN

 

Bitmain
Technologies Limited

(“Bitmain”)

 

AND

 

Riot
Blockchain, Inc

(“Purchaser”)

 

 

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	1.    Definitions
    and Interpretations	3
	2.    Sales
    of Product(s)	5
	3.    Prices
    and Terms of Payment	6
	4.    Product
    Discount	7
	5.    Shipping
    of Product(s)	8
	6.    Customs	10
	7.    Warranty	11
	8.    Representations
    and Warranties	13
	9.    Indemnification
    and Limitation of Liability	14
	10.  Distribution	15
	11.  Intellectual
    Property Rights	15
	12.  Confidential
    Information and Disclosure	16
	13.  Term
    and Termination of this Agreement	16
	14.  Contact
    Information	17
	15.  Compliance
    with Laws and Regulations	17
	16.  Force
    Majeure	19
	17.  Entire
    Agreement and Amendment	19
	18.  Assignment	19
	19.  Severability	20
	20.  Personal
    Data	20
	21.  Conflict
    with the Terms and Conditions	20
	22.  Governing
    Law and Dispute Resolution	20
	23.  Waiver	21
	24.  Counterparts
    and Electronic Signatures	21
	25.  Further
    Assurance	21
	26.  Third
    Party Rights	21
	27.  Liquidated
    Damages Not Penalty	21

 

 

 

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This
non-fixed price sales and purchase agreement (this “Agreement”) is made, effective as of December 24, 2021, by and between
Bitmain Technologies Limited (“Bitmain”) (Company number: [****]), with its registered office at Unit A1 of Unit A, 11th
Floor, Success Commercial Building, 245-251 Hennessy Road, Hong Kong, PRC, and Riot Blockchain, Inc., a Nevada corporation (the “Purchaser”),
with its principal place of business at 3855 Ambrosia Street, Suite 301, Castle Rock, CO 80109, USA.

 

Bitmain
and the Purchaser shall hereinafter collectively be referred to as the “Parties”, and individually as a “Party”.

 

Whereas:

		1.	Purchaser
                                            fully understands the market risks, the price-setting principles and the market fluctuations
                                            relating to the Products sold under this Agreement.

		2.	Purchaser
                                            has purchased the Products through the website of Bitmain (i.e., https://shop.bitmain.com/,
                                            similarly hereinafter) for many times, and is familiar with the purchase order processes
                                            of Bitmain’s website.

		3.	Based
                                            on the above consensus, the Purchaser is willing to purchase and Bitmain is willing to supply
                                            the Products, consisting of cryptocurrency mining hardware and other ancillary equipment,
                                            in accordance with the terms and conditions of this Agreement.

The
Parties hereto agree as follows:

		1.	Definitions
                                            and Interpretations

The
following terms, as used herein, have the following meanings:

“Affiliate”
means, with respect to any Person, any other Person directly or indirectly Controlling, Controlled by, or under common Control with such
Person; “Person” means any individual, corporation, partnership, limited partnership, proprietorship, association, limited
liability company, firm, trust, estate or other enterprise or entity (whether or not having separate legal personality); and “Control”
means the power or authority, whether exercised or not, to direct the business, management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise, provided that such power or authority shall conclusively
be presumed to exist upon possession of beneficial ownership or power to direct the vote of more than fifty percent (50%) of the votes
entitled to be cast at a meeting of the members or shareholders of such Person or power to control the composition of a majority of the
board of directors of such Person. The terms “Controlled” and “Controlling” have meanings correlative to the
foregoing.

“Applicable
Law” means any treaty, law, decree, order, regulation, decision, statute, ordinance, rule, directive, code or other document that
has legal force under any system of law, including, without limitation, local law, law of any other state or part thereof or international
law, and which creates or purports to create any requirement or rule that may affect, restrict, prohibit or expressly allow the terms
of this Agreement or any activity contemplated or carried out under this Agreement.

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“Bank
Account” means the bank account information of Bitmain provided in Appendix A of this Agreement.

“Force
Majeure” means in respect of either Party, any event or occurrence whatsoever beyond the reasonable control of that Party, which
delays, prevents or hinders that Party from performing any obligation imposed upon that Party under this Agreement, including to the
extent such event or occurrence shall delay, prevent or hinder such Party from performing such obligation, war (declared or undeclared),
terrorist activities, acts of sabotage, blockade, fire, lightning, acts of god, national strikes, riots, insurrections, civil commotions,
quarantine restrictions, epidemics, earthquakes, landslides, avalanches, floods, hurricanes, explosions and regulatory and administrative
or similar action or delays to take actions of any governmental authority.

“Intellectual
Property Rights” means any and all intellectual property rights, including but not limited to those concerning inventions, patents,
utility models, registered designs and models, engineering or production materials, drawings, trademarks, service marks, domain names,
applications for any of the foregoing (and the rights to apply for any of the foregoing), proprietary or business sensitive information
and/or technical know-how, copyright, authorship, whether registered or not, and any neighbor rights.

“Order”
means the Purchaser’s request to Bitmain for certain Product(s) in accordance with this Agreement.

“Product(s)”
means the merchandise that Bitmain will provide to the Purchaser in accordance with this Agreement.

“Total
Purchase Price” means the aggregate amount payable by the Purchaser as set out in Appendix A of this Agreement.

“Warranty
Period” means the period of time that the Product(s) are covered by the warranty granted by Bitmain or its Affiliates in accordance
with Clause 7 of this Agreement.

“Warranty
Start Date” means the date on which the Product(s) are delivered to the carrier.

Interpretations:

		i)	Words
                                            importing the singular include the plural and vice versa where the context so requires.

		ii)	The
                                            headings in this Agreement are for convenience only and shall not be taken into consideration
                                            in the interpretation or construction of this Agreement.

		iii)	References
                                            to Clauses and Appendix(es) are references to Clauses and Appendix(es) of this Agreement.

 

 

 

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		iv)	Unless
                                            specifically stated otherwise, all references to days shall mean calendar days.

		v)	Any
                                            reference to a code, law, statute, statutory provision, statutory instrument, order, regulation
                                            or other instrument of similar effect shall include any re-enactment or amendment thereof
                                            for the time being in force.

		2.	Sales
                                            of Product(s)

Bitmain
will provide the Product(s) set forth in Appendix A (attached hereto as part of this Agreement) to the Purchaser in accordance with provisions
of Clause 2, Clause 3, Clause 4, Clause 5 and Appendix A of this Agreement, and the Purchaser shall make payment in accordance with the
terms specified in this Agreement.

		2.1.	Both
                                            Parties agree that the Product(s) shall be sold in accordance with the following steps: 

		(i)	The
                                            Purchaser shall place the Order through Bitmain’s website or through other methods
                                            accepted by Bitmain, and such Order shall constitute an irrevocable offer to purchase specific
                                            Product(s) from Bitmain. 

		(ii)	After
                                            receiving the Order, Bitmain will send an order receipt confirmation email to the Purchaser.
                                            The Purchaser’s Order will be valid for a period of twenty-four (24) hours after its
                                            placement, and upon expiration of such period, Bitmain will have the right to cancel the
                                            Order at its sole discretion if the Purchaser fails to pay the down payment in accordance
                                            with Appendix A of this Agreement. 

		(iii)	The
                                            Purchaser shall pay the Total Purchase Price in accordance with Appendix A of this Agreement.
                                            

		(iv)	Upon
                                            receipt of each installment of the Total Purchase Price, Bitmain will provide a payment receipt
                                            to the Purchaser via email. 

		(v)	Upon
                                            receipt of each installment of the Total Purchase Price paid by the Purchaser in accordance
                                            with Appendix B to this Agreement, Bitmain shall arrange shipment of the Products to the
                                            Purchaser in accordance with the shipment schedule and instructions specified on Appendix
                                            A to this Agreement.

		(vi)	Bitmain
                                            will send a shipping confirmation to the Purchaser after it has delivered the Product(s)
                                            to the carrier.

		2.2.	Both
                                            Parties acknowledge and agree that the order receipt confirmation and the payment receipt
                                            shall not constitute nor be construed as Bitmain’s acceptance of the Purchaser’s
                                            Order, but mere acknowledgement of the receipt of the Order and the Total Purchase Price;
                                            provided, however, that if Bitmain does not issue the order confirmation or otherwise does
                                            not accept the Purchaser’s Order, Bitmain shall return the down payment and any further
                                            amounts advanced by the Purchaser pursuant to this Agreement.

 

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		2.3.	Both
                                            Parties acknowledge and agree that in case of product unavailability, Bitmain shall have
                                            the right to cancel the Order after it has issued the order receipt confirmation, the payment
                                            receipt or the shipping confirmation without any penalty or liability, except to return the
                                            down payment and any further amounts advanced by the Purchaser pursuant to this Agreement.
                                            

		2.4.	The
                                            Purchaser acknowledges and confirms that the Order is irrevocable and cannot be cancelled
                                            by the Purchaser, and that the Product(s) ordered are neither returnable nor refundable.
                                            All sums paid by the Purchaser to Bitmain shall not be subject to any abatement, set-off,
                                            claim, counterclaim, adjustment, reduction, or defense for any reason except for non-shipment
                                            of the Products pursuant to Section 5.4. Down payment and payment of Total Purchase Price
                                            are not refundable, save as otherwise mutually agreed by the Parties or Bitmain’s non-shipment
                                            of the Products pursuant to Section 5.4. 

		3.	Prices
                                            and Terms of Payment

		3.1	The
                                            Total Purchase Price (inclusive of any tax due and payable by the Purchaser) shall be paid
                                            in accordance with the payment schedule set forth in Appendix B of this Agreement.

		3.2	In
                                            the event that the Purchaser fails to fully settle the respective percentage of the Total
                                            Purchase Price before the prescribed deadlines and fails to make a written request to Bitmain
                                            no less than five (5) Business Days prior to the prescribed deadline and obtain Bitmain’s
                                            written consent, Bitmain shall be entitled to terminate this Agreement and the Purchase shall
                                            be liable for a reasonable liquidated damage (not a penalty) of [20]% of the purchase price
                                            of such batch of Products. If there are any remaining balance after deducting the liquidated
                                            damage, such remaining balance shall be refunded to the Purchaser free of any interest. If
                                            the Purchaser fails to pay the down payment on a timely basis and Bitmain has arranged production
                                            or procurement, Bitmain shall be entitled to request the Purchaser to be responsible for
                                            the loss related to such production or procurement.

		3.3	The
                                            Total Purchase Price set forth in this Agreement is merely an estimate of the price and not
                                            the actual price. The actual price will be determined [15] days before the Payment Deadline
                                            for the applicable batch of Products set forth on Appendix B and with reference to the market
                                            circumstances, provided that the actual price shall not be higher than the estimated price.
                                            

		3.4	Upon
                                            receipt of notification of the actual price provided by Bitmain, the Purchaser shall be entitled
                                            to three options:

		(i)	continue
                                            to perform the Order of the current batch of the Product(s) with the original rated hashrate
                                            and pay the remaining amount at the actual price; or 

 

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		(ii)	request
                                            Bitmain to increase the rated hashrate in equivalent to the difference in price. Under this
                                            circumstance, Bitmain shall have the right to negotiate with the Purchaser for the amount
                                            of the additional rated hashrate based on its then inventory; or

		(iii)	partially
                                            or wholly cancel the Order of the current batch of Product(s).

		(iv)	Under
                                            this circumstance, the Purchaser shall not claim any refund from Bitmain. If the Purchaser
                                            has made payments and there is remaining balance, such remaining balance shall be credited
                                            to the balance of the Purchaser and its affiliates. The payments for the batches that the
                                            Purchaser has cancelled cannot be used as down payments for any batch listed in this Agreement.

Furthermore,
the Purchaser shall confirm in writing the result of its exercise of the options under this Clause within two (2) Business Days after
Bitmain provides the Purchaser with the actual price, and if it is overdue and no agreement is reached between the Parties, the Purchaser
shall be deemed to have voluntarily and irrevocably waived its option under this Clause and the Parties shall continue to perform the
Order of the current batch of Product(s) with the original rated hashrate and the Purchaser shall pay the remaining amount at the actual
price.

		3.5	The
                                            Parties shall confirm the corresponding batch of the Product(s) of each payment before such
                                            payment is made by the Purchaser. This confirmation shall be used to determine matters where
                                            different arrangements are applicable to different batches, such as the defaults of the Purchaser
                                            and the product discount offered to the Purchaser.

		3.6	The
                                            Parties understand and agree that the applicable prices of the Product(s) are inclusive of
                                            applicable bank transaction fee, but are exclusive of any and all applicable import duties,
                                            taxes and governmental charges. The Purchaser shall pay or reimburse Bitmain for all taxes
                                            levied on or assessed against the amounts payable hereunder. If any payment is subject to
                                            withholding, the Purchaser shall pay such additional amounts as necessary, to ensure that
                                            Bitmain receives the full amount it would have received had payment not been subject to such
                                            withholding. 

		4.	Product
                                            Discount

Based
on the sales results and sales strategy, Bitmain is willing to offer the following discount as set forth in this Clause 4 as follows:

 

4.1
No discount will be offered by Bitmain to the Purchaser

		5.	Shipping
                                            of Product(s)

		5.1.	Bitmain
                                            shall deliver the Products in accordance with the shipping schedule to the first carrier
                                            or the carrier designated by the Purchaser.

		5.2.	Subject
                                            to the limitations stated in Appendix A, the terms of delivery of the Product(s) shall be
                                            CIP (carriage and insurance paid to (named place of destination) according to Incoterms 2010)
                                            to the place of delivery designated by the Purchaser. Once the Product(s) have been delivered
                                            to the carrier and the full purchase price of the Products is adequately covered by insurance
                                            during international transport with the beneficiary of such insurance being the Purchaser,
                                            Bitmain shall have fulfilled its obligation to supply the Product(s) to the Purchaser, and
                                            the title and risk of loss or damage to the Product(s) shall pass to the Purchaser.

 

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		5.3.	In
                                            the event of any discrepancy between this Agreement and Bitmain’s cargo insurance policy
                                            regarding the insurance coverage, the then effective Bitmain cargo insurance policy (as summarized
                                            on Appendix A) shall prevail, and Bitmain shall be required to provide the then effective
                                            insurance coverage to the Purchaser; provided, however, in the event such cargo insurance
                                            policy shall change or a new policy is adopted, Bitmain shall notify the Purchaser of such
                                            change and shall provide the Purchaser with reasonable opportunity to secure additional cargo
                                            insurance coverage prior to the shipment of the applicable batch of the Products.

		5.4.	If
                                            Bitmain fails to deliver the Products after thirty (30) days after the prescribed deadline,
                                            the Purchaser shall be entitled to cancel the Order of such batch of Products and request
                                            Bitmain to refund the price of such undelivered batch of Products, together with an interest
                                            at 0.0333% per day for the period from the next day of each payment of the price of such
                                            batch of Products to the date immediately prior to the request. In the event that the Purchaser
                                            does not cancel the Order of the undelivered batch of Products and requests Bitmain to perform
                                            its delivery obligation, Bitmain shall continue to perform its delivery obligation and compensate
                                            the Purchaser in accordance with Clause 5.5 of this Agreement.

		5.5.	If
                                            Bitmain postpones the shipping schedule of the Products and the Purchaser does not cancel
                                            the Order, Bitmain shall make a compensation to the Purchaser on daily basis, the amount
                                            of which shall equal to 0.0333% of the price of such undelivered batch of Products, which
                                            compensation shall be made in the form of delivery of more rated hashrate; provided, however,
                                            if such amount is less than the purchase price of one unit of the Product then in effect,
                                            such amount shall be credited to the balance of the Total Purchase Price due from the Purchaser
                                            pursuant to this Agreement, which shall be reflected in the user system on Bitmain’s
                                            official website, which shall be viewable by the Purchaser.

		5.6.	There
                                            are six (6) batches of Products under this Agreement, and each batch shall constitute independent
                                            legal obligations of and shall be performed separately by the Parties. The delay of a particular
                                            batch shall not constitute waiver of the payment obligation of the Purchaser in respect of
                                            other batches. The Purchaser shall not be entitled to terminate this Agreement solely on
                                            the ground of delay of delivery of a single batch of Products.

		5.7.	The
                                            purchaser shall choose the following shipping method:

☑
Shipping by Bitmain via Fedex/DHL/UPS/other logistics company;□Self-pick

Note:
Logistics costs shall be borne by the Purchaser. Bitmain may collect payments on behalf of the services providers and issue services
invoices if the Purchaser requests Bitmain to send the Products.

 

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		5.8.	Bitmain
                                            shall not be responsible for any delivery delay caused by the Purchaser or any third party,
                                            including but not limited to the carrier, the customs, and the import brokers, nor shall
                                            it be liable for damages, whether direct, indirect, incidental, consequential, or otherwise,
                                            for any failure, delay or error in delivery of any Product(s) for any reason whatsoever.

		5.9.	Subject
                                            to the Products being adequately covered by insurance pursuant to this Agreement during delivery
                                            of the Products to the Purchaser, Bitmain shall not be responsible, and the Purchaser shall
                                            be fully and exclusively responsible for any loss of Product(s), personal injury, property
                                            damage, other damage or liability caused by the Product(s) or the transportation of the Product(s)
                                            either to the Purchaser or any third party, or theft of the Product(s) during transportation
                                            from Bitmain to the Purchaser.

		5.10.	Bitmain
                                            has the right to discontinue the sale of the Product(s) and to make changes to its Product(s)
                                            at any time, without prior approval from or notice to the Purchaser; provided, however,
                                            the actual quoted hashrate of the Products delivered to the Purchaser shall be minimum
                                            quoted hashrate of the Products set forth on Appendix A.

		5.11.	If
                                            the Product(s) is rejected and/or returned back to Bitmain because of any reason and regardless
                                            of the cause of such delivery failure other than as the result of Bitmain’s gross negligence,
                                            recklessness or willful misconduct, the Purchaser shall be solely and exclusively liable
                                            for and shall defend, fully indemnify and hold harmless Bitmain against any and all related
                                            expenses, fees, charges and costs incurred, arising out of or incidental to such rejection
                                            and/or return (the “Return Expense”). Furthermore, if the Purchaser would like
                                            to ask for Bitmain’s assistance in redelivering such Product(s) or assist in any other
                                            manner, and if Bitmain at its sole discretion decides to provide this assistance, then in
                                            addition to the Return Expense, the Purchaser shall also pay Bitmain an administrative fee
                                            in accordance with Bitmain’s then applicable internal policy.

		5.12.	The
                                            Purchaser must indicate place of delivery, and Bitmain will ship the Product(s) to such designated
                                            place. If the Purchaser fails to provide Bitmain with the delivery place or the delivery
                                            place provided by the Purchaser is a false address or does not exist, Bitmain may issue the
                                            Purchaser a notice of self-pick-up (which shall specify the self-pick-up location) and ask
                                            the Purchaser to pick up the Products itself. The earliest date for self-pick-up mentioned
                                            in the above notice shall be deemed as the delivery date. Bitmain shall be deemed to have
                                            completed the delivery obligation under this Agreement when the Purchaser receives the above
                                            notice. The Purchaser shall pick up all the Products within five (5) working days after receiving
                                            the notice from Bitmain. Otherwise, Bitmain is entitled to charge the Purchaser the storage
                                            fee, warehousing charge and other fees according to the standard of USD 2/ unit / day.

		5.13.	The
                                            Purchaser shall inspect the Products within two (2) Business Days (the “Acceptance
                                            Time”) after receiving the Products (the date of signature on the carrier’s delivery
                                            voucher shall be the date of receipt), if the Purchaser does not raise any written objection
                                            within the agreed Acceptance Time, the Products delivered by Bitmain shall be deemed to be
                                            in full compliance with the provisions of this Agreement.

 

 

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		6.	Customs

		6.1.	Bitmain
                                            shall obtain in due time and maintain throughout the term of this Agreement (if applicable),
                                            any and all approvals, permits, authorizations, licenses and clearances for the export of
                                            the Product(s) that are required to be obtained by Bitmain or the carrier under Applicable
                                            Laws.

		6.2.	The
                                            Purchaser shall obtain in due time and maintain throughout the term of this Agreement (if
                                            applicable), any and all approvals, permits, authorizations, licenses and clearances required
                                            for the import of the Product(s) to the country of delivery as indicated in the shipping
                                            information, that are required to be obtained by the Purchaser or the carrier under Applicable
                                            Laws, and shall be responsible for any and all additional fees, expenses and charges in relation
                                            to the import of the Product(s).

		7.	Warranty

		7.1.	Subject
                                            to the limitations set forth in this Section 7, Bitmain warrants to the Purchaser that during
                                            the Warranty Period, each Product will conform to the applicable product requirements and
                                            specifications and perform and operate as intended and as set forth on Bitmain’s website
                                            for each Product. The Warranty Period shall start on the Warranty Start Date and end on the
                                            365th day after the Warranty Start Date. During the Warranty Period, the Purchaser’s
                                            sole and exclusive remedy, and Bitmain’s entire liability, will be to repair or replace,
                                            at Bitmain’s option, the defective part/component of the Product(s) or the defective
                                            Product(s) at no charge to the Purchaser. If the Purchaser requires Bitmain to provide any
                                            warranty services, the Purchaser shall create a maintenance order on Bitmain’s website
                                            during the Warranty Period (the time of creation of the maintenance order shall be determined
                                            by the display time of such order on Bitmain’s website) and send the Product to the
                                            place designated by Bitmain within the time limit required by Bitmain. Otherwise, Bitmain
                                            shall be entitled to refuse to provide the warranty service.

		7.2.	The
                                            Parties acknowledge and agree that the warranty provided by Bitmain as stated in the preceding
                                            paragraph does not apply to the following:

		(i)	normal
                                            wear and tear;

		(ii)	damage
                                            resulting from accident, abuse, misuse, neglect, improper handling or improper installation;

		(iii)	damage
                                            or loss of the Product(s) caused by undue physical or electrical stress, including but not
                                            limited to moisture, corrosive environments, high voltage surges, extreme temperatures, shipping,
                                            or abnormal working conditions;

 

 

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		(iv)	damage
                                            or loss of the Product(s) caused by acts of nature including, but not limited to, floods,
                                            storms, fires, and earthquakes;

		(v)	damage
                                            caused by operator error, or non-compliance with instructions as set out in accompanying
                                            documentation;

		(vi)	alterations
                                            by persons other than Bitmain, associated partners or authorized service facilities;

		(vii)	Product(s),
                                            on which the original software has been replaced or modified by persons other than Bitmain,
                                            associated partners or authorized service facilities;

		(viii)	use
                                            of counterfeit products;

		(ix)	damage
                                            or loss of data due to interoperability with current and/or future versions of operating
                                            system, software and/or hardware;

		(x)	damage
                                            or loss of data caused by improper usage and behavior which is not recommended and/or permitted
                                            in the product documentation;

		(xi)	failure
                                            of the Product(s) caused by usage of products not supplied by Bitmain; and

		(xii)	hash
                                            boards or chips are burnt. 

In
case the warranty is voided, Bitmain may, at its sole discretion, provide repair service to the Purchaser, and the Purchaser shall bear
all related expenses and costs.

		7.3.	Notwithstanding
                                            anything to the contrary herein, the Purchaser acknowledges and agrees that the Product(s)
                                            provided by Bitmain do not guarantee any cryptocurrency mining time and, Bitmain shall not
                                            be liable for any cryptocurrency mining time loss or cryptocurrency mining revenue loss that
                                            are caused by downtime of any part/component of the Product(s). Bitmain does not warrant
                                            that the Product(s) will meet the Purchaser’s requirements or the Product(s) will be
                                            uninterrupted or error free. Except as provided in Clause 7.1 of this Agreement, Bitmain
                                            makes no warranties to the Purchaser with respect to the Product(s), and no warranties of
                                            any kind, whether written, oral, express, implied or statutory, including warranties of merchantability,
                                            fitness for a particular purpose or non-infringement or arising from course of dealing or
                                            usage in trade shall apply.

		7.4.	In
                                            the event of any ambiguity or discrepancy between this Clause 7 of this Agreement and Bitmain’s
                                            After-sales Service Policy from time to time, it is intended that the After-sales Service
                                            Policy shall prevail and the Parties shall comply with and give effect to the After-sales
                                            Service Policy. Please refer to the website of Bitmain for detailed terms of warranty and
                                            after-sales maintenance. Bitmain has no obligation to notify the Purchaser of the update
                                            or modification of such terms.

 

 

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		7.5.	During
                                            the warranty period, if the hardware product needs to be repaired or replaced, the Purchaser
                                            shall bear the logistics costs of shipping the Product to the address designated by Bitmain,
                                            and Bitmain shall bear the logistics costs of shipping back the repaired or replaced Product
                                            to the address designated by the Purchaser. The Purchaser shall bear all and any additional
                                            costs incurred due to incorrect or incomplete delivery information provided by the Purchaser
                                            and all and any risks of loss or damage to the Product, or the parts or components of the
                                            Products during the transportation period (including the transportation period when the product
                                            is sent to Bitmain and returned by Bitmain to the Purchaser).

		8.	Representations
                                            and Warranties

The
Purchaser makes the following representations and warranties to Bitmain:

		8.1.	It
                                            has the full power and authority to purchase the Products and carry on its businesses.

		8.2.	The
                                            obligations expressed to be assumed by it under this Agreement are legal, valid, binding
                                            and enforceable obligations.

		8.3.	It
                                            has the power to enter into, perform and deliver, and has taken all necessary action to authorize
                                            its entry into, performance and delivery of, this Agreement and the transactions contemplated
                                            by this Agreement.

		8.4.	The
                                            entry into and performance by it of, and the transactions contemplated by, this Agreement
                                            do not and will not conflict with:

		(i)	any
                                            Applicable Law; 

		(ii)	its
                                            constitutional documents; or 

		(iii)	any
                                            agreement or instrument binding upon it or any of its assets.

		8.5.	All
                                            authorizations required or desirable:

		(i)	to
                                            enable it lawfully to enter into, exercise its rights under and comply with its obligations
                                            under this Agreement; 

		(ii)	to
                                            ensure that those obligations are legal, valid, binding and enforceable; and

		(iii)	to
                                            make this Agreement admissible in evidence in its jurisdiction of incorporation,

 

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have
been or will have been by the time, obtained or effected and are, or will be by the appropriate time, in full force and effect.

		8.6.	It
                                            is not aware of any circumstances which are likely to lead to:

		(i)	any
                                            authorization obtained or effected not remaining in full force and effect;

		(ii)	any
                                            authorization not being obtained, renewed or effected when required or desirable; or

		(iii)	any
                                            authorization being subject to a condition or requirement which it does not reasonably expect
                                            to satisfy or the compliance with which has or could reasonably be expected to have a material
                                            adverse effect.

		8.7.	(a)
                                            It is not the target of economic sanctions administered by the Office of Foreign Assets Control
                                            of the U.S. Department of the Treasury, the U.S. Department of State, the United Nations
                                            Security Council, the European Union, Her Majesty’s Treasury or Singapore (“Sanctions”),
                                            including by being listed on the Specially Designated Nationals and Blocked Persons (SDN)
                                            List maintained by OFAC or any other Sanctions list maintained by one of the foregoing governmental
                                            authorities, directly or indirectly owned or controlled by one or more SDNs or other Persons
                                            included on any other Sanctions list, or located, organized or resident in a country or territory
                                            that is the target of Sanctions, and (b) the purchase of the Product(s) will not violate
                                            any Sanctions or import and export control related laws and regulations.

		8.8.	All
                                            information supplied by the Purchaser is and shall be true and correct, and the information
                                            does not contain and will not contain any statement that is false or misleading.

		9.	Indemnification
                                            and Limitation of Liability

		9.1.	The
                                            Purchaser shall, during the term of this Agreement and at any time thereafter, indemnify
                                            and save Bitmain and/or its Affiliates harmless from and against any and all damages, suits,
                                            claims, judgments, liabilities, losses, fees, costs or expenses of any kind, including legal
                                            fees, whatsoever arising out of or incidental to the Products pursuant to this Agreement.
                                            Bitmain shall, during the term of this Agreement and at any time thereafter, indemnify and
                                            save the Purchaser harmless from and against any and all damages, suits, claims, judgments,
                                            liabilities, losses, fees, costs or expenses of any kind, including legal fees, whatsoever
                                            arising out of or incidental to any Product(s) infringing on Intellectual Property Rights
                                            of a third party. 

		9.2.	Notwithstanding
                                            anything to the contrary herein, neither party shall under no circumstances, be liable to
                                            each other for any consequential loss, or loss of goodwill, business, anticipated profits,
                                            revenue, contract, or business opportunity arising out of or in connection with this Agreement,
                                            and each party hereby waives any claim it may at any time have against the other party in
                                            respect of any such damages. The foregoing limitation of liability shall apply whether in
                                            an action at law, including but not limited to contract, strict liability, negligence, willful
                                            misconduct or other tortious action, or an action in equity.

 

    	13  

    	 

    

 

		9.3.	Each
                                            Party’s cumulative aggregate liability pursuant to this Agreement, whether arising
                                            from tort, breach of contract or any other cause of action shall be limited to and not exceed
                                            the amount of one hundred percent (100%) of the Total Purchase Price actually received by
                                            Bitmain from the Purchaser for the Product(s).

		9.4.	The
                                            Product(s) are not designed, manufactured or intended for use in hazardous or critical environments
                                            or in activities requiring emergency or fail-safe operation, such as the operation of nuclear
                                            facilities, aircraft navigation or communication systems or in any other applications or
                                            activities in which failure of the Product(s) may pose the risk of environmental harm or
                                            physical injury or death to humans. Bitmain specifically disclaims any express or implied
                                            warranty of fitness for any of the above described application and any such use shall be
                                            at the Purchaser’s sole risk.

		9.5.	The
                                            above limitations and exclusions shall apply (1) notwithstanding failure of essential purpose
                                            of any exclusive or limited remedy; and (2) whether or not such Party has been advised of
                                            the possibility of such damages. This Clause allocates the risks under this Agreement and
                                            Bitmain’s pricing reflects this allocation of risk and the above limitations.

		10.	Distribution

		10.1.	This
                                            Agreement does not constitute a distributor agreement between Bitmain and the Purchaser.
                                            Therefore, the Purchaser is not an authorized distributor of Bitmain.

		10.2.	The
                                            Purchaser shall in no event claim or imply to a third party that it is an authorized distributor
                                            of Bitmain or Bitmain (Antminer) or any similar terms, or perform any act that will cause
                                            it to be construed as an authorized distributor of Bitmain or Bitmain (Antminer). As between
                                            the Purchaser and Bitmain, the Purchaser shall be exclusively and fully responsible for complying
                                            with the Applicable Laws regarding repackaging the Product(s) for the Purchaser’s redistribution
                                            needs, and shall be solely liable for any and all liabilities or costs directly incurred
                                            or incidental to such redistribution.

		11.	Intellectual
                                            Property Rights

		11.1.	The
                                            Parties agree that the Intellectual Property Rights in any way contained in the Product(s),
                                            made, conceived or developed by Bitmain and/or its Affiliates for the Product(s) under this
                                            Agreement and/or, achieved, derived from, related to, connected with the provision of the
                                            Product(s) by Bitmain and/or acquired by Bitmain from any other person in performance of
                                            this Agreement shall be the exclusive property of Bitmain and/or its Affiliates.

 

    	14  

    	 

    

 

		11.2.	Notwithstanding
                                            anything to the contrary herein, all Intellectual Property Rights in the Product(s) shall
                                            remain the exclusive property of Bitmain and/or its licensors. Except for licenses explicitly
                                            identified in Bitmain’s Shipping Confirmation or in this Clause 11.2, no rights or
                                            licenses are expressly granted, or implied, whether by estoppel or otherwise, in respect
                                            of any Intellectual Property Rights of Bitmain and/or its Affiliates or any Intellectual
                                            Property residing in the Product(s) provided by Bitmain to the Purchaser, including in any
                                            documentation or any data furnished by Bitmain. Bitmain grants the Purchaser a non-exclusive,
                                            non-transferrable, royalty-free and irrevocable license of Bitmain and/or its Affiliates’
                                            Intellectual Property Rights to solely use the Product(s) delivered by Bitmain to the Purchaser
                                            for their ordinary function, and subject to the Clauses set forth herein. The Purchaser shall
                                            in no event violate the Intellectual Property Rights of Bitmain and/or its licensors.

		11.3.	If
                                            applicable, payment by the Purchaser of non-recurring charges to Bitmain for any special
                                            designs, or engineering or production materials required for Bitmain’s performance
                                            of Orders for customized Product(s), shall not be construed as payment for the assignment
                                            from Bitmain to the Purchaser of title to the design or special materials. Bitmain shall
                                            be the sole owner of such special designs, engineering or production materials.

		12.	Confidentiality
                                            and Communications

		12.1.	All
                                            information concerning this Agreement and matters pertaining to or derived from the provision
                                            of Product(s) pursuant to this Agreement between the Parties, whether in oral or written
                                            form, or in the form of drawings, computer programs or other, as well as all data derived
                                            therefrom (“Confidential Information”), shall be deemed to be confidential and,
                                            as such, may not be divulged to any unauthorized person. The Parties undertake and agree
                                            to take all reasonable and practicable steps to ensure and protect the confidentiality of
                                            the Confidential Information which cannot be passed, sold, traded, published or disclosed
                                            to any unauthorized person.

		12.2.	Notwithstanding
                                            Clause 12.1, Bitmain acknowledges and agrees that Purchaser is a U.S. publicly traded company
                                            and may be required to disclose this Agreement and its related terms, in order to comply
                                            with applicable securities laws, including its disclosure obligations under the U.S. Securities
                                            Exchange Act of 1934, as amended.

		13.	Term
                                            and Termination of this Agreement

		13.1.	This
                                            Agreement will be effective upon Bitmain’s issuance of the shipping confirmation to
                                            the Purchaser, provided that if there is more than one shipping confirmation, this Agreement
                                            will be effective to the Products contained in each shipping confirmation upon Bitmain’s
                                            issuance of the respective shipping confirmation to the Purchaser.

		13.2.	Bitmain
                                            shall be entitled to terminate this Agreement with immediate effect upon written notice to
                                            the Purchaser if:

 

    	15  

    	 

    

 

		(i)	the
                                            Purchaser fails to comply in any material respect of this Agreement (including but not limited
                                            to failure of payment of any amount pursuant to this Agreement), and where that failure is
                                            capable of being remedied, fails to remedy it within thirty (30) days of being required by
                                            Bitmain to do so;

		(ii)	it
                                            is or becomes unlawful for the Purchaser to perform or comply with any of its material obligations
                                            under this Agreement or all or a material part of the obligations of the Purchaser under
                                            this Agreement are not or cease to be valid, binding and enforceable; or

		(iii)	an
                                            Insolvency Event occurs in respect of the Purchaser.

		13.3	The
                                            Purchaser shall be entitled to terminate this Agreement with immediate effect upon written
                                            notice to Bitmain if Bitmain fails to deliver the Product(s) to the carrier in accordance
                                            with shipment dates indicated in the shipping confirmation, and fails to remedy it within
                                            thirty (30) days of the Purchaser’s request for Bitmain to ship the Products given
                                            in accordance with Clause 5.4 of this Agreement. This Agreement shall also be automatically
                                            terminated between the Parties if each and every Order is cancelled because of any reason
                                            stated in this Agreement.

		13.3.	Termination
                                            of this Agreement shall be without prejudice to the rights and liabilities of the Parties
                                            accrued prior to or as a result of such termination, including those related to antecedent
                                            breaches. Termination of this Agreement for any cause or otherwise shall not release a Party
                                            from any liability which at the time of termination has already accrued to the other Party
                                            or which thereafter may accrue in respect of any act or omission prior to such termination.
                                            The rights and obligations of the Parties under Clause 1 (Definitions and Interpretations),
                                            Clause 11 (Intellectual Property Rights), Clause 12 (Confidentiality and Communications),
                                            Clause 13 (Term and Termination of this Agreement), Clause 14 (Contact Information), Clause
                                            15 (Compliance with Laws and Regulations) and Clause 23 (Governing Law and Dispute Resolution)
                                            shall survive the termination of this Agreement.

		14.	Contact
                                            Information

All
communications in relation to this Agreement shall be made to the following contacts:

Purchaser’s
business contact: 

Name:
Megan Brooks, Chief Operating Officer

Phone:
+1 303-794-2000, ext. [****]

Email:
[****]

 

Bitmain’s
business contact:

Name:
[****]

Phone:
[****]

Email:
[****]

 

    	16  

    	 

    

 

		15.	Compliance
                                            with Laws and Regulations

		15.1.	The
                                            Purchaser undertakes that it will fully comply with all Applicable Laws in relation to export
                                            and import control and Sanctions and shall not take any action that would cause Bitmain or
                                            any of its Affiliates to be in violation of any export and import control laws or Sanctions.
                                            The Purchaser shall also be fully and exclusively liable for and shall defend, fully indemnify
                                            and hold harmless Bitmain and/or its Affiliates from and against any and all claims, demands,
                                            actions, costs or proceedings brought or instituted against Bitmain and/or its Affiliates
                                            arising out of or in connection with any breach by the Purchaser or the carrier of any Applicable
                                            Laws in relation to export and import control or Sanction.

		15.2.	The
                                            Purchaser acknowledges and agrees that the Product(s) in this Agreement are subject to the
                                            export control laws and regulations of all related countries, including but not limited to
                                            the Export Administration Regulations (“EAR”) of the United States. Without limiting
                                            the foregoing, the Purchaser shall not, without receiving the proper licenses or license
                                            exceptions from all related governmental authorities, including but not limited to the U.S.
                                            Bureau of Industry and Security, distribute, re-distribute, export, re-export, or transfer
                                            any Product(s) subject to this Agreement either directly or indirectly, to any national of
                                            any country identified in Country Groups D:1 or E:1 as defined in the EARs. In addition,
                                            the Product(s) under this Agreement may not be exported, re-exported, or transferred to (a)
                                            any person or entity for military purposes; (b) any person or entity listed on the “Entity
                                            List”, “Denied Persons List” or the SDN List as such lists are maintained
                                            by the U.S. Government, or (c) an end-user engaged in activities related to weapons of mass
                                            destruction. Such activities include but are not necessarily limited to activities related
                                            to: (1) the design, development, production, or use of nuclear materials, nuclear facilities,
                                            or nuclear weapons; (2) the design, development, production, or use of missiles or support
                                            of missiles projects; and (3) the design, development, production, or use of chemical or
                                            biological weapons. The Purchaser further agrees that it will not do any of the foregoing
                                            in violation of any restriction, law, or regulation of the European Union or an individual
                                            EU member state that imposes on an exporter a burden equivalent to or greater than that imposed
                                            by the U.S. Bureau of Industry and Security.

		15.3.	The
                                            Purchaser undertakes that it will not take any action under this Agreement or use the Product(s)
                                            in a way that will be a breach of any anti-money laundering laws, any anti-corruption laws,
                                            and/or any counter-terrorist financing laws.

		15.4.	The
                                            Purchaser warrants that the Product(s) have been purchased with funds that are from legitimate
                                            sources and such funds do not constitute proceeds of criminal conduct, or realizable property,
                                            or proceeds of terrorism financing or property of terrorist, within the meaning given in
                                            the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act
                                            (Chapter 65A) and the Terrorism (Suppression of Financing) Act (Chapter 325), respectively.
                                            If Bitmain receives, including but not limited to investigation, evidence collection, restriction
                                            and other measures, from any competent organizations or institutions, the Purchaser shall
                                            reasonably cooperate with Bitmain and such competent organizations or institutions in the
                                            investigation process. The Purchaser understands that if any Person resident in Singapore
                                            knows or suspects or has reasonable grounds for knowing or suspecting that another Person
                                            is engaged in criminal conduct or is involved with terrorism or terrorist property and the
                                            information for that knowledge or suspicion came to their attention in the course of business
                                            in the regulated sector, or other trade, profession, business or employment, the Person will
                                            be required to report such knowledge or suspicion to the Suspicious Transaction Reporting
                                            Office, Commercial Affairs Department of the Singapore Police Force. The Purchaser acknowledges
                                            that such a report shall not be treated as breach of confidence or violation of any restriction
                                            upon the disclosure of information imposed by any Applicable Law, contractually or otherwise.

 

    	17  

    	 

    

 

		16.	Force
                                            Majeure

		16.1.	To
                                            the extent that a Party is fully or partially delayed, prevented or hindered by an event
                                            of Force Majeure from performing any obligation under this Agreement (other than an obligation
                                            to make payment), subject to the exercise of reasonable diligence by the affected Party,
                                            the failure to perform shall be excused by the occurrence of such event of Force Majeure.
                                            A Party claiming that its performance is excused by an event of Force Majeure shall, promptly
                                            after the occurrence of such event of Force Majeure, notify the other Party of the nature,
                                            date of inception and expected duration of such event of Force Majeure and the extent to
                                            which the Party expects that the event will delay, prevent or hinder the Party from performing
                                            its obligations under this Agreement. The notifying Party shall thereafter use its best effort
                                            to eliminate such event of Force Majeure and mitigate its effects.

		16.2.	The
                                            affected Party shall use reasonable diligence to remove the event of Force Majeure, and shall
                                            keep the other Party informed of all significant developments.

		16.3.	Except
                                            in the case of an event of Force Majeure or as set forth in Section 13, neither party may
                                            terminate this Agreement prior to its expiry date.

		17.	Entire
                                            Agreement and Amendment

This
Agreement, including Appendix A and Appendix B, attached hereto and incorporated by reference herein, constitutes the entire agreement
of the Parties hereto and can only be amended with the written consent of both Parties or otherwise as mutually agreed by both Parties.

		18.	Assignment

18.1.
Bitmain may freely assign or transfer any of its rights, benefits or obligations under this Agreement in whole or in part to its Affiliates
or to any third party; provided, however, in such event, Bitmain shall provide Purchaser with reasonable notice of such assignment
or transfer no less than ten (10) days prior to the date on which such assignment or transfer is to take effect. The Purchaser may not
assign or transfer any of its rights, benefits or obligations under this Agreement in whole or in part without Bitmain’s prior
written consent.

		18.2.	This
                                            Agreement shall be binding upon and inure to the benefit of each Party to this Agreement
                                            and its successors in title and permitted assigns.

 

    	18  

    	 

    

 

		19.	Severability

To
the extent possible, if any provision of this Agreement is held to be illegal, invalid or unenforceable in whole or in part by a court,
the provision shall apply with whatever deletion or modification is necessary so that such provision is legal, valid and enforceable
and gives effect to the commercial intention of the Parties. The remaining provisions of this Agreement shall not be affected and shall
remain in full force and effect.

		20.	Personal
                                            Data

Depending
on the nature of the Purchaser’s interaction with Bitmain, some examples of personal data which Bitmain may collect from the Purchaser
include the Purchaser’s name and identification information, contact information such as the Purchaser’s address, email address
and telephone number, nationality, gender, date of birth, and financial information such as credit card numbers, debit card numbers and
bank account information.

Bitmain
generally does not collect the Purchaser’s personal data unless (a) it is provided to Bitmain voluntarily by the Purchaser directly
or via a third party who has been duly authorized by the Purchaser to disclose the Purchaser’s personal data to Bitmain (the Purchaser’s
“authorized representative”) after (i) the Purchaser (or the Purchaser’s authorized representative) has been notified
of the purposes for which the data is collected, and (ii) the Purchaser (or the Purchaser’s authorized representative) has provided
written consent to the collection and usage of the Purchaser’s personal data for those purposes, or (b) collection and use of personal
data without consent is permitted or required by related laws. Bitmain shall seek the Purchaser’s consent before collecting any
additional personal data and before using the Purchaser’s personal data for a purpose which has not been notified to the Purchaser
(except where permitted or authorized by law).

		21.	Conflict
                                            with the Terms and Conditions

In
the event of any ambiguity or discrepancy between the Clauses of this Agreement and the Terms and Conditions from time to time, it is
intended that the Clauses of this Agreement shall prevail and the Parties shall comply with and give effect to this Agreement.

		22.	Governing
                                            Law and Dispute Resolution

		22.1.	This
                                            Agreement shall be solely governed by and construed in accordance with the laws of Hong Kong,
                                            as modified by the United Nations Convention on Contracts for the International Sale of Goods
                                            (the “UNCISG”).

		22.2.	Any
                                            dispute, controversy, difference or claim arising out of or relating to this Agreement, including
                                            the existence, validity, interpretation, performance, breach or termination hereof or any
                                            dispute regarding non-contractual obligations arising out of or relating to this Agreement
                                            shall be referred to and finally resolved by arbitration administered by the Hong Kong International
                                            Arbitration Center under the UNCITRAL Arbitration Rules in force when the notice of arbitration
                                            is submitted. The law of this arbitration clause shall be Hong Kong law, as modified and
                                            subject to the UNCISG. The seat of arbitration shall be Hong Kong. The arbitration proceedings
                                            shall be conducted in English. The number of arbitrators shall be three (3) unless otherwise
                                            subsequently agreed in writing by the Parties. The decision and awards of the arbitration
                                            shall be final and binding upon the parties hereto.

 

 

    	19  

    	 

    

 

		23.	Waiver

Failure
by either Party to enforce at any time any provision of this Agreement, or to exercise any election of options provided herein shall
not constitute a waiver of such provision or option, nor affect the validity of this Agreement or any part hereof, or the right of the
waiving Party to thereafter enforce each and every such provision or option.

		24.	Counterparts
                                            and Electronic Signatures

This
Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement, and all
of which, when taken together, will be deemed to constitute one and the same agreement. The facsimile, email or other electronically
delivered signatures of the Parties shall be deemed to constitute original signatures, and facsimile or electronic copies hereof shall
be deemed to constitute duplicate originals.

		25.	Further
                                            Assurance

Each
Party undertakes to the other Party to execute or procure to be executed all such documents and to do or procure to be done all such
other acts and things as may be reasonable and necessary to give all Parties the full benefit of this Agreement.

		26.	Third
                                            Party Rights

A
person who is not a Party to this Agreement has no right under the Contracts (Rights of Third Parties) Ordinance (Chapter 623 of the
Laws of Hong Kong) to enforce or to enjoy the benefit of any term of this Agreement.

    	20  

    	 

    

 

		27.	Liquidated
                                            Damages Not Penalty

It
is expressly agreed that any liquidated damages payable under this Agreement do not constitute a penalty and that the Parties, having
negotiated in good faith for such specific liquidated damages and having agreed that the amount of such liquidated damages is reasonable
in light of the anticipated harm caused by the breach related thereto and the difficulties of proof of loss and inconvenience or nonfeasibility
of obtaining any adequate remedy, are estopped from contesting the validity or enforceability of such liquidated damages.

 

 

 

(The
rest part of the page is intentionally left in blank)

 

 

 

    	21  

    	 

    

 

 

Signed
for and on behalf of Bitmain:

Bitmain
Technologies Limited

 

 

By:
/s/ Jihan Wu

Name:
Jihan Wu

Title:
CEO

 

Signed
for and on behalf of the Purchaser:

 

Riot
Blockchain, Inc.

 

 

By:
/s/Jeffrey McGonegal

Name:
Jeffrey McGonegal

Title:
Chief Financial Officer

 

 
 

    	 

    	 

    

APPENDIX
A

Product
Specifications and Delivery Schedule

This
Appendix A (this “Appendix A”) specifies the Products sold by Bitmain Technologies Limited (“Bitmain”)
to Riot Blockchain, Inc. (the “Purchaser”) (Bitmain and the Purchaser, collectively, the “Parties”
and each a “Party”) pursuant to that certain non-fixed price sales and purchase agreement, dated effective as of December
24, 2021, between the Parties to which this Appendix A relates (the “Agreement”), as well as the specific payment
and delivery terms applicable to the Products under the Agreement. Capitalized terms not otherwise defined in this Appendix A shall have
the meanings ascribed to them in the Agreement or Appendix B thereto, as appropriate.

		1.	Products.
                                            

The
provisions of this Clause 1 of this Appendix A specify the details regarding the Products to be sold by Bitmain to the Purchaser pursuant
to the Agreement (the “Product Specifications”). The Product Specifications set forth under this Clause 1 include
the quantity, rated hashrate, estimated unit price (“Unit Price”), estimated total price (“Total Price (One
Item)”), total price for all the items (“Total Purchase Price”) of Products to be purchased from Bitmain
by Purchaser is as follows (“Products”):

		1.1.	Product
                                            Type 

	Product
    Name	HASH
    Super Computing Server,S19 XP
	Rated
    hashrate / unit	~140
    TH/s
	Rated
    power / unit	~3010
    Watts (“W”)
	Rated
                                            Efficiency

    (at
    an environmental temperature of 25°C)
	~21.5
    J/TH@25°C
	Description	1.  
                                            Bitmain undertakes that the error range of “J/TH@25°C environmental temperature”
                                            does not exceed 10%.

    2.   
    “Rated hashrate / unit” and “rated power / unit” are for reference only and may defer from each batch or
    unit. Bitmain makes no representation on “Rated hashrate / unit” and “rated power / unit.

    3.  
    Purchaser shall not reject the Products on the grounds that the actual parameters of the delivered Products are not in consistence
    with the reference indicators.

 

 

    	A-1  

    	 

    

The
estimated delivery schedule, reference quantity, total rated hashrate, unit price and total price are as follows:

	Batch	Product
    Name	Shipping
    Schedule	Reference
    Quantity	Total
    Rated Hashrate (T)	Price  (US$/T)	Unit
    Price (US$)	Total
                                            Price

    (US$)

	1	Hash
                                            Super Computing Server,

    S19
    XP
	July

    2022
	3000	420,000	83	11,620	34,860,000
	2	August

    2022
	3000	420,000	83	11,620	      34,860,000
	3	September
    2022	3000	420,000	83	11,620	34,860,000
	4	October
    2022	3000	420,000	78	10,920	32,760,000
	5	November
    2022	3000	420,000	78	10,920	32,760,000
	6	December
    2022	3000	420,000	78	10,920	32,760,000

		1.2.	Total
                                            price of the Products listed above is as follows:

 

	 	Total Purchase Price (tax exclusive):	US$ 202,860,000
	 	Tax:	US$0
	 	 	 
	 	Total Purchase Price (tax inclusive):	US$ 202,860,000

 

		1.3.	Both
                                            Parties confirm and agree that Bitmain may adjust the total quantity based on the total hashrate
                                            provided that the total rated hashrate of the Products actually delivered by Bitmain to the
                                            Purchaser shall not be less than 2,520,000 TH/s (the “Total Rated Hashrate”).
                                            Bitmain makes no representation that the quantity of the
                                            actually delivered Products shall be the same as the quantity set forth in this Appendix
                                            A.

		1.4.	Substitute
                                            Products. In
                                            the event that Bitmain publishes any new type of Products with a lower J/TH value than the
                                            model of Products set forth in in the foregoing table on this Appendix A (i.e., that
                                            have a better Rated Efficiency / Unit than the current model S19 XP HASH
                                            Super Computing Server to be sold to the Purchaser pursuant to this Agreement, as set forth
                                            in the foregoing table on this Appendix A) and suspends the production of the type
                                            of the Products as agreed in this Agreement, Bitmain shall be entitled to release itself
                                            from any future obligation to deliver any subsequent Batches of the current Products by ten
                                            (10)-day prior notice to the Purchaser and continue to deliver new types of Products; provided,
                                            that (i) the Total Rated Hashrate of which shall be no less than the Total Rated Hashrate
                                            of such subsequent Batches of the current Products cancelled under this Agreement, (ii) the
                                            Total Purchase Price due under this Agreement shall not be increased, except by written agreement
                                            of Purchaser, and (iii) the price per Unit of which shall be adjusted in accordance with
                                            the J/TH value. In the event that the Purchaser explicitly refuses to accept new types of
                                            Products, the Purchaser is entitled to request for a refund of the remaining balance of the
                                            purchase price already paid by the Purchaser together with an interest at 0.0333% per day
                                            on such balance for the period from the next day following the payment date of such balance
                                            to the date immediately prior to the date of request of refund. If the Purchaser accepts
                                            the new types of Products delivered by Bitmain, Bitmain shall be obliged to deliver such
                                            new types of Products to fulfill its obligations under this Agreement. The Purchaser may
                                            request to lower the actual total hashrate of the Products delivered but shall not request
                                            to increase the actual total hashrate to the level exceeding the total rated hashrate as
                                            set out in this Agreement. After Bitmain publishes new types of Products and if Bitmain has
                                            not suspended the production of the types of Products under this Agreement, Bitmain shall
                                            continue to deliver such agreed types of Products in accordance with this Agreement and the
                                            Purchaser shall not terminate this Agreement or refuse to accept the Products on the grounds
                                            that Bitmain has published new type(s) of Products.

 

    	A-2  

    	 

    

 

		2.	Cargo
                                            insurance coverage limitations: 

The
cargo insurance coverage provided by Bitmain is subject to the following limitations and exceptions:

Exclusions:

		-	loss
                                            damage or expense attributable to willful misconduct of the Assured

		-	ordinary
                                            leakage, ordinary loss in weight or volume, or ordinary wear and tear of the subject-matter
                                            insured

		-	loss
                                            damage or expense caused by insufficiency or unsuitability of packing or preparation of the
                                            subject-matter insured (for the purpose of this Clause, “packing” shall be deemed
                                            to include stowage in a container or liftvan but only when such stowage is carried out prior
                                            to attachment of this insurance or by the Assured or their servants)

		-	loss
                                            damage or expense caused by inherent vice or nature of the subject-matter insured

		-	loss
                                            damage or expense proximately caused by delay, even though the delay be caused by a risk
                                            insured against (except expenses payable)

		-	loss
                                            damage or expense arising from insolvency or financial default of the owners managers charterers
                                            or operators of the vessel

		-	loss,
                                            damage, or expense arising from the use of any weapon of war employing atomic or nuclear
                                            fission, and/or fusion or other like reaction or radioactive force or matter.

		-	Loss,
                                            damage or expense arising from unseaworthiness of vessel or craft, unfitness of vessel craft
                                            conveyance container or liftvan for the safe carriage of the subject-matter insured, where
                                            the Assured or their servants are privy to such unseaworthiness or unfitness, at the time
                                            the subject-matter insured is loaded therein.

 

 

 

    	A-3  

    	 

    

 

		-	The
                                            Underwriters waive any breach of the implied warranties of seaworthiness of the ship and
                                            fitness of the ship to carry the subject-matter insured to destination, unless the Assured
                                            or their servants are privy to such unseaworthiness or unfitness.

		-	Loss,
                                            damage or expense caused by (1) war, civil war, revolution, rebellion, insurrection, or civil
                                            strife arising therefrom, or any hostile act by or against a belligerent power, (2) capture,
                                            seizure, arrest, restraint or detainment (piracy excepted), and the consequences thereof
                                            or any attempt threat, (3) derelict mines, torpedoes, bombs, or other derelict weapons of
                                            war.

		-	Loss,
                                            damage, or expense caused by strikers, locked-out workmen, or persons taking part in labor
                                            disturbances, riots or civil commotion, resulting from strikes, lock-outs, labor disturbances,
                                            riots or civil commotions, caused by any terrorist or any person acting from a political
                                            motive.

		3.	Bitmain’s
                                            BANK ACCOUNT info: 

Company
Name:Bitmain Technologies Limited

Company
address:FLAT/RM A1 11/F SUCCESS COMMERCIAL BUILDING

245-251
HENNESSY ROAD HK

 

Account
No.:[****]

Bank
name:[****]

Bank
address:[****]

Swift
Code:[****]

ABA
CODE:[****]

		4.	The
                                            payment shall be arranged by the Purchaser as set forth on Appendix B.

		5.	Except
                                            as agreed by the parties in writing, notwithstanding any future agreement between Purchaser
                                            and Bitmain for the purchase and sale of cryptocurrency mining products between them, Purchaser
                                            shall pay the outstanding balance of the Total Purchase Price for the Products in accordance
                                            with the terms and conditions of this Agreement, failing which Bitmain is entitled to request
                                            the Purchaser to continue to perform its obligations under this Agreement.

		6.	The
                                            Purchaser shall pay 35% of the Total Purchase Price to Bitmain within three (3) days after
                                            the signing of this Agreement, with the remaining being settled in accordance with the payment
                                            schedule set forth in this Agreement.

		7.	Without
                                            prejudice to the above, the unit price and the Total Purchase Price of the Products and any
                                            amount paid by the Purchaser shall be all denominated in United States Dollars (“USD”).
                                            Where the Parties agree that the payments shall be made in cryptocurrencies, the exchange
                                            rate between the USD and the cryptocurrency selected shall be determined and calculated as
                                            follows: (1) in the event that the Purchaser pays for any order placed on Bitmain’s
                                            official website (the “Website”, http://www.bitmain.com)
                                            which is valid and has not been fully paid yet, the exchange rate between the USD and the
                                            cryptocurrency fixed in such placed Order shall apply, or (2) in any other case, the real
                                            time exchange rate between the USD and the cryptocurrency displayed on the Website upon payment
                                            shall apply. The exchange rate between the USD and the cryptocurrency shall be fixed according
                                            to this provision. In any circumstance, the Purchaser shall not ask for any refund due to
                                            the change of exchange rate.

 

    	A-4  

    	 

    

 

		8.	The
                                            Parties hereby acknowledge and agree that this Appendix A forms an integral part of the essential
                                            terms and conditions of the Agreement, is incorporated by reference into and made part of
                                            the Agreement, and, together with Appendix B thereto, represents the final agreement of the
                                            Parties with respect to the purchase and sale of the Products specified herein. The Parties
                                            hereby further acknowledge and agree, for the avoidance of doubt, that where the terms of
                                            this Appendix A and the Agreement conflict, the terms of this Appendix A shall control in
                                            all respects. 

 

 

[Remainder
of Page Intentionally Blank]

    	A-5  

    	 

    

APPENDIX
B

 

Payment
Schedule

 

This
Appendix B (this “Appendix B”) sets forth the schedule for the payment of the Total Purchase Price for the Products
sold by Bitmain Technologies Limited (“Bitmain”) to Riot Blockchain, Inc. (the “Purchaser”)
(Bitmain and the Purchaser, collectively, the “Parties” and each a “Party”) pursuant to that certain
non-fixed price sales and purchase agreement, dated effective as of December 24, 2021,by and between the Parties, to which this Appendix
B relates (the “Agreement”). Capitalized terms not otherwise defined in this Appendix B shall have the meanings ascribed
to them in the Agreement or Appendix A thereto, as appropriate.

		1.	Payment
                                            Schedule. 

The
following table sets forth: (i) the amount of each installment payment of the Total Purchase Price to be paid pursuant to the Agreement
(the “Payment Amount”); (ii) the percentage of the Total Purchase Price represented by each such Payment Amount (the
“Payment Percentage”); (iii) the date on which each Payment Amount is due (each, a “Time for Payment”);
and the final date on which a Payment Amount can be paid before Purchaser is in breach of its promises under the Agreement, based on
an December 24, 2021 effective date, (the “Payment Deadline”), each of which are subject to amendment, as agreed by
the Parties in accordance with the Agreement of which this Appendix B forms a part, including Appendix A thereto. Payments shall be arranged
by the Purchaser in accordance with the provisions of Appendix A to the Agreement and shall be subject to the terms and conditions of
the Agreement to which this Appendix B relates.

	Payment
    Percentage	Time
    for Payment	Payment
                                            Amount 

    (in
    US$)
	Payment
                                            Deadline

    (Assuming
    the Agreement is executed on December 24, 2021)

	35%
    of the Total Purchase Price	Three
                                            (3) days after signing of the Agreement

     
	$71,001,000.00	Payment
    by December 29, 2021
	35%
    of the Purchase Price / Batch	Five
    and a half (5.5) months prior to the shipment	Batch
                                            1: $12,201,000.00

    Batch
    2: $12,201,000.00

    Batch
    3: $12,201,000.00

    Batch
    4: $11,466,000.00

    Batch
    5: $11,466,000.00

    Batch
    6:$11,466,000.00
	Payment
                                            by Batch 1: January 15, 2022

    Payment
    by Batch 2: February 15, 2022

    Payment
    by Batch 3: March 15, 2022

    Payment
    by Batch 4: April 15, 2022

    Payment
    by Batch 5: May 15, 2022

    Payment
    by Batch 6: June 15, 2022

	Final
    30% of the Purchase Price / Batch	one
    (1) month prior to the shipment	Batch
                                            1: $10,458,000.00

    Batch
    2: $10,458,000.00

    Batch
    3: $10,458,000.00

    Batch
    4: $9,828,000.00

    Batch
    5: $9,828,000.00

    Batch
    6: $9,828,000.00
	Payment
                                            by Batch 1: June 25, 2022

    Payment
    by Batch 2: July 25, 2022

    Payment
    by Batch 3: August 25, 2022

    Payment
    by Batch 4: September 25, 2022

    Payment
    by Batch 5: October 25, 2022

    Payment
    by Batch 6: November 25, 2022

    	 B-1 

    	 

    

 

		2.	The
                                            Parties hereby acknowledge and agree that this Appendix B forms an integral part of the essential
                                            terms and conditions of the Agreement, is incorporated by reference into and made part of
                                            the Agreement, and, together with Appendix A thereto, represents the final agreement of the
                                            Parties with respect to the purchase and sale of the Products specified herein. The Parties
                                            hereby further acknowledge and agree, for the avoidance of doubt, that where the terms of
                                            this Appendix B and the Agreement conflict, the terms of this Appendix B shall control in
                                            all respects. 

 

 

 

 

 

B-2EX-10.2

 Exhibit 10.2 

VIGIL NEUROSCIENCE, INC. 

2021 STOCK OPTION AND INCENTIVE PLAN 

SECTION 1. GENERAL PURPOSE OF THE PLAN; DEFINITIONS 

The name of the plan is the Vigil Neuroscience, Inc. 2021 Stock Option and Incentive Plan (as amended from time to time, the
“Plan”). The purpose of the Plan is to encourage and enable the officers, employees, Non-Employee Directors and Consultants of Vigil Neuroscience, Inc. (the “Company”) and its Affiliates
upon whose judgment, initiative and efforts the Company largely depends for the successful conduct of its business to acquire a proprietary interest in the Company. It is anticipated that providing such persons with a direct stake in the
Company’s welfare will assure a closer identification of their interests with those of the Company and its stockholders, thereby stimulating their efforts on the Company’s behalf and strengthening their desire to remain with the Company.

 The following terms shall be defined as set forth below: 

“Act” means the Securities Act of 1933, as amended, and the rules and regulations thereunder. 

“Administrator” means either the Board or the compensation committee of the Board or a similar committee performing the
functions of the compensation committee and which is comprised of not less than two Non-Employee Directors who are independent. 

“Affiliate” means, at the time of determination, any “parent” or “subsidiary” of the Company as such
terms are defined in Rule 405 of the Act. The Board will have the authority to determine the time or times at which “parent” or “subsidiary” status is determined within the foregoing definition. 

“Award” or “Awards,” except where referring to a particular category of grant under the Plan, shall include
Incentive Stock Options, Non-Qualified Stock Options, Stock Appreciation Rights, Restricted Stock Awards, Restricted Stock Units, Unrestricted Stock Awards, Cash-Based Awards, and Dividend Equivalent Rights.

 “Award Certificate” means a written or electronic document setting forth the terms and provisions applicable to an Award
granted under the Plan. Each Award Certificate is subject to the terms and conditions of the Plan. 
 “Board” means the
Board of Directors of the Company. 
 “Cash-Based Award” means an Award entitling the recipient to receive a
cash-denominated payment. 
 “Code” means the Internal Revenue Code of 1986, as amended, and any successor Code, and
related rules, regulations and interpretations. 

 “Consultant” means a consultant or adviser who provides bona fide
services to the Company or an Affiliate as an independent contractor and who qualifies as a consultant or advisor under Instruction A.1.(a)(1) of Form S-8 under the Act. 

“Dividend Equivalent Right” means an Award entitling the grantee to receive credits based on ordinary cash dividends that
would have been paid on the shares of Stock specified in the Dividend Equivalent Right (or other Award to which it relates) if such shares had been issued to and held by the grantee. 

“Effective Date” means the date on which the Plan becomes effective as set forth in Section 19. 

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

“Fair Market Value” of the Stock on any given date means the fair market value of the Stock determined in good faith by the
Administrator; provided, however, that if the Stock is listed on the National Association of Securities Dealers Automated Quotation System (“NASDAQ”), NASDAQ Global Market, The New York Stock Exchange or another national securities
exchange or traded on any established market, the determination shall be made by reference to market quotations. If there are no market quotations for such date, the determination shall be made by reference to the last date preceding such date for
which there are market quotations; provided further, however, that if the date for which Fair Market Value is determined is the Registration Date, the Fair Market Value shall be the “Price to the Public” (or equivalent) set forth on the
cover page for the final prospectus relating to the Company’s initial public offering. 
 “Incentive Stock Option”
means any Stock Option designated and qualified as an “incentive stock option” as defined in Section 422 of the Code. 
 “Non-Employee Director” means a member of the Board who is not also an employee of the Company or any Subsidiary. 

“Non-Qualified Stock Option” means any Stock Option that is not an Incentive Stock
Option. 
 “Option” or “Stock Option” means any option to purchase shares of Stock granted pursuant to
Section 5. 
 “Registration Date” means the date upon which the registration statement on Form S-1 that is filed by the Company with respect to its initial public offering is declared effective by the Securities and Exchange Commission. 

“Restricted Shares” means the shares of Stock underlying a Restricted Stock Award that remain subject to a risk of forfeiture
or the Company’s right of repurchase. 
 “Restricted Stock Award” means an Award of Restricted Shares subject to such
restrictions and conditions as the Administrator may determine at the time of grant. 

  
 2 

 “Restricted Stock Units” means an Award of stock units subject to such
restrictions and conditions as the Administrator may determine at the time of grant. 
 “Sale Event” means (i) the
sale of all or substantially all of the assets of the Company on a consolidated basis to an unrelated person or entity, (ii) a merger, reorganization or consolidation pursuant to which the holders of the Company’s outstanding voting power
and outstanding stock immediately prior to such transaction do not own a majority of the outstanding voting power and outstanding stock or other equity interests of the resulting or successor entity (or its ultimate parent, if applicable)
immediately upon completion of such transaction, (iii) the sale of all of the Stock of the Company to an unrelated person, entity or group thereof acting in concert, or (iv) any other transaction in which the owners of the Company’s
outstanding voting power immediately prior to such transaction do not own at least a majority of the outstanding voting power of the Company or any successor entity immediately upon completion of the transaction other than as a result of the
acquisition of securities directly from the Company. 
 “Sale Price” means the value as determined by the Administrator of
the consideration payable, or otherwise to be received by stockholders, per share of Stock pursuant to a Sale Event. 

“Section 409A” means Section 409A of the Code and the regulations and other guidance promulgated
thereunder. 
 “Service Relationship” means any relationship as an employee, director or Consultant of the Company or any
Affiliate (e.g., a Service Relationship shall be deemed to continue without interruption in the event an individual’s status changes from full-time employee to part-time employee or Consultant). 

“Stock” means the Common Stock, par value $0.0001 per share, of the Company, subject to adjustments pursuant to
Section 3. 
 “Stock Appreciation Right” means an Award entitling the recipient to receive shares of Stock (or cash,
to the extent explicitly provided for in the applicable Award Certificate) having a value equal to the excess of the Fair Market Value of the Stock on the date of exercise over the exercise price of the Stock Appreciation Right multiplied by the
number of shares of Stock with respect to which the Stock Appreciation Right shall have been exercised. 
 “Subsidiary”
means any corporation or other entity (other than the Company) in which the Company has at least a 50 percent interest, either directly or indirectly. 

“Ten Percent Owner” means an employee who owns or is deemed to own (by reason of the attribution rules of Section 424(d)
of the Code) more than 10 percent of the combined voting power of all classes of stock of the Company or any parent or subsidiary corporation. 

“Unrestricted Stock Award” means an Award of shares of Stock free of any restrictions. 

SECTION 2. ADMINISTRATION OF PLAN; ADMINISTRATOR AUTHORITY TO SELECT GRANTEES AND DETERMINE AWARDS 

(a) Administration of Plan. The Plan shall be administered by the Administrator. 

  
 3 

 (b) Powers of Administrator. The Administrator shall have the power and authority to
grant Awards consistent with the terms of the Plan, including the power and authority: 
 (i) to select the individuals to whom Awards may
from time to time be granted; 
 (ii) to determine the time or times of grant, and the extent, if any, of Incentive Stock Options, Non-Qualified Stock Options, Stock Appreciation Rights, Restricted Stock Awards, Restricted Stock Units, Unrestricted Stock Awards, Cash-Based Awards, and Dividend Equivalent Rights, or any combination of the
foregoing, granted to any one or more grantees; 
 (iii) to determine the number of shares of Stock to be covered by any Award; 

(iv) to determine and modify from time to time the terms and conditions, including restrictions, not inconsistent with the terms of the Plan,
of any Award, which terms and conditions may differ among individual Awards and grantees, and to approve the forms of Award Certificates; 

(v) to accelerate at any time the exercisability or vesting of all or any portion of any Award; 

(vi) subject to the provisions of Section 5(c) or Section 6(d), as applicable, to extend at any time the period in which Stock
Options and Stock Appreciation Rights may be exercised; and 
 (vii) at any time to adopt, alter and repeal such rules, guidelines and
practices for administration of the Plan and for its own acts and proceedings as it shall deem advisable; to interpret the terms and provisions of the Plan and any Award (including related written instruments); to make all determinations it deems
advisable for the administration of the Plan; to decide all disputes arising in connection with the Plan; and to otherwise supervise the administration of the Plan. 

All decisions and interpretations of the Administrator shall be binding on all persons, including the Company and Plan grantees. 

(c) Delegation of Authority to Grant Awards. Subject to applicable law, the Administrator, in its discretion, may delegate to a
committee consisting of one or more officers of the Company, including the Chief Executive Officer of the Company, all or part of the Administrator’s authority and duties with respect to the granting of Awards to individuals who are
(i) not subject to the reporting and other provisions of Section 16 of the Exchange Act and (ii) not members of the delegated committee. Any such delegation by the Administrator shall include a limitation as to the amount of Stock
underlying Awards that may be granted during the period of the delegation and shall contain guidelines as to the determination of the exercise price and the vesting criteria. The Administrator may revoke or amend the terms of a delegation at any
time but such action shall not invalidate any prior actions of the Administrator’s delegate or delegates that were consistent with the terms of the Plan. 

  
 4 

 (d) Award Certificate. Other than with respect to Cash-Based Awards, Awards under the
Plan shall be evidenced by Award Certificates that set forth the terms, conditions and limitations for each Award which may include, without limitation, the term of an Award and the provisions applicable in the event employment or service
terminates. 
 (e) Indemnification. Neither the Board nor the Administrator, nor any member of either or any delegate thereof, shall
be liable for any act, omission, interpretation, construction or determination made in good faith in connection with the Plan, and the members of the Board and the Administrator (and any delegate thereof) shall be entitled in all cases to
indemnification and reimbursement by the Company in respect of any claim, loss, damage or expense (including, without limitation, reasonable attorneys’ fees) arising or resulting therefrom to the fullest extent permitted by law and/or under the
Company’s articles or bylaws or any directors’ and officers’ liability insurance coverage which may be in effect from time to time and/or any indemnification agreement between such individual and the Company. 

(f) Foreign Award Recipients. Notwithstanding any provision of the Plan to the contrary, in order to comply, or facilitate compliance,
with the laws in other countries in which the Company and its Subsidiaries operate or have employees or other individuals eligible for Awards, the Administrator, in its sole discretion, shall have the power and authority to: (i) determine which
Subsidiaries shall be covered by the Plan; (ii) determine which individuals outside the United States are eligible to participate in the Plan; (iii) modify the terms and conditions of any Award granted to individuals outside the United
States to comply, or facilitate compliance, with applicable foreign laws; (iv) establish subplans and modify exercise procedures and other terms and procedures, to the extent the Administrator determines such actions to be necessary or
advisable (and such subplans and/or modifications shall be attached to this Plan as appendices); provided, however, that no such subplans and/or modifications shall increase the share limitations contained in Section 3(a) hereof; and
(v) take any action, before or after an Award is made, that the Administrator determines to be necessary or advisable to obtain approval or comply with any local governmental regulatory exemptions or approvals. Notwithstanding the
foregoing, the Administrator may not take any actions hereunder, and no Awards shall be granted, that would violate the Exchange Act or any other applicable United States securities law, the Code, or any other applicable United States governing
statute or law. 
 SECTION 3. STOCK ISSUABLE UNDER THE PLAN; MERGERS; SUBSTITUTION 

(a) Stock Issuable. The maximum number of shares of Stock reserved and available for issuance under the Plan shall be 3,145,281 (the
“Initial Limit”), subject to adjustment as provided in this Section 3, plus on January 1, 2022 and each January 1 thereafter, the number of shares of Stock reserved and available for issuance under the Plan shall be
cumulatively increased by (i) five (5%) percent of the number of shares of Stock issued and outstanding on the immediately preceding December 31 or (ii) such lesser number of shares as determined by the Administrator (the “Annual
Increase”). Subject to such overall limitation, the maximum aggregate number of shares of Stock that may be issued in the form of Incentive Stock Options shall not exceed the Initial Limit, as cumulatively increased on January 1, 2022 and
each January 1 thereafter by the lesser of the Annual Increase for such year or 1,430,650 shares of Stock, subject in all cases to adjustment as provided in Section 3. For purposes of these limitations, the shares of Stock underlying any
awards under the Plan and the 2020 Plan that are forfeited, 

  
 5 

 
canceled, held back upon exercise of an option or settlement of an award to cover the exercise price or tax withholding, reacquired by the Company prior to vesting, satisfied without the issuance
of Stock or otherwise terminated (other than by exercise) shall be added back to the shares of Stock available for issuance under the Plan and, to the extent permitted under Section 422 of the Code and the regulations promulgated thereunder,
the shares of Stock that may be issued as Incentive Stock Options. In the event the Company repurchases shares of Stock on the open market, such shares shall not be added to the shares of Stock available for issuance under the Plan. Subject to such
overall limitations, shares of Stock may be issued up to such maximum number pursuant to any type or types of Award. The shares available for issuance under the Plan may be authorized but unissued shares of Stock or shares of Stock reacquired by the
Company. 
 (b) Changes in Stock. Subject to Section 3(c) hereof, if, as a result of any reorganization, recapitalization,
reclassification, stock dividend, extraordinary cash dividend, stock split, reverse stock split or other similar change in the Company’s capital stock, the outstanding shares of Stock are increased or decreased or are exchanged for a different
number or kind of shares or other securities of the Company, or additional shares or new or different shares or other securities of the Company or other non-cash assets are distributed with respect to such
shares of Stock or other securities, or, if, as a result of any merger or consolidation, sale of all or substantially all of the assets of the Company, the outstanding shares of Stock are converted into or exchanged for securities of the Company or
any successor entity (or a parent or subsidiary thereof), the Administrator shall make an appropriate or proportionate adjustment in (i) the maximum number of shares reserved for issuance under the Plan, including the maximum number of shares
that may be issued in the form of Incentive Stock Options, (ii) the number and kind of shares or other securities subject to any then outstanding Awards under the Plan, (iii) the repurchase price, if any, per share subject to each
outstanding Restricted Stock Award, and (iv) the exercise price for each share subject to any then outstanding Stock Options and Stock Appreciation Rights under the Plan, without changing the aggregate exercise price (i.e., the exercise price
multiplied by the number of shares subject to Stock Options and Stock Appreciation Rights) as to which such Stock Options and Stock Appreciation Rights remain exercisable. The Administrator shall also make equitable or proportionate adjustments in
the number of shares subject to outstanding Awards and the exercise price and the terms of outstanding Awards to take into consideration cash dividends paid other than in the ordinary course or any other extraordinary corporate event. The adjustment
by the Administrator shall be final, binding and conclusive. No fractional shares of Stock shall be issued under the Plan resulting from any such adjustment, but the Administrator in its discretion may make a cash payment in lieu of fractional
shares.  
 (c) Mergers and Other Transactions. In the case of and subject to
the consummation of a Sale Event, the parties thereto may cause the assumption or continuation of Awards theretofore granted by the successor entity, or the substitution of such Awards with new Awards of the successor entity or parent thereof, with
appropriate adjustment as to the number and kind of shares and, if appropriate, the per share exercise prices, as such parties shall agree. To the extent the parties to such Sale Event do not provide for the assumption, continuation or substitution
of Awards, upon the effective time of the Sale Event, the Plan and all outstanding Awards granted hereunder shall terminate. In such case, except as may be otherwise provided in the relevant Award Certificate, all Awards with time-based vesting,
conditions or restrictions shall become fully vested and exercisable or nonforfeitable as of the effective time of the Sale 

  
 6 

 
Event, and all Awards with conditions and restrictions relating to the attainment of performance goals may become vested and exercisable or nonforfeitable in connection with a Sale Event in the
Administrator’s discretion or to the extent specified in the relevant Award Certificate. In the event of such termination, (i) the Company shall have the option (in its sole discretion) to make or provide for a payment, in cash or in kind,
to the grantees holding Options and Stock Appreciation Rights, in exchange for the cancellation thereof, in an amount equal to the difference between (A) the Sale Price multiplied by the number of shares of Stock subject to outstanding Options
and Stock Appreciation Rights (to the extent then exercisable at prices not in excess of the Sale Price) and (B) the aggregate exercise price of all such outstanding Options and Stock Appreciation Rights (provided that, in the case of an Option
or Stock Appreciation Right with an exercise price equal to or greater than the Sale Price, such Option or Stock Appreciation Right shall be cancelled for no consideration); or (ii) each grantee shall be permitted, within a specified period of
time prior to the consummation of the Sale Event as determined by the Administrator, to exercise all outstanding Options and Stock Appreciation Rights (to the extent then exercisable) held by such grantee. The Company shall also have the option (in
its sole discretion) to make or provide for a payment, in cash or in kind, to the grantees holding other Awards in an amount equal to the Sale Price multiplied by the number of vested shares of Stock under such Awards. 

(d) Maximum Awards to Non-Employee Directors. Notwithstanding anything to the contrary in this
Plan, the value of all Awards awarded under this Plan and all other cash compensation paid by the Company to any Non-Employee Director in any calendar year for services as a
Non-Employee Director shall not exceed $1,000,000; provided, however, that such amount shall be $1,250,000 for the calendar year in which the applicable Non-Employee
Director is initially elected or appointed to the Board. For the purpose of these limitations, the value of any Award shall be its grant date fair value, as determined in accordance with ASC 718 or successor provision but excluding the impact of
estimated forfeitures related to service-based vesting provisions. 
 SECTION 4. ELIGIBILITY 

Grantees under the Plan will be such employees, Non-Employee Directors or Consultants of the Company
and its Affiliates as are selected from time to time by the Administrator in its sole discretion; provided that Awards may not be granted to employees, Directors or Consultants who are providing services only to any “parent” of the
Company, as such term is defined in Rule 405 of the Act, unless (i) the stock underlying the Awards is treated as “service recipient stock” under Section 409A or (ii) the Company, in consultation with its legal counsel, has
determined that such Awards are exempt from or otherwise comply with Section 409A. 
 SECTION 5. STOCK OPTIONS 

(a) Award of Stock Options. The Administrator may grant Stock Options under the Plan. Any Stock Option granted under the Plan shall be
in such form as the Administrator may from time to time approve. 
 Stock Options granted under the Plan may be either Incentive Stock
Options or Non-Qualified Stock Options. Incentive Stock Options may be granted only to employees of the 

  
 7 

 
Company or any Subsidiary that is a “subsidiary corporation” within the meaning of Section 424(f) of the Code. To the extent that any Option does not qualify as an Incentive Stock
Option, it shall be deemed a Non-Qualified Stock Option. 
 Stock Options granted pursuant to this
Section 5 shall be subject to the following terms and conditions and shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable. If the Administrator so determines,
Stock Options may be granted in lieu of cash compensation at the optionee’s election, subject to such terms and conditions as the Administrator may establish. 

(b) Exercise Price. The exercise price per share for the Stock covered by a Stock Option granted pursuant to this Section 5 shall
be determined by the Administrator at the time of grant but shall not be less than 100 percent of the Fair Market Value on the date of grant. In the case of an Incentive Stock Option that is granted to a Ten Percent Owner, the exercise price of
such Incentive Stock Option shall be not less than 110 percent of the Fair Market Value on the grant date. Notwithstanding the foregoing, Stock Options may be granted with an exercise price per share that is less than 100 percent of the
Fair Market Value on the date of grant (i) pursuant to a transaction described in, and in a manner consistent with, Section 424(a) of the Code, (ii) to individuals who are not subject to U.S. income tax on the date of grant or
(iii) if the Stock Option is otherwise compliant with Section 409A. 
 (c) Option Term. The term of each Stock Option shall
be fixed by the Administrator, but no Stock Option shall be exercisable more than ten years after the date the Stock Option is granted. In the case of an Incentive Stock Option that is granted to a Ten Percent Owner, the term of such Stock Option
shall be no more than five years from the date of grant. 
 (d) Exercisability; Rights of a Stockholder. Stock Options shall become
exercisable at such time or times, whether or not in installments, as shall be determined by the Administrator at or after the grant date. The Administrator may at any time accelerate the exercisability of all or any portion of any Stock Option. An
optionee shall have the rights of a stockholder only as to shares acquired upon the exercise of a Stock Option and not as to unexercised Stock Options. 

(e) Method of Exercise. Stock Options may be exercised in whole or in part, by giving written or electronic notice of exercise to the
Company, specifying the number of shares to be purchased. Payment of the purchase price may be made by one or more of the following methods except to the extent otherwise provided in the Award Certificate: 

(i) In cash, by certified or bank check or other instrument acceptable to the Administrator; 

(ii) Through the delivery (or attestation to the ownership following such procedures as the Company may prescribe) of shares of Stock that
are not then subject to restrictions under any Company plan. Such surrendered shares shall be valued at Fair Market Value on the exercise date; 

(iii) By the optionee delivering to the Company a properly executed exercise notice together with irrevocable instructions to a broker to
promptly deliver to the Company cash or a check payable and acceptable to the Company for the purchase price; provided that in the 

  
 8 

 
event the optionee chooses to pay the purchase price as so provided, the optionee and the broker shall comply with such procedures and enter into such agreements of indemnity and other agreements
as the Company shall prescribe as a condition of such payment procedure; or 
 (iv) With respect to Stock Options that are not Incentive
Stock Options, by a “net exercise” arrangement pursuant to which the Company will reduce the number of shares of Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value that does not exceed the aggregate
exercise price. 
 Payment instruments will be received subject to collection. The transfer to the optionee on the records of the Company or of the transfer
agent of the shares of Stock to be purchased pursuant to the exercise of a Stock Option will be contingent upon receipt from the optionee (or a purchaser acting in his or her stead in accordance with the provisions of the Stock Option) by the
Company of the full purchase price for such shares and the fulfillment of any other requirements contained in the Award Certificate or applicable provisions of laws (including the satisfaction of any withholding taxes that the Company is obligated
to withhold with respect to the optionee). In the event an optionee chooses to pay the purchase price by previously-owned shares of Stock through the attestation method, the number of shares of Stock transferred to the optionee upon the exercise of
the Stock Option shall be net of the number of attested shares. In the event that the Company establishes, for itself or using the services of a third party, an automated system for the exercise of Stock Options, such as a system using an internet
website or interactive voice response, then the paperless exercise of Stock Options may be permitted through the use of such an automated system. 

(f) Annual Limit on Incentive Stock Options. To the extent required for “incentive stock option” treatment under
Section 422 of the Code, the aggregate Fair Market Value (determined as of the time of grant) of the shares of Stock with respect to which Incentive Stock Options granted under this Plan and any other plan of the Company or its parent and
subsidiary corporations become exercisable for the first time by an optionee during any calendar year shall not exceed $100,000. To the extent that any Stock Option exceeds this limit, it shall constitute a
Non-Qualified Stock Option. 
 SECTION 6. STOCK APPRECIATION RIGHTS 

(a) Award of Stock Appreciation Rights. The Administrator may grant Stock Appreciation Rights under the Plan. A Stock Appreciation
Right is an Award entitling the recipient to receive shares of Stock (or cash, to the extent explicitly provided for in the applicable Award Certificate) having a value equal to the excess of the Fair Market Value of a share of Stock on the date of
exercise over the exercise price of the Stock Appreciation Right multiplied by the number of shares of Stock with respect to which the Stock Appreciation Right shall have been exercised. 

(b) Exercise Price of Stock Appreciation Rights. The exercise price of a Stock Appreciation Right shall not be less than
100 percent of the Fair Market Value of the Stock on the date of grant. Notwithstanding the foregoing, Stock Appreciation Rights may be granted with an exercise price per share that is less than 100 percent of the Fair Market Value on the
date of grant (i) pursuant to a transaction described in, and in a manner consistent with, Section 424(a) of the Code, (ii) to individuals who are not subject to U.S. income tax on the date of grant, or (iii) if the Stock
Appreciation Right is otherwise compliant with Section 409A. 

  
 9 

 (c) Grant and Exercise of Stock Appreciation Rights. Stock Appreciation Rights may be
granted by the Administrator independently of any Stock Option granted pursuant to Section 5 of the Plan. 
 (d) Terms and
Conditions of Stock Appreciation Rights. Stock Appreciation Rights shall be subject to such terms and conditions as shall be determined on the date of grant by the Administrator. The term of a Stock Appreciation Right may not exceed ten years.
The terms and conditions of each such Award shall be determined by the Administrator, and such terms and conditions may differ among individual Awards and grantees. 

SECTION 7. RESTRICTED STOCK AWARDS 
 (a)
Nature of Restricted Stock Awards. The Administrator may grant Restricted Stock Awards under the Plan. A Restricted Stock Award is any Award of Restricted Shares subject to such restrictions and conditions as the Administrator may determine
at the time of grant. Conditions may be based on continuing employment (or other Service Relationship) and/or achievement of pre-established performance goals and objectives. 

(b) Rights as a Stockholder. Upon the grant of the Restricted Stock Award and payment of any applicable purchase price, if any, a
grantee shall have the rights of a stockholder with respect to the voting of the Restricted Shares and receipt of dividends; provided that if the lapse of restrictions with respect to the Restricted Stock Award is tied to the attainment of
performance goals, any dividends paid by the Company during the performance period shall accrue and shall not be paid to the grantee until and to the extent the performance goals are met with respect to the Restricted Stock Award. Unless the
Administrator shall otherwise determine, (i) uncertificated Restricted Shares shall be accompanied by a notation on the records of the Company or the transfer agent to the effect that they are subject to forfeiture until such Restricted Shares
are vested as provided in Section 7(d) below, and (ii) certificated Restricted Shares shall remain in the possession of the Company until such Restricted Shares are vested as provided in Section 7(d) below, and the grantee shall be
required, as a condition of the grant, to deliver to the Company such instruments of transfer as the Administrator may prescribe. 
 (c)
Restrictions. Restricted Shares may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of except as specifically provided herein or in the Restricted Stock Award Certificate. Except as may otherwise be provided by
the Administrator either in the Award Certificate or, subject to Section 16 below, in writing after the Award is issued, if a grantee’s employment (or other Service Relationship) with the Company and its Subsidiaries terminates for any
reason, any Restricted Shares that have not vested at the time of termination shall automatically and without any requirement of notice to such grantee from or other action by or on behalf of, the Company be deemed to have been reacquired by the
Company at their original purchase price (if any) from such grantee or such grantee’s legal representative simultaneously with such termination of employment (or other Service Relationship), and thereafter shall cease to represent any ownership
of the Company by the grantee or rights of the grantee as a stockholder. Following such deemed reacquisition of Restricted Shares that are represented by physical certificates, a grantee shall surrender such certificates to the Company upon request
without consideration. 

  
 10 

 (d) Vesting of Restricted Shares. The Administrator at the time of grant shall
specify the date or dates and/or the attainment of pre-established performance goals, objectives and other conditions on which the non-transferability of the Restricted
Shares and the Company’s right of repurchase or forfeiture shall lapse. Subsequent to such date or dates and/or the attainment of such pre-established performance goals, objectives and other conditions,
the shares on which all restrictions have lapsed shall no longer be Restricted Shares and shall be deemed “vested.” 
 SECTION 8. RESTRICTED
STOCK UNITS 
 (a) Nature of Restricted Stock Units. The Administrator may grant Restricted Stock Units under the Plan. A
Restricted Stock Unit is an Award of stock units that may be settled in shares of Stock (or cash, to the extent explicitly provided for in the Award Certificate) upon the satisfaction of such restrictions and conditions at the time of grant.
Conditions may be based on continuing employment (or other Service Relationship) and/or achievement of pre-established performance goals and objectives. The terms and conditions of each such Award shall be
determined by the Administrator, and such terms and conditions may differ among individual Awards and grantees. Except in the case of Restricted Stock Units with a deferred settlement date that complies with Section 409A, at the end of the
vesting period, the Restricted Stock Units, to the extent vested, shall be settled in the form of shares of Stock (or cash, to the extent explicitly provided for in the Award Certificate). Restricted Stock Units with deferred settlement dates are
subject to Section 409A and shall contain such additional terms and conditions as the Administrator shall determine in its sole discretion in order to comply with the requirements of Section 409A. 

(b) Election to Receive Restricted Stock Units in Lieu of Compensation. The Administrator may, in its sole discretion, permit a grantee
to elect to receive a portion of future cash compensation otherwise due to such grantee in the form of an award of Restricted Stock Units. Any such election shall be made in writing and shall be delivered to the Company no later than the date
specified by the Administrator and in accordance with Section 409A and such other rules and procedures established by the Administrator. Any such future cash compensation that the grantee elects to defer shall be converted to a fixed number of
Restricted Stock Units based on the Fair Market Value of Stock on the date the compensation would otherwise have been paid to the grantee if such payment had not been deferred as provided herein. The Administrator shall have the sole right to
determine whether and under what circumstances to permit such elections and to impose such limitations and other terms and conditions thereon as the Administrator deems appropriate. Any Restricted Stock Units that are elected to be received in lieu
of cash compensation shall be fully vested, unless otherwise provided in the Award Certificate. 
 (c) Rights as a Stockholder. A
grantee shall have the rights as a stockholder only as to shares of Stock acquired by the grantee upon settlement of Restricted Stock Units; provided, however, that the grantee may be credited with Dividend Equivalent Rights with respect to the
stock units underlying his or her Restricted Stock Units, subject to the provisions of Section 11 and such terms and conditions as the Administrator may determine. 

  
 11 

 (d) Termination. Except as may otherwise be provided by the Administrator either in
the Award Certificate or, subject to Section 16 below, in writing after the Award is issued, a grantee’s right in all Restricted Stock Units that have not vested shall automatically terminate upon the grantee’s termination of
employment (or cessation of Service Relationship) with the Company and its Subsidiaries for any reason. 
 SECTION 9. UNRESTRICTED STOCK AWARDS 

Grant or Sale of Unrestricted Stock. The Administrator may grant (or sell at par value or such higher purchase price determined by the
Administrator) an Unrestricted Stock Award under the Plan. An Unrestricted Stock Award is an Award pursuant to which the grantee may receive shares of Stock free of any restrictions under the Plan. Unrestricted Stock Awards may be granted in respect
of past services or other valid consideration, or in lieu of cash compensation due to such grantee. 
 SECTION 10. CASH-BASED AWARDS 

Grant of Cash-Based Awards. The Administrator may grant Cash-Based Awards under the Plan. A Cash-Based Award is an Award that entitles
the grantee to a payment in cash upon the attainment of specified performance goals. The Administrator shall determine the maximum duration of the Cash-Based Award, the amount of cash to which the Cash-Based Award pertains, the conditions upon which
the Cash-Based Award shall become vested or payable, and such other provisions as the Administrator shall determine. Each Cash-Based Award shall specify a cash-denominated payment amount, formula or payment ranges as determined by the Administrator.
Payment, if any, with respect to a Cash-Based Award shall be made in accordance with the terms of the Award and may be made in cash. 
 SECTION 11.
DIVIDEND EQUIVALENT RIGHTS 
 (a) Dividend Equivalent Rights. The Administrator may grant Dividend Equivalent Rights under the
Plan. A Dividend Equivalent Right is an Award entitling the grantee to receive credits based on cash dividends that would have been paid on the shares of Stock specified in the Dividend Equivalent Right (or other Award to which it relates) if such
shares had been issued to the grantee. A Dividend Equivalent Right may be granted hereunder to any grantee as a component of an award of Restricted Stock Units or as a freestanding award. The terms and conditions of Dividend Equivalent Rights shall
be specified in the Award Certificate. Dividend equivalents credited to the holder of a Dividend Equivalent Right may be paid currently or may be deemed to be reinvested in additional shares of Stock, which may thereafter accrue additional
equivalents. Any such reinvestment shall be at Fair Market Value on the date of reinvestment or such other price as may then apply under a dividend reinvestment plan sponsored by the Company, if any. Dividend Equivalent Rights may be settled in cash
or shares of Stock or a combination thereof, in a single installment or installments. A Dividend Equivalent Right granted as a component of an Award of Restricted Stock Units shall provide that such Dividend Equivalent Right shall be settled only
upon settlement or payment of, or lapse of restrictions on, such other Award, and that such Dividend Equivalent Right shall expire or be forfeited or annulled under the same conditions as such other Award. 

  
 12 

 (b) Termination. Except as may otherwise be provided by the Administrator either in
the Award Certificate or, subject to Section 16 below, in writing after the Award is issued, a grantee’s rights in all Dividend Equivalent Rights shall automatically terminate upon the grantee’s termination of employment (or cessation
of Service Relationship) with the Company and its Subsidiaries for any reason. 
 SECTION 12. TRANSFERABILITY OF AWARDS 

(a) Transferability. Except as provided in Section 12(b) below, during a grantee’s lifetime, his or her Awards shall be
exercisable only by the grantee, or by the grantee’s legal representative or guardian in the event of the grantee’s incapacity. No Awards shall be sold, assigned, transferred or otherwise encumbered or disposed of by a grantee other than
by will or by the laws of descent and distribution or pursuant to a domestic relations order. No Awards shall be subject, in whole or in part, to attachment, execution, or levy of any kind, and any purported transfer in violation hereof shall be
null and void. 
 (b) Administrator Action. Notwithstanding Section 12(a), the Administrator, in its discretion, may provide
either in the Award Certificate regarding a given Award or by subsequent written approval that the grantee (who is an employee or director) may transfer his or her Non-Qualified Stock Options to his or her
immediate family members, to trusts for the benefit of such family members, or to partnerships in which such family members are the only partners, provided that the transferee agrees in writing with the Company to be bound by all of the terms and
conditions of this Plan and the applicable Award. In no event may an Award be transferred by a grantee for value. 
 (c) Family
Member. For purposes of Section 12(b), “family member” shall mean a grantee’s child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the grantee’s household (other than a tenant of the grantee), a trust in which these persons (or the grantee) have more than
50 percent of the beneficial interest, a foundation in which these persons (or the grantee) control the management of assets, and any other entity in which these persons (or the grantee) own more than 50 percent of the voting interests.

 (d) Designation of Beneficiary. To the extent permitted by the Company, each grantee to whom an Award has been made under the Plan
may designate a beneficiary or beneficiaries to exercise any Award or receive any payment under any Award payable on or after the grantee’s death. Any such designation shall be on a form provided for that purpose by the Administrator and shall
not be effective until received by the Administrator. If no beneficiary has been designated by a deceased grantee, or if the designated beneficiaries have predeceased the grantee, the beneficiary shall be the grantee’s estate. 

SECTION 13. TAX WITHHOLDING 
 (a)
Payment by Grantee. Each grantee shall, no later than the date as of which the value of an Award or of any Stock or other amount received thereunder first becomes includable in the gross income of the grantee for income tax purposes, pay to
the Company, or make 

  
 13 

 
arrangements satisfactory to the Administrator regarding payment of, any Federal, state, or local taxes of any kind required by law to be withheld by the Company with respect to such income. The
Company and its Subsidiaries shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the grantee. The Company’s obligation to deliver evidence of book entry (or stock
certificates) to any grantee is subject to and conditioned on tax withholding obligations being satisfied by the grantee. 
 (b) Payment
in Stock. The Administrator may require the Company’s tax withholding obligation to be satisfied, in whole or in part, by the Company withholding from shares of Stock to be issued pursuant to any Award a number of shares with an aggregate
Fair Market Value (as of the date the withholding is effected) that would satisfy the withholding amount due; provided, however, that the amount withheld does not exceed the maximum statutory tax rate or such lesser amount as is necessary to avoid
liability accounting treatment. For purposes of share withholding, the Fair Market Value of withheld shares shall be determined in the same manner as the value of Stock includible in income of the grantees. The Administrator may also require the
Company’s tax withholding obligation to be satisfied, in whole or in part, by an arrangement whereby a certain number of shares of Stock issued pursuant to any Award are immediately sold and proceeds from such sale are remitted to the Company
in an amount that would satisfy the withholding amount due. 
 SECTION 14. SECTION 409A AWARDS 

Awards are intended to be exempt from Section 409A to the greatest extent possible and to otherwise comply with Section 409A. The
Plan and all Awards shall be interpreted in accordance with such intent. To the extent that any Award is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A (a “409A Award”), the
Award shall be subject to such additional rules and requirements as specified by the Administrator from time to time in order to comply with Section 409A. In this regard, if any amount under a 409A Award is payable upon a “separation from
service” (within the meaning of Section 409A) to a grantee who is then considered a “specified employee” (within the meaning of Section 409A), then no such payment shall be made prior to the date that is the earlier of
(i) six months and one day after the grantee’s separation from service, or (ii) the grantee’s death, but only to the extent such delay is necessary to prevent such payment from being subject to interest, penalties and/or
additional tax imposed pursuant to Section 409A. Further, the settlement of any 409A Award may not be accelerated except to the extent permitted by Section 409A. The Company makes no representation that any or all of the payments or
benefits described in the Plan will be exempt from or comply with Section 409A of the Code and makes no undertaking to preclude Section 409A of the Code from applying to any such payment. The grantee shall be solely responsible for the
payment of any taxes and penalties incurred under Section 409A. 
 SECTION 15. TERMINATION OF SERVICE RELATIONSHIP, TRANSFER, LEAVE OF ABSENCE,
ETC. 
 (a) Termination of Service Relationship. If the grantee’s Service Relationship is with an Affiliate and such
Affiliate ceases to be an Affiliate, the grantee shall be deemed to have terminated his or her Service Relationship for purposes of the Plan. 

  
 14 

 (b) For purposes of the Plan, the following events shall not be deemed a termination of a
Service Relationship: 
 (i) a transfer to the employment of the Company from an Affiliate or from the Company to an Affiliate, or from one
Affiliate to another; or 
 (ii) an approved leave of absence for military service or sickness, or for any other purpose approved by the
Company, if the employee’s right to re-employment is guaranteed either by a statute or by contract or under the policy pursuant to which the leave of absence was granted or if the Administrator otherwise
so provides in writing. 
 SECTION 16. AMENDMENTS AND TERMINATION 

The Board may, at any time, amend or discontinue the Plan and the Administrator may, at any time, amend or cancel any outstanding Award for
the purpose of satisfying changes in law or for any other lawful purpose, but no such action shall materially and adversely affect rights under any outstanding Award without the holder’s consent. The Administrator is specifically authorized to
exercise its discretion to reduce the exercise price of outstanding Stock Options or Stock Appreciation Rights or effect the repricing of such Awards through cancellation and re-grants. To the extent required
under the rules of any securities exchange or market system on which the Stock is listed, to the extent determined by the Administrator to be required by the Code to ensure that Incentive Stock Options granted under the Plan are qualified under
Section 422 of the Code, Plan amendments shall be subject to approval by Company stockholders. Nothing in this Section 16 shall limit the Administrator’s authority to take any action permitted pursuant to Section 3(b) or 3(c).

 SECTION 17. STATUS OF PLAN 
 With
respect to the portion of any Award that has not been exercised and any payments in cash, Stock or other consideration not received by a grantee, a grantee shall have no rights greater than those of a general creditor of the Company unless the
Administrator shall otherwise expressly determine in connection with any Award or Awards. In its sole discretion, the Administrator may authorize the creation of trusts or other arrangements to meet the Company’s obligations to deliver Stock or
make payments with respect to Awards hereunder, provided that the existence of such trusts or other arrangements is consistent with the foregoing sentence. 

SECTION 18. GENERAL PROVISIONS 
 (a)
No Distribution. The Administrator may require each person acquiring Stock pursuant to an Award to represent to and agree with the Company in writing that such person is acquiring the shares without a view to distribution thereof. 

(b) Issuance of Stock. To the extent certificated, stock certificates to grantees under this Plan shall be deemed delivered for all
purposes when the Company or a stock transfer agent of the Company shall have mailed such certificates in the United States mail, addressed to the grantee, at the grantee’s last known address on file with the Company. Uncertificated Stock shall
be deemed delivered for all purposes when the Company or a Stock transfer agent of the Company shall have given to the grantee by electronic mail (with proof of receipt) or by United 

  
 15 

 
States mail, addressed to the grantee, at the grantee’s last known address on file with the Company, notice of issuance and recorded the issuance in its records (which may include electronic
“book entry” records). Notwithstanding anything herein to the contrary, the Company shall not be required to issue or deliver any evidence of book entry or certificates evidencing shares of Stock pursuant to the exercise or settlement of
any Award, unless and until the Administrator has determined, with advice of counsel (to the extent the Administrator deems such advice necessary or advisable), that the issuance and delivery is in compliance with all applicable laws, regulations of
governmental authorities and, if applicable, the requirements of any exchange on which the shares of Stock are listed, quoted or traded. Any Stock issued pursuant to the Plan shall be subject to any stop-transfer orders and other restrictions as the
Administrator deems necessary or advisable to comply with federal, state or foreign jurisdiction, securities or other laws, rules and quotation system on which the Stock is listed, quoted or traded. The Administrator may place legends on any Stock
certificate or notations on any book entry to reference restrictions applicable to the Stock. In addition to the terms and conditions provided herein, the Administrator may require that an individual make such reasonable covenants, agreements, and
representations as the Administrator, in its discretion, deems necessary or advisable in order to comply with any such laws, regulations, or requirements. The Administrator shall have the right to require any individual to comply with any timing or
other restrictions with respect to the settlement or exercise of any Award, including a window-period limitation, as may be imposed in the discretion of the Administrator. 

(c) No Fractional Shares. No fractional shares of Stock shall be issued or delivered pursuant to the Plan or any Award, and the
Administrator shall determine whether cash, other securities or other property shall be paid or transferred in lieu of any fractional shares, or whether such fractional shares or any rights thereto shall be canceled, terminated or otherwise
eliminated. 
 (d) Stockholder Rights. Until Stock is deemed delivered in accordance with Section 18(b), no right to vote or
receive dividends or any other rights of a stockholder will exist with respect to shares of Stock to be issued in connection with an Award, notwithstanding the exercise of a Stock Option or any other action by the grantee with respect to an Award.

 (e) Other Compensation Arrangements; No Employment Rights. Nothing contained in this Plan shall prevent the Board from adopting
other or additional compensation arrangements, including trusts, and such arrangements may be either generally applicable or applicable only in specific cases. The adoption of this Plan and the grant of Awards do not confer upon any employee any
right to continued employment with the Company or any Subsidiary. 
 (f) Trading Policy Restrictions. Option exercises and other
Awards under the Plan shall be subject to the Company’s insider trading policies and procedures, as in effect from time to time. 
 (g)
Clawback Policy. A participant’s rights with respect to any Award hereunder shall in all events be subject to reduction, cancellation, forfeiture or recoupment to the extent necessary to comply with (i) any right that the Company
may have under any Company clawback, forfeiture or recoupment policy as in effect from time to time or other agreement or arrangement with a grantee, or (ii) applicable law. 

  
 16 

 SECTION 19. EFFECTIVE DATE OF PLAN 

This Plan shall become effective upon the date immediately preceding the Registration Date following stockholder approval in accordance with
applicable state law, the Company’s bylaws and articles of incorporation, and applicable stock exchange rules. No grants of Stock Options and other Awards may be made hereunder after the tenth anniversary of the Effective Date and no grants of
Incentive Stock Options may be made hereunder after the tenth anniversary of the date the Plan is approved by the Board. 
 SECTION 20. GOVERNING LAW

 This Plan and all Awards and actions taken thereunder shall be governed by, and construed in accordance with, the General Corporation Law
of the State of Delaware as to matters within the scope thereof, and as to all other matters shall be governed by and construed in accordance with the internal laws of the Commonwealth of Massachusetts applied without regard to conflict of law
principles. 
 DATE APPROVED BY BOARD OF DIRECTORS: November 16, 2021 

DATE APPROVED BY STOCKHOLDERS: December 3, 2021 

  
 17 

 INCENTIVE STOCK OPTION AGREEMENT 

UNDER THE VIGIL NEUROSCIENCE, INC. 

2021 STOCK OPTION AND INCENTIVE PLAN 
  

							
	Name of Optionee:	  	  
	  	
				
	No. of Option Shares:	  	  
	  		  	
				
	Option Exercise Price per Share:	  	$        	  		  	
		  	[FMV on Grant Date (110% of FMV if a 10% owner)]	  	
				
	Grant Date:	  	  
	  		  	
				
	Expiration Date:	  	  
	  		  	
		  	[No more than 10 years (5 years if a 10% owner)]	  	

 Pursuant to the Vigil Neuroscience, Inc. 2021 Stock Option and Incentive Plan, as amended through the date
hereof (the “Plan”), Vigil Neuroscience, Inc. (the “Company”) hereby grants to the Optionee named above an option (the “Stock Option”) to purchase on or prior to the Expiration Date specified above all or part of the
number of shares of Common Stock, par value $0.0001 per share (the “Stock”), of the Company specified above at the Option Exercise Price per Share specified above subject to the terms and conditions set forth herein and in the Plan. 

1. Exercisability Schedule. No portion of this Stock Option may be exercised until such portion shall have become exercisable. Except
as set forth below, and subject to the discretion of the Administrator (as defined in Section 1 of the Plan) to accelerate the exercisability schedule hereunder, this Stock Option shall be exercisable with respect to the following number of
Option Shares on the dates indicated below so long as the Optionee remains in a Service Relationship on such dates: 
  

					
	
Incremental Number of
Option Shares Exercisable*
	  	Exercisability Date	 
		
	             (    %)	  			
	             (    %)	  			
	             (    %)	  			
	             (    %)	  			
	             (    %)	  			

  

	*	 Max. of $100,000 per yr. 

Once exercisable, this Stock Option shall continue to be exercisable at any time or times prior to the close of business on the Expiration
Date, subject to the provisions hereof and of the Plan. 

  
 18 

 2. Manner of Exercise. 

(a) The Optionee may exercise this Stock Option only in the following manner: from time to time on or prior to the Expiration Date of this
Stock Option, the Optionee may give written notice to the Administrator of his or her election to purchase some or all of the Option Shares purchasable at the time of such notice. This notice shall specify the number of Option Shares to be
purchased. 
 Payment of the purchase price for the Option Shares may be made by one or more of the following methods: (i) in cash, by
certified or bank check or other instrument acceptable to the Administrator; (ii) through the delivery (or attestation to the ownership) of shares of Stock that have been purchased by the Optionee on the open market or that are beneficially
owned by the Optionee and are not then subject to any restrictions under any Company plan and that otherwise satisfy any holding periods as may be required by the Administrator; (iii) by the Optionee delivering to the Company a properly
executed exercise notice together with irrevocable instructions to a broker to promptly deliver to the Company cash or a check payable and acceptable to the Company to pay the option purchase price, provided that in the event the Optionee chooses to
pay the option purchase price as so provided, the Optionee and the broker shall comply with such procedures and enter into such agreements of indemnity and other agreements as the Administrator shall prescribe as a condition of such payment
procedure; or (iv) a combination of (i), (ii) and (iii) above. Payment instruments will be received subject to collection. 
 The
transfer to the Optionee on the records of the Company or of the transfer agent of the Option Shares will be contingent upon (i) the Company’s receipt from the Optionee of the full purchase price for the Option Shares, as set forth above,
(ii) the fulfillment of any other requirements contained herein or in the Plan or in any other agreement or provision of laws, and (iii) the receipt by the Company of any agreement, statement or other evidence that the Company may require
to satisfy itself that the issuance of Stock to be purchased pursuant to the exercise of Stock Options under the Plan and any subsequent resale of the shares of Stock will be in compliance with applicable laws and regulations. In the event the
Optionee chooses to pay the purchase price by previously-owned shares of Stock through the attestation method, the number of shares of Stock transferred to the Optionee upon the exercise of the Stock Option shall be net of the shares of Stock
attested to. 
 (b) The shares of Stock purchased upon exercise of this Stock Option shall be transferred to the Optionee on the records of
the Company or of the transfer agent upon compliance to the satisfaction of the Administrator with all requirements under applicable laws or regulations in connection with such transfer and with the requirements hereof and of the Plan. The
determination of the Administrator as to such compliance shall be final and binding on the Optionee. The Optionee shall not be deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares of Stock subject to this
Stock Option unless and until this Stock Option shall have been exercised pursuant to the terms hereof, the Company or the transfer agent shall have transferred the shares to the Optionee, and the Optionee’s name shall have been entered as the
stockholder of record on the books of the Company. Thereupon, the Optionee shall have full voting, dividend and other ownership rights with respect to such shares of Stock. 

  
 19 

 (c) Notwithstanding any other provision hereof or of the Plan, no portion of this Stock
Option shall be exercisable after the Expiration Date hereof. 
 3. Termination of Service Relationship. If the Optionee’s
Service Relationship terminates, the period within which to exercise the Stock Option may be subject to earlier termination as set forth below. 

(a) Termination Due to Death. If the Optionee’s Service Relationship terminates by reason of the Optionee’s death, any
portion of this Stock Option outstanding on such date, to the extent exercisable on the date of death, may thereafter be exercised by the Optionee’s legal representative or legatee for a period of 12 months from the date of death or until the
Expiration Date, if earlier. Any portion of this Stock Option that is not exercisable on the date of death shall terminate immediately and be of no further force or effect. 

(b) Termination Due to Disability. If the Optionee’s Service Relationship terminates by reason of the Optionee’s disability
(as determined by the Administrator), any portion of this Stock Option outstanding on such date, to the extent exercisable on the date of such termination, may thereafter be exercised by the Optionee for a period of 12 months from the date of
termination or until the Expiration Date, if earlier. Any portion of this Stock Option that is not exercisable on the date of termination shall terminate immediately and be of no further force or effect. 

(c) Termination for Cause. If the Optionee’s Service Relationship terminates for Cause, any portion of this Stock Option
outstanding on such date shall terminate immediately and be of no further force and effect. For purposes hereof, “Cause” shall mean, unless otherwise provided in an employment or other service agreement between the Company and the
Optionee, a determination by the Administrator that the Optionee shall be dismissed as a result of (i) any material breach by the Optionee of any agreement between the Optionee and the Company; (ii) the conviction of, indictment for
or plea of nolo contendere by the Optionee to a felony or a crime involving moral turpitude; or (iii) any material misconduct or willful and deliberate non-performance (other than by reason of disability)
by the Optionee of the Optionee’s duties to the Company or a Subsidiary. 
 (d) Other Termination. If the Optionee’s
Service Relationship terminates for any reason other than the Optionee’s death, the Optionee’s disability, or Cause, and unless otherwise determined by the Administrator, any portion of this Stock Option outstanding on such date may be
exercised, to the extent exercisable on the date of termination, for a period of three months from the date of termination or until the Expiration Date, if earlier. Any portion of this Stock Option that is not exercisable on the date of termination
shall terminate immediately and be of no further force or effect. 
 The Administrator’s determination of the reason for termination of
the Optionee’s Service Relationship shall be conclusive and binding on the Optionee and his or her representatives or legatees. 
 4.
Incorporation of Plan. Notwithstanding anything herein to the contrary, this Stock Option shall be subject to and governed by all the terms and conditions of the Plan, 

  
 20 

 
including the powers of the Administrator set forth in Section 2(b) of the Plan. Capitalized terms in this Agreement shall have the meaning specified in the Plan, unless a different meaning
is specified herein. 
 5. Transferability. This Agreement is personal to the Optionee, is
non-assignable and is not transferable in any manner, by operation of law or otherwise, other than by will or the laws of descent and distribution. This Stock Option is exercisable, during the Optionee’s
lifetime, only by the Optionee, and thereafter, only by the Optionee’s legal representative or legatee. 
 6. Status of the Stock
Option. This Stock Option is intended to qualify as an “incentive stock option” under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”), but the Company does not represent or warrant that this
Stock Option qualifies as such. The Optionee should consult with his or her own tax advisors regarding the tax effects of this Stock Option and the requirements necessary to obtain favorable income tax treatment under Section 422 of the Code,
including, but not limited to, holding period requirements and that this Stock Option must be exercised within three months after termination of employment as an employee (or 12 months in the case of death or disability) to qualify as an
“incentive stock option.” To the extent any portion of this Stock Option does not so qualify as an “incentive stock option,” such portion shall be deemed to be a non-qualified stock
option. If the Optionee intends to dispose or does dispose (whether by sale, gift, transfer or otherwise) of any Option Shares within the one-year period beginning on the date after the transfer of such shares
to him or her, or within the two-year period beginning on the day after the grant of this Stock Option, he or she will so notify the Company within 30 days after such disposition. 

7. Tax Withholding. The Optionee shall, not later than the date as of which the exercise of this Stock Option becomes a taxable event
for Federal income tax purposes, pay to the Company or make arrangements satisfactory to the Administrator for payment of any Federal, state, and local taxes required by law to be withheld on account of such taxable event. The Company shall have the
authority to cause the required tax withholding obligation to be satisfied, in whole or in part, by (i) withholding from shares of Stock to be issued to the Optionee a number of shares of Stock with an aggregate Fair Market Value that would
satisfy the withholding amount due; or (ii) causing its transfer agent to sell from the number of shares of Stock to be issued to the Optionee, the number of shares of Stock necessary to satisfy the Federal, state and local taxes required by
law to be withheld from the Optionee on account of such transfer. 
 8. No Obligation to Continue Service Relationship. Neither the
Company nor any Subsidiary is obligated by or as a result of the Plan or this Agreement to continue the Optionee’s Service Relationship and neither the Plan nor this Agreement shall interfere in any way with the right of the Company or any
Subsidiary to terminate the Optionee’s Service Relationship at any time. 
 9. Integration. This Agreement constitutes the
entire agreement between the parties with respect to this Stock Option and supersedes all prior agreements and discussions between the parties concerning such subject matter. 

  
 21 

 10. Data Privacy Consent. In order to administer the Plan and this Agreement and to
implement or structure future equity grants, the Company, its subsidiaries and affiliates and certain agents thereof (together, the “Relevant Companies”) may process any and all personal or professional data, including but not limited to
Social Security or other identification number, home address and telephone number, date of birth and other information that is necessary or desirable for the administration of the Plan and/or this Agreement (the “Relevant Information”). By
entering into this Agreement, the Optionee (i) authorizes the Company to collect, process, register and transfer to the Relevant Companies all Relevant Information; (ii) waives any privacy rights the Optionee may have with respect to the
Relevant Information; (iii) authorizes the Relevant Companies to store and transmit such information in electronic form; and (iv) authorizes the transfer of the Relevant Information to any jurisdiction in which the Relevant Companies
consider appropriate. The Optionee shall have access to, and the right to change, the Relevant Information. Relevant Information will only be used in accordance with applicable law. 

  
 22 

 11. Notices. Notices hereunder shall be mailed or delivered to the Company at its
principal place of business and shall be mailed or delivered to the Optionee at the address on file with the Company or, in either case, at such other address as one party may subsequently furnish to the other party in writing. 

 

			
	VIGIL NEUROSCIENCE, INC.

 
			
		
	By:	 	  

		 	Title:

 The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby agreed to by the undersigned.
Electronic acceptance of this Agreement pursuant to the Company’s instructions to the Optionee (including through an online acceptance process) is acceptable. 
  

							
	Dated:	 	  
	 		 	  

		 		 		 	Optionee’s Signature
				
		 		 		 	Optionee’s name and address:
				
		 		 		 	  

				
		 		 		 	  

				
		 		 		 	  

  
 23 

 NON-QUALIFIED STOCK OPTION AGREEMENT 

FOR COMPANY EMPLOYEES 

UNDER THE VIGIL NEUROSCIENCE, INC. 

2021 STOCK OPTION AND INCENTIVE PLAN 
  

							
	Name of Optionee:	  	  
	  	
				
	No. of Option Shares:	  	  
	  		  	
				
	Option Exercise Price per Share:	  	$        	  		  	
		  	[FMV on Grant Date]	  	
				
	Grant Date:	  	  
	  		  	
				
	Expiration Date:	  	  
	  		  	
		  	[No more than 10 years]	  	

 Pursuant to the Vigil Neuroscience, Inc. 2021 Stock Option and Incentive Plan, as amended through the date
hereof (the “Plan”), Vigil Neuroscience, Inc. (the “Company”) hereby grants to the Optionee named above an option (the “Stock Option”) to purchase on or prior to the Expiration Date specified above all or part of the
number of shares of Common Stock, par value $0.0001 per share (the “Stock”), of the Company specified above at the Option Exercise Price per Share specified above subject to the terms and conditions set forth herein and in the Plan. This
Stock Option is not intended to be an “incentive stock option” under Section 422 of the Internal Revenue Code of 1986, as amended. 

1. Exercisability Schedule. No portion of this Stock Option may be exercised until such portion shall have become exercisable. Except
as set forth below, and subject to the discretion of the Administrator (as defined in Section 1 of the Plan) to accelerate the exercisability schedule hereunder, this Stock Option shall be exercisable with respect to the following number of
Option Shares on the dates indicated below so long as the Optionee remains in a Service Relationship on such dates: 
  

					
	 Incremental Number of
Option Shares
Exercisable
	  	Exercisability Date	 
		
	             (    %)	  			
	             (    %)	  			
	             (    %)	  			
	             (    %)	  			

 Once exercisable, this Stock Option shall continue to be exercisable at any time or times prior to the close
of business on the Expiration Date, subject to the provisions hereof and of the Plan. 

  
 24 

 2. Manner of Exercise. 

(a) The Optionee may exercise this Stock Option only in the following manner: from time to time on or prior to the Expiration Date of this
Stock Option, the Optionee may give written notice to the Administrator of his or her election to purchase some or all of the Option Shares purchasable at the time of such notice. This notice shall specify the number of Option Shares to be
purchased. 
 Payment of the purchase price for the Option Shares may be made by one or more of the following methods: (i) in cash, by
certified or bank check or other instrument acceptable to the Administrator; (ii) through the delivery (or attestation to the ownership) of shares of Stock that have been purchased by the Optionee on the open market or that are beneficially
owned by the Optionee and are not then subject to any restrictions under any Company plan and that otherwise satisfy any holding periods as may be required by the Administrator; (iii) by the Optionee delivering to the Company a properly
executed exercise notice together with irrevocable instructions to a broker to promptly deliver to the Company cash or a check payable and acceptable to the Company to pay the option purchase price, provided that in the event the Optionee chooses to
pay the option purchase price as so provided, the Optionee and the broker shall comply with such procedures and enter into such agreements of indemnity and other agreements as the Administrator shall prescribe as a condition of such payment
procedure; (iv) by a “net exercise” arrangement pursuant to which the Company will reduce the number of shares of Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value that does not exceed the
aggregate exercise price; or (v) a combination of (i), (ii), (iii) and (iv) above. Payment instruments will be received subject to collection. 

The transfer to the Optionee on the records of the Company or of the transfer agent of the Option Shares will be contingent upon (i) the
Company’s receipt from the Optionee of the full purchase price for the Option Shares, as set forth above, (ii) the fulfillment of any other requirements contained herein or in the Plan or in any other agreement or provision of laws, and
(iii) the receipt by the Company of any agreement, statement or other evidence that the Company may require to satisfy itself that the issuance of Stock to be purchased pursuant to the exercise of Stock Options under the Plan and any subsequent
resale of the shares of Stock will be in compliance with applicable laws and regulations. In the event the Optionee chooses to pay the purchase price by previously-owned shares of Stock through the attestation method, the number of shares of Stock
transferred to the Optionee upon the exercise of the Stock Option shall be net of the shares of Stock attested to. 
 (b) The shares of
Stock purchased upon exercise of this Stock Option shall be transferred to the Optionee on the records of the Company or of the transfer agent upon compliance to the satisfaction of the Administrator with all requirements under applicable laws or
regulations in connection with such transfer and with the requirements hereof and of the Plan. The determination of the Administrator as to such compliance shall be final and binding on the Optionee. The Optionee shall not be deemed to be the holder
of, or to have any of the rights of a holder with respect to, any shares of Stock subject to this Stock Option unless and until this Stock Option shall have been exercised pursuant to the terms hereof, the Company or the transfer agent shall have
transferred the shares to the Optionee, and the Optionee’s name shall have been entered as the stockholder of record on the books of the Company. Thereupon, the Optionee shall have full voting, dividend and other ownership rights with respect
to such shares of Stock. 

  
 25 

 (c) Notwithstanding any other provision hereof or of the Plan, no portion of this Stock
Option shall be exercisable after the Expiration Date hereof. 
 3. Termination of Service Relationship. If the Optionee’s
Service Relationship terminates, the period within which to exercise the Stock Option may be subject to earlier termination as set forth below. 

(a) Termination Due to Death. If the Optionee’s Service Relationship terminates by reason of the Optionee’s death, any
portion of this Stock Option outstanding on such date, to the extent exercisable on the date of death, may thereafter be exercised by the Optionee’s legal representative or legatee for a period of 12 months from the date of death or until the
Expiration Date, if earlier. Any portion of this Stock Option that is not exercisable on the date of death shall terminate immediately and be of no further force or effect. 

(b) Termination Due to Disability. If the Optionee’s Service Relationship terminates by reason of the Optionee’s disability
(as determined by the Administrator), any portion of this Stock Option outstanding on such date, to the extent exercisable on the date of such termination, may thereafter be exercised by the Optionee for a period of 12 months from the date of
termination or until the Expiration Date, if earlier. Any portion of this Stock Option that is not exercisable on the date of termination shall terminate immediately and be of no further force or effect. 

(c) Termination for Cause. If the Optionee’s Service Relationship terminates for Cause, any portion of this Stock Option
outstanding on such date shall terminate immediately and be of no further force and effect. For purposes hereof, “Cause” shall mean, unless otherwise provided in an employment or other service agreement between the Company and the
Optionee, a determination by the Administrator that the Optionee shall be dismissed as a result of (i) any material breach by the Optionee of any agreement between the Optionee and the Company; (ii) the conviction of, indictment for or
plea of nolo contendere by the Optionee to a felony or a crime involving moral turpitude; or (iii) any material misconduct or willful and deliberate non-performance (other than by reason of disability) by
the Optionee of the Optionee’s duties to the Company or a Subsidiary. 
 (d) Other Termination. If the Optionee’s Service
Relationship terminates for any reason other than the Optionee’s death, the Optionee’s disability or Cause, and unless otherwise determined by the Administrator, any portion of this Stock Option outstanding on such date may be exercised,
to the extent exercisable on the date of termination, for a period of three months from the date of termination or until the Expiration Date, if earlier. Any portion of this Stock Option that is not exercisable on the date of termination shall
terminate immediately and be of no further force or effect. 
 The Administrator’s determination of the reason for termination of the
Optionee’s Service Relationship shall be conclusive and binding on the Optionee and his or her representatives or legatees. 

  
 26 

 4. Incorporation of Plan. Notwithstanding anything herein to the contrary, this Stock
Option shall be subject to and governed by all the terms and conditions of the Plan, including the powers of the Administrator set forth in Section 2(b) of the Plan. Capitalized terms in this Agreement shall have the meaning specified in the
Plan, unless a different meaning is specified herein. 
 5. Transferability. This Agreement is personal to the Optionee, is non-assignable and is not transferable in any manner, by operation of law or otherwise, other than by will or the laws of descent and distribution. This Stock Option is exercisable, during the Optionee’s
lifetime, only by the Optionee, and thereafter, only by the Optionee’s legal representative or legatee. 
 6. Tax Withholding.
The Optionee shall, not later than the date as of which the exercise of this Stock Option becomes a taxable event for Federal income tax purposes, pay to the Company or make arrangements satisfactory to the Administrator for payment of any Federal,
state, and local taxes required by law to be withheld on account of such taxable event. The Company shall have the authority to cause the required tax withholding obligation to be satisfied, in whole or in part, by (i) withholding from shares
of Stock to be issued to the Optionee a number of shares of Stock with an aggregate Fair Market Value that would satisfy the withholding amount due; or (ii) causing its transfer agent to sell from the number of shares of Stock to be issued to
the Optionee, the number of shares of Stock necessary to satisfy the Federal, state and local taxes required by law to be withheld from the Optionee on account of such transfer. 

7. No Obligation to Continue Service Relationship. Neither the Company nor any Subsidiary is obligated by or as a result of the Plan or
this Agreement to continue the Optionee’s Service Relationship and neither the Plan nor this Agreement shall interfere in any way with the right of the Company or any Subsidiary to terminate the Optionee’s Service Relationship at any time.

 8. Integration. This Agreement constitutes the entire agreement between the parties with respect to this Stock Option and
supersedes all prior agreements and discussions between the parties concerning such subject matter. 
 9. Data Privacy Consent. In
order to administer the Plan and this Agreement and to implement or structure future equity grants, the Company, its subsidiaries and affiliates and certain agents thereof (together, the “Relevant Companies”) may process any and all
personal or professional data, including but not limited to Social Security or other identification number, home address and telephone number, date of birth and other information that is necessary or desirable for the administration of the Plan
and/or this Agreement (the “Relevant Information”). By entering into this Agreement, the Optionee (i) authorizes the Company to collect, process, register and transfer to the Relevant Companies all Relevant Information;
(ii) waives any privacy rights the Optionee may have with respect to the Relevant Information; (iii) authorizes the Relevant Companies to store and transmit such information in electronic form; and (iv) authorizes the transfer of the
Relevant Information to any jurisdiction in which the Relevant Companies consider appropriate. The Optionee shall have access to, and the right to change, the Relevant Information. Relevant Information will only be used in accordance with applicable
law. 

  
 27 

 10. Notices. Notices hereunder shall be mailed or delivered to the Company at its
principal place of business and shall be mailed or delivered to the Optionee at the address on file with the Company or, in either case, at such other address as one party may subsequently furnish to the other party in writing. 

 

			
	VIGIL NEUROSCIENCE, INC.

 
			
		
	By:	 	  

		 	Title:

 The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby agreed to by the undersigned.
Electronic acceptance of this Agreement pursuant to the Company’s instructions to the Optionee (including through an online acceptance process) is acceptable. 
  

							
	Dated:	 	  
	 		 	  

		 		 		 	Optionee’s Signature
				
		 		 		 	Optionee’s name and address:
				
		 		 		 	  

				
		 		 		 	  

				
		 		 		 	  

  
 28 

 NON-QUALIFIED STOCK OPTION AGREEMENT 

FOR NON-EMPLOYEE DIRECTORS 

UNDER THE VIGIL NEUROSCIENCE, INC. 

2021 STOCK OPTION AND INCENTIVE PLAN 
  

							
	Name of Optionee:	  	  
	  	
				
	No. of Option Shares:	  	  
	  		  	
				
	Option Exercise Price per Share:	  	$        	  		  	
		  	[FMV on Grant Date]	  	
				
	Grant Date:	  	  
	  		  	
				
	Expiration Date:	  	  
	  		  	
		  	[No more than 10 years]	  	

 Pursuant to the Vigil Neuroscience, Inc. 2021 Stock Option and Incentive Plan, as amended through the date
hereof (the “Plan”), Vigil Neuroscience, Inc. (the “Company”) hereby grants to the Optionee named above, who is a Non-Employee Director of the Company but is not an employee of the Company,
an option (the “Stock Option”) to purchase on or prior to the Expiration Date specified above all or part of the number of shares of Common Stock, par value $0.0001 per share (the “Stock”), of the Company specified above at the
Option Exercise Price per Share specified above subject to the terms and conditions set forth herein and in the Plan. This Stock Option is not intended to be an “incentive stock option” under Section 422 of the Internal Revenue Code
of 1986, as amended. 
 1. Exercisability Schedule. No portion of this Stock Option may be exercised until such portion shall have
become exercisable. Except as set forth below, and subject to the discretion of the Administrator (as defined in Section 1 of the Plan) to accelerate the exercisability schedule hereunder, this Stock Option shall be exercisable with respect to
the following number of Option Shares on the dates indicated below so long as the Optionee remains in a Service Relationship on such dates: 
  

					
	 Incremental Number of
Option Shares
Exercisable
	  	Exercisability Date	 
		
	             (    %)	  			
	             (    %)	  			
	             (    %)	  			
	             (    %)	  			

 Notwithstanding anything to the contrary herein or in the Plan, all outstanding Option Shares shall become
fully exercisable upon a Sale Event; provided that the Optionee remains in a 

  
 29 

 
Service Relationship through the consummation of the Sale Event. Once exercisable, this Stock Option shall continue to be exercisable at any time or times prior to the close of business on the
Expiration Date, subject to the provisions hereof and of the Plan. 
 2. Manner of Exercise. 

(a) The Optionee may exercise this Stock Option only in the following manner: from time to time on or prior to the Expiration Date of this
Stock Option, the Optionee may give written notice to the Administrator of his or her election to purchase some or all of the Option Shares purchasable at the time of such notice. This notice shall specify the number of Option Shares to be
purchased. 
 Payment of the purchase price for the Option Shares may be made by one or more of the following methods: (i) in cash, by
certified or bank check or other instrument acceptable to the Administrator; (ii) through the delivery (or attestation to the ownership) of shares of Stock that have been purchased by the Optionee on the open market or that are beneficially
owned by the Optionee and are not then subject to any restrictions under any Company plan and that otherwise satisfy any holding periods as may be required by the Administrator; (iii) by the Optionee delivering to the Company a properly
executed exercise notice together with irrevocable instructions to a broker to promptly deliver to the Company cash or a check payable and acceptable to the Company to pay the option purchase price, provided that in the event the Optionee chooses to
pay the option purchase price as so provided, the Optionee and the broker shall comply with such procedures and enter into such agreements of indemnity and other agreements as the Administrator shall prescribe as a condition of such payment
procedure; (iv) by a “net exercise” arrangement pursuant to which the Company will reduce the number of shares of Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value that does not exceed the
aggregate exercise price; or (v) a combination of (i), (ii), (iii) and (iv) above. Payment instruments will be received subject to collection. 

The transfer to the Optionee on the records of the Company or of the transfer agent of the Option Shares will be contingent upon (i) the
Company’s receipt from the Optionee of the full purchase price for the Option Shares, as set forth above, (ii) the fulfillment of any other requirements contained herein or in the Plan or in any other agreement or provision of laws, and
(iii) the receipt by the Company of any agreement, statement or other evidence that the Company may require to satisfy itself that the issuance of Stock to be purchased pursuant to the exercise of Stock Options under the Plan and any subsequent
resale of the shares of Stock will be in compliance with applicable laws and regulations. In the event the Optionee chooses to pay the purchase price by previously-owned shares of Stock through the attestation method, the number of shares of Stock
transferred to the Optionee upon the exercise of the Stock Option shall be net of the shares of Stock attested to. 
 (b) The shares of
Stock purchased upon exercise of this Stock Option shall be transferred to the Optionee on the records of the Company or of the transfer agent upon compliance to the satisfaction of the Administrator with all requirements under applicable laws or
regulations in connection with such transfer and with the requirements hereof and of the Plan. The determination of the Administrator as to such compliance shall be final and binding on the Optionee. The Optionee shall not be deemed to be the holder
of, or to have any of the rights of a 

  
 30 

 
holder with respect to, any shares of Stock subject to this Stock Option unless and until this Stock Option shall have been exercised pursuant to the terms hereof, the Company or the transfer
agent shall have transferred the shares to the Optionee, and the Optionee’s name shall have been entered as the stockholder of record on the books of the Company. Thereupon, the Optionee shall have full voting, dividend and other ownership
rights with respect to such shares of Stock. 
 (c) Notwithstanding any other provision hereof or of the Plan, no portion of this Stock
Option shall be exercisable after the Expiration Date hereof. 
 3. Termination of Service Relationship. If the Optionee’s
Service Relationship terminates, the period within which to exercise the Stock Option may be subject to earlier termination as set forth below. 

(a) Termination Due to Death. If the Optionee’s Service Relationship terminates by reason of the Optionee’s death, any
portion of this Stock Option outstanding on such date, to the extent exercisable on the date of death, may thereafter be exercised by the Optionee’s legal representative or legatee for a period of 12 months from the date of death or until the
Expiration Date, if earlier. Any portion of this Stock Option that is not exercisable on the date of death shall terminate immediately and be of no further force or effect. 

(b) Other Termination. If the Optionee’s Service Relationship terminates for any reason other than the Optionee’s death, any
portion of this Stock Option outstanding on such date may be exercised, to the extent exercisable on the date of termination, for a period of six months from the date of termination or until the Expiration Date, if earlier. Any portion of this Stock
Option that is not exercisable on the date of termination shall terminate immediately and be of no further force or effect. 
 4.
Incorporation of Plan. Notwithstanding anything herein to the contrary, this Stock Option shall be subject to and governed by all the terms and conditions of the Plan, including the powers of the Administrator set forth in Section 2(b)
of the Plan. Capitalized terms in this Agreement shall have the meaning specified in the Plan, unless a different meaning is specified herein. 

5. Transferability. This Agreement is personal to the Optionee, is non-assignable and is not
transferable in any manner, by operation of law or otherwise, other than by will or the laws of descent and distribution. This Stock Option is exercisable, during the Optionee’s lifetime, only by the Optionee, and thereafter, only by the
Optionee’s legal representative or legatee. 
 6. No Obligation to Continue Service Relationship. Neither the Plan nor this
Stock Option confers upon the Optionee any rights with respect to a continued Service Relationship. 
 7. Integration. This Agreement
constitutes the entire agreement between the parties with respect to this Stock Option and supersedes all prior agreements and discussions between the parties concerning such subject matter. 

  
 31 

 8. Data Privacy Consent. In order to administer the Plan and this Agreement and to
implement or structure future equity grants, the Company, its subsidiaries and affiliates and certain agents thereof (together, the “Relevant Companies”) may process any and all personal or professional data, including but not limited to
Social Security or other identification number, home address and telephone number, date of birth and other information that is necessary or desirable for the administration of the Plan and/or this Agreement (the “Relevant Information”). By
entering into this Agreement, the Optionee (i) authorizes the Company to collect, process, register and transfer to the Relevant Companies all Relevant Information; (ii) waives any privacy rights the Optionee may have with respect to the
Relevant Information; (iii) authorizes the Relevant Companies to store and transmit such information in electronic form; and (iv) authorizes the transfer of the Relevant Information to any jurisdiction in which the Relevant Companies
consider appropriate. The Optionee shall have access to, and the right to change, the Relevant Information. Relevant Information will only be used in accordance with applicable law. 

9. Notices. Notices hereunder shall be mailed or delivered to the Company at its principal place of business and shall be mailed or
delivered to the Optionee at the address on file with the Company or, in either case, at such other address as one party may subsequently furnish to the other party in writing. 

 

			
	VIGIL NEUROSCIENCE, INC.

 
			
		
	By:	 	  

		 	Title:

 The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby agreed to by the undersigned.
Electronic acceptance of this Agreement pursuant to the Company’s instructions to the Optionee (including through an online acceptance process) is acceptable. 
  

							
	Dated:	 	  
	 		 	  

		 		 		 	Optionee’s Signature
				
		 		 		 	Optionee’s name and address:
				
		 		 		 	  

				
		 		 		 	  

				
		 		 		 	  

  
 32 

 RESTRICTED STOCK UNIT AWARD AGREEMENT 

FOR COMPANY EMPLOYEES 

UNDER THE VIGIL NEUROSCIENCE, INC. 

2021 STOCK OPTION AND INCENTIVE PLAN 
  

							
	Name of Grantee:	  	  
	  	
				
	No. of Restricted Stock Units:	  	  
	  		  	
				
	Grant Date:	  	  
	  		  	

 Pursuant to the Vigil Neuroscience, Inc. 2021 Stock Option and Incentive Plan, as amended through the date
hereof (the “Plan”), Vigil Neuroscience, Inc. (the “Company”) hereby grants an award of the number of Restricted Stock Units listed above (an “Award”) to the Grantee named above. Each Restricted Stock Unit shall relate
to one share of Common Stock, par value $0.0001 per share (the “Stock”), of the Company. 
 1. Restrictions on Transfer of
Award. This Award may not be sold, transferred, pledged, assigned or otherwise encumbered or disposed of by the Grantee, and any shares of Stock issuable with respect to the Award may not be sold, transferred, pledged, assigned or otherwise
encumbered or disposed of until (i) the Restricted Stock Units have vested as provided in Paragraph 2 of this Agreement and (ii) shares of Stock have been issued to the Grantee in accordance with the terms of the Plan and this Agreement.

 2. Vesting of Restricted Stock Units. The restrictions and conditions of Paragraph 1 of this Agreement shall lapse on the
Vesting Date or Dates specified in the following schedule so long as the Grantee remains in a Service Relationship on such Vesting Dates. If a series of Vesting Dates is specified, then the restrictions and conditions in Paragraph 1 shall lapse
only with respect to the number of Restricted Stock Units specified as vested on such date. 
  

					
	 Incremental Number of
Restricted Stock
Units Vested
	  	Vesting Date	 
		
	             (    %)	  			
	             (    %)	  			
	             (    %)	  			
	             (    %)	  			

 The Administrator may at any time accelerate the vesting schedule specified in this Paragraph 2. 

3. Termination of Service Relationship. If the Grantee’s Service Relationship terminates for any reason (including death or
disability) prior to the satisfaction of the vesting conditions set forth in Paragraph 2 above, any Restricted Stock Units that have not vested as of such date shall automatically and without notice terminate and be forfeited, and neither the
Grantee nor any of his or her successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in such unvested Restricted Stock Units. 

  
 33 

 4. Issuance of Shares of Stock. As soon as practicable following each Vesting Date
(but in no event later than two and one-half months after the end of the year in which the Vesting Date occurs), the Company shall issue to the Grantee the number of shares of Stock equal to the aggregate
number of Restricted Stock Units that have vested pursuant to Paragraph 2 of this Agreement on such date and the Grantee shall thereafter have all the rights of a stockholder of the Company with respect to such shares. 

5. Incorporation of Plan. Notwithstanding anything herein to the contrary, this Agreement shall be subject to and governed by all the
terms and conditions of the Plan, including the powers of the Administrator set forth in Section 2(b) of the Plan. Capitalized terms in this Agreement shall have the meaning specified in the Plan, unless a different meaning is specified herein.

 6. Tax Withholding. The Grantee shall, not later than the date as of which the receipt of this Award becomes a taxable event for
Federal income tax purposes, pay to the Company or make arrangements satisfactory to the Administrator for payment of any Federal, state, and local taxes required by law to be withheld on account of such taxable event. The Company shall have the
authority to cause the required tax withholding obligation to be satisfied, in whole or in part, by (i) withholding from shares of Stock to be issued to the Grantee a number of shares of Stock with an aggregate Fair Market Value that would
satisfy the withholding amount due; or (ii) causing its transfer agent to sell from the number of shares of Stock to be issued to the Grantee, the number of shares of Stock necessary to satisfy the Federal, state and local taxes required by law
to be withheld from the Grantee on account of such transfer. 
 7. Section 409A of the Code. This Agreement shall be interpreted in
such a manner that all provisions relating to the settlement of the Award are exempt from the requirements of Section 409A of the Code as “short-term deferrals” as described in Section 409A of the Code. 

8. No Obligation to Continue Service Relationship. Neither the Company nor any Subsidiary is obligated by or as a result of the Plan or
this Agreement to continue the Grantee’s Service Relationship and neither the Plan nor this Agreement shall interfere in any way with the right of the Company or any Subsidiary to terminate the Grantee’s Service Relationship at any time.

 9. Integration. This Agreement constitutes the entire agreement between the parties with respect to this Award and supersedes all
prior agreements and discussions between the parties concerning such subject matter. 
 10. Data Privacy Consent. In order to
administer the Plan and this Agreement and to implement or structure future equity grants, the Company, its subsidiaries and affiliates and certain agents thereof (together, the “Relevant Companies”) may process any and all personal or
professional data, including but not limited to Social Security or other identification number, home address and telephone number, date of birth and other information that is necessary or desirable for the administration of the Plan and/or this
Agreement (the “Relevant Information”). By entering 

  
 34 

 
into this Agreement, the Grantee (i) authorizes the Company to collect, process, register and transfer to the Relevant Companies all Relevant Information; (ii) waives any privacy rights
the Grantee may have with respect to the Relevant Information; (iii) authorizes the Relevant Companies to store and transmit such information in electronic form; and (iv) authorizes the transfer of the Relevant Information to any
jurisdiction in which the Relevant Companies consider appropriate. The Grantee shall have access to, and the right to change, the Relevant Information. Relevant Information will only be used in accordance with applicable law. 

11. Notices. Notices hereunder shall be mailed or delivered to the Company at its principal place of business and shall be mailed or
delivered to the Grantee at the address on file with the Company or, in either case, at such other address as one party may subsequently furnish to the other party in writing. 

 

			
	VIGIL NEUROSCIENCE, INC.

 
			
		
	By:	 	  

		 	Title:

 The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby agreed to by the undersigned.
Electronic acceptance of this Agreement pursuant to the Company’s instructions to the Grantee (including through an online acceptance process) is acceptable. 
  

							
	Dated:	 	  
	 		 	  

		 		 		 	Grantee’s Signature
				
		 		 		 	Grantee’s name and address:
				
		 		 		 	  

				
		 		 		 	  

				
		 		 		 	  

  
 35 

 RESTRICTED STOCK UNIT AWARD AGREEMENT 

FOR NON-EMPLOYEE DIRECTORS 

UNDER THE VIGIL NEUROSCIENCE, INC. 

2021 STOCK OPTION AND INCENTIVE PLAN 
  

							
	Name of Grantee:	  	  
	  	
				
	No. of Restricted Stock Units:	  	  
	  		  	
				
	Grant Date:	  	  
	  		  	

 Pursuant to the Vigil Neuroscience, Inc. 2021 Stock Option and Incentive Plan, as amended through the date
hereof (the “Plan”), Vigil Neuroscience, Inc. (the “Company”) hereby grants an award of the number of Restricted Stock Units listed above (an “Award”) to the Grantee named above. Each Restricted Stock Unit shall relate
to one share of Common Stock, par value $0.0001 per share (the “Stock”), of the Company. 
 1. Restrictions on Transfer of
Award. This Award may not be sold, transferred, pledged, assigned or otherwise encumbered or disposed of by the Grantee, and any shares of Stock issuable with respect to the Award may not be sold, transferred, pledged, assigned or otherwise
encumbered or disposed of until (i) the Restricted Stock Units have vested as provided in Paragraph 2 of this Agreement and (ii) shares of Stock have been issued to the Grantee in accordance with the terms of the Plan and this Agreement.

 2. Vesting of Restricted Stock Units. The restrictions and conditions of Paragraph 1 of this Agreement shall lapse on the
Vesting Date or Dates specified in the following schedule so long as the Grantee remains in a Service Relationship on such Vesting Dates. If a series of Vesting Dates is specified, then the restrictions and conditions in Paragraph 1 shall lapse
only with respect to the number of Restricted Stock Units specified as vested on such date. 
  

					
	 Incremental Number
of
Restricted Stock Units Vested
	  	Vesting Date	 
		
	             (    %)	  			
	             (    %)	  			
	             (    %)	  			
	             (    %)	  			

 Notwithstanding anything to the contrary herein or in the Plan, all outstanding Restricted Stock Units shall
become fully vested upon a Sale Event; provided that the Grantee remains in a Service Relationship through the consummation of the Sale Event. The Administrator may at any time accelerate the vesting schedule specified in this Paragraph 2. 

3. Termination of Service Relationship. If the Grantee’s Service Relationship terminates for any reason (including death or
disability) prior to the satisfaction of the vesting 

  
 36 

 
conditions set forth in Paragraph 2 above, any Restricted Stock Units that have not vested as of such date shall automatically and without notice terminate and be forfeited, and neither the
Grantee nor any of his or her successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in such unvested Restricted Stock Units. 

4. Issuance of Shares of Stock. As soon as practicable following each Vesting Date (but in no event later than two and one-half months after the end of the year in which the Vesting Date occurs), the Company shall issue to the Grantee the number of shares of Stock equal to the aggregate number of Restricted Stock Units that have
vested pursuant to Paragraph 2 of this Agreement on such date and the Grantee shall thereafter have all the rights of a stockholder of the Company with respect to such shares. 

5. Incorporation of Plan. Notwithstanding anything herein to the contrary, this Agreement shall be subject to and governed by all the
terms and conditions of the Plan, including the powers of the Administrator set forth in Section 2(b) of the Plan. Capitalized terms in this Agreement shall have the meaning specified in the Plan, unless a different meaning is specified herein.

 6. Section 409A of the Code. This Agreement shall be interpreted in such a manner that all provisions relating to the settlement
of the Award are exempt from the requirements of Section 409A of the Code as “short-term deferrals” as described in Section 409A of the Code. 

7. No Obligation to Continue Service Relationship. Neither the Plan nor this Award confers upon the Grantee any rights with respect to
a continued Service Relationship. 
 8. Integration. This Agreement constitutes the entire agreement between the parties with respect
to this Award and supersedes all prior agreements and discussions between the parties concerning such subject matter. 
 9. Data Privacy
Consent. In order to administer the Plan and this Agreement and to implement or structure future equity grants, the Company, its subsidiaries and affiliates and certain agents thereof (together, the “Relevant Companies”) may process
any and all personal or professional data, including but not limited to Social Security or other identification number, home address and telephone number, date of birth and other information that is necessary or desirable for the administration of
the Plan and/or this Agreement (the “Relevant Information”). By entering into this Agreement, the Grantee (i) authorizes the Company to collect, process, register and transfer to the Relevant Companies all Relevant Information;
(ii) waives any privacy rights the Grantee may have with respect to the Relevant Information; (iii) authorizes the Relevant Companies to store and transmit such information in electronic form; and (iv) authorizes the transfer of the
Relevant Information to any jurisdiction in which the Relevant Companies consider appropriate. The Grantee shall have access to, and the right to change, the Relevant Information. Relevant Information will only be used in accordance with applicable
law. 

  
 37 

 10. Notices. Notices hereunder shall be mailed or delivered to the Company at its
principal place of business and shall be mailed or delivered to the Grantee at the address on file with the Company or, in either case, at such other address as one party may subsequently furnish to the other party in writing. 

 

			
	VIGIL NEUROSCIENCE, INC.

 
			
		
	By:	 	  

		 	Title:

 The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby agreed to by the undersigned.
Electronic acceptance of this Agreement pursuant to the Company’s instructions to the Grantee (including through an online acceptance process) is acceptable. 
  

							
	Dated:	 	  
	 		 	  

		 		 		 	Grantee’s Signature
				
		 		 		 	Grantee’s name and address:
				
		 		 		 	  

				
		 		 		 	  

				
		 		 		 	  

  
 38 

 RESTRICTED STOCK AWARD AGREEMENT 

UNDER THE VIGIL NEUROSCIENCE, INC. 

2021 STOCK OPTION AND INCENTIVE PLAN 
  

							
	Name of Grantee:	  	  
	  	
				
	No. of Shares:	  	  
	  		  	
				
	Grant Date:	  	  
	  		  	

 Pursuant to the Vigil Neuroscience, Inc. 2021 Stock Option and Incentive Plan, as amended through the date
hereof (the “Plan”), Vigil Neuroscience, Inc. (the “Company”) hereby grants a Restricted Stock Award (an “Award”) to the Grantee named above. Upon acceptance of this Award, the Grantee shall receive the number of shares
of Common Stock, par value $0.0001 per share (the “Stock”), of the Company specified above, subject to the restrictions and conditions set forth herein and in the Plan. The Company acknowledges the receipt from the Grantee of consideration
with respect to the par value of the Stock in the form of cash, past or future services rendered to the Company by the Grantee or such other form of consideration as is acceptable to the Administrator. 

1. Award. The shares of Restricted Stock awarded hereunder shall be issued and held by the Company’s transfer agent in book entry
form, and the Grantee’s name shall be entered as the stockholder of record on the books of the Company. Thereupon, the Grantee shall have all the rights of a stockholder with respect to such shares, including voting and dividend rights,
subject, however, to the restrictions and conditions specified in Paragraph 2 below. The Grantee shall (i) sign and deliver to the Company a copy of this Award Agreement and (ii) deliver to the Company a stock power endorsed in blank.

 2. Restrictions and Conditions. 

(a) Any book entries for the shares of Restricted Stock granted herein shall bear an appropriate legend, as determined by the Administrator
in its sole discretion, to the effect that such shares are subject to restrictions as set forth herein and in the Plan. 
 (b) Shares of
Restricted Stock granted herein may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of by the Grantee prior to the applicable Vesting Date indicated in Paragraph 3 below. 

(c) If the Grantee’s Service Relationship is terminated for any reason (including due to death or disability) prior to vesting of shares
of Restricted Stock granted herein, all shares of Restricted Stock shall immediately and automatically be forfeited and returned to the Company. 

3. Vesting of Restricted Stock. The restrictions and conditions in Paragraph 2 of this Agreement shall lapse on the Vesting Date
or Dates specified in the following schedule so long as the Grantee remains in a Service Relationship on such Vesting Dates. If a series of Vesting Dates is specified, then the restrictions and conditions in Paragraph 2 shall lapse only with
respect to the number of shares of Restricted Stock specified as vested on such date. 
  

					
	 Incremental Number
of Shares
Vested
	  	Vesting Date	 
		
	             (    %)	  			
	             (    %)	  			
	             (    %)	  			
	             (    %)	  			

  
 39 

 Subsequent to such Vesting Date or Dates, the shares of Stock on which all restrictions and
conditions have lapsed shall no longer be deemed Restricted Stock. [Notwithstanding anything to the contrary herein or in the Plan, all outstanding shares of Restricted Stock shall become fully vested upon a Sale Event; provided that the Grantee
remains in a Service Relationship through the consummation of the Sale Event.]1 The Administrator may at any time accelerate the vesting schedule specified in this Paragraph 3. 

4. Dividends. The Grantee shall be entitled to receive all dividends or other distributions paid with respect to the shares of
Restricted Stock. 
 5. Incorporation of Plan. Notwithstanding anything herein to the contrary, this Award shall be subject to and
governed by all the terms and conditions of the Plan, including the powers of the Administrator set forth in Section 2(b) of the Plan. Capitalized terms in this Agreement shall have the meaning specified in the Plan, unless a different meaning
is specified herein. 
 6. Transferability. This Agreement is personal to the Grantee, is
non-assignable and is not transferable in any manner, by operation of law or otherwise, other than by will or the laws of descent and distribution. 

7. Tax Withholding. The Grantee shall, not later than the date as of which the receipt of this Award becomes a taxable event for
Federal income tax purposes, pay to the Company or make arrangements satisfactory to the Administrator for payment of any Federal, state, and local taxes required by law to be withheld on account of such taxable event. The Company shall have the
authority to cause the required tax withholding obligation to be satisfied, in whole or in part, by (i) withholding from shares of Stock to be issued or released by the transfer agent a number of shares of Stock with an aggregate Fair Market
Value that would satisfy the withholding amount due; or (ii) causing its transfer agent to sell from the number of shares of Stock to be issued or released by the transfer agent, the number of shares of Stock necessary to satisfy the Federal,
state and local taxes required by law to be withheld from the Grantee on account of such transfer. 
 8. Election Under
Section 83(b). The Grantee and the Company hereby agree that the Grantee may, within 30 days following the Grant Date of this Award, file with the Internal 

 

	1 	 Note to Draft: To be included only in grants made to
Non-Employee Directors. 

  
 40 

 
Revenue Service and the Company an election under Section 83(b) of the Code. In the event the Grantee makes such an election, he or she agrees to provide a copy of the election to the
Company. The Grantee acknowledges that he or she is responsible for obtaining the advice of his or her tax advisors with regard to the Section 83(b) election and that he or she is relying solely on such advisors and not on any statements or
representations of the Company or any of its agents with regard to such election. 
 9. No Obligation to Continue Service
Relationship. Neither the Company nor any Subsidiary is obligated by or as a result of the Plan or this Agreement to continue the Grantee in a Service Relationship and neither the Plan nor this Agreement shall interfere in any way with the right
of the Company or any Subsidiary to terminate the Grantee’s Service Relationship at any time. 
 10. Integration. This Agreement
constitutes the entire agreement between the parties with respect to this Award and supersedes all prior agreements and discussions between the parties concerning such subject matter. 

11. Data Privacy Consent. In order to administer the Plan and this Agreement and to implement or structure future equity grants, the
Company, its subsidiaries and affiliates and certain agents thereof (together, the “Relevant Companies”) may process any and all personal or professional data, including but not limited to Social Security or other identification number,
home address and telephone number, date of birth and other information that is necessary or desirable for the administration of the Plan and/or this Agreement (the “Relevant Information”). By entering into this Agreement, the Grantee
(i) authorizes the Company to collect, process, register and transfer to the Relevant Companies all Relevant Information; (ii) waives any privacy rights the Grantee may have with respect to the Relevant Information; (iii) authorizes
the Relevant Companies to store and transmit such information in electronic form; and (iv) authorizes the transfer of the Relevant Information to any jurisdiction in which the Relevant Companies consider appropriate. The Grantee shall have
access to, and the right to change, the Relevant Information. Relevant Information will only be used in accordance with applicable law. 

  
 41 

 12. Notices. Notices hereunder shall be mailed or delivered to the Company at its
principal place of business and shall be mailed or delivered to the Grantee at the address on file with the Company or, in either case, at such other address as one party may subsequently furnish to the other party in writing. 

 

			
	VIGIL NEUROSCIENCE, INC.

 
			
		
	By:	 	  

		 	Title:

 The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby agreed to by the undersigned.
Electronic acceptance of this Agreement pursuant to the Company’s instructions to the Grantee (including through an online acceptance process) is acceptable. 
  

							
	Dated:	 	  
	 		 	  

		 		 		 	Grantee’s Signature
				
		 		 		 	Grantee’s name and address:
				
		 		 		 	  

				
		 		 		 	  

				
		 		 		 	  

  
 42

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