Document:

Exhibit 10.21

 

EXCLUSIVE LICENSE AGREEMENT

 

This Exclusive License Agreement (this "Agreement")
effective as of March 19, 2014, is by and between Olfactor Laboratories, Inc., a Delaware corporation ("OLI"), with
its principal address at 1650 Spruce St., 5th Floor, Riverside, CA 92507, and YuYu Pharma, Inc. ("YUYU")
with its principal address at 358-9, Sindang-dong, Jung-gu, Seoul, 100-828, Korea. OLI and YUYU are sometimes referred to herein
each individually as a "Party," and collectively, as the "Parties."

 

RECITALS

 

A.         WHEREAS, OLI owns and/or has rights
to certain patented or patent pending technologies and is developing a line of products using these technologies that will be
marketed under the "Kite" brand (collectively the "Licensed Products").

 

B.         WHEREAS, YUYU has a proven track-record
of developing, distributing, and marketing innovative products throughout numerous countries and across sectors and industries,
and has shown a true desire to form a strong partnership between YUYU and OLI;

 

C.         WHEREAS, YUYU proposes to license the
Licensed Products from OLI for the exclusive sale and distribution throughout the Territory, as defined herein;

 

D.         WHEREAS, OLI has agreed to enter into
this Agreement to license the Licensed Products to YUYU in exchange for the consideration contained in this Agreement;

 

E.         WHEREAS, YUYU recognizes the market
potential for the products that OLI plans to develop.;

 

F.         WHEREAS, OLI believes that licensing
the Licensed Products to YUYU is in the best interests of OLI and its shareholders; and,

 

G.         WHEREAS, in light of the foregoing,
the Parties wish to enter into this exclusive license agreement with respect to all opportunities throughout the Territory under
the terms and conditions set forth in this Agreement and subject to the rights of other parties in the Licensed Products.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the mutual
benefit to inure to the Parties hereunder, the consideration, promises, covenants and undertakings set forth herein, and for other
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the Parties, the Parties hereby
agree as follows:

 

ARTICLE 1.

DEFINITIONS

 

As used herein, the following capitalized
terms shall have the following meanings. All other capitalized terms used in this Agreement are defined elsewhere herein.

 

1.1        "Affiliate" means any
person or entity controlling, controlled by, or under common control with such Party. For purposes of this Agreement, the term
-control" shall refer to (i) the possession, directly or indirectly, of the power to direct the management or
policies of a person or entity, whether through the ownership of voting securities, by contract or otherwise, or (ii) the ownership,
directly or indirectly, of at least 50% of the voting securities or other ownership interest of a person or entity.

 

    	Page 1

    	 

    

 

1.2        "Effective Date" of
this Agreement means the date first written above.

 

1.3        "Licensed Product"
means any product made available for sale by OLI under the "Kite" brand name.

 

1.4        "Term"
means the nine-year period covering the grant of the License hereunder, commencing on April 1, 2014 and ending on March 31, 2023.

 

1.5        "Territory"
means the countries of South Korea, Malaysia and Indonesia.

 

1.6        "Third
Party" means any person or entity other than YUYU, OLI or any Affiliate of either YUYU or OLI.

 

ARTICLE 2.

REPRESENTATIONS AND WARRANTIES; ACKNOWLEDGEMENTS

 

2.1        REPRESENTATIONS
AND WARRANTIES OF BOTH PARTIES. Each Party represents and warrants to the other Party that: (i) it is free to enter into this
Agreement; (ii) in so doing, it will not violate any other agreement to which it is a party; and (iii) it has taken all corporate
action necessary to authorize the execution and delivery of this Agreement and the performance of its obligations under this Agreement.

 

2.2        DISCLAIMER
OF OTHER WARRANTIES. EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES MADE BY OLI IN SECTION 2.1 HEREOF, EACH PARTY HEREBY ACKNOWLEDGES
THAT THE LICENSED PRODUCTS ARE PROVIDED "AS IS", WITHOUT REPRESENTATION REGARDING WARRANTY OF MERCHANTABILITY OR FITNESS
FOR A PARTICULAR PURPOSE OR ANY OTHER REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED.

 

2.3        REPRESENTATIONS
OF YUYU. YUYU represents to OLI that it shall use commercially reasonable efforts to ensure the following actions are undertaken
as follows:

 

(a)        Successfully file the appropriate application
(s) for regulatory approval for each country within the Territory in the name of, on behalf of and for the exclusive benefit of
OLI, no later than the later of June 1, 2015 or 90 days following the product-specific materials and dossier being made ready
for application by OLI;

 

(b)        Obtain successfully all necessary regulatory
approvals required in each Territory for Licensed Products prior to the first sale of each Licensed Product chosen for distribution
by YUYU;

 

2.4        REPRESENTATIONS OF OLI. OLI will
provide YUYU with a dossier of materials required by the U.S. EPA for the regulatory applications required in each country. Should
a specific country application require additional data, materials, or unique information, and these items are not found in the
dossier provided by OLI, then OLI and YUYU will equally (50%/50%) share the costs of obtaining said items.

 

    	Page 2

    	 

    

 

2.5        ACKNOWLEDGEMENTS
OF YUYU. The License granted hereunder covers Kite products. YUYU hereby acknowledges that: (i) OLI is currently in development
for the first Kite-branded product. the "Kite Patch", which is in prototype stages; (ii) OLI makes no representations
about the costs, performance, or merchantability of the "Kite Patch" nor the complete schedule of additional Kite Products;
and (iii) OLI will work in good faith to complete the product and present pricing that is reasonable and aligned with overall
product positioning and marketing.

 

2.6        PRODUCT
DEVELOPMENT. YUYU further acknowledges and understands OLI is developing a range of products within the Kite family, of which
many will be prepared for consumer markets. Because the technology is novel and without comparison or precedence in the marketplace
today, OLI cannot guarantee or make representations relating to the timing, characteristics, quality, performance, or costs and
pricing for Licensed Products or that any Kite Products currently envisioned will ever become market-ready.

 

ARTICLE 3.

LICENSE GRANT

 

3.1        GRANT
OF LICENSES. Subject to the terms and conditions of this Agreement, OLI hereby grants to YUYU an exclusive license throughout
the Territory to sell and distribute the Licensed Products.

 

3.2        RESERVATION
OF RIGHTS. The licenses granted in Section 3.1 of this Agreement are subject to the rights and remedies of OLI contained in
this Agreement or at law or in equity. Additionally, YUYU shall only sell and distribute the Licensed Products within the countries
listed in this agreement, and must seek approval from OLI for any external market opportunities, including but not limited to,
e-commerce or international sales.

 

3.3        RIGHT
TO GRANT SUBLICENSES. YUYU shall have the right to sublicense the Licensed Products with the prior written consent of OLI,
for which consent may not be unreasonably withheld. If OLI has not disapproved a particular sublicense within thirty (30) days
after receiving a written request from YUYU to approve such sublicense, then the sublicense shall be deemed approved by OLI. Any
sublicense granted by YUYU with such prior written approval pursuant to this Agreement shall be consistent with the provisions
of this Agreement. Further, the right to sublicense any or all of the rights granted to YUYU shall (i) be made pursuant to a binding
and written agreement which protects OLI's interests and rights at least the same extent as this Agreement, (ii) contain provisions
for the benefit of OLI substantially similar in language and scope to the terms and conditions of this Agreement, and (iii) be
of no greater scope than the license granted to YUYU in Section 3.1. YUYU shall provide OLI a copy of each fully executed sublicense
agreement in which YUYU sublicenses any or all of the rights set forth in Section 3.1 which YUYU may enter into during the term
of this Agreement. Notwithstanding the grant of any such sublicense(s), YUYU shall remain fully liable for the performance of
its obligations hereunder.

 

ARTICLE 4.

LICENSE FEES; PAYMENTS

 

4.1        LICENSE
FEE. There shall be no upfront fee associated with the grant of the License hereunder; the grant of the License hereunder
shall be subject to the minimum annual payments as set forth in Section 4.3, below.

 

4.2        LICENSE
DURATION; RENEWAL PERIOD. YUYU will be granted the exclusive License covering the Licensed Products for a period of nine (9)
years, commencing as of April 1, 2014 and continuing through March 31, 2023 (the "Term"), assuming all requirements
set forth herein are satisfied.

 

    	Page 3

    	 

    

 

4.3        MINIMUM
PAYMENTS.

 

(a)        To ensure a reasonable level of sales
and to guarantee revenues for OLI, the License granted hereunder will require minimum payments to be remitted to OLI by YUYU
in years four through nine of the Term as specifically set forth below. Each annual minimum payment shall be broken into four
quarterly payments, which shall be made quarterly, in advance. Each Minimum Payment will be credited by OLI to the account of
YUYU and such credit shall be applied to future purchases of Licensed Products up to the amount of the Minimum Payment or Payments
received and not previously credited, such credit shall be applied to all inventory purchases of the Licensed Products until the
balance reaches $0, at which point YUYU will purchase inventory via routine Purchase Orders and payment processes. Should YUYU
remit any quarterly payment due hereunder and then terminate this Agreement, OLI shall not be responsible to refund any amount
previously remitted and not credited against the purchase of the Licensed Product at the time of YUYU's termination.

 

(b)        Minimum
Payments. During the Term, YUYU shall pay minimum annual payments ("Minimum Payments"), divided into four equal
payments due at the beginning of each quarter (each a "Quarterly Minimum Payment"), according to the schedule below
of the annual minimum payment amounts per year:

 

	Year(s) Beginning	 	Minimum Payment Total per Year	 
	April 1, 2017	 	$	1,000,000	 
	April 1, 2018	 	$	3,000,000	 
	April 1, 2019	 	$	5,000,000	 
	April 1, 2020	 	$	6,000,000	 
	April 1, 2021	 	$	7,000,000	 
	April 1, 2022	 	$	8,000,000	 

 

Additionally, the Parties agree that prior
the conclusion of the sixth (6th) year of the Term (2019), the Parties will, in good faith, discuss implementing a net payment
terms and minimum order quantity ("MOQ") payment scheme, in lieu of the "Minimum Payment" schedule as shown
above, that would begin from the seventh (7th) year of the Term (2020).

 

Additionally and for the avoidance of doubt,
all Minimum Payments set forth in this Section 4.3, shall be made in advance for each quarter for those years that the Minimum
Payments are due, such payments must be received by OLI from YUYU prior to the advance by OLI of any applied credit for inventory
purchases. Further, it is understood by the Parties that any payments by YUYU during any given year in excess of the Minimum Payment
shall not affect or otherwise reduce in any way the following years Minimum Payment obligation.

 

4.4        TERM
OF PAYMENT OBLIGATIONS. The Minimum Payment obligations specified in Section 4.3 above shall continue as to the Licensed Product
in the Territory until the conclusion of the Term. If YUYU fails to fulfill any Minimum Quarterly Payment as set forth herein,
OLI, at its sole discretion, will have the option to terminate this agreement or unilaterally convert the license to a non-exclusive
license. Additionally, in the event of a delay of availability of the Licensed Products to YUYU, and such delay continues for
a period of three (3) or more months, the Quarterly Minimum Payments shall be suspended until such time the Licensed Product is
made available to YUYU.

 

    	Page 4

    	 

    

 

4.5        COSTS
ASSOCIATED WITH THE LICENSE. YUYU shall be solely responsible for any and all costs and fees associated with selling the Licensed
Products within the Territory, including but not limited to, all costs and fees relating to the registration and approval for
the sale of the Licensed Product within the Territory, with the following EXCEPTION: should a specific country application require
additional data, materials, or unique information for the purposes of registration and approval, and such items are not found
in the dossier provided by OLI, then OLI and YUYU will equally (50%/50%) share the costs of obtaining said items.

 

4.6        PAYMENTS
BY YUYU. The Minimum Payments, pursuant to Section 4.3 hereof, must be received by OLI on the first business days of each
quarter in which the Minimum Quarterly Payment is due.

 

4.7        PLACE
OF PAYMENT. All Minimum Payments due to OLI shall be payable in United States dollars by wire transfer to a bank account designated
by OLI from time to time.

 

4.8        INTEREST.
All Minimum Payments due hereunder from YUYU that are not paid to OLI when due and payable as specified in this Agreement shall
bear interest at an annual rate equal to the prime rate ("Prime Rate") for U.S. dollar deposits in effect from time
to time, as published daily in the Wall Street Journal plus 3% on the principal amount owed (but not compounded) from the date
due until paid, or at such lower rate of interest as shall then be the maximum rate permitted by applicable law.

 

ARTICLE 5.

CONFIDENTIALITY

 

5.1        CONFIDENTIALITY;
EXCEPTIONS. Except to the extent expressly authorized by this Agreement or otherwise agreed in writing, the Parties agree
that, for the term of this Agreement and for three (3) years thereafter (but in no event less than ten (10) years from the Effective
Date), the receiving Party shall keep completely confidential and shall not publish or otherwise disclose and shall not use for
any purpose other than proper performance hereunder any information furnished to it by the other Party pursuant to this Agreement,
except to the extent that it can be established by the receiving Party by competent proof that such information:

 

(a)        was already known to the receiving
Party, other than under an obligation of confidentiality, at the time of disclosure by the other Party;

 

(b)        was generally available to the public
or otherwise part of the public domain at the time of its disclosure to the receiving Party;

 

(c)        became generally available to the public
or otherwise part of the public domain after its disclosure and other than through any act or omission of the receiving Party
in breach of this Agreement; and,

 

(d)        was independently developed by or for
the receiving Party by persons not having access to such information, as determined by the written records of such party.

 

Each Party may disclose the other's information
to the extent such disclosure is reasonably necessary in filing or prosecuting Patents, prosecuting or defending litigation, complying
with applicable governmental regulations (including federal and state securities laws, rules and regulations) or undertaking basic
research with outside collaborators, provided that if a Party is required by law to make any such disclosure of the other Party's
secret or confidential information it will, except where impracticable for necessary disclosures, give reasonable advance notice
to the other Party of such disclosure requirement and, except to the extent inappropriate in the case of patent applications,
will use its best efforts to secure confidential treatment of such information required to be disclosed.

 

    	Page 5

    	 

    

 

ARTICLE 6.

INDEMNIFICATION

 

6.1        INDEMNIFICATION
BY YUYU. YUYU shall defend, indemnify and hold OLI, its officers, directors, employees and consultants harmless from and against
any and all Third Party claims, suits or demands, threatened or filed. ("Claims") for liability, damages, losses, costs
and expenses (including the costs and expenses of attorneys and other professionals), at both trial and appellate levels, relating
to the distribution, testing, manufacture, use, lease, sale, consumption on or application of Licensed Products by YUYU, its Affiliates
and its Sublicensee (s) pursuant to this Agreement, including, without limitation, claims for any loss, damage, or injury to persons
or property, or loss of life, relating to the promotion and advertising of Licensed Products and/or interactions and communications
with governmental authorities or other Third Parties relating to the Licensed Products. The foregoing indemnification shall not
apply to any Third Party Claims to the extent are caused by the gross negligence or willful misconduct of OLI.

 

6.2        INDEMNIFICATION
BY OLI. OLI shall defend, indemnify and hold YUYU, its officers, directors, employees and consultants harmless from and against
any and all Third Party Claims for liability, damages, losses, costs and expenses (including the costs and expenses of attorneys
and other professionals), at both trial and appellate levels, relating to OLI's activities contemplated under this Agreement,
including, but not limited to, (a) breach of the representations, warranties and obligations of OLI hereunder, or (b) any tax,
duty, levy or government imposition on any sums payable by YUYU to OLI hereunder. The foregoing indemnification shall not apply
to any Claims to the extent caused by the gross negligence or willful misconduct of YUYU.

 

6.3        NOTICE.
In the event that either Party seeks indemnification under Sections 6.1 or 6.2, the Party seeking indemnification agrees to (i)
promptly inform the other Party of the Third Party Claim, (ii) permit the other Party to assume direction and control of the defense
or claims resulting therefrom (including the right to settle it at the sole discretion of that Party), and (iii) cooperate as
reasonably requested (at the expense of that Party) in the defense of the Claim.

 

ARTICLE 7.

TERMINATION

 

7.1        TERMINATION
UPON BREACH. Failure by either Party to comply with any of the material obligations contained in this Agreement shall entitle
the other Party to give to the Party in default written notice specifying the nature of the default and requiring it to cure such
default. If such default is not cured within thirty (30) days after the receipt of such notice (or, if such default cannot be
cured within such thirty (30) day period, if the Party in default does not commence and diligently continue actions to cure such
default or if the default is the result of YUYU's failure to make any requisite payment to OLI pursuant to the terms and conditions
hereof, then such termination shall be made effectively immediately), the notifying Party shall be entitled, without prejudice
to any of its other rights conferred on it by this Agreement, in addition to any other remedies available to it by law or in equity,
to terminate this Agreement by giving written notice to take effect within thirty (30) days after such notice unless the defaulting
Party shall cure such default within said thirty (30) days. The right of either Party to terminate this Agreement, as hereinabove
provided, shall not be affected in any way by its waiver or failure to take action with respect to any previous default.

 

    	Page 6

    	 

    

 

7.2        TERMINATION
BY OLI. OLI shall have the right to terminate the License granted herein, in whole or as to any Licensed Product in any country
in the Territory, at any time, and from time to time, by giving written notice to YUYU, upon the occurrence of any of the following:

 

(a)        the filing by YUYU of a petition in
bankruptcy or insolvency; or

 

(b)        any adjudication that YUYU is bankrupt
or insolvent; or

 

(c)        the appointment of a receiver for all
or substantially all of the property of YUYU; or

 

(d)        the making by YUYU of any general assignment
of its assets for the benefit of its creditors; or

 

(e)        the institution of any proceedings
for the liquidation or winding up of YUYU's business or for the termination of its charter; or,

 

(f)        the failure of YUYU to make any payments
due to OLI hereunder, without regard to such cure period as set forth in Section 8.1 above.

 

Such termination shall be effective immediately
as of that date of YUYU's receipt of such written notice, subject to Section 8.4.

 

7.3        TERMINATION
BY YUYU. YUYU shall have the right to terminate the License granted herein, at any time, by giving written notice to OLI.
Such termination shall be effective immediately as of that date of OLI's receipt of such written notice, subject to Section 7.5.
Upon the termination of this Agreement, YUYU shall have no obligation to make any further Minimum Payments as set forth in Section
4.3 of this Agreement.

 

7.4        EFFECT
OF TERMINATION. Upon the termination of any license granted herein as to any Licensed Product in any country in the Territory,
YUYU shall promptly: (i) return to OLI all relevant records, materials or confidential information of OLI concerning the Licensed
Products in such country in the possession or control of YUYU or any of its Affiliates, except that one copy of such materials
may be retained for recordkeeping purposes; and (ii) assign to OLI, or OLI's designee, its registrations with governmental authorities,
licensees, and approvals of such Licensed Product in such country, at OLI's sole expense.

 

7.5        SURVIVING
RIGHTS. The Parties' obligations under Article 5, Sections 6.1, 6.2, 6.3, Article 8, Sections 9.6 and 9.10 shall survive termination.

 

7.6        ACCRUED
RIGHTS, SURVIVING OBLIGATIONS. Termination, relinquishment or expiration of this Agreement for any reason shall be without
prejudice to any rights which shall have accrued to the benefit of either Party under this Agreement prior to such termination,
relinquishment or expiration. Such termination, relinquishment or expiration shall not relieve either Party from obligations,
which are expressly indicated to survive termination or expiration of this Agreement.

 

ARTICLE 8.

UNITED STATES GOVERNMENT LAWS AND REGULATIONS

 

8.1        This Agreement is subject to all United
States laws and regulations relating to exports and to all administrative acts of the U.S. Government pursuant to such laws and
regulations.

 

8.2        The Parties to this Agreement agree
that the obligations contained in this Agreement shall not affect the performance of any obligations created by prior contracts
or subcontracts that the Parties may have individually or collectively with the U.S. Government.

 

    	Page 7

    	 

    

 

ARTICLE 9.

MISCELLANEOUS PROVISIONS

 

91        RELATIONSHIP
OF PARTIES. Nothing in this Agreement is or shall be deemed to constitute a partnership, agency, employee or joint venture
relationship between the Parties. Neither Party shall incur any debts or make any commitments for the other, except to the extent,
if at all, specifically provided herein.

 

9.2        ASSIGNMENT.
Except as otherwise provided herein, neither this Agreement nor any interest hereunder shall be assignable by any Party without
the prior written consent of the other; provided, however, that either Party may assign this Agreement to a parent company or
any wholly-owned subsidiary or to any successor by merger or sale of substantially all of its assets to which this Agreement relates
in a manner such that the assignor shall remain liable and responsible for the performance and observance of all its duties and
obligations hereunder. This Agreement shall be binding upon the successors and permitted assigns of the parties and the name of
a Party appearing herein shall be deemed to include the names of such Party's successors and permitted assigns to the extent necessary
to carry out the intent of this Agreement. Any assignment not in accordance with this Section 9.2 shall be void.

 

9.3        FURTHER
ACTIONS. Each Party agrees to execute, acknowledge and deliver such further instructions, and to do all such other acts, as
may be necessary or appropriate in order to carry out the purposes and intent of this Agreement.

 

9.4        FORCE
MAJEURE. Neither Party shall be liable to the other for loss or damages nor shall have any right to terminate this Agreement
for any default or delay attributable to any act of God, flood, fire, explosion, strike, lockout, labor dispute, shortage of raw
materials, casualty, accident, war, revolution, civil commotion, act of public enemies, blockage or embargo, injunction, law,
order, proclamation, regulation, ordinance, demand or requirement of any government or subdivision, authority or representative
of any such government, or any other cause beyond the reasonable control of such Party, if the Party affected shall give prompt
notice of any such cause to the other Party. The Party giving such notice shall thereupon be excused from such of its obligations
hereunder as it is thereby disabled from performing for so long as it is so disabled and for thirty (30) days thereafter. Notwithstanding
the foregoing, nothing in this Section 9.4 shall excuse or suspend the obligation to make any payment due hereunder in the manner
and at the time provided.

 

9.5        PUBLIC
ANNOUNCEMENTS. Except as required by law, neither Party shall make any public announcement concerning this Agreement or the
subject matter hereof without the prior written consent of the other, which consent shall not be unreasonably withheld. in the
event of a required public announcement, the Party making such announcement shall provide the other with a copy of the proposed
text prior to such announcement.

 

    	Page 8

    	 

    

 

9.6        NOTICES.
Any notice required or permitted to be given or delivered hereunder or by reason of the provisions of this Agreement shall be
in writing and shall be deemed to have been properly served if: (a) delivered personally, (b) delivered by a recognized overnight
courier service instructed to provide next-day delivery, (c) sent by certified or registered mail, return receipt requested and
first class postage prepaid, or (d) sent by facsimile transmission followed by confirmation copy delivered by a recognized overnight
courier service the next day. Such notices, demands and other communications shall be sent to the addresses set forth below, or
to such other addresses or to the attention of such other person as the recipient Party has specified by prior written notice
to the sending Party. Date of service of such notice shall be: (i) the date such notice is personally delivered or sent by facsimile
transmission (with issuance by the transmitting machine of confirmation of successful transmission), (ii) three days after the
date of mailing if sent by certified or registered mail, or (iii) one day after date of delivery to the overnight courier if sent
by overnight courier. Unless otherwise specified in writing, the mailing addresses of the Parties shall be as described below:

 

If to OLI, addressed
to:

 

Olfactor Laboratories, Inc. 

1650 Spruce St., 5th Floor

Riverside, CA 92507

Attention: CEO

Fax: _______________

 

If to YUYU, addressed
to:

 

YuYu Pharma, Inc.

358-9, Sindang-dong Jung-gu

Seou1,100-828

Korea

Attn: President

Fax No.: ____________

 

9.7        AMENDMENT.
No amendment, modification or supplement of any provision of this Agreement shall be valid or effective unless made in writing
and signed by a duly authorized officer of each Party.

 

9.8        WAIVER.
No provision of this Agreement shall be waived by any act, omission or knowledge of a Party or its agents or employees except
by an instrument in writing expressly waiving such provision and signed by the waiving Party.

 

9.9        GOVERNING
LAW. This Agreement shall be governed by and interpreted in accordance with the laws of the State of Delaware, without regard
to the conflicts of laws principles thereof.

 

9.10      SEVERABILITY.
Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be
ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

 

9.11      ENTIRE
AGREEMENT OF THE PARTIES. This Agreement constitutes and contains the entire understanding and agreement of the Parties and
cancels and supersedes any and all prior negotiations, correspondence, understandings and agreements, whether oral or written,
between the Parties respecting the subject matter hereof.

 

9.12      COUNTERPARTS.
This Agreement may be executed in one or more counterparts and by facsimile transmission, and each of such counterparts, when
taken together, shall constitute one and the same Agreement.

 

    	Page 9

    	 

    

 

IN WITNESS WHEREOF, each of the Parties has
caused this Agreement to be executed by its duly authorized officer as of the day and year first above written.

 

	 	OLFACTOR LABORATORIES, INC.
	 	 
	 	/s/ Amro Albanna
	 	By:	Amro Albanna
	 	Its:	CEO
	 	 	 
	 	YUYU PHARMA, INC.
	 	 	 
	 	/s/ Park, Kyunglip
	 	By:	Park Kyunglip
	 	Its:	President

 

 

 

Page 10Exhibit 10.23

 

OLFACTOR
LABORATORIES, INC.

 

LONG–TERM INCENTIVE COMPENSATION PLAN

 

ARTICLE
I

PURPOSE

 

Section
1.1 Purpose. This Long-Term Incentive Compensation Plan (the “Plan”) is established by OlFactor Laboratories,
Inc. (the “Company”), a Delaware corporation, to create incentives which are designed to motivate Participants to
put forth maximum effort toward the success and growth of the Company and to enable the Company to attract and retain experienced
individuals who by their position, ability and diligence are able to make important contributions to the Company’s success
(all capitalized terms have the meanings set forth in Section 2 hereof). Toward these objectives, the Plan provides for the grant
of Options, Restricted Stock Awards, Stock Appreciation Rights (“SARs”), Performance Units and Performance Bonuses
to Eligible Employees and the grant of Nonqualified Stock Options, Restricted Stock Awards, SARs and Performance Units to Eligible
Employees, Consultants, Eligible Directors, and Affiliate Entities subject to the conditions set forth in the Plan.

 

Section
1.2 Establishment. The Plan is effective as of July 15, 2010 and for a period of ten years thereafter. The Plan shall continue
in effect until all matters relating to the payment of Awards and administration of the Plan have been settled.

 

Section
1.3 Shares Subject to the Plan. Subject to the limitations set forth in the Plan, Awards may be made under this Plan for a
total of 300 shares of the Company’s common stock, which have no par value (the “Common Stock”).

 

ARTICLE
II

DEFINITIONS

 

Section
2.1 “Account” means the recordkeeping account established by the Company to which will be credited an Award of
Performance Units to a Participant.

 

Section
2.2 “Affiliated Entity” means the Company’s parent company or any corporation, partnership, limited liability
company or other form of legal entity in which a majority of the partnership or other similar interest thereof is owned or controlled,
directly or indirectly, by the Company or one or more of its Subsidiaries or Affiliated Entities or a combination thereof. For
purposes hereof, the Company, a Subsidiary or an Affiliated Entity shall be deemed to have a majority ownership interest in a
partnership or limited liability company if the Company, such Subsidiary or Affiliated Entity shall be allocated a majority of
partnership or limited liability company gains or losses or shall be or control a managing director or a general partner of such
partnership or limited liability company.

 

Section
2.3 “Award” means, individually or collectively, any Option, Restricted Stock Award, SAR, Performance Unit or
Performance Bonus granted under the Plan to an Eligible Employee by the Board or any Nonqualified Stock Option, Performance Unit
SAR or Restricted Stock Award granted under the Plan to a Consultant or an Eligible Director by the Board pursuant to such terms,
conditions, restrictions, and/or limitations, if any, as the Board may establish by the Award Agreement or otherwise.

 

    	 

    	 

    

 

Section
2.4 “Award Agreement” means any written instrument that establishes the terms, conditions, restrictions, and/or
limitations applicable to an Award in addition to those established by this Plan and by the Board’s exercise of its administrative
powers.

 

Section
2.5 “Board” means the Board of Directors of the Company and, if the Board has appointed a Committee as provided
in Section 3.1, the term “Board” shall include such Committee.

 

Section
2.6 Intentionally deleted

 

Section
2.7 “Code” means the Internal Revenue Code of 1986, as amended. References in the Plan to any section of the Code
shall be deemed to include any amendments or successor provisions to such section and any regulations under such section.

 

Section
2.8 “Committee” means the Committee appointed by the Board as provided in Section 3.1.

 

Section
2.9 “Common Stock” means the common stock of the Company as defined in Section 1.3 herein and after substitution,
such other stock as shall be substituted therefore as provided in Article X.

 

Section
2.10 “Consultant” means any person who is engaged by the Company, a Subsidiary or an Affiliated Entity to render
consulting or advisory services.

 

Section
2.11 “Date of Grant” means the date on which the grant of an Award is authorized by the Board or such later date
as may be specified by the Board in such authorization.

 

Section
2.12 “Disability” means the Participant is unable to continue employment by reason of any medically determinable
physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not
less than 12 months. For purposes of this Plan, the determination of Disability shall be made in the sole and absolute discretion
of the Board.

 

Section
2.13 “Eligible Employee” means any employee of the Company, a Subsidiary, or an Affiliated Entity as approved
by the Board.

 

Section
2.14 “Eligible Director” means any member of the Board of Directors of the Company, a Subsidiary or an Affiliated
Entity as approved by the Board.

 

Section
2.15 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

Section
2.16 “Fair Market Value” means (A) during such time as the Common Stock is registered under Section 12 of
the Exchange Act, the closing price of the Common Stock as reported by an established stock exchange or automated quotation
system on the day for which such value is to be determined, or, if no sale of the Common Stock shall have been made on any
such stock exchange or automated quotation system that day, on the next preceding day on which there was a sale of such
Common Stock, or (B) during any such time as the Common Stock is not listed upon an established stock exchange or automated
quotation system, the mean between dealer “bid” and “ask” prices of the Common Stock in the
over-the-counter market on the day for which such value is to be determined, as reported by the National Association of
Securities Dealers, Inc., or (C) during any such time as the Common Stock cannot be valued pursuant to (A) or (B)
above, the fair market value shall be as determined by the Board using the information that is available to it at the
time.

 

    	2

    	 

    

 

Section
2.17 Intentionally Omitted.

 

Section
2.18 “Nonqualified Stock Option” means an Option which is not an Incentive Stock Option.

 

Section
2.19 “Option” means an Award granted under Article V of the Plan and includes Nonqualified Stock Options to purchase
shares of Common Stock.

 

Section
2.20 “Participant” means an Eligible Employee, an Eligible Consultant or an Eligible Director to whom an Award
has been granted by the Board under the Plan.

 

Section
2.21 “Performance Bonus” means the cash bonus which may be granted to Eligible Employees under Article IX of the
Plan.

 

Section
2.22 “Performance Units” means those monetary units that may be granted to Eligible Employees, Consultants or
Eligible Directors pursuant to Article VIII hereof.

 

Section
2.23 “Plan” means this Long-Term Incentive Compensation Plan.

 

Section
2.24 “Restricted Stock Award” means an Award granted to an Eligible Employee, Consultant or Eligible Director
under Article VI of the Plan.

 

Section
2.25 “Retirement” means the termination of an Eligible Employee’s employment with the Company, a Subsidiary
or an Affiliated Entity on or after attaining age 65.

 

Section
2.26 “SAR” means a stock appreciation right granted to an Eligible Employee, Consultant or Eligible Director under
Article VII of the Plan.

 

Section
2.27 “Subsidiary” shall have the same meaning set forth in Section 424 of the Code.

 

ARTICLE
III

ADMINISTRATION

 

Section
3.1 Administration of the Plan by the Board. The Board shall administer the Plan. The Board may, by resolution, appoint the
Compensation Committee to administer the Plan and delegate its powers described under this Section 3.1 and otherwise under the
Plan for purposes of Awards granted to Eligible Employees and Consultants.

 

Subject
to the provisions of the Plan, the Board shall have exclusive power to:

 

(a)
Select Eligible Employees and Consultants to participate in the Plan.

 

(b)
Determine the time or times when Awards will be made to Eligible Employees or Consultants.

 

    	3

    	 

    

 

(c)
Determine the form of an Award, whether Nonqualified Stock Option, Restricted Stock or Performance Units subject to
the Award, the amount and all the terms, conditions (including performance requirements), restrictions and/or limitations, if
any, of an Award, including the time and conditions of exercise or vesting, and the terms of any Award Agreement, which may
include the waiver or amendment of prior terms and conditions or acceleration or early vesting or payment of an Award under
certain circumstances determined by the Board.

 

(d)
Determine whether Awards will be granted singly or in combination.

 

(e)
Accelerate the vesting, exercise or payment of an Award or the performance period of an Award.

 

(f)
Determine whether and to what extent a Performance Bonus may be deferred, either automatically or at the election of the
Participant or the Board.

 

(g)
Take any and all other action it deems necessary or advisable for the proper operation or administration of the
Plan.

 

Section
3.2 Administration of Grants to Eligible Directors. The Board shall have the exclusive power to select Eligible Directors
to participate in the Plan and to determine the number of Nonqualified Stock Options, Performance Units, SARs or shares of Restricted
Stock awarded to Eligible Directors selected for participation. If the Board appoints a committee to administer the Plan, it may
delegate to the committee administration of all other aspects of the Awards made to Eligible Directors.

 

Section
3.3 Board to Make Rules and Interpret Plan. The Board in its sole discretion shall have the authority, subject to the provisions
of the Plan, to establish, adopt, or revise such rules and regulations and to make all such determinations relating to the Plan,
as it may deem necessary or advisable for the administration of the Plan. The Board’s interpretation of the Plan or any
Awards and all decisions and determinations by the Board with respect to the Plan shall be final, binding, and conclusive on all
parties.

 

Section
3.4 Section 162(m) Provisions. The Company intends for the Plan and the Awards made there under to qualify for the exception
from Section 162(m) of the Code for “qualified performance based compensation” if it is determined by the Board that
such qualification is necessary for an Award. Accordingly, the Board shall make determinations as to performance targets and all
other applicable provisions of the Plan as necessary in order for the Plan and Awards made there under to satisfy the requirements
of Section 162(m) of the Code.

 

ARTICLE
IV

GRANT
OF AWARDS

 

Section
4.1 Grant of Awards. Awards granted under this Plan shall be subject to the following conditions:

 

(a)
Any shares of Common Stock related to Awards which terminate by expiration, forfeiture, cancellation or otherwise without the
issuance of shares of Common Stock or are exchanged in the Board’s discretion for Awards not involving Common Stock, shall
be available again for grant under the Plan and shall not be counted against the shares authorized under Section 1.3.

 

    	4

    	 

    

 

(b)
Common Stock delivered by the Company in payment of an Award authorized under Articles V and VI of the Plan may be authorized
and unissued Common Stock or Common Stock held in the treasury of the Company.

 

(c)
The Board shall, in its sole discretion, determine the manner in which fractional shares arising under this Plan shall be
treated.

 

(d)
Separate certificates or a book-entry registration representing Common Stock shall be delivered to a Participant upon the
exercise of any Option.

 

(e)
The Board shall be prohibited from canceling, reissuing or modifying Awards if such action will have the effect of repricing
the Participant’s Award.

 

(f)
Eligible Directors may only be granted Nonqualified Stock Options, Restricted Stock Awards, SARs or Performance Units under
this Plan.

 

(g)
The maximum term of any Award shall be ten years.

 

ARTICLE
V

STOCK
OPTIONS

 

Section
5.1 Grant of Options. The Board may, from time to time, subject to the provisions of the Plan and such other terms and conditions
as it may determine, grant Options to Eligible Employees. These Options may be Nonqualified Stock Options. The Board may also,
subject to the provisions of the Plan and such other terms and conditions as it may determine, grant Nonqualified Stock Options
to Eligible Directors and Consultants. Each grant of an Option shall be evidenced by an Award Agreement executed by the Company
and the Participant, and shall contain such terms and conditions and be in such form as the Board may from time to time approve,
subject to the requirements of Section 5.2.

 

Section
5.2 Conditions of Options. Unless otherwise stated in the Award Agreement the terms of this section 5.2 shall apply. Each
Option so granted shall be subject to the following conditions:

 

(a) Exercise
Price. As limited by Section 5.2(e) below, each Option shall state the exercise price which shall be set by the Board at the Date
of Grant; provided, however, no Option shall be granted at an exercise price which is less than the Fair Market Value of the Common
Stock on the Date of Grant. The Administrator also may authorize payment in accordance with a cashless exercise program under
which, if so instructed by the Participant, Stock may be issued upon a cashless exercise of the option.

 

(b)
Form of Payment. The exercise price of an Option may be paid (i) in cash or by check, bank draft or money order payable to
the order of the Company; (ii) by delivering shares of Common Stock having a Fair Market Value on the date of payment equal
to the amount of the exercise price, but only to the extent such exercise of an Option would not result in an adverse
accounting charge to the Company for financial accounting purposes with respect to the shares used to pay the exercise price
unless otherwise determined by the Board; or (iii) a combination of the foregoing. In addition to the foregoing, the Board
may permit an Option granted under the Plan to be exercised by a broker-dealer acting on behalf of a Participant through
procedures approved by the Board. Notwithstanding the foregoing, the Company may require a Participant to pay all applicable
income and employment taxes, required by law to be withheld, in cash as a precondition to exercising the Participant’s
Option until such time as the Company has registered its stock and has established a relationship with a broker-dealer acting
on the Company’s behalf to sell the stock in the market.

 

    	5

    	 

    

 

(c) Exercise
of Options. Unless otherwise stated in the Award Agreement the terms of this Section 5.2(c) shall apply. Options granted under
the Plan shall be exercisable, in whole or in such installments and at such times, and shall expire at such time, as shall be
provided by the Board in the Award Agreement. Exercise of an Option requires (1) written notice to the Secretary of the Company
stating the election to exercise in the form and manner determined by the Board; and (2) payment of the exercise price and all
applicable withholding taxes.

 

(d) Other
Terms and Conditions. Among other conditions that may be imposed by the Board, if deemed appropriate, are those relating to (i)
the period or periods and the conditions of exercisability of any Option; (ii) the minimum periods during which Participants must
be employed by the Company, its Subsidiaries, or an Affiliated Entity, or must hold Options before they may be exercised; (iii)
the minimum periods during which shares acquired upon exercise must be held before sale or transfer shall be permitted; (iv) conditions
under which such Options or shares may be subject to forfeiture; (v) the frequency of exercise or the minimum or maximum number
of shares that may be acquired at any one time; (vi) the achievement by the Company of specified performance criteria; and (vii)
non-compete and protection of business matters.

 

(e) Application
of Funds. The proceeds received by the Company from the sale of Common Stock pursuant to Options will be used for general corporate
purposes.

 

(f) Stockholder
Rights. No Participant shall have a right as a stockholder with respect to any share of Common Stock subject to an Option prior
to purchase of such shares of Common Stock by exercise of the Option.

 

ARTICLE
VI

RESTRICTED
STOCK AWARDS

 

Section
6.1 Grant of Restricted Stock Awards. The Board may, from time to time, subject to the provisions of the Plan and such other
terms and conditions as it may determine, grant a Restricted Stock Award to Eligible Employees, Consultants or Eligible Directors.
Restricted Stock Awards shall be awarded in such number and at such times during the term of the Plan as the Board shall determine.
Each Restricted Stock Award shall be subject to an Award Agreement setting forth the terms of such Restricted Stock Award and
may be evidenced in such manner as the Board deems appropriate, including, without limitation, a book-entry registration or issuance
of a stock certificate or certificates.

 

    	6

    	 

    

 

Section
6.2 Conditions of Restricted Stock Awards. The grant of a Restricted Stock Award shall be subject to the following:

 

(a)
Restriction Period. Restricted Stock Awards granted to an Eligible Employee shall require the holder to remain in the
employment of the Company, a Subsidiary, or an Affiliated Entity for a prescribed period. Restricted Stock Awards granted to
Consultants or Eligible Directors shall require the holder to provide continued services to the Company for a period of time.
These employment and service requirements are collectively referred to as a “Restriction Period”. The Board or
the Committee, as the case may be, shall determine the Restriction Period or Periods which shall apply to the shares of
Common Stock covered by each Restricted Stock Award or portion thereof. In addition to any time vesting conditions determined
by the Board or the Committee, as the case may be, Restricted Stock Awards may be subject to the achievement by the Company
of specified performance criteria based upon the Company’s achievement of all or any of the operational, financial or
stock performance criteria set forth on Exhibit A annexed hereto, as may from time to time be established by the Board or the
Committee, as the case may be. At the end of the Restriction Period, assuming the fulfillment of any other specified vesting
conditions, the restrictions imposed by the Board or the Committee, as the case may be shall lapse with respect to the shares
of Common Stock covered by the Restricted Stock Award or portion thereof. The Board or the Committee, as the case may be,
may, in its discretion, accelerate the vesting of a Restricted Stock Award in the case of the death, Disability or Retirement
of the Participant who is an Eligible Employee or resignation of a Participant who is a Consultants or an Eligible
Director.

 

(b) Restrictions.
The holder of a Restricted Stock Award may not sell, transfer, pledge, exchange, hypothecate, or otherwise dispose of the shares
of Common Stock represented by the Restricted Stock Award during the applicable Restriction Period. The Board shall impose such
other restrictions and conditions on any shares of Common Stock covered by a Restricted Stock Award as it may deem advisable including,
without limitation, restrictions under applicable Federal or state securities laws, and may legend the certificates representing
Restricted Stock to give appropriate notice of such restrictions.

 

(c) Rights
as Stockholders. During any Restriction Period, the Board may, in its discretion, grant to the holder of a Restricted Stock Award
all or any of the rights of a stockholder with respect to the shares, including, but not by way of limitation, the right to vote
such shares and to receive dividends. If any dividends or other distributions are paid in shares of Common Stock, all such shares
shall be subject to the same restrictions on transferability as the shares of Restricted Stock with respect to which they were
paid.

 

ARTICLE
VII 

STOCK
APPRECIATION RIGHTS

 

Section
7.1 Grant of SARs. The Board may from time to time, in its sole discretion, subject to the provisions of the Plan and subject
to other terms and conditions as the Board may determine, grant a SAR to any Eligible Employee, Consultant or Eligible Director.
SARs may be granted in tandem with an Option, in which event, the Participant has the right to elect to exercise either the SAR
or the Option. Upon the Participant’s election to exercise one of these Awards, the other tandem Award is automatically
terminated. SARs may also be granted as an independent Award separate from an Option. Each grant of a SAR shall be evidenced by
an Award Agreement executed by the Company and the Participant and shall contain such terms and conditions and be in such form
as the Board may from time to time approve, subject to the requirements of the Plan. The exercise price of the SAR shall not be
less than the Fair Market Value of a share of Common Stock on the Date of Grant of the SAR.

 

    	7

    	 

    

 

Section
7.2 Exercise and Payment. SARs granted under the Plan shall be exercisable in Agreement. Exercise of a SAR shall be by
written notice to the Secretary of the Company. The amount payable with respect to each SAR shall be equal in value to the
excess, if any, of the Fair Market Value of a share of Common Stock on the exercise date over the exercise price of the SAR.
Payment of amounts attributable to a SAR shall be made in shares of Common Stock.

 

ARTICLE
VIII

PERFORMANCE
UNITS

 

Section
8.1 Grant of Awards. The Board may, from time to time, subject to the provisions of the Plan and such other terms and conditions
as it may determine, grant Performance Units to Eligible Employees, Consultants and Eligible Directors. Each Award of Performance
Units shall be evidenced by an Award Agreement executed by the Company and the Participant, and shall contain such terms and conditions
and be in such form as the Board may from time to time approve, subject to the requirements of Section 8.2.

 

Section
8.2 Conditions of Awards. Each Award of Performance Units shall be subject to the following conditions:

 

(a) Establishment
of Award Terms. Each Award shall state the target, maximum and minimum value of each Performance Unit payable upon the achievement
of performance goals.

 

(b) Achievement
of Performance Goals. The Board shall establish performance targets for each Award for a period of no less than a year based upon
certain performance criteria established by the Board. The Board may use some or all of the operational, financial or performance
criteria listed in Exhibit A attached or establish such other criteria as it deems appropriate. The Board shall also establish
such other terms and conditions as it deems appropriate to such Award. The Award may be paid out in cash or Common Stock as determined
in the sole discretion of the Board.

 

ARTICLE
IX

PERFORMANCE BONUS

 

Section
9.1 Grant of Performance Bonus. The Board may from time to time, subject to the provisions of the Plan and such other terms
and conditions as the Board may determine, grant a Performance Bonus to certain Eligible Employees selected for participation.
The Board will determine the amount that may be earned as a Performance Bonus in any period of one year or more upon the achievement
of a performance target established by the Board. The Board shall select the applicable performance target(s) for each period
in which a Performance Bonus is awarded. The performance target shall be based upon all or some of the operational, financial
or performance criteria more specifically listed in Exhibit A attached.

 

Section
9.2 Payment of Performance Bonus. In order for any Participant to be entitled to payment of a Performance Bonus, the applicable
performance target(s) established by the Board must first be obtained or exceeded. Payment of a Performance Bonus shall be made
within 60 days of the Board’s certification that the performance target(s) has been achieved unless the Participant has
previously elected to defer payment pursuant to a nonqualified deferred compensation plan adopted by the Company. Payment of a
Performance Bonus may be made in either cash or Common Stock as determined in the sole discretion of the Board.

 

    	8

    	 

    

 

ARTICLE
X

STOCK
ADJUSTMENTS

 

In
the event that the shares of Common Stock, as constituted on the effective date of the Plan, shall be changed into or exchanged
for a different number or kind of shares of stock or other securities of the Company or of another corporation (whether by reason
of merger, consolidation, recapitalization, reclassification, stock split, spin-off, combination of shares or otherwise), or if
the number of such shares of Common Stock shall be increased through the payment of a stock dividend, or a dividend on the shares
of Common Stock, or if rights or warrants to purchase securities of the Company shall be issued to holders of all outstanding
Common Stock, then there shall be substituted for or added to each share available under and subject to the Plan, and each share
theretofore appropriated under the Plan, the number and kind of shares of stock or other securities into which each outstanding
share of Common Stock shall be so changed or for which each such share shall be exchanged or to which each such share shall be
entitled, as the case may be, on a fair and equivalent basis in accordance with the applicable provisions of Section 424 of the
Code; provided, however, with respect to Options, in no such event will such adjustment result in a modification of any Option
as defined in Section 424(h) of the Code. In the event there shall be any other change in the number or kind of the outstanding
shares of Common Stock, or any stock or other securities into which the Common Stock shall have been changed or for which it shall
have been exchanged, then if the Board shall, in its sole discretion, determine that such change equitably requires an adjustment
in the shares available under and subject to the Plan, or in any Award, theretofore granted, such adjustments shall be made in
accordance with such determination, except that no adjustment of the number of shares of Common Stock available under the Plan
or to which any Award relates that would otherwise be required shall be made unless and until such adjustment either by itself
or with other adjustments not previously made would require an increase or decrease of at least 1% in the number of shares of
Common Stock available under the Plan or to which any Award relates immediately prior to the making of such adjustment (the “Minimum
Adjustment”). Any adjustment representing a change of less than such minimum amount shall be carried forward and made as
soon as such adjustment together with other adjustments required by this Article X and not previously made would result in a Minimum
Adjustment. Notwithstanding the foregoing, any adjustment required by this Article X which otherwise would not result in a Minimum
Adjustment shall be made with respect to shares of Common Stock relating to any Award immediately prior to exercise, payment or
settlement of such Award.

 

ARTICLE
XI

GENERAL

 

Section
11.1 Amendment or Termination of Plan. The Board may alter, suspend or terminate the Plan at any time provided, however, that
it may not, without stockholder approval, adopt any amendment which would (i) allow for the grant of incentive stock options pursuant
to the Plan.

 

    	9

    	 

    

 

Section
11.2 Termination of Employment; Termination of Service. Unless otherwise stated in the Award Agreement, if an Eligible
Employee’s employment with the Company, a Subsidiary or an Affiliated Entity terminates as a result of death,
Disability or Retirement, the Eligible Employee (or personal representative in the case of death) shall be entitled to
purchase all or any part of the shares subject to any vested Options and SAR’s for a period of up to two year from such
date of termination, the unvested portion of any Award shall be forfeited unless otherwise accelerated pursuant to the terms
of the Award Agreement or by the Board. If an Eligible Employee’s employment terminates for any other reason, the
Eligible Employee shall be entitled to purchase all or any part of the shares subject to any vested Options and SAR’s
for a period of up to one year from such date of termination, the unvested portion of any Award shall be forfeited unless
otherwise accelerated pursuant to the terms of the Award Agreement or by the Board. In no event shall any Options and
SAR’s be exercisable past their expiration date. The Board may, in its sole discretion, accelerate the vesting of
unvested Options and SAR’s in the event of termination of employment of any Participant.

 

In
the event a Consultant ceases to provide services to the Company or an Eligible Director terminates service as a director of the
Company, the unvested portion of any Award shall be forfeited unless otherwise accelerated pursuant to the terms of the Award
Agreement or by the Board. The Consultant or Eligible Director’s Nonqualified Stock Options and SAR’s which are otherwise
vested and exercisable on his date of termination of service shall continue to be exercisable from such date of termination for
a period of up to one year.

 

All
other benefits under this plan that have not been earned or performance goals that have not been reached on the date that employment
has been terminated or services terminated, for whatever reason shall terminate on the date the employment or services with the
Company is terminated.

 

Section
11.3 Limited Transferability – Options. The Board may, in its discretion, authorize all or a portion of the Nonqualified
Stock Options granted under this Plan to be on terms which permit transfer by the Participant to (i) the ex-spouse of the Participant
pursuant to the terms of a domestic relations order, (ii) the spouse, children, grandchildren, or siblings of the Participant
(“Immediate Family Members”), (iii) a trust or trusts for the exclusive benefit of such Immediate Family Members,
or (iv) a partnership or limited liability company in which such Immediate Family Members are the only partners or members. In
addition, there may be no consideration for any such transfer. The Award Agreement pursuant to which such Nonqualified Stock Options
are granted expressly provide for transferability in a manner consistent with this paragraph. Subsequent transfers of transferred
Nonqualified Stock Options shall be prohibited except as set forth below in this Section 11.3. Following transfer, any such Nonqualified
Stock Options shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer,
provided that for purposes of Section 11.2 hereof the term “Participant” shall be deemed to refer to the transferee.
The events of termination of employment of Section 11.2 hereof shall continue to be applied with respect to the original Participant,
following which the Nonqualified Stock Options shall be exercisable by the transferee only to the extent, and for the periods
specified in Section 11.2 hereof. No transfer pursuant to this Section 11.3 shall be effective to bind the Company unless the
Company shall have been furnished with written notice of such transfer together with such other documents regarding the transfer
as the Board shall request. With the exception of a transfer in compliance with the foregoing provisions of this Section 11.3,
all other types of Awards authorized under this Plan shall be transferable only by will or the laws of descent and distribution;
however, no such transfer shall be effective to bind the Company unless the Board has been furnished with written notice of such
transfer and an authenticated copy of the will and/or such other evidence as the Board may deem necessary to establish the validity
of the transfer and the acceptance by the transferee of the terms and conditions of such Award.

 

    	10

    	 

    

 

Section
11.4 Withholding Taxes. Unless otherwise paid by the Participant, the Company, its Subsidiaries or any of its Affiliated Entities
shall be entitled to deduct from any payment under the Plan, regardless of the form of such payment, the amount of all applicable
income and employment taxes required by law to be withheld with respect to such payment or may require the Participant to pay
to it such tax prior to and as a condition of the making of such payment. In accordance with any applicable administrative guidelines
it establishes, the Board may allow a Participant to pay the amount of taxes required by law to be withheld from an Award by (i)
directing the Company to withhold from any payment of the Award a number of shares of Common Stock having a Fair Market Value
on the date of payment equal to the amount of the required withholding taxes or (ii) delivering to the Company previously owned
shares of Common Stock having a Fair Market Value on the date of payment equal to the amount of the required withholding taxes.
However, any payment made by the Participant pursuant to either of the foregoing clauses (i) or (ii) shall not be permitted if
it would result in an adverse accounting charge with respect to such shares used to pay such taxes unless otherwise approved by
the Board.

 

Section
11.5 Intentionally deleted.

 

Section
11.6 Amendments to Awards. Subject to the limitations of Article IV, such as the prohibition on repricing of Options, the
Board may at any time unilaterally amend the terms of any Award Agreement, whether or not presently exercisable or vested, to
the extent it deems appropriate. However, amendments which are adverse to the Participant shall require the Participant’s
consent.

 

Section
11.7 Registration; Regulatory Approval. Following adoption of the Amended and Restated Plan by the Board, the Board, in its
sole discretion, may determine to file with the Securities and Exchange Commission and keep continuously effective, a Registration
Statement on Form S-8 with respect to shares of Common Stock subject to Awards hereunder. Notwithstanding anything contained in
this Plan to the contrary, the Company shall have no obligation to issue shares of Common Stock under this Plan prior to the obtaining
of any approval from, or satisfaction of any waiting period or other condition imposed by, any governmental agency which the Board
shall, in its sole discretion, determine to be necessary or advisable.

 

Section
11.8 Right to Continued Employment. Participation in the Plan shall not give any Eligible Employee any right to remain in
the employ of the Company, any Subsidiary, or any Affiliated Entity. The Company or, in the case of employment with a Subsidiary
or an Affiliated Entity, the Subsidiary or Affiliated Entity reserves the right to terminate any Eligible Employee at any time.
Further, the adoption of this Plan shall not be deemed to give any Eligible Employee or any other individual any right to be selected
as a Participant or to be granted an Award.

 

Section
11.9 Reliance on Reports. Each member of the Board and each member of the Compensation Committee shall be fully justified
in relying or acting in good faith upon any report made by the independent public accountants of the Company and its Subsidiaries
and upon any other information furnished in connection with the Plan by any person or persons other than himself or herself. In
no event shall any person who is or shall have been a member of the Board be liable for any determination made or other action
taken or any omission to act in reliance upon any such report or information or for any action taken, including the furnishing
of information, or failure to act, if in good faith.

 

    	11

    	 

    

 

Section
11.10 Construction. Masculine pronouns and other words of masculine gender shall refer to both men and women. The titles and
headings of the sections in the Plan are for the convenience of reference only, and in the event of any conflict, the text of
the Plan, rather than such titles or headings, shall control.

 

Section
11.11 Governing Law. The Plan shall be governed by and construed in accordance with the laws of the State of Delaware except
as superseded by applicable Federal law.

 

Section
11.12 Other Laws. The Board may refuse to issue or transfer any shares of Common Stock or other consideration under an Award
if, acting in its sole discretion, it determines that the issuance or transfer of such shares or such other consideration might
violate any applicable law or regulation or entitle the Company to recover the same under Section 16(b) of the Exchange Act, and
any payment tendered to the Company by a Participant, other holder or beneficiary in connection with the exercise of such Award
shall be promptly refunded to the relevant Participant, holder or beneficiary.

 

Section
11.13 No Trust or Fund Created. Neither the Plan nor an Award shall create or be construed to create a trust or separate fund
of any kind or a fiduciary relationship between the Company and a Participant or any other person. To the extent that a Participant
acquires the right to receive payments from the Company pursuant to an Award, such right shall be no greater than the right of
any general unsecured creditor of the Company.

 

Section
11.14 Conformance to Section 409A of the Code. To the extent that the Committee determines that any Award granted under the
Plan is subject to Section 409A of the Code, the Award Agreement evidencing such Award shall incorporate the terms and conditions
required by Section 409A of the Code. To the extent applicable, the Plan and Award Agreements shall be interpreted in accordance
with Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder, including
without limitation any such regulations or other guidance that may be issued after the Effective Date. Notwithstanding any provision
of the Plan to the contrary, in the event that the Committee determines that any Award may be subject to Section 409A of the Code
and related Department of Treasury guidance, the Committee may adopt such amendments to the Plan and the applicable Award Agreement
or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other
actions, that the Committee determines are necessary or appropriate to (i) exempt the Award from Section 409A of the Code or (ii)
comply with the requirements of Section 409A of the Code and related Department of Treasury guidance.

 

    	12

    	 

    

 

EXHIBIT
A

 

Incentive
Stock Option Plan

Performance
Criteria

 

Operational
Criteria may include:

 

Reserve
additions/replacements

 

Finding
& development costs

 

Production
volume

 

Production
Costs

 

Financial
Criteria may include:

 

Earnings(net
income, earnings before interest, taxes, depreciation and amortization (“EBITDA”)

 

Earnings
per share:

 

Cash flow

 

Operating
income

 

General
and Administrative Expenses

 

Debt to
equity ratio

 

Debt to
cash flow

 

Debt to
EBITDA

 

EBITDA to
Interest

 

Return on
Assets

 

Return on
Equity

 

Return on
Invested Capital

 

Profit returns/margins

 

Midstream
margins

 

Stock
Performance Criteria:

 

Stock price
appreciation

 

Total stockholder
return

 

Relative
stock price performance

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00243-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00243-of-00352.parquet"}]]